CASSIDY GOLD CORP. - Global Mining Finance … in countries where Cassidy Gold Corp. is conducting business and/or investor relations. Such forward-looking statements reflect current

Gold Exploration & Development in Guinea, West Africa

TSX-V: CDX

www.cassidygold.com September 2014, London, UK

CASSIDY GOLD CORP.

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Disclaimer

All statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company’s behalf, that are not statements of historical fact, constitute “forward-looking statements” and are made pursuant to applicable and relevant national legislation in countries where Cassidy Gold Corp. is conducting business and/or investor relations. Such forward-looking statements reflect current views about future events and involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. The company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this presentation.

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Cassidy who?

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Company Overview

Kouroussa

Conakry

Lefa (Nord Gold)

7.8 Moz

Siguiri (Anglogold Ashanti)

5.2Moz

Kiniero (Semafo) 0.9Moz

§  Gold exploration company listed on the TSX Venture Exchange (symbol CDX)

§  Principal asset is the Kouroussa Gold Exploitation Licence in Guinea, West Africa -100% owned interest (subject to a 15% state participation)

§  Exploitation permit valid to Oct 2019, 16km2

§  NI 43-101 PEA & Resource completed February 2012 by SRK

§  1.0Moz contained in 13.5Mt grading 2.23g/t gold 43-101 gold resource (73% indicated)*

§  Recoveries around 95%; at surface resource

§  Recently raised US$17.5 million in a difficult market

§  Very supportive major shareholders

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Key Management & Directors

Chief Executive Officer, Director – Marion Bush §  Joined Cassidy as a Director in mid 2011 §  BSc & Postgraduate Diploma (Geology) from Curtin University, WA; MSc (Mineral

Project Appraisal) from Imperial College, London

President, Director – Jim Gillis §  Founder of Cassidy §  Part of the mining industry since 1982 with extensive experience in business

administration & mineral exploration

Chief Operating Officer – Bruce McDonald §  Economic Geologist with 33 years of experience gained with many well known

international companies including; Newmont, BP Minerals & Snowden Consulting §  Extensive worldwide experience, most notably the discovery of new resources for

Emperor Mines at Vatakoula, Fiji.

Country Manager, Guinea – Aguibou Bah §  Represented Cassidy in country for >10 years §  18 years in business in several West African countries, and provides essential language

skills and local knowledge

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Guinea

§  Similar size to UK, population of around 10.6 m §  External trade dominated by mining exports (14.5%

of GDP, 34% of exports in 2010) largely bauxite §  Granted independence from France in 1958 §  Military rule from 1984 to 2010 §  President Alpha Conde was democratically-elected in

Nov-10 resulting in political stability §  Heavy presence of major global players

§  Rio Tinto spending $3-billion with partner Chinalco on the Simandou iron ore project

§  New Mining Code promulgated 2012 §  Minister for Mines, Kerfalla Yansane, stated last

week that he anticipates $50-billion of mining investments over the next decade.

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Kouroussa Project Background

§  Option granted to Cassidy - June 2002 §  Previous owners: 2 exploration programs - April 1997 & May 1998 §  Cassidy: 1st exploration program – Nov 2002, 1st drill hole - May 2003 §  C$25m spent historically

§  Drilling – 275,000m (125,000m RC & DDH) / 4,400 holes / 169,000 samples §  16,389 samples (20,000m >0.3g/t Au) §  547 samples (588m >10g/t Au)

§  Soil Geochemistry (400 x 400m, 400 x 200m): §  15,000 Au - pre 2007

§  Aerial Magnetic & Radiometrics §  Regional: 850km2 / 200m / 045° §  Infill: 50km2 / 50m / 045°

§  Aerial Photography / Topography – 35km2

§  SRK (Cardif) PEA – February 2012 §  Exploitation License granted – October 2009

Extensive exploration work completed.

