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Western Atlas Resources

(TSX-V: WA)Focused on the acquisition and development of scalable precious metals projects in

premier mining jurisdictions

Corporate PresentationOctober 2019

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Disclaimer Western Atlas Resources

This presentation contains “forward-looking statements” and “forward looking information” (as defined under applicable securitieslaws), including but not limited to, statements with respect to the Company’s current and future projects, plans and operatingperformance, including in respect of the growth potential of the Western Atlas’ Projects, the success of exploration activities, futurecapital expenditures, future financing sources. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “forecasts” and “anticipates”. Forward-looking statements andinformation, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may causeactual results to be materially different from those expressed or implied by such forward-looking statements, including but notlimited to: risks related to the completion of any acquisitions, risks related to the successful integration of any acquisitions; risksrelated to international operations; risks related to general economic conditions and credit availability, actual results of currentexploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined;fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of miningconsumables, accidents and labour disputes, title disputes, claims and limitations on insurance coverage and other risks of themining industry; changes in national and local government regulation of mining operations, tax rules and regulations, and politicaland economic developments in countries in which Western Atlas Resources operates. Although Western Atlas Resources hasattempted to identify important factors that could cause actual results to differ materially from those contained in forward-lookingstatements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be noassurance that such statements will prove to be accurate, as actual results and future events could differ materially from thoseanticipated in such statements. The forward-looking statements and forward-looking information are made as of the relevant dateand Western Atlas Resources disclaims any obligation to update any such factors or to publicly announce the result of any revisionsto any of the forward-looking statements or forward-looking information contained in this presentation to reflect future results.Accordingly, readers should not place undue reliance on forward-looking statements and information.

Roscoe Postle Associates Inc. (RPA) was retained by Western Atlas Resources Inc. to prepare an independent Technical Reporton the Meadowbank Area Project held by Western Atlas, located in Nunavut Territory, Canada. This Technical Report conforms toNI 43-101 Standards of Disclosure for Mineral Projects. RPA visited the property on July 25, 2017. This report, titled “TechnicalReport on the Meadowbank Area Project, Nunavut Territory, Canada”, and dated September 13, 2017 was prepared and signed byPaul Chamois M.Sc., P.Geo., Principal Geologist at RPA and a “qualified person” as defined in NI 43-101 independent of theCompany. He has prepared or supervised the preparation of the technical information upon which portions of this presentation arebased. Unless otherwise stated, scientific and technical information concerning the Western Atlas’ Projects, is summarized, derived,or extracted from the Technical Report, which is available for review on the Company's website at www.westernar.com.

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http://www.westerna.com/

Multidecade combined experience and successful track-record in both the natural resources and the capital market industries

Serafino Iacono – Chairman• 30+ years of experience in financing and developing of oil, mining and other

resource projects in Latin America, the United States and Europe. Raised morethan $5 billion for numerous natural resource projects

• Co-founder and Ex. Chairman Gran Colombia Gold Corp. (Colombia’s largest goldproducer), co-founder of Medoro Resources Ltd., and Bolivar Gold Corp. (sold toGold Fields)

• Co-founder and fmr. Executive Chairman of Pacific Rubiales Energy Corp. (nowFrontera Energy Corporation)

Fabio Capponi – President & CEO, Director• 14+ years of experience and successful track-record in creating, structuring and

selling natural resources companies in Europe and both North and Latin America• Co-Founder and CEO, Director of CB Gold Inc. (sold in Dec. 2015)• Previously with Endeavour Financial, has held Director and Management positions

with private companies• Master’s degree in economics and business administration from the LUISS Guido

Carli University of Rome, Italy

Jose Francisco Arata - Director• 30+ years of experience in exploration, development and production of mineral

and hydrocarbons projects in Latin America• Co-founder of Gran Colombia Gold Corp (Colombia’s largest gold producer),

Medoro Resources Ltd., and Bolivar Gold Corp. (sold to Gold Fields)• Co-founder and fmr. President and Executive Director of Pacific Rubiales Energy

Corp. (now Frontera Energy Corporation)• Degree in Geology from the University of Turin, Italy and a Degree in Geological

Engineering from the Central University of Venezuela


Miguel de la Campa - Director• 30+ years of experience in financing and development of mining, oil and

other resource projects in the United States, Latin America, Europe andAfrica

• Executive Vice Chairman of Gran Colombia Gold Corp. (Colombia’s largestgold producer)

