BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.

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BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
TSX.V: AGC
                                 OTCQB: AGCBF

      BUILDING THE NEXT
PROFITABLE GOLD MINE IN BRAZIL
        Corporate Presentation
            January 2019
                                                1
BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
FORWARD-LOOKING STATEMENTS
These presentation materials (“the Presentation Materials”) are being supplied to you for information purposes only on Amarillo Gold Corporation
(the “Company”). These Presentation Materials have been prepared by and are the sole responsibility of the Company. The Company has taken all reasonable care to
ensure that the facts stated herein are true to the best of its knowledge, information and belief.

These Presentation Materials are being distributed only to and are directed at (a) persons who have professional experience in matters relating to investments being
investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “FPO”), (b) high net worth
companies, unincorporated associations and other bodies within the meaning of Article 49 of the FPO or (c) persons to whom it may otherwise lawfully be
communicated (together “Relevant Persons”). Any person who is not a Relevant Person or who does not have professional experience in the matters relating to
investments should not act or rely on this document or any of its contents.

These Presentation Materials do not constitute, or form part of, a prospectus relating to the Company, nor do they constitute or contain any invitation or offer to any
person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part
of it, form the basis of or be relied on in any connection with any contract. No reliance may be placed for any purpose whatsoever on the information or opinions
contained in this document or on its completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this document or its contents
otherwise in connection therewith. Prospective investors are encouraged to obtain separate and independent verification of information and opinions contained in the
Presentation Materials as part of their own due diligence.

By accepting these Presentation Materials, the Recipient agrees that the information contained herein or sent herewith or made available is for information purposes
only. Without prejudice to the foregoing, neither the Company, nor its advisers nor its representatives accept liability whatsoever for any loss howsoever arising,
directly or indirectly, from use of this document or its contents or otherwise arising in connection therewith.

The distribution of these Presentation Materials in certain jurisdictions may be restricted by law and persons into whose possession these Presentation Materials come
should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such
other jurisdictions.

Some statements contained in these Presentation Materials or in documents referred to therein are or may be forward-looking statements. Actual results may differ
from those expressed in such statements, depending on a variety of factors. Past performance of the Company or its shares cannot be relied on as a guide to future
performance. Any forward-looking information contained in these Presentation Materials has been prepared on the basis of a number of assumptions which may
prove to be incorrect, and accordingly, actual results may vary.

The Qualified Persons for Amarillo are Frank Baker, M. IOM3 and MAusIMM., and Mr. Mike Mutchler, FAusiMM.

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BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
AMARILLO GOLD OVERVIEW

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BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
MARA ROSA DEVELOPMENT PROJECT GOIAS STATE

1.1 M oz. in pit gold reserves at 1.42g/t         Outstanding Project Economics: NPV 5% US$244M;
                                                  A/T IRR of 51%; 2.6 yr Payback at $1,300/oz gold
2K hectares of mining concessions on 8 km trend
                                                  Overwhelming central government and local
Located near Chapada (Yamana), Pilar (Leagold),   community support: received the Preliminary
and Crixás (AngloGold) gold mines                 License (LP) which is the environmental and social
15K meter drilling program underway - potential   license
to increase the reserve and resource down dip     Will apply for License to Install (LI) mid 2019
and along trend
                                                  Fast track to production - first gold expected in 2021
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BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
LAVRAS DO SUL EXPLORATION PROJECT RIO GRANDE DO SUL STATE

            Numerous 17th century gold producing workings
            Pursuing 22 targets along a 100 km trend
            22,000 Hectares of exploration concessions
            523,000 oz. resource defined on Butia target

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BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
SIGNIFICANTLY UNDERVALUED
NAV MULTIPLE VS PEERS
  0.52x          0.52x          0.50x             0.49x             0.48x              0.48x
                                                                                                         0.43x
                                                                                                                                                                    Average: 0.41x
                                                                                                                           0.29x
                                                                                                                                              0.23x
                                                                                                                                                             0.15x
                                                                                                                                                                            0.10x

   Orla       West African      Sabina            Victoria        Continental         Equinox           Dalradian         GoldQuest         Belo Sun        INV Metals     Amarillo

EV/OZ OF RESERVE VS PEERS
 $380
             $161
                             $143
                                         $129
                                                       $110
                                                                        $68                                                                                       Average: $95/oz
                                                                                        $46
                                                                                                       $26               $25          $24         $19            $18         $12

 Equinox   West African Continental   Dalradian        Sabina            Orla         Condor        GoldQuest        Amarillo      Victoria      Belo Sun     African Gold INV Metals

                                                                Source: Capital IQ; Street research as at May 14, 2018                                                                  6
BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
IDEAL PLACE & TIME TO BUILD A MINE

