TSX.V : CEM OTCQX: CNSNF

North American Gold & Base Metals Exploration & Near-term Development

July 2019 TSX.V : CEM Forward Looking Statements

Forward looking statements: This presentation contains certain “forward-looking information within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements") concerning Constantine’s plans for its properties, operations and other matters. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, "forecast", “expect”, "potential", "project", "target", "schedule", budget" and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact, including, without limitation, statements regarding potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital to Constantine and its joint venture partner, government regulation of exploration operations, environmental risks, reclamation, title, statements with respect to the future price of gold and other metals, and future plans and objectives of Constantine are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Constantine’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms to Constantine and its joint venture partner, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward- looking statements.

Darwin Green P.Geo, Vice President Exploration for Constantine Metal Resources Ltd. and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this presentation. James N. Gray of Advantage Geoservices Ltd. is the Qualified Person as defined by NI 43-101 for the resource estimate.

HighGold Mining is not yet incorporated or publicly traded. The properties discussed under the HighGold banner will continue to be held within Constantine Metal Resources until such time as they are spun out into a separate entity. While this spinout is planned, there is no certainty that this will occur, and any dates mentioned are speculation.

2 Multiple Quality Assets – Two Stories Base Metal Deposit on Path to Feasibility High Grade Gold Spin-out

3 Corporate Snapshot SHARE STRUCTURE ISSUED & OUTSTANDING: 45.4 million Warrants: 14.7 million* Strong Management & Technical team Options: 2.1 million  Fully Diluted: 62.2 million

Tight Share Structure MARKET CAPITALIZATION: C$20M CASH: C$3.6M**  Cash in the Bank *warrants @ $1.00 (exp. 2023)  Palmer Project Endorsement: **As at Jan 31, 2018 (most recent financial statement) JV with Dowa, Japan’s largest Zinc company (49%) PEA indicates post-tax NPV of US$266 million Major Management 12% Shareholders J. Tognetti Roster of High Quality Shareholders 14%

Other 51% Fundamental Value + Exploration Upside + Spin-out of Electrum Gold Assets 20%

Altius Minerals 3% 4 Constantine - Highly-qualified senior management team

Founder - made initial An accountant with over +20 years of experience drill discovery of the 30 years’ corporate in the mineral deposit Palmer South Wall management experience. industry in N & S deposit. 45 years’ CFO of Constantine since America with strong exploration experience its inception in 2006. expertise in Alaska. VP Exploration with Constantine since 2008

Garfield MacVeigh, B.Sc. Aris Morfopolous, B. Comm. Darwin Green, MSc. P. G e o President & CEO CFO VP Exploration

Professional engineer +10 years’ experience in +25 years’ experience in with more than 35 the mineral exploration investor relations. Has years’ experience in industry, including project served as sr. domestic & management and external management, CEO, international mineral affairs in US & Canada. director with various jr. exploration and project With Constantine since mining companies. development. 2009. Joined Constantine in Sept 2018.

Ian Cunningham-Dunlop, P. Eng Elizabeth Cornejo, MSc. VP Advanced Projects VP Community & External Naomi Nemeth, B.Sc, M.A. Affairs VP Investor Relations 5 The Palmer Project – Accessible Alaska High Quality Deposit Reaching Critical Mass

ADVANCING A HIGH-GRADE COPPER-ZINC RESOURCE PEA Completed June 2019

DEFINING A MULTI-DEPOSIT DISTRICT Exceptional Exploration Upside

6 Property Map

• District scale land package

• >25 mineral prospects

• Large portion 100% Constantine

7 Deep Tidewater 60km By Road – Haines Alaska Existing Port Infrastructure

  OIL PIPELINE MARINE TERMINAL (historic)  INDUSTRIAL FUEL STORAGE  HIGHWAY   PORT FACILITY Pacific Ocean (Lutak Inlet) LUMBER DOCK 8 8 Located Within a Premier Mineral Belt Deposits are Large and Rich

Mining District - 2 Active Mines Kensington Gold mine & Greens Creek Ag-Au-Zn-Pb mine Greens Creek Mine, among richest VMS Top US Silver producer; +24Mt

