metals and mining fund investor presentation

Metals and Mining Fund

INVESTOR PRESENTATION

3rd quarter, 2021

0201 3r d q uar te r, 2021M E TA L S A N D M I N I N G F U N D


W ELCOME

The fund will purchase physical gold bullion with investor’s subscription proceeds at prevailing market prices.

The fund may also “contribute” certified physical gold at prevailing market prices to subscribe for units in the fund.

The fund will then seek up to 60% loan value against the physical bullion for proceeds to implement The Strategy in Dragon Dynamic Metals and Mining Fund (a regulated Bermuda fund).

DISCLAIMER OPPORTUNITY

COMBINING SECURITY WITH LEVERAGE IN THE COMMODITIES BULL MARKET

SWITZERLANDThe domicile of the Fund is Bermuda. The Representative of the Fund in Switzerland is OpenFunds Investment Services AG, with its registered office at Seefeldstrasse 35, CH-8008 Zurich, Tel +41 44 500 31 08, www.open-funds.ch. The Paying Agent in Switzerland is Società Bancaria Ticinese SA, Piazza Collegiata 3, 6501 Bellinzona, Tel. +41 91 821 51 21, Fax. + 41 91 825 66 18, www.bancaria.ch. The distribution of Shares of the Fund in Switzerland must be made exclusively to Qualified Investors. The place of performance and jurisdiction for the Shares of the Fund distributed in Switzerland is at the registered office of the Representative. Publications to Swiss investors in respect of the Shares of the Fund are effected from the Representative.

USAThis presentation does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

UKThis presentation is being made only to and is directed only at: Persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as "relevant persons").

CANADAThis presentation contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the proposed use of the proceeds of the financing, the receipt of all necessary approvals, demand and market outlook for metals, future metal prices and treatment and refining charges, the size and quality of investee companies’ mineral resources, progress in development of investee companies’ mineral properties, their future production and sales volumes, their capital and mine production costs, the financial results of the company and the investee companies, the future financial or operating performance of the company and investee companies, the prospective mineralization of the investee companies’ properties, and the availability and likelihood of future acquisitions and dispositions. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the company and its investee companies to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; acquisition risks; and other risks of the mining industry. Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.



DR AGON

DY N A MIC

A DV IS ORS S . A .

Email: [email protected]: +1-617-922-1117

J. A. MICHIE

President of Dragon Dynamic Advisors S.A.

INVESTMENT ADVISORS

J. A. Michie is an international businessman with extensive experience in asset management, metals and mining investments. His family operated a successful gold mine in Canada in the 1980’s.

Over many decades he has developed excellent contacts in the precious metals, junior resource development and mining spaces.

He has assembled a very successful

group of industry experts who he will utilize to gain valuable insights into investment decisions for the fund. The strategy is driven on a re-emphasis on value investing.

There will be three major focuses in the fund: world class precious metal producers, well researched early stage mining projects, and global leaders in emerging battery metals companies.

WORLD CLASS PRECIOUS METALS PRODUCERS

WELL-RESEARCHED EARLY STAGE MINING PROJECTS

GLOBAL LEADERS IN EMERGING BATTERY METALS COMPANIES



FUND

S T R AT EGY:

SEEK

OPP OR T UNI T YOPPORTUNITY & LEVERAGE WEIGHTED RISK

AND RETURN

Investing in private and public junior to mid-tier mining company M&A targets and strategic short and long term positions in North America markets.

Taking advantage of the opportunities that exist in the metals exploration and mining sector in precious metals, copper and other battery related metals.

Frequent access to direct investments into exploration properties or private companies prior to public listing provides leverage to projects of merit.

Expertise to conduct due diligence in-house and to take a private company or project public if warranted.

Lower Risk High Risk

Focus on companies with strong technical merits, cash flow and proven management teams. Look for opportunities to acquire at compelling valuations.

Identify companies with assets that are

growing or advancing, allowing for future re-rating leading to significant returns.

Leverage opportunity and technical skill

sets to identify and position the fund into earlier stage assets that have potential to grow

and fundamentally shift current market

perception of assets.



MANAGEMENT STRATEGY

Investment maximum of 20% of Fund NAV in a single company.

