THE ROVINA VALLEY PROJECT, ROMANIA

A Case Study in Environmental, Social, and Governance Principles: The Keys to Success for Mining in Romania

TSX: ESM | Corporate Presentation | February 2020

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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Statements and certain information contained in this presentation and anydocuments incorporated by reference may constitute “forward-looking statements”within the meaning of applicable Canadian securities legislation which mayinclude, but is not limited to, information with respect to the Corporation’s expectedproduction from, and further potential of, the Corporation’s properties; theCorporation’s ability to raise additional funds; the future price of minerals,particularly gold and copper; the estimation of mineral reserves and mineralresources; conclusions of economic evaluation; the realization of mineral reserveestimates; the timing and amount of estimated future production; costs ofproduction; capital expenditures; success of exploration activities; mining orprocessing issues; currency exchange rates; government regulation of miningoperations; and environmental risks. Often, but not always, forward-lookingstatements/information can be identified by the use of words such as “plans”,“expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,“anticipates”, or “believes” or variations (including negative variations) of suchwords and phrases, or statements that certain actions, events or results “may”,“could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-lookingstatements/information is based on management’s expectations and reasonableassumptions at the time such statements are made. Estimates regarding theanticipated timing, amount and cost of exploration and development activities arebased on assumptions underlying mineral reserve and mineral resource estimatesand the realization of such estimates are set out herein. Capital and operating costestimates are based on extensive research of the Corporation, purchase ordersplaced by the Corporation to date, recent estimates of construction and miningcosts and other factors that are set out herein. Forward-looking informationinvolves known and unknown risks, uncertainties and other factors that may causethe actual results, performance or achievements of Euro Sun Mining and/or itssubsidiaries to be materially different from any future results, performance orachievements expressed or implied by the forward-looking statements. Suchfactors include: uncertainties of mineral resource estimates; the nature of mineralexploration and mining; variations in ore grade and recovery rates; cost ofoperations; fluctuations in the sale prices of products; volatility of gold and copperprices; exploration and development risks; liquidity concerns and future financings;risks associated with operations in foreign jurisdictions; potential revocation orchange in permit requirements and project approvals; competition; no guarantee oftitles to explore and operate; environmental liabilities and regulatory requirements;dependence on key individuals; conflicts of interests; insurance; fluctuation inmarket value of Euro Sun Mining’s shares; rising production costs; equipmentmaterial and skilled technical workers; volatile current global financial conditions;and currency fluctuations; and other risks pertaining to the mining industry.Although Euro Sun Mining has attempted to identify important factors that couldcause actual actions, events or results to differ materially from those described inforward-looking statements, there may be other factors that cause actions, eventsor results to differ from those anticipated, estimated or intended. Forward-looking

information contained herein or incorporated by reference are made as of the dateof this presentation or as of the date of the documents incorporated by reference,as the case may be, and Euro Sun Mining does not undertake to update any suchforward-looking information, except in accordance with applicable securities laws.There can be no assurance that forward-looking information will prove to beaccurate, as actual results and future events could differ materially from thoseanticipated in such information. Accordingly, readers are cautioned not to placeundue reliance on forward-looking information. The forward-looking informationcontained or incorporated by reference in this document is presented for thepurpose of assisting shareholders in understanding the financial position, strategicpriorities and objectives of the Corporation for the periods referenced and suchinformation may not be appropriate for other purposes.

*Mineral resources that are not mineral reserves do not have demonstratedeconomic viability. Mineral resource estimates do not account for mineability,selectivity, mining loss and dilution. These mineral resource estimates includeinferred mineral resources that are normally considered too speculativegeologically to have economic considerations applied to them that would enablethem to be categorized as mineral reserves. There is also no certainty that theseinferred mineral resources will be converted to measured and indicated categoriesthrough further drilling, or into mineral reserves, once economic considerations areapplied.

• CAUTIONARY NOTE REGARDING UNITED STATES SECURITIES LAWS

This presentation does not constitute an offer to sell or the solicitation of an offer tobuy, nor shall there be any sale of the securities of the Euro Sun Mining Inc., inany jurisdiction in which such offer, solicitation or sale would be unlawful prior toregistration or qualification under the securities laws of such jurisdiction. Thesecurities of Euro Sun Mining Inc. have not been and will not be registered underthe United States Securities Act of 1933, as amended (the "U.S. Securities Act"),or any state securities laws and may not be offered or sold within the United Statesor to, or for the account or benefit of, "U.S. persons," as such term is defined inRegulation S under the U.S. Securities Act, unless an exemption from suchregistration is available.

