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Corporate Presentation

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Forward-Looking Statements: Cautionary Note

In compliance with Canadian and U.S. Continuous Disclosure Policies: Except for the statements of historical fact contained herein, certain of the information presented in this presentation constitutes "forward-

looking statements" as such term is used in applicable Canadian and U.S. laws. 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. In particular,

statements concerning Mineral Resource estimates and corporate outlook should be viewed as forward-looking statements to the extent that

they involve estimates of the mineralization. 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, using words or phrases such as

"expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain

actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and

should be viewed as "forward-looking statements". Such forward-looking statements, including but not limited to, the amount of estimated

mineralization and the timing of and possible outcome of pending economic evaluations and other factors and events described in this

presentation, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or

achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such

forward-looking statements. Such risks and other factors include, among others, the timing of and actual results of exploration activities;

variations in the underlying assumptions associated with the estimation or realization of Mineral Resources and corporate outlook, the

conclusions of economic evaluations and possible variations in ore grade or recovery rates; costs and timing of the development of existing

and new deposits; availability of capital to fund exploration and development programs and the resulting dilution caused by the raising of

capital through the sale of shares; and other risks of the mining industry including without limitation those associated with the environment,

financing or in the completion of development or construction activities and the operational, economic, political and social risks inherent in

carrying on business in Kazakhstan. Although the Corporation has attempted to identify important factors that could cause actual actions,

events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events

or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual

results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place

undue reliance on forward-looking statements contained in this presentation.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the

Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances

should change, except as required by applicable law.

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Alhambra Resources Ltd. – Highlights

• Canadian mining company focused on gold exploration and

production in mining friendly Kazakhstan

• License area - 2.4 million acres (9,800 km2)

• Exploring within the prolific Charsk Gold Belt that hosts numerous

multi-million ounce gold deposits

• More than 100 significant gold occurrences within the license area,

three being advanced exploration areas

• Uzboy Deposit 43-101 1,397,200 oz. Measured, Indicated & Inferred

• Aksu – Dombraly Gold Belt (East Flank)

• Shirotnaia 716,000 oz. Indicated & Inferred

• Dombraly 323,000 oz. Indicated & Inferred

• Total 43-101 ounces 2,436,200

Alhambra – in Northern Kazakhstan

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Vasilkovskoe 17 MM oz. (Glencore)

Aksu 5 MM oz.

(KazakhGold) Maykain

3 MM oz. (RMC)

Bakyrchik 10 MM oz.

(Altynalmas)

UZBOY GOLD PROJECT ALHAMBRA RESOURCES

Suzdal 2 MM oz.

(Nordgold)

Zholymbet 2 MM oz.

(KazakhGold)

Bestobe 2 MM oz.

(KazakhGold)

Varvarinskoe 2 MM oz.

(Polymetal)

Komarovskoe 2 MM oz. (Glencore)

China

Russia

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Uzboy Project – 2.4 Million Acres

Vasilkovskoe East

Stepnyak

Zhanatobe

North Balusty

Kontaktovy

Kerbay

Zhusaly

Uzboy

Shirotnaia

Dombraly

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Alhambra – Saga Creek License

• Two exploration & production licenses, one contract, valid for 25

years from Feb 10, 1997

• Current license term – 7 years

• Licenses are renewable via two - 10 year extensions (for a total of 20

additional years post 2022)

• Royalty & Tax Systems:

• Mineral Extraction Tax of 5%

• Income tax rate of 20%

• Flat topography with no major rivers, mountains or developments

• Extensive geophysical surveys and historical mining information

• Infrastructure available:

• Astana (Kazakhstan Capital) 150km south

• Roads, Rail, Power to the property

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Regional Infrastructure Map

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Corporate NI 43-101 Resources

Project Measured (M) Indicated (I) M + I Inferred

Tonnes

Gra

de

(g/t)

Ozs Tonnes Grade

(g/t) Ozs Ozs Tonnes

Grade

(g/t) Ozs

Uzboy(1) 14,317,200 1.52 700,000 7,009,500 1.22 275,500 975,500 11,258,200 1.17 421,700

Dombraly(2) 559,000 1.22 22,000 22,000 9,317,000 1.01 301,000

Shirotnaia(3) 2,900,000 0.76 71,000 71,000 34,577,000 0.58 645,000

Total 14,317,200 1.52 700,000 10,468,500 1.09 368,500 1,068,500 55,152,200 0.77 1,367,700

1.Resource information effective as of 31-Dec-07 as per ACA Howe per news release dated April 8, 2008 at a 0.40 g/t cut-off.

