2. FORWARD LOOKING STATEMENT
Certain statements in this document constitute “forward looking statements” which may not be based on
historical fact. Such forward looking statements involve known and unknown risk, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company, or industry results to be
materially different from any future results, performance, or achievements expressed or implied by such forward
looking statements. Such factors include, among others, the following: actual results of exploration and
development activities; the estimation or realization of mineral reserves and resources; the timing and the
amount of future production; the costs and timing of the development of new deposits; future prices of precious
and base metals; accidents; risks inherent in mineral exploration; risks associated with development, construction
and mining operations; restrictions on foreign ownership; the Company’s history of operating losses and
uncertainty of future profitability; uncertainty of access to additional capital; environmental liability claims and
insurance; and dependence on joint venture partners.
Mr. Gregory Smith, P. Geo., Vice President of Exploration for Pinecrest Resources Ltd., is the qualified person as
defined by NI 43-101 and has prepared and approved the technical data and information in this corporate
presentation.
2
3. ENCHI GOLD PROJECT OVERVIEW
• 1M oz Inferred gold resource open-pit, heap leach project
• Located in Ghana’s prolific Bibiani Sheer zone which is host to several multi-million ounce
gold deposits
• Preliminary Economic Assessment (“PEA”) completed in March 2015
• US$1,300 oz gold price: 61,749 oz per year, Pre-Tax NPV5% US$102M, IRR 33% and
US$802 oz cash costs (including royalties) After-Tax NPV5% US$62M and IRR 24%
• Ashanti Style, shear hosted mesothermal gold system
• Shallow, near surface resources open in all directions, demonstrating excellent resource
expansion and discovery potential
• 568km2 land package with several high priority targets
3
4. INVESTMENT HIGHLIGHTS
41. Inferred resource using a 0.5 g/t Au cut-off grade.
Strong PEA Results
Pre-Tax NPV5%: US$102M
Pre-Tax IRR: 33%
Strong Exploration
Upside
Substantially underexplored
696km2 land package located on
prolific Bibiani Shear zone
Over 1M oz Au1
July 2014 NI 43-101 compliant
Technical Report
Stable Mining
Jurisdiction
Ghana is Africa’s 2nd largest gold
producer and the world’s 8th largest
Strong Management
Skilled technical team
Strategic Partnerships
19.9% ownership by Kinross Gold
18.2% ownership by Sandstorm
Gold
5. Financing Acquisition
• Feb 2015 ~A$180M acquisition of Orbis
Gold Limited announced
• Feb 2015 C$46M bought deal financing
completed
• July 2014 US$150M debt facility with
Red Kite Mine Finance Trust I secured
RENEWED FOCUS ON AFRICAN GOLD EQUITIES
African focused gold companies up ~22% year-to-date (“YTD”)
5
Select Transactions in Africa
US$135M
US$150M
C$46M
US$63M
• June 2014 US$570M acquisition of
Papillion Resources Limited
• Dec 2013 US$63M acquisition of Volta
Resources Inc.
• Jan 2014 US$135M stream agreement
with Franco Nevada Corporation
completed on Senegal gold project
US$570M
A$180M
6. WEST AFRICAN GOLD DEPOSITS
• Gold assets in West Africa with deposits >0.5M oz Au and
<2.0M oz Au
• Opportunity to consolidate nearby West African gold
deposits
6
7. GHANA OVERVIEW
7Source: 911 Metallurgist and Fraser Institute.
OVER 250 TONS
The amount of gold
Ghana has produced in
the last 25 years
Biggest gold producer
in Africa
8th
Biggest gold producer
in the world
$21.5 MILLION
Royalties given back to Ghanaian
Communities between 2009 - 2011
$500 MILLION
The amount of tax
resulting from gold
produced in Ghana for
2011
70%
The amount of West
Africa’s Gold Ghana is
believed to hold
5-10%
The amount of Ghana’s labor force
employed by gold mining
2nd
5th
The rank among African
countries on Fraser
Institute’s Investment
Attractiveness Index
9. MANAGEMENT, DIRECTORS & KEY ADVISORS
9
GEORGE SALAMIS
CHIEF EXECUTIVE OFFICER &
DIRECTOR
• Raised over $800M in equity and
completed M&A transactions valued
over $1BN
• Chairman of Integra Gold Corp.
• Senior experience with Placer Dome
Inc. & Cameco Corporation
RYAN KING
PRESIDENT & DIRECTOR
• Raised over $150M in equity and
completed M&A transactions valued
over $500M
• Senior experience with Calibre
Mining Corp. Edgewater and Terrane
Metals (acquired for $750M)
GREG SMITH, P.GEO
VP EXPLORATION
• +25 years of exploration experience
for junior and senior mining
operations
BLAYNE JOHNSON
DIRECTOR
• Chairman of Featherstone Capital
Advisors
• Senior experience at First Marathon
DOUGLAS FORSTER, P.GEO
DIRECTOR
• +30 years experience, Senior
experience with over 12 publicly
traded companies on N.A. stock
exchanges
EDWARD FARRAUTO
DIRECTOR
• +30 years of experience with
publicly listed mineral exploration
and development companies
DANIEL WILSON
COUNTRY MANAGER
• Senior experience with Ashanti
Gold Fields Corporation and Red
Back
DR. JOHN THOMAS
TECHNICAL ADVISOR
• 40 years experience, development,
engineering and management of
construction, and operation of
mines
10. CAPITAL STRUCTURE & OWNERSHIP
10Source: Capital IQ and SEDI.
