Red Eagle Mining Colombia s Premier Emerging Gold Producer

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1 Red Eagle Mining Colombia s Premier Emerging Gold Producer June 2018

2 Caution Regarding Forward Looking Statements Certain statements included in this presentation are forward-looking statements within the meaning of Canadian securities laws, including the following statements regarding the Santa Rosa property: the ability of Red Eagle Mining Corporation ( Red Eagle or the Company ) to acquire additional concessions with potential resources; the potential to develop resources and then further develop reserves; the anticipated economic potential of the concessions; the anticipated economic and political developments in Colombia; the availability of capital and finance for the Company to execute its commitments and strategy going forward. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and perception of current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. Many factors could cause the Company s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; political and foreign risks; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; risks related to the financing agreement with Liberty Metals & Mining Holdings, LLC and Orion Mine Finance, including Red Eagle Mining s ability to meet its scheduled payment obligations; risks related to the failure to obtain sufficient proceeds under the recently announced Rights Offering; successful implementation of the paste backfill plant; possible claims against the Company; uncertainties related to Red Eagle Mining s relationship with communities that surround its properties in Colombia; currency fluctuations; defective title to mineral claims or property; dependence on key employees and those factors discussed in the Annual Information Form of the Company dated March 31, 2017 in the section entitled "Risk Factors", under Red Eagle Mining s SEDAR profile at Persons reviewing this presentation are cautioned not to place undue reliance on forward-looking statements due to inherent uncertainty therein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The technical information contained in this presentation have been reviewed by Red Eagle Mining s Vice President of Exploration, Dave Thomas P. Geo., who is a Qualified Person as defined under NI Currency expressed in Canadian Dollars, unless noted otherwise. 1 TSX:R

3 Investment Highlights High Quality Assets 100% owned producing Santa Rosa Gold Project California Gold, Vetas Gold, and Santa Ana Silver Projects Low Cost and Risk High-grade and near surface Fully permitted Exploration and Production Upside Additional satellite deposits identified and drilled Plant with built-in capacity to double throughput without disruption Strong Shareholder Base Liberty Metals and Mining, Orion Mine Finance, Vertex One, Stracon GyM Proven Management Team Opportunity for Imminent Re-Rating Five years from discovery hole to first gold pour First permit under modern environmental legislation 45-50,000 ounces 2018 gold production, 65,000 ounces Building the premier Colombian focused gold producer and developer 2 TSX:R

4 Key Senior Management and Directors Management Board of Directors Ian Slater Founder CEO & Chairman Chui Wong CFO Former Managing Partner of Arthur Andersen and Ernst & Young s Mining Practices Chartered Accountant Former GM Finance at Luna Gold Previously held management positions at Methanex Corporation and VP SEC External and Financial Reporting at Bear Stearns Chartered Accountant Robert Bell Director Rob Pease Director Previously developed and GM of numerous mines, having led seven projects from feasibility through construction Co-founder of Minproc Engineers Mining Division Mining Engineer Previously Founder and CEO of Terrane Metals, and GM Exploration Canada and Global Projects for Placer Dome Technical & Sustainability Committee Chair Geologist John Durr General Manager 30 years of mining experience including 17 years in senior management Former GM at Yamana, Mexico. Previously worked at Coeur Mining and Goldcorp Mining Engineer Jay Sujir Director Senior Partner at Farris, Vaughan, Wills & Murphy LLP Lawyer Dave Thomas Vice President Exploration 20 years experience in minerals industry Former consultant mineral resource geologist with AEMC. Previously worked fro Dundee Precious Metals, Navan Mining, and TVX Gold Geologist Rafael Silva Country Manager Former Country and Exploration Manager at the Angostura gold deposit with over 20 years of experience in the Colombian mining industry Geologist Experienced development and mining team with first mover advantage in Colombia 3 TSX:R

