C o r p o r a t e P r e s e n t a t i o n

T S X : A Z

J U L Y 2 0 1 7

Unearthing a World-ClassZinc-Lead-Silver Deposit With

Strong Resource Growth

Cautionary Statement On Forward-Looking InformationCertain information contained in this presentation constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements including statements with respect to the Company’s intentions for its Hermosa Project in Arizona, USA including, without limitation, financing, future drilling and other work on the Taylor Deposit. The Company would also like to caution the reader that the preliminary economic assessment ("PEA") on the Company’s Taylor Deposit that supports the technical feasibility or economic viability of the Taylor Deposit, including the marketability of the concentrate, mining methods, costs, recoveries and any other technical aspects related to the Taylor Deposit, is preliminary in nature and there is no certainty that the PEA will be realized. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.

The forward-looking statements are based on a number of assumptions which, while considered reasonable by Arizona Mining, are subject to risks and uncertainties. In addition to the assumptions herein, these assumptions include the assumptions described in Arizona Mining's management's discussion and analysis for the year ended December 31, 2016 ("MD&A"). Arizona Mining cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc, lead, silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to

personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risks and Uncertainties" in the MD&A.

Although Arizona Mining has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Arizona Mining disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.

About Reserves and ResourcesThis presentation uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that: (a) mineral resources are not economic mineral reserves; (b) the economic viability of resources that are not mineral reserves has not been demonstrated; and (c) it should not be assumed that further work on the stated resources will lead to mineral reserves that can be mined economically. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for certain preliminary economic assessments.

All dollars are United States Dollars except where noted

2

1. Source: NI 43-101 Preliminary Economic Assessment Technical Report on the Taylor deposit dated April 3, 2017. Mineral resources are not mineral reserves and have no demonstrated economic viability. Calculated by AMC Mining Consultants and are based on a ZnEq grade calculated with the following metal prices: $1.00/lb for zinc, $0.95/lb for lead, and $20/oz for silver.

2. Based on long term price assumptions of $1.10/lb zinc, $1.00/lb lead and $20/oz silver. 3

HERMOSA-TAYLOR PROJECT, ARIZONA

A GLOBALLY SIGNIFICANT RESOURCE

April 2017 Hermosa-Taylor resource comprises 72.5 Mt of M&I at 10.5% zinc equivalent plus 38.6 Mt of Inferred at 11.6% zinc equivalent1

The Hermosa project also contains the large Central Ag-Mn-Zn oxide resource

AND ROBUST ECONOMICS

42 % after-tax IRR2, US$1.26B after-tax NPV2,& 1.7 yr payback2 based on 10,000 tpd U/G mine and US$457M initial capexC$ 110.3M from South32 investment ‒ funded through 2018; feasibility study in H1 2018, first production targeted in 2020

WITH GROWTH IN TONS AND GRADE

Taylor Deeps – higher grades / shallower depths encountered following the PEA

Trench Vein System - up to 1 mile in strike length, 1,000-3,000 ft of vertical extent and widths up to 50 ft

Aggressive follow-up drill program started

ZINC IS POISED TO LIFT OFF

Dwindling supply through mine closures and lack of investment

Increasing zinc demand created by growing middle class in China and India

China is currently paying premiums to import zinc

A World-Class Discovery with Strong Resource Growth

Sources: Scotiabank GBM, Company filings and SNL Metals & Mining1. Zinc-equivalent calculated using prices of zinc US$1.1/lb, copper US$3.00/lb, lead US$1.00/lb, gold US$1250/oz, silver US$20/oz,

molybdenum US$8.30/lb2. Hermosa based on recoverable average annual production from the Taylor deposit at full production per Arizona Mining’s April 3,

2017 news release4

Top 20 Zinc Mines Globally Ranked by 2017 ZnEq Production ‒ Taylor would be 11th… Million lbs of zinc-equivalent metal1

5

…and Third Globally on the Profitability Index1

Sources: Scotiabank GBM and Company filingsNote: Based on public technical reports; all values presented on a 100% basis

Project NPV divided by pre(1) -production capitalValues based on Reference Case ((2) 45 years of open pit production)Values based on (3) 8 Mtpa two-mine scenario outlined in January 2017 PEA

