Laiva Gold Mine - Finland”€¦ · May 2016 1 December 2017 “Fully Built, Fully Permitted, Funded to Production” “Laiva Gold Mine - Finland” Production Expected Q2 2018

1May 2016

December 2017

“Fully Built, Fully Permitted, Funded to Production”

“Laiva Gold Mine - Finland”

Production Expected Q2 2018

© 2017 Firesteel Resources Inc. 2

Culture by Design Program

Forward Looking Statements

This presentation contains statements that may constitute "forward-looking statements“ within themeaning of applicable securities legislation. These statements include, among others, statementsregarding business strategy, beliefs, plans, goals, objectives, assumptions or statements about futureevents or performance.By their nature, forward looking statements are subject to numerous risks and uncertainties, some ofwhich are beyond the Corporation's control, including the impact of general economic conditions,industry conditions, volatility of commodity prices, currency fluctuations, environmental risks,competition from other industry participants, lack of availability of qualified personnel or management,stock market volatility and ability to access sufficient capital from internal and external sources.Readers are cautioned that the assumptions used in the preparation of such information, althoughconsidered reasonable at the time of preparation, may prove to be incorrect and, as such, unduereliance should not be placed on forward looking statements. Actual results, performance orachievement could differ materially from those expressed in, or implied by any forward lookingstatements in this presentation, and accordingly, no assurance can be given that any of the eventsanticipated by the forward looking statements will transpire or occur, or if any of them do so, whatbenefits the Corporation will derive therefrom.The Corporation disclaims any intention or obligation to update or revise any forward lookingstatements, whether as a result of new information, future events or otherwise.

THE COMPANY FURTHER CAUTIONS THAT IT IS NOT BASING ANY PRODUCTION DECISION ON AFEASIBILITY STUDY OF MINERAL RESERVES DEMONSTRATING ECONOMIC AND TECHNICAL VIABILITY,AND THEREFORE THERE IS A MUCH GREATER RISK OF FAILURE ASSOCIATED WITH ITS PRODUCTIONDECISION. IN ADDITION, READERS ARE CAUTIONED THAT INFERRED MINERAL RESOURCES ARECONSIDERED TOO SPECULATIVE GEOLOGICALLY TO HAVE ECONOMIC CONSIDERATIONS APPLIED TOTHEM THAT WOULD ENABLE THEM TO BE CATEGORIZED AS MINERAL RESERVES.

---000---Paul Sarjeant, P.Geo., is a qualified person as defined by NI 43-101 and has reviewed and approved thetechnical contents of this presentation. Mr. Sarjeant is not independent to the Company as he is adirector.


Fully built, past producing gold mine in Finland

✓ Sunk capital in excess of €220,000,000

✓ Complete infrastructure already in place

Fully permitted

✓ 1694 ha, 2 open pits.

Financed to production via $20,600,000 gold forward sale.

✓ €80,000,000 tax loss

✓ 60/40 JV with Nordic mines with path to 100%.

✓ Near term production potential - 6 months

✓ Bottom of cycle acquisition

✓ 2 mtpa, semi-new, high quality, autogenous mill and plant.

NI 43-101 Resource Estimate (Aug 2017)*

✓ M & I – 151,000 ounces gold

✓ Inferred – 445,000 ounces gold

Significant blue sky potential from additional 3 highly prospective exploration properties. 4295 ha

De-risked; >$200,000,000 asset acquired for ~$25,000,000

* Firesteel submitted a new resource estimate for Laiva Gold Project to TSX-V to qualify historic data and develop an independent 43-101 resource estimate prepared in accordancewith NI 43-101 guidelines and CIM Standards. The report is titled “NI-43-101 Technical Report, Mineral Resource Estimate, Laiva Gold Mine Project, Raahe, Finland” dated August9th, 2017. See press release dated August 21, 2017.


• Finland - Low political risk. Skilled and educated workforce

• World’s 6th best country for property rights. (Forbes Dec 2016), ahead ofCanada and USA

• 20% Corporate Tax

• 0.15% landowner royalty

• No government royalties

• Located near Raahe, in Finland’s mineral rich Lagoda Zone.

• One of the largest gold resources in the region.

• Conventional open pit mine.

• Historic expenditure estimated at €220 million.

• 2mtpa autogenous Outotec mill and leaching plant completedin 2011. Only used for 2 years.

• Mining was initiated in Q3 2011 and the first doré bar was castin December that year.

• The mine is located with excellent access to localinfrastructure, including grid power (110 kV line), paved allweather roads (within 3 km) and port (within 20 km).

