Corporate Presentation | August 2019

Disclaimer

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The information contained in these slides and the accompanying oral presentation (together, the "Presentation") have not been approved by anauthorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). If any person is in any doubt as to the contents of thisPresentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising ininvestments of this kind. The information contained in this document does not purport to cover all matters that may be relevant for the purposes ofconsidering whether or not to make any prospective investment and is not intended to provide, and should not be relied upon, for accounting, legal ortax advice. This Presentation is supplied to you solely for information.

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Resource development & a production focus

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Low-cost, de-risked redevelopment of former

copper-gold mines hosting significant residual

mineralisation, strike extensions and new targets underpinned by low-technology reprocessing of oxide ores and dumps for early cash flow to fund future growth

with financing of initial production achieved from the

planned fundraise

Caerus at a glance

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Kambia EPL

Kalavasos EPL

Vrechia EPL

Black Pine EPL

Nicosia

Larnaka

Limassol

Mediterranean Sea

Previously operating mines prematurely

closed in 1974– Leaving ore in the

ground- Closures occurred

prior to introduction of heap leach technology

Growth opportunity - Extensions to mines defined but

never evaluated- New known targets know to previous operators but not tested

- Significant dump and bulk oxide potential

- Gold mineralisation not prioritised by former producers

9 exploration licences, consisting of four target project

areas- Covering a cumulative 31.56 km²

- Includes 16 former producing mines all with identified

resources

4 major options to early production

- First heap leach to be commissioned during 1st year

Production target of 15 – 20Mt at >1% Cu

& 1g/t Au- Existing UG sulphide resource - - Multiple

mineralised dumps & surface oxides

Corporate Overview

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Founders 3.5M shares. 24-month lock-in

Seed Investor (Wentworth Group) 3.3m shares. 24-month lock-in

Directors (inc related parties) 2.6m shares. 24-month lock-in

IPO (Round 3) Cornerstone Investor Shares (River Capital plc) 7.65m at 10p. 24-month lock-in

Acquisition Consideration shares 8.5m at 10p. 24-month lock-in

IPO Placing up to 17,500,000 at 10p

Shares in issue post-IPO 41,900,000

Market Capitalisation at Admission

ca. £4.2M

Working Capital immediately post-IPO

ca. £2M

18 Month Budget Up to £1.75M

MarketStandard,

LSE

TickerTo be

assigned

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MICHAEL JOHNSON, CHAIRMAN: Mike Johnson DSc. PhD., MSc., held the Rio Tinto Chair of EnvironmentalScience at the University of Liverpool (1994-2005). He remains External Adviser to Rio Tinto plc, Lundin MiningCorporation and New Boliden AB. He was chairman of Glebe Mines Ltd, the principal fluorspar mining company inWestern Europe, and variously held similar Director roles with Savannah Resources plc and Columbus Copper Incduring the period 2009-2016. Professor Johnson also holds advisory positions with the World Bank/IFC and UnitedNations (Environment Programme).

MARTYN CHURCHOUSE, CEO: Martyn is a geologist with 33 years’ experience in Europe and Africa in exploration,mine development, feasibility and as a mine manager. He worked for Anglo American and Gold Fields before joining theJunior Mining Sector and has been involved in bringing a number of exploration companies to the AIM Market. Martynwas an adviser to Georgian Mining Corporation prior to which he was Senior Adviser New Business Development toLundin Mining Corporation.

ANDREW DANIELS, NON-EXECUTIVE DIRECTOR: Andrew has more than 30 years of experience in capital markets, exploration and management. Former Global Mining Finance director for Deutsche Bank. Andrew also worked for various groups including Anglo American, Western Mining Corp, Kilborn SNC, Lavalin and Minorco Services BV. Executive management experience includes roles as VP Exploration and COO for a number of junior exploration companies.

NIGEL CHAPMAN, EXPLORATION MANAGER (non-Board): Nigel is a geologist specialising in project generation,implementation and management of exploration and Resource assessment programmes. Most recently he has been aconsultant with Rio Tinto Exploration in Peru focusing on VMS and IOCG Copper projects.

Board and Management

Our Licences 7

Kambia EPL

Kalavasos EPLVrechia EPL

Black Pine EPLLimassol

Larnaca

Nicosia

OXIDE RESOURCES Oxides never previously

targeted now representing an obvious low-cost short-term

cash flow option

DUMP RESOURCES Low-cost easily accessible

heap or tank leach option. First HL production scheduled from

initial budget

BULK TONNAGE SCOPE Kalavasos, Mala & N.