Producer Owned Developer Owned

Met

al P

rice

Timok Kamoa-Kakula Hermosa Brucejack Constellation Taca Taca Casino Wafi-Golpu Rosemont Pebble Frieda River QuebradaBlanca 2

KSM

NPV (After-tax) US$B $1.55 $4.75 $1.26 $1.45 $2.61 $2.09 $1.50 $2.50 $0.77 $1.77 $1.13 $1.25 $0.90Discount Rate % 8% 8% 8% 5% 8% 8% 8% 5% 8% 8% 8% 8% 8%IRR (After-tax) % 106% 38% 42% 29% 17% 17% 22% 8% 16% 15% 11% 12% 10%Initial Capex US$B $0.21 $1.00 $0.46 $0.75 $2.94 $3.01 $2.33 $4.85 $1.92 $4.69 $3.60 $4.71 $5.49Total Capex US$B $0.46 $3.56 $0.96 $1.09 $7.44 $4.38 $2.68 $9.77 $3.01 $10.83 $5.99 $5.35 $15.51Primary Commodity Copper Copper Zinc Gold Copper Copper Copper Gold Copper Copper Copper Copper GoldStage PEA PEA PEA Construction PEA PEA FS FS FS PEA FS FS PFS

Owner Nevsun39.6% Ivanhoe / 39.6% Zijin /

20% DRCArizona Pretium 60% NGEx First Quantum

Western Copper & Gold

50% Harmony Gold / 50% Newcrest

80% Hudbay / 20% United

Copper & Moly

Northern Dynasty Minerals

80% PanAust / 20% Highlands

Pacific76.5% Teck Seabridge

Study Year 2016 2017 2017 2017 2016 2013 2017 2016 2017 2011 2017 2016 2016

Gold US$/oz $1,200 - - $1,100 $1,275 $1,200 $1,250 $1,250 - $1,050 $1,455 - $1,230Silver US$/oz - - $20.00 $17.00 $20.00 - $16.50 - $18.00 $15.00 $23.00 - $17.75Copper US$/lb $3.00 $3.00 - - $3.00 $2.75 $2.50 $3.10 $3.00 $2.50 $3.30 $3.00 $2.75Zinc US$/lb - - $1.10 - - - - - - - - - -Lead US$/lb - - $1.00 - - - - - - - - - -Molybdenum US$/lb - - - - - $12.00 $7.00 - $11.00 $13.50 - $10.00 $8.49

NPV / Initial Capex Ratio 7.3x 4.8x 2.8x 1.9x 0.9x 0.7x 0.6x 0.5x 0.4x 0.4x 0.3x 0.3x 0.2x

7.3x

4.8x

2.8x

1.9x

0.9x0.7x 0.6x 0.5x 0.4x 0.4x 0.3x 0.3x 0.2x

Tim ok Kamoa- Kakula Her mosa Br ucej ack Constel lati on Taca Taca Casino Wafi- Golpu Rosemont Pebble Fr ieda Ri ver Quebr adaBlanca 2

KSM

(2)

(3)

Zinc Prices are Poised to Take Off

6

Nearing a pinch point? Started 2017 at 19 days of exchange stocks, currently at <12 daysLast time stocks approached 10 days (~10 years ago), zinc prices started togap higher and reached +$2.00/lb

Sources: LME, SHFE, Wood Mackenzie, Scotiabank GBM

Arizona has a long mining history and is

ranked the 7th best jurisdiction in the world1

~450 acres of Patented Mining Claims being

aggressively explored ‒ additional potential

on ~19,015 acres of Unpatented Mining

Claims in Santa Cruz County

Taylor and Central deposits are principally

located on patented mining claims

Project is close to major infrastructure‒ Located less than 10 miles from Arizona State

Hwy 82 via Santa Cruz county road ‒ Good access to nearby power grid/natural gas

Hermosa Project – 100% OwnedM I N I N G F R I E N D L Y J U R I S D I C T I O N

71. Source: Fraser Institute, Annual Survey of Mining Companies: 2016

Strong Exploration PotentialT A Y L O R D E E P S & T R E N C H V E I N S Y S T E M

Aggressive follow up drill program underway on these higher grade targets; both could have a positive impact on the mine plan in the early years of development

8

Taylor Deeps: Very high grade intervals of Zn-Pb-Ag intersected up to 1,500 feet east (and up-dip) and1,700 feet west of resource boundary

