Focused on Gold-Rich Projects in the United States · SULPHIDE ORE PROCESSING (4,000 tpd) OXIDE ORE PROCESSING (800 tpd) Ore from Mine or Stockpile Primary Crushing SAG/ Ball Mill

TSX: AQAOTCQB: AQARF

Focused on Gold-Rich Projects in the United States

Corporate PresentationJuly 2020

Disclaimer

This presentation contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-lookingstatements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases orstatements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting futureoutcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, resultsand events which will or may occur in the future, without limitation, statements with respect to additional upside potential of the Project and the potential forunderground mining activities at the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such asestimates of life of mine, total production and average production, metal production and recoveries, C1 cash costs, AISC, capital and operating costs, pre- and post-taxIRR, pre- and post-tax NPV and cash flows, the potential conversion of Inferred Mineral Resources into Indicated Mineral Resources, any projections outlined in theFeasibility Study in respect of the Project, the permitting status of the Project and Aquila’s future exploration and development plans and associated timelines.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability ofAquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, andare developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading “RiskFactors” in Aquila’s most recent annual information form and its other public filings, copies of which can be under Aquila’s profile at www.sedar.com. Aquila expresslydisclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila’s bestjudgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readersare advised not to place undue reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not havedemonstrated economic viability.

None of EBITDA, all-in sustaining costs (“AISC”), or free cash flow (“FCF”) have a standardized meaning under IFRS. See “Non-IFRS Measures” in the Company’snews release dated August 1, 2018. Financial evaluation includes financial impacts of the Company’s silver stream with Osisko Gold Royalties (OGR) but does notinclude the financial impact of its gold stream with OGR for which the majority of the upfront payments have yet to be received and for which there is uncertaintyregarding the exact timing of these payments. See the Company’s most recent Financial Statements and MD&A available on SEDAR for additional details regardingthe gold stream.

Andrew Boushy, Senior Vice President, Projects for Aquila Resources, is the Qualified Person for the Company as described in National Instrument 43-101 and isresponsible for the technical contents of this presentation.

2 TSX: AQAOTCQB: AQARF

INVESTMENT HIGHLIGHTS


Advancing development of 100%-owned Back Forty Project in Michigan

Favorable metal exposure to Gold and Zinc

Well-established and safemining jurisdiction

Granted key Permits including Mining Permit and Wetlands Permit

Strong shareholder base

Exploration upside:

• Near deposit• Prospective projects

on the Penokean Belt

Aquila CAPITAL STRUCTURE

4

Current Capital Structure

Share Price (As of July 6, 2020) C$0.16

Avg. daily vol. (3-mth) (TSX + OTCQB) 153,000

52-week range C$0.07 – $0.22

Shares O/S 339M

Market Cap. C$54M

Year End December 31

Cash position @ March 31, 2020 US$2.5M

Major Institutional Shareholders

Orion 28.7%

Ruffer 12.8%

Hudbay 10.5%


52-Week Stock Chart (C$) – Closing Price

Analyst Coverage

Cormark Securities Stefan Ioannou

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

$-

$0.05

$0.10

$0.15

$0.20

$0.25

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

FOCUSED ON GOLD-RICH PROJECTS IN THE US

Back Forty • Gold and Zinc• Pre-construction

phase

Prospective projects located in Wisconsin

• Bend• Copper-Gold

Exploration• Reef

• Gold Exploration

Located along the Penokean Volcanic Belt

Region is experiencing a mining resurgence

5

Attractive Pipeline of Projects in HIGHLY PROSPECTIVE DISTRICT


BACK FORTY Flagship Project

100%-owned Gold- and Zinc-rich deposit

Re-acquired from Hudbay in Q1 2014

Open Pit Feasibility Study completed August 2018

Granted key permits including Mining Permit and Wetlands Permit

Attractive exploration upside Near deposit

Underground expansion (open at depth)


$294M $208M 28.2% $677/oz AuEq CAPEX NPV IRR AISC

OPEN PIT FEASIBILITY STUDY (at $1,300/oz gold)