Mathiatis stockwork gold and copper

NEW TARGET GENERATING STRATEGY

No modern exploration since 1974 – obvious targets missed

by previous explorers

HIGH GRADEResidual sulphide

mineralisation in 13 prematurely closed mines all

within CMR’s licences

COPPER & GOLD RESOURCES

Focus on early productionA potentially new gold province

Strategy

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• Prematurely closed mines with known Resources

• Extensions to existing mine Resources

• Known mineralisation not previously tested

• Newly generated targets using modern techniques

• Reprocessing of dumps & tailings via HL

• Bulk copper-gold hypogene targets

• Multiple sources of ore provides scope for incremental growth

• Rapid & low-cost generation of JORC Mineral Resources & early cash flow from development of heap leach operations

• Benefit from gold credits

• De-risking drilling & exploration by focusing on brownfield sites

Multiple sources of feedstock including:

Kalavasos Licence

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LandariaMavri Sykia

Mousoulos Petra

• Two exploration licences capturing 12 historic high-grade Cu mines (8.75km2)

• 13 UG mines commissioned and developed between1937-77

• Remnant sulphide ore to be recovered by CMR totalling 2.58Mt at >1.5% copper

• Historic mining of 61,450t of oxide zone produced 16,490oz of gold (8.3g/t)

OBJECTIVE – ANNOUNCE 1ST UG JORC RESOURCE

>1MT @ >1% CI & 0.5G/T AU – NOVEMBER 2019

OBJECTIVE – HEAP LEACH PRODUCTION OF UP TO 500KT OXIDE ORE @ 0.5 TO 1% Cu –

WITHIN 6 MONTHS

OBJECTIVE – ROLL OUT & EXPAND HEAP LEACH

PRODUCTION >1MT @ 0.5% CU - COMMENCING Q2 2020

USING CASH FLOW FROM INITIAL 500KT HL PILOT

Kalavasos Production

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UG Sulphide Flotation (Cu & Au)

Resource (Mt) 3,000,000Production Rate (tpa) 300,000LOM (yrs) 10Head Grade Cu (%) 1.5Head Grade Au (g/t) 1.5Recovery Cu (%) 90Recovery Au (%) 75Cu Price (US$/t) 7,000Au Price (US$/oz) 1,300Mining Method open stoping Processsing Method Flotation

Project NPV (US$m) 70

Heap Leach (Pilot Module)

Resource (t) 500,000Production Rate (tpa) 500,000LOM (months) 18 months Head Grade Cu (%) 1.0Head Grade Au (g/t) N/ARecovery Cu (%) 60%Recovery Au (%) N/ACu Price (US$/t) 6,500Au Price (US$/oz) N/AMining Method Heap LeachProcesssing Method Acid Leach

Project NPV (US$m) 9.5IRR (%) 50

Heap Leach Expansion & Roll-Out

Resource (Mt est) 10,000,000Production Rate (Mtpa) 1,000,000LOM (yrs) 10Head Grade Cu (%) 1.0Recovered Cu (t) 60,000Cu Price (US$/lb) 3Cash cost (Cu eq. US$/lb) 1.0

Project NPV (US$m) 300

Estimates do not include anyadditional sulphide ore related to

extensions to existing mines, new discoveries, stockwork mineralisationor low-grade Cu-Au bulk tonnage type ore

N. Mathiatis Licence

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• Former open pit mined for high-grade pyrite

• Two targets:• 3Mt Cu oxides in dumps

• Bulk Cu-Au mineralisation surrounding mined-out pyrite core

• Historic drilling achieved multiple intersections of copper over significant mineralised widths:

• 2.2% copper over 40m, 1.0% copper over 70m, 0.52% copper over 60m, 0.45% copper over 80m, 0.45% copper over 50m, 0.36% copper over 70m, 0.33% copper over 120m

• Scope for low-cost early cash flow heap leach development from existing 3Mt dumps.

