BUILDING THE NEXT PROFITABLE GOLD MINE IN BRAZIL

Corporate Presentation August 2018

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TSX.V: AGC OTCQB: AGCBF

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FORWARD-LOOKING STATEMENTS

These presentation materials (“the Presentation Materials”) are being supplied to you for information purposes only on Amarillo Gold Corporation (the “Company”). These Presentation Materials have been prepared by and are the sole responsibility of the Company. The Company has taken all reasonable care to ensure that the facts stated herein are true to the best of its knowledge, information and belief. These Presentation Materials are being distributed only to and are directed at (a) persons who have professional experience in matters relating to investments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “FPO”), (b) high net worth companies, unincorporated associations and other bodies within the meaning of Article 49 of the FPO or (c) persons to whom it may otherwise lawfully be communicated (together “Relevant Persons”). Any person who is not a Relevant Person or who does not have professional experience in the matters relating to investments should not act or rely on this document or any of its contents. These Presentation Materials do not constitute, or form part of, a prospectus relating to the Company, nor do they constitute or contain any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it, form the basis of or be relied on in any connection with any contract. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this document or on its completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this document or its contents otherwise in connection therewith. Prospective investors are encouraged to obtain separate and independent verification of information and opinions contained in the Presentation Materials as part of their own due diligence. By accepting these Presentation Materials, the Recipient agrees that the information contained herein or sent herewith or made available is for information purposes only. Without prejudice to the foregoing, neither the Company, nor its advisers nor its representatives accept liability whatsoever for any loss howsoever arising, directly or indirectly, from use of this document or its contents or otherwise arising in connection therewith. The distribution of these Presentation Materials in certain jurisdictions may be restricted by law and persons into whose possession these Presentation Materials come should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdictions. Some statements contained in these Presentation Materials or in documents referred to therein are or may be forward-looking statements. Actual results may differ from those expressed in such statements, depending on a variety of factors. Past performance of the Company or its shares cannot be relied on as a guide to future performance. Any forward-looking information contained in these Presentation Materials has been prepared on the basis of a number of assumptions which may prove to be incorrect, and accordingly, actual results may vary. The Qualified Persons for Amarillo are Frank Baker, M. IOM3 and MAusIMM., and Mr. Mike Mutchler, FAusiMM.

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AMARILLO GOLD OVERVIEW

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MARA ROSA DEVELOPMENT PROJECT GOIAS STATE

 1.0 M oz. in pit near surface gold reserves at 1.6 g/t and 560k oz. of additional resources

 Potential to increase the reserve and resource down dip and along trend: 10k drilling program underway

 Outstanding Project Economics: NPV 5% US$178M; A/T IRR of 35%; 2.2 yr Payback at $1200 gold

 Located near Chapada (Yamana), Pilar (Leagold), and Crixás (AngloGold) gold mines

 Overwhelming central government and local community support: received environmental and social license approval (LP)

 Near construction decision: first gold expected 2021

 65,000 Hectares of additional exploration targets

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LAVRAS DO SUL EXPLORATION PROJECT RIO GRANDE DO SUL STATE

 Numerous 17th century gold producing workings

 Pursuing 22 targets along a 100 km trend

 22,000 Hectares of exploration concessions

 523,000 oz. resource defined on Butia target

 Rio Tinto back in right if 7M oz are discovered

SIGNIFICANTLY UNDERVALUED

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0.52x 0.52x 0.50x 0.49x 0.48x 0.48x 0.43x

0.29x 0.23x

0.15x 0.12x

Orla West African Sabina Victoria Continental Equinox Dalradian GoldQuest Belo Sun INV Metals Amarillo

Average: 0.41x

Source: Capital IQ; Street research as at May 14, 2018

$380

$161 $143

$129 $110

$68

$46 $26 $25 $24 $19 $18 $12

Equinox West African Continental Dalradian Sabina Orla Condor GoldQuest Amarillo Victoria Belo Sun African Gold INV Metals

