Buchans Resources Limited is exploring zinc-lead-silver properties located in Newfoundland, gold properties in Newfoundland and Labrador and nickel-copper-cobalt properties in Labrador. In addition the Company holds interests in other exploration companies exploring form base and precious metals in Mexico, Ireland, the UK and New Brunswick.

1. BuchansResources Limited
Exploring Newfoundland & Labrador
Zinc/Lead/Copper – Nickel/Copper/Cobalt – Gold
January 2021

2. Forward-Looking Statements
Buchans Resources Limited (“Buchans” or the “Company”) has prepared this presentation for information purposes only. The
information contained herein was prepared by management on a best efforts basis and is believed to be accurate. This
presentation contains or refers to "forward-looking information" within the meaning of applicable Canadian securities legislation.
All statements in this disclosure, other than statements of historical fact, which address activities, events or developments that
the Company believes, expects or anticipates will or may occur in the future are forward-looking information. Wherever
possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipates" or
"does not anticipate", "believes", "intends" and similar expressions or statements that certain actions, events or results "may",
"could", " "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. In
particular, all statements in this presentation that address estimated resource quantities, grades and contained metals, possible
future mining, and exploration and development activities are forward looking statements.
Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ
materially from expected results. Shareholders and prospective investors are cautioned not to place undue reliance on forward-
looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties,
both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events
will not occur. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information
whether as a result of new information, future events or other such factors which affect this information, except as required by
law.
This presentation may contain certain information derived from official government publications, industry sources and third
parties. While we believe inclusion of such information is reasonable, such information has not been independently verified by
us or our advisers, and no representation is given as to its accuracy or completeness.
BuchansResources
2

3. Toronto
The Company
Buchans
Historic Mining Camp
(Zn-Pb-Cu-Ag-Au)
A Canadian Exploration and Development Company focused on
districts and opportunities with demonstrated potential for
exceptional mines
• Buchans (flagship – Zinc-Copper-Lead) – world-renowned VMS
mining camp - Collaboration Agreement - (Jan 2021)
• Nickel-Copper-Cobalt projects – near Voisey’s Bay, Labrador
• Orogenic Gold Exploration
• Newfoundland (near Marathon Gold) - emerging mining district
• Labrador (unexplored frontier) - “world-class” potential
• Xtierra Inc. - shares (~26%) + warrants + receivable
• Minco Exploration Plc. - shares (12.5%) - Zinc - Ireland
Xtierra (TSXV:XAG)
advanced silver+base
metals project
Voisey’s Bay Style Ni-Cu-Co
Orogenic Au
3
BuchansResources

4. BuchansResources
Among world’s highest grade volcanogenic massive sulphide (VMS) camps
• ASARCO:
16.2 Mt >23% CBM (Zn+Pb+Cu) (historical production; 1928-84)
- 1.3% Cu, 7.6% Pb, 14.5% Zn, 1.37 g/t Au & 126 g/t Ag
• excellent infrastructure - mining friendly jurisdiction
• lower grade, stockwork, open pit Lundberg resource left behind by past operator
• exploring for new high-grade zones
• district hosts multiple VMS deposits - potentially contribute production
The Buchans Mine BuchansResources
4

5. Buchans – High-Value VMS Deposits BuchansResources
777/ Callinan
Aznacollar
Bawdwin (Burma)
Brunswick No.12
Buchans
Cayeli
Flin Flon
Geco
Greens Creek (Alaska)
Hellyer
Hercules
Horne
Horne Zone 5
H-W Myra Falls
Kidd Creek
La Zarza (Spain)
LaRonde (incl. Dumagami)
Los Frailes
Mandy
Mercedes (Macuchi) Au
Mt. Lyell (Australia)
Neves Corvo Cu
Boliden
Keristineberg
Pyhasalmi
Falun
Garpenberg (Boliden)
Zinkgruvan
Preiska
Que River
Rosebery
Selbaie (total)
Suriana
Tharsis (Spain)
United Verde
0
200
400
600
800
1,000
1,200
0 20 40 60 80 100 120 140 160 180
Tonnes (million)
Gross
Metal
Value
$US/tonne
* unverified data from multiple sources including historic production & pre-production resource estimates
Historic production – 1928-1984
5
Cu = $3.26/lb
Zn = $1.26/lb
Pb = $0.90/lb
Ag = $24.15/oz
Au = $1870.4/oz
Nov 20, 2020 (Kitco)

