CORPORATE PRESENTATION TSX-V: MLN OTCQX: MLNGF FEBRUARY 2017

Transcription

1 1 CORPORATE PRESENTATION TSX-V: MLN OTCQX: MLNGF FEBRUARY 2017

2 2 MARLIN GOLD MINING LTD. MINING GOLD AND SILVER IN THE AMERICAS Marlin is a publicly-traded gold and silver mining company with properties located in Sinaloa, Mexico and Arizona, USA. Marlin's priority is to advance its properties toward commercial production and enhance shareholder value through the growth of its wholly owned subsidiary, Sailfish Royalty Corp. The La Trinidad gold mine in Sinaloa, Mexico, declared commercial production on November 1, See additional technical information and cautionary language regarding forward looking statement disclaimers in the Appendix

3 3 OUR MANAGEMENT TEAM AKIBA LEISMAN Executive Chairman of the Board and Interim CEO Akiba Leisman is also a consultant for Wexford Capital LP, where he oversees the precious metal public and private equity portfolios, including the investment in Marlin Gold Mining Ltd. Prior to consulting for Wexford, he was a Senior Analyst at Red Kite Capital Management for the Mine Finance funds where he was responsible for senior secured investments on metal mining assets. Previously, he was an Associate at Standard Bank working in the Structured Commodity Products and Mine Finance groups. Mr. Leisman has an MBA from New York University, and a B.S. in Chemical Engineering from Carnegie Mellon University. JESSE MUÑOZ Director and Interim COO Jesse Muñoz has over 28 years of experience working in the USA and international mining sector. His successful career has included construction and start-up in both surface and underground mine facilities. He has a diverse background and has focused primarily on the processing side of operations. His bilingual capabilities have proven to be extremely valuable while consulting in various Latin American countries. He has experience in conventional milling, heap leaching, agglomeration, crushing, refining, and both carbon adsorption and Merrill-Crowe recovery systems. He has experience in negotiating property acquisitions and developmental strategies in Latin American countries. CESAR GONZALEZ Vice President, Corporate Development Cesar Gonzalez is also a consultant at Wexford Capital LP. At Wexford he is focused on co-managing the precious metal public and private equity portfolios, including the investment in Marlin Gold Mining Ltd. Previously he worked at Lehman Brothers as an Associate in the Private Equity Group where he focused on investments in energy master limited partnerships. Mr. Gonzalez graduated from the University of Southern California, where he earned a B.S. in Business Administration. SCOTT KELLY Chief Financial Officer Scott Kelly has been working as an officer or director with publicly listed resource companies for over 12 years. Scott has held the position of Chief Financial Officer for companies with resource projects in the United States, Mexico, China and Chile and has been responsible for the coordination of all financial operations in collaboration with the companies' respective management teams. From , Scott was VP Finance for Pediment Gold Corp, which owned the La Colorada gold mine in Sonora, Mexico, and the San Antonio gold project in Baja California Sur, Mexico until the company was acquired by Argonaut Gold Inc. in Scott holds a Bachelor of Commerce degree from Royal Roads University.

4 4 OUR DIRECTORS MIKE LIDDELL Director Mike Liddell served as the Chief Executive Officer and the Chairman of the Board of Gulfport Energy Corporation, a publically held company, from July 1998 to December 2005, and remained as Chairman of the Board until June Mr. Liddell served as the Chief Executive Officer of DLB Oil & Gas Inc., a publically held company, from October 1994 to April 1998 and served as its Director from 1991 to Mr. Liddell has also served as the Chairman of Great White Energy Services, LLC. He served as the Chairman of the Board of Bronco Drilling Company Inc., a publicly held company, from May 2005 to August 2007 and served as its Director from May 2005 to August He has been the Chairman of Windsor Energy Resources Inc. since December He currently serves as a Director of Grizzly Oil Sands Ulc. JOHN PONTIUS Director John Pontius is currently a Divisional President of Mammoth Energy Partners LP, a Wexford Capital LP portfolio company, overseeing their remote accommodations business and also performs other advisory roles for Wexford. From , Mr. Pontius served in various senior management positions at other Wexford portfolio companies including Muskie Proppant LLC (also now a Mammoth division), Stampede Farms LLC, ICx Technologies Inc (formerly NASDAQ: ICXT), Digital Power Capital LLC and other oilfield service related businesses. Mr. Pontius currently sits on the boards of GroundForce GeoDrilling Solutions Ltd., Predator Drilling Inc., and was a board observer of ICx Technologies until its acquisition by Flir Systems, Inc. Mr. Pontius holds a B.S. in Business Administration from the University of North Carolina at Chapel Hill.