Average: $95/oz

NAV MULTIPLE VS PEERS

EV/OZ OF RESERVE VS PEERS

IDEAL PLACE & TIME TO BUILD A MINE

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Chart courtesy of GoldCorp

Amarillo Commences Production

RECORD GOLD PRICES IN BRAZILIAN REALS

20 YEAR CYCLE FROM DISCOVERY TO PRODUCTION

MARA ROSA RESERVES AND RESOURCES

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Notes 1. Posse Deposit Resource @ 0.35 g/t cut-off

2. Source: Keith Whitehouse Member of the AUSMIM Qualified person Australian Exploration Field Services; 43-101 Technical Report: prepared by SRK Consulting, April 2017 titled “2017 Updated Pre-Feasibility Study Posse Mine Project-Mara Rosa GO”

Notes 1. SRK applied a 0.38 g/t Au cut-off to the block model

2. Dilution: 3% mining & 3% handling

3. All Mineral Reserves prepared by SRK have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument 43-101 (“NI43-101”)

CATEGORY TONNES MT GRADE g/t OUNCES OF Au

Measured 10.00 1.70 580,000

Indicated 15.00 1.40 680,000

Resource M&I 25.00 1.56 1,260,000

Inferred 8.50 1.10 310,000

CATEGORY TONNES MT GRADE g/t OUNCES OF Au

Proven 9.75 1.81 540,567

Probable 15.00 1.46 456,968

 P&P Total 19.01 1.63 997,536

MARA ROSA POSSE CROSS SECTION (LOOKING NORTH)

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HIGHLY CONSISTENT GRADES WITHIN PIT

LOW CAPEX AND OPERATING COSTS

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CAPITAL ALLOCATION (USD)

Mine Pre-Strip $15M

Plant, Equipment & Facilities $57M

Tailings Dam $9M

Infrastructure & Buildings $13M

Other & Non-tangibles Including Installation of Plant and Equipment

$35M

Contingencies $11M

Working Capital $8M

Total Upfront Capex $148M

APRIL 2017 PFS (US $1,200 Gold)

Upfront Capex* $148M

Sustaining Capex* $13.5M

Years 1-4 Average Production 140,000 ozs

Average Annual Production 112,000 ozs

Initial Mine Life 8 Years

Operating Cost per Ounce* $545

AISC per Ounce* $630

Mineable Reserve 997,536 ozs

* In USD

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MARA ROSA ROBUST PFS ECONOMICS

DISCOUNTED CASH FLOW ANALYSIS

Gold/Oz (USD) $1,000 $1,100 $1,200 $1,300 $1,400 $1,500

A/T IRR 20% 28% 35% 42% 49% 56%

NPV 0%* $130 $187 $243 $300 $357 $413

NPV 5%* $84 $131 $178 $223 $273 $320

NPV/Share (CAD) $0.87 $1.36 $1.85 $2.32 $2.83 $3.32

NPV/Share (USD) $0.68 $1.06 $1.44 $1.81 $2.21 $2.59

Payback (Years) 3.5 2.7 2.2 1.9 1.7 1.5

* NPVs in USD millions

MAJOR PERMITTING MILESTONES

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))((999999

 Public hearing held in 2016 demonstrated overwhelming community support

 The main Preliminary License (LP) granted in May 2016

STEP 1 APPROVED PRELIMINARY LICENSE (LP)

STEP 2 IN PROGRESS INSTALLATION LICENSE (LI)

STEP 3 FINAL INSPECTION OPERATION LICENSE (LO)

• Most important part of the permitting process

•  Entails environmental baseline studies, social and environmental approval with public hearings

• Awarded by the EPA and the Judicial Ministry

•  Provides authorization to initiate construction

•  Expect to apply after feasibility study in late 2019

• Granted after commissioning

•  Requires inspection of the constructed mine and plant to ensure compliance with codes and provisions of LP, LI

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MARA ROSA DEVELOPMENT SCHEDULE

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Whittle Optimization Study / Update PFS

Infill & Exploration Drilling

Resource Update

Feasibility Study

Basic Engineering

Installation License

Construction

Commissioning & Ramp Up

Commercial Production

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MARA ROSA UPSIDE BEYOND RESERVES

