From the ground up

TSX:ANX

Corporate Presentation | August 2017

From the ground up

TSX:ANXForward Looking Statements

2

This document contains or refers to forward-looking information. Such forward-looking information includes, amongother things, the Arrangement, statements regarding the combined company, estimates and/or assumptions inrespect of future production, mine development costs, unit costs, capital costs, timing of commencement ofoperations and future economic, market and other conditions, and is based on current expectations that involve anumber of business risks and uncertainties. Factors that could cause actual results to differ materially from anyforward-looking statement include, but are not limited to: the approval of the Arrangement by the Toronto StockExchange and the TSX Venture Exchange; the approval of the Arrangement by the Ontario Superior Court of Justice;capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations incommodity prices; delays in the development of the any projects caused by unavailability of equipment, labour orsupplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additionalfunds required to finance the completion of a project; the realization of the expected benefits resulting from thecombination of the two entities (or the strategies or future actions of the companies); and other factors. Additionally,forward-looking statements look into the future and provide an opinion as to the effect of certain events and trendson the business. Forward-looking statements may include words such as "plans," "may," "estimates," "expects,"“intends,” "indicates," "targeting," "potential" and similar expressions. These forward-looking statements, includingstatements regarding Anaconda’s beliefs in the potential mineralization, are based on current expectations andentail various risks and uncertainties. For further details of other risks and uncertainties, please refer to Anacondaand Orex’s public disclosure available on SEDAR at www.sedar.com, in particular Anaconda’s Annual InformationForm and Orex’s MD&A’s. Forward-looking information is subject to significant risks and uncertainties and otherfactors that could cause actual results to differ materially from expected results. Readers should not place unduereliance on forward-looking statements. The forward looking information contained in this document is made as ofthe date hereof and we assume no responsibility to update them or revise them to reflect new events orcircumstances, except as required by law.

From the ground up

TSX:ANXAbout Anaconda

3

Atlantic Canada gold producer, developer, explorer Over 1M ounces of gold – 2 main projects Complete pipeline of projects Currently, ~16,000 ounces of annual production

Significant growth profile in next 3 to 5 years Mineral resources (Goldboro) Regional consolidator of gold assets (M&A) Production (Point Rousse and Goldboro)

Regional competitive advantage Experienced in economically mining small-scale

deposits Leveraging infrastructure to increase production in

the long term 250 km

Point Rousse

Goldboro

From the ground up

TSX:ANXInvestment Highlights

4

Atlantic Canada Regional Gold Producer, Developer and Explorer• Only pure play gold producer in region• Increasing annual production profile with the development of the Goldboro Project• Targeting approximately 50,000 ounces per year by 2020• Stable, low-risk jurisdiction

Platform for growth and to be a regional consolidator of gold assets in Atlantic Canada• High-performing, upgraded mill• 15+ years of tailings capacity• Operating port facility

Large, mostly high-grade mineral resource portfolio with potential to significantly increase ounces

• Main projects – Point Rousse (NL) and Goldboro (NS) contain drill ready targets for resource expansion

• Currently, over 600,000 ounces in the measured and indicated categories; Over 400,000 ounces in the inferred category

• Approx. 75% of the mineral resources in the Meguma Terrane (analog for Bendigo Camp)Approx. 70% of measured and indicated resources are above 5.0 g/t(†)

Management team with track record of running profitable, safe operations• 100+ years of experience• CIM, Newfoundland Branch, Miner of the Year, 2016• Top 30 Best Places to Work in Atlantic Canada, 2016• Generated approximately $40M in project level EBITDA in the last almost 6 fiscal years

Scrape Trend

Pine CoveStog’er Tight

Argyle

Great Extended Hustler, Bendigo

Goldboro

OPEN

From the ground up

TSX:ANXCapitalization

5

Ticker ANX

Share Price1 $0.065

52 Week Range $0.05-$0.11

Average Daily Volume2 114,783

Market Cap $24.8M

Shares Outstanding3 382.0M

Stock Options4 29.6M

Warrants5 49.9M

Fully Diluted 461.5M

Cash6 $2.5M

Debt6 $1.0M

Shareholders Percent

Ennio D’Angela 5.8%

Falcon Capital 4.5%

Officers & Directors 7.8%

Float 81.9%

1 – As at July 31, 20172 – FY 2018 to Date3 - At the May 8, 2017 special meeting, shareholders approved a share consolidation of 0.25 shares for every one common share of Anaconda. The board of directors has discretion to implement it within 12 months.4 – Weighted average exercise price is $0.06. Includes 16.3M Orex options each exercisable for 0.85 shares of ANX.5 – Weighted average exercise price is $0.08. 15.9M warrants ($0.10) expire July 26, 2017. Includes 39.6M Orex warrants each exercisable for 0.85 shares of ANX.6– As at March 31, 2017. Anaconda also had an unused line of credit of $1.0M for total liquidity of $2.9M.

