Exploration in East Africa January 2015 Cautionary Statement This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forwardlooking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the rules of the TSX Venture Exchange, mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company's projections and estimates; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; foreign taxation risks, capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of contests over title to properties; and changes in project parameters as plans continue to be refined, as well as those risk factors set out in the Company's listing application dated July 8, 2013 and Tigray Resources Inc.’s management information circular dated March 28, 2014. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to receipt of all regulatory and third party approvals, the price of gold; the demand for gold; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; the potential impact on the Company’s strength, depth and value proposition as a result of the engagement of the investor relations consultants, and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause 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 information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws. 2 East Africa Metals at a Glance Strong Position in Arabian-Nubian Shield • Prospective for gold rich volcanogenic massive sulphide (“VMS”) and orogenic discoveries • Host to several world class deposits, including Centamin’s Sukari deposit in Egypt (13.4M oz Au in Measured and Indicated resources1) Excellent Jurisdiction • Ethiopia: geopolitically stable, rapidly growing economy, and mining-friendly framework • Tanzania: an established mining jurisdiction, Africa’s 4th largest gold producer Established Resources • Terakimti deposit: high grade oxide gold deposit and copper-gold sulphide deposit • Magambazi deposit: gold deposit with underground and open pit potential Advanced Exploration Projects • Harvest and Adyabo projects (concessions of 116 sq. km and 312 sq. km, respectively) • Handeni project (Prospecting Licences of 83.5 sq. km, Mining Licenses cover 9.9 sq. km.) Strong Management • Skilled technical team • Track record of discovery in new mining districts Capital Structure • Working capital position of $15.2M2 • Strong partner in Sinotech Minerals Exploration Co., Ltd. (“Sinotech”), a Chinese based company with interests in mineral exploration projects around the world Note: All footnotes can be found in the appendix. 3 Focused on New Discoveries in East Africa Harvest and Adyabo Projects • Located in Ethiopia covering 428 sq. km • Terakimti deposit contains an estimated: ¯ Indicated oxide resource of 24K oz Au @ 2.6 g/t Au ¯ Inferred oxide resource of 61K oz Au @ 4.8 g/t Au ¯ Indicated sulphide resource of 146M lbs CuEq @ 3.98% CuEq3 ¯ Inferred sulphide resource of 184M lbs CuEq @ 2.61% CuEq3 • 21 prospective exploration targets • Exploration work since 2011: ¯ 102 holes totaling 20,191 meters at Harvest project ¯ 44 holes totaling 8,938 meters at Adyabo project Handeni Project • Located in Tanzania covering 93 sq. km • Magambazi deposit contains an estimated: ¯ Indicated resource of 721K oz Au @ 1.48 g/t Au ¯ Inferred resource of 292K oz Au @ 1.36 g/t Au • Mining licenses received for Magambazi deposit and surrounding area • Exploration work since 2009: ¯ 471 holes totaling 121,846 meters over a strike length of 1 km have been drilled Other Opportunities • Continually examining other exploration opportunities that leverage core competencies Note: All footnotes can be found in the appendix. 