6. BuchansResources
Red Indian Lake
deposits (projected to surface)
sulphide prospects
favourable alteration
stringer sulphide mineralization
5 km
Outline of Buchans Camp rocks after GSC 2007
Buchans Group rocks
BRL Buchans property (73.5 km2)
Asarco mined (1928-1984)
16.2 Mt 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au & 126 g/t Ag
Lucky Strike (in situ - some transported)
5.6 Mt - 1.6% Cu, 8.6% Pb, 18.4% Zn,
112 g/t Ag & 1.7 g/t Au (mined)
MacLean & MacLean Ext. (transported)
3.6 Mt -1.1% Cu, 7.5% Pb, 13.5% Zn,
118 g/t Ag & 0.9 g/t Au
Oriental (in situ - some transported)
3.3 Mt -1.47% Cu, 7.90% Pb, 14.18% Zn,
154.0 g/t Ag & 1.96 g/t Au (mined)
Rothermere (transported)
3.5 Mt -1.16% Cu, 7.72% Pb, 12.74% Zn,
120.0 g/t Ag & 1.01 g/t Au (mined)
BUCHANS Project
6

7. BuchansResources
Red Indian Lake
deposits (projected to surface)
sulphide prospects
favourable alteration
stringer sulphide mineralization
Clementine West
(stockwork)
Intersections up to 118 m
5 km
Lundberg (stockwork near surface)
Indicated – 16.8 Mt @ 1.53% Zn, 0.64% Pb, 0.42% Cu,
5.69 g/t Ag, 0.07 g/t Au
Inferred – 0.4 Mt @ 2.03% Zn, 1.01% Pb, 0.36% Cu,
22.35 g/t Ag & 0.31 g/t Au
(In-Pit, $20US NSR cut-off)
Outline of Buchans Camp rocks after GSC 2007
Buchans Group rocks
Clementine (transported)
historic (unclassified non-43-101 compliant)
0.36 Mt @ 4.9% Zn, 2.6% Pb, 0.3% Cu
& 41.0 g/t Ag
Little Sandy (stockwork)
historic (unclassified non-43-101 compliant)
0.16 Mt @ 1.9% Cu incl.
-intersections up to 1.80% Cu/ 9.3 m
-Incl. 3.21% Cu/ 3.90 m
Middle Branch (hist. intercept)
1.8 m - 0.4% Cu, 3.1% Pb, 4.8% Zn, 48 g/t Ag & 0.7 g/t Au
BRL Buchans property (73.5 km2)
Buchans North (in situ)
Intersections
- 15.50% Cu, 1.85% Pb, 5.80% Zn, 214.8 g/t
Ag & 2.92 g/t Au/ 0.30 m
- 15.52% Zn, 7.61% Pb, 0.92% Cu, 148.9 g/t
Ag & 1.15 g/t Au/ 2.1 m
Asarco mined (1928-1984)
16.2 Mt 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au & 126 g/t Ag
Sandfill (transported)
historic (unclassified non-43-101 compliant)
75,000 tons @ 10.0% Zn, 4.7% Pb, 1.5%
Cu, 85.7 g/t Ag & 0.34 g/t
7

8. BuchansResources
Lucky Strike (massive sulphides): Production 1928-1958 and 1972-1979
High grade deposit of 5.6 M tonnes
averaging 18.4% Zn, 8.6% Pb, 1.6% Cu, 112 g/t Ag & 1.7 g/t Au
Lundberg Project BuchansResources
VMS Stockwork Deposit Surrounding Lucky Strike Deposit, Buchans Mine
8

9. BuchansResources
Base Metal
Mineralization
Lundberg
Bulk Tonnage Resource
BuchansResources
9

10. BuchansResources
Optimized
Pit Shell
100
m
**Section line
(white line)
* Blocks 5m x 5m x 5m
$40-$50 US/t
NSR(US$/t)
$20-$30 US/t
$30-$40 US/t
optimized pit
>$50 US/t
Mineralization located outside of the optimized pit are not Mineral Resources.
Resources that are not mineral reserves do not have demonstrated economic viability.
Resource tonnages have been rounded to the nearest 10,000.
Metal price assumptions: US $1.20/lb Zn, $1.00/lb Pb, $3.00/lb Cu, $1,250/oz Au, and $17/oz Ag.
Additional disclosure and details available in Buchans Resources Limited news release dated March 1, 2019.
Indicated Category >1.25 billion lbs ZnEq
566 Mlbs Zn, 237 Mlbs Pb, 156 Mlbs Cu, 3 MOz Ag & <38 KOz Au
Excluded from resource – dependent on
metal prices & other factors
Highest grades
BuchansResources
2019 Lundberg NSR Grade Model
(3D oblique section view)
10