POSSE ORE BODY DOWN DIP

• Resources: > M&I – 1,260,000 ozs > Inferred – 310,000 ozs

• In pit Reserves – 997,536 ozs

• Open on strike and dip

• Potential for higher grades

SIGNIFICANT LAND PACKAGE

• Greenstone belt shear hosted

• 62,500 ha of exploration permits

• 2,600 ha of mining concessions

• 12 km coincident K-channel /Au soil anomaly

POSSE CROSS SECTION – Looking East

Indicated and Inferred Ore Below the PFS Pit

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MARA ROSA SIGNIFICANT EXPLORATION POTENTIAL

POSSE TREND Strong Anomalies over an 8 km trend

Radiometric

Magnetic

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MARA ROSA AREA EXPLORATION CONCESSIONS

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LAVRAS DO SUL PROJECT

 100 km trend along granite intrusion perimeter

 Rio Tinto and IAMGOLD both have back in agreements if Amarillo reaches 7M and 3M oz respectively on grounds optioned from both

 Ongoing soil sampling and geological mapping on several properties

 Conducting an airborne magnetic survey on Butia, Caneleria and Zeca Souza targets

 Initiating Environmental baseline study at Butia

BUTIA 120 m @ 3.23 g/t 232 m @1.95 g/t

I&I 523K/oz

PAREDAO 12m @ 4.54 g/t

CANELEIRA 37m @ 1.17 g/t

CERRITO 135.5m @ 0.85 g/t 113m @ 1.02 g/t 210m @1.04 g/t

OVER 22 ADVANCED TARGETS (with highlighted Au drill results)

Old Gold Workings

Digital elevation in grey, roads in black. Colour image: airborne magnetics showing geology and structure.

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CORPORATE SUMMARY – NEXT STEPS

SHORT TERM GOAL

To fully permit and build Mara Rosa into a profitable gold mine with minimal dilution

LONG TERM GOAL

To use the cash flow from Mara Rosa to fully explore the 22 targets at Lavras do Sul

NEW LEADERSHIP

Rich history of success in project development, operations management and business turnaround in Canada and Latin America

•  Invested over $2M CAD in the last year

Near Term Timelines / Catalysts

• Exploration Drilling has commenced – 10k meters of drill results to be reported throughout the year

> Potential to extend mine life to at least 10 years

> Blue sky exploration: step out drilling along trend and down dip from currently defined resources

• Whittle Optimization Study ongoing – by year end will deliver new resource and optimized case to mine Mara Rosa gold deposit

• New resource early next year

• Beginning of Bankable Feasibility Study – expected in early 2019

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CAPITAL STRUCTURE – SHARE INFORMATION

* As of August 17, 2018.

CAPITAL STRUCTURE

Stock Listings TSX.V – AGC

OTC - AGCBF

Current Share Price * $0.26

Shares Outstanding 114.6M

Warrants (C$0.37) ** 9.8M

Market Cap. * $27M

No Debt

Cash @ July 31, 2018 $5.7M

MAJOR SHAREHOLDERS

Board & Management 11%

Institutions Mackenzie Gabelli Manulife IG Investment Management

46%

High Net Worth 24%

Retail 20%

ANALYST COVERAGE

Mackie Research Capital Stuart McDougall - Initiated Coverage August 16, 2018

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MANAGEMENT TEAM

ROLLY ULOTH Executive Chairman

Mr. Uloth is President of Rosedale Transport Limited, which he co-founded in 1969, and was the President & CEO of Wesdome Gold Mines from May 2007 - December 2009 and from August 2013 - August 2016. He has been a Director of Wesdome from 1999 to 2009, serving as Chairman from 2006 to 2009, and from August 2013 to present.

HEMDAT SAWH Chief Financial Officer

Mr. Sawh is a CPA, and holds an MBA, a BSc in Geology and a graduate diploma in Geology. Mr. Sawh has over 16 years of experience at Grant Thornton LLP, where he acted as lead supervisor for auditing teams. Mr. Sawh has over 12 years’ experience serving as CFO of Wesdome Gold, Scorpio Mining, Crystallex and Goldbelt Resources.

