Corporate Presentation – February, 2015 Where Infrastructure Meets Grade Forward Looking Statements Information set forth in this presentation may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in gold and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. 2 The Carlisle Vision Where Infrastructure Meets Grade “Strong economics in the recent preliminary economic assessment position Carlisle Goldfields and its Joint Venture partner Aurico Gold Inc. to conduct a feasibility study on resuming gold production at Lynn Lake. Our vision is to build a ‘best-in-class’ mining operation on sustainable development of the high grade, open-pittable Farley Lake and MacLellan gold deposits in the past-producing Lynn Lake Gold Camp, Manitoba, Canada. We ultimately hope to share the benefits of new mine development at the Lynn Lake Project with our First Nation stakeholders, the community of Lynn Lake, Province of Manitoba and AuRico and Carlisle shareholders. We will demonstrate leadership by fostering a social license to operate and a credible technical approach to developing a robust mineral reserve which supports a construction decision.” 3 Capitalization TSX CGJ OTCQX CGJCD 52-Week Range: $0.16-$0.58 Market Capitalization: ~$16 mm Cash Position: ~CAD$9 million Average Volume 3 mo: 200,000 shares/day Common Shares Issued: 55mm Insider Exposure: 32% (incl. AuRico) Warrants: 10mm Strike Price: $0.39-0.97 Options: 3.5mm Strike Price: $0.32-$2.70 4 Carlisle Achieves Project Validation Summary of Recent Material Changes 1. Carlisle completes an Optimized PEA on the Lynn Lake Gold Camp 7,500 tpd @ US $1100 Au ; IRR of 34%, Post-Tax NPV $257 million (See www.carlislegold.com for PEA Press Release dated February 27, 2014) 2. Paradigm Capital initiates research coverage on the company as part of Gold Sector “Takeover 20” List and $1.75/share price target 3. Strategic Partnership announced with AuRico Gold Inc. Approx. 19.9% of Carlisle @ $0.52 per share for $5.6 million proceeds AuRico acquires a direct 25% interest in the Lynn Lake Gold Camp Project for $5.0 million proceeds; Joint Venture formed with AuRico Gold (“AUQ) as Operator. AUQ to fund $26mm over 3 years to advance feasibility, explore along trend and raise stake to 60% (See Press Release Dated November 11, 2014) 4. Capital Structure consolidated for growth, 6.5:1 5. $13 million spending on Feasibility and exploration for 2015; $11mm by AUQ 5 35,000 Hectares of Greenstone Belt Carlisle/AuRico JV Controls the Deposits as Indicated Below AGASSIZ METALLOTECT JV Feasibility Study Area Approx. 5000 historical drill holes on Carlisle Properties with over 20 additional gold occurrences identified along strike: replacement drilling costs approximate $200 mm in value $17.5mm drilling spent to date since 2009 by Carlisle; < $3.50/ oz discovery cost 6 Lynn Lake Gold Camp Optimized PEA 7,500 tpd at US $1100 Au Pre-tax Post-Tax NPV @ 5% of $411 million NPV @ 5% of $257 million* IRR of 34% IRR of 26% Net Cash Flow of $642 million Net Cash Flow of $422 million Payback period of 2.6 years Payback period of 2.8 years Initial capital costs of $185 million ($150mm + $35mm in contingencies allowance) Central milling facilities with an initial capacity of 3,750 tpd ramping to full capacity of 7,500 tpd Avg. grade of 2.2 g/t gold, LOM and annual production of 145,000 oz gold Sequenced mine life of 12 years (Farley, MacLellan) with LOM gold production of 1.74 million ounces of gold and 1.59 million oz. silver at US $1100 Au, & US $18 Ag Pre-tax total average LOM cash costs of US$477/oz; all in sustaining costs US$700/oz *Proforma $0.95/share post-tax Net Asset Value See www.carlislegold.com for PEA Press Release dated February 27, 2014 7 Lynn Lake Gold Camp Optimized PEA Operating Statistics Phase 