developing copper assets in canada’s north · developing copper assets in canada’s ......

May 2013

TSX.V:COL

A New Direction

Developing Copper Assets in Canada’s North

Jan 2, 2015

TSX.V: COL | 2Forward Looking Statements

FORWARD LOOKING STATEMENTS

This presentation includes certain forward-looking information or forward-looking statements for the purposes of applicable securitieslaws. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and otherfactors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, thetimeliness of regulatory approvals, the timing and success of future exploration and development activities, exploration anddevelopment risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market orbusiness conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment,unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings madeby the Company with securities regulators.

In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, theassumptions that the proposed exploration and development of the mineral projects will proceed as planned, market fundamentals willresult in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. The Companyexpressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of newinformation, future events or otherwise except as otherwise required by applicable securities legislation.

The technical report entitled "Preliminary Economic Assessment of Copper, Gold, and Silver Recovery" (the "July 2014 PEA") ispreliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economicconsiderations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA willbe realized. Refer to the July 2014 PEA, filed on SEDAR under the Company's profile on July 14, 2014, for a discussion of theapplicable qualifications and assumptions and the impact on the results of the previous studies on the Carmacks Project.

National Instrument 43-101Dr. Harlan Meade, PGeol., President and CEO of the Company, is the Qualified Person who has reviewed and approved the contentherein, for compliance with National Instrument 43-101.

TSX.V: COL | 3Projects

DEVELOPMENT & EXPLORATION PROJECTS

YUKON

NORTHWESTTERRITORIES

BRITISHCOLUMBIA

*COL is not treating this historical resource estimate as current mineral resources. The Qualified Person responsible for review of the historical resourceestimate on behalf of the Company has not performed significant work to classify the historical resource estimate as current mineral resources.Information pertaining to the historical resource estimate may be found in the report titled "Technical Report on the Coates Lake Copper Deposit NahanniMining District Western Northwest Territories" filed on SEDAR April 2, 2007 under Western Copper and Gold Corp.’s profile. Details of mineral resourcesat Carmacks may be found on slide12. Each of Carmacks and Thor are subject to mineral royalties.

CARMACKS PROJECT 100% *(Yukon, Canada)

Measured & Indicated Resource11.98Mt@ 1.07% Cu, 0.456g/t Au and 4.58g/t Ag.

282 M lbs Contained Copper,171,800 oz Au & 1,705,800 oz Ag

Development

REDSTONE PROPERTY 100% *(NWT, Canada)

Stratiform Copper DepositHistoric Resource Estimate

33.4 Mt @ 3.92% Cu & 11.3 g/t AgContained Metal (Cu)

2.9Blbs (1.3Mt)

Exploration

Thor Porphyry Copper – Gold* (North Central BC)h Columbia

Historic copper-gold occurrences adjacent KemessSouth mine complex.

Thor

TSX.V: COL | 4

Corporate and Financial Restructuring:

March 1, 2014 appointment of Dr. Harlan Meade as President and CEO.

Copper North has raised $1.7 m to fund the re-engineering of Carmacks Project and the pay-down arrears to service providers and for related party debt.

March Strategic Review: Improve Project Economics (July 14, 2014 PEA)*

Reduction of C1 cash cost of production of copper (see July 14, 2014 PEA)*.

Re-engineering of Carmacks Project to reduce Capex and Operating Costs stated in the July 14, 2014 Preliminary Economic Assessment.

Increase mineral resources to lengthen potential mine life.

* The July 2014 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized. See "Forward Looking Statements” on slide 2.

Corporate Restructuring

COPPER NORTH - Restructuring

TSX.V: COL | 5Share Trading History

COPPER NORTH – TSX.V.COL

Capital Structure(as at Nov 30, 2014)

Issued: 106,857,532Options: 6,285,834Warrants: 17,950,991Fully Diluted: 131,094,357

Working Capital

Cash: $1,350,000Payables & Related Party

Arrears: $1,340,000

As at Sept 30, 2014*• Includes gross proceeds from

November 5, 2014 financing of $358K.

