Northisle Company Overview - The Leading Sustainable Resource Opportunity JUNE 2021
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COPPER AND GOLD INC.
Northisle Company Overview
The Leading Sustainable Resource Opportunity
TSX-V: NCX JUNE 2021
1
Cautionary Disclaimer Regarding Forward-Looking Statements and Information Certain of the statements and information in this presentation constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements and information generally express predictions, expectations, beliefs, plans, projections, or assumptions of future events or performance and do not constitute historical fact. Forward- looking statements and information tend to include words such as “may,” “expects,” “anticipates,” “believes,” “targets,” “forecasts,” “schedules,” “goals,” “budgets,” or similar terminology. Forward-looking statements and information herein include, but are not limited to, statements with respect to the completion of the Proposed Arrangement and the expected structure thereof; anticipated shareholder, court and regulatory approvals; and the expected timing of closing of the Arrangement. All forward-looking statements and information are based on NorthIsle’s or its consultants' current beliefs as well as various assumptions made by and information currently available to them. These assumptions include, without limitation that shareholder and court approvals to the Proposed Arrangement will be obtained in a timely manner, and that regulatory approvals will be available on acceptable terms. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements and information are inherently subject to significant business, economic, and competitive uncertainties and contingencies and are subject to important risk factors and uncertainties, both known and unknown, that are beyond NorthIsle’s ability to control or predict. Actual results and future events could differ materially from those anticipated in forward-looking statements and information. Examples of potential risks are set forth in NorthIsle's annual report most recently filed with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators as of the date of this press release. Accordingly, readers should not place undue reliance on forward-looking statements or information. NorthIsle expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. John McClintock, P Eng. is the Qualified Person responsible for the technical content of this presentation TSXV: NCX 2
Northisle Investment Highlights
Superior economics with significant exposure to Cu, Au, Mo + Re
Robust
‒ Long mine life of 22 years
Preliminary ‒ Average annual production of 156mlbs CuEq. over LOM
Economic ‒ Attractive economics with C$1.1 billion After-tax NPV (8%) and 19% After-tax IRR
Assessment ‒ Short payback of 3.9 years
British Columbia among the top quartile of the best mining jurisdictions in the world
Rapid and
Collaborative Approach to consultation with First Nations and local communities
Sustainable Leveraging brownfield infrastructure from neighbouring BHP Island Copper Mine
Development Initiate critical path items and PFS in 2H 2021
Sam Lee, President & CEO: +$100 billion of M&A and equity transactions over 20 years
Exceptional Dale Corman, Chairman: Former CEO of Western Silver and Gold - $1.2 billion merger with Glamis
Leadership Jack McClintock, VP Exploration: 1998 PDAC prospector of the year award, Spence deposit, Chile
Kevin O’Kane, Director: ~40yrs of mining experience with BHP and SSR
Fully financed 10,000m drill program targeting new discoveries as well as growing tonnage and
Exploration grade near existing resources
Upside District play with over 50 km of strike and numerous exploration targets including Pemberton Hills,
Goodspeed and Macintosh, as well as opportunities near existing deposits
TSXV: NCX 1. Base case commodity prices used in the 2021 PEA are as follows: US$3.25/lb Cu, US$1,650/oz Au, US$10.00/lb Mo, US$1,256/kg Re, US$:C$ 0.75. 3
The World Needs More Copper
Looming copper market deficit Copper Inventory Forecasts (000 tonnes)1
• Shutdowns of major copper-producing countries such as Peru 800
Global Balance at 9k Global Balance at GS Forecast
and Chile dampened global mine supply 400
• Tightness in the physical market with exchange inventories 0
