www.azureminerals.com.au

@AzureMinerals

ASX: AZS Tony RoviraManaging DirectorAzure Minerals Ltd

RIU Resurgence ConferenceInvestor PresentationSeptember 2020

AZURE MINERALS IS BACK IN WA

An exciting portfolio of high-quality

nickel & gold projects in the Pilbara

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Disclaimer – Forward Looking StatementsThis presentation has been prepared by Azure Minerals Limited. It contains background information about Azure Minerals Limited current at the date of this presentation. The presentation is in summary form and does not purport be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Azure Minerals Limited, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Azure Minerals Limited. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Azure Minerals Limited does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

This presentation contains information extracted from ASX market announcements which are available on the Company’s website at: www.azureminerals.com.au

COMPETENT PERSON STATEMENT - EXPLORATION RESULTS

Information in this report that relates to previously reported Exploration Results has been crossed-referenced in this report to the date that it was reported to ASX. Azure Minerals Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcements.

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Corporate snapshot

CORPORATE STRUCTURE 15 September 2020

Share Price A$0.20Shares 242.2 millionOptions 5.85 millionMarket Cap A$48.4 millionCash A$4.0 million

Debt(Convertible Note: conversion @ A$0.145)

A$2.0 million

MAJOR SHAREHOLDERS 15 September 2020

Creasy Group 19.1%Deutsche Balaton 18.0%Teck Resources Ltd 11.4%Directors & Management 1.5%Top 20 60.0%

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Quality nickel & gold projects in the Pilbara

4 PROJECTS ACQUIRED FROM MARK CREASY

Andover Nickel-Copper Project:60% Azure / 40% Creasy

Turner River, Meentheena & Coongan Gold Projects:70% Azure / 30% Creasy

Acquisition cost: 40M AZS shares

No royalties or further payments

Creasy free-carried to Decision to Mine

CREASY NOW 19.1% SHAREHOLDER IN AZS44

Exploration & mining in WA is open for business with supportive commodity prices and thriving capital markets

Diversifying across commodities and jurisdictions, reducing risk & increasing near-term upside

Good contacts in WA mining industry provided opportunities to acquire high-quality and exciting nickel and gold projects from the Creasy Group

Mexican projects remain a key component for Azure but activities restricted due to COVID-19 – field exploration now underway with drilling expected in November 2020

Refocus attention to Western Australia

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The Pilbara – a Tier 1 exploration & mining region

De Grey Mining: 2.2Moz gold resources

Hemi gold discovery

Andover: 70km2

New nickel-copper discovery by Creasy in layered mafic-ultramafic intrusion

Turner River: 450km2

Adjacent to De Grey’s Mallina Gold Project & Hemi gold discovery

Coongan: 223km2

Adjacent to Novo’s Beatons Creek Gold Project

Meenthena: 141km2

Explored by Creasy for epithermal gold since 1994

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Andover: new nickel discovery

Turner River: Hemi analogues?

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Andover nickel-copper project

Layered mafic-ultramafic intrusive

Comparable geology to:Julimar ComplexChalice: Gonneville (Ni-Cu-PGE)

Fraser Range ProvinceIndependence: Nova-Bollinger (Ni-Cu)

Legend: Mawson (Ni-Cu)

Mark Creasy: Silver Knight (Ni-Cu)

KimberleyPanoramic: Savannah (Ni-Cu)Andover Layered Mafic-Ultramafic Complex

New & unreported nickel discoveries by Mark Creasy

Exploration by Creasy in 2008-2020:• Mapping & sampling• VTEM & FLTEM surveys• RC drilling – 7 holes in April 2018• DHEM

Outcropping nickel-copper gossans

Strong bedrock-hosted VTEM conductors

4 coincident VTEM / FLTEM targets drill tested

3 drill holes intersected nickel & copper sulphides in two separate targets

Multiple targets remain untested8

Andover Project

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Drilled by Creasy Group in 2018* – with nickel hits

ADRC002:7m @ 2.62% Ni & 0.65% Cu from 43m;in 26m @ 1.03% Ni & 0.46% CuSemi-massive and disseminated sulphides

ADRC001:4m @ 1.10% Ni & 0.80% Cu from 6mGossan

ADRC001:2m @ 1.77% Ni & 0.53% Cu from 62mSulphide stringers

ADRC006:2m @ 2.10% Ni & 0.44% Cu from 15mSemi-massive and disseminated sulphides

* Refer ASX announcement 17 July 20209

Target Location 2

Target Location 1

RC drill hole ADRC002*

From(m)

To(m)

InterceptLength (m)

Ni (%)

Cu (%)

Co (%)

43 50 7 2.62 0.65 0.10

43 69 26 1.03 0.46 0.04

• High-tenor nickel sulphide mineralisation: Maximum 1m values of 4.66% Ni & 3.96% Ni