From the ground up

TSX:ANXExperienced and Invested Team

6

Executive Management Team

Dustin AngeloPresident, CEO & Director

Robert DufourChief Financial Officer

Gordana SlepcevChief Operating Officer

Paul McNeillVice President, Exploration

Allan CrammVice President, Innovation and Development

Lynn HammondVice President, Public Relations

Board of Directors

Jonathan Fitzgerald (Chairman)President of Stope Capital Advisors Inc.

Kevin BullockChief Executive Officer of Golden Reign Resources Ltd.

Michael ByronPresident & CEO of Nighthawk Gold Corp.

Jacques LevesqueFormer CFO of Orex Exploration Inc.

Lewis LawrickManaging Partner of Thorsen-Fordyce Merchant Capital Inc.

Maruf RazaPartner at MNP LLP

Over 100 years of cumulative experience in mining on the executive management team. Experience in developing and operating mining projects in Atlantic Canada. Board and Management collectively own 7.8% of Anaconda Mining.

From the ground up

TSX:ANX

$209

$134 $131

$110 $104 $100 $99 $94

$78 $78 $75 $72 $72

$57$46 $43

$26 $25

$6

$0

$75

$150

$225

Re-Rating Potential

7

Enterprise Value / M, I & Inferred Resources (C$/oz)(1)

(1) Based on closing prices as of May 30, 2017 and 43-101 compliant technical reportsSource: Thomson One

Producer Avg $94

Developer Avg $78

Anaconda $25

From the ground up

TSX:ANXEstablished Regional Gold Producer

8

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Top-Line FY2017**

Revenue and EBITDA

Revenue - Gold Sales EBITDA - Point Rousse Project EBITDA - Consolidated

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Top-Line FY2017**

Unit Economics

Revenue per ounce Cash operating cost per ounce (PRP level)

All-in sustaining cash-cost per ounce*

* - Includes operating costs, corporate costs, sustaining exploration/development investments and capital expenditures.** - Top-Line information is based on the actual performance for the fourth quarter and full year of FY 2017 as presented in the Company’s news release dated June 15, 2017.

Debt Elimination

From the ground up

TSX:ANXRegionally Prospective Gold Setting

9

• Total endowment of greater than 11M ounces of gold much of it discovered in the last 8 –10 Years.

• With investment comes resource growth such as Marathon Gold (Valentine Lake), Atlantic Gold (Moose River), First Mining (Hope Brook)

• Contiguous geology within Atlantic Canada

• 16 gold deposits greater than 250,000 ounces

• 3 deposits greater than 1M ounces

Great NorthernProject

Tilt CoveProject

From the ground up

TSX:ANXProject Locations / Mineral Resources

10

Project M & I Tonnes

M & I Grade (g/t †) Ounces Inferred

TonnesInferred Grade

(g/t †) Ounces

Goldboro5 2,556,000 5.48 457,400 2,669,000 4.35 372,900

Point Rousse (Pine Cove2,3) 1,560,000 1.67 83,685 208,700 1.57 10,565

Point Rousse (Stog’er Tight3) 204,100 3.59 23,540 252,000 3.27 26,460

Viking4 1,817,000 1.42 83,000 847,000 1.15 31,000

Total 647,625 440,925

Point Rousse

Viking

Goldboro

Anaconda Mineral Resources from the Goldboro, Point Rousse and Viking Projects

250 km

From the ground up

TSX:ANXGoldboro Project

11

Infrastructure Existing Decline and Shaft Existing and maintained mine road Adjacent to tide water – existing port

Dock

DeclineShaft

High-grade gold in quartz veins and disseminated gold in wall rock Multiple stacked mineralized zones (‘belts’) Known strike length of approximately 1.5 km with mineralization intersected

from surface to depths of 250 - 350 metres Stratigraphy consists of alternating shale and sandstones with gold generally

hosted in shale Folded anticlinal structure Past production of ~55,000 ounces at ~6.7g/t gold (1896-1910) Well understood geological model globally

From the ground up

TSX:ANXGoldboro Growth Potential

12

Similarities with the Bendigo Camp• Similar geological setting and structures• Gold in folded quartz veins – stacked

ribbons• 4.5 M ounces total resource in Meguma

(~0.5 M ounces of past production) and 22 M ounces produced at Bendigo

• Recent company success at the Bendigo Camp (e.g. Kirkland Lake Gold/Fosterville200,000 ounces/year)

Cross Sections of the Bendigo, Aus. (Great

Extended Hustlers - left) and Meguma, NS (Goldboro -

right)

open

350 m

1.2 km

?

