Advancing Copper Discovery on the Iberian Pyrite Belt

-Alvalade JV- Advancing Copper Discovery on the Iberian Pyrite Belt

TSX.V: AVU FRANKFURT: 8AM US OTC: AVPMF Disclaimers

Some of the statements contained in this presentation are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. This presentation does not constitute an offer of the securities described herein. Grade and tonnage information for the historic Lousal, Caveira, and São Domingos Mines has been collected from a variety of sources, all compiled before the existence of National Instrument 43-101. Information provided must be considered to be speculative in nature, and must not be used in any sort of resource or reserve calculations. The information is meant only to give the reader some idea of what may be possible in the Pyrite Belt. For Lousal, the numbers are compiled from numerous historic operator production reports. These reports are incomplete, but they indicate that the mine hoisted about 238,000 metric tonnes per year from 1953 through its closure in 1988. The production estimate extrapolated an annual production of 238,000 metric tonnes per annum back to 1900, and is believed to provide a reasonable maximum production estimate. No mining estimates have been made for the Caveira Mine, and the Sesmarias discovery has not been mined. Avrupa’s QP has reviewed the data and has verified its existence and accuracy. The historic resource estimates are contained in a report authored by Leistel et al in 1998, estimated a global mineral inventory of 50 Mt grading 0.7% Cu, 0.8% Pb, and 1.4% Zn for the Lousal Mine. The Caveira Mine does not have any known global mineral inventory. The Sesmarias discovery has limited scout drilling and no global mineral inventory. For São Domingos, the resource estimate was compiled from historic reports. The 1963 Mason & Barry Annual Report indicates that nearly 22 million metric tonnes had been extracted during 106 years of production, and the reserves were expected to run out at the end of 1965. No newer resource estimates have been done for the São Domingos Mine. The work needed to provide a modern estimate has not been done, but would include re-analysis of historic core, drilling, sampling, and three- dimensional modeling. Avrupa’s QP has reviewed the data and has verified its existence and accuracy. The work needed to provide a modern estimate has not been done, but would include re-analysis of historic core, drilling, sampling, and three-dimensional modeling. Avrupa’s QP has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company does not treat the historical estimate as current mineral resources or mineral reserves. Present production information concerning active operations in the Pyrite Belt has been collected from each mine operator’s website, or from widely disseminated news releases. Qualified Person: Mr. Paul W. Kuhn, M.S., C.P.G., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release.

TSX.V: AVU 2 Avrupa is a Hybrid Opportunity Generator

Early-stage projects are a Risk-Filled business. We Minimize risk by:

FOCUSING ON WORLD CLASS DISTRICTS Iberian Pyrite Belt (Portugal), Vardar Trend (Kosovo)

WORKING IN MINING FRIENDLY JURISDICTIONS Portugal, Kosovo, and other prospective areas of Europe

UTILIZING EXPERIENCED TECHNICAL MANAGEMENT

RESULTING IN A GREAT TRACK RECORD (2011 to present) 2 new discoveries, 2 NI 43-101 compliant resource estimates, at least 2 drill programs each year; 1 extensive scoping study completed

TSX.V: AVU 3 Summary of Projects

100%-owned Projects

Portugal • Pyrite Belt Exploration Kosovo • Slivovo Au-Ag (re-acquiring) • Metovit Ag-Pb-Zn

Projects optioned out South Portugal Portugal Alvalade (Cu-Zn) • Alvalade – MATSA (New)

Available projects: • 1 Ag-Pb-Zn license in Kosovo • Generative alliances in Kosovo, Morocco, and Portugal

Kosovo

Slivovo (Au-Ag) Metovit (Ag-Pb-Zn)

TSX.V: AVU 4 Plans for 2020

Commence work on MATSA Pyrite Belt Joint Venture at the Sesmarias VMS prospect, Alvalade license, Portugal – Underway

Pyrite Belt Exploration and new project acquisition – Starts in 2020

New projects, generative exploration in Portugal and Kosovo – Starts in 2020

Look for JV partner for earn-in to Slivovo Gold Project – Underway

Advance Metovit Project in Kosovo – Underway

Review of new gold project opportunities around Europe – Underway

Potential entrance/acquisition into new European mining jurisdictions – Starts in 2020/21

TSX.V: AVU 5 Share Structure

Tightly held share structure (as of 08/31/2020) Major Holders  114.1 million shares outstanding  137.4 million shares fully diluted 8% POC  48% of shares held by insiders, family, and 8% large shareholders Management European Funds Financing History 15% Investor #1  Equity fundraising to date: C$15 million 52% Investor #2  Partner funding to date: C$22 million 4% Investor #3  1.5 C$ in partner funding for each 1.0 C$ in equity fundraising 6% Investor #4 3% Other  Goal is to have our investors profit while 4% building further support for our projects.