• All necessary infrastructure is currently in place

Svartliden

Dragon Mining

Boliden area

Boliden

Pahtavaara1

Lappland Goldminers

Pampalo

Endomines

Laiva

Nordic Mines

Vammala

Dragon Mining

Björkdalsgruvan

Mandalay Resources

Kittilä

Agnico Eagle Mines

Gold Mines in the Nordic Region

• Including Laiva, 8 gold mines are located in Finland and Sweden. In addition, the Swedish company Boliden produces gold from a few “multi mineral” mines across Sweden.

• The largest mine in terms of gold production and reserves is Agnico Eagle’s Kittilä mine in northern Finland

Finland – A high quality and safe mining location


1. Payment of €1,000,000 ($1,400,000) to Nordic Mines Marknad . On signing JV agreement, Firesteel becomes the operator and owns 10% of the company. Completed

2. JV subject to shareholder approval. Completed

3. Funding CAD$19,000,000 to return Nordic Mines OY to production for a further 50% of Nordic Mines Marknad. Funding provided via Prepaid Gold Forward Sale. Completed

• Recommissioning work to begin January 3 2018

4. Firesteel will immediately execute its option to buy out the balance of Nordic Mines interest (40%) by issuing ~58.4 million FTR shares to NOMI shareholders. In process

Nordic Mines AB

Nordic Mines

Marknad ABNordic Mines

Optioner AB

Nordic Mines

AB (publ), branch

Nordic Mines Oy,

Laiva mine

Nordic Mines

Marknad AB,

branch

Finland

Sweden

Agreement to Acquire 100% of Nordic Mines Marknad AB – Conditionally approved by TSX-V


Financed to production

• Financed to production via gold forward sale

• US$20,600,000 – funds already received

• Repayment – discounted ~67,000 ounces over 4 years

• No claim on new ounces

• Can be bought out at any time

• Internal financial models stress tested to $1,150 gold

• 60% currently owned by Firesteel

• Further 40% to be acquired before end Q1 2018 for ~58.4 million FTR shares

• Conditional approval by TSX-V

• JV Agreement and Acquisition

• Gold Forward Sale

• Production expected in late Q2 2018

• Will require additional funds for exploration and G&A by end of Q2 2018

• +/- $10,000,000 equity raise


▪ Early 1980’s – Gold outcrop discovered by hunters/amateur explorers

▪ 1981 - 1986 – Outokumpu explored the property

▪ 1999 - 2005 – Endomines OY acquired the proprty and did some core drilling

▪ June 2005 – Nordic Mines acquired the property and started exploration in the area

▪ Oct 2009 – Mining lease granted

▪ Dec 2011 – First doré bars poured

▪ April 2014 – Production halted, under care and maintenance since

▪ Dec 2017 – 60% acquired by Firesteel Resources Inc.

Laiva Mine - History


Nordic Mines faced the “Perfect Storm” during 2011 - 2014

•Weak gold prices

•Hedging loss

• Poor grade control

• Poor mining practices resulted in severe dilution and ore loss

• Poor mill capacity utilization

• Poor mill throughput

• Lack of metallurgy

• Lack of financial and management controls

• Corporate debt

• Forex losses

What went wrong?


The Laiva Mine – Ready to restart production

Mill & cyanidation plant

Northern Open Pit

Southern Open Pit

High Grade Pond 1

Waste Dump – Sulphidic Rock

Waste Dump – Quartz Diorite

N

N

S

S

Q

Q

S

S


Fully built, 2mtpa Outotec Mill and Plant


1700 ha, fully permitted for mining and exploration

About 900 ha is owned by the JV Co.

Royalties = 0.15%


Laiva Mine- NI 43-101 Resource Estimate

Classification Au g/t Tonnes Ounces

Measured 1.132 355,000 13,000

Indicated 1.248 3,442,000 138,000

M+I 1.2397 3,764,000 150,000

Inferred 1.531 9,030,000 445,000

Resource Estimate compiled by John T Boyd Company. Gold price - $1250Cut off grade - 0.4gIncludes results from only 2 of 4 gold bearing zonesFTR press release – Aug 21, 2017

Two further properties with promising bedrock samples to be drilled


-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

1 2 3 4 5 6 7 8 9

%tMill Throughput - ROM Grade

Mill Throughput ROM Grade

-

50

100

150

200

250

300

350

400

1 2 3 4 5 6 7 8 9

kgsQuarterly Gold Production

(2012-2014)

Production history

100kg gold = 3527 ouncesMax production 12,344 ozs in Q2 ‘13



Exploration upside

• NE trend from North Pit to LAN562

• Both pits open at depth

• New Hope area

• Narrow high grade at depth

• Mussuneva and Kaukainen properties


Fine quartz veins, host gold mineralization

Laiva’s host rock is dominated by intermediary to basalt volcanic rock and quartz diorites