$95M > INVESTED TO DATE• Exploration• Technical reports

• Land acquisitions• Permitting activities

• Engineering

Back Forty PRODUCTION HIGHLIGHTS

7

45%

31%

16%

8%

Revenue by Product

Zinc Concentrate

Copper Concentrate

Doré

Lead Concentrate

41%

41%

10%

6%

2%

Revenue by Metal

Gold Zinc

Copper Silver

Lead

BENEFITS OF POLYMETALLIC DEPOSITS

DIVERSE REVENUE STREAMS Provide Natural Hedge

135,000 oz. of gold produced in Year 1

Gold represents 56% of LOM revenue at spot prices

Base Case Metal Prices: Gold: $1,300/oz; Zinc: $1.20/lb; Silver: $20.00/oz; Copper: $3.00/lb; Lead: $1.00/lb

Spot Metal Prices: Gold: $1,728/oz; Zinc: $0.91/lb; Silver: $17.21/oz; Copper: $2.44/lb; Lead: $0.75/lb

Payable Production

Metal Life of Project Average Annual

Gold (K oz) 468 67

Zinc (K lbs) 512,198 73,171

Copper (K lbs) 51,109 7,301

Silver (K oz) 4,458 637

Lead (K lbs) 24,183 3,455

Production Parameters

Project Life 7 years

Throughput 4,800 tpd

Strip Ratio (life of project) 4.3:1


Back Forty Open PitPRODUCTION PROFILE


135

86 68 67 54

33 25

137

86 88

136

121

41 27

$541

$744 $701

$595

$474

$661 $682

273 172 156 203 175 75 52

2022 2023 2024 2025 2026 2027 2028 2029 2030

Gold Production (koz Au) Non-Gold Production (koz Au Eq.)AISC (US$ / oz Au Eq.) Total Production (koz Au Eq.)

Source: Back Forty Open Pit Feasibility Study – August 2018

Back Forty Open PitMINERAL RESERVE ESTIMATE

9

70% OF RESERVES are in Proven Category

1. CIM definitions were followed for the Mineral Reserve Estimate.2. The Mineral Reserve Estimate used average long term metal prices

of $1,250/oz gold; $20.00/oz silver; $1.15/lb zinc; $1.00/lb lead; and $3.00/lb copper.

3. A Mineral Reserve is defined within a mine plan, with pit phase designs guided by Lerchs–Grossmann (LG) pit shells, after dilution and mining loss adjustments.

4. The Mineral Reserve Estimate is derived from Measured and Indicated Mineral Resources only.

BACK FORTY MINERAL RESERVE ESTIMATE AS OF FEBRUARY 6, 2018

Gold equivalent grade 4.3 g/t

Zinc equivalent grade 6.7%

Category Ore Mt

NSR $/t

Gold g/t

Silver g/t

Zinc %

Lead %

Copper %

Proven 8.12 $120 1.95 18.4 3.02 0.13 0.35

Probable 3.53 $85 1.63 29.3 1.76 0.41 0.10

Proven + Probable 11.65 $109 1.85 21.7 2.64 0.21 0.28

5. Metallurgical recovery used was a variable function of the rock type and metal grade.

6. The Mineral Reserve Estimate for the Project will be comprised of eight different ore types that will be processed either though a flotation concentrator or cyanide leach plant. NSR cut-off values applied are: Ore 1 - $16.50/t, Ore 2,3,4,7,8 - $16.00/t, Ore 5 - $17.50/t, and Ore 6 - $28.50/t.

7. The life-of-mine strip ratio is 4.3:1 including the pre-construction period.


Back Forty CAPITAL AND OPERATING COSTS

Sustaining capital of $111M

Mine closure costs of $75M (starting in Year 8)

10

PREPARED WITH SUPPORT FROM GLOBALLY RECOGNIZED EXPERTSINCORPORATES BEST PRACTICES IN ALL ENVIRONMENTALLY SENSITIVE AREAS

Capital Costs SummaryArea $MIndirect Construction 19Common Plant 20Oxide Plant 33Sulphide Plant 59TMF/WRFs 39Infrastructure 33Mining 25Management Costs 22Owner costs 13Subtotal 263Contingency (12%) 31Total 294

Operating Costs SummaryLife of Project

($M)$/t Ore

Gross Revenue 1,437 123Realization Charges 180 15NSR (Base Case) 1,256 108

Mining 160 14Processing 184 16G&A 27 2Total Site Opex 371 32

C1 cash costs of $499/oz Au (co-product) AISC of $677/oz Au (co-product)