• Includes gross proceeds from $490K Nov 25, 2014, early warrant exercise.

TSX.V: COL | 6

COPPER NORTH INVESTMENT ATTRACTION Canada and Yukon: low political risk jurisdiction, stable tax regime, current

exchange rate favourable for investors, and 100% ownership.

Road accessible; new 10km transmission line to the grid.

High-grade copper oxide with significant gold and silver.

Reduced transportation and treatment expense for cathode copper as compared to copper concentrates.

C1 cash cost of production reduced to US$1.07/lb Cu (see July 14, 2014 PEA*).

Near Term Production (2017) (see July 14, 2014 PEA)*.– Forecast annual production of 30Mlbs LME Grade A copper cathode and 17,300 oz

gold and 165,000 oz silver.

Exploration

– Carmacks: Potential expansion of the oxide and sulphide mineral resource.– Thor Property: adjacent the Kemess mine facilities, attractive discovery opportunity.

Investment Attraction

* The July 2014 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized. See "Forward Looking Statements" on slide 2.

TSX.V: COL | 7

CARMACKS COPPER - Good Infrastructure

Carmacks Location

TSX.V: COL | 8

CARMACKS BENCHMARKING - SXEW COPPER LEACH Carmacks Project: unique, high grade oxide copper and significant gold and silver credits (see precautionary statement slide 4).

Heap Leach Projects

Status % Measured & Indicated Inferred Annual Production

M lbs

Capex(M$)

Op Cost US$/lb

Cu

OtherTonnes(Million)

Cu%

Cu sol% Tonnes(million)

Cu %

Cu sol%

Carmacks CuOxide

July 2014 PEA, permitting

10011.98 1.07 0.86 0.09 0.73 0.53 30 US$225

(incl WC)$1.04 Mine life 7+ yrs; Au/Ag

Recovery; SR 5:1; M3EngGold &silver recovery

Sulphide 4.34 0.75 0.03 4.03 0.71 0.01San Jorge (Argentina)

48.4 0.61 55% oxide

53 10 yrs

Sulphide 136 0.43 0.19 g/t AuCoro MiningBerta (Chile)

PEA; permitting

100 17.6 0.37 65% oxide

11-22 SR 0.49:1; staged dev. 65%CuSol; 50% JV agmt

Lady Annie (Aust)

Production 11.2 1.10 48 $2.50

Sulphide 65.2 0.71Newmont-Phoenix (Arizona)

Production 170 0.22 20 25 yrs

Kipoi (DRC) Production 4 1.33 1 1.10 53 1.13 11yrs

Quaterra MacArthur (Ariz)

PEA; permitting

158 0.212 243 0.201 41 US$233 1.89 M3 Eng; 0.9:1 SR;18 yrs

Sulphide 159 0.292Central Asia Kounrad(Kazakhstan)

Production 60 89.7 0.10 79.6 0.10 22 US$39 Leach waste dumps; large 447Mt sulphide resource

Wetar (Indonesia)

BFS 8.2 2.50 53 $167 1.07 SR 0.86:1; 9.2 yrs

In-Situ Leach Curis Res.Florence Insitu(Arizona)

Prefeas; advanced permitting

100 429 0.33 63 0.27 55 US$208 $1.11 15 yrs; M3 Eng

ExcelsiorGunnison(Arizona)

Prefeas; early permitting

100 683 0.29 338 0.21 110 US$285 $0.80 14 years; M3 Eng

TSX.V: COL | 9Carmacks Geology

CARMACKS PROJECT – Geology & Mineral Zones

Carmacks deposits open at depth & oxidised to ~230m

Malachite, cuprite, azurite and tenoriteminerals dominate oxide mineralization

All Mineral Resources based on zones 1,4, 7 & 7A

Exploration upside potential in zones 2,12,13,14 & 2000S.