External Factors

• Improving gold price

• Forex in Canada’s favour

Internal Factors - Implementation of JT Boyd/RPM recommendations and experience of FTR executive team

✓ General Manager – mining engineer/MBA -25 years appropriate production experience

• New management team with heavy emphasis on engineering and process

✓ Implement improved mining practices

• Reworked geological and resource model

• Better in pit grade control

• Better blasting controls to further improve grade control

✓ Implement improved process and milling practices

• Pre crushing

• Mill improvements

• Metallurgy driven process

• Not driven by mill capacity

✓ Implement effective management controls

• New management and financial controls

• No hedge book

Why it will work today


1.

2.

3.

4.

5.

Crushed ore is collected in a storage facility

Improved leaching and cyanide recovery based

on sound metallurgy

Improved grinding based on sound

metallurgy Improved gold room efficiency

Focus - Recovery Optimization at Every Step

Reduced dilution and cleaner open pit mining practices.

Improved crushing to ~25 mm-reduce oversize

Immediate access to relevant management info and data



Tight Capital Structure

December 11, 2017

Common Shares O/S - 87,587,273

Options O/S @ $0.10 - 4,400,000

Warrants - 13,774,749

Fully Diluted - 109,952,022

Market Capitalization @ $0.10 share - $8.76 M

52 week share price high/low - $0.01 – $0.13

After acquiring 100% of the project, there will be ~145,978,788 shares O/S



Production Scheduled for July 2018

1-Nov-17 2-Dec-17 2-Jan-18 2-Feb-18 5-Mar-18 5-Apr-18 6-May-18 6-Jun-18 7-Jul-18

Staffing

Environmental Studies and Permit Amendments

Mine Design and Plan update

Mine supplies and contracts

Mine Pre-production: dewatering, PAG dumps…

Mine Production

Mill Design and Plan update

Lab facilities

Mill Installation, Repairs and Comissioning

Tailings Handling and Storage: Design and Plan…

Mill Production


Market Cap. In CAD$(09-04-2017)

Au Oz.Production Per Annum

Cash CostPer Oz.

ReservesMillion Oz

EV per Oz

Mandalay-MND

$262m 58,000 $910 1.3 $203

Premier- PG $376 m 139,000 $641 2.4 $125

Richmont -RIC $445 m 116,000 $660 0.5 $789

Luna -LGC $91 m 70,000 $750 1.6 $57

Rupert- RUP $124.9m 35,000 - 1.3 $96

Wesdome -WDO

$411m 58,000 $1075 2.2 $186

RoxGold- ROG $346 m 110,000 $513 0.6 $543

Rye Patch-RPM

$55 m 41,000 $924 1.1 $36

Other Junior Miners


Coming price catalysts

✓Announcement of Pre-paid Forward Gold Sale definitive agreement

✓Completion of financing and closing of 60% ownership of Nordic Mines Marknad AB

• Acquisition of remaining 40% of Nordic Mines Marknad AB

• Potential off-take agreement with refiner/investor

• Pre-feasibility study

• Start of mining

• Start of production


Management team

Basil Botha

Executive Chairman

Mr. Botha brings more than 30 years international mining and marketing experience to Firesteel Resources Inc. Mr. Botha has extensive knowledge of the metals markets in Asia, North America, and Africa and brings significant company building experience. Mr. Botha is currently Chairman and CEO of Latin American Minerals and Chairman of Lithium Energy Products. He is past Chairman of Lithium America’s (“LAC”) and Past President and Chief Executive Officer of G4G Resources Ltd. All of which are listed on the TSX or TSXV. Mr. Botha holds an MBA from the University of the Witwatersrand, South Africa.

Michael HepworthPresident and CEO

Mr. Hepworth is an accomplished entrepreneur and business leader with more than 35 years diverse international business experience. Mr. Hepworth has started and built 5 successful businesses from the ground up. He also consulted and advised businesses, in many sectors including professional and financial services, high tech, engineering and manufacturing. Mr. Hepworth has over 8 years of corporate development experience in the resources industry. He is experienced negotiator of technology agreements, corporate acquisitions and divestitures. At the moment Mr. Hepworth is President of Firesteel Resources Inc. and director of Condor Precious Metals, Canadian Iron Metallics and Alpha Resource Management.