Trench Vein System: Volcanic-hosted veins range up to 1 mile in length, 1,000-3,000 feet of vertical extent and widths of up to 50 feet

Taylor Deeps – Longitudinal Section

9

Potential strike length of over 1 mile ‒ recent drill results include: ‒ 61 feet assaying 30.3% combined Zn/Pb and 9.8 opt Ag (HDS-435)‒ 45.5 feet assaying 23.8% combined Zn/Pb and 4.8 opt silver (HDS-450)‒ 67 feet assaying 38.6% combined Zn/Pb and 7.5 opt silver (HDS-446)‒ 37 feet assaying 26.4% combined Zn/Pb and 10.2 opt silver (HDS-452)‒ 8.5 feet assaying 36.1% combined Zn/Pb and 20.3 opt silver (HDS-436)‒ 27 feet assaying 38.1% combined Zn/Pb and 9.5 opt silver (HDS-453)

Taylor Deeps – Cross SectionSimilar to Taylor Sulfide Deposit – carbonates with zinc, lead, silver and copperZone is continuous, open in all directions and has significant potential to growThicknesses up to ~ 150 feet

10

Trench Vein System – Cross Section7 veins or vein swarms identified to dateThese higher grade veins have potential to be mined early in the mine planSignificant results include: ‒ 6 feet assaying 33.4% combined Zn/Pb and 18.5 opt silver‒ 86 feet assaying 23.2% combined Zn/Pb and 7.2 opt silver‒ 35 feet assaying 21.3% combined Zn/Pb and 6.2 opt silver

11

Preliminary Economic Assessment ‒ Highlights1

12

Robust economics: 42% after-tax IRR, $1.3B after-tax NPV8%, 1.7 year payback2

10,000 ton per day underground operation Total operating costs of $ 48/ton, C1 co-product cash costs of $0.51/lb for zinc and $0.38/lb for lead, all-in sustaining zinc equivalent costs of $0.61/lb2

Initial capex of $ 457M fundable through various financing optionsState permits would enable ~ 8 years of operation on private landFeasibility study in H 1 2018; first production targeted in 2020

1. All figures in US$. 2. Based on long term price assumptions of $1.10/lb zinc, $1.00/lb lead and $20/oz silver.

Financial & Operating Summary and Sensitivities

13

36%

38%

40%

42%

44%

46%

48%

-10% 0 +10%

IRR

8%

Zinc

Lead

Capex

Opex

(All figures in US$)

$0.99 $1.10 $1.21 $0.99 $1.10 $1.21$0.90 998,437$ 1,133,762$ 1,268,226$ 36% 39% 42%$1.00 1,126,301$ 1,260,764$ 1,395,515$ 39% 42% 44%$1.10 1,253,302$ 1,387,922$ 1,522,880$ 41% 44% 47%

$1,053 $957 $862 $1,053 $957 $862$52.89 1,150,041$ 1,195,753$ 1,241,696$ 37% 41% 45%$48.08 1,215,051$ 1,260,764$ 1,306,924$ 38% 42% 46%$43.27 1,279,385$ 1,325,096$ 1,371,474$ 39% 43% 47%

Zinc Price $/lb

Lead

Pric

e $/

lb

After-tax NPV 8% ($000) After-tax IRRZinc Price $/lb

After-tax NPV 8% ($000) After-tax IRR

OPE

X $/

t

CAPEX ($m) CAPEX ($m)

Financial SummaryAfter-tax NPV (8%) $000 1,260,764$ After-tax IRR % 42%Payback Years 1.7 Pre-production Capex $000 457,170$ Sustaining Capex $000 500,196$ LOM Capex $000 957,366$

Average Annual Zinc Production1 m lbs 287 Average Annual Lead Production1 m lbs 286 Average Annual Silver Production1 m oz 5.5 Zinc concentrate treatment charge (base) $/dmt2 210Zinc treatment charge (Mn penalty) $/dmt 13Lead concentrate treatment charge (base) $/dmt 190All concentrates transportation charge $/dmt 97Operating Costs per TonMine $/t 35.35$ Process $/t 10.73$ G&A $/t 2.00$ Total operating costs (mine, processing, G&A) $/t 48.08$ C1 Zinc Co-Product Cost3 $/lb 0.51$ C1 Lead Co-Product Cost3 $/lb 0.38$ All-in Sustaining Cost (ZnEq)4 $/lb 0.61$

2. Dry metric tonne.3. Silver treated as a by-product.

Operating Summary

1. Recoverable average annual production at full production before smelter deductions of 15% for zinc, 5% for lead and 14.3% for silver.