11. BuchansResources
VMS Deposits (Buchans Model) BuchansResources
Schematic block diagram of the MacLean channel, Lucky Strike area, illustrating hydrothermal vents along synvolcanic faults,
diatreme activity associated with subvolcanic plutonic body, ore bearing slumps and debris flows (modified after Kirkham and
Thurlow, 1987; and Thurlow, 2001).
stockwork ore
sulphide-rich vein networks
(2-6% Zn-Pb-Cu)
(not mined) transported ore
debris flow deposits
(16-22% Zn-Pb-Cu)
(52% of ore mined)
in situ ore
massive sulphides
(25-28% Zn-Pb-Cu)
(48% of ore mined)
Lundberg
Lucky Strike
11

12. BuchansResources
BuchansResources
1 km
N
others
others
BRL
BRL
BRL
BRL
Oriental
In Situ Orebody – mined out
Transported Orebody – mined out
Stringer Mineralization
(projected to surface; ASARCO)
Prospect
(undeveloped,
projected to surface)
Lundberg Deposit - 2019 Resource
(projected to surface)
Clementine
Sandfill
West
Orebodies
Lucky Strike North
Middle Branch
Middle Branch (hist. intercept)
1.8 m - 0.4% Cu, 3.1% Pb, 4.8% Zn, 48 g/t Ag & 0.7 g/t Au
Lundberg Deposit
Old Buchans North
12
Old Buchans North - hist. intercepts up to 2.74 m
2.6% Cu, 9.0% Pb, 23.7% Zn, 147.4 g/t Ag, & 3.4 g/t Au
others
others
Lundberg Optimized Pit
(2019 Resource
Lucky Strike North
Exploration Target Area
Lucky Strike
Clementine (historic, non-43-101 compliant) 360,000 tonnes
0.3% Cu, 2.6% Pb, 4.9% Zn & 41.0 g/t Ag
Sandfill (historic, non-43-101 compliant)
68,000 tonnes – 1.5% Cu, 4.7% Pb,
10.0% Zn, 85.7 g/t Ag & 0.34 g/t Au
Relogged (2014-20)
>154,739 m of core (849 holes)
Buchans - Exploration
Two-Level Target
BuchansResources

13. Prom. Qtz
Rhy./ tuffs
3479
qtz rhyolite
tuffs
Airport Thrust
- 0 m
- 100 m
- 200 m
- 300 m
- 400 m
- 500 m
-
-
-
-
-
-
-
-
-
New Year Orebody
(Lucky Strike)
rhyolite (IFW)
breccia
siltstone/tuffs
diabase
stockwork
basalt - SH
Buchans – Two Level target
Section A – 509575E
South
?
100 m
100
m
% BM - combined Cu% + Pb% + Zn%
ore clast/ mass. sulphides
disseminated sulphides
granitoid cobbles/clasts
1.8 m 9.48% BM - 0.76% Cu, 3.15% Pb, 5.57% Zn,
90.5 g/t Ag & 0.37 g/t Au
incl. 1.0 m 14.83% BM - 1.26% Cu, 4.87% Pb, 8.70% Zn,
133.2 g/t Ag & 0.47 g/t Au
?
(28.2% BM / 0.46 m)
1.0% Cu, 10.3% Pb, 16.9% Zn,
72.0 g/t Ag, 1.71 g/t Au
North
3354
basalt
SH
Ski Hill
Fault
0.9 m baritic mass. sulphs
(no assays)
0.15 m HG mass. sulphs
(no assays)
Two Level
Orebody
H-18-3524
“flank breccias”
steepening contact
BuchansResources
13

