Corporate Presentation May 2020

PATHWAY TO PRODUCTION DEFINE REFINE RE-ENGINEER

TSXV AUL

CORPORATE PRESENTATION May 2020

CAUTIONARY STATEMENT This Presentation includes and is based information and statements, other than statements of historical fact, which are “forward-looking information” within the meaning of applicable securities laws that could cause actual results to differ. Aurelius Minerals (the “Company”) provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which the Company operates, regulatory developments domestically and internationally and changes in the exploration market and precious metal prices. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", variations of such words, and similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Company’s businesses, precious metal prices, the Company’s ability to obtain and maintain necessary licences, permits and authorizations for planned exploration and development of its properties, including necessary authorizations and consents of aboriginal interest holders, proposed work programs on the Company’s properties, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time.

The Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, however there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Presentation. The Company is not making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither the Company nor any of its directors, officers or employees will have any liability to the reader or any other persons resulting from the reader's use of the information in the Presentation. The Company undertakes no obligation to publicly update or revise any forward-looking information or statements in the Presentation. The reader should consult any further disclosures the Company may make in documents it files with the applicable securities regulators.

The Presentation is intended informational purposes only and does not replace independent professional judgment. Statements of fact and opinions expressed are those of the participants individually. The information is not designed to provide financial, tax planning, accounting, investment, business or legal advice, in any way whatsoever.

The reader should consult with a lawyer, accountant and other professionals in respect of contents hereof. Furthermore, the information in no way should be construed or interpreted as, or as a part of, an offering or solicitation of securities. Investors are advised to discuss any trading with a registered securities broker or personal finance professional prior to investing.

The technical information contained in this presentation has been reviewed and approved by Jeremy Niemi, P.Geo., who is a Qualified Person as defined under NI 43-101.

As Vice President, Exploration, Mr. Niemi is not considered independent.

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AURELIUS OPPORTUNITY Near term Cash Flow from High-Grade past producing mine in Nova Scotia Aureus properties in NS have modern infrastructure and access allowing our team to work year-round

Geologic setting is analogous to Kirkland Lake’s high grade Fosterville mine

Operating in Tier 1 Jurisdictions

Optionality on High Grade Au Exploration with upside

Nova Scotia is a top ranked mining jurisdiction with excellent access and infrastructure

Mikwam project adjacent to Hecla’s Casa Berardi mine has returned broad, high grade intervals

Area Potential highlighted by recent M&A activity. (Atlantic Gold Acquired for C$802M.)

26.1m @ 7.1 g/t Au in Hole Aul18 -15 2nd Largest claim holder in the Northern Abitibi Greenstone Belt of Ontario Abitibi Greenstone Belt is the largest greenstone belt in the world (>180 Moz of production)

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PATHWAY TO PRODUCTION AUREUS GOLD, NOVA SCOTIA Gold last produced in 2018 Room for considerable expansion of existing mineral inventory.

DEFINE RESOURCES

Current resources: 73,000oz Au Indicated 354,200oz Au Inferred and ~150,000oz of historic resources.

REFINE RESERVES

Phase 1 Drill program designed to add additional resources along strike and at depth Infill Drilling designed to upgrade resources to Reserves Significant infrastructure in place remains in good condition

Supplier H, Supplier I, Supplier J

RE-ENGINEER MINING METHODS

Develop open pit mine and underground mining sequences to maximize efficiency and operational synergies.

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Project Overview • Aureus Gold Project made up

•

•

• •

of 4 different properties. Aureus East and West, Tangier, and Forest Hill.

All properties located ~150km from Halifax or less and serviced by paved provincial highways and grid power.

Modern infrastructure in good condition.

Extensive high-grade drill intervals not modelled into current resources.

Open-pit resource potential across all properties.

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AUREUS EAST GOLD MINE ~$30mm invested in development permitted, high grade past producing mine & 300 tpd mill.

Well maintained infrastructure with year-round access.

