CORPORATE PRESENTATION(TSX.V:AN)

March 2017

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Cautionary NotesThis Presentation contains ‘‘forward-looking information’’ or “forward looking statements” which may include, but is not limited to, statements with respect to the future financial or operating performance of Arena Minerals Inc. and its subsidiaries (collectively, the ‘‘Company’’) and its mineral projects; the future prices of metals; the anticipated results of exploration activities; the estimation of mineral resources; the ability to enter into additional joint venture agreements; the ability of the joint venture partners to complete the work program; the realization of mineral resource estimates; capital, development, operating and exploration expenditures; costs and timing of the development of the Company’s mineral properties; timing of future exploration; requirements for additional capital; government regulation of mining operations; anticipated results of economic and technical studies; environmental matters; reclamation expenses; title disputes or claims; limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Often, but not always, forward-looking information can be identified by the use of words and phrases such as ‘‘plans’’, ‘‘expects’’, ‘‘is expected’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, ‘‘forecasts’’, ‘‘intends’’, ‘‘anticipates’’, or ‘‘believes’’ or variations (including negative variations) of such words and phrases, or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will’’ be taken, occur or be achieved.

Forward-looking information is based on the opinions and estimates of management as of the date such statements are made and is based on information currently available to management and upon what management believes to be reasonable assumptions, including, among others, that general business, economic, competitive, political and social uncertainties remain favorable; that actual results of exploration activities justify further studies and development of the Company’s mineral projects; that the future prices of metals, and copper and gold in particular, remain at levels that justify the exploration and future development, exploration and operation of the Company’s mineral projects; that there is no failure of plant, equipment, processes, exploration machinery to operate as anticipated; that accidents, labour disputes and other risks of the mining industry do not occur; that the jurisdictions in which the Company operates remain politically stable; that there are no unanticipated delays in obtaining governmental approvals or financing or in the completion of future studies, development or construction activities; that the actual costs of exploration, and studies remain within budgeted amounts; that regulatory and legal requirements required for exploration or development activities do not change in any adverse manner, as well as those factors discussed in the section entitled ‘‘Risk Factors’’ as may be identified in the Company’s public disclosure from time to time, as filed under the Company’s profile on SEDAR at www.sedar.com.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause such actions, events or results to differ from those anticipated, estimated or intended. Any inaccuracy in the assumptions identified above may also cause actual actions, events or results to differ materially from those described in the forward-looking information.

Forward-looking information contained herein is made as of the date of this Presentation and the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, potential investors should not place undue reliance on forward-looking information.

This Presentation does not constitute an offer to sell, or solicitation of an offer to buy, any securities by any person in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information set out herein, and nothing contained herein is, or shall be relied upon, as a promise or representation, whether as to the past or future. The technical and scientific aspects of this Presentation have been reviewed and approved by Mr. Vernon Arseneau, P.Geo, who has been designated as a qualified person pursuant to NI 43-101. As the Vice President of Exploration of the Company, Mr. Arseneau is not considered independent.

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Arena Minerals: Chile

• Projects located near Antofagasta, Chile – a pro mining jurisdiction with infrastructure and world class operating mines- Lomas Bayas, Mantos Blancos, Spence, Sierra Gorda, Tesoro, El Peñon

• Agreement to earn an 80% interest in the Atacama Copper Property, consisting of 73,000 hectares in world’s foremost copper district

• Arena’s land package has been held by single owner with focus on industrial minerals for over 70 years, with claims dating back to 1876

• 9 Cu porphyry and/or Au-Ag epithermal prospects discovered by Arena during early stage prospecting

• Prospect generator business model adopted successfully with 85% of Atacama property under joint venture agreements and Pampas El Penon dealt to Fiore Exploration Corp.