14. BuchansResources
BuchansResources
z N
others
BRL
others
Buchans - Exploration
500 m
BRL
In Situ Orebody – mined out
Transported Orebody – mined out
Prospect
(undeveloped,
projected to surface)
Lundberg Deposit - 2019 Resource
(projected to surface)
14
others
Lucky Strike North
Exploration Target Area
Two-Level Target
(transported)
1.8 m 9.48% BM - 0.76% Cu, 3.15% Pb, 5.57% Zn,
90.5 g/t Ag & 0.37 g/t Au
incl. 1.0 m 14.83% BM - 1.26% Cu, 4.87% Pb, 8.70% Zn,
133.2 g/t Ag & 0.47 g/t Au
H-18-3524
MacLean & MacLean Ext. (transported)
3.6 Mt -1.1% Cu, 7.5% Pb, 13.5% Zn,
118 g/t Ag & 0.9 g/t Au
Rothermere (transported)
3.5 Mt -1.16% Cu, 7.72% Pb, 12.74% Zn,
120.0 g/t Ag & 1.01 g/t Au (mined)
Lucky Strike (in situ)
5.6 Mt - 1.6% Cu, 8.6% Pb, 18.4% Zn,
112 g/t Ag & 1.7 g/t Au (mined)
others
BuchansResources

15. Boliden Collaboration Agreement BuchansResources
Announced January 5, 2021
• Buchans will collaborate with Boliden to undertake a review of BRL’s Buchans project for potential
investment to explore for new high-grade orebodies.
• Activities in 2021 will be devoted to completing Boliden’s assessment and also include negotiation
of an “Earn-in and Option Agreement” – subject to assessment outcome
• Boliden is a Swedish-based diversified metal producer listed on NASDAQ OMX Stockholm Among
the world’s leading smelting companies and the world’s largest zinc mining companies. Boliden
operates 6 mining units and 5 smelters in Sweden, Finland, Norway, and Ireland with approximately
5,800 employees and a turnover of SEK 50 billion (~ Cdn $7.5 billion), producing zinc, copper,
nickel and other metals
• Near-mine exploration among Boliden’s strengths – Boliden’s exploration approach and expertise
has achieved considerable success near established historic mine sites, including at its world-
class Garpenberg VMS mine, located in one of Sweden’s oldest mining areas, and at its world-
class Tara Zn/Pb mine in Ireland
• Boliden the “Right Partner” for Buchans
• Boliden’s long term objective is to secure the supply of concentrates near the Atlantic seaboard for
its smelters in Sweden and Finland
• Focus on applying advanced exploration technologies and expertise by assessing historic data
coupled with BRL’s hands-on experience on the project (relogged~155,000 m of core ~850 drill
holes
• Boliden granted exclusivity to December 31, 2021 to undertake its assessment and negotiate Earn-
in Option and JV agreements and will fund $600,000 expenditures to further assess and maintain
the project
15

16. Benefits of Buchans - Boliden JV BuchansResources
16
Buchans Core Library – core dating back to 1920’s including earliest Buchans holes
16
3,518 holes 394,846 m
BRL - since 2007- 188 holes 40,250 m

17. Benefits of Buchans - Boliden JV BuchansResources
New Discoveries through New Technologies
BRL’s hands-on knowledge + latest innovative tools + Boliden’s expertise = DISCOVERY

