CORPORATE PRESENTATION February 3, 2015 TSX-V: EAG www.eaglehillexploration.com HIGH-GRADE GOLD LOCATED IN QUEBEC S PLAN NORD ADVANCING TOWARD FEASIBILITY Ramp access Underground ramp development Noront Resources, 2009 CORPORATE PRESENTATION April 28, 2015
Cautionary Notes Forward-looking Statements Some of the statements contained in this presentation are forward-looking statements, such as estimates and statements that describe future plans, objectives or goals, including words to the effect that Eagle Hill Exploration implies a stated condition or that it forecasts certain results could occur. Because forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, resource estimates, results of exploration, exploration costs and the timing of exploration and development programs could differ materially from those currently forecast in such statements by reason of factors such as changes in general economic conditions and conditions in the financial markets, changes in demand and prices for the minerals, the ability to obtain additional financing, title to mineral properties, legislative, environmental and other judicial, regulatory, technological and operational difficulties encountered in connection with mining activities, and competition for qualified personnel and vendors. This list is not exhaustive of the factors that may affect any of forward-looking statements. These and other factors, including the factors outlined in the Preliminary Economic Assessment statement below, should be considered carefully and readers should not place undue reliance on Eagle Hill Exploration forward-looking statements. Preliminary Economic Assessment The Preliminary Economic Assessment base case was calculated using US$1200/oz gold and an exchange rate of US$0.86:C$1. A Preliminary Economic Assessment should not be considered a prefeasibility study or feasibility study, as the economics and technical viability of the project have not been demonstrated at this time. The Preliminary Economic Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Furthermore, there is no certainty that the conclusions or results as reported in the Preliminary Economic Assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Resource Estimate This document uses the term resources, indicated resources and inferred resources. United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the SEC ) does not recognize them. Under United States 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. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC. National Instrument 43-101 Standards of Disclosure for Mineral Projects ( NI 43-101 ) is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. All resource estimates contained in this circular have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. Qualified Person The Windfall Lake Project is under the direct supervision of Jean-Philippe Desrochers, PhD, PGeo, Eagle Hill s Vice President Exploration, and Paul-Henri Girard, Eng, a Director of Eagle Hill, both of whom have sufficient experience relevant to the style of mineralization under consideration and qualifies as a Qualified Person ( QP ) as defined by National Instrument 43-101 ( NI 43-101 ).. The scientific and technical content of this document has been reviewed by Eagle Hill s QPs. In addition, each of the individuals listed below are independent QPs for the purposes of NI 43-101. All scientific and technical information in this document in respect of the Windfall Lake Project or the PEA is based upon information prepared by or under the supervision of those individuals. For TetraTech Inc. s Canadian Mining Division, Mike McLaughlin, PEng (mining); for Golder & Associates Ltd., Rodrigue Ouellet, Eng (Environment); for WSP Global Inc., Marie-Claude Dion, Eng (tailings and water storage facility); for Soutex Inc., Pierre Roy, Eng (metallurgy and processing). The geological model was constructed by Dr. Jean-François Ravenelle, PGeo, and