RECORD GOLD PRICES IN BRAZILIAN REALS   20 YEAR CYCLE FROM DISCOVERY
                                        TO PRODUCTION

                                        Chart courtesy of GoldCorp        Amarillo
                                                                       Commences
                                                                        Production
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BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
MARA ROSA RESERVES AND RESOURCES
                       CATEGORY                                                   TONNES Mt                                       GRADE g/t                                    OUNCES OF Au

                Measured                                                                    12                                        1.40                                            560,000
                Indicated                                                                   19                                        1.20                                            710,000
                Resource M&I                                                                31                                        1.30                                        1,270,000
                Inferred                                                                    11                                        0.92                                            330,000
Notes
1. Posse Deposit Resource @ 0.20 g/t cut-off
2. Source: Keith Whitehouse Member of the AUSMIM Qualified person Australian Exploration Field Services; 43-101 Technical Report: prepared by SRK Consulting, September 2018 titled
   “Technical Update on the Posse Gold Project, Brazil, September 2018”

                       CATEGORY                                                   TONNES Mt                                       GRADE g/t                                    OUNCES OF Au

                Proven                                                                     9.6                                        1.65                                            513,000
                Probable                                                                 14.2                                         1.26                                            574,000
                P&P Total                                                                23.8                                         1.42                                       1,087,000
Notes
1. SRK applied a variable g/t Au cut-off to the block model
2. Dilution: 3% mining & 3% handling
3. All Mineral Reserves prepared by Anthony Stepcich, FAusIMM(CP), of SRK Consulting (Australasia) Pty Ltd have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”)
   definitions, as required under National Instrument 43-101 (“NI43-101”).The 43-101 Technical Report prepared by SRK September 2018 titled “Technical Update on the Posse Gold Project, Brazil, September 2018”
4. Due to rounding all numbers may not sum

                                                                                                                                                                                                                      8
BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
MARA ROSA POSSE CROSS SECTION (LOOKING NORTH)
  HIGHLY CONSISTENT GRADES WITHIN PIT

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BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL - TSX.V: AGC OTCQB: AGCBF - Amarillo Gold Corp.
LOW CAPEX AND OPERATING COSTS

                  CAPITAL ALLOCATION (M USD)                    September 2018 PFS (US $1,300/oz Au)

Mine Contractor                                  3   Upfront Capex (USD)                                123M

                                                     Sustaining Capex (USD)                               17M
Plant, Equipment & Facilities                   84
                                                     Years 1-4 Average Production (oz)                 144,000
Tailings Dam                                     9
                                                     Average Annual Production (oz)                    123,000
Infrastructure & Buildings                      11
                                                     Initial Mine Life (years)                              8
Contingencies                                    9
                                                     Operating Cost per Ounce (USD/oz)                    545
Working Capital                                  8   AISC per Ounce (USD/oz)                              655
Total Upfront Capex                            123   Mineable Reserve (oz)                         1,087,000

Due to rounding all numbers may not sum

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MARA ROSA ROBUST PFS ECONOMICS
                                                         DISCOUNTED CASH FLOW SENSITIVITIES

USD/Au oz                                  $1,000              $1,100         $1,200          $1,300   $1,400   $1,500

A/T IRR                                       23%                33%            42%             51%      59%      68%

NPV 5% (After-Tax M USD)                       $91               $144          $194            $244     $295     $345

NPV 5% / Share (CAD)*                        $0.89              $1.41          $1.89           $2.38    $2.88    $3.37

Payback (Years)                                    4.2            3.3            2.8             2.6      2.4      2.3

* CAD/USD FX of 1.3; Fully diluted shares 133.1M

                                                                                                                         11
MAJOR PERMITTING MILESTONES

                                                                        Public hearing held in 2016 demonstrated
                                                                        overwhelming community support
                                                                        The main Preliminary License (LP)
                                                                        granted in May 2016

STEP 1                                             STEP 2                                      STEP 3
APPROVED                                           IN PROGRESS
                                                        ))((999999                             FINAL INSPECTION
PRELIMINARY LICENSE (LP)                           INSTALLATION LICENSE (LI)                   OPERATION LICENSE (LO)

• Most important part of the permitting process   • Provides authorization to initiate        • Granted after commissioning
• Entails environmental baseline studies,          construction                               • Requires inspection of the constructed
 social and environmental approval with           • Expect to apply after feasibility study    mine and plant to ensure compliance
 public hearings                                   in mid 2019                                 with codes and provisions of LP, LI
• Awarded by the EPA and the Judicial Ministry    • Allows for construction and
                                                   commissioning

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MARA ROSA DEVELOPMENT SCHEDULE
                                 Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4
                                2018   2018   2018   2018   2019   2019   2019   2019   2020   2020   2020   2020   2021   2021   2021   2021