From the ground up

TSX:ANXGoldboro Growth PotentialVertical Longitudinal SectionLooking South

Historic workings

2.0 km

700

m

Select Drillhole Pierce PointData displayed: g/t Au / metres

(Example: 296.9 / 2.7 = 296.9 g/t over 2.7 m)

13

From the ground up

TSX:ANXGoldboro Growth PotentialPlan Map of IP Chargeability – Outlines Gold Zone N

23.6 g/t over 1.5 mand

31.3 g/t over 0.5 m

15.8 g/t over 1.5 m

1570 g/t over 0.5 m137.8 g/t over 1.5 m

DolliverMtn. Zone

14

From the ground up

TSX:ANXGoldboro Strategy and Progress

15

Goldboro Development Strategy:Leverage the port, mill and tailings infrastructure at Point Rousse and bring the Goldboro project to

development in the near term

Completed Summer 2017 Fall 2017 Winter 2017

Economic Modelling; In-house economic models complete; directing development plans

Goal: Characterization of Ore/Waste, MetallurgicalProgress: Metallurgical Drill Program completed; testing underway

Optimize Resource; Phase 1 optimization completed in June

Goal: Infill and Expansion DrillingProgress: Drilling to begin in Fall 2017

Government & Community Consultations; One-Window Process meeting and meeting with First Nations leaders

Environmental Baseline Studies; All baseline field studies

Goal: Mk’maq ecological studies Progress: In progress

Goal: Archeology studyProgress: Field program completed, report in progress

Goal: PEA Progress: in progress by WSP

Goal: Bulk sampleProgress: Evaluation, permitting and extraction for bulk sample

Goal: Environmental Baseline StudiesProgress: 2nd Phase of Moose Study

Goal: MET Drill ProgramProgress: ARD in progress

Goal: PEA Progress: Completed

Goal: PEA Progress: In progress

From the ground up

TSX:ANX

Scrape Trend

Pine CoveStog’er Tight

Argyle

Point Rousse Mines and Development

16

Pine Cove and Stog’er Tight mines Permitted production Proven operations Existing infrastructure 2.5 years of production

ArgylePurple/Blue – Resource BlocksOrange – Pit Design

Stog’er Tight

Purple/Blue – Resource BlocksWhite – Pit Design

Pine Cove

Purple/Blue/Green – Resource BlocksGold/Benches– Pit Design

Argyle Resource/Development 43-101 Resource to be published in 2017 Initiated Environmental Assessment

From the ground up

TSX:ANXPoint Rousse - Argyle Discovery

17

4,860 m in 52 holes drilled to date• Over 600 m strike length• Over 225 m down-dip• Open in all directions• Geophysical targets to the south

and along strike

Drill Highlights• 2.09 g/t over 14.0 m (AE-16-20)• 6.09 g/t over 8.9 m (AE-16-11)• 4.50 g/t over 6.3 m (AE-16-06)• 5.52 g/t over 15.0 m (AE-16-40)• 9.31 g/t over 6.0 m (AE-16-39)• 2.95 g/t over 15.0 m (AE-16-43)• 2.91 g/t over 12.1 m (AE-16-33)• 3.63 g/t over 12.0 m (AE-17-46)

From the ground up

TSX:ANX

Open

Open

Open

Open

Point Rousse - Argyle Development

18

Short Term (2017) Point Rousse Milestones and Key Work Initiatives: Environmental Baseline studies are complete Begin environmental assessment application in September Metallurgical and ARD test work done by October Government Consultations

Grade Distribution Block Model and Conceptual Pit

From the ground up

TSX:ANXPoint Rousse - Argyle Expansion Potential

ArgyleIP Chargeability

anomaly

Untested IP Chargeability

anomalies

Plan View – IP Chargeability

ArgyleMagneticanomaly

Untested Magneticanomalies

Plan View – Ground Magnetics

Argyle and similar deposits are correlated with coincident

Magnetic and IP anomalies

19

From the ground up

TSX:ANXConsolidation in Atlantic Canada

20

Great NorthernProject

Tilt CoveProject

• Atlantic Canada gold assets ripe for consolidation• Several projects with NI 43-101 resources but

no adequate resources to advance them• Need their own catalyst to renew interest in

their projects• Approximately 16 projects and greater than 11M

ounces of gold in Newfoundland, Nova Scotia and New Brunswick

• Strong position to be the consolidator• Currently the only gold producer• Established infrastructure• Experienced management team• Credibility (completed first corporate

transaction)• Focused on projects that have NI 43-101

resources below 1M ounces

From the ground up

TSX:ANXKey Investment Takeaways

21

The Goldboro acquisition provides the catalyst for a potential re-rating in the stock