4. Based on long-term prices of $1.10/lb zinc, $1.00/lb lead and $20/oz silver, respectively. ZnEq Formula: payable zinc production plus lead revenue divided by zinc price plus silver revenue divided by zinc price.

Low Capital Intensity

14

CAPEX ($000) Pre-production SustainingUnderground development/infrastructure 66,687 283,827 Mining equipment 32,400 78,300 Shaft 84,210 89,410 Process plant 98,631 12,201 Tailings facility 16,680 22,290 Site infrastructure 61,000 - EPCM, owners, other 34,299 1,800 Contingency 63,263 12,368 Total 457,170 500,196

Source: AMC Mining Consultants. 15

Production Profile

Initial mine plan is based on a subset of 60.8 million short tons of the 72.5 million short tons of Measured and Indicated Resources and 38.6 million short tons of Inferred Resources

Operating Summary

Throughput: 10,000 tpd

Access: 26,860 foot ramp and 3,625 foot deep, 20 foot inside diameter shaft sized for a 10,000 tpd operation

Mining: sub -level long hole open stoping with ~45% of tailings used for cemented backfill and dry stack tailings

Total operating costs: $ 48/tonMining - $35/tonProcessing - $11/tonG&A - $2/ton

Processing: 10,000 tpd conventional flotation mill

16

Source: AMC Mining Consultants17

Conventional Flotation Processing

High Grade ConcentratesA D V A N C E D M E T A L L U R G I C A L R E S U L T S

18

%Change

April 2017

Oct 2016

Recoveries in Zinc Concentrate

Zinc +8% 92.7 85.5

Silver +55% 23.2 15.0

Recoveries in Lead Concentrate

Lead +3% 95.4 92.9

Silver -9% 69.3 76.0

Concentrate Grades1

Lead in concentrate -7% 69.7 75

Zinc in concentrate n/a 56.1 56

1. Per short ton.Source: SGS Lakefield

Hermosa-Taylor ̶ L O C A L I N F R A S T R U C T U R E

19

Close to major infrastructure including Interstate Hwy 82, power and natural gas

Both options are being evaluated as part of the feasibility study

Hermosa-Taylor ̶ P R O P O S E D S I T E I N F R A S T R U C T U R E

20

Hermosa-Taylor ̶ C O N C E N T R A T E R O U T E

21

Zinc and lead

concentrates will likely be sent to the deep-water port of Guaymasin Mexico

Transportation

costs are estimated at a total of $97 per dry metric tonne for both concentrates

Hermosa-Taylor ̶ G L O B A L S M E L T E R S

22

Concentrates will then be shipped to various smelters around the world

Preference will be given to smelters who can recover all of the silver

Hermosa-Taylor ̶ A W O R L D - C L A S S R E S O U R C E

Current estimate is based on 96 holes1

1 Results released April 3, 2017 were calculated by AMC Mining Consultants and are based on a ZnEq grade calculated with the following metal prices: $1.00/lb for zinc, $0.95/lb for lead, and $20/oz for silver. Metal recoveries used in the calculation were 92.7% for zinc, 95.4% for lead and 92.5% for silver. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of mineral resources will be converted to mineral reserves.

23

Cut-off ZnEq (%) Short Tons ZnEq (%) Pb (%) Zn (%) Ag (opt) Cu (%)25 3,310,000 32.9 13.2 15.0 5.2 0.320 6,699,000 27.5 11.2 12.2 4.4 0.315 13,221,000 22.4 9.2 9.8 3.7 0.310 27,057,000 17.1 7.1 7.4 2.9 0.26 52,867,000 12.6 5.2 5.3 2.2 0.25 62,231,000 11.5 4.8 4.9 2.0 0.14 72,453,000 10.5 4.4 4.3 1.7 0.13 83,597,000 9.6 4.0 4.0 1.7 0.12 93,570,000 8.8 3.7 3.7 1.6 0.11 98,933,000 8.4 3.5 3.5 1.5 0.1