decreasing dramatically -400
• Market analysts forecast a supply gap ranging from
-800
approximately 7 million tonnes to greater than 8 million tonnes
-1200
by 20302
-1600
2020 2021E 2022E 2023E 2024E 2025E
Global Copper Supply / Demand (mt)2
Diminishing new supply of copper
30.0
28.0
• Operators facing permitting delays on account of capex
Copper Production
26.0 Pipeline escalation, social and other ESG considerations
24.0 Demand • The long lead time for the majority of copper supply,
22.0 combined with the industry’s resistance towards new
20.0
project development, leaves the copper market running
18.0
out of time to secure the necessary supply to meet
16.0
forecast demand later in the decade
14.0 Wood Mackenzie estimates a ~7.0M tonne copper
12.0
deficit by 2030
10.0
2010 2015 2020 2025 2030
1. Source: Wood Mackenzie and Goldman Sachs estimates (assumes US$9000/t copper price through 2025)
TSXV: NCX 4
2. Source: Wood Mackenzie. Goldman Sachs forecasts a copper market deficit of 8.2 million tonnes by 2030
Green Demand to Benefit Copper
Environmental & social-based policy shifts Copper Demand from Green Sectors (ktpa)2
underway Total Charging Points
Demand
• Metals are at the center of the next commodity super cycle Total EV Demand
Total Wind Demand
and green demand is poised to drive copper usage Total Solar Demand
• New policies globally addressing the issue of climate
change via growing decarbonization commitments
• Biden Administration has proposed US$2 trillion in
infrastructure spending focused on clean energy
Annual Copper Consumption in EVs and ICEs1 Electrification is here to stay
4.0 • Global EV penetration will boost copper consumption
Annual copper consumption (Mt)
Battery electric vehicles require 5x • Copper is a crucial metal in developing electric vehicles and
3.0 more copper than ICE vehicles ancillary infrastructure
• According to Wood Mackenzie, the growing adoption of EVs
2.0
is anticipated to represent an incremental ~1.3M tonnes of
1.0 annual copper demand by 2025 and ~2.7M tonnes of annual
demand by 2030, respectively
0.0
2015 2020 2025 2030 2035 2040
Passenger EVs Passenger ICEs
TSXV: NCX 1. Source: S&P Global Market Intelligence 5
2. Source: Wood Mackenzie
Cu Market Conditions Look Promising….
Favourable macro conditions to support rising Improving Chinese Refined Copper Demand1
copper prices 15,000
• Unprecedented expansionary monetary and fiscal policies is
China refined copper consumption
14,000
driving a strong stimulus-backed global recovery underpinned
13,000
by U.S. dollar weakness
(000 t)
• IMF estimates the global economy to grow 5.5% in 2021 and 12,000
4.2% in 2022
11,000
• Manufacturing PMI data shows major countries are returning to
pre-COVID levels 10,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Strong consumption in China underpins demand Global Refined Copper Demand Expected to Grow1
• Significant rebound in China’s economic activity 28,000
27,000
• Imports in the first 11 months of 2020 jumped 40% YoY, as the
Global refined copper consumption
26,000
construction and auto sector recovered robustly from the pandemic
25,000
• Strong credit availability to support commodity-intensive lending
24,000
(000 t)
• Property sales remain positive which may translate into robust 23,000
completions and rising housing starts 22,000
21,000
20,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
TSXV: NCX 1. Source: S&P Global Market Intelligence 6
…as do those for our by-products
North Island by-products add to already robust economics
Inflation concerns aiding the gold market Gold Price Performance – 2015-2025E1
• Gold has rebounded from its earlier highs in January
$2,500
Spot Au
US$ 1,778/oz
• An important by-product for North Island, the mine will produce an $2,000
average of 99k oz of gold per year over LOM
• At US$1650/oz, gold represents approximately 33% of total $1,500
PEA Au Price
US$1,650/oz
revenue at North Island over LOM. This improves materially
$1,000
with spot gold prices and consensus estimates into the
economics of the project $500
$0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Molybdenum Price Performance – 2015-YTD 2021
A strong molybdenum market only adds to profitability
Spot Mo
• Tight supply and surging consumer demand have recent pushed US$18.25/lb