TSX.V: AVU 6 Funds from Partnerships Historic Cash from JV’s and Operating Partners • Antofagasta spent US$6,456,000 from beginning of project in 2011 to 2015 for work at Alvalade. Antofagasta vested at 60%. Antofagasta share was bought out by Colt Resources in September, 2015. Colt spent €1,000,000 through mid-2017 before leaving the project. • Blackheath spent €1,683,000 since the beginning of work at Covas in 2011, and vested at 75%. Project dropped, license expired. • Byrnecut spent €4,000,000 for work at Slivovo in Kosovo including funding an extensive project study to earn in to 85%. Spent a further €2,705,000 in exploration funding through November 2019, diluting AVU to the 2% NSR participation level. • Callinan (now Altius) advanced C$150,000 to Avrupa as part of the Exploration Alliance Program in 2013. • Callinan (now Altius) also advanced C$150,000 to explore the Alvito license in return for a 1.5% NSR at Alvito. • Lowell Copper funded €137,000 for work at Alvito IOCG Project in 2015. • OZ Minerals funded €1,136,000 for continuing exploration work at Alvito in 2017-18.

• HISTORIC TOTAL: >15 million euros or >22 million C$

TSX.V: AVU 7 Management and Directors

Mark T. Brown – Director, Executive Chairman • President, Pacific Opportunity Capital, a financial consulting firm • Previously at PriceWaterhouseCoopers, Miramar, and Eldorado Gold • Founder/Financier of Rare Element Resources; listed it on NYSE Amex.

Paul W. Kuhn – Director, President and CEO • 40 years exploration experience in North America, Turkey, Central, Asia, and Europe • Gold and base metal discoveries in Turkey, Kosovo, and Portugal

Paul Dircksen – Director • Director, Timberline Resources • +40 years of leadership in exploration and project evaluation • Involved in nine gold discoveries; seven became operating mines

Paul I. Nelles – Director • +40 years worldwide experience in metals exploration management and production • Previously Deputy Managing Director of Kosovo Trust Agency and Trepça Manager, United Nations Mission in Kosovo (UNMIK)

TSX.V: AVU 8 Management and Directors

Frank Högel – Director

• CEO, Peter Beck Performance Funds GbR and Advisory Board of Concept Capital Management • MBA, Financial Management, from University of Nürtingen, Germany

Winnie Wong – CPA, CA, CFO

• VP, Pacific Opportunity Capital, a financial consulting firm • CFO of other publicly listed companies on the TSX Venture Exchange

TSX.V: AVU 9 Avrupa in the IPB, Portugal

Quality development projects are not found everywhere. We provide the following unique opportunities:

MINING FRIENDLY PORTUGAL

WORLD CLASS MINING REGION – The Iberian Pyrite Belt • One license – Alvalade, 115 square kilometers • Two former operating mines – Lousal, Caveira

NEW DISCOVERIES IN OLD MINING DISTRICT Caveira – Monte da Bela Vista – Lousal – Sesmarias (CLS District): • 20 km strike length • 50 mt sulfide resource, only 15-20 mt mined historically at Lousal • Potential for more at new discoveries at Sesmarias and Monte da Bela Vista • Potential for more at Lousal and Caveira

PROVEN EXPERIENCED TECHNICAL TEAM • We developed new geo-structural exploration model for Pyrite Belt in Portugal • Resulted in two discoveries already within Alvalade license • Will drive increase of resource in CLS District

TSX.V: AVU 10 Pyrite Belt – Mines and deposits

Producing Mine Lisbon Badajoz Past Producer

Known Deposit Setubal SPAIN Madrid Iberian Pyrite Belt Lisbon Rail Line Lagoa Salgada

PORTUGAL Sevilla • Las Cruces produced 48,090 Mt of cathode Caveira copper in 2019. Lousal Beja Sines • Aguas Tenidas produced 538,660 Mt of Aracena Aljustrel S. Telmo copper-zinc-lead-silver cons in 2018. S. Domingo Aguas Tenidas Sesmarias La Zarza Rio Tinto Operating three separate mines, including Tharsis Los Frailes Magdalena Mine and re-opened Sotiel Odemira Neves Corvo Sotiel Anzalcollar Mine.