Peru

Bolivia

Argentina

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Partnering for Success • 2 active JV option

agreements with Teck (Chile), JOGMEC

• Teck & JOGMEC to spend >US$35M on the ground, exceeding all work commitments and significant portion of underlying option requirement with SQM

• 3 prospects and 47% of Atacama Copper Property open for potential JV agreements with other parties

• Pampas El Peñon property sale to Fiore Exploration for 9.55 million shares of TSX.V: F

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Capital Structure(inclusive of Teck placement)

Ticker: TSX-V: ANShares Outstanding (Basic): 80.0 MShares Outstanding (FD): 93 MCash & Equivalents ~C$4.4M

Share Price: $0.1552-Week Range: $0.14 – C$0.34Market Cap: $14 M

Held by Insiders: ~14%Ross Beaty: ~12%Sociedad Quimica y Minera de Chile: ~ 5%Teck Resources Ltd: ~ 5%

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Current Active Joint Ventures

Over US$35 million to be spent in exploration on Atacama property

Mantos Blancos

Spence

Lomas Bayas

El Tesoro

Esperanza

Sierra Gorda

Arenaavailable ground

~34,000 Ha3 Cu porphyry prospects

JOGMEC-Arena JV~30,000 Ha

>US$16M in exploration commitments

Teck-Arena JV~9,000 Ha

>US$19.5M in exploration commitments

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ACP: Terms of the Underlying Deal

Timing Maximum Land Package (Ha)

Work Commitments (USD/Ha)

Maximum Work Commitments (USD)

Cash Payment (USD/Ha)

Maximum Cash Payment (USD)

Signing 293,500 $1 $293,500

July 27th, 2014 150,000 $5 $750,000 $3 $450,000

July 27th, 2015 100,000 $10 $1,000,000 $6 $600,000

July 27th, 2016 50,000 $30 $1,500,000 $15 $750,000

July 27th, 2017 50,000 $60 $3,000,000 $30 $1,500,000

Totals (remaining)

50,000 $100 $4,500,000(JVs firm spend $6,700,000)

$51 $1,500,000

OPTI

ON

COM

MIT

MEN

TSOption to acquire 80% of the Atacama Copper Property, selecting 50,000

Ha over 4 years

AN has the ability to reduce its land position beyond the minimum requirements at its sole discretion, reducing future payments

The project is subject to a 3% NSR in favour of SQM

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JVs minimum commitments sufficient to cover 100% of Arena’s work payments & exploration commitments to earn into the full 50,000 hectares of the Atacama Copper Project

Arena remains as operator of the JOGMEC JV, significantly reducing Chile and overhead costs

Joint Ventures leave the company in a strong financial position, with over 5 in cash and cash equivalents and reduced commitments going forward

JV partner minimum commitments

Timing Land Package (Ha)

Work Commitments (USD)

Cash Payment to SQM (USD)

Cash to Arena (USD)

Signing – July 2015 79,000 $1,000,000 $360,000 $1,325,000July 2015 – July 2016

30,000 $6,700,000 $300,000 $1,300,000

July 2016 – July 2017

30,000 $6,300,000 $600,000 $450,000

Totals 30,000 $14,000,000 $1,260,000 $3,050,000

PHASE 1 (50%)

JOGMEC & Teck each have an option to acquire 60% of their respective properties, selecting a max of 10,000 Ha from the Atacama Copper Property

JV Partner to incur an additional USD12-15M in work commitments and/or carrying the JV through to completion of a prefeasibility study

PHASE 2 (60%)

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Spence deposit case history• Initial October 1995 drill

hole intersected 0.11% over 8m

• Systematic follow-up drilling narrowed in on mineralized body

– 10th drill hole intersected 0.1% to 0.3% Cu

– 19th drill hole discovered the main mineralized body in June 1996

– Initial resource of 300Mt @ 1% Cu by January 1997

• What was learnt?