Mineral Resources

Section 400N

See Appendix 8 for Section 400N

TSX.V: COL | 10

CARMACKS PROJECT - Cross Section Main Ore Zone

Carmacks Cross Section

Deposit lies within the Yukon CataclasticTerrane of deformed granitic rocks.

Granite Mountain contains pendants of strongly foliated feldspar, biotite, hornblende-quartz gneisses that host the copper-gold-silver mineralization.

Structurally controlled, steep dipping mineralized zones.

TSX.V: COL | 11Oxide mineralization

CARMACKS PROJECT - Oxide Ores

Oxide copper mineralization within rapidly developing new copper-gold district in north central Yukon; deep weathering profiles preserved, similar to as in other arid and semi-arid low latitude environments.

TSX.V: COL | 12Carmacks Mineral Resources

CARMACKS PROJECT - MINERAL RESOURCE ESTIMATE

Resource Category

Ktonnes Total Copper (%)

Acid Sol Cu (%)

Gold (g/t) Silver (g/t)

OXIDE

Measured 4,031 1.10 0.90 0.588 5.666

Indicated 7,949 1.04 0.83 0.391 4.039

M + I 11,980 1.07 0.86 0.456 4.578

Inferred 90 0.73 0.53 0.128 1.809

SULPHIDE

Measured 695 0.80 0.02 0.261 2.542

Indicated 3,645 0.74 0.03 0.205 2.296

M+I 4,340 0.75 0.03 0.221 2.369

Inferred 4,031 0.71 0.01 0.179 1.900Notes: Mineral resources at 0.25% total copper cut-off. Based on zones 1,4,7 & 7A.

Notes: 1. Mineral resources are based on Zones 1, 4, 7 and 7a. A more detailed review of the mineral resources is

contained in the July 14, 2014 PEA.

2. Mineral Resources include 90,000 tonnes of Inferred mineral resources, representing 7% of the total mineral resource. There is no certainty that definition drilling will convert the Inferred mineral resources into Measured or Indicated categories.

3. The economic assessment in the July 14, 2014 PEA, only utilizes the oxide mineral resources and does not include the sulphide mineral resources.

3. The July 14, 2014 PEA supersedes the November 2012 Feasibility Study prepared by M3 Engineering and Technology.

.

TSX.V: COL | 13Proposed Mine Site With Exploration Workings

CARMACKS PROJECT – Favourable Site Development

Proposed Au&Ag leach padZone 1, 4 and 7 Resources

Copper on/off pad or leach vats Zone 2 Extension

Zones 12 and 13

* See July 14, 2014 PEA

TSX.V: COL | 14

CARMACKS PROJECT – Zone 1 Oxide Copper

Zone 1 Oxide Copper

Zone 1 malachite and tenorite copper minerals: fracture coatings and disseminated oxide mineralization.

Recovery 85%Cu, 78%Au &75%Ag.

Zones 12 & 13

TSX.V: COL | 15

Kilborn Engineering ( 1995) completes feasibility to leach the oxide copper ores with traditional dump leach, followed by Solvent Extraction Electrowining (SXEW).

M3 Engineering and Technology (2007): similarly completes a feasibility premised on heap leaching of copper and SXEW production of cathode copper.

M3 Engineering and Technology (2012): completes a revised feasibility study based on heap leaching of copper and SXEW production of cathode copper.

Copper North Strategic Review Three Key Objectives:

Include Recovery of Gold and Silver: Preliminary Economic Assessment filed on SEDAR July 14, 2014, indicates significant improvement in project economics and significant reduction of cost of copper production (after by-product credits).

CAPEX Reduction: Benchmarking against similar projects indicates opportunities for substantial savings with use of Chinese engineering and procurement. Evaluation of vat leaching of copper to increase copper recovery, reduce capital and improve operating efficiency. More recent test work suggests agitated tank leach may be more efficient and reduce costs.