2. Resource information effective as of 27-Nov-11 as per ACA Howe per news release dated Feb 7, 2012 using natural cut-offs of 0.13 g/t, 0.1 g/t and 0.2 g/t for the low grade stockpile, pit infill and in-situ mineralized zones respectively.

3.Resource information effective as of 9-Jan-12 as per ACA Howe per news release dated Feb 28, 2012 using cut-off grades of 0.1 g/t for oxide material and 0.2 g/t for transitional and primary mineralized zones respectively.

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Advanced Project – Uzboy

Uzboy

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Uzboy Gold Deposit (“Uzboy”)

West Pit

East Pit

Oxide underlain by transitional and sulphide layers

Uzboy - Operations Schematic

Gold cathodic

sediment

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Uzboy – Mining Complex Site Plan

Uzboy – Gold Recovery Plant

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Resin columns with pregnant gold solution

Resin Stripping Plant

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Stripping vessel and solution tanks

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Alhambra – Uzboy Work In Progress Gold Inventory

(ounces)

110,000 ounces produced 2005-2012

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Uzboy – Gold Resources

Resource

Category Tonnes(1) Grade (g/t) Ounces(1)

Measured (M) 14,317,200 1.52 700,000

Indicated (I) 7,009,500 1.22 275,500

M + I 21,326,700 1.42 975,500

Inferred 11,258,200 1.17 421,700

As of 15-Dec-09, no material change from 31-Dec-07; an updated

resource report and PEA is being prepared and is pending.

1. Resource information effective as of 12/31/07 as per ACA Howe International Ltd. per news release dated April 8, 2008 at a 0.40 g/t cut-off.

2. The complete ACA Howe Scoping Study has been filed on SEDAR. All NPVs are based on a 0.4 g/t gold cut-off and were discounted at 10% .

• This NI 43-101 study (done at a gold price of US$850/oz) confirmed:

Alhambra has a property that can be economically developed

Significant upside potential

• Under various operating and technical parameters, NPV ranged from

$90 to $203 million(2) (i.e. US$0.87 to US$1.95/share)

Uzboy – West and East

Drill programs for years 2003 to 2012 inclusive

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Uzboy – West Uzboy

Drill programs for years 2003 to 2012 inclusive

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Uzboy – West Uzboy (High Grade Section 65)

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Uzboy – Drill Holes (not included in 43-101)

Section 65 DDH 652 14.4m @ 7.99g/t

(deep) 2.7m @ 24.89g/t

DDH 653 28.7m @ 3.22g/t

13.3m @ 5.97g/t

1.4m @ 42.12g/t

DDH 654 17.5m @ 1.83g/t

3.5m @ 4.96g/t

9.8m @ 7.35g/t

0.7m @ 91.35g/t

DDH 655 26.3m @ 6.26g/t

12.0m @ 12.92g/t

DDH 656 25.0m @ 1.44g/t

Section 69 DDH 694a 8.0m @ 2.22g/t

(deep) 11.0m @ 1.11g/t

Section 73 DDH 732 30.0m @ 0.67g/t

5.0m @ 3.53g/t

DDH 733 23.0m @ 3.82g/t

Section 18 DDH 184 20.0m @ 0.60g/t

(@ surface) 10.0m @ 0.97g/t

6.0m @ 2.03g/t

6.2m @ 1.38g/t

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Section 22 DDH 224 20.0m @ 0.64g/t

(@ surface) 2.0m @ 3.13g/t

4.0m @ 1.00g/t

5.0m @ 1.13g/t

3.0m @ 2.53g/t

Section 33 DDH C3319 4.0m @ 3.66g/t

31.1m @ 0.88g/t

Section 4 DDH C04-01 12.9m @ 2.58g/t

Section 34 DDH C34-04 9.0m @ 1.39g/t

Section 38 DDH C38-02 2.5m @ 2.58g/t

Section 42 DDH C42-03 20.2m @ 1.09g/t

Section 58 DDH P58-31 11.0m @ 2.21g/t

Section 43 DDH C431 22.9m @ 2.82g/t

Uzboy Target High Grade Extension

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Advanced Project – Shirotnaia

Shirotnaia

Shirotnaia

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Target Size: 10 kms x 2 kms

Gold soil anomaly: 3.4 kms x 1.5 kms

Core drilling

Shirotnaia – Drilling Programs

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Drill programs for years 2007 to 2012 inclusive