Dominic Chartier, PGeo. The Mineral Resource Statement was prepared by Mr. Chartier with the assistance of Dr. Jean-François Couture, PGeo. Dr. Ravenelle, Mr. Chartier and Dr. Couture are full-time employees of SRK Consulting (Canada) Inc. and QPs under NI 43-101, and are independent of the Company. Quality Assurance and Quality Control The true widths of the mineralized intervals are interpreted to be approximately 70 percent of reported width. The diamond drill holes at Windfall Lake are drilled at NQ sizes and core recovery to date has averaged better than 98%. Gold analyses were performed by standard fire assay using a 30-gram charge with atomic absorption finish and a gravimetric finish for assays greater than 10 grams per tonne and by metallic sieve method for samples containing significant amounts of pyrite or visible gold. All assays were performed by ALS Chemex Laboratory Group, in Val d'or, Quebec. Sampling and analytical procedures are subject to a comprehensive quality assurance and quality control program. The QA/QC program includes duplicate samples, blanks and analytical standards. 2
Windfall Lake Gold Project LARGE PROPERTY IN QUEBEC SUBSTANTIAL HIGH-GRADE RESOURCE POSITIVE PRELIMINARY ECONOMIC STUDY SIGNIFICANT EXPANSION POTENTIAL ADVANCING TOWARD FEASIBILITY 3
Advancing the Windfall Lake Project EAG Exploration (2010 2014) PEA Study 1 (Sep 2014 Apr 2015) Pre-Feasibility (2015 2017) Drilled 366 holes Expanded initial resource by 300% (inferred) and 241% (indicated) Confirmed extension of mineralization along strike Confirmed continuation of mineralization at depth 7.8-year mine life 106,200 oz/year gold production 8.26 g/t gold head grade C$558/oz total cash cost 2 C$241.4 M NPV 5% 24% IRR C$240.6 M capex 3.4-year payback Definition drilling to upgrade inferred resources to indicated category Optimization tradeoff studies Underground development and drilling Bulk sample 1. Pre-tax numbers. The Preliminary Economic Assessment base case was calculated using US$1200/oz gold and an exchange rate of US$0.86:C$1. See Cautionary Notes Preliminary Economic Assessment. 2. Total cash cost = operating cash cost plus royalties plus refining plus transport. 4
12 km Located Within Quebec s Plan Nord Windfall Lake Property Val d Or Montreal Quebec City 200 km northeast of Val-d Or, 400 km northwest of Montreal, 115 km east of closest community of Lebel-sur-Quévillon Accessible year-round by all-weather roads The Plan Nord is intended to support projects that enhance and develop the economic potential of Northern Quebec, while ensuring that development proceeds in a sustainable and responsible way that safeguards the environment and the needs of local communities. One of the Plan Nord objectives is to ensure competitively priced power for mine development through extension of the power transmission grid where possible, and negotiation of competitively-priced natural gas and liquefied natural gas for the region. 5
Windfall Lake Gold Resource 3 g/t cut-off Quantity (tonnes) INFERRED CATEGORY Grade Gold (g/t) Contained Gold (ounces) Quantity (tonnes) INDICATED CATEGORY Grade Gold g/t Contained Gold (ounces) March 2014 3,084,000 7.37 731,000 2,375,000 9.75 744,000 November 2014 3,512,000 7.62 860,000 2,762,000 8.42 748,000 % Change from March 2014 +14% +3% +18% +16% -14% +1% IN MINING SHAPES (5 g/t cut-off grade) Quantity (tonnes) Gold Grade (g/t) Contained Gold (ounces) 3,263,000 8.26 866,000 Both resource estimates calculated by SRK Consulting (Canada) Inc. using a 3 g/t cut-off grade, assuming an underground extraction scenario with an assumed gold price of US$1,200 per ounce. March 2014 resource assumed metallurgical recovery of 91.7%, with an effective date of March 3, 2014. November 2014 resource assumed metallurgical recovery of 95.7%, with an effective date of November 23, 2014. All figures have been rounded to reflect the relative accuracy of the estimates. Inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Mineral resources are not mineral reserves and do not have demonstrated economic viability. See Cautionary Note Resource Estimates. 6