18. BuchansResources
Buchans (past prod.) 16.2 Mt
14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au & 126 g/t Ag
(Asarco, 1928-1984)
Map Area
Cambro-Ord. Volc.
10 km
Buchans Resources
NI 43-101 Resource
Historic mine
Lundberg – 100% BRL
Indicated – 16.79 Mt @ 1.53% Zn, 0.64% Pb,
0.42% Cu, 5.69 g/t Ag, 0.07 g/t Au
Inferred – 0.38 Mt @ 2.03% Zn, 1.01% Pb, 0.36%
Cu, 22.35 g/t Ag & 0.31 g/t Au ($20US NSR cut-off)
Bobbys Pond (1.1% CuEq) - 100% BRL
Indicated - 1.1 Mt @ 4.6% Zn, 0.4% Pb, 0.9% Cu, 16.6 g/t Ag, 0.2 g/t Au
Inferred- 1.2 Mt @ 3.8% Zn, 0.3% Pb, 1.0% Cu, 11.0 g/t Ag & 0.06 g/t Au
Lemarchant 100% NZC (4% ZnEq. cut-off)
Indicated - 2.42 Mt @ 6.2% Zn, 1.6% Pb, 0.7%
Cu, 64.0 g/t Ag, 1.22 g/t Au
Inferred – 0.56 Mt @ 4.7% Zn, 1.1% Pb, 0.5%
Cu, 44.7 g/t Ag, 1.1 g/t Au
Daniels – 100% BRL
Indicated-0.93 Mt @ 5.1% Zn, 2.5% Pb, 0.3% Cu,
101.4 g/t Ag, 0.6 g/t Au
Inferred- 0.33 Mt @ 4.6% Zn, 2.1% Pb, 0.3% Cu,
85.9 g/t Ag, 0.53 g/t Au (2% Zn cut-off)
Long Lake 100% NZC (using a 7.0% zinc equiv. cut-off)
Indicated – 0.41 Mt @ 7.8% Zn, 1.6% Pb, 1.0% Cu, 49 g/t Ag, 0.57 g/t Au
Inferred – 0.08 Mt @ 5.8% Zn, 1.2% Pb, 0.7% Cu, 34 g/t Ag, 0.48 g/t Au
Duck Pond Mine (past prod.)
5.0Mt @ 4.4%Zn, 2.7%Cu, 53g/t Ag,
0.6 g/t Au (Teck, 2007-15)
Tulks Hill – 100% BRL
Indicated-0.43 Mt @ 4.0% Zn, 1.6% Pb, 0.9% Cu,
35.1 g/t Ag, 1.2 g/t Au (1.1% CuEq)
Boomerang Deposits 100% NZC (1% Zn cut-off)
Indicated - 1.36 Mt @ 7.1% Zn, 3.0% Pb, 0.5% Cu, 110.4 g/t Ag, 1.7 g/t Au
Inferred - 0.28 Mt @ 6.7% Zn, 2.9% Pb, 0.4% Cu, 96.5 g/t Ag, 1.3 g/t Au
Domino (Inferred) – 0.41 Mt @ 6.3% Zn, 2.8% Pb, 0.4% Cu, 94 g/t Ag, 0.6 g/t Au
Hurricane (Inferred) – 0.06 Mt @ 13.4% Zn, 7.0% Pb, 1.2% Cu, 159 g/t Ag, 0.9 g/t Au
Buchans
Millertown
District Opportunity BuchansResources
18

19. BuchansResources
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Zn (lbs)
Pb (lbs)
Cu (lbs)
583
245
158
1,179
357
136
1,762
602
294
Millions
- District* hosts >1.75 billion lbs
Zn, >600 million lbs Pb, & ~300
million lbs Cu
-Lundberg* hosts >580 million lbs
Zn, 245 million lbs Pb & >158
million lbs Cu
- 2017 bench-scale metallurgical
study demonstrated ore from 5
of the district’s main deposits
could be processed using a
sequential flow sheet in a central
milling facility
* combined Indicated & Inferred resources
Deposits: Lundberg, Bobbys, Daniels, Tulks
Hill, Boomerang, Lemarchant, Long Lake
Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be considered for
estimation of mineral reserves, and there is no certainty that inferred mineral resources will be realized.
District
Total
VLSG
(all NI 43-101)
Lundberg (largest & most advanced)
19

20. Luk Property - Voisey’s Bay
• <8 km southwest of VB mine
• Property covers same intrusion
hosts Voisey’s Bay
• 100% BRL - 1.25 km2 property
Luk
1 km
Vale - 2013
geophysical
surveys
Voisey’s Bay – Labrador (Ni-Cu-Co) BuchansResources
Surrounded by Vale’s Voisey’s
Bay mine property
116.3 Mt* @ 1.71% Ni, 0.92% Cu
& 0.09% Co,
incl. 31.7 Mt @ 2.83% Ni, 1.68%
Cu, & 0.12% Co
US $1.7 billion mine
expansion underway - mine
to operate to 2034
• Historic surface samples incl.
assays up to 1.86% Ni, 0.95%
Cu, 0.165% Co
• Drilled intercepts up to 7.4 m @
0.45% Ni, 0.18% Cu, 0.03% Co
* pre-mining resource estimates – Inco 1998 Annual Report
20
Voisey’s Bay Ni-Cu-Co Mine
discov. 1993 – US $1.7B expansion
Vale – Voisey’s Bay Mine property
Voisey’s Bay

21. Voisey’s Bay – Labrador (Ni-Cu-Co) BuchansResources
FEX-CMD-HPX
JV Property
drill hole (pre-2017)
5 km
South Voisey’s Bay Property
• Troctolite - 85 km south of
Voisey’s Bay mine
• Confirmed Voisey’s Bay analog
(geology/ age/ mineralization)
1 km
Untested 5 Hz AMT anomaly
VB -Ovoid to scale
Inset
SVB
• Drilled intercepts up to 1.1 m
11.9% Ni, 9.6% Cu, & 0.43% Co &
15.7 m 1.13% Ni, 0.78% Cu,
0.20% Co
• Deep untested 5 Hz MT anomaly
adjacent to multiple high-grade
massive sulphide intercepts 21