PROCESS FLOWSHEET

11

SULPHIDE ORE PROCESSING (4,000 tpd)

OXIDE ORE PROCESSING (800 tpd)

Ore from Mine or Stockpile

Primary Crushing

SAG/Ball Mill

Flotation Plant

Ore from Mine or Stockpile

3 Stage Crushing

Ball Mill Leach Plant

Tailings

Tailings

Conc – 80.6% Recovery



Au – 91.6% RecoveryAg – 68.6% Recovery

CuZnPb

Au/Ag Doré


Back Forty FUTURE DRILL PROGRAM TARGETS

12

Deposit Open at Depth

400 m

700 m

Expansion

Expansion

Connection

Connection

MAJOR INTERCEPTS IN THIS AREA

LK-4798.7m @ 6.0 g/t Au, 245 g/t Ag 5.9% Zn

LK-5047.4m @ 7.3 g/t Au, 190 g/t Ag 1.5% Zn

2016 ZONE

PINWHEEL NW

LOWER DEEP ZONE

UPPER DEEP ZONE

TUFF ZONE EXTENSION

MAJOR INTERCEPTS IN THIS AREA

LK-47969.7m @ 1.12 g/t Au, 27 g/t Ag 0.4% Cu, 1.3% Zn

Including6.2m @ 6.4 g/t Au, 94 g/t Ag

LK-484 31m @ 6.32 g/t Au, 34 g/t Ag, 0.47% Pb, 1.8% ZnIncluding17m @ 13.8 g/t Au, 69 g/t Ag

LK-50254m @ 0.86 g/t Au, 51 g/t Ag, 0.78% Pb, 1.86% ZnIncluding22.5m @ 1.49 g/t Au, 49 g/t Ag, 0.77% Pb, 2.0% Zn

NS Zone Conversion

Lone Pine South

TSX: AQAOTCQB: AQARFLOOKING NORTH

Funds a Significant Portion of Pre-Construction Activities and Project Capital

US$60M FINANCING with Osisko Gold Royalties

INVESTMENT BY OSISKO US$10M equity private placement US$50M gold stream with staged payments:

• US$7.5 million on closing (received Nov. 10, 2017)

• US$7.5 million on receipt of all material permits and receipt of a positive feasibility study (received Oct. 5, 2018)

• US$10 million in tranches on achievement of certain corporate and project milestones (US$2.5M received June 16, 2020)

• US$25 million on drawdown of a project debt facility

KEY GOLD STREAM TERMS Osisko will purchase 18.5% of the refined gold from Back Forty until 105,000 ounces of gold have been delivered

• Thereafter the percentage will be reduced to 9.25% of the refined gold

Ongoing payment: Osisko will pay the Company 30% of the spot price of gold on the day of delivery, subject to a maximum payment of US$600per ounce.


VALUE CREATION MILESTONES

Evaluate underground mine expansion

Back Forty drilling – Geotech, underground infill and step out

Resource update

Updated Feasibility Study (including underground resources)

Advance Pre-Construction Activities

Wetlands Permit Contested Case

Mine Permit Amendment Contested case

Dam Safety Permit

Power / Roads14 TSX: AQA

OTCQB: AQARF

Wisconsin Exploration

Prospect Permit for Bend Project

Reef Project

Evaluate additional opportunities on the Penokean Belt

Project ExecutionProject financing

Expand owner’s team

Basic and Detailed Engineering

Site establishment

Commercial production

Attractive Pipeline of Projects in HIGHLY PROSPECTIVE DISTRICT

NEXT GENERATION ASSETS in Wisconsin

BEND COPPER-GOLD PROJECT100%-owned VMS occurrence located in the Penokean Volcanic Belt

>14,000 meters of historical drilling delineating a non-43-101 compliant resource* • 2.7M tonnes grading, 2.4% copper,

1.4 g/t gold and 13.7 g/t silver in copper zone

• 1.12M tonnes grading, 4.7 g/t gold and 0.31% copper in gold zone

Aquila drilling in 2012 indicates major expansion

REEF GOLD PROJECT 100%-owned, high-grade gold mineralization potentially amenable to low-cost, open-pit mining

Historic drilling delineated a non-43-101 compliant resource* of 140,564 contained gold ounces (412,410 tonnes @ 10.6 g/t)

• Phase III drill program to expand and define resource

Aquila drilling shows broad zones of gently-dipping mineralization open in all directions

15 * The Company is not treating the historical estimates as current mineral resources or mineral reserves and the historical estimates should not be relied upon or understood to indicate the existence of reserves or resources.

