-alvalade jv- advancing copper discovery on the iberian

TSX.V: AVU

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-Alvalade JV-

Advancing Copper Discovery on the

Iberian Pyrite Belt

TSX.V: AVU 2

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.

Disclaimers

TSX.V: AVU

UTILIZING EXPERIENCED TECHNICAL MANAGEMENT

3

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

Avrupa is a Hybrid Opportunity Generator

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

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

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

REVIVAL OF FLAGSHIP ALVALADE PROJECT (2020)New partner; extension of mineralization in Ses North area, new targets

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Summary of Projects

100%-owned ProjectsPortugal

• Pyrite Belt ExplorationKosovo

• Slivovo Au-Ag (re-acquiring)

Projects optioned outPortugal

• Alvalade – MATSA

Available projects:• Generative alliances in Kosovo,

Morocco, and Portugal

South Portugal

Alvalade (Cu-Zn)

Kosovo

Slivovo (Au-Ag)

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Plans for 2021

Continue work on MATSA Pyrite Belt Joint Venture at the Sesmarias VMS

prospect, Alvalade license, Portugal – Underway

Review and test new targets around the Alvalade license -- Underway

Pyrite Belt Exploration and possible project acquisition – 2021-22

New projects, generative exploration in Portugal and Kosovo – 2021-22

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

Review of new gold project opportunities around Europe – Underway

Potential entrance/acquisition into new European mining jurisdictions –

Starts in 2021

TSX.V: AVU 6

Financing History

Equity fundraising to date: C$15 million

Partner funding to date: C$24 million

>1.5 C$ in partner funding for each 1.0 C$ in equity fundraising

Goal is to have our investors profit while building further support for our projects.

8%

8%

15%

4%

6%

3%4%

52%

Major Holders

POC

Management

European Funds

Investor #1

Investor #2

Investor #3

Investor #4

Other

Tightly held share structure (as of 03/29/2021)

32.7 million shares outstanding

42.8 million shares fully diluted

48% of shares held by insiders, family, and large shareholders

Share Structure

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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.

• MATSA has funded €1,200,000,to date, to advance the Alvalade Project. Work continues.

• HISTORIC TOTAL: >16.5 million euros or >24 million C$

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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)

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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

PROVEN EXPERIENCED TECHNICAL TEAM• We have updated and advanced new geo-structural exploration model for Pyrite Belt in Portugal

• Resulted in two discoveries already within Alvalade license and expansion of the Sesmarias deposit

• Will drive increase of resource in CLS District – Sesmarias, Lousal, Monte da Bela Vista, Caveira

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

Avrupa in the IPB, 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 DISTRICTCaveira – 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

MINING FRIENDLY PORTUGAL

TSX.V: AVU

Pyrite Belt – Mines and deposits

Iberian Pyrite Belt

Producing Mine

Past Producer

Known Deposit

Rail Line

Lisbon

Setubal

Sines

Odemira

Faro

HuelvaSevilla

Aracena

Beja

Badajoz

Madrid

Sevilla

Lisbon

50 km

Lousal

AljustrelS. Domingo

La Zarza

Los FrailesAnzalcollar

Aguas Tenidas

Sotiel

Rio Tinto

Las Cruces

S. Telmo

Lagoa Salgada

Caveira

Neves Corvo

SPAIN

PO

RT

UG

AL

Tharsis

More than 85 known deposits and ~2 billion mt of contained metal

sulfides. Dwarfs the size of all other VMS districts in the world.

Sesmarias

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• Las Cruces produced 54,352 Mt of cathode

copper in 2020.

• Aguas Tenidas produced 538,660 Mt of

copper-zinc-lead-silver cons in 2018.

Operating three separate mines, including

Magdalena Mine and re-opened Sotiel

Mine.

• Neves Corvo produced 101,175 Mt of

copper and zinc in 2020.

• Aljustrel produced 28,000 tonnes of copper

in 2016.

• The historic Rio Tinto re-opened in

2015. Production in 2020: 55,890

tonnes of copper.