22. Appalachian structures
Past/current gold producer
NI 43-101 undeveloped gold resource
Orogenic Gold Projects
• Long Range
• Lake Douglas
• Exploits Properties (New Found Gold)
Central Newfoundland
Gold Projects
Buchans Resources gold project
Claims as of November 20, 2020
Long Range
Lake Douglas
Exploits
BuchansResources
22
Marathon
New Found Gold
High-Profile Gold Prospect

23. 0
1
2
3
4
5
6
7
8
9
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Cont. Moz Au Gold Price $US/oz
• rate of discovery increasing (led by Marathon Gold’s-Valentine…>half )
…significant milestone…“first large deposit”…
Commentary - central NL’s Orogenic Gold potential…
Contained Au (Moz) vs Price ($US/oz)
BuchansResources
23
8.12 Moz
$1,890.20
(Nov 13, 2020)
The information displayed is presentedfor educationalpurposes only and should not be used for any purpose related
to predicting financial outcomesor valuations. ChartincludesInferred,Indicated,and Measuredresource categoriesas
well as pastproductionfigures availablefrom public sources. As the chart includesInferredresourcesthat do not qualify
as Mineral Reserves,the resourcesas presenteddo not have demonstratedeconomicviability. Resource estimatesand
past productionfigureshave not been verified by BuchansResourcesor the QP responsiblefor this presentation,and
neither BuchansResourcesnor the QP assumesresponsibilityfor the accuracyof the informationas presented.
• despite limited exploration history - >8 Moz discovered
(all known orogenic deposits in central NF - NI 43-101 Resources - incl. past production)
• …exploration activity - motivated by favourable gold price & recent
exploration success… more large deposits will be found…
$US/oz
Moz

24. Central Newfoundland (Au)
Long Range
BuchansResources
• Potential for new near surface gold deposits
• <50 km west of Marathon’s (MOZ:TSX) Valentine project – gold discovered 2011 exploring for Nickel
• Multiple properties covering multiple recently discovered gold in bedrock prospects (discov. after 2010)
• Goldquest Prospect
• o/c up to 8.5 g/t Au & 31 g/t Ag drilled 5.5 g/t Au, 5 g/t Ag over 0.30 m
• Open-ended 700 m target defined by two clusters of gold-bearing quartz vein float
• float up to 123.8 g/t Au & 414 g/t Ag - remains unsourced - float abundance suggests local source
• poorly tested – 2011 drilling (8 shallow holes at only 2 locations)
• high-grade float cluster remains unsourced and open along srike
orogenic structure
Legend
BRL–Benton JV (3,750 ha)
51.5% Buchans: 48.5% Benton
GOLDQUEST PROSPECT
o/c up to 8.5 g/t Au & 31 g/t Ag
float up to 123.8 g/t Au & 414 g/t Ag
drilled 5.5 g/t Au, 5 g/t Ag over 0.30 m
Little Barachois Brook
o/c 112 g/t Au, 363 g/t Ag
bedrock gold occurrence
Silver Pond
o/c up to 21.4 g/t Au
Abbots Brook
o/c up to 7.0 g/t Au
Stephenville
Valentine
Marathon
Glover Island
Mountain Lake
undeveloped gold resource NI 43-101
BRL 100%
(850 ha)
24
Tulks Hill VMS
deposit 100% BRL

25. 123.8 g/t Au
414 g/t Ag
limited trenching & follow-up drilling 2011
High-grade veins remain unsourced
South Area
Goldquest (Long Range JV)
BuchansResources
25