2,250 metres of underground development 300 tpd gravity/flotation mineral processing facility with on-site assay laboratory Excellent exploration upside at depth and along strike Extensive HIGH-GRADE intersections not modelled into previous resource Hole From FH03-02 218.50 FH03-11 152.65 FH03-13 42.60 U1090-4E2 71.60 including 75.56 U1125-4E3 31.50 U1225-4E1 37.50 U1225-4E2 33.70 U1225-4E3 34.00

To 220.30 158.70 43.72 78.61 78.61 32.98 38.70 34.90 35.47

Length 1.80 6.05 1.12 7.01 3.05 1.48 1.20 1.20 1.47

Au (g/t) 47.5 55.6 227.4 54.5 97.5 49.0 339.0 77.4 64.3

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INFRASTRUCTURE

#PathToProduction

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Acquisition of Aureus Gold Terms of transaction Aurelius acquired the Aureus Gold Properties in consideration for the Deferred Payments, payable as follows: a) US$2,500,000 within 90 days of filing a National Instrument 43-101 technical report in respect of all or part of the Aureus Gold Properties that establishes a minimum of 500,000 contained equivalent ounces of gold in the Measured and Indicated Mineral Resource Categories; and b) US$5,700,000 on the first anniversary of the filing of a NI 43-101 feasibility study on all or part of the Aureus Gold Properties *Aurelius has the right, for a period of three years from the closing of the Acquisition, to extinguish the Deferred Payments for consideration of US$4,000,000 payable in cash or in Aurelius Shares to Sprott Lending, less any prior payments made in cash or Aurelius Shares.

In conjunction with the transaction Sprott Lending also acquired 25,000,000 Aurelius Shares on a private placement basis at a price of $0.064 per Aurelius Share (the “Private Placement”), which represents gross proceeds to Aurelius of C$1,600,000.

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AUREUS WEST • Open pit target with resource expansion potential • Inferred Resource 269.8kt @ 6.1 g/t Au 53,200 oz Au

Drilling Highlights at Aureus West: Hole 10SR-121 87SR-39 87SR-45 87SR-52 87SR-59 87SR-60 87SR-61 87SR-63

From 158.20 78.34 156.72 149.15 56.01 65.98 14.33 9.34

To Length Au (g/t) 159.20 1.00 158.6 79.37 1.03 51.8 158.77 2.05 20.4 151.05 1.90 24.9 57.22 1.21 26.9 67.12 1.14 34.4 15.45 1.12 145.4 10.60 1.26 66.6 9

PATH TO PRODUCTION

Develop Aureus West to confirm in pit ounces

Aurelius plans to grow Aureus East to contain 500 koz Au Measured & Indicated. Project anticipates finding high grade saddles at depth. Current drilling at depth only intersecting limbs.

Plans include growing resource to contain 250 koz Au Measured & Indicated

Fall 2020 Confirm Presence of High-Grade Saddles at Depth

Winter 2020 Upgrade known area of mineralization to M&I

10,000m underground drilling

5,000m surface drilling

Winter 2020 Upgrade Current Inferred Resources to M&I

Spring 2021 Grow deposit along strike and depth

8,000m surface drilling

5,000m surface drilling

5,000m underground drilling

Summer/Fall 2021 Establish M&I Resources

Spring 2021 Upgrade High Grade Saddles at Depth to M&I

10,000m surface drilling

25m spacing and 10,000m of drilling

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Tangier Proximity to Infrastructure Tangier is located directly on the highway, providing efficient, low cost access to transportation.

Potential to Add High Grade Resources in Surrounding Areas Area B shows good grades continuing to the west of the resources. Area C shows a good intercept to the east of the resources.

4.4m @13g/t Au

Unmodeled, High Grade Resources Strawberry Hill Zone to the east, unmodeled, best intercept 13 g/t over 4.4m. Corrected, it would add additional high-grade resources and improve the valuation of the project.

Category

Tonnage

Grade

Contained Au

Inferred

493,000

5.9

93,000 11

Forest Hill

Future Exploration Potential Based on available information, Forest Hill veins have only been modestly explored up – or down – dip from the mine workings providing for future exploration opportunities High Grade Resources There are a cluster of grades discovered to the north-east of the main trend Cheap Resource Growth Mines with high grade resources that remain undrilled. Some samples appear to be poorly taken above and below.

Checking assays for errors, availability of certificates and core confirmation could result in a cheap, growth opportunity.

Category

Indicated Inferred

Tonnage

Grade

Contained Au

322,000 905,000

7.1 7.1

73,000 208,000

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Case Study Moose River Consolidated (MRC) Mine $3.50

12.00

Australia’s St Barbara to acquire Atlantic Gold for C$802M

$3.00

10.00

Atlantic Gold reports final assay results from resource expansion project and files 43-101 Technical Report.

$1.50

6.00

Feasibility Study Completed 4.00

Atlantic Gold announces updated minerals resource estimate for Beaver Dam Deposit, Nova Scotia

$1.00

2.00 $0.50

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Volume (M)

8.00

Atlantic Gold reports first gold production Appoints new COO and drawdown of first loan for project financing.