• Semi-massive, blebby and disseminated nickel & copper sulphide mineralisation present

• In-hole DHEM conductor correlates with semi-massive sulphides

• Strong off-hole DHEM conductor indicates potential for extensive sulphide mineralisation down-dip & along-strike

High-grade nickel with room to grow

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Off-hole conductor: 4,000-5,200 Siemens

* Refer ASX announcement 17 July 2020

• Good access into and throughout the project area

• Good outcrop including mineralised gossans

• Drive-up drill targets

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Copper oxides in nickel-copper gossan

Drill hole collarADRC001

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Target 2

Target 1

Exploration underway at Andover

PHASE 1 EXPLORATION PROGRAMAugust to December 2020

FLTEM surveying:• 10+ targets• Started mid-August

Diamond core drilling: • Highest priorities are Targets 1 & 2• 12 holes / ~3,000m• Starting mid-September• Down hole EM surveys

Multiple targets remain to be drilled

Turner River – in the hottest new gold province in WA

Turner River

2 EL applications

Aiming for grant by end-2020

450km2 of sand-covered virgin ground

Good access into and throughout the project area

No historical exploration

1313De Grey Mining

Adjacent to De Grey Mining’s Mallina Gold Project:• 2.2Moz gold resources• Hemi gold discovery

Turner River is totally unexplored

Contains Mallina Formation sediments & granite intrusions -host to De Grey’s gold deposits

Contains Louden Volcanics – an unexplored Archean greenstone belt

Right place, right geology, right time & unexplored

Turner River

14De Grey Mining

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Turner River

Fertile, gold-rich structural setting

Covers 12km strike of the major gold-hosting Berghaus Shear Zone

Berghaus Shear Zone is host to:• Hemi gold discovery• Mt Berghaus gold deposit• Cookes Hill gold deposit• + other gold deposits

Berghaus Shear Zone cross-cuts Mallina sediments, granite intrusions & Louden greenstone belt in the Turner River project area

Located in gold-rich structural corridor

15De Grey Mining

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Neighbouring gold deposits

Ulysses (Genesis Minerals) 867,000oz Au

Kookynie (Genesis Minerals)(acquired June 2020 for $10.5M)

414,000oz Au

Apollo Hill (Saturn Metals) 781,000oz Au

Kookynie - Orient Well – Ulysses Gold Corridor 1.5Moz gold endowment (past production + current resources)

Adjoins Metalicity’s exciting high-grade Kookynie gold project• 4m @ 16.3g/t Au, 9m @ 5.7g/t Au & 4m @ 13.0g/t Au

Barton

Barton – a new acquisition in Kookynie Gold Corridor

Daisy Corner*40m @ 0.20g/t Au18m @ 0.77g/t Au

(incl. 7m @ 1.26g/t Au) 8m @ 0.53g/t Au

Dingo-Kelpie Shear*5m @ 1.54g/t Au5m @ 1.80g/t Au

12m @ 0.84g/t Au20m @ 0.96g/t Au

• 200km2

• Mostly under soil cover and under-explored with very limited drilling

• Only bedrock drilling on Barton was in 1995-97 at Daisy Corner • shallow gold mineralisation intersected in the oxide zone

• Nearby 5km-long gold anomalous Dingo-Kelpie Shear (DKS)

• DKS drilled in 1994-95 & 2012 • shallow gold mineralisation intersected trending southeast • extension onto Barton property is undrilled

Well-positioned in a gold-rich neighbourhood

Very under-explored with great potential* Refer ASX announcement 4 September 2020

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Mexico: Quality projects in Tier 1 mining district

Alacrán: silver, gold & copper

M & I resource1: 32Moz Ag & 150,000oz Au

Includes high-grade Measured Resource at surface of:• 15.5 million ounces Silver in 1.8Mt @ 275g/t Ag

New copper sulphide discovery

Oposura: zinc, lead & silverIndicated resource2: 3.1Mt @ 5.0% Zn 2.7% Pb 18g/t Ag

= 153,000t Zinc 84,000t Lead 1.8Moz Silver

1. Refer ASX: 1 December 2016 & 21 December 20162. Refer ASX: 8 May 2019

ANDOVER: Continue exploration of new nickel-copper sulphide discoveries• Surface EM surveys underway• Major diamond and RC drilling campaigns planned• Initial 3,000m diamond drilling program starting shortly• First assay results expected in October

TURNER RIVER: Launch gold exploration for Hemi / Mallina analogues• Aeromagnetic survey & drilling as soon as tenements are granted

BARTON: Systematic and comprehensive gold exploration programs• Reconnaissance drilling to bedrock as soon as tenement is granted

