Home | Mirasol Resources Ltd. - FOCUSED ON DISCOVERY...This presentation contains certain statements that may be deemed “forward-looking statements”. All statements in this presentation,

FOCUSED ON DISCOVERY

SEPTEMBER 2020

Inca Gold Project, Chile

Cautionary Statement

This presentation contains certain statements that may be deemed “forward-looking statements”. All statements in this presentation, other thanstatements of historical fact, that address future operations, resource potential, exploration drilling, exploitation activities and events or developmentsthat the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and aregenerally, but not always, identified by the words “expects”, “plans” “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similarexpressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Information inferred from the interpretation of drilling resultsand information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of whatmight be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-lookingstatements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results ordevelopments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs,estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update theseforward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change, except as may be required byapplicable law.

This presentation may use the terms pit constrained mineral resources estimate and indicated resource. The Company advises that these terms arerecognized by Canadian securities regulations (under National Instrument 43-101 “Standards of Disclosure for Mineral Projects”). Investors are cautionednot to assume that any part of or all, of the mineral occurrences in these categories will ever be converted into reserves.

All material project information in this presentation has been previously disclosed to the public by Mirasol.

Norm Pitcher, a “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in thispresentation.

MIRASOL RESOURCES

3

EXPLORATION COMPANY WITH A HYBRID STRATEGY TO TEST HIGH-QUALITY TARGETS

A Portfolio of Business Development and Pipeline Properties

Two Projects with Mirasol Funded Exploration and Drilling

Five Partner Funded Projects

x 2

Option to PurchaseEarn-in to Joint Venture

SANTA CRUZGENERATIVE REGION

ATACAMA PUNAGENERATIVE REGION

Exploration Project

Partnered Project

Deal Ready / Pipeline Project

N

ARGENTINA

Inca Gold in Chile / Sascha Marcelina in Argentina

CHILE / ARGENTINAGold / Silver / Copper

Encantada SpA

4

PROJECTS IN CHILE

Four Option Agreements in Chile

• Gorbea – Newcrest Mining

• Altazor – Newcrest Mining

• Coronación – First Quantum Minerals

• Nord – Encantada / Mineria Activa

Mirasol Funded Exploration Project

• Inca Gold

Portfolio in Northern Chile – Atacama Puna Region

→ World Class Copper / Gold region

Main Road/Hwy

Exploration Project

Partner FundedProject

Deal Ready / Pipeline Project

Significant Deposit

Antofagasta

Taltal

Chañaral

Socaire

Inca GoldProject

MRZ-Encantada

Nord Project

MRZ-FQMCoronación

Project

MRZ-NewcrestAltazor Project

MRZ-NewcrestGorbea Project

Rubi

Zeus

50

kilometres

N

Taca Taca

Escondida

El Peñon

Exploradora

Salares Norte

El Salvador

Inca de Oro

La Coipa

Mio-PlioceneMagmatic CentresPaleocene MagmaticCentres

A Portfolio of Pipeline Properties

5

PROJECTS IN ARGENTINA

Portfolio in Santa Cruz Province

→ A Mining Province with 7 Operating Mines

A Portfolio of Pipeline Properties

Option Agreement in Argentina

• Virginia – Silver Sands Resources

50

kilometres

N

Significant Deposit

Main Road/Hwy

Jurassic Volcanics

Partner fundedProject

Manantial EspejoPan American Silver

Mina MarthaPatagonia Gold

Cerro NegroNewmont

San JoseHochschild /McEwen Mining

Cerro MoroYamana Gold

Don NicolasCerrado Gold