Mineral Resource Expansion: Exploration in progress to expand oxide mineral resources for extension of current 8-year mine life. Diamond drilling to define extension of zone 2 oxide deposit identified in ongoing trenching program.

Key Objectives

CARMACKS COPPER – Taking a Different Path

TSX.V: COL | 16

CARMACKS PROJECT – Addition of Gold-Silver Recovery

Project Opportunities

Gold and Silver Opportunity: (see July 14, 2104 PEA on SEDAR*) Measured & Indicated mineral resource containing171,400 ounces of gold and 1,705,000

ounces of silver. 133,700 ounces payable gold and 1,279,000 ounces payable silver assuming recovery of

78% for gold and 75% for silver.

PEA Net Revenue Increase: (see July 14, 2104 PEA on SEDAR)

Gold and silver recovery indicates a 28% increase in LOM project Net Revenue. 42% increase in LOM Net Operating Revenue: improves NPV& IRR. Reduction of C1 Cash Cost of Production to US$1.07/lb Cu compared to previous

US$1.60/lb Cu in M3 Feasibility Study Nov 2012 (after byproduct credits).

Gold-Silver Metal Streaming Opportunity: Gold and silver byproduct production provides opportunity for royalty and/or metal streaming

transactions to fund project development, without hedging or pre-sale of copper production.


TSX.V: COL | 17

Carmacks Project Cash Cost of Production C1 Cash Cost required for new mines needed by 2020 to meet the forecast 5 million tonnes of new copper supply: median incentive price is US$3703/tonne or US$1.68/lb copper for C1 Cash Cost. Real 2013 cost net of by-product credits is US$2025/tonne copper.

C1 Cash Cost Carmacks PEAJuly 2014

C1 Cash Cost Target for 2015 C1 Cash Cost Oct 2012Carmacks Projected Cash Cost of Production

TSX.V: COL | 18

CARMACKS COPPER – 2014, Gold & Silver Modelling*

Phase I: Preliminary Modelling Gold & Silver Recovery and Forex Adjustment*.• Based on On/Off pad leach of copper

and heap leach gold and silver (see July 14, 2014 PEA on SEDAR*).

• Annual recovery of 17,300 oz gold recovery and 165,000 oz silver

• Gold-silver credits results in 28% increase in Gross Net Revenues, and 41% increase in Net Operating Revenues. .

LOM CarmacksProject (US$)

M3 Feasibility Cu only

PEACu+Au+Ag

Gross Net Revenues $678M $870M

Operating Costs $344M $398M

Net Operating Revenues $333M $471M

Cash Operating CostUS$/lb Cu (after Au & Ag deduction)

$1.61 $1.07

• Phase 1 Base Case project economics indicates modest project economics at long term prices; NPV Pre-tax US$68M.

• Phase II re-engineering targeted at 20% reduction of operating costs and 30% reduction in capital costs.

Financial Evaluation Before Tax After Tax

NV (10%) 42,96M 13.41M

NPV(8%) 66.34M 32.24M

NPV (5%) 111.61M 67.97M

NPV (0%) 226.17M 159.10M

IRR 15% 12%

Payback 4.9 yrs 4.9 yrs

* The July 2014 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized. See Forward Looking Statements" on slide 2.

Carmacks 2014 Gold and Silver Modelling

TSX.V: COL | 19Sensitivity Analysis

CARMACKS PROJECT – After Tax NPV Sensitivity Analysis*

Sensitivity analysis illustrates the impact on AfterTax NPV(8%) for the key parameters.Base Case US$68M, with NPV and % change from Base Case. The project economics are mostsensitive to changes in copper price, exchange rate and operating cost*.

Base Case

Base Case


TSX.V: COL | 20

CARMACKS PROJECT – Re-engineering Steps

Evolution Of New Leach Plan

Progression in re-engineering the project with focus now on vat leaching opportunity.

TSX.V: COL | 21Re-engineeering

PHASE II - Re-engineering and Cost Reduction

» Evaluate vat leaching alternative for copper and gold & silver, to minimize extensive earthworks and pad liner expense associated with heap leach pad operations.

