Exploring Diamond Opportunities in Canada

TSXV:TSXV:NAR NAR

PDAC 2017 CAUTIONARY STATEMENT

This presentation contains projections and forward looking information that involve various risks and uncertainties, including, without limitation, statements regarding the potential extent of mineralization, resources, reserves, exploration results and plans and objectives of North Arrow Minerals Inc. These risks and uncertainties include, but are not restricted to, the amount of geological data available, the uncertain reliability of drilling results and geophysical and geological data and the interpretation thereof and Forward the need for adequate financing for future exploration and development efforts. There Looking Information can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward looking statements should circumstances or management's estimates or opinions change.

Qualified Disclosure of a scientific or technical nature related to North Arrow’s projects in this Person under presentation has been reviewed and approved by Ken Armstrong, P.Geo. President and NI 43-101 CEO of North Arrow and a Qualified Person under NI 43-101.

2 THE OPPORTUNITY

. EXPERIENCED TEAM – Successful exploration and development (Aber; Diavik; Lucara; Stornoway; SouthernEra)

. LEVERAGED EVALUATION – Canadian diamond projects developed over years of exploration at costs in excess of $50 million dollars

. SOLID FINANCIAL BACKING – >$18M raised over last four years while maintaining an attractive share structure – ~56.2M shares o/s; ~61.5M shares f/d

. FUNDED SUCCESSFUL EXPLORATION – Evaluating orangey yellow diamonds at Q1-4; discovery of diamondiferous kimberlites at Pikoo, SK; four other “Discovery Stage” projects at Mel, Luxx, Loki and LDG

. PROJECT PORTFOLIO – Advanced and Discovery Stage projects

. PURE DIAMOND PLAY – Focused on advancing diamond projects located in Canada at a time where diamond fundamentals are robust and predicted to remain so for the foreseeable future

3 CORPORATE OVERVIEW– as of February 15, 2017 unless otherwise noted

. Capitalization

Listing: TSX Venture – NAR

Issued: 56.2 M Options: 4.3 M

Warrants: 1.0 M $0.25 & $0.65

Corporate Fully diluted: 61.5 M Highlights Estimated Working Capital: ~$1.1 M (as of Oct. 31, 2016)

. Main Shareholders Management/Directors ~16 % Zebra Holdings & Investments* ~18 % *controlled by a trust settled by the late Adolf H. Lundin

4 CORPORATE OVERVIEW - PEOPLE

D. Grenville Thomas (Chairman) Founder of Aber (now Dominion Diamond), discoverer of the Diavik Diamond Mine and 2009 Canadian Mining Hall of Fame inductee.

Ken Armstrong P.Geo.(ON) (President, CEO, Director and Qualified Person under NI 43-101) Diamond exploration and evaluation experience with Diavik, Aber, De Beers, Navigator, and Stornoway.

Christopher Jennings (Director) Founder of SouthernEra, consultant to Aber; former positions with International Corona Corp., BP Minerals (Canada) and Management Falconbridge. Highlights William Lamb (Director) President and CEO of Lucara, 20+ years project development experience with Lucara, De Beers, Kvaerner and Rand Mines.

Blair Murdoch (Director) More than thirty years experience in senior management of private and public companies.

Eira M. Thomas (Advisor) Extensive diamond exploration and development experience in Canada and Africa. Former officer and director of Aber; founder of Lucara and Stornoway. Currently director of Suncor and Lucara.

5 CORPORATE OVERVIEW – PROJECTS

Assessing a known kimberlite or Advanced Stage diamond deposit

1. Naujaat (Qilalugaq) Project (100%)

Next stage of diamond exploration Discovery Stage could lead to discovery 1 1 1 1) Mel Project (100%) EKATI 2) Loki Project (100%) DIAVIK 5 GAHCHO 3) LDG Project (~40% NAR with DDC ) KUE 4) Pikoo Project (100%) 5) Luxx Project (100%)

Grassroots Target development 4 RENARD

1. Timiskaming Project (80% with SWY) VICTOR 1

Property within 3km of Doris Brownfields Gold Gold Mine; similar geology and structures.

1. Hope Bay Project (100%)

EXISTING DIAMOND MINE 6 NAUJAAT PROJECT – TICKS ALL THE BOXES

• Could satisfy all the boxesQ1- 4required  kimberlite Jurisdiction for a mine to be successful in the Arctic.