Anaconda has approximately 1M ounces of gold, with large expansion potential in High-Grade resources at Goldboro

Management team experience and existing infrastructure can potentially de-risk and accelerate the development of Goldboro

Pieces in place to take annual production to approximately 50,000 ounces

First mover advantage as a consolidator of gold assets in the Atlantic Canada region

Resource Expansion + Production Increase + M & A = Major Player in Atlantic Canada

250 M

Point Rousse

Goldboro

Appendices

TSX:ANX

From the ground up

TSX:ANXPoint Rousse Infrastructure – Pine Cove

24

From the ground up

TSX:ANX

25

Goldboro

Hole ID From (m) To (m) Width (m) Au (g/t†)BR-17-01 25.0 26.2 1.2 5.56

within 25.0 35.0 10.0 1.35and 39.0 40.7 1.7 0.86and 55.0 55.5 0.5 13.00

within 53.5 55.5 2.0 3.66and 64.3 67.4 3.1 1.27

BR-17-02 50.0 51.0 1.0 6.56within 50.0 53.5 3.5 2.77

and 61.0 62.0 1.0 8.30within 60.0 67.9 7.9 1.59

and 77.5 79.4 1.9 0.77and 83.4 84.0 0.6 2.64and 90.0 92.0 2.0 3.28and 176.9 180.6 3.7 7.85

within 169.2 180.6 11.4 3.22and 190.6 191.3 0.7 1.30and 192.5 192.9 0.4 1.39

BR-17-03 25.5 29.8 4.3 5.97and 27.5 29.8 2.3 9.77

within 17.4 30.8 13.4 2.33and 35.0 37.0 2.0 2.60and 44.4 57.3 12.9 1.31and 55.2 57.3 2.1 3.75

within 44.4 61.0 16.6 1.11BR-17-04 33.1 33.6 0.5 2513.20

within 33.1 35.7 2.6 485.07

Goldboro (continued)

Hole ID From (m) To (m) Width (m) Au (g/t†)and 64.5 65.2 0.7 1.60and 67.4 69.2 1.8 1.41and 75.7 76.2 0.5 1.35and 79.4 80.9 1.5 5.18

within 79.4 82.4 3.0 2.87and 110.0 111.0 1.0 33.26and 118.0 118.5 0.5 1.70and 125.3 125.8 0.5 1.58and 132.4 133.0 0.6 0.15and 144.8 145.5 0.7 2.14

BR-17-05 24.6 25.7 1.1 5.52and 33.5 34.7 1.2 2.84and 46.2 47.8 1.6 1.25and 52.4 53.5 1.1 1.09and 71.6 73.2 1.6 2.65

within 65.9 73.2 7.3 1.23and 68.7 73.2 4.5 1.25and 95.2 95.7 0.5 2.42and 100.0 101.5 1.5 8.95and 100.0 103.0 3.0 4.78

within 100.0 104.5 4.5 3.39and 107.6 108.1 0.5 0.77and 115.5 116.5 1.0 16.96

within 115.5 121.0 5.5 3.96and 131.5 131.9 0.4 20.60

within 131.0 132.3 1.3 6.64

Goldboro Drill Program Results

From the ground up

TSX:ANXGoldboro Drilling – 2017Hole ID

From (m)

To (m)

Width (m)

Au (g/t†)

BR-17-01 25.0 26.2 1.2 5.56within 25.0 35.0 10.0 1.35

and 55.0 55.5 0.5 13.00within 53.5 55.5 2.0 3.66

BR-17-02 176.9 180.6 3.7 7.85within 169.2 180.6 11.4 3.22

BR-17-03 27.5 29.8 2.3 9.77within 17.4 30.8 13.4 2.33

BR-17-04 33.1 33.6 0.5 2513.20within 33.1 35.7 2.6 485.07

and 110.0 111.0 1.0 33.26BR-17-05 115.5 116.5 1.0 16.96

within 115.5 121.0 5.5 3.96

From the ground up

TSX:ANXArgyle Drill Program Results

27

Argyle Phase 2Hole ID From (m) To (m) Interval (m) Au (g/t†)AE-16-23 25.5 27.7 2.2 1.10