» Sourcing of detailed engineering and procurement of key equipment components from Chinese engineering groups and fabricators; benchmarking suggests capital savings of up to 40% for some parts of the treatment plants (requires more investigation to

confirm potential to reduced equipment cost for Chinese equipment).

» Manpower reduction by simplifying leach operations and efficiency improvements in the development and operating plan.

» Contracting of non-core activities and lease-purchase opportunities.

» Increased Company management involvement in construction activities.

TSX.V: COL | 22Agitated Tank Leach

PHASE II- Evolution to Agitated Tank Leach

» Copper Leach Metallurgical Progression:– The initial heap leaching of crushed ores (80% minus 13mm) replaced by on/off pad

heap leach in order to bring gold and silver revenues forward. – Vat leach times for copper were found to be shorter (<than 12 days) than expected.– Re-run of test work with finer crush (80% minus 2 to 4mm) indicated much improved

leach rates of less than 24 hrs, resulting in change to Agitated Tank Leach for copper.– Additional test work now defining leach time (fine crush) to confirm use of agitated

leach tank for gold and silver leaching. Agitated Leach Tank Advantage:– Much shorter leach times; brings copper, gold and silver revenues forward. – Fine crush residue for copper leach can be pumped directly to gold and silver agitated

leach tank, mitigating materials transport issues, after neutralization of acidity. – Agitated tank leach provides better control of operations to maximize recoveries, and

reduce operating costs. – Smaller footprint and reduction in earthworks and pad liners for copper leach.– Closed copper leach operation of copper, and gold & silver, reduces potential leakage

and simplifies environmental monitoring.

TSX.V: COL | 23

CARMACKS PROJECT – New Feasibility Study

New Feasibility Study

Copper North engages JDS and BGRIMM to complete a joint feasibility study for Carmacks Project to re-engineer the project to provide improved operational efficiency and reduced capital and operating costs.

JDS responsible for completion of the NI 43-101 compliant feasibility study and following activities:• Mining• Earthworks• Road, camp and powerline infrastructure • Construction and implementation• Freight and miscellaneous

BGRIMM responsible for detailed metallurgical design, equipment selection, reagents, procurement, quality assurance and quality control and shipment to Canada.

Owner’s Representatives

Dr. Morris Beattie and JDS to oversee metallurgical design, equipment selection and QA/QC.

Joseph Ringwald contracted as Project Manager responsible for coordinating all engineering and feasibility work.

TSX.V: COL | 24

Joint Canada-China Feasibility Study • Re-engineering to simplify operations and reduce CAPEX and

OPEX. • Substantial cost savings using Chinese engineering and

procurement. • Environmental risk reduction with new leach plan.• Very low cash cost of production : first decile of the cash cost

curve for copper, producing very favourable project economics.Joint Canada-China Feasibility Study

TSX.V: COL | 25

CARMACKS COPPER – Permitting Framework

Permitting Status

Copper North to complete re-engineering and finalize the development plan before re-entering the permitting process. The Phase I (gold and silver recovery) and Phase II ( re-engineering) are expected to be substantially completed in Q4, 2014.

Complete Technical Review with First Nations Q1 2015− Letter of Intent in 2012, establishes the framework for consultation

& provides for negotiation of an Impact Benefits Agreement

Submit Carmacks Project Proposal to YESAB* Q2 2015− Design changes assessable under YESAA** - Executive Committee level

environmental assessment required

Quartz Mining Licence (Energy Mines & Resources) Q1 2016− Project design changes will require amendments to existing QML or the

issuance of a new QML

Submit Water Use Licence Application to Yukon Water Board Q1 2016− Starts when environmental assessment is complete

Participate in Water Board Hearing Q4 2016− Required by Water’s Act

*Yukon Environmental and Socio-economic Assessment Board. ** Yukon Environmental and Socio-economic Assessment Act.