molybdenum prices to 5-year highs
• Over the LOM, North Island will produce approximately 2.9
million lbs on average per year
PEA Mo Price
• The recent surge in molybdenum prices would materially US$10.00/lb
benefit the economics of the project
1. Source: S&P Global Market Intelligence Reflects broker consensus gold price forecasts from 2021-2025
TSXV: NCX 7
Pricing data as June 22, 2021
Capital Markets Profile
SHARE PRICE PERFORMANCE
$0.40 1.0
0.9
0.8
Share Price (C$)
$0.30
0.7
0.6
$0.20 0.5
0.4
0.3
$0.10
0.2
0.1
$0.00 0.0
Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
Source: S&P Capital IQ
CAPITAL STRUCTURE SHAREHOLDER DISTRIBUTION
Institutions
Shares Outstanding 168.7 million
High Net-Worth* 11%
56% Insiders
Market Capitalization (C$0.31– June 14, 2021) C$52 million
16%
52 Week Trading Range C$0.05 – C$0.42
Options (C$0.05 – C$0.28) 12,603,333
Retail
Warrants - 17%
*Management Estimate
Fully Diluted 181.3 million
ANALYST COVERAGE
Cash C$9.1 million
Michael Gray
Debt Nil
TSXV: NCX Chris Thompson 8
Industry Leading Leadership
✓ PROVEN TRACK RECORD ✓ OVER 200 YEARS ✓ A SUSTAINABLE APPROACH
in finding and developing collective mining and to mineral discovery and project
world class mines capital markets experience development
Dale Corman, P.Eng Chairman1 Sam Lee, CFA President & CEO1,
Director
Discovery of Penasquito through to Feasibility Advised on +$100 billion of M&A and equity
Sold to Glamis Gold for $1.2 billion transactions over 20 years including several large
Founder of Western Copper & Gold porphyry projects
Nicholas Van Dyk, CFA VP Corporate Development and IR Cameron Brown, P.Eng Technical Advisor2
Public company executive experience over 15 year in corporate development, More than 45 years experience in mineral process and plant maintenance
finance, and investor relations Current VP Engineering for Western Copper & Gold
Michelle Tanguay Head of Sustainability & Community Relations Kevin O’Kane, P.Eng Non-Executive Independent Director1,2
Former executive of Newmont, Argonaut Gold and Ethos Gold over 25 Years Spence, Cerro Colorado, Minera Escondida, Island Coppar (BHP) over 37 years
Responsible for environmental and social performance Director of SolGold PLC and retired Chief Operating Officer at SSR
Jack McClintock, P.Eng VP Exploration2 Martino De Ciccio, CFA Non-Executive Independent Director
Over 40 year Experience with Rio Algom, Billiton, and BHP Vice President Strategy and Investor Relations at Endeavour Mining
Discovered Spence Deposit (BHP) - Production: ~230ktCupa Former executive at La Mancha Resources
David Douglas, CA Chief Financial Officer Larry Yau, CA Non-Executive Independent Director
Over 30 years of experience in the accounting, corporate finance, and mining Over 20 years of financial and business experience gained primarily in the mining and
industries. resources sectors. Currently the CEO of Spanish Mountain Gold Ltd.
1. Member of the Technical and Sustainability Committee
TSXV: NCX 2. Member of the Technical Advisory Committee 9
North Island – Project Highlights
Long Mine Life: 22 years
2021 PEA Right-Sized Project: LOM avg. production of 156mm lbs CuEq; C$1.4 billion capex;
Highlights1 after-tax NPV8 of C$1.1billion and after-tax IRR of 19%; 3.9 year payback
Low-Cost Operation: LOM AISC of C$2.14/lb CuEq (C$2.01/lb in first 6 years)
Significant Indicated Resources: 4.7 billion lbs CuEq (9.3m oz AuEq)
Resource Base Inferred Resources: 3.8 billion lbs CuEq (5.6m oz AuEq)
District play with over 50 km of strike
District Hushamu and Red Dog Deposits in the middle of an extensive belt with
Potential numerous targets including Pemberton Hills, NW Expo, South Mackintosh and
Goodspeed
Access to existing infrastructure via former BHP Island Copper mine
Established
Synergies with regional economic activity in the Port Hardy area
Infrastructure
Support from regional communities for project development
1. Cu & Au Eq calculated using US$3.25/lb Cu, US$1650/oz Au, US$10.00/lb Mo and US$1,256/kg Re and not adjusted for mining and metallurgical recoveries as these remain
uncertain.
2. The Preliminary Economic Assessment (“PEA”) is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic
considerations applied to them that would allow them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized.