and 44.6 45.8 1.2 0.56AE-16-24 28.0 29.0 1.0 0.88

and 33.0 34.0 1.0 0.55and 34.6 36.0 1.4 1.08

AE-16-26 58.3 61.9 3.6 1.59AE-16-27 73.2 74.0 0.8 0.52AE-16-28 69.5 69.7 0.2 0.50AE-16-29 32.6 33.4 0.8 0.54

and 109.0 109.9 0.9 4.13AE-16-30 48.0 51.0 3.0 1.36

and 53.5 55.0 1.5 0.80and 56.0 57.0 1.0 0.74and 62.0 63.0 1.0 0.81

AE-16-31 25.0 26.0 1.0 1.52AE-16-32 50.0 52.0 2.0 1.27AE-16-33 68.3 80.4 12.1 2.91

including 72.0 75.0 3.0 8.55AE-16-34 32.0 34.0 2.0 3.63AE-16-35 15.9 26.0 10.1 0.74

including 22.0 26.0 4.0 1.31AE-16-37 33.4 36.0 2.6 0.95AE-16-38 74.0 77.7 3.7 0.59AE-16-39 86.8 92.8 6.0 9.31

including 89.8 90.8 1.0 46.60AE-16-39 95.8 97.8 2.0 0.64AE-16-39 100.8 101.8 1.0 1.07AE-16-40 34.0 49.0 15.0 5.52

including 39.0 43.0 4.0 14.01and 39.0 40.0 1.0 34.50

AE-16-41 49.0 50.0 1.0 0.50AE-16-41 56.0 58.0 2.0 0.69AE-16-42 76.0 78.0 2.0 3.05AE-16-43 94.0 109.0 15.0 2.95

including 103.0 106.0 3.0 6.94AE-16-44 59.0 60.0 1.0 0.50and 87.0 87.9 0.9 2.44and 99.0 100.0 1.0 1.90

Argyle Phase 1Hole ID From (m) To (m) Width (m) Au (g/t†)AE-16-03 4.5 16.5 12.0 1.32including 5.5 15.5 10.0 1.52and 5.5 7.5 2.0 4.71AE-16-04 3.1 6.0 2.9 1.02AE-16-05 4.0 5.0 1.0 1.59

AE-16-06 3.7 10.0 6.3 4.35including 4.2 9.0 4.8 5.58AE-16-08 4.4 5.0 0.6 1.09AE-16-09 23.4 28.0 4.6 1.42including 25.0 28.0 3.0 1.95

AE-16-10 25.5 29.6 4.1 0.34AE-16-11 35.0 43.9 8.9 6.09including 37.0 43.9 6.9 7.67AE-16-12 22.8 27.0 4.2 1.15including 24.0 27.0 3.0 1.46and 25.0 27.0 2.0 2.06and 42.0 43.0 1.0 1.45AE-16-13 22.8 23.4 0.6 0.57AE-16-14 24.0 25.6 1.6 3.20AE-16-15 34.0 37.0 3.0 0.74AE-16-16 13.0 16.0 3.0 1.41AE-16-17 43.0 45.1 2.1 1.25AE-16-19 19.0 21.6 2.6 1.68AE-16-20 18.0 32.0 14.0 2.05including 28.0 32.0 4.0 4.86AE-16-21 35.0 35.9 0.9 1.51

*Hole BN-16-269: Mineralization discovered in the bottom portion of the drill hole is hosted by the Stog’er Tight gabbro.

From the ground up

TSX:ANXArgyle Discovery

28

• North dipping gabbro sill• Open down dip with some

of the best grades at depth• Tabular alteration zone

3.75 g/t over 16 m

From the ground up

TSX:ANXPoint Rousse Aggregates Project

29

Announced on October 27, 2016; Began shipping in September

Project involving Anaconda, Shore Line Aggregates and Phoenix Bulk Carriers

Fulfilling ~3.5M-tonne aggregates contract for a project on eastern seaboard of US over 14 months

Opportunity for Anaconda• Monetizing waste rock and receiving

approximately $2M in gross revenue over 14 months

• No capital required; own any improvements to site and fixed dock facility infrastructure

• Shorter haul distance; lowering mining costs• Potential for future aggregates contracts• With modifications, can import ore from other

project locations

From the ground up

TSX:ANXLinking Point Rousse and Goldboro

30

Stog’er Tight Pit

Goldboro Assets• Large resource• Existing decline to access

ore• Existing road network and

power• Near tidewater• Dock within two kilometers

Point Rousse Assets• Port• Large Tailings Facility• Efficient operating mill• Highly trained and effective work

force• Excellent relationships with

communities, government and suppliers

Port Rousse

Pit

TFS 1

TFS 2Port

Dock

Decline

From the ground up

TSX:ANXViking Project Development

31

Legend Au (g/t):1-2 – Green2-4 – Pink+ 4 – Dark Red

Pit Design

Viking resourceblocks

Existing resource has ~60% of current Indicated Resource1 greater than 3 g/t †

Thor4 (Viking Project, Newfoundland)