• Fmr. Ex. Co-Chairman of Pacific Exploration & Production Corp., presidentand co-founder of Bolivar Gold Corp. (sold to Gold Fields), director ofPetromagdalena Energy Corp. and co-founder of Pacific Stratus Energy

Susan Rubin – Chief Financial Officer & Corporate Secretary, CPA, CA• 20+ years of experience in the junior mining exploration sector and the high

tech sector• Fmr. CFO of CB Gold Inc. (sold in Dec 2015), Ventana Gold Corp., and

Wildcat Silver Corp.• Held various progressively senior management positions in finance and audit

Victor Torres - Senior Exploration Geologist - Geological Engineer• 15+ years of experience in mining exploration and project development• Fmr. Chief Project Geologist with CB Gold Inc. (sold in Dec 2015)• Previously project geologist with Teck Cominco, Placer Dome, Antofagasta

Minerals and production geologist for Centromin Peru• BSc. in Geological Engineering from the Universidad Nacional Mayor de San

Marcos of Lima, Peru and is member of the Peruvian Engineers Association(CIP)

David Laing - Corporate Development and Technical Advisor• Mining engineer with an extensive experience in the mining and banking

industries – Fmr. COO of Equinox gold - Fmr. COO of True Gold Mining -Fmr. Executive VP of Quintana Resources Capital and one of the originalexecutives of Endeavour Mining

• Director of several publicly listed companies including Fortuna Silver Minesand Sandspring Resources

Directors, Management and Advisors Western Atlas Resources

• Raised more than $5 billion for numerous natural resource projects• Gran Colombia Gold – Largest gold producer in Colombia - E2019 production of 230k oz of Au and over 5.1

milion oz in resources• Bolivar Gold Corp - El Callao Mines, Venezuela – sold to Gold Fields for US$330M


Ability to Perform and Deliver Value Western Atlas Resources

Board and Management have created value through the development and monetization of several natural resource projects

Management and Advisors’ Background and Technical Experience


Capital Structure Western Atlas Resources

q Committed Management and Insiders• ~36% of the I/O shares• Shares are held in escrow – released in

installments over the next 2 yearsq Gran Colombia Gold has acquired 19.9% of

the I/O shares of the Company (October2019)

q Company’s CEO is the largest shareholder -shares were acquired in each financinground and on the secondary market

`Exercise Price WA Expiry date

Shares I/O 79,978,398

Options $0.07 (*) - $0.32 1.5 year 4,683,200

Warrants $0.20 - $0.30 1.8 year 13,245,593

Fully Diluted 97,907,191 Note (*) - 200,000 options exercisable at $0.07

Management & Insider35.9%

Public Float44.2%

Gran Colombia Gold19.9%


Nunavut – Open for New Discoveries Western Atlas Resources

q Pro-mining jurisdictions and home to world class mining projectsq Over 12 million oz/Au in P+P reserves, 15 million oz/Au in M+I and 9 million oz/Au in Inferred resourcesq Serviced year round - local infrastructure and labour availability

• Baker Lake and Rankin Inlet are a hub of mining activity in the region. Baker Lake provides summer shipping accessvia Hudson Bay and year-round airport facilities.

• Agnico’s 110km all-weather road from Baker Lake to Amaruq passes through Western Atlas’ Meadowbank mineralareas

q Western Atlas’ vast, highly perspective areas provide additional opportunities to add value through discovery

CANADA

Nunavut

P+P Reserves M+I Resources Inferred ResourcesM oz/Au M oz/Au M oz/Au

Agnico Eagle Meadowbank gold mine 0.10 0.13 0.00Amaruq gold deposit * 2.88 1.13 2.07Medialine gold mine 3.75 3.18 2.60

Total Agnico Eagle 6.73 4.44 4.67TMAC Resources

Hope Bay project ** 3.59 4.81 1.62Sabina Gold and Silver

Back River gold project ** 2.50 5.33 1.85Auryn Resources

Three Bluffs deposit (Committee Bay - 0.52 0.72Nordgold

Pistol Bay gold project - - 0.74

Combined Total 12.82 15.11 9.60* Note: operations exp. to begin in Q3 2019; ** Mineral Resources are inclusive of mineral reserves

Nunavut - Mineral Reserves and Resources

District scale mineral claims holding• 580 km2 of highly prospective and strategically located

mineral claims, in Nunavut, Canada• 100% owned - claims were staked at nominal costs –

No third-party options or royalties

Immediately adjacent to Agnico Eagle’sMeadowbank producing gold mine, Amaruq golddeposit and Greyhound project• Agnico’s Meadowbank E2019 production of 95k to