Greg SparksMine Engineering and Production

Mr. Sparks, a registered Professional Engineer, with more than 40 years of diverse open pit and underground mines experience. His background includesoperating management, engineering and financial analysis. Greg is a Qualified Person under NI 43-101 and Competent Person under CRIRSCO. He hasworked for major companies, including Echo Bay Mines Ltd (now Kinross), where he served as Development Group Vice President, as well as for mid-capand junior mining companies. Currently Greg serves as Managing Director – Metals on a world-wide basis for the John T. Boyd Company, a large privatelyheld mining and geologic consultancy with multiple domestic and international offices. Mr. Sparks has a B.Sc. in Mining Engineering from the MissouriSchool of Mines.

Arpad Koltai

General Manager

26 years international work experience, including 5 years in hard-rock tunnel construction in Germany and civil engineering projects in Hungary, followed by 21 years in surface mining in Canada. M.Sc. in Mining Engineering plus MBA. Registered Professional Engineer in BC and AB.Skills include mine design and planning, continuous improvement, operating and executive management at some of the world’s most productive surface mines. Field of expertise is medium to large truck/shovel surface operations in complex to difficult geological conditions.Experienced in leading unionized and staff, professional and supervisory personnel and in working with regulators, community and other stakeholders. Track record of continuously increasing operating productivity to improve business performance and deliver outstanding business results.

Peter FinnäsExploration Manager

Peter Finnäs has many years’ of experience in mining and holds a degree of BSc in geology and mineralogy. He has previously worked as explorationgeologist for Endomines Oy and Kalvinit Oy as well as both mining and exploration geologist for Terra Mining AB. Peter Finnäs lives in Finland.

Experienced Management Team


Board of Directors

Basil Botha Mr. Botha brings more than 30 years international mining and marketing experience to Firesteel Resources Inc. Mr. Botha has extensive knowledge of the metals markets in Asia, North America, and Africa and brings significant company building experience. Mr. Botha is currently Chairman and CEO of Latin American Minerals and Chairman of Lithium Energy Products. He is past Chairman of Lithium America’s (“LAC”) and Past President and Chief Executive Officer of G4G Resources Ltd. All of which are listed on the TSX or TSXV. Mr. Botha holds an MBA from the University of the Witwatersrand, South Africa.

Michael Hepworth Mr. Hepworth is an accomplished entrepreneur and business leader with more than 35 years diverse international business experience. Mr. Hepworthhas started and built 5 successful businesses from the ground up. He also consulted and advised businesses, in many sectors including professional and financialservices, high tech, engineering and manufacturing. Mr. Hepworth has over 8 years of corporate development experience in the resources industry. He isexperienced negotiator of technology agreements, corporate acquisitions and divestitures. At the moment Mr. Hepworth is President of Firesteel Resources Inc.and director of Condor Precious Metals, Canadian Iron Metallics and Alpha Resource Management.

Ernest Cleave Mr. Cleave is financial executive with extensive capital markets experience; Goldcorp, Falconbridge, Grandview Gold, Cline Mining. Currently Mr. Cleave is CFO

of Largo Resources.

Paul Sarjeant Mr. Sarjeant is a professional geologist with mineral exploration and development experience in North and South America and throughout Africa, Asia andEurope. Mr. Sarjeant’s career in mineral exploration spans 25 years. He has extensive experience having served as President & CEO roles for several small capexploration and development companies and is currently a director and consultant to a number of private and public mining companies. He is also thePresident, CEO and founder of Doublewood Consulting Inc. that provides technical and management services to the mineral exploration industry. Mr. Sarjeantholds a BSc (honors) in geological sciences from Queen's University in Kingston, Ontario and is a member of the Association of Professional Geoscientists ofOntario. Mr. Sarjeant is the Qualified Person for Lithium Energy Products Inc. under NI 43-101.

David Forest Mr. Forest is founder and COO - Sunward Resources, COO - Condoto Platinum and VP Exploration – Asia Pacific Mining. Formerly – Investment analyst with Casey

Research.

Peter Pollard Dr Pollard is a geologist with global experience in mineral exploration and development. He holds a PhD from James Cook University and is a

Chartered Professional Member of the Australasian Institute of Mining and Metallurgy and a Fellow of the Society of Economic Geologists. Dr

Pollard is a non-executive director of Asiamet Resources Limited.

Board of Directors

Michael Hepworth – President and CEO

Suite 1001, United Kingdom Building

409 Granville St, BC.

Vancouver BC, V6C 1T2

T: 416-419-5192

E: [email protected]

Website : www.firesteelresources.com

Contact Us:

CO

NN

ECT

TSX.V : FTR

Documents

Laiva Gold Mine - Finland”€¦ · May 2016 1 December 2017 “Fully Built, Fully Permitted, Funded to Production” “Laiva Gold Mine - Finland” Production Expected Q2 2018