TSXV: NCX 10North Island – District Scale Potential
100% owner a 50km porphyry district
10km
100% NCX
Cape Scott
Wind Farm
North West Red Dog Hushamu
Expo Target Deposit Deposit
Port Hardy
Island Copper Pit
(former BHP mine)
Port Hardy
Japan
7,200km
Coal Harbour
Victoria
Pemberton ~24 yr LOM production
>500km
Hills Target 345 Mt @ 0.41% Cu,
0.017% Mo, 0.19 g/t Au
& 1.4 g/t Ag
Road Power Transmission Line
TSXV: NCX 11North Island – Project Benchmarking
Grades compare well with current operating mines in British Columbia
METAL VALUE DISTRIBUTION M&I RESOURCE GRADE FOR CURRENT BC OPERATING MINES1
(based on 2021 PEA recoveries) 0.55%
0.48%
0.41%
0.30%
Copper 0.28%
62% 0.23%
Gold
33%
Molybdenum
5%
Red Chris Mount Milligan North Island Copper Mountain Highland Valley Gibraltar
Project
Tonnes, Grade Contained Metal
'000 Cu, % Au, g/t Mo, % Re, ppm CuEq, % Cu, blb Au, moz Mo, mlb Re, t CuEq, blb AuEq, moz
Indicated
Hushamu 472,854 0.20% 0.23 0.008% 0.35 0.40% 2.08 3.50 83.40 165.50 4.18 8.23
Red Dog 54,490 0.22% 0.31 0.004% - 0.46% 0.26 0.54 4.81 - 0.55 1.09
Total 527,344 0.20% 0.24 0.008% 0.31 0.41% 2.35 4.04 88.20 165.50 4.74 9.33
Inferred
Hushamu 414,293 0.15% 0.18 0.006% 0.29 0.31% 1.37 2.40 54.80 120.14 2.80 5.52
Red Dog 2,979 0.17% 0.25 0.002% - 0.36% 0.01 0.02 0.13 - 0.02 0.05
Total 417,272 0.15% 0.18 0.006% 0.29 0.31% 1.38 2.42 54.93 120.14 2.83 5.57
Source: Agentis Capital, Company Filings
For Cu and Au Eq, the commodity prices used are as follows: US$3.25/lb Cu, US$1,650/oz Au, US$10.00/lb Mo and US$1,256/kg Re, assumes 100% metal recoveries.
TSXV: NCX 12
1) Open pit resources only; Cu Eq uses North Island PEA commodity prices and 100% metal recoveries. US$20/oz assumed for silver.Summary – 2021 North Island PEA
PEA HIGHLIGHTS – BASE CASE1,2
✓ Robust economics
After-tax C$1.1bn NPV8% (C$1.7bn NPV5%)
NPV
Pre-tax C$1.5bn NPV8% (C$2.3bn NPV5%)
✓ High leverage to copper and gold
After-tax 19.0% IRR
IRR
Pre-tax 21.7% IRR
✓ Significant production profile
Payback 3.9 years
✓ Simple flowsheet Free Cash First 6 years avg: C$321m after-tax
Flow LOM avg: C$224m after-tax
✓ Low-cost production Initial
C$1.4bn over a 2 year construction period
Capital
✓ High IRR & 22-year mine life Annual First 6 years: 112mlb Cu; 112koz Au; 2.7mlb Mo
Production LOM: 96mlb Cu; 100koz Au; 3.0mlb Mo
✓ Improved recoveries
Recoveries 86.4% Cu; 46.8% Au; 59.5% Mo
✓ Premium copper concentrate
AISC
First 6 years: C$0.77/lb Cu & C$2.01/lb Cu Eq
LOM: C$0.90/lb Cu & C$2.14/lb CuEq
✓ Expansion potential Strip Ratio 0.71
✓ Growth potential Mine Life 22 years at 75,000 tpd
1. Base case commodity prices used in the 2021 PEA are as follows: US$ 3.25/lb Cu, US$ 1,650/oz Au, US$ 10.00/lb Mo, US$1,256/kg Re, US$:C$ 0.75x
TSXV: NCX 13
2. The 2021 PEA report detailing the disclosures in this presentation was filed on March 22, 2021 and is available on the Company’s website and on SEDAR.2021 PEA Summary Economics
Robust Economics with Significant Upside to Current Metal Prices
$1,396
$1,059
NPV (C$m, 8%)
IRR
22.3%
19.0%
After-tax Economics
2021 PEA 2021 PEA
Metal Price Scenario
Base Case1 Spot Price2
NPV5% C$1,683m C$2,116m
NPV8% C$1,059m C$1,396m
IRR 19.0% 22.3%
Payback 3.9 years 3.5 years
AISC (byproduct) C$0.90/lb Cu C$0.69/lb Cu
Capital Cost C$1.4Bn
Sustaining Capital C$197m
The Preliminary Economic Assessment (“PEA”) is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic
considerations applied to them that would allow them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized.
1. 2021 PEA: US$3.25/lb Cu, US$1650/oz Au, US$10.00/lb Mo and US$1,256/kg Re.