5 Operations Update Ramp Up Challenges in 2017 Challenging ground conditions encountered, particularly close to saprolite contact and historic workings, resulted in the mining method being adjusted from shrinkage as envisioned in the Feasibility Study to cut and fill, optimizing mining the narrower high grade veins and reducing dilution and ore loss Decline development was significantly behind plan with only 1,700 meters in 2016 due to slower rates through saprolite which affected the number of headings and delayed infill drilling from underground Loose backfill created geotechnical issues and was adjusted to crushed fill to create a tighter fill with less voids Underground Development Mine development of 5,300 meters in 2017 gave access to more headings: 53 ore headings in 17 attack ramps and 3 new attack ramps in development Upgraded electrical, dewatering and ventilation systems Mine Planning, Infill and Ore Control Geotechnical Program Resource modeling and mine planning taken in-house and updated in real time Infill drilling from underground of 15,400 meters in 2017 in 177 holes on 10 meter centers Switched the mine to all ore mining with jacklegs to reduce dilution and increase production rates with overhand cut and fill Reduced stope section from 3.2 x 3 meters to 2.5 x 2.5 meters to reduce dilution Continue working on reducing powder factor, over break, straight drifts, parallel face drilling and correct bolt installation Switched to smaller ore heading, resulting in much improved ground control Switched ore mining from split sets to stronger Swellex bolts Switched development intersections from split sets to resin bolts Extended distance between attack ramps to 130 meters from 100 meters Moved main ramp design closer to shear zone to shorten required attack ramp development Backfill Methods Backfill being adjusted from crushed fill (temporary solution) to paste fill Commissioning in Q Paste plant is expected to reduce time to fill stope, tighten fill, minimize scoop work, lower operating costs of mine equipment used for fill and reduce traffic in main ramps 4 TSX:R

6 2018 Back in Production February 2018 First gold pour New scoop Mine ~500 tpd Mill ~750 tpd April new scoops Mine ~750 tpd Mill ~750tpd July 2018 Paste plant built Mine ~1000 tpd Mill ~1000 tpd Full Year to 50 k oz of gold produced k oz of gold produced January 2018 Mill Restart Mine ~400 tpd Mill ~600 tpd Mill restarted on January 2 nd, TSX:R

7 Mine Plan Production (k oz) Cash Costs (US$/oz) AISC (US$/oz) $900 $900 $900 $900 $900 $900 $900 $750 $750 $750 $750 $750 $750 $750 (1) 2018E 2019E 2020E 2021E 2022E 2023E 2024E Potential to extend mine life at depth and increase annual production with development of satellite deposits and expansion to 2,000 tpd 6 TSX:R 1. Cash costs and AISC for H2 2018, after achieving 1,000 tpd throughput.

8 Beadell Alio Wesdome Jaguar Red Eagle Shanta Golden Queen Roxgold Atlantic Gold Beadell Wesdome Alio Jaguar Red Eagle Roxgold Golden Queen Shanta Atlantic Gold (1) (1) Roxgold Atlantic Gold Wesdome Beadell Alio Jaguar Red Eagle Shanta Golden Queen Beadell Roxgold Jaguar Alio Atlantic Gold Shanta Wesdome Red Eagle Golden Queen Peer Benchmarking Market Capitalization (US$ mm) 2018E Production (k oz) $ Steady State Production $243 $203 $137 $132 $94 $93 $60 $ E Cash Costs (US$/oz) 2018E AISC (US$/oz) $835 $823 $775 $750 $750 $652 $600 $475 $424 $1,150 $1,130 $1,050 $1,025 $900 $790 $757 $705 $564 7 TSX:R Source: Company filings, FactSet, street research Note: Based on company guidance where available and street consensus. 1. Cash costs and AISC for H2 2018, after achieving 1,000 tpd throughput.

9 Underground Development ( ) Plan View E-W Long Section TSX:R

10 Santa Rosa Project (100% Owned) Infrastructure Highlights 70km NE from Medellin on the Pan-American highway Upgraded a 7km road from the highway to site Built a 44KV overhead powerline connecting a substation 12 km from mine site Hydroelectric power Town of Santa Rosa de Osos (30 minutes by road) provides most labor Local labor and small camp footprint Abundant water supply Buritica Continental Gold Santa Rosa Red Eagle Mining Gramalote Anglo/B2Gold Medellin Legend!.!. Towns Roads City Power - Medellin Line Third Party 9 TSX:R

11 San Ramon Reserves (1) Cross Section E Well defined E/W shear zone dipping 700 to the North Sheer zone is open ended down dip and to the east Parallel high grade domains defined along the entire strike length and continuing at depth 000 Deepest drill hole 650m encountered similar mineralization Current reserves of 405,000 ounces at 5.2 g/t Au within 250m of surface 2.0 g/t Au cut-off 3m average mining width 2.5m minimum mining width Long mine life 10 TSX:R 1. Amended NI Technical Report, Feasibility of the Santa Rosa Gold Project, dated October 27, 2014.

12 San Ramon Reserves Long Section (1) Pad #7 Pad #9 Cross Section E Plunge Open at depth Open on strike N 11 TSX:R 1. Amended NI Technical Report, Feasibility of the Santa Rosa Gold Project, dated October 27, 2014.

13 San Ramon Infill Drill Campaign Feasibility Drilling (1) Section E Drill Pad #7 Feasibility (1) and Delineation Drilling San Ramon Infill higher grades 12 TSX:R 1. Amended NI Technical Report, Feasibility of the Santa Rosa Gold Project, dated October 27, 2014.