Category Tonnes Gold (g/t †) Ounces

Indicated 1,817,000 1.42 83,000

Inferred 847,000 1.15 31,000

200m

From the ground up

TSX:ANXBiographies

32

Dustin Angelo | President, CEO & DirectorDustin has been President and CEO of Anaconda Mining, a Toronto Stock Exchange listed company, since September 2010, and has been a director sinceNovember 2009. Under his guidance, Anaconda has expanded its land package ten-fold at its flag ship asset, the Point Rousse Project, on the Ming’s BightPeninsula in Newfoundland, acquired three additional projects close to Point Rousse, cleaned up the balance sheet of the company and built a sustainable,profitable company. Prior to joining the Anaconda team, Dustin served as CFO of Elgin Mining Inc. (formerly known as Phoenix Coal Inc., a TSX-listed resourcecompany) where he was integral in the growth of the organization from a private enterprise to a publicly-listed company from August 2006 to November 2010; asvice-president of MHI Energy Partners (an energy-focused private equity fund) from 2005 to 2006, and; as a Principal at New York City’s Waller Capital Corporation(a boutique investment bank focused on mergers and acquisitions) from 1997 to 2005. Dustin was also a founding member and director of North AmericanLimestone Corporation (a private developer and operator of limestone quarries in the United States). Dustin earned a BSBA in Accounting and InternationalBusiness from Georgetown University and a MBA from the Columbia Business School. He is a Certified Public Accountant, licensed in the state of Kentucky.

Robert Dufour | CFO & Corporate SecretaryRobert Dufour was appointed Chief Financial Officer of Anaconda Mining in May 2017. Mr. Dufour brings a strong track record in the mining sector with deepexperience in capital markets and finance, including debt structuring, royalty arrangements and financing, as well as extensive experience with corporategovernance and risk management. Most recently Mr. Dufour was Chief Financial Officer of Newmarket Gold, a TSX listed mid-tier Australian gold producer whichproduced over 220,000 ounces of gold. Mr. Dufour was part of the team that executed the transformational merger between Newmarket Gold and Kirkland LakeGold, creating a new 500,000+ ounce gold producer in 2017. Prior to his appointment as Chief Financial Officer at Newmarket Gold in 2015, Mr. Dufour wasChief Financial Officer of Crocodile Gold. In 2015, Mr. Dufour also led the merger between Newmarket Gold and Crocodile Gold. Mr. Dufour joined Crocodile Gold inJune 2012 as Director of Finance, and was appointed Chief Financial Officer in April 2013. Mr. Dufour is a Chartered Professional Accountant with over 12 years offinance and accounting experience. He started his career with the Toronto office of PriceWaterhouseCoopers. He later joined Northgate Minerals Corporation asCorporate Controller and subsequently was promoted to Group Financial Controller for Northgate's Australian subsidiaries, and was based out of Victoria, Australiauntil its acquisition by AuRico Gold.

From the ground up

TSX:ANXBiographies

33

Gordana Slepcev | Chief Operating OfficerGordana is the Chief Operating Officer of Anaconda Mining responsible for all current mining activities and the development of the Goldboro Project. Prior to herpromotion, she was the Vice President of Technical Services and was directly responsible for overseeing the mining and geology departments at the Point RousseProject in Newfoundland. In addition to a focus on delivering long- and short-term planning and geological support of the mining operation, she is also heavilyinvolved in strategic planning and project expansion evaluations. With a Master’s Degree in Science and a Bachelor’s Degree in Mining Engineering from theYugoslavia (Belgrade) Faculty of Mining and Geological Engineering, combined with more than twenty years of experience in mining base metals, coal and gold,Ms. Slepcev brings invaluable industry expertise to the project. In addition to Anaconda Mining, she has held senior roles at Labrador Iron Mines Holdings, AgriumInc. and Western Coal Corp.