2 Layback MacLellan Farley MacLellan Phase 1,2 Farley MacLellan Phase 1,2 Average Cash Cost per Tonne LOM LOM Unit Cost Total Cost LOM ($) ($ Millions) $/t-milled 18.14 489.91 Processing $/t-milled 17.01 459.14 Haulage $/t-milled 1.55 41.72 Tailings $/t-milled 0.54 14.54 Site G&A $/t-milled 1.62 43.86 Environmental $/t-milled 0.13 3.54 Geology $/t-milled 0.15 4.17 Total Operating Costs $/t-milled 39.14 1,056.88 Category Units Mining Total Payable Revenues LOM (excludes refining & royalty costs) 8 2,158.12 See www.carlislegold.com for PEA Press Release dated February 27, 2014 Probe Mines vs. Carlisle Goldfields Market Cap (C$M) Probe Mines Carlisle Goldfields $526 $16 Project Name Borden Lake Lynn Lake Ownership 100% 75% Location Ontario Manitoba Stage Resource Definition PEA Mining Style Open Pit/UG Open Pit Resources Underground Tonnage (Mt) 12.3 27.0 Grade (g/t) 5.14 2.20 Contain Au (Koz) 2,031 1,909 Open Pit 9 Farley & MacLellan O/P Other Deposits (O/P) Tonnage (Mt) 70.5 47.7 Grade (g/t) 1.03 1.22 Contained Au (Koz) 2,335 1,868 Goldcorp recently announced a definitive agreement to acquire Probe Mines for $5.00 a share or ~$526M Probe’s primary asset, Borden Lake, like Lynn Lake, has excellent infrastructure and is located in a mining-friendly jurisdiction The valuation ascribed to the two projects is the largest difference between them Probe was valued at $133/oz per M&I resource ounce Carlisle is currently valued at ~$8/oz of M&I resource ounces and currently in feasibility on Farley Lake and MacLellan open pits as funded by partner AuRico Gold Inc. (AUQ). “…Makes AUQ’s Recent Lynn Lake Deal Look Pretty Savvy…” Scotia Capital, Jan.19-15 Lynn Lake Gold Camp Resource 7,500 tpd PEA at US $1,100 Au Project Resource Category Cut-off Grade Au Equiv. g/t Tonnage Au Grade g/t Ag Grade g/t Au Equiv. g/t Contained Metal Au Equiv., Oz Resource parameters of two deposits at the Lynn Lake Gold Camp. MacLellan Mine Project Farley Mine Project COMBINED Measured 0.59 9,100,000 2.03 5.05 2.09 547,000 Indicated 0.59 8,900,000 1.61 3.85 1.65 421,000 Inferred 0.59 600,000 1.79 3.50 1.84 32,000 Measured – – – – – – Indicated 0.67 5,300,000 3.31 – 3.31 528,000 Inferred 0.67 3,100,000 2.57 – 2.57 240,000 Measured – 9,100,000 2.03 5.05 2.09 547,000 Indicated – 14,200,000 2.24 2.41 2.27 949,000 Inferred – 3,700,000 2.44 0.57 2.45 272,000 Notes: 1. CIM definitions were followed for estimating mineral resource. 2. Assumed mining dilution rate 5%. 3. Mineral Resources are estimated using a diluted cut-off grade (AU Equiv.) 4. Whittle Pit Shells are designed using a gold price of US$1,241/oz, and a Silver price US$20/oz. 10 5. Mineral Resources are estimated using a gold recovery rate 89.3% and 93.7% for MacLellan and Farley separately. 6. Mineral Resources are estimated using a silver recovery rate 61% for MacLellan only. 7. There are no known risks that could materially affect potential development. Lynn Lake Conceptual Project Timeline* Activity Description 2015 ($9mm) Resource drilling Environmental baseline (Farley, MacLellan) Resource Update/ Feasibility/Tradeoffs with mine plan recommendations Project Description (Environmental) Impact and Benefits Agreement Environmental Impact Study Mine Permitting; Cert. of Auth. Detailed Project Design; Financing Mine Construction (Q3/2018)** Mine Production (Q2/2020)** * Subject to Feasibility Study verification ** Subject to Production Decision 11 2016 2017 2018 Lynn Lake Gold Camp: Conceptual Farley Lake Mine Plan* Farley Lake Mine Years 1-6 Mining, Crushing, Transport * PEA level analysis; Subject to Feasibility Study verification 12 Lynn Lake Gold Camp: Conceptual MacLellan Mine Plan* MacLellan Mine Years 4-12 Mining, Processing, Tailings Mgmt. * PEA level analysis; Subject to Feasibility Study