Rebalancing the portfolio should see any single investment grow to +60% of NAV.

Maintain a cash position of minimum 10% NAV.

Investments in private companies will include a bonus payment for the the fund for a delayed liquidity event.

Jurisdiction risk will be evaluated against geological potential and anticipated returns.



A DV ISED BY INDUSTRY EXPERTS

Complementary skill sets that span the globe and cover the spectrum of metals. A strong mix of technical, financial and corporate skills underpin the Dragon Dynamic team’s expertise.

DR. ANDREW RAMCHARANPhD, P.Eng, FAusIMM

LEO HATHAWAYP.Geo

Chief Geologist, Lumina Group



NORTHERNPERU COPPER

GLOBALCOPPER

LUMINACOPPER CORP

REGALITOCOPPER

LUMINAROYALTY CORP.

LUMINAROYALTY CORP.

Galeno–9.5Blbs CuPashpap–1.4Blbs CuSold Jan 2008 $455M

Relincho–9.9BlbsSold Aug 2008 $425M

TacaTaca–2.2BlbsSold Aug 2014 $470M

Regalito–7.2Blbs CuSold May 2006 $137M

Sold Sep 2011 $66M

Hushamu–1.4Blbs CuCasino –4.7Blbs CuSold Dec 2006 $28M

LUMINA COPPEREXPERIENCE

In early 2004 Mr. Hathaway joined Lumina Copper as VP Exploration during the Company’s project acquisition phase. He managed key technical aspects of acquisitions, exploration and development

Lumina Copper was “star-burst” into four daughter companies in 2006.

All four companies were acquired between 2006 and 2010 leaving one remaining project, TacaTaca.

A private company combining royalties on 4 of the projects was sold in 2011 to Franco-Nevada.

TacaTacawas acquired by First Quantum in 2014.

LEO HATHAWAYP.GeoProject Evaluation Expert

Leo’s passion is wealth creation in the exploration and mining industry and has been involved in creating more than $2B in value.

Leo initiated and continues to direct a private copper exploration company in Poland that raised $100M privately and also recognized the value in Odin Mining, of which he participated in acquiring 80% of for $5M. The re-named company, Lumina Gold (And SpinCo Luminex), is now valued at more than $220M combined.

Leo was a partner and advisor to Lumina Capital LP, a 5-year private fund initiated with $30M and liquidated for $240M. Amongst the investments made were Ventana Gold in Colombia, where 3.5M ounces of gold were recovered and sold for $1.54B.

At Lumina he spent 11 years managing technical aspects of the Lumina Copper and daughter companies, five major transactions totaling $1.6B

Management and evaluation experience combine for a deep understanding of the ingredients for a successful mining investment at all scales..

Mr. Hathaway is a highly respected geologist who graduated from Plymouth University with a BSc. (Hons) in Geology and an MSc. in Mineral Exploration from the Royal School of Mines, Imperial College, London. He obtained a P. Geo from the Association of Professional Geoscientists of Ontario and is a partner of the Lumina Group.

Prior to his involvement with the Lumina group of companies, he spent 10 years working for Inmet Mining, where he worked on the Antamina feasibility study in Peru, was involved in global evaluations and managed exploration programs in Latin America, Europe and Australia. Mr. Hathaway spent 8 years living in Latin America and is fluent in Spanish.

He has managed and evaluated a wide range of projects in various commodities in over 50 countries at all stages: grassroots, advanced, developed, and production.



PROJECT EVALUATIONEXPERT

Dr. Andrew J. Ramcharan (PhD, P.Eng, FAusIMM) has extensive knowledge, experience and contacts in the mining industry. His experiences include due diligence in over 300 projects globally and a wide range of commodities. A graduate of both the Colorado School of Mines and Harvard Continuing Education Business School, Dr. Ramcharan brings a unique skillset to the table from a technical and a financial standpoint. He will provide invaluable insight for the Investment Manager.

He has previously assisted directly in putting 4 major mines in production while at Dynatec and IAMGOLD, and has been involved in two takeovers worth $800M and $1B. Furthermore, he has helped to facilitate the sale process of two major projects with a combined value of over $400M.