MIKE MUTCHLER President and Chief Executive Officer

Mr. Mutchler, a fifth generation miner, was previously a Partner at Whittle Consulting Pty. Prior to Whittle, he was COO for Largo Resources where he was responsible for successfully building a Vanadium Mine and Mill in Brazil.

Prior to Largo, he was COO of Rainy River Resources concluding with the successful sale to New Gold. Prior to Rainy River, he was a V.P. Project Development for Kinross Gold, Mine Manager for Kinross’s Cerro Casale project in Chile, Project Director for Kinross’s Paracatu Mine in Brazil, and he held managerial positions at Kinross and ASARCO. Mike holds a BSc (Mining Engineering); MBA, Executive Juris Doctorate degree, and Chartered Directors Certificate.

ARAO PORTUGAL Director of Government Relations

Mr. Portugal was instrumental in securing the main Preliminary License (LP) for Mara Rosa. He has held various administrative roles including Country Manager for Yamana Gold.

FRANK BAKER Project Manager

Mr. Baker has a Masters in Metallurgy and over 40 years of experience in the mining industry. He has successfully designed, built and commissioned five gold plants, including two in Brazil.

LUIS DA SILVA General Manager

Mr. da Silva has over 20 years of administration and exploration experience in Brazil. He was responsible for the discovery of Pilar, Zone A, Zone B and Serra Paraíso of Jaguar Mining’s Brazilian gold deposits.

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BOARD OF DIRECTORS

COLIN SUTHERLAND CPA Director

Mr. Sutherland is a CPA with over 20 years financial and operational experience. He last served as President of McEwen Mining. As a former CEO of Archipelago Resources, he led the privatization and delivered significant returns for shareholders. Mr. Sutherland has also held senior financial and executive roles with Timmins Gold, Capital Gold, Nayarit Gold and AuRico Gold.

DAVID BIRKETT Director

Mr. Birkett is Pres. & CEO of Stratus Aeronautics, a technology company dedicated to UAV development. Mr. Birkett was the President of Alton Natural Gas Storage LP ( 2005-2105) and Alton Natural Gas Storage Ltd( 2010-2015). Mr. Birkett was President of Landis Energy Inc., a publicly traded company, until it was acquired by Alta Gas in 2010.

He served as a Director of Moss Lake Gold Mines (2000-2014) until is was acquired by Wesdome Gold Mines. He has over 25 years experience with public companies in the areas of corporate development, management, finance and exploration.

ROSTY RAYKOV Director

Mr. Raykov has served as a director of Fennec Pharma and Chief Executive Officer since 2009. He has also served on Board of Wesdome Gold Mines from 2013-2016.

He was the co-founder of Alchem Investment Partners and prior to that a portfolio manager for Purchase Associates fund at John Levin & Co. and analyst for Arbitrage Associates, LP at Tiedemann Investment Group. He began his career as a financial analyst in the natural resources group at Bear Stearns.

BUDDY DOYLE Director

Mr. Doyle is a Geologist with 35 years industry experience including 23 years with Rio Tinto; a Project leader for Rio’s Diavik discovery, won the 2007 Excellence in Diamond Exploration award.

Mr. Doyle was involved in the >30M oz Lihir (Au) deposit discovery/definition team. Mr. Doyle is the co-founder of Amarillo Gold.

STEPHEN STOW Director

Mt. Stow was former President & CEO of Odin Mining & Exploration. Currently Principal of Zen Capital & Mergers Ltd since 1996, Mr. Stow has been an adviser, investor, and executive engaged in various resource driven opportunities, start-ups and has global executive experience in management of public companies.

ROLLY ULOTH Executive Chairman

MIKE MUTCHLER President and Chief Executive Officer

See previous page for description

See previous page for description

CONTACTS

MICHAEL MUTCHLER

President and CEO

Tel: 1-416-294-0736 mike.mutchler@amarillogold.com

KAREN MATE

Director of Communications

Tel: 1-416-230-6454 karen.mate@amarillogold.com

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TSX-V: AGC OTCQB: AGCBF