verification 13 Farley Lake Mine Surface Geology Iron Formation-Hosted Lode Gold Deposit 0 14 __ 250m N Farley Lake Mine Geological Section N West-Facing View A’ A 100m- 200m- FL12-02: 5.88 gpt/10m incl. 13.5 gpt/3.0m FL12-03: 19.0 gpt /1.0m 12.0 gpt/ 2.0m Rock Types Overburden Mafic Sill Granodiorite Chl Chert Anth Mag-Fe Formation Au (gpt) Chl Chert Mag-Fe Formation Chert Mag-Fe Formation 10.0 to 50.0 Argillite 50+ 15 55 654-342: 27.7 gpt/2.1m Incl. 63.2 gpt/0.3m 0 150m Conjugate Fracture Control Farley Lake Mine Project Au Present Below Historical Farley Pits* Farley Lake 0 Au (gpt) 0.0 to 5.0 5.0 to 10.0 10.0 to 50.0 50+ 16 *defined by ~350 ddh 100m Farley Lake Mine Project North-Facing View N 0 17 200m Farley Lake Mine Project West-Facing View N “Farley Deeps” (Expl. Target) Best Intercept 6.85g/t over 35m) 0 18 200m MacLellan Mine Project Geology Section Plan View Shear Zone-Hosted Lode Gold Deposit Underground Infrastructure Section Looking East Basalt Tuff Silica flooding/Qtz Vng Mineralized Horizon 19 0 250m MacLellan Mine Project Whittle Results of the Pit Optimization* N 0 250m * On wireframe resource shells defined by ~1350 ddh 20 Mining Friendly Manitoba, Canada Lowest cost industrial power in North America ($0.03/KWh) Educated workforce in mining Mining and Petroleum is the 2nd largest resource industry (+$3 billion annually) Currently 8 operating mines Pro - Mining Government; highly motivated to re-establish mining operations at Lynn Lake Constant Total Tax rate for 40 years (28%) 10-year tax holiday on initial capital Well developed government-supported infrastructure 21 • Ports and Airports • Rail and paved highways Lynn Lake, Manitoba: Infrastructure, Infrastructure, Infrastructure! Among the Lowest industrial power cost in the world ($0.03/KWh) Highly incentivized to generate new tax base on brownfields mine sites Commercial Airport- 5,000 ft. runway Good paved roads to all sites Connected to National Railroad within 6 Km from MacLellan Mine; Town of Lynn Lake - Amenities MACLELLAN MINE SITE TOWN OF LYNN LAKE • Hospital with 42 beds, restaurants, schools, hotels, paved roads, internet Signed Memorandum of Understanding with Marcel Colomb First Nation 22 Opex: The Manitoba Advantage Power Costs 30-50% of Opex BRAZIL Philippines SWEDEN CHILE Australia SINGAPORE PAPUA NEW GUINEA Guyana Mexico NEW ZEALAND COLOMBIA (BOGOTA) HONG KONG IS Ontario PERÚ INDONESIA United States SOUTH AFRICA INDIA China TAIWAN DUBAI Argentina (Buenos Aires) KOREA (SOUTH) VENEZUELA NIGERIA Russia MANITOBA KUWAIT 0 5 10 15 20 25 30 35 40 Worldwide Industrial Power Costs ~2013 (US cents/kwh) 23 45 50 Board of Directors Abraham Drost, M.Sc., P.Geo. (Ex-Sabina, Sandspring, Premier Royalty) President & CEO, Director Bruce Reid, B.Sc., MBA Executive Chairman & Director James Macintosh, B.Sc. Lead Director & Chairman of the Audit Committee Jennifer Boyle, LLB Director Donald A. Sheldon, LLB Director Roy Shipes, P.Eng. Director Nick Tintor, B.Sc. Director Peter MacPhail, COO AuRico Chris Richter, Exec. VP AuRico 24 Carlisle Goldfields Limited Demonstrated Economic Viability: $257 million NPV (Post-tax), 34% IRR Significant Existing Assets: Lynn Lake Gold Camp Strategic Partnership with AuRico Gold Inc. (AUQ:TSX) Infrastructure in Place: Pro-Mining Province In Feasibility; Resources to Reserves A Gold Producer in the Making See www.carlislegold.com for PEA Press Release dated February 27, 2014 25 For more information: Carlisle Goldfields Ltd. 401 Bay Street, Suite 2702 Toronto, Ontario, Canada Abraham Drost President and CEO 807-252-7800 [email protected] Nicholas Konkin Director of Investor Communications 416.642.0869 x 3 [email protected] www.carlislegold.com Twitter: @Carlislegold
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