TSX.V: COL | 26

CARMACKS PROJECT – First Nations and Community

First Nation and Community

» Copper North has initiated in improved consultation program with local First Nations, providing them the key technical information on the project as it is produced and ensuring they have sufficient time and resources to review the information, and have their questions answered and their concerns addressed, before the project is taken to the permitting process.

» Management has negotiated a Letter of Intent with the Little Salmon/Carmacks First Nation that sets out a mechanism for the meaningful consultation with them; ultimately leading to negotiation of an Impact-Benefits Agreement. These are key steps marking a new era of open, transparent, and respectful communication between the parties.

TSX.V: COL | 27

CARMACKS EXPLORATION – Zone 2 Expansion


Zone 2, 1980’s surface trench, with steep dipping shear structure and oxide copper mineralization.

Historic trench sampling of 45.7 metres grading 1.0% copper.

Exploration largely dormant since initial trench work; excepting small geophysical survey work in 2007.

Initial trenching indicates a significant extension of Zone 2 mineralization; 500 metres to the southeast, towards the Zone 1 mineralization.

Two part expansion of mineral resources and mine life:• Expansion of the oxide mineral resource• Confirmation of the leach characteristics of sulphide ores

TSX.V: COL | 28

CARMACKS PROJECT – Mineral Resource Expansion


NORTH GAP Target

• Major North GAP target area north of the bounding cross fault on north end of Zone 1.

Zone 2 Extension

• Expanded the strike length of Zone 2 mineralization from 100 metres to 500 metres. Open to expansion to southwest towards Zone 1.

SOUTH GAP Zone

• Step out hole, northwest of 2000S zone indicates an extension of oxide copper mineralization.

TSX.V: COL | 29

CARMACKS PROJECT – Zone 2 Extension


Discovery trench extending Zone 2 from 100 metres length to more than 500 metres. Note permafrost cover (wet area) at contact with copper oxide mineralization.

TSX.V: COL | 30Appendix 1

APPENDIX 1: Resource Expansion Opportunities

Expansion of Oxide Mineral Resources:» M3 Feasibility Study only considered processing the 10.98 million tonnes of Measured and

Indicated oxide mineralization contained in Zones 1, 4, and 7. Current permit allows for processing of up to 16.3 million tonnes of oxide ore.

» Oxide ore also identified in Zones 2, 5, 12, 13, 14 and 2000S.» Review of exploration data has identified Zone 2 and the Gap target (extension of 2000S

zone) as prime targets for resource expansion.

Leaching of Sulfide Mineral Resources :» Sulfide potential at site is significant and the majority of the sulfide potential in new zones is

at depths accessible by open pit.» Test program is warranted to confirm potential dump leaching of the 4.3M tonnes of

Measured & Indicated sulphide mineral resources and 4M tonnes of in Inferred sulphidemineral resources (see page 12), utilizing the SXEW copper leach facility.

» Treatment of sulfide ore will require a dedicated long term leach pad.

TSX.V: COL | 31

Appendix 2: THOR PROPERTY ACQUISITION

Appendix 2

Kemess Mine, North Central B.C.

TSX.V: COL | 32

THOR PROPERTY: North Central British Columbia

Thor Location

TSX.V: COL | 33

THOR PROPERTY: Road Accessible

Thor Location

TSX.V: COL | 34

THOR PROJECT – Unique Discovery Opportunity

Thor Project: A Unique Opportunity For Discovery Adjacent The Shutdown Kemess Mine.

▲ Large property (13,000 hectares) located 20 km south of Kemess mine and mill and straddling main access road and power lines.

▲ Not previously explored due to extensive overburden cover and misunderstanding of geologic framework.

▲ Airborne magnetics indicate a large intrusive complex in an area thought previously to be underlain by younger sedimentary rocks.

▲ 2012 induced polarization survey shows extensive chargeability anomalies in the western portion of the property, coincident with areas of lower magnetic susceptibility. The area of low magnetics is interpreted as magnetite destruction due to intense alteration within the intrusive rocks; as is commonly associated with porphyry copper deposits.