The information contained herein concerning the properties and operations of EuroSun Mining Inc. has been prepared in accordance with Canadian standards underapplicable Canadian Securities Laws in accordance with NI 43-101 underguidelines set out in the Definition Standards for Mineral Resources and MineralReserves adopted by the Canadian Institute of Mining, Metallurgy and Petroleum(the “CIM Standards”), which differ in material respects from the requirements ofU.S. Securities Laws applicable to U.S. companies subject to the reporting anddisclosure requirements of the SEC and may not be comparable to similarinformation disclosed by such U.S. companies.

Cautionary Notes

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Euro Sun Mining – Company Overview

▪ Developing a large-scale bulk tonnage open pit mine

▪ Long life production profile

▪ Significant leverage to Gold and Copper prices

▪ 7 million ounces of Gold ( Measured & Indicated)

▪ 1.4 Billion lbs of Copper (Measured & Indicated)

▪ Mining License issued and ratified by Romanian State in

Nov. 2018; valid for 20 years and renewable

▪ Past-producing region – excellent infrastructure in place:

rail, power, paved access, skilled labour, and town of 13,000

within 5km of the project

▪ Completion of Urbanization Certificate and BFS in 2020

An advanced 10 million ounce* project in the European Union

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Capital Structure

Avg. Daily Volume (90 day)

Shares Outstanding

Share Price (30/01/20)

Market Cap (CAD)

52-Week High

300,000

$1.25

~$32 million

$0.29

111,786,339

Warrants Outstanding

17,982,111 (strike $0.40-$0.50)

Gold Development Peers

30

236

252

338

442

528

1170

0 200 400 600 800 1000 1200

Euro Sun

Belo Sun

Gabriel

Barkerville

Orla

Sabina

Continental ACQUIRED

ACQUIRED

Market Cap ($CAD)

Key Institutional Shareholders:

Ruffer LLP ( UK) ~10%Orion Mine Finance (UK) ~4%

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Romania at a Glance

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• Area: 238,391 km2

• Population: ~20M (Bucharest: ~2M)

• Joined the European Union in 2007

• Climate: 4 distinct seasons (0-35ºc)

• Currency: Leu (RON) = US$0.25

• Tax Rate: 16% (corporate profits)

• Royalty rate: 5% NSR Cu; 6% NSR Au Bulgaria

Greece

Hungary

Italy

France

Spain

Poland

Germany

UKIreland

Sweden Finland

Slovakia

Slovenia

Czech Republic

Austria

Portugal

Belgium

Netherlands

Denmark Lithuania

Latvia

Estonia

Romania

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Installed Infrastructure Minimizes Environmental Footprint

• Modern network of roads and rail in place

• Low-cost environmentally friendly hydro power generation and distribution - all installed

• Economically challenged region since Barza mine closure in 2006

• Barza mine produced 13 million ounces over 80 years of production

* See slide 10 for details related to the mineral resource estimation

3kmTo MintiaPower Plant

Barza Mine

Town of Brad

ROVINA DEPOSIT

COLNIC DEPOSIT

CIRESATA DEPOSIT

Proposed Plant Location

Hydroelectric Dam

110 kva Power Lines

Railhead, Brad

Cu-Au Porphyry

M&I: 1 Moz of Gold

573 M lbs of Copper

Au-Cu Porphyry

M&I: 2.2 M oz Gold

302 M lbs Copper

Au-Cu Porphyry

M&I: 3.8 Moz of Gold

518 M lbs of Copper.

3km

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Rovina Valley Project – Permitting Status

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Official Gazette no. 0970 of 2018 Act no. 900 of 09 November 2018 Issuer: Government of RomaniaDecision regarding the approval of the Concession License no. 18.174 / 2015 of the mining activity of copper ore containing gold in the Rovina perimeter, Hunedoara County, concluded between the National Agency for Mineral Resources and SAMAX ROMANIA SRL (unofficial translation)

PRESS INFORMATION regarding the draft normative acts adopted or which the Government took note in the meeting of the Government of Romania from November 9, 2018

32. DECISION on the approval of the concession license no.18174 / 2015 of the mining activity for the exploitation of the copper ore with gold content in the perimeter of Rovina, Hunedoara county, concluded between the National Agency for Mineral Resources and the Commercial Company SAMAX ROMĂNIA SRL

Rovina Valley Mining Licence

• Issued in May 2015: to SamaxRomania SRL, 100% owned subsidiary of Euro Sun Mining

• Transition from exploration to exploitation stage.