$2.00

Jan-15

Share Price (C$)

$2.50

ABITIBI GREENSTONE BELT Largest Greenstone Belt in the World

Numerous producing and past producing mines

Over 180Moz Au, 35Blbs Zn, 15Blbs Cu, and 400Moz Ag produced to date

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MIKWAM PROPERTY Strategically located along the structural trend that cuts through Hecla’s Casa Berardi mine (3.75Moz Reserves and Resources), towards Osisko Mining’s Windfall Lake (5.1Moz indicated and Inferred)

MIKWAM 3D MINERALIZATION

Recent drill program intersected highest grade broad intercept of gold in project history (26.1m @ 7.1g/t Au) 100% of drilling intersected strong mineralization highlighting tremendous upside Current Inferred Resource – 136,000 oz Au, 1.8Mt @ 2.34 gpt open for expansion in all directions 15

MIKWAM GEOLOGY MIKWAM EXPLORATION CROSS SECTION 2305E (Thickness: 40m) The Mikwam Property lies in the Harricana-Turgeon belt within the northern portion of the Abitibi greenstone belt, this belt hosts polymetallic deposits and multimillion-ounce gold deposits such as the Eagle mine, the Casa-Berardi mine and the Detour mine.

12.5m @ 0.6 g/t Au AUL-18-11

26.1m @ 7.1 g/t Au Incl. 5m @ 11.8 g/t Au Incl. 1m @ 24.3 g/t Au and 7.2m @ 9.4 g/t Au

AUL-18-12 AUL-18-13

6.5m @ 2.4 g/t Au 21.5m @ 4.2 g/t Au Incl. 5m @ 10.5 g/t Au

11.5m @ 3.0 g/t Au

AUL-18-14

35.8m @ 1.6 g/t Au

Incl. 5.5m @ 5.2 g/t Au

Recent exploration has concentrated on the A8 3200 vein system which consists of a zone of quartz flooding, silicification, and sulphidization which lies at or near the contact of chloritic iron formation and either argillite or conglomerate. Medium to coarse grained cubic pyrite and coarse grained arsenopyrite within a highly sericitized, quartz flooded matrix comprises the bulk of the mineralized gold zone. The best gold values tend to be associated with pyrite containing vugs.

Mikwam and the Casa Berardi mine are both situated on Casa Berardi Deformation Zone (CBDZ).

8.1m @ 1.5 g/t Au 11.5m @ 8.2 g/t Au

AUL-18-15

Incl. 1m @ 9.9 g/t Au

Incl. 6.5m @ 12.0 g/t Au

6.0m @ 5.3 g/t Au

AUL-18-18

Incl. 2m @ 13.9 g/t Au AUL-18-16

AUL-18-17

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MIKWAM PROPERTY SCALE STRUCTURES Property scale structure is defined by airborne mag as a series of Z- shaped folds

These folds controls orientation and periodicity of high-grade gold zones

MIKWAM LONGITUDINAL SECTION

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Royalty Summary Summary of Royalties Payable in Nova Scotia and Ontario Ontario Assets Asset

Owner

Royalty Details

Mikwam

Franco-Nevada

0.4824% NSR

ALX Uranium Corp

0.5% NSR

Private Individual

2% NSR

Mikwam(1) Lipton(2)

Nova Scotia Assets Asset Aureus West(3) Tangiers Aureus East

1) 2) 3)

Buy back option on 0.5% valued at C$1mm Buy back option on 1% valued at C$2.5mm Buy back 1% at US$750k, remaining 1% for US$1mm

Owner

Royalty Details

Nycon Resources

2% NSR

St. Barbara

1% NSR

Metalla Royatly & Streaming

1% NSR

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EQUITY STRUCTURE AND CAPITALIZATION CAPITALIZATION AND BALANCE SHEET (C$)

AURELIUS OWNERSHIP

Share Price

17% Friends and Family

Basic Shares Outstanding

$0.07 151.31M

Options Outstanding

8.69M

42.4%

Warrants Outstanding

68.39M

Other

Basic Market Capitalization

$10.6M

Cash

~$1.0M

Total Debt

–

31.9% Board and Management and Insiders

TOP 5 SHAREHOLDERS Sprott Inc. Marquest Mutual Funds Sentry Investments

5.2% Sentry Investments

3.5%

Mark Ashcroft

Marquest Mutual Funds

US Global Investors Total Institutional

~35% 19

Please contact:

Mark NJ Ashcroft, P. Eng., President and CEO Office:+1(416)304-9095 info@aureliusminerals.com

APPENDIX 21

Management Mark Ashcroft, P. Eng.