Cut-off ZnEq (%) Short Tons ZnEq (%) Pb (%) Zn (%) Ag (opt) Cu (%)25 3,283,000 35.1 11.5 16.0 8.0 0.220 5,270,000 30.3 10.3 13.0 7.3 0.215 8,402,000 25.4 8.8 10.5 6.4 0.210 14,845,000 19.6 7.0 7.8 5.0 0.26 28,902,000 13.8 5.0 5.4 3.7 0.25 33,480,000 12.7 4.6 4.9 3.4 0.24 38,627,000 11.6 4.2 4.4 3.1 0.13 44,779,000 10.5 3.8 3.9 2.9 0.12 51,617,000 9.4 3.4 3.5 2.6 0.11 58,225,000 8.5 3.1 3.2 2.3 0.1

Measured + Indicated

Inferred

Hermosa-Taylor ̶ P L A N V I E W O F R E S O U R C E

24

State Permitting Initiated

25

Aquifer Protection Permit (APP) − Arizona Dept. of Environmental Quality (ADEQ)

Arizona Pollutant Discharge Elimination System (AZPDES) − ADEQ

Reclamation Plan and Financial Assurance – Arizona State Mine Inspector (ASMI)Air Permit • – Arizona Department of Environmental Quality (ADEQ)

Hermosa -Taylor requires state permits to operate on patented land; federal permitting will be pursued once in operation

No Waters of the US/federal nexus applies to the portions of the Trench property that will host the planned infrastructure

Experienced management includes a key member responsible for permitting the latest mine built in the U.S. (Haile)

Key state permits include:

Permitting – Supportive Factors

26

Underground operation with small surface footprint‒ All of the significant infrastructure (tailings, decline, mill and shaft

headframe) located on patented ground for the first ~8 years‒ ~45% of tailings will be returned underground for cemented backfill‒ Dry stack tailings maximize water recovery, result in less surface disturbance‒ Voluntary Remediation Program on historic tailings facility

Expect to have sufficient water sources for operation (~ 650 gpm required) from water wells and 1.5-3.0 million gallon reservoir at historic mine workingsStrong local and state support built on extensive and early engagement

County officials site tour

Hermosa-Taylor ‒ Proposed Timeline

27

2018

Current program

2017 2019

Definition andExpansion Drilling

Water Drilling

Feasibility Study

Development and Construction

Production

State Permitting

Future program

2020 2021 2022

PEA

Ongoing

Federal Permitting

2023

DeclineDecline + ShaftTailings+ Mill

Air/otherpermits

APP AZPDES

ASMI

Fully Funded Through 2018

Low $ 457 million initial capex, robust IRR and strong project cash flow should provide a variety of financing options:

Conventional debt ($ 250-$300M) Offtake financing ($ 75-$150M)Silver stream ($ 200-$350M)

28

Private placement completed with South32 Limited for C$110.3 million (45 million AZ shares at C$2.45/share) or ~15% of AZ

Fully funded for plansincluding advancing the Taylor Deposit to the feasibility/development stage and an aggressive drill campaign to further test the size and grade of the deposit

Taylor Deposit Geology

M I N E R A L I Z A T I O N M A I N L Y H O S T E D I N

C A R B O N A T E S

2017-2018 Strategic PrioritiesH E R M O S A - T A Y L O R D E P O S I T

Test the potential of the deposit

Complete a resource update and

Preliminary Economic Assessment by the end of Q1 2017

Complete financing for feasibility,

state permitting and exploration

Initiate state permitting for

operations in the first half of 2017

Deliver a Feasibility Study in

H1 2018 29

Uniquely Positioned to Benefit from Strong Zinc Prices

Multi -decade, world-class zinc-lead-silver resource

Strong economics shown in PEA

High grade zinc concentrates in demand ̶ keen interest from concentrate buyers

Significant future value creation

potential as Hermosa-Taylor project is de-risked and from substantial exploration potential