Windy Craggy one of the largest VMS Coeur Mining ~300Mt deposit

Pacific Ocean Hecla Mining

The QP has been unable to verify the information on deposits within the region and theTSX.V information : CEM VMS = Volcanogenic Massive Sulphide is not necessarily indicative of the mineralization on the Palmer property 9 Dowa – Japan’s largest zinc company A Valuable Partner (49% ownership in Palmer Project)

Dowa Metals & Mining Co., Ltd. world class zinc recycling and smelting

Sharing financial responsibilities

De-risking the Project

Contributing in many ways:

. World experts on VMS deposits

. A guaranteed buyer for our zinc concentrates

. Motivated to advance Palmer to production (global shortage of zinc con)

TSX.V : CEM 10 Palmer – Achievements in the past 12 months

76% Resource Expansion 10,000m of Drilling

Palmer Deposit 16,000,000 Expansion 14,000,000 12,000,000

New AG Deposit 10,000,000

Maiden Resource 8,000,000

6,000,000

Metallurgy Work 4,000,000

2,000,000 PEA - (completed June 2019) Y17 Y18 Indicated Inferred

11 Two High-Grade Deposits Totaling 14M Tonnes Copper-Zinc-Silver-Gold ….and Barite

Resource Tonnes Zn Cu Pb Ag Au Barite ZnEq CuEq Deposit Cut-off Category (1,000s) (%) (%) (%) (g/t) (g/t) (BaSO4%) (%) (%)

$75/t NSR Indicated 4,677 5.23 1.49 - 30.8 0.30 23.9 10.21 3.92 Palmer Deposit (South Wall & RW) $75/t NSR Inferred 5,338 5.20 0.96 - 29.2 0.28 22.0 8.74 3.35

AG Zone Deposit 5.0% ZnEq Inferred 4,256 4.64 0.12 0.96 119.5 0.53 34.8 9.04 3.46

INDICATED 4,677 5.23 1.49 - 30.8 0.30 23.9 10.21 3.92 TOTAL INFERRED 9,594 4.95 0.59 0.43 69.3 0.39 27.7 8.87 3.40

Metal equivalents exclude value of barite

See news release dated December 18, 2018. Net Smelter Return (“NSR”) equals (US$16.01 x Zn% + US$48.67 x Cu% + US$23.45 x Au g/t + US$0.32 x Ag g/t). NSR formula is based on estimated metallurgical recoveries, assumed metal prices, and assumed offsite costs that include transportation of concentrate, smelter treatment charges, and refining charges. ZnEq equals = ($66 x Cu% + $25.3 x Zn% + $22 x Pb% + $0.51 x Ag g/t + $40.19 x Au g/t) / 25.3. Assumed metal prices are US$1.15/lb for zinc (Zn), US$3.00/lb for copper (Cu), US$1250/oz for gold (Au), US$16/oz for silver (Ag). Estimated metal recoveries for Palmer Deposit are 93.1% for zinc, 89.6% for copper, 90.9% for silver (70.8% to the Cu concentrate and 20.1% to the Zn concentrate) and 69.6% for gold (49.5% to the Cu concentrate and 20.1% to the Zn concentrate) as determined by 2018 metallurgical locked cycle flotation tests. No recovery data is available for AG Zone deposit. Barite (BaSO4) not included in the Cut-off determination or reported ZnEq and CuEq. 12 Hokuroku – A District Model for Palmer

Kuroku Mine District Japan - 138Mt Multiple deposits located along same geologic horizon VMS Mine +100 year history of mining

Palmer Mineral District Alaska Multiple prospects along Proposed Exploration common FOLDED Portal Site geologic horizon Deposits & Prospects

1313 Low Cost Development and Mining Potential All signs point to a low cost operation

 Metallurgy: Soft ore, excellent recoveries & clean concentrates at moderate grind size  Mining Method: 10 to +20m wide, subvertical ore zones all long hole mining  Lateral Access: No shaft = lower capex; limited development to start mining  Ore Pass: Mine from bottom up, gravity assist (reduced haulage cost)  Mining Rate: 2500 tpd moving to +3500 tpd in year 3  Transportation & Access: Short 60km haul on existing road to deepwater port

 No Remote Project Costs: Town nearby with excess capacity & mining workforce

 State Support: AIDEA (Alaska Industrial Development and Export Authority) funds infrastructure for mines (e.g. ports, power, roads)