105koz gold (*)• Agnico’s Amaruq E2019 and E2020 production of

130k and 272k oz/Au respectively (*)• P+P 2.9M oz/Au, M+I 1.2M oz/Au and Inferred

resources of 2.0M oz/Au (**)• Greyhound project – optioned to Agnico by Aura Silver

Fully Permitted Exploration - Drill Ready• Land and Water use permits received (incl. drilling)• Highly Prospective and untested areas - defined

several targets for follow up and drilling

Note: (*) Source – Agnico Ealge’s public disclosure. Amaruq’s commericalproduction expected for Q3 2019 - total cash costs guidance of $812/oz gold; (**)Agnico’s Meadowbank open pit mine (Goose, Portage and Vault deposits), andAmaruq gold deposit. Reserves and Resources do not include the Meliadinedeposit.

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Meadowbank Project Western Atlas Resources

Agnico’s Meadowbank Producing Gold Mine

Agnico’s Amaruq Deposit

Western Atlas Block A

Western Atlas Block B

Western Atlas Block C

Completed Exploration Program

ü NI43-101 Technical Reports (prepared by RPA)ü Detailed fiel mapping and sampling programü Over 3,800 km of airborne magnetic survey (carried out by Precision Survey)ü Over 1,500 line-km of helicopter-borne VTEM followed by electromagnetic anomaly picking (EM) and AIIP processing

report (carried out by Geotech Ltd)ü Over 32 line-km of ground IP survey over specific targets located in Block B (carried out by Peter E. Walcott & Associates

Ltd)

Drill ready - defined targets for follow up and drilling - several of these targets have yielded gold values of up to 13.30 g/t Au and up to 44.7 g/t Ag


Meadowbank Project – Exploration Program Western Atlas Resources

q The geological and structural framework as it relates to gold mineralization in the area is well understood and generallyassociated with Banded Iron Formation (BIF) and Shear Zones

q Exploration results suggest multiple targets with kilometres strike length located within a favourable Archean greenstone beltgeological environment with known iron formation and shear zones hosted gold mineralization

q Similar geological settings can be found at Agnico Eagle’s neighbouring Meadowbank producing gold mine and Amaruqdeposits

Results of Block B’s field traverses and related mapping have highlighted geological formations such as BIF and shear zones with a strike length in the order of kilometers

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Meadowbank Project – Block B Western Atlas Resources


Meadowbank Project – Block B, drill target B1 Western Atlas Resources

Target B1 - Highlighted BIF and shear zones with a strike length of over 15 km and 6 km respectively

Rock Sample 10233 6.89 g/t Au

Gold content within occurrences of quartz, pyrite-arsenopyrite as lenses and disseminations and fractures hosted by iron formation

Meadowbank Project – Block B, target B1 Western Atlas Resources

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Silicified Banded Iron Formation’s (BIF) boulder hosting quartz veinlets with pyrite-arsenopyrite

60 cm


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OutcropBoulder

Highly deformed and angular BIF’ boulders and extensive outcrops

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Meadowbank Project – Block B, drill target B2 Western Atlas Resources

Target B2 - Highlighted BIF and shear zones with a strike length of over 3 km and 2 km respectively


Outcrop with gold content within quartz-carbonate veinlets and as dissemination and/or semi-massive sulphides with strong silicification


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Meadowbank Project - Block A Western Atlas Resources

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2017-2018 Grab SamplesAu (g/t)

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SLT UV FV MV QZQW GN

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Banded Iron Formation (BIF +/- Au)

Shear Zone (+/-Au)

Diabase

Quartz-Feldspar Porphyry (QFP)

Shale/Slate (SLT)

Ultramafic Volcanics (UV)

Felsic Volcanics (FV)

Mafic Volcanics (MV)

Quartzite (QZ)

Greywacke (GW)

Granite (GN)

GeologyAirborne VTEM Plus (Completed)

Block A Boundary

Magnetic Lines (as identified by airborne magnetic survey)

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Fault(( Thrust Fault

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B-Field 0.440 ms(pV*ms)/(A*m^4)

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B-Field 0.440 ms(pV*ms)/(A*m^4)

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Block A – Target A1 – VTEM Results with Geology