PEA Parameters Total LOM production 828,000 ounces gold payable Average LOM annual production 106,200 ounces gold payable Average LOM operating cash cost C$558 per ounce payable (US$480) Sustaining capital cost C$65 per ounce payable (US$56) LOM total cash cost plus sustaining C$623 per ounce payable (US$536) Mine life 7.8 years Throughput 1,200 tpd Average mined grade 8.26 g/t gold Gold recovery 95.7% Pre-production capex C$240.6 million (US$206.9 million) Sustaining capex C$53 million (US$46 million) Pre-tax NPV 5% C$241.4 million (US$207.6 million) Pre-tax IRR and payback 23.6% and 3.4 years Post-tax NPV 5% C$135.2 million (US$116.3 million) Post-tax IRR and payback 17.2% and 3.9 years Gold Price US$1,200 per ounce Exchange Rate (US$:C$) 0.86 The Preliminary Economic Assessment base case was calculated using US$1200/oz gold and an exchange rate of US$0.86:C$1. See Cautionary Notes Preliminary Economic Assessment. Operating cash cost = on site operating costs. Total cash cost plus sustaining = total cash cost plus sustaining capital costs (excludes initial capex). 7
PEA Economics NPV 5% Pre-tax IRR Pre-tax Pre-tax Payback Pre-tax US$1,080/oz gold (-10%) US$1,200/oz gold US$1,320/oz gold (+10%) US$1,440/oz gold (+20%) NPV 5% C$156.8 million C$241.4 million C$325.9 million C$410.5 million IRR 17.6% 23.6% 29.1% 34.4% Payback 4.1 years 3.4 years 3.0 years 2.5 years After-tax US$1,080/oz gold (-10%) US$1,200/oz gold US$1,320/oz gold (+10%) US$1,440/oz gold (+20%) NPV 5% C$84.8 million C$135.2 million C$183.5 million C$230.1 million IRR 12.8% 17.2% 21.1% 24.8% Payback 4.6 years 3.9 years 3.4 years 3.1 years The Preliminary Economic Assessment base case was calculated using US$1200/oz gold and an exchange rate of US$0.86:C$1. See Cautionary Notes Preliminary Economic Assessment. 8
Economic Sensitivities Project economics are most sensitive to exchange rate and gold price Project economics are least sensitive to operating costs Sensitivity of Pre-tax Base Case NPV 5% Sensitivity of Pre-tax Base Case IRR The Preliminary Economic Assessment base case was calculated using US$1200/oz gold and an exchange rate of US$0.86:C$1. See Cautionary Notes Preliminary Economic Assessment. 9
Pre-Production Capital Costs (C$M) $39.9 $43.2 Underground mining (18%) Processing (21%) $1.0 Tailings and water facility (8%) $11.5 $27.0 $3.0 Total initial capex C$241.4 M $51.0 Infrastructure (19%) Pre-production operating costs (1%) Indirect capital (11%) Owner's cost (5%) Royalty purchase (0.4%) $45.1 $18.8 Contingency (17%) The Preliminary Economic Assessment base case was calculated using US$1200/oz gold and an exchange rate of US$0.86:C$1. See Cautionary Notes Preliminary Economic Assessment. 10
Operating Cost Summary $1,200 $1,000 $800 $600 $400 $200 $0 Margin @ US$1200 gold: US$665/oz Sustaining capital: US$56/oz Royalties: US$6/oz Cash costs: US$471/oz LOM (C$/t) LOM (C$/oz) LOM (US$/oz) Mining 76.0 299.4 257.5 Processing 35.7 140.6 120.9 G&A 9.0 35.3 30.4 Site Services 18.3 72.0 61.9 Cash cost 138.9 547.3 470.7 Royalties 1.8 7.0 6.0 Refining, transport 0.7 2.8 2.4 Deductions 0.4 1.4 1.2 Total cash costs 141.7 558.4 480.2 Sustaining capital 16.4 64.6 55.5 Total cash cost plus sustaining 158.1 623.0 535.8 Numbers may not add due to rounding. The Preliminary Economic Assessment base case was calculated using US$1200/oz gold and an exchange rate of US$0.86:C$1. See Cautionary Notes Preliminary Economic Assessment. Cash cost = all on site operating costs. Total cash cost = operating cash cost plus royalties plus refining plus transport. Total cash cost plus sustaining = total cash cost plus sustaining capital costs (excludes initial capex). 11