Paul McNeill | Vice President, ExplorationMr. McNeill joined Anaconda in the summer of 2014. Formerly, he served as Principal Geologist with Paladin Energy Ltd. from 2011 to 2013 and Vice President –Exploration for Aurora Energy Resources Ltd. from 2009 until 2011 where he was focused on the development of the Michelin Project in Labrador, as well asworking on uranium projects in Australia and a gold project in Nevada. Prior to that, Mr. McNeill was Exploration Manager for Mega Uranium Ltd. and worked as aconsultant to a variety of gold and uranium exploration companies including Rubicon Minerals Inc. and Monster Copper Ltd. Mr. McNeill has an expertise instructural controls on mineralization and project development. He also has experience in managing First Nations relationships and developing a positive rapportto the benefit of the native community and the company. Mr. McNeill is a Professional Geologist registered in the Province of Newfoundland and Labrador, is aMember of the Board of Mining Industry NL and is a member of the CIM Newfoundland executive.

From the ground up

TSX:ANXBiographies

34

Allan Cramm | Vice President, Innovation and DevelopmentAllan Cramm is the Vice President, Innovation and Development focusing on key strategic projects to maximize the company’s assets. He also is part of thedevelopment team for new mines and operations. Prior to his promotion, Allan was the General Manager of Anaconda’s Point Rousse Project in Baie Verte,Newfoundland and Labrador. He was responsible for the overall operation of the project including permitting, construction, production and special projects. Allanhas been involved in various management and supervisory roles associated with mining for the past 25 years (both open pit and underground) including ProjectCoordinator/General Manager of two underground mines in Newfoundland, Nugget Pond and Hammerdown, that used a central-processing facility. He has ahigh regard for environmental protection with some associated projects having been recognized provincially and nationally for their attention to environmentalstewardship.

Lynn Hammond | Vice President, Public RelationsLynn Hammond has been the Vice President Public Relations for Anaconda Mining since December 2015, responsible for media, public and governmentrelations. Her career experience consists of senior roles in public service including Director of Communications for Newfoundland and Labrador governmentdepartments of Municipal Affairs, Fire and Emergency Services, Education and Post-Secondary Education. She also held senior positions in the CommunicationsBranch of Executive Council and the Office of the Premier. Through her career she has earned the reputation of a “fixer” often taking on some of government’smost challenging communications activities.

From the ground up

TSX:ANXTechnical References

35

References with an asterisk (*) are footnotes and provided on the same slide. The numbered references below apply throughout this presentation.

† - Grams per tonne

1 - Mineral Resources are not Mineral Reserves and do not imply the economic viability of the resource. The Pine Cove Resource statement includes the Pine Cove Reserves.

2 - Pine Cove and Stog’er Tight Resources and Reserves do not include production since the December 8, 2015 NI 43-101 Technical Report

3 - 0.7 g/t cut-off for Pine Cove and 0.8 g/t cut-off for Stog’er Tight as per “NI43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Pine Cove Mine and Mineral Resource Estimate on the Stog’er Tight Deposit, Point Rousse Project, Baie Verte, Newfoundland and Labrador, Canada” authored by independent qualified persons David Copeland, P. Geo. (an independent consultant) and Catherine Pitman, P.Geo. (AMC Mining Consultants (Canada) Ltd.). and qualified persons David Evans, P.Geo. (Silvertip Exploration Consultants Inc.), Paul McNeill, P. Geo. (Anaconda Mining Inc.) and Gordana Slepcev, P. Eng. (Anaconda Mining Inc.). The Pine Cove Resource statement includes Pine Cove Reserves.

4 - 0.5 g/t cut-off as per “NI 43-101 Technical Report and Mineral Resource Estimate on the Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada” with an effective date of August 29, 2016 and authored by independent qualified persons David A. Copeland, M.Sc., P.Geo., (an independent consultant), Shane Ebert, Ph.D., P.Geo. (an independent consultant) and Gary Giroux, MASc, P.Eng. (Giroux Consultants Ltd.).

5 – 2.0 g/t cut-off as per the March 1, 2017 News Release by Orex Exploration Inc.

From the ground up

TSX:ANXAdditional Cautionary Disclaimers

36

Anaconda uses certain non-GAAP performance measures in this document. These performance measures have no meaning under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Operating cash costs per ounce of gold and all-in sustaining costs per ounce of gold (“AISC”) are non-GAAP measures that Anaconda uses as key performance measures to monitor performance and ability to generate cash flow. Management uses these statistics to assess how well Anaconda’s producing mines are performing compared to plan and to assess overall efficiency and effectiveness of the mining operations.

Anaconda provides operating cash cost and AISC information as it is a key performance indicator required by users of its financial information in order to assess its profit potential and performance relative to its peers. Cash cost per ounce sold is cost of sales from the period before depletion, depreciation and amortization of production stripping assets divided by the number of ounces of gold sold in the period.