• License Ratification CompletedNov 9th, 2018:Licence was signed by Secretary General of Parliament, Minister of Economy, Minister of Environment, Minister of Waters and Forests, Minister of Finance and Minister of Justice and by the Prime Minister of Romania

• The licence is valid for 20 years, and renewable

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ESG Principles for Success in Romania

Environmental Best Practices

✓ Dry Stack Tailings - Lowered environmental liabilities and impacts

• Lowers long-term environmental liabilities and impacts

• Safer design - no risk of dam failure as with wet tailings

• Minimizes water usage and consumption requirements

• Minimizes disturbance area and visual impact from surrounding area

• Facilitates concurrent reclamation and revegetation during operation

✓ Zero Cyanide - Anywhere in the Rovina Valley Project

✓ No Requirements for Decades of Legacy Monitoring✓ Minimized Footprint - Leverage existing infrastructure

Hurdles Specific to Romania:

• Two recent (2000) wet tailings dam failures• Significant negative view of wet tailings management facilities• Backlash towards cyanide use due to previous spills

Euro Sun Best Practice Solutions for Success

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ESG Principles for Success in Romania

Social Licence & Community Engagement

✓ Stakeholder EngagementLocal communities were actively involved in the mining license design stage to address potential visual, noise and dust impacts

✓ Long History of Mining in the RegionA local town operated a mine for almost 80 years until 2006. Local communities have experienced the economic benefits first hand from mining

✓ No Relocation of Towns

✓ Archeological Discharge Certificate – Confirming no archeological remains

Hurdles Specific to Romania:

• Social tensions: fears of pollution, water usage conflicts, distribution of the economic benefits from a mining project, etc

• Opposition to community relocation• Archaeological ruins have a high priority for protection

Euro Sun Best Practice Solutions for Success

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ESG Principles for Success in Romania

Governance & Government Engagement

✓ National Anti-Corruption Directorate (DNA)Romania established DNA prior to EU inclusion. Former head of the DNA is now the EU’s public prosecutor to combat fraud against the EU

✓ Project is 100% Owned The Rovina valley project is a discovery by Euro Sun and is the first mining license ever granted to a non state-owned mining company

✓ Fully Independent BoardEuro Sun maintains a fully independent board of directors with only one executive on the board and has 20% representation of women amongst its independent directors

General Issues and Hurdles Specific to Romania:

• Among five EU countries that do not reach the 50% threshold in the 2019 Corruption Perceptions Index, primarily due to misuse of EU funding

• Prevalence of state-owned resource companies • Board composition (independence from management and gender diversity)

Euro Sun & Romania Governance

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Upcoming Catalysts in 2020

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Three Major Projects Expected for Completion in 2020

BankableFeasibility Study

• Environmental Impact Assessment

• Public meetings• Targeting

completionby mid 2020

Urbanization Certificatefor Project

Urbanization Certificatefor Land

• Re-zoning formine construction from pastoral or state forests to commercial applications

• Focused on increased mine life to include both Colnic and Rovina pits in initial plan

Construction Permit

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Cu-Au Porphyry

M&I: 1 Moz of Gold

573 M lbs of Copper

Au-Cu Porphyry

M&I: 2.2 M oz Gold

302 M lbs Copper

Au-Cu Porphyry

M&I: 3.8 Moz of Gold

518 M lbs of Copper.

3km

CIRESATA DEPOSIT

COLNIC DEPOSIT

ROVINA DEPOSIT

Staged Development Approach

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PEA Results (Feb 2019): Colnic Only

▪ Only ~29% of total mineral resources

▪ Avg. annual production of 139,000 oz AuEq; 12 year mine life

▪ CAPEX $339.7M, including $264M for a central plant built for all three deposits