14 San Ramon Infill Drill Campaign Feasibility Drilling (1) Section E Drill Pad #9 Feasibility (1) and Delineation Drilling San Ramon Infill higher grades 13 TSX:R 1. Amended NI Technical Report, Feasibility of the Santa Rosa Gold Project, dated October 27, 2014.

15 Underground Infill - Platform 2 SRDU m at g/t Au SRDU m at 5.38 g/t Au (incl. 0.60m at g/t Au) SRDU m at g/t Au San Ramon Underground Infill higher grades 14 TSX:R

16 Underground Infill - Central Platform SRDU m at g/t Au SRDU m at 5.35 g/t Au San Ramon Underground Infill higher grades 15 TSX:R

17 Exploration Potential Over 4,000 historic adits and 63 surface mines mapped Malambo Exploration targets to the west currently being drilled Road access to satellite targets Guacamaya Playa Larga Oyo Rico Canada Rica Luis Bran La Roja San Ramon Mine 16 TSX:R

18 K Radiometrics Playa Larga Malambo Oyo Rico Guacamaya Canada Rica Luis Bran La Roja San Ramon 17 TSX:R

19 Santa Rosa Greenfields Discovery Luis Bran Canada Rica PL m at g/t Au PL m at g/t Au PL m at g/t Au PL m at g/t Au PL m at g/t Au PL m at g/t Au La Roja 18 TSX:R

20 Canada Rica Zone Mapped Veins and Adits 19 TSX:R

21 Canada Rica Zone Historic Mining Adits 20 TSX:R

22 Red Eagle Exploration Vetas Gold Project Only publicly listed exposure to prolific California-Vetas Gold District 45km NE from Bucaramanga with good Infrastructure roads & grid power California Gold Project Adjacent to La Bodega/La Moscota (3.5 Moz Au) Past drilling, including: 11.6 g/t Au over 19 metres Social License Vetas is a mining community 18.9 g/t over 19 metres Potential operational synergies including central milling facility with California Gold Project (only 10 km apart) $68m in sunk costs with over 71,000 meters of diamond drilling Over 177 drill intercepts with gold grades over 5 g/t, averaging 30 g/t Au over 1.03 metres, including: 325 g/t (9.5 oz/t) Au over 2.09 metres; 507 g/t (14.8 oz/t) Au over 0.74 metres; 370 g/t (10.8 oz/t) Au over 0.82 metres; 117 g/t Au over 1 metre 120 g/t Au over 1 metre 66.7 g/t over 1 metre Santa Ana Silver Project 17kg/t Ag ore over widths exceeding 1.4 metres mined historically Down-dip extension of vein mineralization below the historic Santa Ana mine tunnels drilled, including: 228 g/t (6.7 oz/t) Au over 1.13 metres; 1,751 g/t (51 oz/t) AgEq over 3.04 metres 104 g/t (3.0 oz/t) Au over 2.45 metres; 1,465 g/t (43 oz/t) AgEq over 1.82 metres 235 g/t (6.9 oz/t) Au over 1.03 metres 2,545 g/t (75 oz/t) AgEq over 1.34 metres Acquiring and de-risking high grade gold and silver projects in Colombia 21 TSX:R

23 Responsible Mining Strengthening the Social Fabric in Santa Rosa de Osos Information, Communication and Participation Primary & Secondary Education Computer Education Implemented social programs targeting education, culture, sports and healthcare Hosted town hall forums to exchange information and suggestions Average 3 community meetings per month Collaborated with local institutions to organize online education certification program for adults and youth 72 students enrolled in 2016 Established computer education program to enhance computer literacy 373 participants in 2015 Gastronomy School Rural School Connectivity Promoting Sports and Culture Improving Community Infrastructure Collaborated with local institutions to develop gastronomy program to provide participants with essential employment skills Provided internet connectivity to local schools to enhance quality of learning More than 230 users in 2015 Promoted sports and constructive leisure time activities with local organizations Enhanced community infrastructure including construction and improvement of sport facilities, playgrounds, roads and water supply 211 people currently enrolled Red Eagle Mining is committed to sustainable development of Santa Rosa de Osos and neighboring municipalities 22 TSX:R

24 Project Locations 23 TSX:R

25 Processing Incoming 44kV Crushing Grinding Flotation Leach Filtration Plant 24 TSX:R

26 Contacts Head Office Patrick Balit VP CORPORATE DEVELOPMENT Burrard Street Vancouver, British Columbia Canada, V6C 2X m balit@redeaglemining.com 25 TSX:R