Cerro VanguardiaAngloGold/Formicruz

Libanesa

MRZ - Silver Sands Virginia Project La Curva

ClaudiaNico

Homenaje

Sascha-MarcelinaProject

TranquiloPatagoniaGold

Argentina

Tres Cerros

Fitz Roy

GobernadorGregores

San Julian

PuertoDeseado

BajoCaracoles

PeritoMoreno

Las Heras

Mirasol Funded Exploration Project

• Sascha Marcelina

Exploration Project

Pipeline Project

6

EXPECTED ACTIVITIES AND NEWS FLOW

Project Funding Operator Exploration Activities Expected Timeline

Inca Gold Mirasol Rock chip and channel sampling

Geophysics and Drilling – 1,500m

Q3 2020

Q4 2020 / Q1 2021

Sascha

Marcelina

Mirasol Drilling – 2,600m Q4 2020

Virginia Partner Mirasol Geophysics, Trenching

Drilling – 2,500m

Q4 2020

Q4 2020

Gorbea Partner Newcrest Drilling – Contractual min. 2,000m Q4 2020

Altazor Partner Newcrest Drilling – Planned 2,000m Q1 2021*

Coronación Partner FQM Drilling – Contractual min. 3,000m Q4 2020 / Q1 2021*

* Subject to ongoing community engagement process

→ More than 13,000m of drilling on 6 projects

7

Mirasol Funded Exploration

Inca Gold Project, Chile

8

• Option agreement with Newmont

• Leveraging exploration expenditures to

gain exposure to a large epithermal

system

• Year-round access and near

infrastructure

Inca Gold Intermediate Sulfidation Epithermal Gold and Silver Project

• Project has prominent epithermal vein systems on surface and has not been drill-tested

• Comprehensive surface program initiated by Mirasol to refine drill targets

• 1,500m drill program planned for the end of the year

N

ARGENTINA

Main Road/Hwy

Exploration Project

Deal Ready / Pipeline Project

Au / Cu Deposit

Town

Tracks

25

kilometres

N

Inca GoldProject

Rubi

Paleocene MagmaticCentres

Inca del Oro

Diego de

Almagro

El Salvador

Potrerillos

El Salvador -Codelco

Inca de Oro

La Coipa

Potrerillos

9

• Large scale land package

• 5 prospects identified to

date, with various

mineralization styles

• Initial focus on Sandra

target that hosts thick

outcropping epithermal

veins

• 2,200 ha of additional

claims staked, which cover

trends defined by Sandra

veins

Multiple Prospects

Guerda Target(Au)

Rincon Target(Cu-Au)

Sandra Target(Ag-Au)

Vania Target(Au-Cu)

Inca North Target(Au)

Background: Bing Image © 2019

Microsoft Corporation © 2019

DigitalGlobe © HERE (2019)

2 km

%

IncaSur Extended claims

10

• 5 subparallel trends

recognized over 2.5 x 4 km

area

• Sheeted vein zones up to

20m (cumulative width)

Comprehensive surface

program ongoing:

• 1:2000 scale mapping of

the quartz vein swarms

• Systematic channel

sampling across the veins

• Reconnaissance

prospecting for outlying

areas of the prospect

Sandra Target Area

Inca Gold Claims Boundary

Sandra Target(Ag-Au)

Ag

1 km 1 km

Au

Background: Bing Image © 2019 Microsoft Corporation

© 2019 DigitalGlobe © HERE (2019)

Rock Chip Ag (ppm)

Structures

Veins

<

Structures

Rock Chip Au (ppm)

Veins

<

Background: Bing Image © 2019 Microsoft Corporation

© 2019 DigitalGlobe © HERE (2019)

IncaSur – extended claim package

11

Inca Gold ISE Gold and Silver Project

• Systematic mapping and sampling -

ongoing

• Permitting - ongoing

• IP geophysics

• Drilling – 1,500m budgeted

NEXT STEPS

12

• Property package consolidated for the first time in early 2019

• Located 100 km south and displaying similar geologic and

geomorphic settings to Newmont’s Cerro Negro mine, which hosts:

• Reserves: 2.6 Moz Au at 9.7 g/t and 21.34 Moz Ag at 79.51 g/t

• Resources: 2.12 Moz Au at 5.43 g/t and 10.9 Moz Ag at 28.13 g/t*

• Large alteration footprint hosting an extensive silica cap, with

high grade gold rock chip assays from multiple trends

• Recent geophysical and geochemical studies completed to refine

drill targets

• 2,600m drill program planned for this field season (Q4 2020)