Block A – Target A1 – VTEM Results

DATE: DECEMBER, 2018

SCALE: AS SHOWN

PROJECTION: UTM ZONE 14/15, NAD 83

DRAWN BY: AMANDA TUCK

Western Atlas Resources Inc. Meadowbank Area Project

Nunavut Territory, Canada

BLOCK A VTEM Results with Geology

Agnico Eagle

Agnico Eagle

Agnico Eagle


Shear-zone hosted gold mineralization - Highly oxidized boulder with quartz veins hosting pyrite-arsenopyrite

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Meadowbank Project – Block A Western Atlas Resources

Oxidized boulder (felsic volcanic) - Gold hosted mineralization within strong silicification containing disseminated pyrite-arsenopyrite


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Highly deformed and angular Banded Iron Formation (BIF)’ boulders within Block A

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Meadowbank Project - Block C Western Atlas Resources

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Block C – Target C1 – VTEM Results with Geology

Block C – Target C2 – VTEM Results with Geology

0.01090.03390.04860.05950.06740.07460.08060.08600.09140.09690.10240.10820.11410.12000.12630.13240.13880.14650.15430.16270.17320.18710.20520.23610.29220.40720.63991.01051.58892.30972.97763.48694.25735.18386.39657.78429.339511.2078

dB/dt 0.073 mspV/(A*m^4)

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SCALE: AS SHOWN





BLOCK C VTEM Results with Geology

Target C1Target C2

Agnico Eagle

Agnico Eagle

Meadowbank project - Nunavut• District scale mineral claims holding - 580 km2 of highly prospective mineral claims• Strategically located - immediately adjacent to Agnico Eagle’s Meadowbank

producing gold mine, Amaruq gold deposit and Greyhound project• Fully Permitted and Drill Ready• Block B’s geological formations such as BIF and shear zones with a strike length in

the order of kilometers• Similar geological settings can be found at Agnico Eagle’s neighbouring

Meadowbank producing gold mine and Amaruq deposits

Building a project pipeline• Leverage on a broad range of business experience and technical skills in order to

build a project pipeline capable of providing long term value• Elimination of seasonality - year-round exploration and results• JV and acquisition of new assets with historic data or early-stage projects with

value-added through the drill-bit• Operating in low-political risk and pro-mining jurisdictions

Proven ability to perform and deliver value• Directors and management with decades of successful track-record in both the

natural resources and the capital market industries• Value created through the development and monetization of several projects


Western Atlas’ Advantage Western Atlas Resources

Western Atlas Resources


AppendixMeadowbank Project – Geological features, VTEM and IP Survey


Meadowbank Project – Block A and B Western Atlas Resources

Lithology Associated to Archean Rocks favorable to gold deposits in the area - Similar geological settings can be found at Agnico Eagle’s neighbouring Meadowbank producing gold mine and

Amaruq deposits

BANDED IRON FORMATION ULTRAMAFIC VOLCANIC ROCKS

MAFIC VOLCANICS FELSIC VOLCANICS


BANDED IRON FORMATION SILICA IN CHERT HORIZONS WITH PYRITE

QUARTZ VEINS WITH PYRITE-ARSENOPYRITE SILICIFICATION WITH QUARTZ AND PYRITE

Mineralized alteration styles associated to gold occurrences - Similar geological settings can be found at Agnico Eagle’s neighbouring Meadowbank producing gold mine and Amaruq deposits

Meadowbank Project - Block B Western Atlas Resources

Highlights from VTEM results• 1,500 line kilometres of surveying completed

over portions of the Meadowbank Blocks A, Band C (VTEM survey was carried out byGeotech Ltd.)

• Aimed at identifying bedrock conductiveresponses in areas that Western Atlasconsiders to be geologically permissive forgold mineralization

• Numerous strong electromagnetic (EM)anomalies were located in Blocks B and C

• The strong EM double-peak anomalies arerelated to bedrock conductors, i.e., BIF-related sulphides - including pyrrhotitepossibly (*)


Meadowbank Project – VTEM survey Western Atlas Resources

IVR pit

Whale Tail pit

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TARGET B1

TARGET B2

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Western Atlas Resources Properties

Agnico - Amaruq Property

Agnico - Meadowbank Property

JV Agnico-Aura Silver Greyhound Property

Aura Silver Property

Agnico - New Properties

Inuit Owned Lands (IOL)

IOL Subsurface Agreements

Road

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Vault deposit


SCALE: AS SHOWN





TARGETS A1, B1, B2, AND C1 VTEM SURVEY LOCATIONS

Note: (*) Electromagnetic anomaly picking (EM) and AIIP processing report (by Geotech Ltd)