• Planned evaluation of bulk tonnage Cu-Au halo estimated to be in excess of 7Mt at 0.50% Cu and 0.5g/t Au

OBJECTIVE – INITIAL JORC RESOURCE ESTIMATE OF LEACHABLE DUMPS - NOVEMBER 2019

N. Mathiatis Production Targets

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Sulphide Footwall Halo (Cu & Au)

Resource est (Mt) 7,000,000

Production Rate (tpa) 1,500,000

LOM (yrs) 5

Head Grade Cu (%) 0.50

Head Grade Au (g/t) 0.50

Recovery Cu (%) 90

Recovery Au (%) 75

Cu Price (US$/t) 7,000

Au Price (US$/oz) 1,300

Mining Method Open pit

Processsing Method Flotation

Recovered Cu (t) 32,000

Recovered Au (oz) 115,000

In-Situ Value (US$m) 370

Heap Leach (Cu only)

Resource (Mt est) 3,000,000

Production Rate (Mtpa) 1,500,000

LOM (yrs) 2

Head Grade Cu (%) 0.5

Recovered Cu (t) 9,000

Cu Price (US$/t) 7,000

In-Situ Value (US$m) 60.0

Test work required to determine viability of flotation of 3Mt dumps containing estimated 0.5% Cu and 0.5g/t Au as an option to the heap leach of the dumps to recover Cu only)

Mala Licence

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Strike extensions both W & E of the

former pit

Au-bearing tailings

OBJECTIVE – POSITIVE TEST WORK ON Au EXTRACTION FROM DUMPS AND TAILINGS & CONFIRMATION OF EXTENSION TO

EXISTING UG RESOURCE

• 2 targets for immediate follow-up

o 500Kt Au-Au dumpo Ca 500Kt Au-Cu sulphide

• Sulphide drill intercepts inc:

o 25m at 1.23g/t Au, 0.34% Cu & 1.16% Zn

o 39m at 0.59g/t Au, 0.39% Cu & 0.30% Zn

• Low-cost gravity recovery of Au in dumps. Estimated 1g/t Au

• Flotation of Cu-Au sulphide resource

Activity Comment Total Spend (£)

% of Direct Exploration

Drilling Minimum 5,000m RAB 150,000

Assay Costs Inc sample preparation, core logging and met testwork 350,000

Field Exploration Mapping, sampling, trenching, channel sampling, consultants

240,000

Licence Renewal Maintaining licence status & acquiring extensions 40,000

Baseline, Met Test Work & commissioning Phase 1 heap leach production

Baseline studies on priority targets 395,000

Geochemistry & Geophysics Ground surveys for extensions on former mines 200,000

Operating Costs 375,000

Total 1,750,000 100

Use of Proceeds

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Direct exploration

79%

Admin, compliance &

staffing21%

• Listing costs met from Pre-IPO seed capital

• 18-month budget of up to £1.75 million

• Includes Kalavasos heap leach pilot programme

ALLOCATION OF up to £1.75M BUDGET

Investment Case

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PROLIFIC MINING HISTORY27 mines with an average grade of 2% copper operated in the Country. 15 of

these mines located within CMR’s licenses

LOW RISKRedeveloping mines with known remnant

ore and extensions

EXPLORATION UPSIDEProven extensions to former mines

identified and drill-readySix ore types to be evaluated

STRATEGIC DEVELOPMENT Government actively supporting sector

growth

SUSTAINABLE OPERATING ENVIRONMENT

Simple technology/techniques with little impact on the environment

LOW COST PRODUCTIONHeap leach & Flotation

NEAR TERM CASHFLOWOxide heap leach from pits

STRONG COPPER SUPPLY & DEMAND FUNDAMENTALS

• Magmatic high-grade nickel-copper sulphides possibly overprinted with copper-gold VMSmineralisation

• Six new licences acquired giving Caerus circa 40km of mineralised strike length

• Drilling at Pevkos and Laxia in 2014 confirmed this mineralisation and presence of a significant cobalt-gold component

>8g/t Au in grab samples from mineralised outcrop

Black PineNickel – Cobalt Project

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Contacts & Advisers

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Chief Executive Officer: Martyn Churchouse

E: martyn.churchouse@caerusmineralresources.co

m

Financial PR: Megan Ray & Rachael Brooks

E: megan.ray@blytheweigh.comE: Rachael.Brooks@blytheweigh.com

Tel: +44 (0) 20 7138 3204

Brokers: Turner Pope

Solicitors: Druces LLP

Bankers: Coutts & Co

Auditors: PKF Littlejohn

Public Relations: Blytheweigh

Registrars: Share Registrars