 Near tide water • Lower risk diamond exploration investment alternative with near-term  Large tonnage development track potential. • More information about rare  Good inferred resource* grade orangey-yellow diamond population required to establish value.  Blue sky potential • Formidable potential in-situ value.  Low strip ratio

Naujaat Unique diamond value proposition

* CAUTION – Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability 7 LOCATION: IN NUNAVUT

. Settled land claim. NUNAVUT

. Clear regulatory framework; mines CAN be permitted and built in Nunavut. Naujaat . Four mines permitted in the last ten Diamond years. Project

MARY RIVER MEADOWBANK

8 9KM FROM COASTAL HAMLET OF NAUJAAT

. History of successful mine development in the Arctic when located on tidewater (Nanisivik, Polaris). 9 km

. Estimated shipping costs ~50% of winter road access NWT diamond mines.

. 9 km from coastal Hamlet of Naujaat . Tidewater open ~3 months of year. Approximate . Multiple scheduled summer / fall Sealifts. Q1-4 outline . Airport and other infrastructure. . Local experienced workforce. Polaris Nanisivik

Naujaat Diamond Project 9 Q1-4: LARGE TONNAGE WITH BLUESKY

12.5 ha surface area • Largest kimberlite in eastern arctic = 12.5 ha surface area. • Large tonnage • Inferred Resource1 = 48.8 Mt, 26.1 Mcts, total diamond content2 53.6 cpht. • TFFE3 = 14.1 to 16.6 Mt, 7.9 to 9.3 Mcts, total diamond content2 56.1 cpht. • Inferred Resource to 205 m currently. • 4-6,000 m drilling program planned for 2017 to confirm tonnage down to 300 m. • 15 additional kimberlite bodies that require further Q1-4 Kimberlite assessment. Pipe Model

700 m Q1-4 Kimberlite

Q1-4 Pipe Naujaat Approximate Surface Trace

1May, 2013; Mineral resources are not mineral reserves and do not have demonstrated economic viability 2Defined as 100% recovery of +1 to +23 DTC diamonds 3Target for further exploration - The potential quantity and grade of the TFFE referred to above is conceptual in nature and it is uncertain whether further exploration will result in the target being delineated as a mineral resource 10 Q 1-4 RESOURCE ALL IN ONE BODY: LOW STRIP RATIO

Q1-4 internal study demonstrates potential for low strip ratio • <2:1 down to 205 m (inferred resources). Q1-4 (down to 305 m; inferred + TFFE) • <3:1 down to 305 m (TFFE and inferred resources). • Reduces cost and helps to address lower grade of Q1-4. Best comparable is De Beers’ Victor Mine, ON. • Grade is ~50 cpht total diamond • content: more modest grade compared to some Cdn deposits. • Horseshoe shape, ‘all-in-one’ singular deposit reduces strip ratio required.

Common Canadian Deposit Scenarios Multiple small, high grade bodies with higher strip ratio – eg Gahcho Kué, Ekati, Diavik

Pit overlay is for demonstration purposes; conceptual in nature.

Gahcho Kué (Tuzo, Hearne, 5034) Strip Ratio = 10.2:1 life of mine (Mountain Province Diamonds; May 2014 Feasibility Study) 11 IMPACT OF STRIPPING RATIO ON MINING COST

Impact of Strip Ratio – Generic Example Strip Ratio Cost of Mining per Cost of Mining per of Deposit tonne tonne (ore) • Cost of mining / tonne rock in the Arctic = ~$4.00/t (+/-25%). 4:1 ~$4.00 /t $20.00 • Cost is same for mining waste (which is not processed) and ore (which is subsequently 8:1 ~$4.00 /t $36.00 processed). 12:1 ~$4.00 /t $52.00

Strip Ratio = number of tonnes of waste rock mined for each tonne of ore mined and processed.