5 5 INVESTMENT HIGHLIGHTS 100% owned mines & projects Streams & royalties PROVEN MINE BUILDERS Management and Board members have built three open pit heap leach mines in Mexico since 2011 (1) 100% OWNED GOLD MINE - MEXICO One of the highest grade open pit heap leach gold mines in Mexico Commercial production declared in November 2014 Good in-pit and regional exploration targets 100% OWNED SILVER AND GOLD DISTRICT - ARIZONA Commonwealth silver and gold district acquired in May 2015 Located in mining-friendly Arizona, USA NI Measured & Indicated resource of 984,900 gold equivalent ounces on the Commonwealth Project (2) Permitting and exploration drilling underway Commonwealth (Arizona, USA) Silver/gold project La Trinidad (Sinaloa, Mexico) Producing heap leach gold mine La Cigarra (Chihuahua, Mexico) Royalty on silver project El Compas (Zacatecas, Mexico) Royalty on a fully permitted gold/silver project San Albino (Nueva Segovia, Nicaragua) Gold stream on a high-grade gold project GROWING ROYALTY PORTFOLIO SAILFISH ROYALTY CORP. Currently holds a gold stream on the high grade San Albino gold deposit in Nicaragua and royalties on the El Compass and La Cigarra projects in Mexico (1) The three mines include Santa Elena in 2011, El Gallo Phase I in 2013 and La Trinidad in Santa Elena and El Gallo Phase I were developed under EPCM contracts by Sonoran Resources LLC, where Jesse Muñoz serves as President. (2) Calculated at a gold price of US$1,350/oz and silver price of US$22.50/oz. Further information is provided in the Commonwealth PEA dated April 2014 (as defined in the Appendix). The Commonwealth PEA is preliminary in nature, it 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, and there is no certainty that the PEA will be realized.

6 6 INVESTING THROUGH THE BOTTOM OF THE GOLD CYCLE MARLIN S THREE MAIN ASSETS WERE ALL ACQUIRED DURING THE RECENT DOWNTURN IN GOLD EQUITIES La Trinidad Acquisition (1) San Albino Gold Stream Commonwealth Acquisition -89% DECLINE PEAK-TO-TROUGH (1) Wexford Capital LP took a controlling stake in Marlin Gold Mining Ltd. (formerly known as Oro Mining Ltd. ) on August 10, 2012, which owns 100% of the La Trinidad Gold Mine.

7 7 CAPITAL STRUCTURE CONTROLLING SHAREHOLDER WITH A PROVEN TRACK RECORD IN THE RESOURCES SECTOR TSX-V Listing OTCQX Listing MLN MLNGF Price 1 $0.70 High Low (52-weeks) (1) $0.75 $0.15 Shares Outstanding (1) Options (1) Market Capitalization (1) Cash, Gold & Tax Receivables (2) Golden Reign Shareholding (3) Debt (4) Website Analyst Coverage million 6.1 million $121.0 million $22.8 million $10.3 million $41.6 million Red Cloud Derek Macpherson Warrants Amount Price Expiry None Options Amount Price Expiry Share purchase options 30,000 $ Jun-17 Share purchase options 6,000,000 $ Feb-21 (1) Market data and capital structure as of February 3, (2) Cash and saleable gold bullion of approximately $7.3 million as of February 3, Ore in process at La Trinidad of $7,812,912 for the period ending September 30, Receivable and refundable value added taxes (IVA) for the period ending September 30, 2016 of $7,684,858. (3) Includes 36,297,309 shares of Golden Reign Resources Ltd., which trades on the Toronto Venture Exchange under the ticker symbol GRR. The stock closed at $0.285/share on February 3, (4) Unsecured credit facility with Wexford Capital LP for US$32 million ($41.6 million at 1.3:1 exchange rate) that will mature on January 15, 2018 and which accrues interest daily at a rate of 8% per annum.

8 8 PRODUCTION PROFILE AVERAGE PRODUCTION OF ~63,000 GOLD EQUIVALENT OUNCES THROUGH 2026, WITH OPPORTUNITIES TO EXTEND THE MINE LIFE OF EACH OPERATION (1) (2) (3) In 000 Ounces Gold Equivalent, Cash Costs per Ounce on Right Axis Note: The La Trinidad, San Albino and Commonwealth PEAs are preliminary in nature, and include 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, and there is no certainty that the PEA will be realized. (1) Source: La Trinidad PEA dated February (2) Source: San Albino PEA dated April Represents attributable gold ounces to Sailfish Royalty Corp. ( Sailfish ) from the open pit resource only and assumes US$1,250 gold for the calculation of cash costs payable by Sailfish. (3) Source: Commonwealth PEA dated April Gold equivalent production and costs calculated at a gold price of US$1,350/oz and silver price of US$22.50/oz.

9 9 LA TRINIDAD Producing Gold Mine - Mexico

10 10 LA TRINIDAD OVERVIEW PRODUCING OPEN-PIT HEAP LEACH GOLD MINE IN MEXICO Fully permitted mine located ~110 kilometers southeast of Mazatlán, accessible 01 via paved highway Previously mined by Eldorado ( ) Commercial production declared by Marlin on November 1, % ownership with a 1% NSR starting in year three of commercial production 11 concessions totaling ~60,204 hectares in 05 Sinaloa 06 Surface rights agreement for exploitation on 699 hectares in place Grade has significantly improved since September 15 th, which is expected to materially improve margins and generate 07 free cash flow La Trinidad Gold Mine