Jeremy K. Niemi, P. GEO.

Germaine Coombs, CPA, CMA

President & Chief Executive Officer

VP, Exploration

Chief Financial Officer, VP, Finance

30 years of experience in the global mining industry and the North American and European debt and equity markets.

Geologist with +20 years of progressively senior experience in mining exploration and development.

Mark served as President and Chief Executive Officer and a Director of Stonegate Agricom Ltd. from August 2008 to September 2014.

Prior to joining Aurelius Minerals Mr. Niemi successfully increased resources and reserves at both GoldQuest and Noront Resources where he also served as VP, Exploration.

20 years of extensive financial and commercial experience predominantly in the mining and resource industry, successfully leading finance teams through different stages of project financing, construction and operations.

Mr. Ashcroft was a member of the Mining and Metals Team at Standard Bank’s New York office and Barclays Capital in London before becoming Managing Director and Head of investment banking for a boutique institutional firm in Toronto where he became Managing Director and Head of Investment Banking.

Mr. Niemi is a member of the Association of Professional Geoscientists of Ontario and holds a BSc Honours degree in Earth Sciences from Laurentian University.

As a professional engineer Mark has worked in various operating roles in North and South America and Australia with Vale (formerly Inco).

Ms. Coombs previously was the Vice President and Chief Financial Officer for Stonegate Agricom Ltd. and was responsible for overseeing its IPO.

Ms. Coombs is a chartered professional accountant and certified management accountant and holds a Bachelor of Commerce from Memorial University of Newfoundland.

Mark holds his Bachelor of Engineering (Mining) from Laurentian University and a Master’s of Science (Finance, Regulation and Risk Management) from the ISMA Centre of the University of Reading.

Lorna McGilvary, LL.B

Amandip Singh

Corporate Secretary

Vice President, Corporate Development

+30 years of in-house legal and corporate secretarial experience in the mining sector.

Geologist with +10 years of progressively senior industry and capital markets experience.

Previously as Vice President, Secretary and General Counsel for Stonegate Agricom Ltd. Was instrumental in its IPO.

Prior to joining Aurelius Minerals, as the Director of Corporate Development for GT Gold, was involved in raising over $30M dollars and attracting a strategic investment by Newmont Mining.

Was Assistant Secretary of Thompson Creek Metals Company Inc. from May 2007 to May 2011 when it was acquired by Centerra Gold in a deal valued at $1.1B USD. Ms. MacGillivray received undergraduate degrees from Mount Allison University and Queens University and earned her LL.B. from the University of New Brunswick before being called to the bar by The Law Society of Ontario in 1983.

Previous to this, Mr. Singh was a mining analyst at a boutique mining-focused investment bank in Toronto.

Mr. Singh holds a BSc (Hons) in Geology from the University of Toronto.

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Reserves and Resources Location/Project

Category

Tonnage

Grade

Contained Au

(kT)

(g/t)

(oz)

Indicated

152

11.9

58,000

Inferred

434

6.9

96,800

-

-

-

270

6.1

53,200

Inferred

493

5.9

93,000

Indicated

322

7.1

73,000

Inferred

905

7.1

208,000

(kT)

(g/t)

(oz)

-

-

-

1810

2.3

136,000

1810

2.3

136,000

Nova Scotia, Canada

Aureus East*

Aureus West

Indicated Inferred

Tangier

Forest Hill

Indicated

Abitibi, Ontario, Canada

Mikwam

Indicated Inferred Resources

* 43-101 non compliant historic resources

#PathToProduction

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Bendigo Gold Fields Analogue >20M oz produced to date out of the Bendigo gold Fields.

Folded Saddle Reef system is like Kirkland Lake Gold’s Fosterville mine. Currently the highest-grade lowest cost producer globally.

Drilling to date at Aureus has been tightly focused along 1.4km of strike. Opportunity exists to expand laterally into mineralized fold limbs and at depth to discover additional high-grade saddles.

#PathToProduction

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OTHER PROJECTS Lipton (Northern Abitibi, ON) Close Proximity to 58N. The Lipton claims are contiguous to Kirkland Lake Gold’s 58N high grade discovery south of the Detour Lake Mine.

Two zones of anomalous gold concentrations have been identified in historical exploration drilling on the Lipton property. The highest historical gold concentrations are coincident with the contact between sediments and felsic tuffs.

Significant intersections from historical programs include 10.7 g/t Au over 9.0 metres, reported in 1996; and 14.10 g/t Au over 7.7 metres, reported in 2006.

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MIKWAM IP ANOMALY

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