4 Arabian-Nubian Shield Overview • • • • The Arabian-Nubian Shield is found in Egypt, Ethiopia, Eritrea, Sudan and Saudi Arabia Next major exploration frontier in Africa with excellent potential for more world class discoveries Highly prospective for gold-rich orogenic and VMS deposits Home to several operating mines and many discoveries 5 Select Arabian-Nubian Shield Deposits Market Cap: $800M Market Cap: $1,200M Market Cap: $18,000M Commodity: Copper / Zinc Commodity: Gold Commodity: Copper / Gold Status: Production Status: Production Status: Production Asset: Bisha Asset: Sukari Asset: Jabal Sayid Location: Eritrea Location: Egypt Location: Saudi Arabia Highlight: 2014E production – 190M lbs Cu Highlight: 2014E production – 420,000 oz Au Highlight: Production expected in late 2015 with average annual output of 115M lbs Cu Market Cap: Private Market Cap: $30M Market Cap: $50M Commodity: Gold Commodity: Copper, Zinc, Gold Commodity: Gold Status: Production Status: Development Status: Exploration Asset: Hassai Asset: Asmara Asset: Galat Sufar South Location: Sudan Location: Eritrea Location: Sudan Highlight: Production Highlight: JV agreement (60/40) with Eritrean National Mining Corporation Highlight: 22.2Mt @ 1.84 g/t Au of Indicated resources 6.6Mt @ 1.90 g/t Au of Inferred resources 6 Ethiopia Overview Ethiopia Highlights Population: Ethiopia Mining Activity 96.6 million Bisha Asamara Una Deriam 2013 GDP: US$46.8B 2013 GDP Growth Rate: 10% Median Age: 17.6 years Harvest / Adyabo Jilaye • Oldest independent country in Africa • Fastest growing non-energy economy in Africa • Economy based on agriculture, but government is promoting development in manufacturing, textiles, mining, and energy generation ` Metekel Asosa (Dish Mountain) Tulu Kapi Lega Dembi East Sakaro Dawa Okote Mining in Ethiopia • Several gold, copper and potash projects under development • Mining sector opened to private investors in 1991 • Mining Operations Proclamation came into effect in 2010 ¯ 25% corporate tax rate with breaks and holidays ¯ Royalty at discretion of Ministry ¯ Exemption from custom and duties on equipment, machinery, vehicles and spare parts necessary for mineral operations ¯ Carry forward of losses up to 10 years 7 Harvest and Adyabo Projects 8 Harvest and Adyabo Overview Harvest Project Ownership Land Package Drilling Complete • 70% with Ezana Mining Development • 55% with option to earn in 80%4 • Four contiguous concessions covering over 116 sq. km – Terakimti, Nefasit, Igub, and Hamlo • Two contiguous concessions covering 312 sq. km – Adi Dairo and West Shire • 102 holes totaling 20,191 meters drilled to date (at Terakimti, Nefasit, Mayshehagne, and VTEM09 prospects) • 30 holes totaling 5,696 meters drilled to date (at Mato Bula, Mato Bula North, Da Tambuk, and Adi Gozomo prospects) • Copper-gold-silver-zinc rich VMS systems • VMS and orogenic gold deposits, and contains numerous alluvial, elluvial and bedrock gold workings as well as several large gold and goldcopper-arsenic anomalies • Diamond drilling, heliborne VTEM, magnetic and radiometric survey, ground gravity and electromagnetic surveys, over 110,000 surface soil, stream and rock chip samples • Diamond drilling, magnetic and electromagnetic surveys, over 50,000 surface soil, stream, and rock chip samples • Terakimti Au-Ag-Cu-Zn • VTEM09 Au-Ag-Cu-Zn • Mayshehagne Au-Ag-Cu-Pb-Zn • Mato Bula Au-Cu (Zn-Ag-Mo) • Mato Bula North Au-Cu (Zn-Ag-Mo) • Da Tambuk Au (Pb, Mo) Deposit Exploration Work Priority Targets Adyabo Project Note: All footnotes can be found in the appendix. 