11 11 OPERATING RECORDS ACHIEVED AS HS ZONE MINED CRUSHED GRADES ARE AMONG THE HIGHEST IN MEXICO A RECORD AMOUNT OF GOLD BEING SHIPPED La Trinidad Gold Mine Statistics September 2016 to January 2017 Sep Oct Nov Dec Jan Tonnes Crushed (1) 25, , , , ,743 Average Crushed Grade (2) Gold Stacked (3) 1,484 18,052 21,567 18,431 7,447 Average Daily Recovered Gold (4) Gold Shipped (5) ,247 9,924 10,121 10,121 ounces of gold shipped in January, a new monthly record Crushed grades have averaged approximately 4 grams per tonne of gold since September 2016 Recoveries of gold from the leach pad are approaching a steady state and averaged 231 ounces per day in January (1) Metric tonnes processed by three-stages of crushing and agglomeration. Adjusted for moisture content. (2) Average grams per tonne gold sampled at the crusher. (3) Troy ounces of gold stacked onto the leach pad. (4) Weighted average (weighted by pregnant solution) of daily recovery of troy ounces of gold from the leach pad. (5) Troy ounces shipped during the month.

12 12 PRODUCTION RAMPING UP THE PRODUCTION RAMP UP HAS ACCELERATED SINCE MINING OF THE HS ZONE BEGAN A detailed operating update for is planned following the release of audited 2016 financials (1) Troy ounces shipped during the year. (2) Through January 2017.

13 Thousands of USD 13 COSTS TRENDING DOWN TOTAL COSTS HAVE TRENDED DOWN AND ARE EXPECTED TO NORMALIZE Expectations are that total costs should track between US$ million per month over the life of mine (LOM) at La Trinidad Monthly costs should temporarily trend higher (US$ million) until early 3Q as the mining rate is accelerated to reach the HS South $4,500 $4,000 $4,204 $3,500 $3,000 $2,500 $2,000 $2,617 $3,842 $3,384 $3,425 $3,120 $2,438 $2,921 $2,469 $2,419 $2,640 $3,000-3,250 $2,500-2,750 $1,500 $1,455 $1,827 $1,000 $500 $0 Jan-16 Feb-16 (1) Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 1Q-3Q LOM Total Costs (Actual) Total Costs (Expected 1Q-3Q) Total Costs (Expected LOM) (1) Lack of activity due to mining contractor transition.

14 14 HS ZONE EXPANSION TAUNAS PIT (LA TRINIDAD) LONG SECTION HIGHLIGHTING HIGHER-GRADE HS ZONE HS SOUTH PIT 1/7/17 HS NORTH South side layback is expected to extend mine life to 2018 North side layback has potential to add high grade ounces West side layback will be evaluated if additional ounces are discovered at depth Drill crew is on site to test all three targets, starting with 12-hole drill program on north side

15 15 HS ZONE EXPANSION TAUNAS PIT (LA TRINIDAD) PLAN VIEW HIGHLIGHTING HIGH GRADE IN NORTH AND SOUTHWEST PIT WALLS HIGH GRADE MINERALIZATION SPILLING OVER THE NORTH AND SOUTHWEST PIT LIMITS (-38 BENCH)

16 16 HS ZONE STOCKPILE APPROXIMATELY 485, GRAMS PER TONNE IN STOCKPILE STOCKPILE LAYOUT (NEXT TO CRUSHER) Mineral Type Stockpile January 31, 2017 Stockpile (dry tonnes) (1) Grade (grams/tonne) Contained Gold (troy ounces) High Grade 66, ,319 Medium Grade 44, ,292 Feed Section 15, Low Grade 100, ,523 South Extension 257, ,458 Total 485, ,418 (1) Weight adjusted for moisture content.

17 17 GROWTH REGIONAL OPPORTUNITIES AT LA TRINIDAD NUMEROUS DRILL TARGETS WITHIN CLOSE PROXIMITY TO THE TAUNUS PIT AT LA TRINIDAD MINE 01 San Cristobal has been identified as a high priority target (<12 kilometers from Taunus pit) 02 To date over 1,600 rock chip and 4,800 soil samples have been taken and have identified five distinct project areas Six RC drill holes returned gold-bearing intervals in the range of 14 to 30 meters wide, including: 0.47 g/t gold and 18.6 g/t silver over 30 meters from a down-hole depth of 46 meters (1) 0.56 g/t gold and 45.5 g/t silver over 14 meters from a down-hole depth of 40 meters (1) Five exploration target areas have been identified 05 Presently developing a budget for year round access to San Cristobal (1) The San Cristobal project is an early stage exploration project and does not contain any mineral resources as defined by NI The potential quantities and grades disclosed are conceptual in nature and there has been insufficient exploration to define a mineral resource for such targets. It is uncertain if further exploration will result in such targets being delineated as a mineral resource.