4:1 ratio: 4:1 8:1 12:1 12:1 ratio: 5 tonnes (t) are 13 tonnes (t) are mined (4 t waste; mined (12 t waste & 1 t ore) per 1 t & 1 t ore) per 1 t ore processed ore processed ore ore ore

300 meters 300 meters 12 Q1-4 DIAMOND VALUATION

Primary Conclusions from the 2015 Valuation • “Valuation results and modelled values should be treated with considerable caution when it comes to assessing the Qilalugaq Project.”1 • “Valuation of this small diamond parcel is further challenged by the presence of two distinct diamond populations.”1 Q1-4 2014/15 Sample:

• ~384 carats from ~1,350 dry 2016 – Two phase evaluation of value potential of tonnes. coloured diamonds: 1) Analysis of diamond size frequency distributions (SFD) • Yellow diamonds, having a 2) Analysis of cutting/polishing characteristics range of hues and tones, make up ~9.0% (stone count) and ~21.5% (carat weight) of parcel.

• $92 per carat modelled “possible high”.1

• $43 per carat modelled “possible low”.1

Q1-4 “run of mine” from 2014 sample; +9DTC and above.

1North Arrow news Release June 9, 2015 reporting results of WWW International Consultants Ltd. valuation. 13 Q1-4 DIAMOND SFD ANALYSIS

Yellow diamonds, representing a range of hues and tones, comprise approximately 9.0% by stone count and 21.5% by carat weight of the +1 DTC diamonds recovered to date”. 1 Observations

• Proportion of yellows increases with increasing diamond size. Q1-4 Grade/Size Curve • The yellow diamonds empirically have a coarser population. Comparative Curves • Infrared spectral analyses (FTIR) confirm yellow and“ non-yellow diamond populations are of different ages. Total Parcel June 2015 Price Model Applied to Projected SFD Models:

Yellow Diamonds - Projected coarse SFD Model (Red) • Applying the June 2015 price model to modelled yellow diamond coarse SFD results in price range from ~$100/ct to ‘Dark Yellow’ >$200/ct. $200/ct is positive for the project. only

Primary Conclusion

• Significant potential upside to Q1-4 diamond prices however not enough information to validate or discount assumptions used to develop the yellow diamond coarse SFD model.

1North Arrow news Release May 5, 2015 14 VALUING ORANGEY YELLOW DIAMONDS

Q1-4 contains a unique population of valuable fancy orangey yellow diamonds

Polishing and Valuation • Certifiable* fancy orangey yellow diamonds would be desirable to the gem/jewelry trade • Round brilliant cuts maximize brilliance with no impact on fully saturated colour • 5 of 13 diamonds certified as ‘Fancy Vivid’ – highest (most valuable) saturation grade • Remainder certified as ‘Fancy Intense’ or ‘Fancy Deep’ – also indicate full saturation

HIGHER VALUE Polished orangey yellow diamonds valued at 3x value** of top white diamonds of comparable size, cut and clarity. More diamonds needed Significant potential upside for Q1-4 prices. *colour certification by Gemological Institute of America (GIA) & CGL Canadian Gem Labs **polished diamond value estimates by CGL Canadian Gem Labs 15 UNDERVALUED YELLOW DIAMONDS (+9, +11 DTC)

June 2015 Valuation 2016 Rough Value of Polished 20 dark yellow +11 DTC 2 diamonds (~0.5ct) diamonds

POLISHING RESULTS – IMPACT ON +11 DTC VALUE

total value = US$437.00 total value = US$532.00*

US$57.00 per carat ~US$500.00 per carat

June 2015 Valuation 2016 Rough Value of Polished Stones 12 dark yellow +9 DTC 5 diamonds (~0.2ct) diamonds

POLISHING RESULTS – IMPACT ON +9 DTC VALUE

* 75% of estimated wholesale polished values = 33% margin total value = US$119.00 total value = US$478.00* for cutting/polishing (typical target margin is 15%). US$53.00 per carat US$480.00 per carat 16 FUTURE WORK – 2017 & 2018

Project Requires Increased Confidence in: Drilling Bulk Sampling

1. Volume / tonnage

2. Internal geology

3. Spatial diamond data

4. Recoverable grade

5. SFD’s of diamond population

6. Diamond value

Bulk Sample 1: +700 carats 4500-6000 m confirm yellow SFD model Critical for PEA drilling Bulk Sample 2: +1000 carats confirm value +/- 20-25%

17 MEL PROJECT - NU

. 7,500 hectare property on Melville Peninsula; <20 km from tidewater; 140 km south of Hall Beach; 210 km northeast of Naujaat.