9 Terakimti Overview Overview Terakimti VMS Prospect – Long Section (Looking NW) • Discovered in 2009 • VMS systems hosted within a sequence of intermediate volcanic rocks and basalt • Initial mineral resource estimate announced on January 17, 2014 Exploration Potential • Drilling confirms high-grade VMS mineralization to 265 meters down hole and 800 meters along strike; remains open at depth Metallurgy • Drill holes profile gold enriched oxide mineralization, copper enriched supergene mineralization, and copper-zinc primary mineralization • Oxide mineralization amenable to conventional leaching with 100 micron grind gold recoveries of 75% - 80% • Locked Cycle Testing on supergene and primary mineralization samples resulted in 90% copper recovery being achieved at a 25% concentrate grade 10 Terakimti Mineral Resource Estimate Terakimti Deposit Mineral Resource Estimate3,5 Grade Mineralization Class Ore Type NSR Cut-Off ($/t) Tonnes ('000s) Contained Metals Au Ag Cu Zn g/t g/t % % Au ('000 oz) Ag ('000 oz) Cu ('000 lb) Zn ('000 lb) Indicated Oxide 25.9 290 2.6 10.5 0.06 0.02 24 98 - - Inferred Oxide 25.9 398 4.8 7.2 0.13 0.07 61 92 - - Grade Mineralization Class Indicated Inferred Ore Type NSR Cut-Off ($/t) Tonnes ('000s) Contained Metals CuEq Au Ag Cu Zn CuEq g/t g/t % % % Au ('000 oz) Ag ('000 oz) Cu ('000 lb) Zn ('000 lb) (‘000 lb) Sulphide 23.9 1,841 1.1 17.5 2.20 1.65 3.98 63 1,033 89,477 66,871 146,645 Sulphide 23.9 2,583 1.0 20.6 1.09 1.42 2.60 80 1,712 62,187 77,101 134,337 Primary 63.9 939 0.8 15.2 0.69 2.92 2.66 25 459 14,198 60,358 49,862 3,522 0.9 19.2 0.98 1.82 2.61 105 2,171 76,385 137,459 184,199 Sub-Total Inferred Note: All footnotes can be found in the appendix. 11 Mayshehagne Drill Highlights Select Mayshehagne Drill Results6 Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Zn (%) 24.00 44.70 20.70 1.10 31 4.97 8.24 28.75 41.55 12.80 1.73 50 7.72 12.72 89.55 93.25 3.70 2.07 13 1.79 3.01 99.00 99.80 0.80 0.48 21 1.96 5.94 HD002 HD010 Note: All footnotes can be found in the appendix. 12 Adyabo Project – Mato Bula Trend Map 13 Mato Bula Drill Highlights Select Mato Bula Drill Results6 From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) 53.31 66.82 13.51 15.15 1 0.06 Including 64.45 65.15 0.70 284.50 17 0.04 86.20 98.48 12.28 12.25 1 0.30 Including 93.19 98.48 5.29 22.33 1 0.30 179.75 207.95 28.20 8.50 2 0.24 Including 189.25 206.80 17.55 13.18 2 0.27 And Including 195.80 206.80 11.00 19.55 3 0.35 101.09 124.00 22.91 14.34 0 0.04 Including 112.50 121.00 8.50 36.92 0 0.08 Hole ID WDM006 WDM007 WMD032 Note: All footnotes can be found in the appendix. 14 Da Tambuk Drill Highlights Select Da Tambuk Drill Results6 Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (%) Zn (%) 52.75 64.75 12.00 17.34 4 0.32 0.07 52.75 57.75 5.00 40.97 7 0.59 0.06 86.21 95.90 9.69 3.96 2 0.26 0.09 87.21 89.21 2.00 13.25 3 0.09 0.19 123.55 137.10 13.55 4.65 - 0.08 - 123.55 129.10 5.55 10.78 - 0.16 - ADD002 ADD004 ADD007 15 Note: All footnotes can be found in the appendix. Tanzania Overview Tanzania Highlights Population: 49.3 million 2013 GDP: US$33.2B 2013 GDP Growth Rate: 7% Median Age: Tanzania Mining Activity North Mara Buhemba Geita Bulyanhulu Tulawaka 17.3 years Williamson Buzwagi Golden Pride • Africa’s 4th largest gold producer • Established legal and regulatory framework for mining companies • Abundance of unexploited mineral reserves Magambazi Mining in Tanzania • Fiscal Laws Act and Tanzanian Investment act of 1997 ¯ 30% corporate tax rate ¯ 4% mining royalty for gold ¯ Exemption of import duty and value added tax on equipment and essential materials up to the first anniversary of the start of production ¯ Depreciation allowances of 100% on CAPEX ¯ No restrictions on repatriation of profits from mining operations 16 Handeni Overview Overview • Two contiguous prospecting licenses, PL 4781/2007 and PL 10016/2014, covering 83.5 sq. km • Two Mining licenses received for the Magambazi deposit and surrounding area, covering 9.9 sq. km. • Strike length of 1 km has been drilled • High grade underground potential Note: All footnotes can be found in the appendix. Magambazi Mineral Resource Estimate7 Grade Contained Metal Au g/t Au oz 15,186 1.48 721,300 6,683 1.36 292,400 Mineralization Class Tonnes ('000s) Indicated Inferred 17 Capital Structure Capitalization East Africa Metals Ownership As of October 30, 2014 Share Price $0.07 Market Capitalization $7.2 M Share Structure Basic Shares Outstanding 102.2 M Shares issuable from Options (avg. exercise price of $0.16) Shares issuable from Warrants (avg. exercise price of $0.23) 8.2 M 31.6 M Fully Diluted Shares Outstanding 142.0 M Cash and Cash Equivalents2 $14.6 M Working Capital 2 $15.2 M LTM Share Price Performance Source: Capital IQ and SEDI. As of October 16, 2014. Note: All footnotes can be found in the appendix. 18 Experienced Management Team Name Position Experience Management Andrew Lee Smith, P.Geo President, CEO and Director • Professional geologist with over 25 years of mineral exploration and mine development experience • Co-founder and Director of True North Gems Inc. Jeff Heidema, P.Geo Vice President Exploration • Professional geologist with over 25 years of domestic and international exploration experience specializing in VMS and archean gold projects • Experience in management positions with established mining companies including Cominco, Teck Cominco and Teck exploration groups Peter Granata, CA Chief Financial Officer • Chartered Accountant with more than 10 years of accounting and financial reporting experience in Canada and Australia Business Development • Independent businessman with over 15 years of experience working with public companies in the mining, high-tech, and biotech industries • Raised ~$250 million throughout career Nick Watters Board of Directors Dr. Jingbin Wang, P.Geo Chairman • President and Chairman of Sinotech Minerals Exploration Co., Ltd. • 24 years of experience as a leader in the non-ferrous metals industry in China • Director of Orca Gold Inc. Dr. Antony Harwood, P.Geo Director • President and CEO of Montero Mining and Exploration • Economic geologist with over 30 years of experience in the mining industry David Parsons, CGA Director • Vice President, Insurance for Goldcorp Inc. • Over 25 years of experience in the mining industry Ge (Anna) Mao, MBA Director • Deputy General Manager of Sinotech Minerals Exploration • General Manager of Beijing Donia Resources • On the board of several junior resource companies listed in Australia and Canada 19 Appendix 20 Presentation Notes 1. Mineral resource estimate as at June 30, 2013, using a 0.3 g/t Au cut-off grade. 2. As of June 30, 2014. 3. October 16, 2014 spot metal prices for gold, silver, copper and zinc, are US$1,241/oz, US$17/oz, US$2.98/lb and US$1.12/lb, respectively. 4. Additional 25% interest can be earned by paying: a) $300,000 cash and the issuance of 500,000 East Africa common shares and 400,000 East Africa warrants on November 1, 2014; and b) 550,000 East Africa shares 400,000 East Africa warrants on November 1, 2015. 5. As disclosed in the Technical Report dated February 14, 2014; effective date January 17, 2014. Full mineral resource estimate disclosure can be found on the company’s website. 6. A list of full drill results can be found on the Company’s website. 7. As disclosed in the Technical Report dated June 11, 2013. The mineral resource estimate for the Magambazi deposit was prepared by Dr. Sandy M. Archibald, P.Geo, Ian J. Farrelly, P.Geo, James N. Gray, P.Geo, Dr. James A. King, P.Eng. The cut-off grade used was 0.50 g/t Au. East Africa Metals Inc. 700-1055 W. Georgia Street Vancouver, BC V6E 3P3 www.eastafricametals.com [email protected] 21
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