Las Cruces Sevilla • Neves Corvo produced 114,638 Mt of copper and zinc in 2019. Huelva Faro • Aljustrel produced 28,000 tonnes of copper in 2016. 50 km • The historic Rio Tinto re-opened in 2015. Production in 2019: 44,950 More than 85 known deposits and ~2 billion mt of contained metal tonnes of copper.

sulfides. Dwarfs the size of all other VMS districts in the world. • Aznalcollar being re-opened

TSX.V: AVU 11 AVU flagship project in Portugal

• World class district • Large land package • Metal resource in situ • Potential to increase resource • Potential for fast mine startup • New discoveries

• Alvalade Brownfields to Development o Lousal Mine o Caveira Mine o Sesmarias Discovery o Monte da Bela Vista

• Strong JV Partner MATSA has three operating mines in the Spanish Pyrite Belt

TSX.V: AVU 12 Alvalade – Now 100% AVU 2017 Avrupa regains Optioned to MATSA 100% control of Project

2016 SES010 massive sulfide lens at 400 m length, 15-25 m thick

2015-2016 Colt Resources takes over Project

2014 Drilling expands known mineralization 2018 to 1.8 kms 2014 Drilling expands Discovery at SES010 Lens to Sesmarias and 600 x 300 x 25 m Monte da Bela Vista 2012 2019 $4M Option Optioned to agreement signed MATSA with Antofagasta TSX.V: AVU 13 Alvalade optioned out to MATSA

Minas de Aguas Teñidas, S.A.U. (MATSA) is a private Spanish mining company, which owns and operates three mines in the province of Huelva (Andalusia, Spain): Aguas Teñidas, Magdalena, and Sotiel. MATSA also holds 1,312 km2 of exploration permits in the south of Spain and 1,106 km2 in Portugal. Focused on innovation and the most advanced technology to develop modern and sustainable mines, MATSA is a 50:50 joint venture company of Mubadala Investment Company, a sovereign investor managing a global portfolio aimed at generating sustainable returns for its shareholder, the Government of Abu Dhabi, and Trafigura, one of the world’s leading commodity trading houses.

• MATSA can earn-in to 51% of the Alvalade Project by spending 2.4 m Euros and by paying Avrupa 400,000 Euros.

• MATSA can earn-in to 85% by providing a “bankable feasibility study” on any one prospect and by making all required success payments to original joint venture partner.

• Drill program to commence in Q4 2020

TSX.V: AVU 14 Exploration excellence -- Alvalade

Discovery of the «2» Lens and «10» Lens – 2012 to 2014

10.85 meters @ 1.81% Cu, 75.27 ppm Ag, 2.57% Pb, 4.38% Zn, 0.13% Sn SES002 DISCOVERY

1.5 meters @ 1.61% Cu, 54 ppm Ag, 2.30% Pb, 3.66% Zn, 0.091% Sn -- SES006 mineralization cut off by faulting 5.0 meters @ 0.64% Cu, 36.8 ppm Ag, 0.94% Pb, 1.54% Zn – mineralization SES008 cut off by faulting

SES009 2.3 meters of massive pyrite (did not analyze)

SES010 DISCOVERY 57.85 meters @ 0.45 g/t Au, 25.1 g/t Ag, 0.32% Cu, 0.61% Pb, 1.95% Zn Massive sulfide fragments in fault zones at target depth, indicating tectonic re- SES007/SES011/SES012 mobilization of massive sulfide mineralization.

TSX.V: AVU 15 Exploration excellence -- Alvalade

Follow-up and extension of the «10» Lens -- 2015

SES019 51.70 meters @ 0.44% Cu, 2.71% Zn, 0.40 g/t Au

Four zones of massive sulfide mineralization: • 9.70 meters @ 0.25% Cu, 0.99% Zn, 0.57% Pb, 24.7 ppm Ag, 0.40 g/t Au

• 22.25 meters @ 0.55 Cu, 0.66% Zn, 0.59% Pb, 20.54 ppm Ag, 0.55 g/t Au SES020 • 9.10 meters @ 0.32% Cu, 0.52% Zn, 0.14% Pb, 11.31 ppm Ag, 0.68 g/t Au

• 18.80 meters @ 0.33% Cu, 0.64% Zn, 0.14% Pb, 6.40 ppm Ag, 0.26 g/t Au

14.80 meters @ 0.36% Cu, 0.40% Zn, 0.29% Pb, 9.82 ppm Ag, 0.43 g/t Au SES021

52.10 meters @ 0.43% Cu, 0.98% Zn, 0.49% Pb, 17.31 ppm Ag, 0.62 g/t Au SES022

TSX.V: AVU 16 Exploration excellence -- Alvalade

Further enlargement of the “10” Lens – 2018/19

SES026 28.95 meters @ 0.48% Cu, 1.31% Zn, 0.52% Pb, 15.7 ppm Ag, 0.77 g/t Au

• Resource drilling soon

• Open-ended potential of the “10” Lens, to the north

• Mineralization seen in holes over 1000 meters to the north – is this the same lens, or new possibilities?