ALACRÁN (MEXICO): Expanding current silver and gold resources• Preparing for diamond drilling of new silver & gold targets in November

Priorities & near-term upside catalysts

www.azureminerals.com.au

@AzureMinerals

ASX: AZS

Thank you

For enquiries, please contact:Tony Rovira, Managing Directoradmin@azureminerals.com.au

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CHAIRMAN: Peter IngramGeologist with +50 years experience incl. +30 years of public gold mining & exploration company managementMD of mining companies Metana Minerals NL & Eastmet Limited & explorer/developer Universal Resources Ltd

MANAGING DIRECTOR: Tony RoviraGeologist with +30 years experience in Australia & MexicoAustralian Prospector of the Year in 2000 for the discovery of the Cosmos nickel deposit with Jubilee Mines LtdFounding MD of Azure Minerals in 2003

DIRECTOR (Non- Exec): Dr Wolf MartinickEnvironmental scientist with +40 years experience in environment, water & social aspects of mining

DIRECTOR (Non- Exec): Hansjörg PlaggemarsExperienced company director with a deep background in corporate finance, corporate strategy and governance, including mining, agriculture, shipping, construction and investment companies

CFO: Brett Dickson+30 years experience in financial management of public companies in the resources sector

VP – Exploration (Mexico): Cruz PaezLocal geologist with +20 years experience in exploration & underground / open pit mining geologyExtensive hands-on and senior project management roles & community relations specialist

Experienced Board, Management & Technical Team

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Appendix 1: Alacrán Mineral Resource Estimate

ZoneMeasured Mineral Resource Indicated Mineral Resource Total Mineral Resource

Tonnes(Mt)

Silver Tonnes(Mt)

Silver Tonnes(Mt)

Silver(g/t Ag) (Moz) (g/t Ag) (Moz) (g/t Ag) (Moz)

High Grade 1.2 307.4 12.0 0.5 201.7 3.5 1.8 274.7 15.5Mid-Grade 8.4 43.0 11.7 0.3 36.2 0.3 8.7 42.8 12.0

Total 9.6 76.2 23.6 0.8 145.4 3.8 10.5 81.6 27.4

Table 1: Mesa de Plata Mineral Resource (ASX: 1 December 2016)

Table 2: Loma Bonita Mineral Resource (ASX: 21 December 2016)

Cut-Off Grade (g/t Au) JORC Code Classification Tonnes (Mt) Gold Silver

(g/t Au) (kOz) (g/t Ag) (Moz)≥ 0.5 Indicated Mineral Resource 2.9 1.25 116 34 3.1

Inferred Mineral Resource 0.5 1.0 15 18 0.3Total 3.4 1.2 131 32 3.4

≥ 0.21 Indicated Mineral Resource 4.2 0.95 128 30 4.1Inferred Mineral Resource 1.2 0.6 22 18 0.7

Total 5.4 0.9 150 28 4.8

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Appendix 2: Oposura Mineral Resource Estimate1

Tonnes Zn Pb Ag

JORC Mt % % g/t

Indicated 2.5 5.3 2.9 19

Inferred 0.6 3.4 2.1 15

TOTAL 3.1 5.0 2.7 18

Contained Metal 153,000t 84,000t 1.8Moz

1. Refer ASX announcement dated 8 May 2019

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Competent Person Statements

OPOSURAInformation in this report that relates to Mineral Resources for the Oposura Project is extracted from the report “Azure Expands Oposura Mineral Resource” created and released to the ASX on 8 May 2019 and is available to view on www.asx.com.au. Azure Minerals Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed.

Information in this report that relates to the Scoping Study for the Oposura Project is extracted from the report “Oposura Scoping Study Delivers Outstanding Economics” created and released to the ASX on 15 October 2018 and is available to view on www.asx.com.au. Azure Minerals Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed.

ALACRÁNThe information in this report that relates to Mineral Resources for the Mesa de Plata and Loma Bonita deposits on the Alacrán Project are extracted from the respective reports “Mesa de Plata Mineral Resource Upgraded” and “Loma Bonita Mineral Resource” created and released to the ASX on 1 December 2016 and 21 December 2016 respectively and are available to view on www.asx.com.au. Azure Minerals Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcement, and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed.

EXPLORATION RESULTSInformation in this report that relates to previously reported Exploration Results has been crossed-referenced in this report to the date that it was reported to ASX. Azure Minerals Limited confirms that it is not aware of any new information or data that materially affects information included in the relevant market announcements.

References

Andover Project: • Andover drilling undertaken in 2018 by Croydon Gold Pty Ltd, a private company owned by Mark Creasy and the Creasy Group. Refer Azure’s ASX announcement

dated 17 July 2020 for full details of the drilling program.

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