Recovered metal by year of production Total cash cost (C$/oz) PEA Production Highlights Ave. annual payable gold Mine Life Total Cash Cost/oz 120,000 $600 100,000 80,000 $580 $560 $540 60,000 $520 40,000 20,000 $500 $480 $460 Recovered metal Total cash cost/oz 0 1 2 3 4 5 6 7 8 $440 The Preliminary Economic Assessment base case was calculated using US$1200/oz gold and an exchange rate of US$0.86:C$1. See Cautionary Notes Preliminary Economic Assessment. Total cash cost = operating cash cost plus royalties plus refining plus transport. 12
Project Site Layout 13
Mining Schedule Zone 27 Corridor 14
Mining Methods Longhole mining Mechanized cut and fill (MCF) Underground production Production per mining method Cost per tonne (C$) External dilution Grade of external dilution (g/t) Sill 12% 42.24 - - MCF 19% 85.85 10.0% 0.67 Longhole 69% 68.65 16.6% 1.19 Total 100% 75.99 15.3% 1.12 15
Excellent Metallurgy, 95.7% Gold Recovery 16
Community Relations Actively engaged with Lebel-sur-Quévillon (population 2,150), 115 km to the west, through dialogue and presentations Exploration Agreement in place with the Cree First Nation of Waswanipi (population 1,400), approximately 100 km to the north west Well qualified labour force in Lebel-sur-Quévillon, Waswanipi and Val-d Or allows for the preferential hiring of local labour and contractors Eagle Hill supports and participates in local community events and fundraisers (photo by R. Lavigne) Windfall Lake site tour with Waswanipi Cree leaders 17
Optimization Opportunities Power supply optimization Hydro electricity vs base case LNG generation Project optimization Mining method and cut-off grade Incorporate silver credits into economics Deposit exhibits 1:1 gold:silver ratio Additional exploration to expand and upgrade the resource Additional gold mineralization at depth and to the west 18
Next Steps Surface property-scale exploration program to define new targets and expand the resource at depth Underground definition and expansion drilling Underground development and bulk sample Baseline environmental study Infrastructure and mine trade-off studies Pre-feasibility study Feasibility study and permitting Total proposed budget: $30.6 million 1 1 Recommended activities and total proposed pre-feasibility budget as outlined in the PEA, excluding grassroots exploration. 19
PEA Updated Mineral Resource Classification / Zone Tonnes Grade (g/t) INDICATED CATEGORY Zone 27 Caribou Mallard Colloform Quartz Veins 1,714,000 910,000 123,000 16,000 8.48 6.99 10.29 70.67 Gold (ounces) 468,000 204,000 41,000 35,000 Total Indicated (Main Zone) 2,762,000 8.42 748,000 INFERRED CATEGORY Zone 27 Caribou Mallard Colloform Quartz Veins Below Red Dog Main Zone Subtotal F17 Zone F51 Zone Pyrite Stockwork Red Dog Sill/Dikes Fragmental Dike 335,000 336,000 85,000 154,000 447,000 1,357,000 167,000 47,000 1,665,000 248,000 34,000 6.16 4.90 11.27 18.68 9.14 8.57 7.51 4.43 7.55 4.04 3.99 66,000 53,000 31,000 92,000 131,000 242,000 40,000 7,000 404,000 32,000 4,000 Total Inferred 3,512,000 7.62 860,000 Gold Capping (g/t) 200 100 100 250 200 100 100 250 100 40 10 100 20 15 Resource estimate completed by SRK Consulting (Canada) Inc. with effective date of November 13, 2014. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. It is uncertain if further exploration will allow improving of the classification of the Inferred mineral resources. All figures have been rounded to reflect the relative accuracy of the estimates. Reported at a cut-off grade of 3.0 g/t gold, assuming an underground extraction scenario with an assumed gold price of US$1,200 per ounce and metallurgical recovery of 95.7%. See Cautionary Notes Resource Estimate. 20
Surface Projection of Gold Mineralization 21
Vertical Cross Section 22
Longitudinal Section of Zone 27 23
Expansion Potential Along Strike Potential to the West 24
Expansion Potential at Depth Potential below Red Dog Intrusion 25
