Aquila Resources : Investor Presentation

Developing North

America's Next

Great VMS Belt

TSX: AQA

OTCQB: AQARF

Investor Presentation April 2019

Disclaimer

This presentation contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to additional upside potential of the Project and the potential for underground mining activities at the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, total production and average production, metal production and recoveries, C1 cash costs, AISC, capital and operating costs, pre- and post-tax IRR, pre- and post-tax NPV and cash flows, the potential conversion of Inferred Mineral Resources into Indicated Mineral Resources, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and Aquila's future exploration and development plans and associated timelines.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in Aquila's most recent annual information form and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

None of EBITDA, all-in sustaining costs ("AISC"), or free cash flow ("FCF") have a standardized meaning under IFRS. See "Non-IFRS Measures" in the Company's news release dated August 1, 2018. Financial evaluation includes financial impacts of the Company's silver stream with Osisko Gold Royalties (OGR) but does not include the financial impact of its gold stream with OGR for which the majority of the upfront payments have yet to be received and for which there is uncertainty regarding the exact timing of these payments. See the Company's Q1 2018 Financial Statements and MD&A available on SEDAR for additional details regarding the gold stream.

Andrew Boushy, Senior Vice President, Projects for Aquila Resources, is the Qualified Person for the Company as described in National Instrument 43-101 and is responsible for the technical contents of this presentation.

2	TSX: AQA
	OTCQB: AQARF

INVESTMENT HIGHLIGHTS

Advancing development of

100%-owned Back Forty

Projectin Michigan

Favorable metal exposure to Gold and Zinc

Well-established and safe

mining jurisdiction

Granted 4 of 4 Permitsincluding Mining Permit and Wetlands Permit

Well-funded,

strong shareholder base

Exploration upside:

•Near deposit

•Prospective projects on thePenokean Belt

3	TSX: AQA
	OTCQB: AQARF

Developing North America's

NEXT GREAT VMS BELT

Attractive Pipeline of Projects in

HIGHLY PROSPECTIVE DISTRICT

Back Forty

•Gold and Zinc

•Fully Permitted

•Pre-constructionphase

Prospective projects located in Wisconsin

•Bend

•Copper-GoldExploration

•Reef

•Gold Exploration

Located along the

Penokean Volcanic Belt

	Region is experiencing a
4	mining resurgence	TSX: AQA
		OTCQB: AQARF

Back FortyFLAGSHIP PROJECT

>$95M

INVESTED TO DATE

•	Exploration	•	Land acquisitions	• Engineering
•	Technical reports	•	Permitting activities

100%-owned Gold- and Zinc-rich deposit

Re-acquired from Hudbay in Q1 2014

Received all State and Federal permissions required for construction and commencement of operations

Open Pit Feasibility Study completed August 2018

Attractive exploration upside

Near deposit

Underground expansion (open at depth)

Strategic location on

Penokean VMS Belt

5	TSX: AQA
	OTCQB: AQARF