Excellent and growing leverage to

improving zinc fundamentals 30

Share Capital / Financial Information/Major Shareholders

Analyst Coverage

Central Deposit Resource

Management

Directors

Zinc Outlook

Qualified Persons

A P P E N D I X

31

AppendixS H A R E C A P I T A L /F I N A N C I A L I N F O R M A T I O N

Toronto Stock Exchange Symbol AZ

I/O Shares (June 30, 2017) 301.7 million

Options/Warrants (June 30, 2017) 35.9 million

Fully Diluted (June 30, 2017) 337.6 million

Share Price (June 30, 2017) C$2.85

Market Capitalization C$860 million

Average Volume (20 days) 0.5 million

52 Week High/Low C$3.49 / $1.58

Cash & Equiv. (as of May 16, 2017)* C$116.1 million

32

M A J O RS H A R E H O L D E R S

Officers and Directors ~35% Total Funds/Institutions ~16% South32 Limited 15% Major Institutional Shareholders:

JP Morgan Asset Management UKLOGiQ Asset ManagementBlackRock Inv. Management UKOppenheimerFundsM&G Investment Management UK1832 Asset ManagementCarmignac GestionFidelity Management & ResearchRBC Global Asset ManagementMackenzie Financial

* On closing of the C$110.3 million private placement with South32 Limited.

AppendixA N A L Y S T C O V E R A G E

Firm Analyst

BMO Capital Markets Alex Terentiew

TD Securities Craig Hutchison

Scotiabank Trevor Turnbull

RBC Capital Markets Sam Crittenden

National Bank Financial Shane Nagle

Canaccord Genuity Dalton Baretto

33

AppendixC E N T R A L D E P O S I T O X I D E R E S O U R C E S 1

1. Source: p. 125 of the April 13, 2017 Technical Report. 34

The Central Ag -Mn-Zn oxide deposit is mineralogically distinct from the Taylor sulfide deposit and will require a different processing method

of the April 13, 2017 technical report

Richard Warke founded Augustagroup in 2005 when he started Ventana Gold, Augusta Resource Corp., and Arizona Mining. The group now includes NewCastle Gold and Titan Mining. Ventana Gold was sold for C$1.6 billion and Augusta was sold for C$666 million. Mr. Warke has more than 25 years of experience in corporate finance and marketing in the global resource industry, and has been involved in raising over $1 billion dollars in equity for resource companies.

Richard W. WarkeE X E C U T I V E C H A I R M A N

& F O U N D E R

Experienced Management

James Gowans joined Arizona Mining in January, 2016. Mr. Gowans has more than 30 years’ experience in mineral exploration, feasibility studies, construction and operations, including at the Red Dog and Polaris mines. He was formerly Co-President and EVP & COO of Barrick Gold. Prior roles include Managing Director of Debswana Diamond Company (Pty) Ltd., President & CEO of De Beers Canada Inc., COO & SVP of International Nickel Indonesia tbk PT, and EVP at Placer Dome.

James GowansP R E S I D E N T

& C E O

Don Taylor joined Arizona Mining in June, 2010. He has 30 years of successful mineral exploration experience in base and precious metals, taking projects from exploration to mine development. He was previously VP, Exploration at Doe Run Resources and BHP Minerals. He is a Licensed Professional Geologist in several states and a QP as defined by NI 43-101. Mr. Taylor is the 2017 winner of the SME’s Ben F. Dickerson award.

Donald R. TaylorC H I E F O P E R A T I N G

O F F I C E R

35

Gregory Lucero joined Arizona Mining in July, 2011. Mr. Lucero has more than 20 years of management experience in the public and private sector, as well as an extensive background in the executive government working for local, state, and federal elected officials. Prior to Arizona Mining, Mr. Lucero was the County Manager for Santa Cruz County in Arizona, where he also served as the chief lobbyist at the state legislature and US Congress.

Gregory F. LuceroV P , C O M M U N I T Y & G O V E R N M E N T

A F F A I R S

Experienced Management

36

Paul Ireland joined Arizona Mining in December, 2009. He has extensive financial experience in mining and forestry and is a Chartered Accountant; he is also CFO of NewCastle Gold. Prior CFO roles include Ventana Gold Corp., Diavik Diamond Mines Inc. and Western Forest Products Inc. Mr. Ireland has successfully negotiated significant debt re-financings and raised new equity capital.

Paul J. IrelandC H I E F

F I N A N C I A L O F F I C E R

Mr. Annett joined Arizona Mining in June, 2017. He has over 11 years of experience with Teck and Falconbridge and an additional 10 years in capital markets, most recently with Scotiabank. He worked for Cominco as a metallurgist at the lead-zinc Polaris Mine, the Sullivan lead-zinc mine, and the Quebrada Blanca mine. Mr. Annett was ranked a Brendan Woods TopGun SuperLeague Sales Professional during the last two surveys in 2015 and 2012.