Block B – VTEM Survey with Geology Western Atlas Resources

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Legend

0 2.5 5km

¯

Outcrops


!( <0.015!( 0.015 - 0.050!( 0.051 - 0.100!( 0.101 - 1.000

!( 1.001 - 2.500

!( >2.500

BIF DBQFP


Cover


Shear Zone (+/-Au)

Diabase


Shale/Slate (SLT)




Quartzite (QZ)

Greywacke (GW)

Granite (GN)


Block B Boundary


Shear


Road

0.551

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0 1 2km

0 1 2km

13.3

Block B – Target B1 – VTEM Results with Geology


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0.00990.01160.01280.01380.01470.01560.01640.01730.01820.01910.01990.02090.02180.02280.02390.02490.02600.02730.02870.03050.03270.03610.04130.05080.06440.08130.10490.14050.18580.24390.31030.42780.57170.73050.92521.13451.35661.6185

Tau dB/dt(ms)

6.89 0.63

0.68

1.02

5.65 2.06

0.87

2.232.95

4.85

-0.0010-0.0004-0.00010.00020.00040.00060.00080.00100.00110.00120.00140.00150.00160.00170.00180.00200.00210.00220.00230.00240.00250.00260.00270.00280.00290.00300.00320.00330.00340.00360.00370.00390.00400.00420.00450.00470.00510.0057


0.551

0.734

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6.89

0.68 13.31.02

5.65

2.06

0.87

0.63

2.23

2.95

4.85

0.975

1.02

0.734

Target B3

Target B2

Target B1

0 1 2km


SCALE: AS SHOWN





BLOCK B VTEM Results with Geology

Agnico Eagle

Agnico Eagle

Agnico Eagle

27

Block B, drill target B1 with VTEM Western Atlas Resources

Block B, drill target B2 with VTEM Western Atlas Resources

28


Meadowbank Project - Block B, IP Survey Western Atlas Resources

Highlights from IP results• Multiple trends of conductors with a strike length ranging from 400 meters to 7.1 kilometers. Depth reach of the conductors

varies from 75 meter and to over 300 meters from surface• Numerous moderate to high chargeability anomalies coincident with and flanking VTEM anomalies

• The surface projection of these anomalies coincides with areas mapped by Western Atlas• The underlain structures yielded highly anomalous gold values at points• The results of Grid 3 highlights two crosscutting chargeability trends within an intense magnetic corridor• These chargeability trends are formed by a dominant northeastern trend tracking the regional geological trend, and a

second east-westerly trend crossing the dominant trend in the southwest portion of the survey area

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642000

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646000

648000

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7176000 7176000

7178000 7178000

7180000 7180000

7182000

Legend

0 1 2km

¯


Shear Zone (+/- Au)

IP Survey Grid Areas (Completed)

Airborne VTEM Plus (Completed)

Block B Survey Boundary

Waterbody

Topographic contourMagnetic Lines (as identified by airborne magnetic survey)

Shear

Fault

DATE: SEPTEMBER, 2018SCALE: AS SHOWN

PROJECTION: UTM ZONE 14/15, NAD 83DRAWN BY: AMANDA TUCK

BLOCK B - TARGET B1 Apparent Chargeability (mV/V) with

Geology


Nunavut Territory, CanadaGRID 1

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GRID 2

GRID 3

GRID 1 GRID 2

0 0.5 1Km

0 0.5 1Km


!( 0.015 - 0.050!( 0.051 - 0.100!( 0.101 - 1.000!( 1.001 - 2.500!( 2.501 - 100.000

13.3

1.02

0.68

2.06

5.65

0.63

0.6813.3

1.02

6.89

0.87

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GRID 3

0 0.5 1Km

2.83.44.04.65.15.76.36.97.58.18.69.29.8

10.411.011.612.212.713.313.914.515.115.716.216.817.418.018.619.219.720.320.921.522.122.723.223.824.4

mV/VGrid 3

15.415.816.216.516.917.317.718.118.518.819.219.620.020.420.821.221.521.922.322.723.123.523.824.224.625.025.425.826.226.526.927.327.728.128.528.829.229.6

mV/VGrid 1

15.616.316.917.618.218.819.520.120.821.422.122.723.324.024.625.325.926.527.227.828.529.129.730.431.031.732.332.933.634.234.935.536.236.837.438.138.739.4

mV/VGrid 2

Western Atlas Resources Inc.

(TSX-V: WA)

1700 - 666 Burrard StreetVancouver, BC V6C 2X8, Canada

www.westernar.comemail: [email protected]


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