RSG Global / Coffey exploration team from

late 2004 – mid 2008

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43-101 Resource (SRK 2012)

Category Quantity Grade Metal Category Quantity Grade Metal

Kt g/t ‘000’s Oz Kt g/t ‘000’s Oz

Indicated Inferred

Laterite 798.7 1.43 36.7 Laterite 124.0 1.66 6.6

Saprolite 4,140.9 2.11 281.4 Saprolite 435.5 1.94 27.2

Transitional 1,545.1 1.90 94.3 Transitional 133.8 2.79 12.0

Fresh 2,599.3 2.63 219.7 Fresh 471.5 3.81 57.8

Total 9,084.0 2.16 632.1 Total 1,164.7 2.77 103.6

Category Quantity Grade Metal Category Quantity Grade Metal

Kt g/t ‘000’s Oz Kt g/t ‘000’s Oz

Indicated Inferred

Transitional 192.7 1.72 10.6 Transitional 129.6 1.90 7.9

Fresh 933.0 2.07 62.0 Fresh 1,978.0 3.81 149.8

Total 1,125.6 2.01 72.7 Total 2,107.6 2.33 157.7

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*Open pit indicated and inferred mineral resources are reported at a cut-off grade of 0.43 g/t for laterite and saprolite material, 0.48g/t for transitional material and 0.53 g/t for fresh material.

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Beginning of a Revival M

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$M)

Shar

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ice

(C$)

0

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4

6

8

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C$762,000 equity financing

C$1,000,000 equity financing

Announce SRK Positive PEA & New Resource Statement

C$300,000 equity financing

C$700,000 equity financing

C$300,000 debenture financing

Announce US$17.5m of financing & plan to commence mining at

Kouroussa

•  Current cash: C$2.7mm (end Aug 2014) •  Share price: C$0.04 (05-Sept-2014) •  Market Cap. : C$3.4m •  Shares:

Issued & Outstanding 84,601,229 Fully Diluted 87,016,228

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How do you catch a village chicken in

the day time?

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Development Options (1)

§  PFS DFS Development §  Circa US$110mm Capex,

not possible / too much dilution given our market cap

§  Difficult even to raise money for further studies

§  Lower Capex development option – Heap Leach §  Global resource grade >2g/t §  Gravity recoveries 58-62%,

plus cyanidation circa 95%

1 Mtpa Gravity & CIL

1Mtpa Gravity

0.5Mtpa Gravity

Heap Leach

IRR 37% 33% 31%

Payback 3.5 yrs 2 yrs 3.2 yrs

Total Direct Opex $44.70/t processed ($624/oz)

Total Production Cost

$50.20/t processed ($701/oz)

$37.40/t processed

$41.30/t processed

$5-10/t processed

Capex $108.5M $61.1M $45.1M $56.1M

Post Tax NPV10%* $82.2M $33.7M $26.4M ?

Raising the required Cap-Ex posed too great an obstacle

*Royalty rate: 5% - Corporate tax rate: 35% - Gold Price $1275

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Development Options (2)

§  Sale, JV or Merger – to 3rd parties §  Available deals not supported by major

shareholder

§  Sale, JV or Merger – to major shareholder §  No interest in taking on all project risk &

management

§  Purchase geographically advantageous producing asset

§  Attempted, protracted time frame §  De-list the company and become a private entity

§  Takes too long, costs similar amount to that which we’d save over the period before returning to the market

Pressure to take action: §  Artisanal activity

becoming significant in our absence

§  Exploitation License granted but no activity

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§  ASVI Technical Services Group (Private limited Co, 100% owned by ASVI (9.8% shareholder)) scoped an opportunity to develop a small scale, low Cap-Ex, near term, cash flow producing gold mine at Kouroussa

§  Fully funded by existing shareholder – Alchemists Inc (previously ASVI) §  US$12m convertible debenture, C$0.05/share §  US$9.5m private placement, C$0.05/share, Alchemists will take US$5.5m §  Remaining US$4m is open and will be used as contingency capital

§  ASVI TSG – managed technical services to construct and operate the mine

§  Starting point to building a gold hub which allows sensible, measured production in Guinea

§  Revenue driven expansion

The Go-Forward Strategy

Aureus’s New Liberty Gold Mine is no longer the only gold mine under

construction in West Africa

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Ebola

§  David Heymann, a professor of infectious disease epidemiology at the London School of Hygiene and Tropical Medicine, was last week quoted in an interview from the Africa Down Under investment conference in Perth, Australia:

"Instead of packing up and leaving, mining companies should work with the affected country to try and stop the outbreak”

Companies should “conduct a risk assessment before going into a country and determine what the factors might be and make sure that they can be mitigated”

Source: Reuters

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Ebola – what are we doing?