Average EV/oz Global Resource (US$/oz) Enterprise Value per Ounce of Gold $100 $94 $90 $80 $70 $67 $60 $50 $40 $43 $30 $23 $20 $13 $10 $5 $- Senior Producers Intermediate Producers Junior Producers Development Stage Exploration Stage Eagle Hill Exploration Source: Haywood Securities The Weekly Dig report, April 24, 2015. 26
Head Grade (g/t gold) Head Grade / US$ Cash Cost / Market Cap 13 12 11 Roxgold 10 9 Continental 8 7 6 Dalradian Eagle Hill Integra Gold IDM Mining Sabina Gold & Silver Gowest Gold Rubicon Minnova 5 Premier Gold 4 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800 LOM Cash Cost (US$/oz) Comparison to primary gold projects with similar geology and grade, with underground development, in areas with similar geopolitical risk. Used information from most recent PEA, calculated using gold prices of $1175 (Integra), $1200 (Eagle Hill, Dalradian, Gowest), $1250 (Minnova, IDM Mining, Premier Gold, Sabina), $1300 (Roxgold), $1385 (Rubicon). Used cash cost including silver credits for IDM Mining. Market cap calculated using company information regarding shares outstanding, and closing share price on April 27, 2015. 27
Corporate Structure Shares Options Warrants Fully Diluted 23,843,764 1,091,125 7,200,690 32,135,579 Warrants expire from 2015 to August 2017, average strike price of $1.88 Options expire from 2016 to 2019, average strike price of $2.32 January 2015: Completed 20:1 share consolidation Trading range post consolidation: $0.30 $0.65 Average daily trading volume (Q1-2015): 76,500 shares/day Working capital (March 30, 2015): ~$540,000 Major shareholders: Dundee Corporation (29%), Southern Arc Minerals (26%) 28
Why Windfall Lake? 100% ownership of high-grade gold deposit 12,400-hectare underexplored property in Quebec s Abitibi Gold Belt Substantial resource identified 1 Indicated: 748,000 oz @ 8.42 g/t gold Inferred: 860,000 oz @ 7.62 g/t gold Significant expansion potential Preliminary Economic Assessment 2 Positive economics, low cash cost 2 Actively advancing to feasibility, short timeline to production 2014 drilling returned high-grade gold intercepts at depth and along strike Underground mine, 7.8-year mine life 106,200 oz annual gold production C$241 million initial capex NPV 5 C$241 million (pre-tax), IRR 23.6% (pre-tax) C$558/oz total cash cost, 3.4-year payback Underground development and bulk sample, definition and expansion drilling, environmental, trade-off studies, permitting 1. Resource estimate completed by SRK Consulting Canada, effective November 23, 2014. See Modelled Mineralized Lenses Windfall Lake Gold Deposit and Cautionary Notes. 2. The Preliminary Economic Assessment base case was calculated using US$1200/oz gold and an exchange rate of US$0.86:C$1 See Cautionary Notes Preliminary Economic Assessment. Total cash cost = operating cash cost plus royalties plus refining plus transport. 29
APPENDIX 30
History of Windfall Lake 1998-1999 2015 Eagle Hill publishes first Preliminary Economic Assessment for the project 2013-2014 Eagle Hill drilled 92 boreholes and 6 extensions published third mineral resource Ind. 2,375,000 t @ 9.75 g/t (744,000 oz) and Inf. 3,084,000 t @ 7.37 g/t (731,000 oz) 2013 Management change (Southern Arc Minerals and Dundee Corp.) 2012 Eagle Hill drilled 147 boreholes published second mineral resource Ind. 1,665,000 t @ 10.05 g/t (538,000 oz) and Inf. 2,906,000 t @ 8.76 g/t (822,000 oz) 2011 Eagle Hill drilled 64 boreholes published first mineral resource Ind. 1,144,000 t @ 9.1 g/t (335,000 oz) and Inf. 1,690,000 t @ 5.7 g/t (364,000 oz) 2009-2010 Eagle Hill optioned the property, modeled the deposit drilled 57 boreholes 2008 Noront constructed 1450 m of ramp and drifts toward Main Zone 2004-2007 Noront drilled 165 boreholes on the Main Zone 2004-2006 Murgor discovered zone F-17 and F-51 drilled 114 boreholes 2003-2004 Fury optioned the property drilled 26 boreholes Inmet drilled 30 boreholes geological model was VMS deposit 1997 Alto drilled 3 boreholes Discovery of the Alto showing 1996 1943 Regional mapping by Geological Survey of Canada 31