Shirotnaia

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Shirotnaia

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Shirotnaia – Insitu Mineralization

3D View OF THE 0.18 g/t Au MINERALISED DOMAIN MODEL (LOOKING NE)

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Shirotnaia – Gold Grades Ranges

3D View Looking NE

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Advanced Project – Dombraly

Dombraly

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Dombraly

Open Pit

Stockpile

A former producing gold mine

Target Size: 1,700 m by 250 m

Intercepts: DDH: 40-02 5.07 g/t Au/27 m

DDH: 16-02 8.65 g/t Au/10 m

Au grades ranging from < 0.1 to 19.3 g/t

Dombraly – Drilling Programs

Drill programs for years

2005 to 2012 inclusive

Dombraly – Insitu Mineralization

3D View

Cross

sectional

View

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Dombraly – Gold Grade Ranges

3D View

looking

NE

3D View

looking

NW

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Geophysical Survey Interpretation

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Magnetic lineaments

Gravity lineaments

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Early Stage Exploration Projects

Vasilkovskoe East

Stepnyak

Zhanatobe

North Balusty

Kontaktovy

Kerbay

Zhusaly

Vasilkovskoe East

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• On trend with

Glencore’s 17MM

oz. deposit largest

in Kazakhstan

• Growing demand for

domestic gold

production to

domestic refineries

(3)

• Central Bank

increasing gold

holding to offset

large foreign

reserves in the Euro

Kontaktovy

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Corporate Objectives

• Complete current financing

• Restart cash flow from heap leach work in progress

(approx. 30,000 oz.)

• Release outstanding drill results, Shirotnaia

• Revise PEA (Preliminary Economic Assessment Uzboy)

• 43-101 on Uzboy with unreported drill cores included

• Initiate Hong Kong Listing

• Increase resources by exploration & development

drilling

• Increase gold production:

• Uzboy sulphide – complete Feasibility studies

• Dombraly – advance internal assessments

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Hong Kong Listing

• Listing requirements are well defined and

understood from previous efforts. Listing

preparation is partially completed using

oxide and sulfide resources.

• Develop a plan for early completion of the

listing and follow with listing application

and financing steps.

• Established Relationships with: • CITIC Securities

• Broker/Dealers (current shareholders)

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Kazakhstan

• 9th largest country in the world; 2.7 million km2

• Holds a vast mineral resource base

• World Bank ranks among 20 most attractive countries to invest

• Population: 17.2 million (mainly Russian/Kazakh)

• Stable and improving political environment

• Democratically elected President

• Fastest growing economy in the FSU

• GDP Forecast of 7.0% growth for 2014 ($220.3B)

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Kazakhstan

• Policies have stimulated economic growth

• Foreign investment has increased

• Repatriation of capital and profits

• Recognized by the USA as a market economy

• Is investment grade and improving bond rated

• In the process of joining the WTO

Kazakhstan

World Economic Forum

Summary of Global Competitiveness Report

Ranked 50th in World

GDP Per Capita Up 600% in 20 years

High ranking in: Macroeconomic environment

Labour Market efficiency

Goods to Market efficiency

Higher Education and Training

Areas needing improvement Innovation

Institutions

Business Sophistication

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Kazakhstan

Kazakhstan accepted into WTO by General Council on

July 27th, 2015. Parliamentary Ratification process to

be completed on Oct 31,2015

Rule of law prevails as confirmed by Alhambra’s

success at the supreme court (9 months)

Along the newly announce Silk Road Gold Fund

$100B yuan fund to increase China’s gold holding in their

foreign reserves

Physical gold, development and production projects

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Kazakhstan - Investment Grade Rating

Institution Rating Country

Outlook

Date of

Rating

Standard &

Poors

BBB+ stable July 9, 2013

Fitch BBB+ stable Oct 17, 2013

Moody’s Baa2 positive Aug 19, 2013

Sovereign bonds have been internationally

investment grade rated since 2002

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ADDITIONAL INFORMATION

Alhambra – Director Bios Graham A. Karklin

Mr. Karklin has 41 years of experience in the international mining industry including Central Asia, Australia, North and

South America, Africa, Indonesia and Russia. Mr. Karklin has been involved in the area of project development,

operations and business development. He is a Professional Metallurgist, QP, who graduated from Haileybury School

of Mines in Canada. Mr. Karklin’s experience includes metallurgical development in the areas of rare earths, base

metals and precious metals. Management experience includes general management of mining operations,

metallurgical testing facilities, as well as co-founding a Canadian public resource company. For 18 years, Mr. Karklin

worked at Echo Bay Mines Ltd. in the capacity of Director of Metallurgical Services, which involved due diligence for

mergers and acquisitions, operations and development of new mining projects. For the past 13 years Mr. Karklin has

worked at Newmont Mining Corporation in the technical services group as an internal consultant to projects and

operations in Russia, Uzbekistan, Indonesia, Peru, Bolivia, Ghana and Canada. Mr. Karklin retired in 2008, and

continues to consult to international mining community.