Jerrold AnnettS V P ,

C O R P O R A T ED E V E L O P M E N T

Experienced Management

Purni ParikhV P , C O R P O R A T E

S E C R E T A R Y

Johnny Pappas joined Arizona Mining in January, 2016. He has a distinguished career in the field of environmental management and permitting and was previously Director of Environmental Affairs for Romarco Minerals where he directed federal and state permitting for the Haile Gold Mine. Previously, Mr. Pappas was Environmental Manager of the Climax Mine and Permit Coordinator for the Cortez Mine.

Johnny PappasD I R E C T O R ,

E N V I R O N M E N T A L & P E R M I T T I N G

Susan Muir joined Arizona Mining in August, 2016. She is an experienced IR executive, and was most recently Vice President, Investor Communications at Barrick Gold Corporation following a series of increasingly senior roles since 2007. Ms. Muir also has 25 years experience analyzing and covering large and small cap precious metals equities for several major Canadian investment banks, respectively.

Susan MuirV P , I N V E S T O R

R E L A T I O N S & C O R P .C O M M U N I C A T I O N S

37

Purni Parikh joined Arizona Mining in 2006. She has more than 25 years of experience in business administration including with public companies in the areas of communications, investor relations and legal administration. Ms. Parikh is President of Augustagroup and Vice President, Corporate Secretary for Plata Latina Minerals and Newcastle Gold Ltd. She was also Vice President, Corporate Secretary for Augusta Resource Corporation prior to its acquisition.

Directors

Richard W. WarkeE X E C U T I V E C H A I R M A N

James GowansD I R E C T O R

Robert Wares is a professional geologist with more than 30 years’ experience in mineral exploration and research; currently President and CEO of NioGoldMining Corporation, Executive VP Exploration and Resource Development for Osisko Mining and director of several public mining companies; former Executive VP, COO and Founding Director of Osisko; previously, Director and Audit Committee member of Augusta Resource Corporation. Mr. Wares holds a Bachelor’s Degree (Honours) in Geology and an Honorary Doctorate in Sciences from McGill University.

Robert P. WaresD I R E C T O R

38

Richard Warke founded Augustagroup in 2005 when he started Ventana Gold, Augusta Resource Corp., and Arizona Mining. The group now includes NewCastle Gold and Titan Mining. Ventana Gold was sold for C$1.6 billion and Augusta was sold for C$666 million. Mr. Warke has more than 25 years of experience in corporate finance and marketing in the global resource industry, and has been involved in raising over $1 billion dollars in equity for resource companies.

James Gowans has more than 30 years’ experience in mineral exploration, feasibility studies, construction and operations, including at the Red Dog and Polaris mines. Mr. Gowans was formerly Co-President and EVP & COO of Barrick Gold. Prior roles include Managing Director of Debswana Diamond Company (Pty) Ltd., President & CEO of De Beers Canada Inc., COO & SVP of International Nickel Indonesia tbk PT, and EVP at Placer Dome. Inc. Mr. Gowans is a Professional Engineer and received a bachelor of applied science degree in mineral engineering from the University of British Columbia and attended the Banff School of Advanced Management.

Directors

John BoehnerD I R E C T O R

William MulrowD I R E C T O R

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Mr. Boehner served as the 53rd Speaker of the United States House of Representatives from 2011 to 2015. A member of the Republican Party, Boehner was the U.S. Representative from Ohio's 8th congressional district, serving from 1991 to 2015. He previously served as the House Minority Leader from 2007 until 2011, and House Majority Leader from 2006 until 2007. Following his career in government service, Mr. Boehner joined Squire Patton Boggs, a global law and public policy firm. He earned a Bachelor of Arts in business administration from Xavier University.

Mr. Mulrow is a Senior Advisor at the Blackstone Group, an alternative asset manager. Previously, he was a Director of Global Capital Markets at Citigroup, Inc., a Managing Director of Paladin Capital Group, a Senior Vice President and Head of New Product Development at GabelliAsset Management (now GAMCO Investors), a Managing Director in Corporate Finance for Rothschild Inc., and a Managing Director and Head of Public Finance Banking for Donaldson, Lufkin and Jenrette Securities Corporation. He is a graduate of the Kennedy School of Government at Harvard University and of Yale College where he graduated Cum Laude and was a Rhodes Scholar finalist.