2. Spot Prices as of February 2, 2021: US$3.51/lb Cu, US$1835.60/oz Au, US$10.03/lb Mo and US$1,256/kg Re.
TSXV: NCX 14NorthIsle is Undervalued
Significant Resource at an Attractive Valuation
Enterprise Value / M+I Resources & M+I Resource
$667 $608 Enterprise Value/M+I Resource (US$/t CuEq)
47.9
M+I Resources (Mt CuEq)
$269
$243
$231 $219
5.1
4.1
$100 $95
$83
2.6 $55 2.0 2.1
1.5 $39 $37 1.8
$28
1.1 $23
1.1 $19 $14
0.6 0.6 0.7 $6
0.4 0.5 0.3 0.3
Northern
Filo
Foran
Entrée
Kutcho
Granite
Surge
Adventus
GT Gold
Western
Booker
NorthWest
NorthIsle
Marimaca
Solaris
Josemaria
Regulus
Pacific
Dynasty
Copper
Creek
Price / Net Asset Value (Analyst Consensus)
1.08x
0.89x
GTT Recently Acquired for C$456 million
0.83x 0.82x
0.70x
0.50x 0.49x 0.44x
0.38x
0.28x 0.22x
0.10x
Filo
Regulus
Northern
Foran
Entrée
Western
Solaris
Adventus
GT Gold
NorthIsle
Marimaca
Josemaria
Dynasty
Immense potential to re-rate as North Island is advanced Copper
TSXV: NCX Source: Agentis Capital Mining Partners. 15Simple and Straightforward Mining
Red Dog is a higher-grade initial feed source which outcrops at surface
Strip ratio less than 0.2x
Excellent potential to expand
TSXV: NCXSimple and Straightforward Mining
Hushamu is a large tonnage porphyry system occurring near surface
Predictable copper porphyry mineralization open for expansion
Can be tested with a minimal number of drill holes
TSXV: NCXSummary of Initial Capex
Capital efficient due to significant existing infrastructure
CAPEX / THROUGHPUT (US$000/TPD)
$94.3
$66.2
$55.9
$38.8 US$15k/t
Cu Eq pa
$24.4
$21.1 $20.5 $20.3 $19.6
$14.5 $14.4
$8.5
$3.2
Granite Creek
Filo
Kutcho
Foran
Northern Dynasty
Surge
Adventus
NorthWest
Western Copper
NorthIsle
Marimaca
Josemaria
Solaris
Area C$ million
Mine 17.8 Owner's Cost
4%
Pre-production 130.9
Mine
Process
Process 1,235.4 1%
86%
Owner’s Cost 57.9
Pre-production
9%
Total $1,442.0
TSXV: NCX 18Competitive Operating Costs
Potential for first quartile AISC
Total Site Operating Costs
North Island will be a low-cost producer of
highly marketable concentrate products Area C$/tonne processed
LOM AISC of C$0.90/lb Cu (US$0.68) places Mining Cost1 $3.84
North Island firmly in the first quartile of the Processing $5.52
global copper cost curve
Owner’s Cost $0.38
Water Treatment $0.06
Total $9.81
Copper Production Cost Curve (AISC, net of by-product)
North Island
US$0.68/lb
Source: SNL Mining.
TSXV: NCX 1. Mining Cost includes leased mining equipment. 19Sustainability at Our Core
Becoming Canada’s Leading Sustainable Resource Company for the Future
Contribute to the Reduction in Carbon Emissions
• Access to clean BC power makes a low carbon emission mine conceivable
1 • Copper is driving the green energy revolution and is critical for expanded electrification infrastructure
Connecting with our Communities
• Commitment to supporting First Nations and community objectives
2 • Generate employment and business opportunities for the people of Northern Vancouver Island while
ensuring we safeguard the land for future generations
Make the Footprint Smaller
• Right size project while maximizing economics
3 • Potential to ship pyrite – leaving less behind
• Potential to utilize neighbouring historical Island Copper pit for tailings
Cape Scott Wind Farm
TSXV: NCX 20Exploration Upside
33,000ha currently underexplored with less than 400 holes drilled
Red Dog South: 1.2km x
North Island Northwest Expo: 1.5km
0.8km high-level porphyry
Hushamu: Deposit open for
open IP anomaly, partially 300m to the southeast.