§  Strong contacts with our local community medical centre and team

§  Providing safety equipment & training for the local team in line with WHO guidelines

§  Sponsoring upgrade works for the local medical centre

§  Evacuation of all non essential team members §  Ongoing evacuation plan should the problem escalate locally §  Strict procedures for moving within the community, food preparation, hygiene

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Up Coming News Flow

§  Approval by shareholders of new control person – end September 2014 §  Close of private placement – end September 2014 §  2 x track mounted drill rigs arriving into Conakry – September 2014 §  Exploration program to test depth extensions – commencing Q4 2014 §  Environmental report and license – December 2014 §  Stage 1 Alluvial Wash Plant & Stage 2 Crushing Circuit

§  arriving into Conakry - December 2014 §  commissioning - December 2014

§  Commence production – H1 2015 §  Stage 3 Grinding circuit – commissioning Q2 2015 §  Resource update – Q2 2015

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Exciting Times Just Beginning

§  High quality, high grade resource at surface with exploration upside §  Producing in next 6 months, pays back in 3.5 years §  Experienced project execution and management team in place §  Financing in place – additional $4m contingency unplaced §  Now focusing on increasing the profile of the company §  Re-rating of valuation to bring us in line with peers §  Great time to expand Cassidy’s presence in Guinea

West Africa remains the "gold industry hot spot”. Cassidy is developing a long term presence, with a well funded

team that can take advantage of opportunities.

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Contacts

Marion Bush CEO, Director United Kingdom +44 773 409 6113 [email protected] Jim Gillis President, Director Canada +1 250 372 8222 [email protected]

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CASSIDY GOLD CORP. TSX-V: CDX

www.cassidygold.com

Cassidy Gold Corporation Kouroussa Gold Project

Guinea

From Exploration to Production in Challenging Times

Cassidy - ASVI Group Global Project

Base

Cassidy – Guinea

Cassidy – Kouroussa Overview

• Cassidy Gold Corp. is a gold exploration and development company listed on the TSX Venture Exchange (symbol CDX). Cassidy's principle asset is its 100% owned interest, subject to a 15% state participation, in the Kouroussa and Tambiko gold concessions in Guinea, West Africa. Cassidy has been an active explorer in Guinea for the last 15 years with exploration expenditure totalling 25m USD up until 2014

• Exploration through that period was totally focused on shallow open pittable resources primarily orogenic vein systems

• By 2010 Cassidy had outlined a global resource at its Kouroussa prospect of +900koz of which +70% of the potential ore was free milling

• Cassidy applies and was granted in September 2009 EP covering 16km2

• In mid 2010 much of the Kouroussa area was invaded by artisanal miners (peaked to +100,000) who aggressively exploited the top 20-30m of the lode systems, by late 2013 activities had reduced significantly

• In July 2014 Cassidy secured a loan of $12m from Alchemists Inc., a Malaysia based investment group

Cassidy

Cassidy

Key aspects of the project due diligence – preconstruction phase

• Assessment of the artisanal mining activities on the global resource

• Total review of the geology and mineralisation characterisation and controls, new longer term drilling targets established

• Review and relogging of drill core

• New metallurgical and petrological studies to finalise mill design and review exploration potential

• Development of new block models for the X-Vein and Junction deposits

• Development of a combined shallow box cut and underground layout

• Completion of the first 5 year mine schedule

• Engagement and up skilling of local workforce

Mill Configuration

Initial Mill Configuration (Phase 1 & 2)

• Development of the resource is based on the installation of a 2 staged gravity plant to process colluvial and free milling hard rock material

• Phase 1 wash plant is rated to 100TPH (22hr/day = ~2,200TPD) • Phase 2 Primary crusher, throughput of 60TPH (22hr/day = ~1,320TPD) • Phase 3 Grinding and Recovery circuit rated 35TPH (22hr/day =

~770TPD) • Assumed nominal 28 day operating cycle • Total recoveries are expected in the 65-75% range (phase 1 & 2)

• Following the completion of colluvial material by early 2016 the wash circuit will be used to remove clay over-break material expected from the U/G development of the Koe-Koe ore bodies

• Tailings will be held pending either the installation of a CIL plant or shipping of material to the currently closed Kiniero mill