▲ Known porphyry Cu-Au style mineralization on the eastern part of the property with only a few drill holes (1998 drill program) on one of the intrusive bodies.

▲ Intrusive complexes considered to be of early Jurassic age, similar to those hosting KemessSouth and Kemess North porphyry copper-gold deposits.

Note: Prior exploration on the Thor property has not defined a mineral resource, and exploration is at an early stage within an attractive geological district. Despite the Thor property’s proximity to the Kemess property, no mineral resource has been identified at Thor and there is no certainty that exploration will define economic mineralization.

Discovery Opportunity

TSX.V: COL | 35

THOR ACQUISITION: Terms

Thor Acquisition

Purchase Agreement for 100% Interest :

Cash payments aggregating $525,000 over 6 years

Exploration expenditures aggregating $5M over 6 years

Issuance of 5 million shares of Copper North over 5 years

2% Net Smelter Return Royalty capped at $5M

Acquisition structure provides attractive joint venture opportunity.

Large property provides potential for several porphyry copper-gold systems.

TSX.V: COL | 36

KEMESS MINE: Operations and Development History

Kemess South (depleted)

▲ 15 years open pit operations at 52,000 tpd producing copper concentrates.

▲ LOM tonnage of 218.5M tonnes grading 0.209% copper and 0.626 g/t gold.

▲ Mill facilities and mine infrastructure on care and maintenance.

Kemess North (under development)

▲ Kug deposit being evaluated as a block cave operation feeding the Kemess South mill and waste storage facilities.

▲ Mineral reserve of 100.3M tonnes grading 0.28% Cu, 0.56 g/t Au and 2.05 g/t Ag.

▲ Proposed mine and mill processing of approximately 24,000 tpd.

The reference to production history at Kemess mine simply defines characteristics of a successful mine and development property in the Kemess mineral district. Despite the Thor property’s proximity to the Kemess property, no mineral resource has been identified at Thor and there is no certainty that exploration will define economic mineralization.

Kemess History

TSX.V: COL | 37

Northwest View Of Moose Valley & Takla Host Rocks

Moose Valley

TSX.V: COL | 38

KEMESS MINE: Geology

Thor Geology

Porphyry copper-gold and epithermal deposits in the Toodoggone District, NW B.C..

Thor target area to the southeast of Kemess hosted in TaklaVolcanic Suite and Black Lake Intrusive Suite.

TSX.V: COL | 39

THOR ACQUISITION: Geology

Thor Geology

Thor Property is southern extension of copper-gold porphyry belt.

Early Jurassic Black Lake intrusions hosted by Mid-Triassic Takla volcanic suite.

Major post mineral faultingexposes intrusive complex and porphyry systems.

Thor Property interpreted to host different levels of porphyry systems, due to major structural break.

TSX.V: COL | 40

Thor Acquisition – Exploration Plan

Thor Exploration Plan

Geophysical Surveys » Shallow Induced Polarization (IP) surveys were completed in 2007 and more deep

penetrating regional IP was conducted on wide line spacing in 2012. » The historical large scale geophysical data indicates the presence of intrusions

cutting the Takla volcanic rocks and attractive induced polarization anomalies.

Commencement of Consultation with First Nations

Phase I Program: » Completed 39km Induced Polarization and ground magnetics surveys.

Phase II Program : » Compilation of all historical geology, geochemical and geophysical data into an

integrated map for target identification and exploration planning for a drilling program in summer 2015.


APPENDIX 3 Copper Markets Outlook - May 2014

TSX.V: COL | 42

APPENDIX 3:Copper Supply - Demand OutlookNew mine supply leads to refined copper surplus in 2014 and 2015, then transitions to deficit in 2016.

Appendix 3


Appendix 3:Copper Project Delays - Soon A ProblemProject delaying new mine production until 2016 and 2017; leads to deficit starting 2016.