NEW MINING LAW APPROVED December 2017TSX: AQA

OTCQB: AQARF

MANAGEMENT TEAM Experienced & Committed

16

BARRY HILDRED, CEOCurrently a director and Past-Chair of The Children's Aid Foundation of Canada. Founder and Former President of TMX Equicom. 25+ years of capital markets experience.

STEPHANIE MALEC, CFO15+ years of experience combining accounting, financial reporting, public markets and mining sector work. Previously with Malbex Resources, Starfield Resources, Dundee Precious Metals, Falconbridge and PriceWaterhouseCoopers.

DAVE CAREW, Director of Corporate Development and Investor Relations Former VP Corporate Development and Investor Relations at a TSX-V listed developer and previously a mining industry-focused investment banker. 10+ years of capital markets experience.

Committed to UNLOCKING AQUILA’S POTENTIAL

ANDREW BOUSHY, P.Eng., SVP ProjectsMore than 25 years of experience in major capital project delivery, engineering design, strategic business planning, construction and operational optimization. Worked domestically and internationally in various project, construction and consulting roles. Mr. Boushy has held senior roles with Ausenco Canada and Xstrata Nickel (now Glencore).

DAVID ANDERSON, General Manager 25 years of experience in environmental monitoring, impact assessment, regulatory affairs and permitting, and most recently served as the Director of Environment for Highland Copper’s Copperwood project.


LEADERSHIP TEAM Strong Board

17

EDWARD MUNDEN, ChairmanCurrently a Director and Co-Founder of private investment company and a Director of Mustang Minerals. Co-founded a NASDAQ-traded energy company and held senior positions until it was sold in 2001. 35+ years of experience in energy, mining and technology industry.

BARRY HILDRED, CEOCurrently Chairman of Children's Aid Foundation of Canada. Founder and Former President of TMX Equicom. 20+ years of capital markets experience.

KEVIN DROVER Currently President & CEO of Aurcana Corporation since 2014. 40+ years of experience in management, operations and project development with mining companies with assets around the world, including Kinross Gold, Benz Mining, Oracle Mining and Glencairn Gold.

ANDREW W. DUNNCurrently Managing Partner of Canadian Shield Capital. Previously spent 27 years at Deloitte and served as Vice Chair of Deloitte Canada and Chair of its Client Cabinet.

DIRECTORS INCLUDE EXPERIENCED MINING VETERANS WITH DEVELOPMENT AND OPERATIONS EXPERIENCE

JACQUES PERRONCurrently President & CEO of Pretium Resources. Director of CenterraGold, Victoria Gold and TMAC. Over 30 years of technical and operations experience in the mining industry. Previously CEO of Thompson Creek and St Andrew Goldfields.

JOSEPH DE LA PLANTE Currently CIO of Nomad Royalty Company. Former Vice President Corporate Development of Osisko Gold Royalties, where he played a key role in the company’s IR, corporate development and financing activities.

IAN PRITCHARDCurrently Chief Operating Officer of Belo Sun Mining and SVP Technical Services at Troilus Gold. Brings more than 30 years of industry experience with a particular focus on project and operations management.

PAMELA SAXTONBusiness executive with over 35 years of experience in public company finance roles, primarily in mining, software and oil and gas and most recently as EVP and CFO of Thompson Creek. Currently serves as a Trustee and Vice President of the Viola Vestal Coulter Foundation, which provides scholarships to colleges and universities with a focus on mining. Past Chair for the Colorado Association of Commerce and Industry.