– Stay focused

– Go to where deposits are known to exist

N-10 March 1996

0.1 to 0.3% Cu N-19 June 1995SOX: 44m @ 1.88%SUS: 60m @ 2.52%HYP: 70m @ 0.81%

(EOH)

N-1 October 1995

Exotic Copper

Spence Mine

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JOGMEC JV: Phase 1 Exploration• JOGMEC Option

Agreement:– 14,900 metres drill to date

– Grid drilled property on minimum 3km spacing

• Discovery of two porphyry systems:

– PU-RC-39 area on the Pampa Union claim block

– CA-RC-22 area on the Carmen Alto claim block

• As a result of this success, a further 241 drill holes have been permitted with drilling ongoing

• Follow up on PU-RC-39 and 1.5km grid is main focus of current drill campaign

See Cautionary Notes

PU-RC-39

CA-RC-22

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JOGMEC: Exploration Model

• PU-RC-39 intersected a lithocap followed by 271 metres of advanced to intermediate argillic alteration in volcanics

• Intersected pyrite shell for over 200 metres

• CA-RC-22 intersected 0.1% Cu over 6m in altered volcanics, and 0.2% over 2m

PU-RC-39

PorphyryCu +/- Au +/- Mo

PU-RC-39

Sulphide zonation at El Salvador copper mine, Chile – showing hypothetical location of PU-RC-39 within pyrite shell

Classic porphyry model based on Chilean examples – showing interpreted location of PU-RC-39 & CA-RC-22

See Cautionary Notes

CA-RC-22

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TECK – Paciencia North• 3,048 metre RC drill program

completed• Copper porphyry targets

selected by Teck lie within 20 km of Spence and Sierra Gorda operating mines

• Geophysics identified some significant anomalies and a second phase of drilling was done by Teck in late 2016

• Porphyry system was intersected during the second phase of drilling, coincident with large IP anomaly

• PAC-38 also intersected a tourmaline-pyrite breccia similar to those encountered in the Sierra Gorda mine, located south of the project

• Anomalous copper intersected in PAC-38

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Arena Minerals Prospects

• Three prospects covering approximately 39,000 hectares

• Cerro Barco & La Paloma are copper porphyry targets

• Paciencia hosts a gold epithermal vein system

Cerro Barco(Open to JV)

Paciencia(Open to JV)

La Paloma(Open to JV)

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Arena Minerals Cerro Barco • Undrilled copper porphyry

target• Large magnetic anomalies

along the ACL, on strike with Spence and Sierra Gorda

• Anomalies flanked by extensive alteration, stockwork and copper mineralization to the south; additional tourmaline breccias present to the north

• Targets consist of approximately 2 x 3 km anomalies each

• Drilling in final stages of planning

Final Planning Stages of Drill

Program

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Arena Minerals Pampa Paciencia

PP15-006 Core Photo

• Property covers 1920 hectares with access to paved highway, rail, power and water

• Samples as high as 93 g/t Au (surface), and up to 28 g/t Au in drill core

• All sections remain open at depth and on strike, with only a small fraction of the known strike length and overall property tested by drilling

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Arena Minerals La Paloma • Prospect located in Sierra Gorda

area immediately south of the ACL• Area selected initially due to

combination of favourable alteration, structure/geology, radiometric & magnetic anomalies

• Subsequent prospecting found abundant Cu-Ox mineralization in adjacent outcropping areas, including ancient working and pervasive propyllitic alteration

• Prospect combines two targets separated by large andesite outcropping area– LP North Target: associated alteration,

magnetic & geochemical anomalies

– LP South: coincident radiometric, magnetic & geochemical anomalies

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Prospect Generator Model: Benefits

• Significantly reduces Arena’s ongoing commitments

• Arena retains material interest without incurring further costs

• Minimizes dilution to Arena shareholders

• Significant increase in spending coupled with more aggressive timelines, including drilling, to create earlier value driving catalysts

• Over US$35 million to be spent on the ground, primarily targeting world class Cu porphyry deposits

• JVs allow more prospects to be drilled in a shorter timeframe, resulting in a more aggressive and thorough exploration program

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Contact Information

William RandallPh: +1.416.818.8711wrandall@arenaminerals.com

Daniel BrunoPh: +1.647.484.7411dbruno@arenaminerals.com

Freddie Leigh

Ph: +1.604.609.6132fleigh@arenaminerals.com

Arena MineralsTicker: AN (TSX.V)