• “2” Lens hosted by vertical fault zone, has better grades, needs grid drilling

• More possible horizons

• Undrilled targets Plan view of the Sesmarias Discovery area, with known mineralization in red. Note the large, unexplored area to the north of 10 Lens. TSX.V: AVU 17 Caveira-Lousal-Sesmarias - Alvalade

Fresh look at an old district

• Mining history since pre-Roman times

• Lousal Mine – mined for pyrite, with copper-zinc sulfides left in the ground o Estimated 50 mt 0.7% Cu, 1.4% Zn o Only 15-20 mt of high S material mined

• Caveira Mine – mined for pyrite, with copper-zinc sulfides left in the ground and gold on the dumps and in the tailings o Estimated 3-5 mt mined o Little information as to what is left

• Sesmarias Discovery – Blind discovery located 8 km south of Lousal o Is this the other half of Lousal? o 2,000 meters strike length of sulfide mineralization o Five major targets are drill-ready

TSX.V: AVU 18 Mining in Portugal

Portugal is a safe, stable mining-friendly jurisdiction.

• Can permit a new mine • Can build a new mine • Excellent infrastructure • Amenable taxation and royalty system • Government supports mining • Stable political system • Local support high • Ready/able workforce available • Two operating world class mines in the Portuguese IPB o Neves Corvo (Lundin Mining) o Aljustrel (Almina – Minas do Alentejo, S.A.) Historic Lousal Mine

TSX.V: AVU 19 Avrupa in Kosovo

Quality development projects are not found everywhere. We provide the following unique opportunities:

MINING FRIENDLY KOSOVO

WORLD CLASS MINING REGION – The Vardar Trend • One license – Metovit • Re-acquisition of Slivovo Gold Project underway

NEW DISCOVERIES IN OLD MINING DISTRICT Slivovo Gold Project: • NI-43-101 resource of approximately 125,000 ounces gold • Total spent on Project ~ 7 million euros • Byrnecut and IEK agree to «Drop and Apply» procedure • Kosovo mining bureau expected to issue new exploration permit to IEK/Avrupa

PROVEN EXPERIENCED TECHNICAL TEAM • We developed new geo-structural exploration model for Vardar Trend in Kosovo • Resulted in one discovery already within Slivovo license • Will drive further exploration in Kosovo

TSX.V: AVU 20 Avrupa – IEK plans

Re-acquire Slivovo exploration license in Q4 2020

• Advance Project through earn-in joint venture • Several potential partner candidates • Exploration and resource drilling (2021) • Complete EIS and update Pre-Feasibility study (2021-2022) • Apply for mining license and advance PFS to full feasibility study (2022)

• Project generation throughout Kosovo through exploration alliance • Area around/near Slivovo, Metovit • Areas of National Interest (one application in process) • New areas: Au, Cu, Pb-Zn-Ag, Ni • 3rd Party submittals

TSX.V: AVU 21 Avrupa Minerals - Summary

Unique opportunities in a world class districts.

In Portugal, modern review of past-producing mines repeats the Aljustrel story – metamorphosis from a defunct pyrite mine to a world class polymetallic mine.

In Portugal and Kosovo, 21st century exploration models applied to old districts repeat the Neves Corvo story – new ideas have already resulted in discoveries at Sesmarias and Monte da Bela Vista on the Alvalade Project in Portugal, and at the Slivovo Project in Kosovo.

Around Europe and Mediterranean Basin, reviewing new possibilities in Portugal, Scandinavia, Balkans, and Morocco

São Martinho target area, Marateca

TSX.V: AVU 22 TSX.V: AVU FRANKFURT: 8AM US DTC: AVPMF

Mark T. Brown – Director, Executive Chairman Phone: +1-604-687-3520, ext. 242

Paul W. Kuhn – Director, President, and CEO Phone: +351-92-5972240