Sascha MarcelinaLSE Gold and Silver Project

50

kilometres

Manantial EspejoPan American Silver

Mina MarthaPatagonia Gold

Cerro NegroNewmont

San JoseHochschild /McEwen Mining

Sascha-MarcelinaProject

TranquiloPatagoniaGold

GobernadorGregores

BajoCaracoles

PeritoMoreno

Homenaje

Nico

Virginia

Significant Deposit

Main Road/Hwy

Jurassic Volcanics

Partner fundedProject

Exploration Project

Pipeline Project

N

ARGENTINA

* Newmont - 2/13/2020 Press Release

All Samples Au Ag

Max Value 27.7 g/t 121 g/t

Average value 0.56 g/t 3.9 g/t

Estancia and Igloo Trend

New Rock Chip Assays

13

Santa

Cruz

Provin

ce

Argentin

a

Chile

50km

Sascha -Marcelina

Cerro Negro

CerroMorro

Mina Martha

Manantial Espejo

Jurassicvolcanics

CerroVanguardia

Sascha Marcelina Claims

30,681 ha

Sascha Marcelina Claims Boundary

Additional Prospects

Sascha Vein Zone

Rock Chip Assays Au (g/t)

1.00 to 160.00

0.25 to 1.00

0.10 to 0.25

0.01 to 0.05

0.00 to 0.01

Below Detection

0.05 to 0.10

Sascha Marcelina Property

Overview and Drilling Plan

• Multiple prospects identified

and interpreted to show

different levels of a low

sulfidation epithermal

system

• Initial drilling to focus on

Estancia, Pellegrini and

Igloo prospects

Estancia Trend

8 holes 1,375m

Pellegrini Silica Cap

4 holes 775m

Igloo Trend

3 holes 450m

14

Estancia

Norte Zone

Estancia

Central Zone1.86 / 15.7

5.24 / 1.85

1.74 / 7.16

1.02 / 7.65

7.21 / 9.81

8.45 / 6.30

27.7 / 121

Clay pan

Silica Cap

Clay pan

Post-mineral basalt flows

Post-mineral gravel cover

Post-mineral gravel cover

Vein trend may

continue under

claypan to south and

gravel plateau to

north

Preliminary Lithology

Ch

on

Aik

eL

a M

atild

e

Rock Chip Labels:

Au (g/t) / Ag (g/t)

?

JurassicVolcanics

Rock Chip Assays Au (g/t)

1.00 to 27.70

0.25 to 1.00

0.10 to 0.25

0.01 to 0.05

0.00 to 0.01

Below Detection

0.05 to 0.10

Estancia

Sur Zone

Post-mineral basalt flows

?

?

?

?

Vein trend may

continue under basalt

to the NW

• N-W structure hosting veins, veinlets and

stockworks, over more than 3 km

• Estancia South: Deepest level of erosion, hosting

well developed veins and veinlets with highest

grades. Permissive Chon Aike formation

• Estancia Central: Higher level of system in poor

host rock, with outcropping veinlets with lower grades

• Vein trends open to the North and South under

cover

→ Main target area for drilling

Sascha Marcelina - Estancia Trend

15

• Drilling permit granted

• Water permit – in progress

• Drilling – 2,600m budgeted

NEXT STEP

Sascha MarcelinaLSE Gold and Silver Project

16

Partner Funded Exploration

Gorbea Project, Chile

17

Option to Joint Venture

Negotiated $ to 100%

MRZ 20%

6 years

80%

10,000m of Drilling and Delivery of a PFSUS$875k Option Payments

3,000m +

Geophysics

Committed

MRZ 25%

MRZ 15% PEA$650k cash

>US$ 19M Exploration ExpendituresUS$600k option payments ($100k paid)

51% 75%

FS

65%

6.5 years 1 year 2 years

NSR royalty option

85%

MRZ 25%

MRZ 20% PEA$650k cash

51% 75%

FS$650k

65%

6 years 2 years 2 years

+fund

80%

>US$ 10M Exploration ExpendituresUS$600k Option Payments (paid)

Jan 2019: Gorbea - Newcrest

Nov 2017: Altazor - Newcrest

Sept 2019: Coronación - FQM

Option to Purchase

Royalty: 3% NSR or 2% NSR and US$2M

3 years

19.9% of the S/O after US$6M in expendituresExpl. Expenditures - Y1: US$1M| Y2: US$2M | Y3: US$3M

May 2020: Virginia – Silver Sands Res.