CONTACT INFORMATION

BARRY HILDRED

Chief ExecutiveOfficer Aquila Resources

647.943.5673

[email protected]

DAVE CAREW

Director of Corporate Development & IRAquila Resources

647.943.5677

[email protected]


APPENDIX

Back Forty PERMITTING STATUS


Part 632 Mine Permit

Permit Issued December 2016

Contested Case Decision May 2019

Contested Case Appeal Final Decision November 2019

Amended Permit Issued December 2019

Amended Permit Contested Case Decision PENDING – Expected H1 2021

National Pollutant Discharge Elimination System (NPDES) Permit

Permit Issued April 2017

Wetlands Permit

Permit Issued June 2018

Contested Case Decision PENDING – Expected 2020

Air Permit

Permit Issued December 2016

Amended Permit Issued December 2019

Dam Safety Permit

Permit Application PENDING – Expected 2020

Permit Issued PENDING – Expected 2021

Back Forty MINERAL RESOURCE ESTIMATE

21

Category Tonnes (1,000)

Au (g/t)

Au (K oz)

Ag (g/t)

Ag (K oz)

Zn (%)

Zn (M lb)

Cu (%)

Cu (M lb)

Pb (%)

Pb (M lb)

Measured 7,943 2.04 522 20.4 5,214 3.34 584.3 0.35 61.2 0.17 30.0

Indicated 8,680 1.80 504 28.7 8,013 2.95 563.8 0.29 55.8 0.34 64.9

M&I 16,623 1.92 1,026 24.8 13,227 3.13 1,148.1 0.32 116.9 0.26 94.9

Inferred 1,129 3.42 124 43.2 1,568 1.03 25.7 0.35 8.7 0.44 11.0

~94% OF RESOURCES are in M&I Category

(1) Mineral Resources are estimated as of February 6, 2018. See Aquila news release dated February 7, 2018 for a complete summary of the 2018 Minerals Resource Estimate.

(2) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. (3) The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted

to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

(4) The Mineral Resource was estimated using CIM guidelines and include the Mineral Reserve.(5) Metallurgical type Oxide (all gold domains and leachable Gossans) is leachable, while all other metallurgical types are flotable.(6) The Mineral Resource Estimate was based on metal prices of US$1,375/oz gold, US$22.27/oz silver, US$1.10/lb zinc, US$3.19/lb copper and US$1.15/lb

lead. An NSR cut-off of $21/tonne was used for the floatable portion of the in-pit resource and an NSR cut-off of $22/tonne was used for the leachable portion of the in-pit resource. An NSR cut-off of $70/tonne was used for the out of pit portion of the resource. See Aquila news release dated February 7, 2018.

BACK FORTY MINERAL RESOURCE ESTIMATE AS OF FEBRUARY 6, 2018 (1-6)


R0?

R3

TuffR1

TuffR0

R2.1TuffR2

Rhyolite

Main Zone

Tuffaceous sediments

Main QFP

Tuff Zone Massive Sulfide Sp+Gn Pinwheel Zone

GossanTuff Zone massive

sulfidePINWHEEL

NORTH

TUFF ZONE EXTENSION

Deep Zone

2016 ZONE EXTENSION

Future Drill Target Areas

Idealized Pit Outline

100-200m

100-200m

200-700m

50-150m 50-150m Pinwheel massive sulfide and gossan

DEEP ZONE TARGETS

Back Forty GEOLOGIC CROSS SECTION


Back Forty SENSITIVITY ANALYSIS

23

Base Case-15%

Base Case Base Case+ 15%

Gold ($/oz) 1,105 1,300 1,495

Zinc ($/lb) 1.02 1.20 1.38

Silver ($/oz) 17.00 20.00 23.00

Copper ($/lb) 2.55 3.00 3.45

Lead ($/lb) 0.85 1.00 1.15

Pre-Tax NPV @ 6% 102 259 416

IRR 17.9% 32.0% 44.1%

After-Tax NPV @ 6% 79 208 332

IRR 15.5% 28.2% 38.9%

Payback Period (years) 3.3 2.2 1.5

ECONOMICALLY VIABLE Against Commodity Price Fluctuations


Back Forty SITE PLAN


Based on Purchase of Hudbay’s 51% INTEREST IN BACK FORTY

MILESTONE PAYMENTS to Hudbay Minerals

AMOUNT

C$3 Million

C$2 Million

C$2 Million

C$2 Million

TIMELINE

Payable upon completion of financing tied to start of construction at Back FortyUp to 50% payable in Aquila shares

Payable 90 days after start of commercial production



First milestone payment due by January 20241% NSR was repurchased from Hudbay in April 2015 concurrent with Orion transaction


Documents

Focused on Gold-Rich Projects in the United States · SULPHIDE ORE PROCESSING (4,000 tpd) OXIDE ORE PROCESSING (800 tpd) Ore from Mine or Stockpile Primary Crushing SAG/ Ball Mill