14 Terrain is an ADVANTAGE for Underground Mine Mine from the bottom up - Access with lateral development

Proposed Exploration Portal Site

15 PEA Mine Plan Mine Two Deposits Concurrently – Long Hole Mining

AG Zone SW Zone I

SW Zone II-III 2500 ft

Expl SW Zone EM Portal

CONV Portal Looking SW 16 16 Preliminary Economic Assessment (PEA)

Completed June 2019 – NPV7% US$266M Economics $USD Pre-Tax Cash Flows (Undiscounted) $ million $738 NPV at 7% $ million $354 IRR % 24% Payback Period Years 3.1 Post-Tax Cash Flows (Undiscounted) $ million $581 NPV at 7% $ million $266 IRR % 21% Payback Period Years 3.3 Capital Costs Pre-production Capital Cost $ million $278 Sustaining Capital + Closure Cost $ million $140 Total Capital Cost $ million $418

The PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to 17 them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 17 PEA – Strong Operating Margin Low Operating Cost & High Unit Value

Revenue (per tonne processed) Net Smelter Return (3) $ per tonne $150.6 Royalty (2.5%) $ per tonne ($3.8) Operating Cost and Margin (per tonne processed) Operating Cost (mining, processing, G&A) $ per tonne $54.2 Net Operating Income $ per tonne $92.6 Sustaining Capital & Closure $ per tonne $11.7 All-In Sustaining Operating Cost $ per tonne $65.4 All-in Sustaining Net Operating Income $ per tonne $81.4 Cash Cost (net of by-product credits) Zinc Cash Cost (C1) $ per lb ($0.05) Zinc Total Cash Cost (including sustaining capital & closure) $ per lb $0.11

Assumed metal prices are US$2.82/lb for copper (Cu), US$1.22/lb for zinc (Zn), US$1296/oz for gold (Au), US$16.3/oz for silver (Ag) 18 Based on average of three years past and projected two years forward by analysis of London Metal Exchange futures as of April 16th, 2019. Barite price of $220 per metric tonne based on market quotes provided by third party barite industry experts 18 PEA Mine Production and Revenue Stats 11 year mine plan based on current resource base

Total Mine Production Zinc Copper Silver Gold Barite - 12.48 Million Tonnes 4.24% 0.81% 49.6 g/t 0.33 g/t 22.6% (diluted mine head grade) Metal Production M lbs M lbs k oz k oz k tonnes - Total Recovered (LOM) 1,068 196 18,077 91 2,894 Average Annual Recovered 100 18 1,687 9 270 Total Payable (LOM) 908 188 13,595 58 2,894 Average Annual Payable 85 18 1,269 5 270 Revenue by Metal (base case) $M $M $M $M $M Total Total LOM NSR revenue 900 457 200 71 251 $1,879 M Average Annual NSR revenue 84 42.7 18.6 6.6 23.4 $175 M Percent of Total Value 48% 24% 11% 4% 13% 100%

LOM = Life of Mine NSR = Net Smelter Return 19 19 PEA – Value Breakdown by Commodity

% of Income (NSR Value) by Income by Commodity Concentrate Type

13%

24% Cu 4% 13% Zn 11% 37% Cu Conc Value Ag Zn Conc Value BaSO4 Conc Value Au 50%

BaSO4

48%

20 Majority of precious metals report to copper concentrate 20 Preliminary Economic Assessment Major Milestone Achieved

Base Metal Comparables – Price/NAVs of Developer peers

Industry Average P/NAV = 0.30 to 0.40x*

Re-Rate Opportunity for Constantine

 Not remote  Not third world  Manageable capex  Motivated partner  Exploration upside

* Source Mining Analyst consensus – Base Metal Developers 21 Next Steps Advance toward Mine Construction Decision

• Complete underground exploration development

• Provides access for definition drilling to upgrade + expand resources

• Feasibility level engineering studies

• Complete feasibility studies

Infill & Expansion Drill

22 Underground Exploration Plans In permitting

AG ZONE

Proposed Exploration Portal Site

SOUTH WALL ZONE

23 23 Prep Work Underway

View of Access Road, Glacier Ck, Waterfall Ck and Pond Area 24 High Grade Gold in North America