Project tested with three holes all in
alteration with shallow holes
Previously assumed waste
showing increasing copper
Expansion copper-gold mineralization
and gold with depth
demonstrating ore grades
New Deposit
Discoveries
Red Dog Deposit
Goodspeed: surface
exploration is now
underway, with completion
Hushamu Deposit
of soil sampling SW of Red
Dog
Macintosh: recent logging
roads exposed a large area
of previously unknown high-
level porphyry alternation
now being mapped
Pemberton Hills: 3.5km x
Coal Harbour 1.5km high-level intense
alteration zone with
historical hole ending in
0.14%Cu
TSXV: NCX 21Pemberton Hills
High level alteration indicative of underlying copper porphyry deposit
• 3.5km x 1.5km area of high-level silicification and
advanced argillic alteration
• Shallow historical hole ends in 0.14% Cu
Area of high-level • Large IP target partially tested
porphyry alteration: • 2021 drilling includes 3 holes planned to minimum
600m depth and deeper if mineralization
encountered
Open IP Location of 2021
drill collars
Silicification Anomaly
Silicification
Historical hole ended
in 0.14% copper
TSXV: NCX 22Red Dog Upside Potential
North West Expo and Red Dog South Targets
Location of 2021
drill targets
Red Dog
Starter pit potential
Strip ratio of 0.14:1
TSXV: NCX 23Hushamu Deposit Upside Potential
Significant Opportunity for Expansion
Deposit
expansion to the
southeast
Converting
supposed waste
to mineralization
Multi-year notice
of work filed
covering over 70
step-out and in-
fill holes filed in Macintosh
Target
support of PFS
TSXV: NCX 24Next Steps
2021 2022 2023 2024+
• 2021 PEA Results • Target completion of pre- • Commencement of • Completion of North Island
announced including feasibility study covering feasibility study for the North Feasibility Study
updated recoveries and the Hushamu and Red Dog Island Project
economics deposits • Commence Draft EIS
• Ongoing baseline
• 10,000m drill program at • Continued in-fill drilling at assessment, source term • MA / EMA planning and
Hushamu, Red Dog, Hushamu, updated resource development engagement, permitting
Pemberton Hills and NW estimate
Expo – results expected H2 • Detailed project description • Financing / partnership
• Ongoing baseline and EA Readiness Decision negotiations ongoing
• Metallurgical testwork assessment, source term
targeting gold recovery, development • Continuation of Provincial • FEED / detailed engineering
grind size and reagents construction permitting
• Submission of initial project • Continuing regional
• Commencement of baseline description • Continued First Nations exploration initiatives
work including permitting engagement
• Tailings BAT assessment • Complete EIS (end 2025)
• Continued First Nations • Continuing regional
engagement including • Continue with regional exploration initiatives • Construction decision (early
targeted completion of early exploration initiatives 2026)
stage agreements - H2 • Commence financing /
• Continued First Nations partnership discussion
• Surface exploration at engagement including
Goodspeed and Macintosh TK/TLU
Exploration
Engagement
Permitting
Technical Studies
25TSXV: NCXAPPENDIX TSXV: NCX
BC: Supportive Tier 1 Jurisdiction
Population ✓ Top quartile best mining jurisdiction (F.I.)
15,000
✓ Numerous mines permitted in last 10
years, most recently Brucejack
✓ 5 copper-gold deposits currently in
production
Population
750,000
✓ Northern Vancouver Island is dependent
on resource-based industries
✓ Local communities support mining from
positive experience with previous Island
Copper operation (BHP) & active large-
scale aggregate quarry
✓ Port Hardy’s FILOMI (Fishing, Logging,
Mining) Day festival celebrates region’s
main economic drivers
TSXV: NCX 27How Copper Fits a Greener Economy1
Electric Vehicles Solar Panels
Electric vehicles have more than 5 times Copper is critical for efficiency and
the copper of ICE vehicles and by the end performance of photovoltaic panels and
of decade they will account for around thanks to their rapidly declining cost and
40% of the green copper demand deployment they will be the second driver
of green demand after EVs is key for
efficiency and performance of PV panels
and
Wind Turbines Energy Storage
Copper demand from wind energy In EVs copper is predominantly used for
will account for 20% of green batteries and in the future the
demand, with copper intensity development of grid energy storage
expected to grow as offshore systems will represent a key upside
projects will require twice as source of demand for copper
much copper as those onshore
and are expected to become
more prevalent
TSXV: NCX 1. Source: International Copper Association, Wood Mackenzie, Copper Alliance 28The Time is NOW for Copper
Supportive supply and demand fundamentals improving the copper market outlook
Key Supply Drivers
COVID-related supply Declining inventory levels Maturing global supply
disruptions and head grades with a limited pipeline
Key Demand Drivers
Reflationary EV revolution New policy shifts
recovery/expansion bolstering demand focused on decarbonization
TSXV: NCX 29Economics – Base Case