. Three to five unique unsourced KIM trains well- defined from over 750 NAR & historic till samples.

. 2013, 2014, 2015 and 2016 till sampling programs have systematically advanced the project. Mel Project . Detailed prospecting and ground geophysics – 2017; kimberlites can outcrop in this part of the Arctic.

. Program goal: kimberlite discovery.

18 MEL PROJECT - NU

. Two unsourced clusters of kimberlite indicator minerals (KIMs) from +500 till samples in assessment records: “Northern Train” Northern and “Southern Train”. Train

. Pyrope and eclogite garnets as well as Mg ilmenites.

. Short programs conducted annually out of Naujaat.

. Most sampling focused on Northern Train; ice direction understood; 3 or more possible source target areas have been defined. Southern Train 10 km

1919 MEL PROJECT, NORTHERN TRAIN PRE-2013

Pre-2013: . Highest KIM counts were ~10 grains.

2013 & 2014 till sampling focus area

Pre-2013 Historic Data

20 MEL PROJECT, NORTHERN TRAIN 2013 to 2016

Pre-2013: . Highest KIM counts were ~10 grains. 2013 & 14: . Focused on the potential cut-off. . Extended Train up ice; up to 23 grains. 2015: . >200 samples to define KIM Train. 2016 Till . Up to +200 KIMs. Sampling Historic Data and Focus Area NAR 2013-2016

21 MEL PROJECT, NORTHERN TRAIN 2013 to 2016

Pre-2013: . Highest KIM counts were ~10 grains. 2013 & 14: . Focused on the potential cut-off. . Extended Train up ice; up to 23 grains. 2015: . >200 samples to define KIM Train. . Up to +200 KIMs. Historic Data and 2016: NAR 2013-2016 . 111 samples. . Train is cut-off. . +1,200 KIMs means Sample yielded close to source. over 1200 KIMs

22 MEL PROJECT, NORTHERN TRAIN 2013 to 2016

23 MEL PROJECT – GEOCHEMISTRY

ECLOGITIC GARNETS PyropePYROPEGarnet GARNETS Eclogitic Garnet 16 2.0 G10 G9 0.09 Wt% Na2O Mel 2015 Tills

12 1.5

8 1.0 TiO2 wt% TiO2 Cr2O3 wt.%Cr2O3 6

4 0.5

Mel 2015 Tills

0 0.0 0 1 2 3 4 5 6 7 8 9 10 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 CaO wt.% Na2O wt% Mantle derived garnets IlmeniteILMENITES ILMENITESIlmenite 12 60 Mel 2015 Tills 11 58 Non- 10 56 Kimberlite

9 54 8 Brought to the earth’s 52 7 surface by a kimberlite 6 50

Cr2O3 (wt%) Kimberlite 5 wt.% TiO2 48

4 46 3 44 2

1 42 Mel 2015 Tills

0 40 3 5 7 9 11 13 15 0 2 4 6 8 10 12 14 16 18 MgO (wt%) MgO wt% 24 LAC DE GRAS PROPERTIES

Lac de Gras (LDG) Property • Joint Venture: ~40% NAR, ~60% Dominion Diamond. • ~147,200 ha south of Diavik & Ekati. • 2016 focused on target generation. • ~$2.8 million 2017 budget tabled by DDC. • 2017 program to focus on target evaluation: geophysics and drilling of ~20 targets. • 2017 program goal – kimberlite discovery.

Loki Property • ~7,000 ha; 100% NAR. • Untested targets related to Monument kimberlite cluster. • Includes diamondiferous EG05 kimberlite - needs further assessment on size and diamond content. • 2017 – ground geophysics and drilling. • 2017 program goal – kimberlite discovery.

25 LAC DE GRAS PROPERTIES – LOKI PROJECT

EG05 Kimberlite

Indicator train

5 km Ice • Multiple untested kimberlite targets with KIM support. • EG05 kimberlite - discovered in 1999; needs further Direction assessment of size, geology, diamond content. • Other unsourced trains being defined. 26 PIKOO PROJECT, SK

. North Arrow (100%).

. Good local infrastructure; within 10 km of SK Hwy 911 – more than 200 km from nearest kimberlite field (FALC).