18 18 COMMONWEALTH Development Project within a Silver and Gold District Arizona, USA

19 19 COMMONWEALTH PROJECT LOCATION & OVERVIEW ATTRACTIVE LOCATION, ECONOMICS AND PERMITTING Advanced-stage low capex open-pit heap leach gold and silver asset Permitting process underway Located in Cochise County, Arizona, an established mining-friendly jurisdiction Average annual production of 36,000 oz gold and 1.3 million oz silver (57,667 gold equivalent oz) 1, with potential upside on silver production through enhanced recovery Commonwealth Project PEA highlights strong project economics with an after-tax NPV5% of US$101.3 million and 58.2% IRR 1 Private and patented land with past producing mine Capital required to bring the Commonwealth Project into production is anticipated to be US$27.2 million (1) (1) Commonwealth PEA dated April Calculated at a gold price of US$1,350/oz and silver price of US$22.50/oz. Assumes a 0.3 g/t cutoff. The Commonwealth PEA is preliminary in nature, it 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, and there is no certainty that the PEA will be realized.

20 20 COMMONWEALTH PROJECT LAND CONSOLIDATION COMMONWEALTH DISTRICT NOW CONSOLIDATED

21 21 COMMONWEALTH PROJECT LAND CONSOLIDATION MARLIN OWNS TWO CLAIM BLOCKS ON THE MEXICAN HAT DEPOSIT MARLIN OWNS TWO CLAIM BLOCKS WITHIN THE MEXICAN HAT DEPOSIT (CSWG #100 AND CWSG #101) ~ 6.6 MILES

22 22 COMMONWEALTH PROJECT EXPLORATION RECENT DRILLING INDICATES POTENTIAL FOR HIGHER GRADES AND MORE STRUCTURAL CONTROL Six of the holes (16CDDH01/03-04/07-09) were twins of historical drill holes designed to both confirm historical drilling and for metallurgical testing (1) Two of the holes (16CDDH05-06) were designed to obtain assay and geologic data from areas lacking drill data, which resulted in the discovery of a previously unknown zone in the footwall of the North Vein Hole 17CDDH10 was drilled to follow up an area where previous core drilling had failed to test the intensely fractured mineralized zone the hole intersected the highest grade x thickness intercept since modern-era drilling began in 1972 Drill Hole From (m) To (m) Length (m) (2) AuEq (g/t) (3) Au (g/t) Ag (g/t) 16CDDH CDDH and CDDH and including and CDDH and and CDDH including CDDH CDDH and and CDDH and including and and CDDH including and (1) 16CDDH02 was abandoned due to difficult drilling conditions. (2) Significant intersection defined as minimum gold assay of 0.3 g/t over minimum 6 meter interval with no more than 2 meter of internal dilution below 0.3 g/t. (3) Gold equivalent ( AuEq ) values at a silver to gold ratio of 160:1. to reflect recovery rates of 34% for silver and 79% for gold as estimated by Commonwealth PEA dated April 2014.

23 23 COMMONWEALTH PROJECT EXPLORATION RECENT DRILLING INDICATES POTENTIAL FOR HIGHER GRADES AND MORE STRUCTURAL CONTROL Hole 16CDDH06 intercepted a previously unknown zone in the footwall of the North Vein with grades far in excess of the current deposit averages, including 9.9 meters of 5.78 g/t AuEq from 125 to meters (1) (1) Gold equivalent ( AuEq ) values at a silver to gold ratio of 160:1. to reflect recovery rates of 34% for silver and 79% for gold as estimated by Commonwealth PEA dated April 2014.

24 24 COMMONWEALTH PROJECT EXPLORATION RECENT DRILLING INDICATES POTENTIAL FOR HIGHER GRADES AND MORE STRUCTURAL CONTROL Hole 17CDDH10 intersected the highest grade x thickness intercept since modern-era drilling began in 1972, including 26.7 meters of 3.75 g/t AuEq from 65.3 to 92 meters (1) (1) Gold equivalent ( AuEq ) values at a silver to gold ratio of 160:1. to reflect recovery rates of 34% for silver and 79% for gold as estimated by Commonwealth PEA dated April 2014.

25 25 COMMONWEALTH PROJECT PEA HIGHLIGHTS ATTRACTIVE LOCATION, ECONOMICS AND PERMITTING 01 Located in Cochise County, Arizona ~40km south of Wilcox and ~130km southeast of Tucson; the project spans 1,568ha Elevation ranges from 1,300m to 1,450m above sea level 04 Mineral deposits within the Commonwealth Project area are typical of silver dominant, low sulfidation, epithermal veins and stockworks emplaced in a near surface environment 02 A 14.47kV power line currently services the property and is planned to be upgraded to 25kV to service future development 05 Marlin s predecessor completed a 35-hole, ~5,000m diamond drilling program at the Commonwealth Project between November 2011 and April The project area is accessible by paved state highways from Tucson (~130km), Willcox and Douglas, Arizona RESOURCE SUMMARY (1) PRODUCTION PROFILE (Gold Equivalent) (1) Tonnes (000 s) Au Grade (g/t) Ag Grade (g/t) AuEq Grade (g/t) Contained Metal (000 s oz) Au Ag AuEq In 000 oz gold equivalent Measured 4, , Indicated 26, , M&I 31, , Inferred 12, , Note: The Commonwealth PEA is preliminary in nature, it 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, and there is no certainty that the PEA will be realized. (1) Commonwealth PEA April Calculated at a gold price of US$1,350/oz and silver price of US$22.50/oz. Assumes a 0.3 g/t cutoff.