26. 5 km
Valentine
Marathon
BRL 100%
(2,175 ha)
Jigger
o/c up to 19.7 g/t Au
Alder
o/c 49.3 g/t Au over 4.6 m
Birch
o/c 5.45 g/t Au over 1.0 m
Elm
drill - 10.0 g/t Au over 5.35 m
incl. 49.9 g/t Au over 0.98 m
Dogberry
o/c 46.5 g/t Au over 0.6 m
Assays: Antler Gold release - December 13, 2017; Altius release - September 20, 2016; Altius-Antler 2017 Assessment file;
NLGS Mineral Occurrence Database. Claims as of November 20, 2020.
Leprechaun Deposit
Marathon Deposit
Victory Deposit
Berry Zone (new discovery)
BRL - 200 m long soil anomaly
up to 137 ppb Au
BRL – 3 station soil anomaly
up to 317 ppb Au
Central Newfoundland (Au)
Lake Douglas
BuchansResources
• Potential for new near surface gold deposits
• <30 km northeast & within the same structural corridor as Marathon’s (MOZ:TSX) Valentine project
• Project “bookended” by several gold-bearing quartz vein prospects (2016)
• 2018 soil sampling - 200 m long anomaly/ values to 137 ppb Au – 2nd anomaly values up to 317 ppb Au
• Marathon Feasibility underway
Measured & Indicated - 3.09 Moz. (54.9 Mt at 1.75 g/t Au) & Inferred - 0.96 Moz. (16.8 Mt at 1.78g/t)
orogenic structure
Legend
undeveloped gold resource NI 43-101
undeveloped gold resource NI 43-101
(incl. Marathon Prefeasibility - April 6, 2020)
26
bedrock gold occurrence

27. BuchansResources
orogenic structure
Legend
Gander
Recently discovered
gold occurrence
BRL
Keats (New Found Gold)
drilled 92.9 g/t Au over 19.0 m
Claims as of November 24, 2020
BRL
20 km
Lotto (New Found Gold)
drilled 41.2 g/t Au over 4.75 m
BRL
bedrock gold occurrence
Exploits Area BuchansResources
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28. BuchansResources
BuchansResources
Tasiuyak Gold
200 km
Major Structural Boundaries
28
“frontier area” - almost no history of gold exploration
 gold discovered 1995 - junior co. exploring for nickel - “Voisey’s Bay rush”
 prospective for orogenic iron formation-hosted gold deposits
 stratabound mineralization - sulphide-rich unit Tasiuyak gneiss - not quartz veins
 <5 km west of major (~1800 Ma) collisional boundary - Nain & Churchill
provinces - a particularly prolific period in Earth’s history for the formation
of orogenic gold deposits

29. BuchansResources
Voisey’s Bay Ni-Cu-Co Mine
discovered 1993 – US $2 B expansion
2018 channel
8.51 g/t Au & 0.93 g/t Ag over 4.8 m
incl. 31.91 g/t Au over 0.85 m
2 km
BRL 100%
(22,750 ha)
Voisey’s Bay
Gold in Labrador
• 1995 discovery - 90 m exposure
• samples to 18.9 g/t Au over 1.0 m
• drilled over 300 m strike to 75 m
• 8 of 9 holes cut gold
mineralization
• intersections up to 5.5 g/t Au over
2.1 m (core length)
• Paleo-Proterozoic, iron formation-
hosted Au, Homestake analog
• similar horizons - large targets
prospective for gold
1995 discovery - 90 m exposure
- samples to 18.9 g/t Au over 1.0 m
Luk Ni
(100% BRL)
2018 channel
0.69 g/t Au over 0.5 m
sulphidic paragneiss horizons
- additional targets
BuchansResources
Tasiuyak Gold
29

30. BuchansResources
Excellent gold exploration opportunities in frontier area of Labrador
Tasiuyak - Paleo-Proterozoic, iron formation-hosted Au,
• Homestake Analog (Au with sulphides in iron-rich metal sediments)
• potential for “world-class” gold discovery
Prospecting – Tasiuyak 2018
Gold Projects - Labrador BuchansResources
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31. Other Value-Generating Investments BuchansResources
31
Buchans holds investments in two mineral exploration companies
Xteirra Inc. (TSXV – XAG)
• Bilbao Project ─ Ag-Pb-Zn-Cu skarn-type sulphide deposit with oxide cap in
Zacatecas, in Central Mineral Belt that generated most of Mexico’s silver production
• 2014 PEA ─ Indicated 6.1 million tonnes 2.31% Zn, 1.81% Pb, 0.19% Cu, 65 g/t Ag
and inferred 4.5 million tonnes 1.39% Zn, 1.78% Pb, 0.15% Cu and 47 g/t Ag.
Minco Exploration plc (MNX)
• Zinc exploration in Ireland ─ Joint ventures with Boliden AB on 3 projects near
Boliden’s 130 million tonne, Tara zinc-lead mine at Navan, Ireland
Company Asset Value
Xteirra Inc. Equity – 30 M shares (19%)
@ $0.13 (TSXV Jan 8)
$ 3,900,000
Warrants 13M at $0.05,
(assumes exercise at $0.05)
$ 700,000
Receivable $ 1,000,000
Total Xtierra $ 5,600,000
Minco Exploration Equity ~ 8.9 M shares (~ 12.6%) $ ~ 500,000