DR. ANDREW J .RAMCHARANPhD, P.Eng, FAusIMM

Industry Expert

A strong mix of technical, financial and corporate skills underpin Dragon Dynamic’s expertise

Dr. Ramcharan’s objectives and goals are value creation in the mining industry, in which he has been instrumental in creating more than $4B in value

At IAMGOLD he managed all technical aspects of the Company’s M&A Strategy and IAMGOLD’s valuation grew to over $4B.

Dr. Ramcharan is a highlyregarded and respected Bay StreetExecutive, with a strong educationalbackground and a well-connectednetwork in the mining industryglobally.

He is a member of the Professional Engineers of Ontario, in addition to being a Fellow of both the Australian Institute of Mining and Metallurgy (FAusIMM) and the South African Institution of Mining and Metallurgy (FSAIMM)

Dr. Ramcharan has a deep understanding of the necessary components of a successful mining investment project at all scalable levels, due in part to his experience in management and project evaluation.

He has previously worked in Colorado at Resource Capital Funds generating project evaluations for investment strategies, and with SRK Consulting preparing numerous NI43-101 reports for multiple commodities and financial analysis.

Dr. Ramcharan has evaluated projects at all stages: grassroots, advanced, development and production across a wide range of commodities and in over 60 countries.

Most recently, Dr. Ramcharan’s achievements include a Senior Management position at ROSCAN Gold (ROS), where he was instrumental in increasing their market valuation from $15M to over $180M over the course of just 12 months. He spearheaded a fundraising campaign at ROSCAN which raised $35M, in addition to offering technical and financial assessments of ROSCAN’s gold project on site in Mali.

Prior to joining ROSCAN, Dr. Ramcharan held a Senior Management position at IAMGOLD and Sprott, where he assessed investments and was directly responsible for facilitating and deploying $500M in investments. He has also lectured extensively at the University of Toronto on the topics of Mineral Resource and Reserve Estimation.



INVESTMENT TERMS

Minimal Participation Amount

CHF 100'000(extra participations as of CHF 50'000)

No Redemption Charge After 2 Years

Up to 15% before that

Subscription/Redemption

QUARTERLY

Management Fee

2% of total AUM

Performance Fee & Hurdle Rate Structure

20% if above 6% hurdle rate

High Watermark

PERPETUAL

FUND SERVICE PROVIDERS

Legal Counsel

Conyers Dill & Pearman.www.conyers.com

Administrator

Centaur Fund Services (Bermuda) Limited

www.centaurfs.com

NAV Calculation Agent


www.centaurfs.com

Bullion purchase, storage and Lombard loans

Banque Heritage Ltdwww.heritage.ch

Company Secretary

Conyers Corporate Serviceswww.conyers.com

Escrow Bank

Escrow & Custody:Northern Trust

www.northerntrust.com

Registrar and Transfer Agent


www.centaurfs.com

Securities custody

Canaccord Genuity Group Incwww.canaccordgenuity.com

Swiss Legal Representative

OpenFundsInvestment Services AG

www.open-funds.ch

Auditors

Richey May & Co. LLPwww.richeymay.com


APPENDIXInvestment Opportunity Analysis

www.dragondynamicfp.com



A DV ISED BY THE CASE FOR GOLD

Gold has become an undervalued resource due to short-term competition for investment. S&P stocks, marijuana stocks and cryptocurrency have become popular alternatives.

Global geopolitical instability and the reality of international trade and currency wars will have a positive effect on the gold price.

Major mining companies will have an increased appetite for merger and acquisition of smaller companies with quality assets. Additional increased real and option value of gold exploration and development assets, both public and private.

Medium to high grade gold assets in low to medium risk jurisdictions with low technical risk will be ideal prospects and preferentially acquired by the fund.

GOLD MINERS BULLISHPERCENT INDEX

Due to ever increasing government deficits caused in part by the COVID-19 crisis, previous and recently enacted fiscal policies the demand for physical gold is increasing dramatically. Bank of America recently forecasted the price of gold bullion to rise above USD $2000 per ounce in 2021.