26 26 COMMONWEALTH PROJECT PEA HIGHLIGHTS ATTRACTIVE LOCATION, ECONOMICS AND PERMITTING Key Parameters (1) Silver Gold Estimated Mine Life (years) 8.5 Designed Production Rate (tpd) 10,000 Life-of-mine (LOM) Avg. Mining Rate (tpd) 20,000 Strip Ratio (w:o) 1:1 LOM Avg. Metal Recoveries (%) 34% 79% LOM Avg. Grade (g/t) LOM Avg. Annual Production (oz) 1,300,000 35,800 LOM Operating Costs: Mining Costs (US$/t) $5.85 Processing Plants (US$/t) $6.13 General Administration (US$/t) $0.64 Other (US$/t) $0.07 Cash Operating Cost (US$/t) $12.69 LOM Avg. AuEq Cash Cost (US$/oz) $831.2 Pre-production Capital Cost (US$MM) $27.2 Sustaining Capital (US$MM) $20.6 After-tax NPV 5% (US$MM) $101.3 After-tax IRR (%) 58.2% Note: The Commonwealth PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized Gold Price Silver Price (US$/oz) After-tax NPV 5% (grams/tonne) Mineralization at surface amenable to open-pit mining Average LOM strip ratio of 1:1 (0.3g/t cutoff) Two 12.2m3 front end loaders and three 90t haul trucks (2) A 3-stage crush, heap leach, Merrill Crowe processing scheme is envisioned Low grade material will be stockpiled (0.2g/t cutoff) Gold recoveries ranging from 78-81% Silver recoveries ranging from 23-49% Marlin has already started engineering work aimed at increasing silver recoveries 311,500 oz and 10.9 million oz of saleable gold and silver, respectively, over ~9 years State and local permits are expected to take two years After-tax IRR (%) $1,050 $17.50 $ % $1,200 $18.75 $ % $1,275 $20.00 $ % $1,350 $21.25 $ % $1,425 $22.50 $ % (1) Calculated at a gold price of US$1,350/oz and silver price of US$22.50/oz. (2) Two trucks will need to be added during year four to meet production requirements, for a total of five trucks.

27 27 SAILFISH ROYALTY CORP. Wholly Owned Royalty Subsidiary Option Value

28 28 SAILFISH ROYALTY TYPICAL STREAM MECHANICS Upfront payment Sailfish makes an upfront payment Interest is paid to Sailfish prior to production Operating oversight ensures capital is spent appropriately Ongoing production payments Sailfish has the right to purchase a percentage of metal production at a fixed price Agreements are typically life of mine Ongoing payments are negotiated at deep discounts Metal sold at spot Sailfish sells the underlying commodity at spot 90% of cash flow is distributed to shareholders

29 29 SAILFISH ROYALTY ADVANTAGES OF STREAMS Exploration Upside Stream owners benefit from life of mine extensions without paying for it Commodity Price Upside Deeply discounted payments provides direct cash flow upside to rising commodity prices Security Streams are senior secured loans Never pay more than the market price

30 30 SAILFISH ROYALTY OPTION VALUE ROYALTY ADVANTAGE Sailfish has the ability to underwrite deals at higher IRRs than its competitors due to the relationship with Marlin s operating team this allows for royalties on earlier-stage projects A NEW ROYALTY COMPANY IN PARTNERSHIP WITH PROVEN OPERATORS Royalty companies command superior valuations in relation to producers Sailfish is an opportunity to get in on the ground floor of the latest royalty company Sailfish was created by Marlin to enhance value of existing and future mining operations Sailfish is currently a wholly owned subsidiary of Marlin but is expected to become a separate entity in the future Sailfish intends to pay out substantially all (90%) of its cash flow to shareholders EXTERNAL STREAMS AND ROYALTIES San Albino: 20-40% gold stream at US$700/oz (1) El Compas: 1.5% NSR royalty on the concessions hosting the primary deposit at El Compas La Cigarra: 1% NSR on the concessions adjacent and surrounding the main project area at La Cigarra INTERNAL STREAMS STRUCTURE IN PLACE FOR SAILFISH TO BECOME A SEPARATE ENITITY La Trinidad: potential for 25% gold stream at US$1,150/oz (2) Marlin anticipates creating a stream on the Commonwealth Project prior to making a construction decision PROPRIETARY PIPELINE Sailfish will generally not participate in competitive auctions; a natural pipeline of streams will emerge through the development of projects by the Marlin operating team (1) Following US$19.6M in payments, the stream reduces to 20% of US$700/oz (subject to a 1% per year cost escalation beginning three years from commercial production). Plus 50% of the spot gold price above US$1,200/oz. (2) The lesser of the stated price (subject to a 1% per year cost escalation beginning three years from commercial production) and the market price of gold.