32. Planned Exploration and Budget BuchansResources
32
Project Item Phase I Phase 2
BUCHANS - LUNDBERG PEA
Lundberg PEA
Phase 1 - PEA metallurgical testing, environmental baseline, tailings & PEA
report; Phase 2 - geotech studies
$385,000 $150,000
Lundberg PEA - Phase 1 required studies PEA technical report & filing, Phase 2 - - next step PFS (~$770,000)
Buchans - VMS Exploration
Two Level Drilling Drilling & borehole geophysics $295,000 $100,000
Drill Two Level (Lucky Strike ore trend) - additional high-grade ore or new larger discovery
Buchans Boliden Exploration Drilling & borehole geophysics $750,000 n/a
Drill Two Level (Lucky Strike ore trend) - additional high-grade ore or new larger discovery
Sub-total Buchans $1,430,000 $250,000
Ni-Cu-Co Voisey's Bay Targets
South Voisey’s Bay – Labrador Geophysical orientation $100,000
pre-drilling orientation - drill site selection
Drilling MT Anomaly $500,000
test deep MT anomaly adjacent to historic high-grade intercepts - "discovery" Ni-Cu-Co deposit
Luk – Labrador Geophysical compilation & prospecting $50,000
capture historic data as well as recent adjacent data collected by Vale - target identification
Sub-total Ni/Cu/Co Projects $150,000 $500,000
NL Gold Exploration
Long Range (Au) geochemical sampling, prospecting, trenching & drilling $85,000 $225,000
Phase 1 - extend surveys - confirm & test anomalies by trenching; Phase 2 - diamond drilling - gold "discovery"
Lake Douglas (Au) Phase 1 geochemical surveys & trenching; Phase 2 drilling $75,000 $175,000
Phase 1 - extend surveys - confirm & test anomalies by trenching; Phase 2 - diamond drilling - gold "discovery"
Exploits (Au) geochemical sampling, prospecting, trenching & drilling $75,000 $125,000
Phase 1 - extend surveys - confirm & test anomalies by trenching; Phase 2 - diamond drilling - gold "discovery"
Tasiuyak – Labrador (Au) Phase 1 - geochemical surveys & prospecting; Phase 2 - drilling $125,000 $500,000
Phase 1 - extend surveys - confirm & test anomalies by trenching; Phase 2 - diamond drilling - gold "discovery"
Sub-total Au Projects $360,000 $1,025,000
TOTAL $1,940,000 $1,775,000
Corporate & Admin $300,000
Boliden Collaboration Funds $600,000 funded by Boliden (2021) -$600,000 n/a
GRAND TOTAL $1,640,000 $1,775,000

33. BuchansResources
Buchans Resources - Focused on “transformational” opportunities
Buchans Project (Base Metals)
• Located in one of the world’s premier high-grade VMS base metal mining camps
• Collaboration agreement signed with near mine exploration expertise & means
• Excellent potential for discovery of new high-grade resources
• District hosts substantial metal inventory in numerous nearby smaller deposits
• Underpinned by large, potential open pit (Lundberg) resource - brownfields site
Nickel/Copper/Cobalt Exploration – Labrador
• Two Projects near Voisey’s Bay
• incl. drilled intercept of 1.1 m @ 11.9% Ni, 9.6% Cu, & 0.43% Co
Gold Exploration – Central Newfoundland
• Long-Range – Goldquest
• Lake Douglas – on strike from Marathon Gold’s Valentine Lake
• Exploits Claims – near New Found Gold area play
Gold Exploration – Labrador
• Tasiuyak – “frontier” (Paleo-Proterozoic Au) – potential “world class” discoveries
- Homestake Analog (Au with sulphides in iron-rich metal sediments)
BuchansResources
Summary
Summary BuchansResources
33

34. BuchansResources
Contact Us
John F. Kearney
Chairman
+1 (416) 362-8243
Paul Moore
VP Exploration
+1 (709) 738-7384
Steve Dawson
VP Corporate
+1 (647) 998-9495
info@BuchansResources.com
BuchansResources
www.BuchansResources.com
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