. 10 discrete kimberlites discovered to date. Five tested and proven diamondiferous.

. PK150 – most significant diamond discovery; 1,232 diamonds > 0.106 mm from 531 kg.

. 2016 drill program discovered PK346 and PK347 kimberlites.

. 2016 till sample results suggest more unique unsourced KIM trains. 23 +0.85 mm stones recovered from initial 2013 209 kg PK 150 sample 27 PIKOO PROJECT – DISTINCT INDICATOR TRAINS

PK346 PK314 . Till sampling works. PK347 &“North Pikoo Dykes” Ice Direction ? . 2016 Infill till sampling ? PK312 focused on four areas. ? PK311 . Increased sample density PK150 throughout property has (plus PK151 ? revealed at least 10 and 2 other ? ? dykes) unsourced KIM trains. ? ? . Excellent chemistry – KIMs confirmed as derived from ? diamond stable mantle.

. More diamondiferous Priority Targets ? kimberlite discoveries can be ? ? Known kimberlites made on the property. Ice Direction Deeper colour = more KIMs

. Ground geophysics underway.

28 GOLD – HOPE BAY ORO PROJECT, NU

Ida Point Showing . ORO property ~3km NNE of TMAC’s Doris Gold Mine. . Host stratigraphy to the Doris deposit extends north onto Oro property.

. Similar setting to Doris – same rocks, same mineralization style, same structural setting. . Numerous showings. . Previous drilling of Ida Point returned 5.48 g/t over 5.96 m; 8.0 g/t over 4.2 m.

Diabase Sill Mesa

TMAC’s Hope Bay Mine 4 km

29 NORTH ARROW - THE WAY FORWARD

Advanced Stage Discovery Stage Grassroots Brownfields Gold

Project Location Commodity Interest Comment Naujaat Nunavut Diamonds 100% Large Q1-4 kimberlite with fancy orangey-yellow (Qilalugaq) diamond population 2017 – delineation drilling; sampling 2017-2018 – bulk sample leading to PEA Mel Nunavut Diamonds 100% 2017 – Detailed prospecting & ground geophysics

Loki NWT Diamonds 100% Lac de Gras area; Incl. EG05 kimberlite 2017 – data compilation, ground geophysics & drilling Lac de Gras NWT Diamonds ~39% 2017 ground geophysics & drilling JV with DDC Pikoo Saskatchewan Diamonds 100% 10 kimberlites discovered to date 2017 – ground geophysics and till sampling Luxx Nunavut Diamonds 100% Drill ready targets Timiskaming Ontario Diamonds 80% Database evaluation Hope Bay Nunavut Gold 100% Northern Hope Bay greenstone belt 3km north of TMAC’s Doris Gold Mine Several Au showings / JV potential 30 TSXV: NAR

Ken Armstrong President & CEO Nick Thomas Community and Investor Relations Manager

Suite 960-789 West Pender Street Vancouver, BC Canada V6C 1H2 Tel: +1.604.668.8354 Fax: +1.604.336.4813

[email protected]

@narminerals northarrowminerals www.northarrowminerals.com APPENDIX I NAUJAAT (Q1-4) DIAMOND INFORMATION Q1-4 SAMPLING PROCESS

. Mega-bags were set up on stands by sample site ground staff. . Kimberlite was broken up and scooped into mega-bags by excavator. . Consistent sample size per bag was ensured by ground staff. . Once full, ground staff broke down stands and prepared mega-bag for helicopter pick-up and delivery at sample laydown area in Naujaat. Q1-4 SAMPLE SITE– PROGRESS OVER TIME

The view looking west July 25, 2014

West Pit

Silt Fences

W Central Pit 2007 Sample Pit SAMPLE LAYDOWN AREA – REPULSE BAY

August 15, 2014

Sample laydown area with final 1688 mega-bags. Cost to this point ~$1.7 million. SAMPLE TRANSPORT

Sealift from Repulse Bay to Montreal by truck to DMS processing lab in Thunder Bay. Q1-4 DIAMOND REVIEW – MAIN QUESTIONS

Q1-4 Grade/Size Curve Comparative Curves

Can yellow rough Do the yellow diamonds Total Parcel be polished into desirable represent a distinct population diamonds in the from the white diamonds? gem trade? If so, does it matter?