31 31 SAILFISH ROYALTY INVESTMENT PROCESS AND STRATEGY ADDING VALUE BY USING EVERY ASPECT OF OUR ROBUST PLATFORM Sourcing & Due Diligence Acquisition & Structuring Development & Construction Management, Improvement & Exit Proprietary pipeline Build a portfolio of 6-8 streams Engineer a mine plan for the benefit of stream owners Optimize operations and begin implementing exit plan Determine if stream targets meet our return threshold Consider diversification across jurisdiction and stage of project/mine Target both public and private assets/companies Assess technical and financial risk Utilize the Marlin and Sonoran operating team to acquire streams with operational control Determine optimal tax structure Engineer a mine plan with a focus on cash flow to stream owners Utilize our local presence Leverage relationships with regulatory and political officials Begin staffing projects and procuring equipment through our exclusive EPCM relationship Optimize mine plan for producing mines to achieve highest level of free cash flow Bring development-stage projects to commercial production Maintain detailed operating and financial records IPO and/or sale to public royalty company Buying Cheaply (Marlin and Sonoran) Developing Efficiently (Marlin and Sonoran) Royalty Premium (Sailfish)

32 32 SAILFISH ROYALTY SAN ALBINO PEA HIGHLIGHTS THE PEA CONFIRMS A ROBUST PROJECT WITH SIGNIFICANT CASH FLOW TO SAILFISH Gross Margin $786/oz AISC* AuEq $464/oz Note: The San Albino PEA is preliminary in nature, it 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, and there is no certainty that the PEA will be realized. Low initial capital investment requirements at an estimated US$13.9 million Once in production, the San Albino gold project will be one of the lowest cost gold mines All-in Sustaining Cost (AISC) gold equivalent (AuEq) of just US$464 per ounce placing it in the lowest quartile in terms of costs in the industry 250 tpd Base Case Scenario Avg LOM Cost (US$/tonne) Avg LOM Cost (US$/oz) Mining OP $9 $37 Mining UG $43 $182 Processing $37 $153 Tailings $1 $6 G&A $10 $40 Total Operating Costs $100 $418 Royalty (3%) $9 $36 Cash Cost $109 $454 Sustaining $8 $36 All-in Sustaining Cost $117 $490 Revenue from Silver (Credit) $(6) $(26) Cash Cost $102 $428 *AISC AuEq $111 $464

33 33 SAILFISH ROYALTY SAN ALBINO PEA HIGHLIGHTS THE PEA CONFIRMS A ROBUST PROJECT WITH SIGNIFICANT CASH FLOW TO SAILFISH In millions of USD, unless otherwise noted. US$1,250/oz gold price 500 tpd 350 tpd 250 tpd Average mined diluted grade (AuEq) 8.02g/t 8.02g/t 8.02g/t After-tax NPV 5% discount $174.6 $144.4 $105.8 After-tax IRR (%) 54.3% 46.5% 37.5% Payback (years) 1.7 years 1.8 years 2.2 years Initial capital expenditures (with 20% contingency) $21.1 $17.0 $13.9 All-in sustaining costs AuEq (US$/oz) $391 $418 $460 Cash costs AuEq (US$/oz) $355 $383 $424 Average annual gold payable production AuEq (oz) 42,300 30,800 21,800 Average annual after-tax free cash flow $19.4 $13.8 $9.4 Life of mine 16 years 22 years 31 years Potential average annual cash flow to Sailfish (40%) (1) $9.3 $6.8 $4.8 Potential average annual cash flow to Sailfish (20%) (1) $4.7 $3.4 $2.4 Note: The San Albino PEA is preliminary in nature, it 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, and there is no certainty that the PEA will be realized. (1) Assumes price paid of US$700/oz. Actual life of mine average cash flow will differ due to cost escalator and 50% split above US$1,200/oz.

34 34 APPENDIX

35 35 APPENDIX MARLIN NI RESOURCES MEASURED AND INDICATED RESOURCES (0.3g/t gold equivalent cut-off) (1) Tonnes (000 s) Gold Equivalent Grade (g/t) Gold Equivalent (oz) 1 La Trinidad (2) (3) 4, ,610 Commonwealth (4) 31, ,900 Consolidated 35, ,233,510 INFERRED RESOURCES (0.3g/t gold equivalent cut-off) 1 Tonnes (000 s) Gold Equivalent Grade (g/t) La Trinidad (2) (3) 1, ,240 Gold Equivalent (oz) 1 Commonwealth (4) 12, ,600 Consolidated 14, ,840 The La Trinidad and Commonwealth PEAs are preliminary in nature, and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the PEA results will be realized. (1) Gold equivalent applies to the Commonwealth only. Calculated at a gold price of US$1,350/oz and silver price of US$22.50/oz. (2) Further information is provided in the La Trinidad PEA dated February (3) There are no Measured resources for La Trinidad. This presentation refers to Indicated resources only. (4) Further information is provided in the Commonwealth PEA dated April 2014.