Munro Croesus Timmins region, Ontario Johnson Tract Southcentral Alaska Historical Drill Results:

• 71.4m @ 20.9 g/t Au, 5.2% Zn, 1.2% Cu

• 102.6m @ 10.9 g/t Au, 8.0% Zn, 0.7% Cu

Croesus Mine Sample 25 (>10,000 opt) Multiple Prospects over 13km trend

Difficult Creek Prospect (4km to NE)

13.0 meters @ 8.57 g/t gold 4.7% zinc, 0.5% copper Long Section – Looking Southeast

Johnson Deposit

11.4m of 4.6 gpt AuEq Incl 3.1m @ 13.3 gpt

14.8m of 1.8 gpt AuEq Incl. 4.4m of 3.2 gpt

NE Fault Offset Target

Limited drilling has picked up offset continuation of the system below Dacite fault, 500 to 800 meters to the northeast

27 Johnson Tract Deal Terms An Exceptional Opportunity • Agreement with Cook Inlet Regional Corporation (CIRI) an Alaskan Native • “Off-the-market” and no work for over 20 years Corporation

• VMS to Epithermal environment – high grade Au- • Annual lease payments of $75,000 for years one through five, escalating to Zn-Cu-Pb-Ag deposit (pre 43101) $150,000 from year six onwards

• Past work includes eighty-eight (88) drill holes for • US$10 million in expenditures over the a total of 26,840 meters first 10 years with at least US$7.5 million within the first 6 years • Historic pre 43-101 resource (>0.5 oz/t gold • Upon completion of a feasibility study equivalent) and a decision to construct a mine, CIRI has the one time right to back-in to the • Major engineering & mining studies to direct ship project and participate to a maximum ore to Premier mill in Stewart, BC (Westmin 25% interest Resources, 1994/95) • NSR royalties payable to CIRI of 2% to 3% on base metals and a gold price • Tremendous exploration upside, including adjusted NSR royalty of 2.5% to 4% multiple underexplored satellite prospects – a regional play 28 Munro – Croesus, Timmins Gold Camp In good company

Over 110 Million Ounces Gold Production along the Porcupine-Destor Fault

Over 70 Million Ounces Gold Production along the Larder Lake-Cadillac Fault 29 Croesus & Beta Hunt Mine Comparisons Similar structural-stratigraphic-chemical setting for uber high grade

Croesus Mine Specimens From Private Collection Beta Hunt Mine, Australia – Father’s Day Vein (averaging 27% by weight gold) Specimens Source RNC Minerals webpage 30 Planned HighGold Spin-out Schedule

Activity Target Date Plan of Arrangement and Exchange review in progress

Share Structure and Financing detail May & June arrangements

Information Circular to CEM shareholders late-June

Shareholder meeting and vote late-July Completion of Spin-out & Raise end of July

Drill program at Johnson Tract Mid-August through September

31 • Exciting new gold company with TWO exceptional North American gold projects • Experienced and driven management team with jurisdictional expertise • Johnson Tract is like an advanced-stage discovery (off the market for almost 25 years) • Multi-million ounce, multi-deposit potential • Munro-Croesus – yielded some of the highest grade gold ever mined in Ontario • Well defined exploration model

High-Grade North American Gold Projects Command a Premium

32 TSX.V : CEM In Summary OTCQX: CNSNF Palmer • Polymetallic Zn-Cu-Ag-Au exploration project with great resource expansion potential in accessible Alaska • Solid joint-venture partner in Dowa of Japan – contributing expertise, funds and motivated towards production for Zinc offtake • Exceptional infrastructure – roads, deep port, power, workforce • Management team of experts in the Palmer geologic environment

Gold Projects • Johnson Tract – exceptional gold and base metal-rich exploration project off the market for more than 20 years • Current work shows reproducibility of results from historic drilling • Munroe-Croesus – past-production at Croesus mine property includes some of the highest grade gold ever mined in Ontario • Planned gold project spinout gives value to current CEM shareholders

33 Thank you

For additional information, please contact: Naomi Nemeth VP Investor Relations Constantine Metal Resources P: +1 604 629 2348, ext 1413 E: [email protected] www.constantinemetals.com @CEM_metals

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