Whittle Optimization
Study / Update PFS

Infill & Exploration Drilling

Resource Update

Feasibility Study

Basic Engineering

Installation License

Construction

Commissioning & Ramp Up

Commercial Production

                                                                                                                                                13
MARA ROSA UPSIDE BEYOND RESERVES

                                   14
MARA ROSA SIGNIFICANT EXPLORATION POTENTIAL
              Strong Anomalies over an 8 km trend   POSSE TREND
 Magnetic

Radiometric

                                                                  15
MARA ROSA AREA EXPLORATION CONCESSIONS

                                         16
LAVRAS DO SUL PROJECT
100 km trend along granite                       OVER 22 ADVANCED TARGETS
intrusion perimeter                              (with highlighted Au drill results)

Rio Tinto and IAMGOLD both                       Old Gold Workings
have back in agreements if
Amarillo reaches 7M & 3M oz
                                                                                                                  CERRITO
respectively on grounds                                                                                      135.5m @ 0.85 g/t
optioned from both                                                                                            113m @ 1.02 g/t
                                                 CANELEIRA                                                    210m @1.04 g/t
Ongoing soil sampling and                      37m @ 1.17 g/t
geological mapping on several
properties
                                                                                               PAREDAO
Conducting an airborne                                                                       12m @ 4.54 g/t
magnetic survey on Butia,                        BUTIA
Caneleria and Zeca Souza targets         120 m @ 3.23 g/t
                                         232 m @1.95 g/t
Initiating Environmental baseline
                                           I&I 523K/oz
study at Butia

                                     Digital elevation in grey, roads in black. Colour image: airborne magnetics showing geology and structure.

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CORPORATE SUMMARY
          SHORT TERM GOAL                                                     LONG TERM GOAL
          To fully permit and build Mara Rosa into a                          To use the cash flow from Mara Rosa to grow our
          profitable gold mine with minimal shareholder                       resources through exploration in Mara Rosa and
          dilution                                                            Lavras do Sul areas
                                          NEW LEADERSHIP
                                          History of success in project development, operations management and
                                          business turnaround in Canada and Latin America
                                            • Invested over $4M CAD in 2018

                                       Near Term Timelines / Catalysts
• 15K meter exploration drilling program is nearly complete             • Beginning of Definitive Feasibility Study late January
     > In-fill drilling to convert Inferred Resources into Measured      2019
        or Indicated Resource to extend mine life to 10+ years          • Resource Update in February 2019
     > Step out drilling along trend and down dip to further            • Application for License to Install (LI) mid-2019
       expand the resource                                              • Receipt of LI late 2019 to early 2020

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CAPITAL STRUCTURE – SHARE INFORMATION

                           CAPITAL STRUCTURE                                    MAJOR SHAREHOLDERS

                                               TSX.V – AGC   Board & Management                                      11%
Stock Listings
                                               OTC - AGCBF   Institutions
                                                                Mackenzie
Current Share Price (C$)*                            $0.28
                                                                Gabelli                                              46%
Shares Outstanding                                 114.5M       Manulife
                                                                IG Investment Management
Warrants (C$0.38)                                    9.8M
                                                             High Net Worth                                          23%
Options (C$0.29)                                     8.8M
                                                             Retail                                                  20%
Market Cap. (c$)*                                   $32M

No Debt                                                                           ANALYST COVERAGE

Cash @ December 31, 2018 (C$)                       $2.2M    Mackie Research Capital
                                                             Stuart McDougall Initiated Coverage August 16, 2018 with one
 * As of January 7, 2019                                     year Target Price of $0.80
                                                                           NEWSLETTER WRITER COVERAGE
                                                             Jay Taylor – Gold, Energy and Tech Stocks
                                                             Mark Turner – The IKN Report
                                                                                                                            19
MANAGEMENT TEAM
ROLLY ULOTH                                              MIKE MUTCHLER                                                   HEMDAT SAWH
Executive Chairman                                       President and Chief Executive Officer                           Chief Financial Officer
Mr. Uloth is President of Rosedale Transport Limited,    Mr. Mutchler, a fifth generation miner, was previously          Mr. Sawh is a CPA, and holds an MBA, a BSc in Geology
which he co-founded in 1969, and was the President &     a Partner at Whittle Consulting Pty. Prior to Whittle,          and a graduate diploma in Geology.
CEO of Wesdome Gold Mines from May 2007 -                he was COO for Largo Resources where he was                     Mr. Sawh has over 16 years of experience at Grant
December 2009 and from August 2013 - August 2016. He     responsible for successfully building a Vanadium Mine           Thornton LLP, where he acted as lead supervisor for
has been a Director of Wesdome from 1999 to 2009,        and Mill in Brazil. Mike was COO of Rainy River Resources       auditing teams. Mr. Sawh has over 13 years’ experience
serving as Chairman from 2006 to 2009, and from August   concluding with the sale to New Gold.; V.P. Project             serving as CFO of Wesdome Gold, Scorpio Mining,
2013 to present.                                         Development for Kinross Gold, Mine Manager for                  Crystallex and Goldbelt Resources.
                                                         Kinross’s Cerro Casale project in Chile, Project Director for
                                                         Kinross’s Paracatu Mine in Brazil, and held managerial
                                                         positions at Kinross and ASARCO. Mike holds a BSc
                                                         (Mining Engineering); MBA, Executive Juris Doctorate
                                                         degree, and Chartered Directors Certificate.