36 36 APPENDIX ROYALTIES 1.5% NSR & SHAREHOLDING EL COMPAS GOLD-SILVER PROJECT (ZACATECAS, MEXICO) El Compas is located ~1.7 kilometers south of Zacatecas City and easily accessible by two-wheel drive vehicle Consists of 24 concessions totaling 3,943 hectares in the heart of the world s most productive silver district Fully permitted with change of land use granted and MIA permits in hand Marlin finalized the sale of El Compas to Canarc Resource Corp. on October 30, 2015 PEA update announced by Canarc in January 2016 with the following NI resource: 552, g/t gold and 66.2 g/t silver (7.4 g/t gold equivalent) Indicated and 421, g/t gold and 59.9 g/t silver (5.0 g/t gold equivalent) Inferred (2 g/t cut-off grade) (1) (2) As a result of the transaction with Canarc, Marlin received 21,166,666 shares of Canarc, is owed 55 gold ounces annually through 2018 and has a 1.5% NSR royalty on the majority of the concessions, including those hosting the primary deposit at El Compas (3) On May 9, 2016 Endeavour Silver Corp. announced it was acquiring El Compas from Canarc for approximately $10 million of Endeavour stock (4) The 1.5% NSR royalty owned by Marlin on the majority of the concessions, including those hosting the primary deposit at El Compas, will now be operated by a diversified silver producer in Mexico Endeavour has guaranteed the delivery of 55 gold ounces due to Marlin annually through 2018 The shares, gold ounces and 1.5% NSR are transferable and are expected to be placed into Sailfish Royalty Corp. (1) Mineral Resources estimated as of January 14, Gold equivalent at a gold: silver ratio of 78:1. Further information provided in the El Compas Report. (2) The El Compas Report uses inferred resources which are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the results predicted by this Report will be realized. The mineral resources estimate could be materially affected by environmental, geotechnical, permitting, legal, title, taxation, socio political, marketing or other relevant issues. (3) Marlin also owns 833,333 warrants at a strike price of $0.06 per unit and 400,000 warrants at a strike price of $0.12 per unit. (4) The transaction closed on May 30, Endeavour paid Canarc $10.5 million by issuing 2,147,239 common shares of Endeavour at a deemed issue price of $4.89, representing the 10-day volumeweighted average price of Endeavour's shares on the Toronto Stock Exchange on the day of the announcement.

37 37 APPENDIX ROYALTIES 1% NSR LA CIGARRA SILVER PROJECT (CHIHUAHA, MEXICO) Marlin owns a 1% NSR on the on Parral 1 (1) and Parral 2 claims, which surround the main claims that host La Cigarra project (see map to the left) 1% NSR Kootenay Silver Inc. ( Kootenay ), the current operator of the La Cigarra project, acquired a 2.5% NSR on the main La Cigarra claims for the equivalent of $2.5 million from Coeur Capital on March 29, 2016 (2) Pan American Silver, Couer Mining and Agnico-Eagle Mines are shareholders of Kootenay The NI Measured & Indicated resource at the La Cigarra project is 51.5 million ounces of silver at a grade of 86.3 g/t utilizing a silver price of $22 per troy ounce and reported at a 35 g/t silver cut-off grade (3) The 1% NSR is transferable and is expected to be placed into Sailfish Royalty Corp. Source: NI La Cigarra Technical Report dated February 27, (1) In August 2015, Northair Silver Corp., Kootenay s predecessor, dropped the option agreement on Parral 1. The Parral 1 concession was returned to DFX Exploration Ltd. (2) Under the terms of the agreement, Kootenay will pay to Coeur US$250,000 in cash upon signing followed by a second cash payment of US$250,000 made on April 19, In addition, Kootenay Silver will issue to Coeur on the Closing Date such number of common shares of Kootenay Silver as is equal to US$2,000,000 at a share price of Cdn$0.275 per share which will result in the issuance of 9,629,091 common shares of Kootenay Silver. (3) Source: NI La Cigarra Technical Report dated February 24, 2015.