NorthIsle valuation attractive based on only the North Island Project
Financial Parameters Production Parameters
Development Capital C$m $1,442 Mine Life Years 22
Sustaining Capital C$m $197 Cu mlbpa 95.9
Site Operating Cost C$/t $9.81 Au kozpa 99.9
Avg. Ann. Revenue C$m $649 Mo klbpa 2,954
After-tax NPV8% C$m $1,059 C1 Cash Costs1 C$/lb Cu $0.81
After-tax IRR % 19.0% AISC1 C$/lb Cu $0.90
Metal Prices Mineral Inventory
Cu US$/lb $3.25 Ore mt 602.3
Au US$/oz $1,650 Cu Grade % 0.18%
Mo US$/lb $10.00 Au Grade g/t 0.24
Re US$/kg $1,256 Mo Grade % 0.008%
Exchange Rate CADUSD 0.75x Re Grade % n/a2
TSXV: NCX 1. Net of by-products. Commodity prices used in the PEA are as follows: US$3.25/lbCu, US$1,650/ozAu, US$10.00/lbMo and US$1,256/kgRe, CADUSD 0.75x. 30
2. Rhenium included in economic model on an estimated smelter credit basis. Accounts forConventional Flotation
North Island Project conceptual flowsheet based on conventional process
Single grinding line consisting of a 40ft
diameter SAG mill with 23MW drive
and two 28ft diameter ball mills with
20MW drives
Sub-aqueous co-disposal of mine
waste and tailings in a single mine
waste facility (MWF)
Bulk concentrate is separated into
copper (with gold) and molybdenum
(with rhenium) concentrates
LOM recoveries for copper 86.4%, gold
46.8% and moly 59.5%
TSXV: NCX 31Red Dog South Target
Red Dog Alteration Map
Current
Resource
High Level
Alteration
Indicates Buried
Deposit at Depth
TSXV: NCX 32Management Team Sam Lee President & CEO, Director Mr. Lee was appointed to the role of President & CEO of Northisle in October 2020. Over the past 20 years Mr. Lee has advised on some of the most prominent M&A, equity, and debt transactions in the international and Canadian global mining industry totaling over $100 billion in value. During this period, he has worked in major resource markets including Toronto, Sydney, and Vancouver where he led various strategic initiatives for CIBC World Markets. Most recently he was Managing Director and head of CIBC’s Vancouver Mining Group. Mr. Lee holds a Bachelor of Applied Science, Faculty of Engineering, from the University of Toronto, was a graduate of the Lassonde Mineral Engineering program, and is a CFA charter holder. Nicholas Van Dyk VP Corporate Development and Investor Relations Mr. Van Dyk is a public company executive with over 15 years of experience in corporate development, finance, and investor relations with a focus on the mining industry. He has advised a range of public and private companies on strategic corporate matters, including internal and external growth projects as well as M&A transactions, equity, and debt financings totalling more than $35 billion. Nicholas currently owns a consulting practice, where he advises public and private companies on corporate development and capital markets issues. Previously, he was Vice President, Investor Relations and Corporate Development at Polaris Materials Corporation prior to its acquisition by a major US construction materials company in 2017.He joined Northisle in November 2020. Jack McClintock VP Exploration Mr Jack McClintock has over 40 years’ experience in exploration and acquisitions of gold and base mineral deposits. He has held positions of increasing responsibility in major mining companies including Rio Algom, Billiton and BHP Billiton including Global Exploration Manager with BHP Billiton. Mr. McClintock has a track record of successfully leading and participating in a number of significant mineral discoveries and acquisitions. He was awarded the “Prospector of the Year” award in 1998 by the Prospectors and Developers Association of Canada, for the discovery of the world-class Spence porphyry copper deposit (now BHP Billiton’s Spence Mine) in Chile. Michelle Tanguay Head of Sustainability and Community Relations Ms. Tanguay joined Northisle in May 2021. Michelle spent her early career years gathering hands-on practical experience in each of the main standard stages of mine development; from exploration to closure. The latter half has been spent using her understanding of the inter-connectivity of the technical disciplines and mine stages to contribute to the development of mining projects. Her experiences cover a wide range of activities associated with the life-cycle of mining, from: Indigenous and stakeholder capacity development and engagement; baseline data design and collection; management of large consulting teams; contributing to pre-feasibility and feasibility studies; overseeing and leading assessment and permitting processes in a number of jurisdictions in Canada; negotiation of agreements with Indigenous governments and organizations; environmental management during construction and operations; and, the development of closure plans David Douglas Chief Financial Officer Mr. Douglas is a CPA, CA with over 30 years of experience in the accounting, corporate finance, and mining industries. He has served as Chief Financial Officer and Corporate Secretary to a number of junior mining companies and has participated in the sale or financing of over 30 private and public enterprises with a combined value of over $400million. Mr. Douglas is a graduate of the Commerce Program (Finance) at the University of British Columbia and is a member of the Chartered Professional Accountants of British Columbia. TSXV: NCX 33