Royalty: 2% NSR or 1.5% NSR and US$3M

4 years

US$500k Expl. Expenditures over 2 yearsUS$3M in Option Payments

Signing: US$50k (paid)| Month 14: US$200k |Mth 24: US$400k | Mth 36: US$600k | Mth 48: US$1.75M

Sept 2020: Nord – Encantada SpA

18

• Option to Purchase agreement executed in May 2020, with Silver Sands

Resources closing oversubscribed, $2.2M private placement

• Well-funded to aggressively move project forward

• Mirasol to participate in upside with significant shareholding and NSR royalty.

• Virginia district – Approx. 7.6 km of outcropping mineralized epithermal veins

• Seven silver deposits outlined to date by over 23,000m of diamond drilling

• NI 43-101 within conceptual pit resource [1]

• Indicated: 11.9 Million oz contained within 1.197 Mt at 310 g/t Ag

• Inferred: 3.1 Million oz contained within 0.460 Mt at 207 g/t Ag

• Significant exploration upside with potential for new untested veins

• Reconnaissance of new claims acquired in 2016 identified trends of vein

float with multiple assays >500 g/t Ag, with a peak assay of 6,586 g/t Ag

VirginiaLSE / ISE Silver Project

[1] The Qualified Persons responsible for this amended Technical Report were commissioned by Mirasol Resources Ltd. to review all geologic,

geochemical, geophysical, surface trenching, diamond drill core sampling and metallurgical recovery data pertaining to the Virginia Project for the

purpose of completing a Mineral Resource estimate in accordance with the guidelines of the Canadian Institute of Mining and Metallurgy (CIMM).

For calculating conceptual pits, a silver price of US$20 per ounce was used. Sensitivity analyses by the Qualified Persons indicate that the Mineral

Resources are not particularly sensitive to operating costs or silver price fluctuations. Mineral Resources which are not Mineral Reserves do not

have demonstrated economic viability.

Refer to Amended NI 43 -101 technical report filed February 29, 2016

Manantial EspejoPan American Silver

50

kilometres

N

Manantial EspejoPan American Silver

Mina MarthaPatagonia Gold

Cerro NegroNewmont

San JoseHochschild /McEwan Mining

MRZ - Silver Sands Virginia Project

TranquiloPatagoniaGold

GobernadorGregores

BajoCaracoles

PeritoMoreno

Homenaje

Nico

Sascha-Marcelina

Significant Deposit

Main Road/Hwy

Jurassic Volcanics

Partner fundedProject

Exploration Project

Pipeline Project

19

2020 Approved Program

• Exploration program approved between the

partners under the initial US$1M commitment

• IP geophysics program – 40 line-km

• Previously used successfully to identify

zone of mineralization and zones with high

chargeability (sulphides concentration) and

zones of high resistivity (strong

silicification)

• To be completed first to refine drill targets

• Trenching ~1,500m

• To define new targets for future drilling

• Drilling – 2,500m

• Targeted at new veins or extension / gaps

in existing vein structures

20

• Large land package with 9 claim blocks incl.

Atlas /Titan

• Mirasol’s partners have spent >CA$20M on

properties and drilled approx. 16,000 m

• Presence of an oxidized and mineralized HSE

gold system confirmed by drilling

• Search of higher-grade zone ongoing

GorbeaHigh Sulfidation Epithermal Gold Project

• Option period extended to January 25, 2021

• NCM committed to at least 2,000 m of drilling over upcoming season

* Goldfields – Mineral Resources and Mineral Reserves Supplement to the Integrated Annual Report 2019

MRZ-NewcrestGorbea Project

25

kilometres

N

Atlas

Titan El Dorado

Sirio

Ventura

Aldebaran

Danay

Orion

Altamira

Nord

Agua Verde

Salares Norte -

Goldfields

Exploradora -Codelco

El Guanaco -AustralGold

N

ARGENTINA

Reserves:

3.5 Moz Au / 39 Moz Ag*

Main Road/Hwy

Partner Funded

Project

Au/Cu Deposit

Town / Site

Tracks

Mio-PlioceneMagmatic Centres

21

• Newcrest drilled multiple long intervals of alteration and

mineralization

• Untested gaps remain that can potentially host higher-grade

zones

• Other regional targets to also be drill tested (El Dorado and

Titan Prospects)