▪ AISC of $752/oz

Feasibility Study (2020): Colnic & Rovina ▪ Target mine life +18 years

▪ Initital CAPEX in line with PEA

▪ Substantially increase NPV and IRR

▪ Substantially increase Gold & Copper production

Ciresata▪ Underground deposit- 3.8 Moz Au, 515 Mlb Cu

▪ Technical study to be completed at a later date

PHASE I

PHASE II

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$1,325 Gold

Colnic NPV

US$228M

After TAXNPV

After TAXNPV

After TAXNPV

Significant Leverage to Gold and Copper Prices

$3.10 Copper

$1,600 Gold

Colnic NPV

US$413M

$2.60 Copper

$1,500 Gold

Colnic NPV

US$423M

$3.50 Copper

PEA Metal Prices Spot Metal Prices LT Metal Prices

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ROVINA VALLEY PROJECT STANIJA PROSPECT

27 km² 42 km²

Mining Licence fully approved in November 2018

Prospecting permit granted in October 2016

Stanija Property less than 6 km from Rovina planned mine site

PEA Completed in February 2019

Mining License and Adjacent Prospecting Permit

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42 km2

27 km2

Emerging Gold Camp - Significant Exploration Potential

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Executive Management Team & Board of Directors

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Executive Management

G. Scott Moore, MBAPresident & Chief Executive Officer

Paul Bozoki, CA, MBAChief Financial Officer

Brad HumphreyVice President, Corporate Development

Joe Milbourne, FAUSIMMTechnical Services Manager

Sam Rasmussen, B.EngChief Operating Officer

Les Kwasik, B.Eng.Senior VP, Romanian Operations

Randall Ruff, B.Sc., M.Sc.VP, Exploration

Board of Directors

Eva Bellissimo, LLB, Independent Director | Co-head of Mining, McCarthy Tetrault

Michael Barton, CA, Independent Director | Portfolio Manager Orion Mine Finance

Danny Callow, P.Eng.,MBA, Independent Director | Former Glencore Executive

G. Scott Moore, MBA, Director, President and CEO

Bruce Humphrey, P.Eng, Independent Director | Former Goldcorp Executive

David Danziger, CPA, Independent Director | Senior Partner MNP

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Updated M&I Mineral Resources (2019)

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Tonnage

Mt

Au

g/t

Cu

%

Gold

Moz

Copper

Mlb

Au eq*

Moz

Au Eq*

g/t

MEASURED

Rovina 32.1 0.36 0.29 0.37 208.5 0.83 0.53

Colnic 29.2 0.65 0.12 0.61 74.3 0.77 0.82

Ciresata 28.5 0.88 0.16 0.81 102.2 1.03 1.13

Total 89.8 0.62 0.19 1.78 385.1 2.63 0.91

*Au eq. determined by using a long-term gold price of US$1,500 per ounce and a copper price of US$ 3.30/lb. Metallurgical recoveries are not taken into account for Au eq. Base case cut-off grade used in the table are 0.35 g/t Au eq. for the Colnic deposit and 0.25% Cu eq for the Rovina deposit, both of which are amenable to open-pit mining and 0.65 g/t Au eq. for the Ciresata deposit which is amenable to underground bulk mining. For the Rovina and Colnic porphyries, the resources are pit-shell constrained using Lerchs-Grossmann algorithm pit optimizer and market metal values of $1,500/oz Au price and $3.30/lb Cu price, with net prices after smelter payables, concentrate transport, smelter charges, and royalty of US$1,384/oz Au and US$2.61/lb Cu for Colnic and US$1,286/oz Au and US$2.59/Ib Cu for Rovina. Flotation metallurgical recoveries used are: Colnic 81.5% gold, 88.5% copper and Rovina 73.2% gold, 94.7% copper. Rounding of tonnes as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. These mineral resources are not mineral reserves as they do not have demonstrated economic viability

INDICATED

Rovina 74.2 0.27 0.22 0.64 364.6 1.44 0.60

Colnic 106.5 0.47 0.10 1.62 227.5 2.12 0.62

Ciresata 125.9 0.74 0.15 3.01 413.4 3.92 0.97

Total 306.6 0.53 0.15 5.26 1005.5 7.47 0.76

TOTAL M&I

Total 396.4 0.55 0.16 7.05 1,390.6 10.11 0.79

Thank You

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Toronto, Ontario M5H 2M5 Canada

Investor Inquiries & Media

info@eurosunmining.com

TSX: ESM

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