Canstar Resources : Investor Presentation - January 2022

DISTRICT SCALE GOLD EXPLORATION IN NEWFOUNDLAND

TSXV: ROX

OTCPK: CSRNF

January 2022	www.canstarresources.com
Q3 2020

Disclaimer & Forward Statements

Disclaimer

This presentation contains a review of the Company's projects in Canada. Viewers are cautioned that the projects are at an early stage of exploration and that estimates and projections contained herein are based on limited and incomplete data. More work is required before the mineralization on the projects and their economic aspects can be confidentially modeled. Therefore, the work results and estimates herein may be considered to be generally indicative only of the nature and quality of the projects. No representation or prediction is intended as to the results of future work, nor can there be any promise that the estimates herein will be confirmed by future exploration or analysis, or that the projects will otherwise prove to be economic.

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this presentation. This presentation includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this presentation includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, and timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this presentation are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this presentation, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Qualified Persons, Technical Information, and Quality Control & Quality Assurance

Bob Patey, P.Geo., Senior Geologist of Canstar, and a Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Minerals Projects, has reviewed and approved the technical and scientific information presented herein as accurate and approved the content related to those projects in this presentation.

Historic data

Canstar took over the Golden Baie Project in September 2020. Much of the work to date on the project consists of analysis of data reported by earlier explorers which must be considered historic in nature and therefore not NI43-101 compliant.

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Finding New Gold in Newfoundland

• District-scaleproperty in a hot district
• • Massive 774 km2 claim block
  • Along the same major tectonic boundary and in a similar geological setting as New Found Gold's Queensway project
  • Anomalous high-grade gold identified at surface over a distance of ~40 km with potential strike of ~150 km
  • Very little historical drilling = tremendous discovery potential
  • 5,700 metre drill program completed in summer 2021 identified a high grade, near-surface gold discovery at the Kendell prospect (GB-21-01: 9.64 g/t Au over 7.75 m) that remains open in multiple directions
• Low market cap relative to discovery potential
• • Market capitalization of only ~$26M is very small compared to the discovery potential of the properties
  • Eric Sprott owns 26% of shares outstanding
• Strong technical team and board

Island of

ISLAND OF

Newfoundland

NEWFOUNDLAND

1 mm

Grab samples at Golden Baie have assayed as high as 4,485 g/t gold (Kendell showing)

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Compelling Valuation

CAPITALIZATION

Shares issued	108.5M
Market capitalization (at C$0.26/share)	C$28M
Warrants (average exercise price $0.28)	33.2M
Options (average exercise price $0.28)	8.9M
Fully diluted shares	150.3M
Cash	~C$7.0M
Debt	nil

TSXV: ROX

		Other			$1,331
		investors	50%
	9%		Eric Sprott
	4%	11%		26%
Management &
board	Institutions
		Market Cap (C$M) of
		Newfoundland Gold Explorers
$500
$450
$400
$350
$300
$250
$200					$145
$150
$100	$27	$43		$71
$50
$0
	Canstar	Exploits	Sokoman	LabGold	New Found
						Gold
						4

Strong Team & Technical Advisors

Management

Independent Directors

Robert

Bruggeman

President & CEO, Director

Jack Hurley

CFO

Matt Lapointe

VP, Exploration

• 25+ years in corporate development, equity research, and leading junior mining companies
• Chairman of AbraSilver Resource Corp.
• P.Eng. (Ontario) and CFA charter holder
• One of the founding partners of McGovern, Hurley, Cunningham LLP, Toronto in 1980
• CPA and CA, retired from public practice in 2010
• Professional geologist with over 15 years in precious metals exploration with companies including Labrador Gold, TMAC Resources, IAMGOLD, and Sabina Gold & Silver
• Led led the team at Labrador Gold that discovered the Big Vein on the Kingsway property in Newfoundland

Neil Burns

Director

James Clare

Director

Sam Leung

Director

Jacqueline Allison

Non-executive

Chairwoman

• VP of Technical Services at Wheaton Precious Metals
• Director of Au Gold Corp
• Partner with Bennett Jones LLP with emphasis on mining sector corporate finance and M&A
• Director of SolGold plc, PJX Resources Inc., and Riverside Resources Inc.
• VP, Corporate Development at Adventus Mining
• Director of AbraSilver Resource Corp
• 20+ years at major institutions in the fields of mineral economics, financial analysis, investment management and investor relations
• PhD (Mineral Economics), P.Geo (Ontario) and CFA charter holder
• Director of Laramide Resources

	Technical Advisors
Dr. Laurie Curtis	• 40+ years in mineral exploration and mining research
Technical Advisor	• Ph.D. (Economic Geology and Geochemistry) from University of Toronto
	• Involved in a number of discoveries, including the Back River gold belt
Dr. Lawrence Winter	• Ph.D. (Economic Geology) from UBC
Technical Advisor	• VP Exploration at Altius Minerals, leading project generation efforts globally
	• The Altius project generation team was awarded the Prospector/Explorer Award by the Newfoundland CIMM in 2017
Dr. David Palmer	• Ph.D. (Economic Geology) from McGill University
Technical Advisor	• Led the discovery of the multi-million ounce Borden Gold deposit in Ontario
	• Awarded PDAC's Bill Dennis Prospector of the Year (2015) and Northern Miner's Mining Person of the Year (2014)

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