Drilling Map 2019/2020 Cross Section

164m @ 0.52 g/t Au

129m @ 0.54 g/t Au incl. 10m @ 2.09 g/t Au

114.1m @ 1.07 g/t Auincl. 36m @ 2.49 g/t Au

MRZ-Newcrest Altazor Project

25

kilometres

Coronación

Paso de Sico

SocompaTaca Taca

N

22

• Large land package with multiple drill targets

• HSE gold target defined by compelling results

from surface exploration programs (extensive

alteration / CSAMT highly resistive geophysical

anomalies / multiple breccia complexes mapped)

• Project shows geological features that are

similar to other multi million-ounce discoveries in

the Mio-Pliocene mineral belt in Chile

AltazorHSE Gold Project

• 2,000m drill program anticipated for Q1 2021, subject to community support

• Community consultation process is ongoing but has been impacted by COVID-19

pandemic

N

ARGENTINA

Main Road/Hwy

Partner Funded

Project

Au/Cu Deposit

Town / Site

Tracks

Mio-PlioceneMagmatic Centres

23

• Option Agreement with First Quantum

Minerals signed in October 2019

• Targeting large scale Porphyry and/or HSE

systems

• Located on major N-W structural trend

associated with several porphyry deposits

(Taca Taca, Escondida)

CoronaciónHSE / Porphyry Copper Gold Project

• Surface work completed during last field season• Mapping, Sampling and Geophysics (MAG, IP and MT)

• Sample collected for age dating

• Committed to 3,000m of drilling during the field season

• FQM working towards receiving the required permits and approval for drilling program

MRZ-FQM Coronación

Project

25

kilometres

N

Altazor

Imilac

Socompa

Escondida

Taca TacaN

ARGENTINA

Main Road/Hwy

Partner Funded

Project

Au/Cu Deposit

Town / Site

Tracks

Mio-PlioceneMagmatic Centres

• Potential for vein type polymetallic (Cu, Zn, Pb, Ag, Au) epithermal mineralization and porphyry style

mineralization

• Initial 6-month fieldwork program planned with geology, alteration mapping, geophysical surveys and trenching

• Scout drilling program expected in Q2 2021

24

• Definitive Agreement signed in Sept 2020

with Encantada SpA, an affiliate of

Mineria Activa

• Mineria Activa is a Chilean, mining

focused private equity fund, developing

an adjacent project (Feasibility Study

underway)

• Exploration to focus on potential

extensions and parallel structures to the

known mineralization

NordPolymetallic / Epithermal / Porphyry Project

MRZ-EncantadaNord Project

25

kilometres

N

Rubi

El Salvador

Potrerillos

Diego de

Almagro

Exploradora -CodelcoCiclon-Exploradora -

Mineria Activa

El Salvador -Codelco

Potrerillos Main Road/Hwy

Deal Ready /

Pipeline Project

Oligocene MagmaticCentres

Partner FundedProject

Cu Deposit

Town

N

ARGENTINA

Tracks

25

→ Mirasol funded exploration programs

• Chile: Inca Gold – Surface sampling, geophysics and drilling

• Argentina: Sascha Marcelina - Drilling

→ Multiple partner funded drilling and exploration programs

• Chile: Gorbea, Coronación, Altazor, Nord

• Argentina: Virginia – Trenching / Drilling

→ Business Development initiatives to build new exploration partnerships

MIRASOL IS FOCUSED ON DELIVERING EXPLORATION AND DRILLING RESULTS TO DRIVE

SHAREHOLDER RETURNS

ACTIVITIES AND NEWS FLOW

Well funded with partners in place to deliver meaningful exploration activities – 13,000m expected

6 quality exploration targets to be drilled tested

Low valuation offering opportunity to accumulate position during quiet exploration period

Continued insiders support through market acquisition with insiders holding >28%

26

WHY OWN MIRASOL TODAY

1

2

3

→Exploration success to meaningfully impact share price

4

Low Risk Exploration Exposure

27

54 M Shares Outstanding

59 M Shares Fully Diluted

Conservative Share Structure

Well Funded

C$ 17 M in Cash as at March 31, 2020 – Last reported

Market Capitalization

C$ 25 M

C$ 1.3 M in Shares3.7 M shares of SAND x $0.35

as at Sept 14, 2020

Share Price

$0.455/share

28

TSX.V: MRZ

For Further Information:

Norm Pitcher, President & CEO

Jonathan Rosset, VP Corp. Development

www.mirasolresources.com

Coronación Project, Chile