+11 DTC Q1-4 diamonds from 2014 sample. +9 DTC Q1-4 diamonds from 2014 sample.

‘Dark Yellow’ only TWO SEPARATE DIAMOND POPULATIONS

Q1-4 Sample Press Release, May 5, 2015 Q1-4 Grade/Size Curve Comparative Curves “Yellow diamonds, representing a range of hues and tones, comprise approximately 9.0% by stone count and 21.5% by carat weight of the +1 DTC diamonds recovered to date”. Total Parcel

Observations

• Proportion of yellows increases with increasing diamond size.

• The yellow diamonds empirically have a coarser population. ‘Dark Yellow’ only • Infrared spectral analyses (FTIR) confirm yellow and non-yellow diamond populations are distinct. FTIR STUDY – YELLOW DIAMONDS ARE DISTINCT

FTIR Study of Yellow Diamonds

. 50 of 51 yellow diamonds, including 10 polished orangey yellow diamonds, It is therefore appropriate and contain un-aggregated nitrogen impurities. reasonable to separately model their . Un-aggregated nitrogen is characteristic Size Frequency Distribution (SFD). of Type 1b diamonds. . Type 1b diamonds are extremely rare in nature (~0.1% of natural diamonds). . Un-aggregated nitrogen is very efficient at absorbing blue/violet light resulting in the intense yellow colours typical of “Canary” yellow diamonds. . Non-yellow Q1-4 diamonds have no Type Ib component.

Conclusion • The Yellow stones represent a distinct and very young population of diamonds. +5DTC “Run of Mine” from a portion of Q1-4 2014 bulk sample – 17.22 carats TWO SEPARATE DIAMOND POPULATIONS

Q1-4 Grade/Size Curve Yellow population can be modelled to define 2 distinct scenarios Comparative Curves

Scenario 1 – extrapolate to coarser diamond sizes. Total Parcel • Frequency of yellow diamonds at coarser sizes exceeds the current total parcel model.

Scenario 2 – extrapolate to diminishing frequency of larger stones.

• Proportion of yellow/non-yellow diamonds remains the ‘Dark Yellow’ only same at coarser sizes. TWO SEPARATE DIAMOND POPULATIONS

June 2015 Price Models Applied to Possible SFD Scenarios: Q1-4 Grade/Size Curve Comparative Curves Scenario 1: Coarse SFD model (Red) • Applying the June 2015 price models to this outcome results in average price range from just under $100/ct to Total Parcel >$200/ct. $200/ct is positive for the project. Scenario 2: Fine SFD model (Blue) • Applying June 2015 price models to Scenario 2 results in average price range from <$50/ct to <$100/ct. – not good. ‘Dark Yellow’ only Primary Conclusion • Q1-4 diamonds could be valued at +$200/ct through applying 2015 WWW Price Model to a modelled coarse yellow SFD. • Assumptions used to develop SFD models cannot be confirmed or discounted with current dataset – need more sampling. Q1-4 DIAMOND POLISHING AND COLOUR GRADING

• 13 diamonds polished with an average yield of 30%. • Colour graded at Canadian Gem Labs (CGL) and Gemological Institute of America (GIA). • 7 polished from single diamond crystals. • Very small diamonds (to 0.02 cts) retain fancy • 6 derived from a single 4.4 ct diamond. orangey yellow; rare intensity for smalls.

• Round brilliant cuts maximize brilliance; no impact • Largest diamond recovered is fancy coloured. on colour.

0.14 ct fancy vivid 0.08 ct fancy 0.04 ct fancy deep orangey yellow (GIA) intense yellow (GIA) orangey yellow (CGL)

0.12 ct fancy vivid 0.05 fancy intense 0.04 fancy deep orange 0.05 ct fancy intense orangey yellow (GIA) orangey yellow (CGL) yellow (CGL) orangey yellow (CGL) Q1-4 ROUGH TO POLISHED DIAMONDS

GIA Certified +11 DTC 0.12 ct rough fancy vivid1 “dark orangey yellow” yellow inverted brilliant – cube 26% yield

GIA Certified +11 DTC 0.14 ct rough fancy vivid1 “dark orangey yellow” yellow, inverted brilliant – cube 30% yield