Board of Directors Dale Corman Non-Executive Chairman Mr. Corman has over 40 years’ experience as a senior corporate officer of publicly listed companies in Canada and the United States, as well as extensive expertise in mineral and geothermal exploration and development, property evaluation and acquisition, project financing, and corporate management. From 1995 to 2006, Mr. Corman was Chairman of the Board of Directors and Chief Executive Officer of Western Silver Corporation, where he was instrumental in the development of the Penasquito deposit. Under his leadership, Western Silver successfully advanced Penasquito through the exploration, resource and feasibility stages, ultimately culminating in the acquisition of the company by Glamis Gold Ltd for C$1.2 billion. He founded and is currently Executive Chairman of Western Copper & Gold, where he has guided the company through the acquisition of the large Casino Copper-Gold project (2006) through the completion of a bankable feasibility study (2013) and the initiation of permitting (2014). Mr. Corman received a B.S. in geology from Rensselaer Polytechnic Institute in Troy, New York, in 1961 and obtained Professional Engineer status in Ontario in 1972. Sam Lee President & CEO, Director Mr. Lee was appointed to the role of President & CEO of Northisle in October 2020. Over the past 20 years Mr. Lee has advised on some of the most prominent M&A, equity, and debt transactions in the international and Canadian global mining industry totaling over $100 billion in value. During this period, he has worked in major resource markets including Toronto, Sydney, and Vancouver where he led various strategic initiatives for CIBC World Markets. Most recently he was Managing Director and head of CIBC’s Vancouver Mining Group. Mr. Lee holds a Bachelor of Applied Science, Faculty of Engineering, from the University of Toronto, was a graduate of the Lassonde Mineral Engineering program, and is a CFA charter holder. Martino De Ciccio Non-Executive Independent Director Mr. De Ciccio has served as Vice President Strategy and Investor Relations at Endeavour Mining since 2015. Mr. De Ciccio has built a track-record of value creation over the past 12 years in the mining industry. Prior to joining Endeavour, he held the position of Strategy and Business Development Manager at La Mancha Resources, where he played a pivotal role in growing the company from an emerging gold producer into one of the largest gold funds with cornerstone holdings in both Evolution Mining and Endeavour Mining. Mr. De Ciccio won the Emerging Leader award in 2016 and was nominated for the IR Rising Star award in 2017 and three IR awards in 2019 including Best Mid-Cap IR Officer. Mr. De Ciccio earned a B.Comm in Finance from McGill University. He is a Chartered Financial Analyst and a member of the CFA Institute. Kevin O’Kane Non-Executive Independent Director Mr. O’Kane has nearly 40 years of extensive business and operating leadership expertise in the natural resource industry. He spent 37 years at BHP Billiton developing, expanding, and operating some of the most formative copper mines in the world which included Spence, Cerro Colorado and Minera Escondida. Mr. O’Kane started his career at the Island Copper Mine situated adjacent to Northisle’s project, and spent the following 12 years progressing to the role of Chief Mining Engineer. During his tenure at BHP Billiton he also served as Vice President Health, Safety, Environment and Community for the Copper Business. Most recently, Mr. O’Kane held the position of Executive Vice-President and Chief Operating Officer at SSR Mining Inc, where he led all aspects of its operations, permitting, and sustainability programs globally while achieving record production at all three of its producing mines. Mr. O’Kane also serves on the board of SolGold Plc. Larry Yau Non-Executive Independent Director Mr. Yau has over 20 years of financial and business experience gained primarily in the mining and resources sectors. Currently, Larry is the CEO of Spanish Mountain Gold Ltd. an advanced gold exploration company based in British Columbia. Prior to this, Larry was the Chief Financial Officer for two junior mining companies where he was instrumental in the financing, development and construction of mines in North America. Larry was also Manager, Corporate Development, at Placer Dome Inc. until its acquisition by Barrick Gold Corp. and participated in several high-profile, international acquisitions. He is a Canadian Chartered Professional Accountant. TSXV: NCX 34
COPPER AND GOLD INC.
Suite 1200 – 1166 Alberni Street
Vancouver, British Columbia
V63 3Z3
Investor Inquiries:
Nicholas Van Dyk, VP Corporate Development & Investor Relations
+1.604.638.2515
Email: info@northisle.ca
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