John J. Komarnicki

Mr. Komarnicki, Chairman and CEO of Alhambra Resources Ltd., holds a Bachelor of Science Degree in Chemical

Engineering from the University of Toronto and has 38 years of experience in the resource sector. Between 1999 and

2005, Mr. Komarnicki was President and CEO of Tartan Energy Inc., a Canadian based oil and gas exploration and

development company focusing its activities on California, USA and Central Asia. The company was sold in 2005 to a

private international energy company. From 1989 to 1998, Mr. Komarnicki was President and CEO of Hurricane

Hydrocarbons Ltd., a junior Canadian oil and gas exploration, development and production company doing business in

Kazakhstan. Hurricane Hydrocarbons, later called PetroKazakhstan, was successful in winning the first major state

energy privatization tender in 1996. From 1973 to 1988, Mr. Komarnicki held positions of increasing responsibility in

technical and management positions in the Canadian oil and gas industry. In 1998, he was recognized as the Prairie

Region Entrepreneur of the Year for his achievements in developing Hurricane Hydrocarbons from a junior energy

company into a significant oil producer in Kazakhstan.

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Alhambra – Director Bios

James S. Bunyan

Mr. Bunyan is an independent businessman and has served as a director of a number of public companies. Mr.

Bunyan was director of Tiberon Minerals from 1998 to 2003 and has been a director of Madison Energy Corp. since

2000. Mr. Bunyan has a Bachelor of Science degree from Heriot-Watt University in Edinburgh, Scotland and a Masters

in Business Administration from the Warwick University Business School in Warwick, England.

Richard K. Gorton

Mr. Gorton has 42 years of experience in the international mining industry including South Africa, Australia and North

America. He is a Professional Geologist holding a Master’s degree in Geology from the University of Cape Town. Mr.

Gorton has been involved in exploration, operations and business development arenas. From 1973 to 1986, Mr.

Gorton worked for Newmont South Africa Ltd., directing the Company’s exploration activities in the search for gold,

base metals, diamonds and uranium. During this time, Mr. Gorton was involved in the early discovery stages of the

Gamsberg zinc deposit for the O’okiep Copper Company in Namaqualand, South Africa. From 1986 to 1990, Mr.

Gorton was Chief Geologist at the Telfer Gold Mine in Western Australia. From 1990 to 1994, Mr. Gorton became

Great Basin Exploration Manager and later Director, Exploration North America. From 1994 to 2005, Mr. Gorton

became Director of Exploration and Business Development for Newmont Mining Corporation. Mr. Gorton retired in

2005 but continued as a consultant to Newmont. In 2005, Mr. Gorton also co-founded BWG Mining which applies

supervised Neural Network technology to multiple exploration data sets targeting new discoveries.

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Kazakhstan - GDP Growth

Percent

Sources: National Bank of Kazakhstan and the World Bank

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Kazakhstan - Inflation

Percent

Sources: National Bank of Kazakhstan and the World Bank

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New Global Gold Discoveries Are Declining

0

1

2

3

4

5

6

0

25

50

75

100

125

150

1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

Exp

lora

tio

n S

pen

din

g (

US

$B

)

New

Fin

ds (

Mo

z)

Discoveries (Moz) Exploration Spending (US$B)

Sources: Barrick for Exploration Spending 2012 AGM PPT & ResOpp Publishing 50

Average Global Gold Grade - Falling Sharply

Sources: CIBC World Markets & ResOpp Publishing

0

2

4

6

8

10

12

1950 1960 1970 1980 1990 2000 2010

g/t

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Corporate Contact Details

Office Address:

Suite 3, 4015 – 1st Street S.E.

Calgary, Alberta, Canada T2G 4X7

Website: www.alhambraresources.com

Contacts: John J. Komarnicki tel: +1 (403) 606-2120

fax: +1 (403) 228-2865

: Don McKechnie tel: +1 (403) 561-6221

fax: +1 (403) 228-2865

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