TIME FROM DISCOVERY TO PRODUCTION INCREASING

US PRIVATE INVESTMENT IN MINING EXPLORATION

FIXED INVESTMENT IN MINING EXPLORATION SHAFTS & WELLS IN USD BILLIONS

DECLINING METAL SUPPLY

Source: Bureau of Economic Analysis

19

58

19

60

19

63

19

65

19

68

19

70

19

73

19

75

19

78

19

80

19

83

19

85

19

88

19

90

19

93

19

95

19

98

20

00

20

03

20

05

20

08

20

10

20

13

20

15

20

18

20

20

500

0

100

200

300

400

Peak of the commodities boom

Declining metal supply

Increased Risks of Production : Social Environmental Financial Political Technical

30

15

5

0

Average # of Years from Discovery to Production

20

10

25 Today

19

85

20

17

*

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

*

20

15

*

20

16

*

20

19

*

20

18

*



MANY TRENDS INDICATE A BULL MARKET FOR GOLD

Source: Murenbeeld& Co., LBMA, WSJ, Bloomberg, World Bank, McKinsey Global Institute

Source: SNL Metals Economics Group;GoldcorpSource: Concensusestimates, Includes CPM Group, GFMS and Metals Focus

THE AMOUNT OF NEGATIVE YIELDING DEBT CONTINUES TO RISE, CONSEQUENTLY THE PRICE REMAINS STRONG.

G OL D SUPPLY: PRODUCTION DECLINE INDICATED BY DECLINING DISCOVERIESPEAK GOLD PRODUCTION IN 2015?

150

125

100

75

50

25

01990 1993 1996 1999 2002 2005 2008 2011

$0

$1,200

$2,400

$3,600

$4,800

$6,000

$7,200

3-y

ea

r ru

nn

ing

avg

Au

dis

co

vere

d (

mo

z)

Gra

ssro

ots

+ 7

5%

of

late

-sta

ge

exp

lora

tio

n

bu

dg

ets

(U

S$

M)

Peak Discovery(1)

An

nu

al P

rod

uc

tio

n (

mo

z)

100

95

90

85

80

75

702003 2006 2009 2012 2015 2018 2021 2024

Peak Production(2)

23

150

125

100

75

50

25

01990 1993 1996 1999 2002 2005 2008 2011

$0

$1,200

$2,400

$3,600

$4,800

$6,000

$7,200

3-y

ea

r ru

nn

ing

avg

Au

dis

co

vere

d (

mo

z)

Gra

ssro

ots

+ 7

5%

of

late

-sta

ge

exp

lora

tio

n

bu

dg

ets

(U

S$

M)

Peak Discovery(1)

An

nu

al P

rod

uc

tio

n (

mo

z)

100

95

90

85

80

75

702003 2006 2009 2012 2015 2018 2021 2024

Peak Production(2)

23



G OL D SUPPLY: G OL D SUPPLY:

DROP IN

E X PLOR AT ION

E X PENDI T URE S

DISCOVERY OF LARGE SCALE DEPOSITS HAVE BECOME INCREASINGLY MORE DIFFICULT FOR JUNIOR GOLD COMPANIES IN RECENT YEARS.

APPROXIMATELY 60% OF MINES HAVE BEEN MINING ABOVE THEIR RESERVE GRADE, ACCELERATING RATES OF DEPLETION.

RESERVES BY MAJOR GOLD COMPANIES HAS DECLINED 26% SINCE 2012 AND ARE NOW BELOW 2007 LEVELS

PRODUCTION DECLINE INDICATED BY DECLINING DISCOVERIES

HIGH GRADING OF DEPOSITS IS DEPLETING GOLD RESERVES

Source: SNL Metals Economics Group; GoldcorpSource: Concensus estimates, Includes CPM Group, GFMS and Metals Focus

Gold discovered, 1970-2017, million ounces Au

24

Moderate (0.1-1 Moz) Major (1-6 Moz) Giant (>6 Moz)

Source: SNL Metals Economics Group; GoldcorpSource: Concensus estimates, Includes CPM Group, GFMS and Metals Focus

Gold discovered, 1970-2017, million ounces Au

24

Moderate (0.1-1 Moz) Major (1-6 Moz) Giant (>6 Moz)

Source: SNL Metals Economics Group;GoldcorpSource: Concensusestimates, Includes CPM Group, GFMS and Metals Focus