APPENDIX 3: Copper Price Overview

Copper price forming an approximate base of US$3.00/lb (US$6600/tonne).

Current price is cutting into 90th percentile of the cost curve; any production loss will cause supply deficit and lead to higher copper price to rebalance market.

LME Cash Cost, Cutting Into Producer Cost Curve

TSX.V: COL | 45

APPENDIX 3: New Mine Project PipelineC1 Cash Cost required for proposed new mines needed by 2020 to meet the forecast 5 million tonnes of new

copper supply demand: median incentive price is US$3,703/tonne or US$1.68/lb copper for C1 cash cost, or US$5,604/t (US$2.54/lb) for copper, including indirect costs.

Appendix 3

TSX.V: COL | 46

Copper Markets• Forecast 3.7% global growth in copper consumption over 2013 to 2018, provides opportunity for new mine

production. Analysts are forecasting a need for 5M tonnes of new mine production by 2020.

Carmacks Re-engineering & Permitting Timeline (see July 14, 2014 PEA on SEDAR*).•

• Addition of gold and silver increases Net Revenues approximately 28% and also provides an opportunity to optimize the leach plan and increase efficiency to reduce overall operating cost .

• Re-engineering and optimization of the mine and processing plan targeted for completion in Q4 2015.

Carmacks Cash Cost of Production (see July 14, 2014 PEA on SEDAR*). • With gold and silver credits, Carmacks achieves a very attractive C1 cash cost in the lower quartile of the cost

curve - approximately US$1.07/lb copper.

• Production costs well below the mean C1 cash cost of US$1.68/lb copper for the proposed new major mines.

Carmacks Capital Efficiency • Copper equivalent production (adjusting for gold and silver recovery) is approximately 40M lbs annually. The re-

engineering work in progress should reduce the current capex and further improve project economics.

Infrastructure and Geopolitical Risk• Carmacks Copper is centrally located in Yukon near major highways and electrical power grid. Mineral title and

taxation are secure and cooperation agreements with First Nations reduces permitting risk.

Financing Position • The production of gold and silver dore, and copper as cathode, opens up more financing alternatives compared to

copper concentrates. Metal streaming agreements provide an alternative to dilutive equity financings, particularly during current difficult equity markets.

Appendix 3

APPENDIX 3: Copper Market Outlook and Carmacks Project

* The July 2014 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculativegeologically to have the economic considerations applied to them that would enable them to be categorized as mineralreserves and there is no certainty that the PEA will be realized. See "Forward Looking Statements" on slide 2.

TSX.V: COL | 47

Dale Corman - Non-Executive Chairman– Former Chairman & Chief Executive Officer of Western Silver Corp. (sold in 2006 to Glamis)

Dr. Harlan Meade – President, CEO and Director Former President and CEO Selwyn Resources Ltd.; Yukon Zinc Corporation

Bill LeClair - Director– Former President and Chief Executive Officer of Crew Gold Corporation (now Severstal)

Bill Koutsouras - Director– Former Executive Vice President and Chief Financial Officer of Endeavour Financial Ltd.

Julien Francois - Chief Financial Officer– Former Controller of Western Silver Corp., currently serves as Chief Financial Officer of Western

Copper & Gold Corp.

Doug Ramsey - VP Sustainability & Environmental Affairs– Former Manager Environmental Assessment, Permitting & Natural Resources of Wardrop (a

Tetra Tech Company)

Corey Dean – Corporate Secretary– Currently a Managing Partner at DuMoulin Black LLP, Mr. Dean has practiced corporate,

securities and natural resource law with a focus on corporate finance and mergers and acquisitions since 1981.

Senior Management & Board

APPENDIX 2: CORPORATE

February 2014

TSX.V:COL

Suite 1120 – 1095 West Pender St.Vancouver, BC V6E 2M6

T: 604.398.3451F: 604.398.3456

[email protected]

Dec 4, 2014

developing copper assets in canada’s north · developing copper assets in canada’s ......

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