Symbol TSX-V: PCR
Closing Price $0.21
Market Capitalization $11.55M
Shares Outstanding
Basic 54.9M
Options (avg exercise $0.22) 3.8M
Kinross Warrants (avg exercise $0.30) 5.0M
Warrants (avg exercise $0.30) 18.0M
Fully Diluted 81.7M
Fully Diluted Cash ~$11.0M
Working Capital ~$2.0M
Debt -
Fully Diluted Enterprise Value $25.8M
Management & Insiders (15%)
Capital Structure Top Shareholders
12. REGIONAL SETTING
• Pinecrest’s flagship Enchi Gold Project is located on the prolific Bibiani Shear zone which hosts multi-million
ounce gold deposits
− Enchi Gold Project covers 50km of the Bibiani Shear Zone
• Located within 70km of Kinross Gold Corporation’s Chirano gold mine which produced 286,542 oz Au in 2014
12
Bibiani Deposit
Chirano Deposit
Ahafo Deposit
Esaase Deposit
Obotan Deposit
Ashanti Deposit
Perseus Deposit
Tarkwa Deposit
13. ENCHI GOLD PROJECT OVERVIEW
• 100%1 owned resource delineation stage gold project
• NI 43-101 compliant Technical Report with an Inferred
resource of +1M oz Au
• Substantially underexplored 696km2 land package
− VTEM airborne geophysical survey identified over 25 new
exploration targets
• Resource zones Boin, Nyam and Sewum open in all directions
131. Subject to a 10% carried interest to the Ghana government.
Gold Producers
14. ENCHI MINERAL RESOURCE ESTIMATE (2014)
The 2014 Mineral Resource estimate was based on 52,385 metres of diamond and RC drilling in 646 holes as well as data from 13,799 metres in 102 surface trenches. The drilling is
spaced at 25 to 50 metre intervals
1. CIM definition standards were followed for the resource estimate.
2. The 2014 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
3. A base cut-off grade of 0.7 g/t Au was used for reporting resources with a capping of gold grades at 18 g/t.
4. A density of 2.45 g/cm3 was applied.
5. Numbers may not add exactly due to rounding.
6. Mineral Resources that are not mineral reserves do not have economic viability.
14
Inferred Resource
Cutoff (g/t Au) Tonnes Gold (g/t) Contained Gold (oz)
0.30 72,611,000 0.65 1,526,065
0.40 53,366,000 0.76 1,304,918
0.50 37,357,000 0.90 1,078,702
0.70 20,816,000 1.15 768,000
0.90 12,933,000 1.36 569,879
1.00 10,127,000 1.49 484,388
15. EXPLORATION POTENTIAL
• Several high priority gold targets identified to expand the already substantial +1 million gold ounces near
surface oxide resource with multi-million ounce opportunities
15
17. BOIN CLEAR EXPANSION OPPORTUNITY
17
BOIN PIT SHELLS
Opportunity to
expand resources
between zones
BOIN GOLD ZONE
Near surface oxide potential
to expand with clear drilling
gaps
18. MULTIPLE UNTESTED TARGETS
• Regional airbone study completed by Condor Geophysics
• Several structures appear to correlate to known mineralization, while many other similar structure patterns
remain untested
• Current resource zones only make up a small fraction of total land package – significant opportunity to expand
18
19. PEA OVERVIEW
19
Disclosure
The NI 43-101 Preliminary Economic Assessment 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 Preliminary Economic Assessment will be
realized. The Enchi Gold Project PEA Technical Report is available on SEDAR and was
prepared by Joanne Robinson P.Eng of WSP Canada a professional independent mining
engineer registered in Canada and a QP as defined by National Instrument 43-101. Mineral
resources that are not mineral reserves do not have demonstrated economic viability.
20. PEA HIGHLIGHTS
20
*2.0% NSR to Kinross Gold and US$10 for each newly defined ounce of gold contained in any new NI 43-101 M&I mineral resource estimate or any
ounce of gold mined, whichever occurs first. Such amount shall be payable in cash or, at Pinecrest’s option, in common shares of Pinecrest, provided
that, Pinecrest shall not be entitled to elect to pay in common shares if such issuance would result in Red Back holding more than 20% of the issued
and outstanding shares of Pinecrest. The Ghana government has a 10% free carry and a 5% royalty.
Average Annual Production (Au ounces) 61,749
Metallurgical Recoveries (Oxide/Transition/Sulphide %) 75/75/73%
Strip Ratio (w/o) 3.16
Mine Life (years) 8.7
Pre-Production Capital Costs (US$) $84.4M
LOM Sustaining Capital Costs (US$) $38.6M
LOM Cash Cost per Ounce (US$/oz) $802.03
US$1,200/oz US$1,250/oz US$1,300/oz US$1,350/oz
Pre-Tax Payback (years) 3.4 3.0 2.8 2.7
Pre-Tax IRR (%) 23% 28% 33% 37%
Pre-Tax NPV5% (US$) $61.9M $81.9M $101.9M $121.9M
After-Tax Payback (years) 4.1 3.7 3.4 3.1
After-Tax IRR (%) 17% 21% 24% 28%
After-Tax NPV5% (US$) $35.9M $49.0M $62.0M $75.0M
Enchi Gold Project March 2015 PEA – Base Case US$1,300/oz*
26. NEXT STEPS & OPPORTUNITIES
26
Complete metallurgical test work (heap leach opportunity)
Advance towards Prefeasibility Study, EIS, additional drilling and evaluate contract mining options to
reduce initial capital and enhance already attractive project economics
Expand current resources at Sewum, Nyam and Boin deposits both along strike and at depth
Additional exploration work on high priority gold targets (Eradi, Kojina Hill (1.14 g/t Au over 68
metres)
Test multiple new drill targets identified by VTEM airborne survey