Mill head grade 2016, percent

Mill head grade > Reserve gradeMill head grade < Reserve gradeMill head grade = Reserve grade

79

0

83

0

84

9 89

8 95

9

96

7

86

0

81

8

76

6

74

4

71

3

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Reserves by major companies, 2007-17, million ounces Au

26%

25

Mill head grade 2016, percent

Mill head grade > Reserve gradeMill head grade < Reserve gradeMill head grade = Reserve grade

79

0

83

0

84

9 89

8 95

9

96

7

86

0

81

8

76

6

74

4

71

3

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Reserves by major companies, 2007-17, million ounces Au

26%

25



THE CASE FOR SILVER SILVER SUPPLY

Silver usually trades at a ratio of 60:1with gold

In bullish markets that gap can close to 40:1

Silver market set to close gap fast and leveraged silver companies are in short supply.

26

01/01/2016 01/07/2016 01/01/2017 01/07/2017 01/01/2018 01/01/2018 01/01/2019

79

0,8 8

23

,7 86

8 89

3

88

7,4

85

6,9

86

7

2012 2013 2014 2015 2016 2017 2018

MMiinnee pprroodduuccttiioonn aannnnuuaallllyy ((oozz ssiillvveerr))

Production shows modest to flat growth through 2019 and beyond as exploration shortfall impacts future supply

27



SILVER DEMAND THE CASE FOR COPPER

DEMAND FOR SILVER IS ONLY INCREASING AS AN INVESTMENT TOOL AND THROUGH COMMERCIAL APPLICATIONS FOR SILVER

WHEN THE US DOLLAR TURNS

28

28

Demand for silver coins soaring in last two years in pace with growing demand in solar and automotive

29



COPPER SUPPLY

PRODUCTION AND GRADE DECLINE

NON-OECD DEMAND GROWTH FORECAST AT

+3.6% PER ANNUAL TO 2032

INCLUDES CHINESE DEMAND GROWTH

+2.6% O.A.TO 2030 AND BEYOND

INTENSITY OF COPPER USE IS EXPECTED TO INCREASE IN CHINA

Underground copper gradeOpen pit copper grade

Underground copper productionOpen pit copper production

Copper production from Open Pit and Underground mines

Pro

du

cti

on

(Mt)

Ave

rag

e g

rad

e (

Cu

%)

20,000

15,000

10,000

5,000

02000 2005 2010 2015 2020 2025 2030

2.5

2.0

1.5

1.0

0.5

0.0

COPPER

DEM A ND:DRIVEN BY ECONOMIC DEVELOPMENT

CCooppppeerr iinntteennssiittyy eexxppeecctteedd ttoo iinnccrreeaassee iinn CChhiinnaa 22

kg/capita

40

30

20

10

0

0 20 40 60

GDP per Capita, US$’000 2010 PPP1

US, 1960-2010 Japan, 1960-2010 Germany, 1960-2010

Korea, 1971-2010 China, 1980-2015 India, 1980-2015

31



SHARES IN PRECIOUS METALS COMPANIES ARE POISED TO MOVE HIGHER

U.S. SMALL CAPS RELATIVE TO LARGE CAPS SINCE (1925)

32

The shares in precious metal companies are poised to move higher.

500

450

400

350

300

250

200

150

100

50

0

De

c-2

5

De

c-3

0

De

c-3

5

De

c-4

0

De

c-4

5

De

c-5

0

De

c-5

5

De

c-6

0

De

c-6

5

De

c-7

0

De

c-7

5

De

c-8

0

De

c-8

5

De

c-9

0

De

c-9

5

De

c-0

0

De

c-0

5

De

c-1

0

De

c-1

5

De

c-2

0

Norma lized: Dec- 1925=10 0Sha ded a rea is U.S. Recession

Uptrend: Sma ll ca ps outperformDown Trend: La rge ca ps outperform

Performance based on Ibboston SC TR index from 1925 to 1978 & Russell 200 (TR) thereafter.Source: Scotiabank GBM Portfolio Strategy, Morningstar, Shiller

CONTACT


CONTACT: J. A.MichieTELEPHONE: +1-617-922-1117EMAIL: [email protected]

metals and mining fund investor presentation

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