ARAO PORTUGAL                                            LUIS DA SILVA                                                   FRANK BAKER
Director of Government Relations                         General Manager                                                 Project Manager
Mr. Portugal was instrumental in securing the main       Mr. da Silva has over 20 years of administration and            Mr. Baker has a Masters in Metallurgy and over 40 years
Preliminary License (LP) for Mara Rosa. He has held      exploration experience in Brazil. He was responsible for        of experience in the mining industry. He has successfully
various administrative roles including Country Manager   the discovery of Pilar, Zone A, Zone B and Serra Paraíso of     designed, built and commissioned five gold plants,
for Yamana Gold.                                         Jaguar Mining’s Brazilian gold deposits.                        including two in Brazil.

                                                                                                                                                                           20
BOARD OF DIRECTORS
COLIN SUTHERLAND                                            ROSTY RAYKOV                                               DAVID BIRKETT
Director                                                    Director                                                   Director
Mr. Sutherland is a CPA with over 20 years financial and    Mr. Raykov has served as a director of Fennec Pharma       Mr. Birkett is Pres. & CEO of Stratus Aeronautics,
operational experience. He last served as President of      and CEO since 2009. He has also served on Board of         dedicated to UAV development. Mr. Birkett was the
McEwen Mining. As a former CEO of Archipelago               Wesdome Gold Mines from 2013-2016.                         President of Alton Natural Gas Storage LP and Alton
Resources, he led the privatization and delivered           He was the co-founder of Alchem Investment Partners        Natural Gas Storage Ltd . Mr. Birkett was President of
significant returns for shareholders.                       and prior to that a portfolio manager for Purchase         Landis Energy Inc., a publicly traded company, until it
Mr. Sutherland has also held senior financial and           Associates fund at John Levin & Co. and analyst for        was acquired by Alta Gas in 2010. He served as a Director
executive roles with Timmins Gold, Capital Gold, Nayarit    Arbitrage Associates, LP at Tiedemann Investment           of Moss Lake Gold Mines until it was acquired by
Gold and AuRico Gold.                                       Group. He began his career as a financial analyst in the   Wesdome Gold . He has over 25 years experience with
                                                            natural resources group at Bear Stearns.                   public companies in the areas of corporate development,
                                                                                                                       management, finance and exploration.

STEPHEN STOW                                                ROLLY ULOTH                                                MIKE MUTCHLER
Director                                                    Executive Chairman                                         President and Chief Executive Officer
Mt. Stow was former President & CEO of Odin Mining &        See previous page for description.                         See previous page for description.
Exploration. Currently Principal of Zen Capital & Mergers
Ltd since 1996, Mr. Stow has been an adviser, investor,
and executive engaged in various resource driven
opportunities, start-ups and has global executive
experience in management of public companies.

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WHY BUY AMARILLO NOW?

New management team has restructured the balance sheet
 • $5.2M CAD raise March / April 2018
 • USD $10.8M NSR sold to Royal Gold in June
     > Royal Gold due diligence is a strong endorsement for the project
 • Retired the gold loan in July 2018
 • Debt free
 • $2.2M in treasury
Advancing the project
      >   15K meter drilling program ongoing
      >   New resource in February 2019
      >   Feasibility Study started in January 2019
      >   Applying for License to Install (LI) mid-year 2019
Expect a re-rating to occur soon
 • Currently trading at .10x to NPV5% @$1,300 Au (.13 @$1,200) & $23 per ounce of Reserve
 • Peers trade at .41x and $95 per ounce
 • AGC share price can triple or quadruple and still be in range of our peer group

                                                                                            22
CONTACTS

MICHAEL MUTCHLER                            KAREN MATE
President and CEO                           Director of Communications
Tel: 1-416-294-0736                         Tel: 1-416-230-6454
mike.mutchler@amarillogold.com              karen.mate@amarillogold.com

                                  TSX-V: AGC
                                 OTCQB: AGCBF

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