1“Fancy Vivid” = greatest level of colour saturation = highest value Q1-4 ROUGH TO POLISHED DIAMONDS

GIA & CGL +9 DTC Certified rough 0.08 carat “yellow” fancy intense cubic yellow diamond brilliant – 36% yield

CGL Certified +9 DTC 0.04 carat rough fancy deep “dark orange yellow” yellow1 inverted brilliant – cube 34% yield

1“Orange yellow” = equal orange & yellow = potential for very rare orange diamonds Q1-4 ROUGH TO POLISHED DIAMONDS

4.42 carat 3.06 ct frag complex polished into “dark six diamonds; yellow” cubic all fancy aggregate coloured with rough variable clarity

Cut in India using technology to map inclusions; maximizing yield and clarity.

Objective: to test the polished colour of a larger diamond. POSITIVE RESULT: biggest diamond from Q1-4 is fancy coloured! POLISHING RESULTS: PREMIUM PRICES WARRANTED

Polishing Tests What were the Rough • Two +11 DTC diamonds were polished Diamonds Worth? • Five +9 DTC diamonds were polished • Rough value estimated as 75% Polishing and Valuation Results of wholesale price – implies a • Polished diamonds range from 0.04 to 0.14 cts 33% margin for cutting & • Estimated Retail value: $240-$1,150/stone* polishing. • Estimated Wholesale value: $89-$385/stone* • Up to 3x value of top white diamonds of comparable size, • Typical margin for polishing cut and clarity industry is 15%.

• Estimated rough diamond value for the polished diamonds was inserted into the WWW June 2015 valuation.

*polished diamond value estimates by CGL Canadian Gem Labs POLISHING RESULTS - IMPACT ON VALUE

Conclusions Q1-4 ‘canary’ diamonds can be polished, are fully saturated ‘fancy from yellow colours’ and would be desirable in the gem trade diamond A Premium Price for Q1-4 fancy colour diamonds is clearly warranted polishing in smaller size classes exercise The June 2015 possible high diamond price model is reasonable APPENDIX II PIKOO PIKOO PROJECT – EXPLORATION TO PRESENT

PK346 N PK314 PK347 &“North Pikoo . Till sampling works (>1200 Dykes” tills collected). PK150 (plus PK151 . Kimberlites found at heads and another PK312 of KIM trains. dyke) PK311 . Positive samples range from 1 to 100’s of KIM grains.

. North Pikoo – high interest chrome garnets in till not found in known Probe Confirmed Results kimberlites. pyrope garnets ilmenite eclogitic garnets chromite chrome diopside Ice Direction Bigger circles = more KIM grains = kimberlite PIKOO PYROPE GARNET CHEMISTRY

North Pikoo Tills KIM COUNT COMPARISONS – KIMBERLITE VS. TILL

PK150: >800 pyropes / kg kimberlite; PK150 Tills: 16 pyropes / sample (1-20 grains) PK 150 core PK 346 core N PK 150 N PK 346 North Pikoo Tills: 16 pyropes / sample PK 314 (1-40 grains) PK 151 Kimberlites: PK 347 <10 pyropes / kg

South Pikoo North Pikoo Pyrope Train Pyrope Train

Must be an undiscovered kimberlite source with good mantle sample at North Pikoo! APPENDIX III DIAMOND INDUSTRY ZIMNISKY GLOBAL ROUGH PRICE INDEX: 1, 5, & 10 YEAR 2016 BAIN REPORT: DECADE OF ROUGH PRODUCTION BY COUNTRY BAIN REPORT 2016 DECADE OF ROUGH PRODUCTION BY COMPANY BAIN REPORT: COMPARISON OF ROUGH VS. POLISHED PRICING BAIN REPORT: DIAMOND CHAIN REVENUES 2014-2016 FANCY COLOURED RESEARCH FOUNDATION COLOURED INDEX PAST DECADE

Fancy Color Diamond Index PANTERA PRIVÉ YELLOW DIAMOND CHART FORWARD LOOKING PRICES

Natural coloured diamond investing www.panteraprive.com company

“History has shown that investment quality natural colour diamonds have been appreciating at the rate of 10% to 25% per year over the last 40 years depending upon the quality of the diamond.”