Initial Mining Fleet

Initial Mining Fleet 2014

• 2x Bell D30 30t U/G trucks

• 1x Bell D40 40t Surface/UG truck

• 1x Aard Major 1.73m3 LHD

• 1x 60t Liebherr R964C excavator

• 1x CAT 330 excavator

• 1x Bell 315SK loader

2015 Fleet scale up (production timing dependant)

• 2x Bell D40 trucks

• 1x 50-70t excavator

• 1x 30t wheeled loader

Cassidy commenced upgrades to its site logistics operations at Kouroussa in April 2014 and work started on phase one mine site infra structure in May 2014

Site Layout

Kouroussa project scale summarised geology

Project Geology

Overview plan of the X-Vein underground development and the Junction Box Cut – Decline access

Kouroussa Years 1-4 Development

Overview plan and cross section of the X-Vein underground development

Kouroussa Years 1-4 Development

Overview long section of the X-Vein (block model) – Junction Footwall underground development

Kouroussa Years 1-4 Development

Project Startup Costing – 2014 Summary

Item Cost Timing

Capex $8.4m June onwards

Opex $4.8m June onwards

Overheads and Management $3.1m June onwards

Total Investment $16.3m

Production forecast – commissioning (500oz/month ramping to 1,200oz/month within 6 months) $1,200 Au price (less GoG 5%) with longer term production costs projected at ~$850/oz.

December onwards

Total Financing $17.0m From July

Project Startup – Employment

Employment Segment Total

Administration 38

Construction 80

Mining/milling* 118

Survey/Electrical/Engineering/Maintenance 80

Exploration/Drilling 36

Total 352

*Mining labour requirements will double by the end of 2015

Project Startup Opex – 2014 Summary

Item Cost Timing

Fuel and lubricates $3.25m June onwards

Services and Explosives $0.34m June onwards

Operations Labour (local & Supervision) $0.38m June onwards

Plant civil works and maintenance $0.80m July onwards

Total $4.77m

Production – Ore Source Schedule

The current mining schedule sees alluvial ore deliveries from near mill sources while the Box-Cut and X-Vein North decline is developed

Production – Ore/Waste/Decline Development

Production – Five Year Global Forecast

With Phase 1-3 a gravity circuit only the operation has a growing CIL ore feed inventory, peak production in 2016 with dual circuits then production ramp up on the hard rock plant

Production – Mill Expansion Option

In 2016 there will be an expansion of the grinding circuit giving an installed capacity of 1,500t/day, and a growing CIL stockpile

Mining – Significant U/G Opportunities

X-Vein, tight lode style mineralisation, narrow wall rock alteration

Kinkine, wider lode style mineralisation, significant wall rock alteration, U/G mining widths wider, ore will be passed through washing plant to reduce ore dilution

Geological team developing an understanding of high grade shoot controls

Mining – The Ore

Kinkine

Kinkine at depth (120m)

Junction South

X-Vein

Ore Composition – Au Relationships

600 microns. RS-6. Gold intergrown with Fe-rich carbonate (altered to hydrated Fe-oxides) contained along late shears/microfractures in early granoblastic quartz.

300 microns. RS-1. electrum and chalcopyrite contained along annealed microfracture in

Ore Paragenesis

Surface Miners – Artisanal Miners

Diving on a flooded prospecting shaft

Crusher and gravity mats

Dishing the fines Gold tail developing on concentrate

Community Projects – Medical Centre

Upgrading of local medical centre with additional buildings, renovation of existing structures, the provision of power and water and provision of supplies. Ongoing commitment to the community

Project LOM – Kouroussa Sustainability

Target production levels at Kouroussa by 2018 will be +30Koz Au/year with a current resource base of 900Koz • Illegal miners have probably depleted the resource by 150-200Koz Au • On strike and down dip drilling at X-Vein likely to replace lost ounces and increase the

global resource • Drilling on Junction South and Kinkine testing continuity of what appear well developed

ore shoot systems will also replace depleted shallow resources but potentially lift block grades, very significant upside in this block

• The proposed U/G mining methods will reduce ore dilution and minimise environmental impact

• X-vein mining method to focus on narrow reef extraction methods using hand held equipment. Due to the steep dip of the ore body it will be mined on the cut and fill method.

• Kinkine (KoeKoe) due to the variable dip of the ore bodies and the brittle clay layer associated with the main ore body it will be mined with a draw point method due to the brittle nature as observed in the drill holes

• LOM is likely to be greater than 25 years given the very extensive nature of the system • By 2016 if Kiniero has not become a Cassidy asset, a CIL plant will be required to

process the gravity circuit reject fraction

Thank You

Production - Sustainability - Growth