Don Taylor has 30 years of successful mineral exploration experience on more than five continents in base and precious metals, taking projects from exploration to mine development. He was previously at Doe Run Resources and BHP Minerals, has a Bachelor of Science degree in Geology from Southeast Missouri State University and a MSc from University of Missouri at Rolla. He is a Licensed Professional Geologist in several states and QP as defined byNI 43-101.

Don TaylorD I R E C T O R

Directors

Poonam Puri, Professor of Law and formerly Associate Dean at Osgoode Hall Law School and affiliated scholar to Davies Ward Phillips & Vineberg LLP, is one of Canada’s most respected scholars and commentators on issues of corporate governance, corporate law, securities law and financial regulation. Professor Puri is a member of the Board of Directors of the Greater Toronto Airports Authority and also sits on the Board of Directors of Toronto’s Women’s College Hospital. Professor Purihas a Bachelor of Laws (LLB) degree from the University of Toronto, a Master of Laws (LLM) degree from Harvard Law School and is a member of the Institute of Corporate Directors.

Poonam PuriD I R E C T O R

Independent financial advisor specializing in corporate finance, cross-border transactions and mergers and acquisitions; previously, Partner-in-Charge of Thorne Ernst & Whinney's(now KPMG) Vancouver office Financial Advisory Services group; over 30 years of experience as a Chartered Accountant; currently Director and Audit Committee Chair for Atlantic Gold Corporation, Eros Resources Corp, Epicore BioNetworks Inc. and Hansa Resources Limited. Donald obtained his Chartered Accountant designation in 1973.

Donald R. SiemensD I R E C T O R

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Appendix

Sources: Wood Mackenzie, Scotiabank GBM estimates – July 5, 2017

Z I N C S U P P L Y / D E M A N D F O R E C A S T

41

Appendix

Sources: Wood Mackenzie, Scotiabank GBM estimates - July 5, 2017

W E S T E R N W O R L D M I N E C L O S U R E S V S F O R E C A S T N E W S U P P L Y

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Z I N C F O R E C A S T T O B E I N D E F I C I T D U E T O L I M I T E D M I N E S U P P L Y , S T R O N G D E M A N D A N D D E C L I N I N G I N V E N T O R I E S

43

Spot treatment charges have declined to US$50/dmt

Sources: Wood Mackenzie, Scotiabank GBM, RBC Capital Markets

Appendix

AppendixZ I N C U S E S

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2016 Global Zinc Consumption by First Use

Galvanising60%

Semi-manufactured Products

5%

Brass Semis & Castings

11%

Diecasting Alloys13%

Oxides & Chemicals

9%

Miscellaneous2%

Sources: Wood Mackenzie, RBC Capital Markets

2016 Global Zinc Consumption by End Use

Construction50%

Transport21%

Industrial Machinery

7%

Consumer Products6%

Infrastructure16%

All dollars are United States Dollars

AppendixQ U A L I F I E D P E R S O N S

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Qualified Person Position EmployerProfessional Designation

Mr G. Methven Principal Mining Engineer AMC Mining Consultants (Canada) Ltd. P.Eng. (BC)

Mr G. Z. Mosher Principal Geologist Global Mineral Resource Services. P.Geo. (BC)

Mr Q. Jin Senior Process Engineer SGS North America Inc. P.E.

Mr W. HughesPrincipal Mechanical / Infrastructure Engineer

AMC Mining Consultants (Canada) Ltd. P.Eng. (BC)

Mr R. M. Smith Principal Engineer Newfields Mining Design and Technical Services P.E.

Mr C. Kottmeier Principal Mining Engineer AMC Mining Consultants (Canada) Ltd. P.Eng. (BC)

Mr D. Bartlett Principal and President Clear Creek Associates CPG AIPG, RG AZ

Mr E. Christenson Senior Engineer WestLand Resources Inc. P.E. AZ

Mr. D. R. Taylor Chief Operating Officer Arizona Mining MSc, P. Geo

ContactSusan Muir

Tel: (416) 505 – 7606smuir@arizonamining.com

www.arizonamining.com

C o r p o r a t e P r e s e n t a t i o nJ U L Y 2 0 1 7