• Aznalcollar being re-opened

TSX.V: AVU 12

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 Developmento 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 13

11/2020Drilling starts in 8 Lens

sector

6/2021SES21-033: 22 meters

of massive sulfide in 53-meter mineral zone

Alvalade – Now 100% AVU

Optioned to MATSA

6/2020Alvalade license

issued to JV entity

1/2021VTEM survey

completed

6/2021SES21-036: 17 meters of

massive sulfide in 82-meter mineral zone

6/2021Drilling continues in

8 Lens sector

11/2019Optioned to

MATSA

6/2021MATSA completes

1st year earn-in

TSX.V: AVU

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

• MATSA can earn-in to 85% by providing a“bankable feasibility study” on any oneprospect and by making all requiredsuccess payments to original jointventure partner.

• Drilling program commenced in Q4 2020– 10 holes, 5271.7 meters to date, in SESnorth zone, “8” lens area.

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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.

TSX.V: AVU 15

Expansion of the «8» Lens – 2020 to present

Exploration excellence – Alvalade JV

• At SES north zone, 8 Lens extended to

south by 350 meters – geochemical results

pending for SES21-037, 038, 039, and 040.

• Mineral horizon extended to north, but

further drilling needed to confirm presence

of massive sulfide mineralization.

• Now targeting SES central zone,

underneath SES002/003 discovery holes.

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SES008 (2014)5.0 meters @ 0.64% Cu, 36.8 ppm Ag, 0.94% Pb, 1.54% Zn – mineralization

cut off by faulting

SES21-03322.25 meters @ 0.42% Cu, 39.3 ppm Ag, 1.05% Pb, 2.07% Zn, 0.58 ppm Au –

in massive sulfide mineralization

SES21-03617.00 meters @ 0.39% Cu, 34.1 ppm Ag, 1.10% Pb, 2.11% Zn, 0.4 ppm Au – in

massive sulfide mineralization

SES21-037 Results pending

SES21-038 Results pending

SES21-039Results pending

Expansion of the «8» Lens – 2020 to present

Exploration excellence – Alvalade JV

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SES002 DISCOVERY10.85 meters @ 1.81% Cu, 75.27 ppm Ag, 2.57% Pb, 4.38% Zn, 0.13% Sn

SES0061.5 meters @ 1.61% Cu, 54 ppm Ag, 2.30% Pb, 3.66% Zn, 0.091% Sn --

mineralization cut off by faulting

SES0085.0 meters @ 0.64% Cu, 36.8 ppm Ag, 0.94% Pb, 1.54% Zn – mineralization

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

SES007/SES011/SES012Massive sulfide fragments in fault zones at target depth, indicating tectonic re-

mobilization of massive sulfide mineralization.

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

Historic exploration excellence

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

SES020

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



SES02114.80 meters @ 0.36% Cu, 0.40% Zn, 0.29% Pb, 9.82 ppm Ag, 0.43 g/t Au

SES02252.10 meters @ 0.43% Cu, 0.98% Zn, 0.49% Pb, 17.31 ppm Ag, 0.62 g/t Au

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


TSX.V: AVU 19

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

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

• Open-ended potential of the

“10” Lens, to the north

• Mineralization seen in holes

over 1000 meters to the

north – new, detailed work

suggests multiple lenses,

hosted in black shale

mineral horizon, on limbs of

separate folds

• “2” Lens hosted in/adjacent

to 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.


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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

• Recent VTEM geophysical survey indicates new targets from Caveira

to Sesmarias – Plan for exploration drilling in Q3/Q4 2021

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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

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

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

Avrupa in Kosovo

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

NEW DISCOVERIES IN OLD MINING DISTRICTSlivovo Gold Project:

• NI-43-101 resource of approximately 125,000 ounces gold

• Total spent on Project ~ 7 million euros

• Byrnecut and Avrupa agree to «Drop and Apply» procedure

• Kosovo mining bureau expected to issue new exploration permit to Avrupa Kosovo

MINING FRIENDLY KOSOVO

TSX.V: AVU 23

Avrupa Kosovo plans

Re-acquire Slivovo exploration license in Q3/Q4 2021 -- dependent on

Kosovo mining bureau, ICMM

• Advance Project through earn-in joint venture

• Several potential partner candidates

• Exploration and resource drilling (2022)

• Complete EIS and update Pre-Feasibility study (2022-2023)

• Apply for mining license and advance PFS to full feasibility

study (2023)

• 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

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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

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Contact us:

[email protected]

www.avrupaminerals.com

Mark T. Brown – Director, Executive Chairman

Phone: +1-604-687-3520, ext. 242

Paul W. Kuhn – Director, President, and CEO

Phone: +351-92-5972240

-alvalade jv- advancing copper discovery on the iberian

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