Analyst Note By Éric Lemieux, MSc, P.Geo Mining & Exploration Analytics [email protected] December 18, 2014 Eastmain Resources Inc. (ER-T) Lac Clovis, Potentially an Eau Claire II Event: Eastmain reports diamond drill advancement on Lac Clovis and work in progress on Eau Claire to achieve a new mineral resource estimate in 2015. Impact: Slightly Positive. New area being defined with similar characteristics as the 450 West and 850 West Zones of Eau Claire; awaiting assays. Clearwater Project advancing and management aware that it should be in position to deliver in 2015. Analysis • On December 16, 2014 Eastmain reported an update on the drill program underway at its 100%-owned Clearwater Project, located in James Bay, Québec. 17 drill holes have been completed totaling 4,690m in the Lac Clovis area which is located 3 to 4km east of the Eau Claire gold deposit (see November 17, 2014 Analyst Note). A 5,000m drill program is currently testing a number of targets north and south of Lac Clovis that have been defined by surface summer/fall trenching and prospecting and the locus of geophysical anomalies. • The objectives of this drill program to find a second gold deposit in close proximity to Eau Claire may bear fruit as quartz-tourmaline veins (with locally visible gold) and altered rock have been intersected in the 17 drill holes at Lac Clovis. We note for example that hole ER14-543 intersected an 11.3m interval of quartz-tourmaline vein and alteration at a depth of 67.4m. We highlight that assays are pending. www.peartreesecurities.com This document has been prepared for general information purposes only and should not be considered a solicitation to purchase or sell securities. Any opinions or analysis herein reflect the views of the Analyst as at the date appearing above, and are subject to change without notice. The information contained in this document is derived from sources we deem to be reliable, but cannot be guaranteed. PearTree Securities Inc. (“PT Securities”) and/or its affiliates and/or any of their respective officers, directors, and representatives (collectively “PearTree”), shall not be held liable for any loss or damage resulting from the use of the information or the implementation of the recommendations contained herein. PT Securities is registered as an Exempt Market Dealer. PT Securities is a subsidiary of PearTree Financial Services Ltd., an unregistered firm that consults to charities on tax and other matters related to a flow through share donation program. Peartree may, in exchange for remuneration, participate in the financing of companies mentioned in this document. Peartree and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell these stocks on the market or otherwise. • Moving towards a new mineral resources estimate and determining mine ability. SRK Consulting has started the process of wire framing the 850 West Zone of the Eau Claire deposit and has completed wire framing of the high-grade (HG) and low-grade (LG) gold domains for the 450 West Zone; these shall serve to support a new block model resource estimate for 2015. We note that geological modeling of the Eau Claire deposit has delineated 3 orientations of high-grade gold domains. i) A series of NW-SE trending schist zones (S1 to S3), aligned parallel to the host rock foliation and following the contour of the felsic porphyry dyke swarm, are cross cut by ii) a well-defined E-W quartz-tourmaline vein set system, with laminated and piano key breccia veins, while a iii) WNW-trending gold-bearing domain (S-NW1) has been traced laterally across the 450 West Zone for approximately 800m (see Exhibit 1). Once wire frames have been validated for the 450 West and 850 West zones, SRK Consulting shall conduct a statistical analysis of each of the resource domains. Spatial continuity and other variable attributes of gold shall be evaluated in light of resource classification parameters and lead to the elaboration of a domain block model. We expect a pit optimizer shall be utilized to evaluate the portions of Eau Claire gold mineralization that can be mined by open pit in light of metal price & recovery, exchange rate, mining & processing rates / costs and reporting cut-off grades. • We believe that Lac Clovis could emerge as a new proximal gold discovery and that management and the technical team have a much better understanding of the Eau Claire greenstone belt. Indeed improved geological appreciation in regards to structure, lithology, and alteration has led to the recognition of elements that control spatial distribution and continuity of potentially economic gold mineralization. We continue to take some comfort that the next steps in 2015 are to provide a solid resource estimate and a scoping study (PEA) that shall provide clarity as to the mine plan and the economic viability of the Clearwater Project. www.peartreesecurities.com ~ 30 ~ www.peartreesecurities.com