38 38 APPENDIX DISCLAIMER & FORWARD-LOOKING STATEMENTS DISCLAIMER Certain information contained herein, other than information relating to Marlin, while obtained from sources which we believe are reliable, is not guaranteed as to its accuracy or completeness. The contents of this presentation is for information purposes only and does not constitute an offer to sell or a solicitation to purchase any securities referred to herein. FORWARD-LOOKING STATEMENTS This presentation contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, financial projections and results, mineral resource estimates, work programs, capital expenditures, operating costs, production estimates and similar statements relating to the economic viability of a project, timelines, strategic plans including our plans and expectations relating to the La Trinidad property ( La Trinidad ) in Sinaloa, Mexico, the Commonwealth property ( Commonwealth Project ) located in Arizona, USA, our proposed purchase of the gold stream on Golden Reign Resources Ltd. s San Albino gold deposit, the growth of Sailfish Royalty Corp. ( Sailfish ), the anticipated spinout of Sailfish, and the anticipated payments with respect to El Compas market prices for precious and base metals, or other statements that are not statements of fact. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Forward-looking statements and forward-looking information are not guarantees of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including without limitation, assumptions about: future prices of gold and other metals, success of current exploration, development and mining activities, continued production from La Trinidad, successful development and production of the San Albino gold deposit and surrounding area (the San Albino Property ), advancement of the Commonwealth Project, performance of contractual obligations by counterparties, favorable operating conditions, political stability, obtaining governmental approvals and financing on time, financial projections and budgets, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, government regulation of the Corporation s mining activities, environmental risks and expenses, labor stability, stability in market conditions, availability of sufficient equipment and labor, accuracy of any mineral resources and anticipated costs and expenditures and our ability to achieve the Corporation s goals. While we consider these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual performance, achievements, actions, events, results or conditions to be materially different from those projected in the forward-looking statements and forward-looking information. Many assumptions are based on factors and events that are not within the control of Marlin and there is no assurance they will prove to be correct. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as expects, is expected, anticipates, believes, plans, projects, estimates, assumes, intends, strategy, goals, objectives, potential, possible or variations thereof or stating that certain actions, events, conditions or results may, could, would, should, might or will be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: failure to realize the anticipated benefits of the San Albino Property and the Commonwealth Project, uncertainty relating to the timing and ability to complete the spin-off of Sailfish, the nonperformance of contractual obligations by counterparties, the price of gold and base metals and future commodity prices, the results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, changes in market conditions, changes or disruptions in the securities markets, price volatility of Marlin Gold Mining Ltd. s ( Marlin or the Corporation ) securities, financial projections and results, expected production from and further potential of the Corporation s properties, the need for additional capital and the Corporation s ability to raise additional funds, land title issues and risks, local community issues, the estimation of mineral resources, conclusions of economic evaluations, the realization of mineral resource estimates, the timing and amount of estimated future production, quality and marketability of mineral product, limited lives of mines, reclamation obligations, the costs of production, capital expenditures, mining or processing issues, currency exchange rates, government regulation of mining operations, environmental risks, risk relating to infrastructure, permitting and licenses, foreign operations, litigation, foreign mining tax regimes, insurance and uninsured risks, competition, adequacy of financial resources, no historical production or revenues therefrom, dependence on outside parties, dependence on key personnel, conflicts of interest and other risks of the mining industry and those factors disclosed under the heading Risk Factors in the Corporation s documents filed from time to time with the securities regulators in the provinces of Canada.

39 39 APPENDIX FORWARD-LOOKING STATEMENTS & TECHNICAL DATA FORWARD-LOOKING STATEMENTS (CONTINUED) This list is not exhaustive of the factors that may affect any of our forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of the Corporation, or industry results, may vary materially from those described in this presentation. In addition, a number of other factors could cause the actual results, performance or achievements of the Corporation to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, and there is no assurance that the actual results, performance or achievements of the Corporation will be consistent with them. For further details, reference is made to the risk factors discussed or referred to in the Corporation s annual and interim management s discussion and analyses on file with the Canadian securities regulatory authorities and available electronically on the SEDAR website at Although the Corporation has attempted to identify important factors that could cause actual actions, events, results, performance or achievements to differ materially from those described in forwardlooking statements and forward-looking information, there may be other factors that cause actions, events, results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements and information are made or given as at the date of this presentation and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities law. The reader is cautioned not to place undue reliance on forward-looking statements or forward-looking information. TECHNICAL INFORMATION Marlin s disclosure of technical information in this presentation has been reviewed and approved by (Gary) Yee-Yuen Wong, P. Eng., Marlin s Geological Consultant, who serves as a Qualified Person under the definition in National Instrument ( NI ). Further information on the La Trinidad project is available in the NI compliant technical report entitled 2nd Amended NI Technical Report Preliminary Economic Assessment Trinidad/Taunus Project, Sinaloa, Mexico with an effective date of June 1, 2012 and dated February 1, 2013 authored by Eric Olin, MSc, MBA, RM-SME, Bret Swanson, B.Eng., MAusIMM, MMSAQP, Mark Willow, M.S., C.E.M., Marek Nowak, MASc, P.Eng., and Mike Johnson, B.Sc., P.Geo. of SRK Consulting (U.S.) Inc. (the La Trinidad PEA ), and further information on the El Compas Property is available in the NI compliant technical report entitled NI Updated Technical Report on Resources, El Compas Property, Mineral Resource Estimation, Zacatecas State, Mexico with an effective date of December 23, 2010 and dated January 30, 2011 authored by Neal Rigby, C.Eng., MIMMM, PhD, Jeff Volk, CPG, FAusIMM, MSc, Dorinda Bair, CPG, B.Sc., Geology, Robert Paul Riley, C.Eng., FIMMM, MI Chem E, and Allan Moran, R.G., C.P.G. of SRK Consulting (the El Compas Technical Report ), copies of which are filed under Marlin s profile on SEDAR at Further information on the Commonwealth Project is available in the NI compliant technical report entitled Commonwealth Silver and Gold Project - National Instrument Technical Report Preliminary Economic Assessment with an effective date of November 30, 2013 and dated April 30, 2014 authored by Zachary J. Black, Jennifer J. Brown, P.G., Jeff Choquette, P.E., and Deepak Malhotra, PhD (the Commonwealth PEA ), copies of which are available free of charge from Marlin by contacting Scott Kelly at +1 (604)

40 40 THANK YOU MARLIN GOLD MINING LTD West Hastings Street Vancouver, BC V6E 3T5 T: F: For inquiries please