AISC reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, Anaconda’s definition conforms to the AISC definition as set out by the World Gold Council in its guidance dated June 27, 2013. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. Anaconda believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations. AISC per ounce includes total cash costs plus the sum of corporate administrative expenses, sustaining capital expenditures, the addition of production stripping assets and certain exploration and evaluation expenses, all divided by the number of ounces sold in the period. This measure seeks to reflect the full cost to sustain the current level of gold production from Anaconda’s operations. Certain other cash expenditures, including income tax payments and financing costs are not included. Certain prior period amounts included in the calculation of AISC have been changed to conform to the presentation adopted in the current period.

The information presented herein related to Anaconda was approved by management of Anaconda on March 13, 2017.

The information presented herein related to Orex was approved by management of Orex on March 13, 2017.

Note: All dollar amounts are in Canadian dollars unless otherwise denoted.

The disclosure in this presentation uses mineral reserve and mineral resource classification terms that comply with reporting standards in Canada, and certain mineral resource estimates are made in accordance with Canadian National Instrument 43-101—Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the mineral reserve disclosure requirements of the United States Securities Exchange Commission (the “SEC”) set forth in Industry Guide 7. Consequently, information regarding mineralization contained in this presentation is not comparable to similar information that would generally be disclosed by U.S. companies in accordance with the rules of the SEC.

From the ground up

TSX:ANXAdditional Cautionary Disclaimers

37

In particular, the SEC’s Industry Guide 7 applies different standards in order to classify mineralization as a reserve. As a result, the definitions of proven and probable reserves used in NI 43-101 differ from the definitions used by the SEC in Industry Guide 7. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as “reserves” under SEC standards.

In addition, this presentation uses the terms “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” to comply with the reporting standards in Canada. The SEC does not recognize mineral resources and U.S. companies are generally not permitted to disclose mineral resources of any category in documents they file with the SEC. Investors are specifically cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves as defined in NI 43-101 or Industry Guide 7. Further, “inferred mineral resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, investors are also cautioned not to assume that all or any part of an inferred resource exists. It cannot be assumed that all or any part of “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” will ever be upgraded to a higher category. Investors are cautioned not to assume that any part of the reported “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” in this presentation is economically or legally mineable. For the above reasons, information contained in this presentation containing descriptions of our mineral reserve and mineral resource estimates is not comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

All scientific and technical information relating to the Stog’er Tight Deposit is based on and derived from the NI 43-101 report entitled “NI43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Pine Cove Mine and Mineral Resource Estimate on the Stog’er Tight Deposit, Point Rousse Project, Baie Verte, Newfoundland and Labrador, Canada” with an effective date of October 22, 2015. All scientific and technical information relating to the Pine Cove Mine is based on and derived from the NI 43-101 report entitled “NI43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Pine Cove Mine and Mineral Resource Estimate on the Stog’er Tight Deposit, Point Rousse Project, Baie Verte, Newfoundland and Labrador, Canada” with an effective date of October 22, 2015. All scientific and technical information relating to the Thor Deposit/Viking Project is based on and derived from the NI 43-101 report entitled “NI 43-101 Technical Report and Mineral Resource Estimate on the Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada” with an effective date of August 29, 2016. All of the above mentioned technical reports were prepared by “qualified persons” within the meaning of NI 43-101. The information contained herein is subject to all of the assumptions, qualifications and procedures set out in each of the technical reports and reference should be made to the full details of the technical reports which have been filed with the applicable regulatory authorities and is available on Anaconda’s profile at www.sedar.com.

Paul McNeill, Anaconda’s VP of Exploration and a qualified person pursuant to NI 43-101, has reviewed and approved the scientific and technical data of Anaconda contained in this document.

From the ground up

TSX:ANXAdditional Cautionary Disclaimers

38

The scientific and technical information relating to the Goldboro Project is based on Orex’s news release of March 1, 2017. Any additional information regarding the current estimate will be available upon filing of a Technical Report by Orex.

Jean-Pierre Landry, P. Eng., director and consultant of Orex, is a qualified person pursuant to NI 43-101, has reviewed and approved the technical information relating to Orex contained in this document.

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Certain information contained on this presentation with respect to other companies and their business and operation has been obtained or quoted from publicly available sources, such as continuous disclosure documents, independent publications, media articles, third party websites (collectively, the “Publications”). In certain cases, these sources make no representations as to the reliability of the information they publish. Further, the analyses and opinions reflected in these Publications are subject to a series of assumptions about future events. There are a number of factors that can cause the results to differ materially from those described in these publications. None of the Anaconda, Orex or their representatives independently verified the accuracy or completeness of the information contained in the Publications or assume any responsibility for the completeness or accuracy of the information derived from these Publications.