focused on discovery...economic geology over than 20 years of experience in mineral exploration...

FOCUSED ON

DISCOVERY

JANUARY 2021TSX-V: MRZOTCPK: MRZLFVirginia Project, Argentina

Cautionary Statement

This presentation contains certain statements that may be deemed “forward-looking statements”. All statements in this presentation, other thanstatements of historical fact, that address future operations, resource potential, exploration drilling, exploitation activities and events or developmentsthat the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and aregenerally, but not always, identified by the words “expects”, “plans” “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similarexpressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Information inferred from the interpretation of drilling resultsand information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of whatmight be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-lookingstatements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results ordevelopments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs,estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update theseforward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change, except as may be required byapplicable law.

This presentation may use the terms pit constrained mineral resources estimate and indicated resource. The Company advises that these terms arerecognized by Canadian securities regulations (under National Instrument 43-101 “Standards of Disclosure for Mineral Projects”). Investors are cautionednot to assume that any part of or all, of the mineral occurrences in these categories will ever be converted into reserves.

All material project information in this presentation has been previously disclosed to the public by Mirasol.

Tim Heenan (MAIG), VP Exploration for Mirasol has reviewed and approved the technical content of this presentation and is a Qualified Person underNI 43 -101.

MIRASOL RESOURCES

TSX-V: MRZ OTCPK: MRZLF

Corporate Highlights

3

Leading Explorer

Experienced leadership

ListingsTSX.V: MRZOTCPK: MRZLF

Focused in Chile and Argentina

Two self-funded projects

Six partner-funded projects

Conservative share structure

Well-funded: C$15 million in cash

Share buy-back underway

Proven track record of successful project generation

Proven track record of project partnering

Excellence in claim management, permitting & community relations

Cash position as at Sept 30,2020


Board of Directors

4

Patrick Evans Chair and Interim CEO Appointed to the board in

2016 Over 20 years of senior

management experience in various public mining companies

Nick DeMareDirector Chartered Professional

Accountant Over 30 years of accounting,

management and securities regulatory compliance experience

Diane NicolsonDirector B.Sc. in Geology and a PhD in

Economic Geology Over than 20 years of experience

in mineral exploration especially in Latin America

John Tognetti Director Over 30 years of experience in the

finance industry Leading financier of the global

resource sector


Management Team

5

Patrick Evans Chair and Interim CEO Appointed to the board in

2016 Over 20 years of senior

management experience in various public mining companies

Jonathan RossetVP Corporate Development Chartered Financial Analyst Over 8 years of experience in

mineral and royalty companies

Tim Heenan VP Exploration Over 30 years of exploration

experience in Central and South America

Involved in several high-profile projects including the famous Cerro Negro Mining District in Argentina

Mathew Lee Chief Financial Officer Chartered Professional Accountant Over 10 years of experience with

public and private companies including mining and financial services


Share Structure and Treasury

Insiders holding >27% Share buy-back program initiated in October 2020

6

Shares Outstanding

54 M

Shares Fully Diluted

59 M

Market Capitalization

~C$ 25M

Conservative Share Structure

Cash

~C$15M

Shares

~C$ 1M (3.7 million shares of SAND at ~$0.25)

WellFunded


Mission and Strategy

7

Discover and develop high-quality gold, silver and copper projects in Chile and Argentina

OUR MISSION

Self-funded Projects Higher grade prospects Lower operating costs Lower exploration risk

Partner-funded Projects Large scale projects Higher exploration costs Higher exploration risk

&STRATEGY

Technical Expertise

Capital Stakeholder Relationships

PILLARS OF

SUPPORT


Project Portfolio at a Glance

8

Inca GoldStatus: Self-funded Exploration

Sascha Marcelina Status: Self-funded Exploration

CoronaciónStatus: Optioned to First Quantum

Gorbea BeltStatus: Optioned to Newcrest

RubiStatus: Optioned to Mine Discovery Fund (Australia)

VirginiaStatus: Optioned to Silver Sands Resources (Canada)

AltazorStatus: Optioned to Newcrest

ClaudiaStatus: Available for Partnership

La CurvaStatus: Available for Partnership

NandiStatus: Available for Partnership

NordStatus: Option to Encantada (Chile)

ZeusStatus: Available for Partnership

Two self-funding projects

Six partner-funded projects

Strong pipeline of projects available for partnership

Encantada SpA

X2

Exploration Partners


Project Portfolio Status

9

Status Plan for 20212021: More than 15,000m of drilling planned on 7 projects

* Subject to ongoing community engagement process

Inca Gold Environmental report approval Site preparation underway 1,500m drilling Q1

Sascha Marcelina Water permit in progress 2,600m drilling Q1

Virginia Geophysics, trenching 2,500m drilling

Phase I exploration results interpretation Phase II drilling program ~ 2,500m Q1

Rubi Drill program permitting 2,000m committed drilling Q2

Gorbea Exploration paused due to pandemic Minimum 2,000m committed drilling Q3/4

Altazor Community consultation for social license 2,000m drilling planned* Q3/4

Coronación Permitting and community consultation Minimum 3,000m committed drilling* Q2

Nord Option agreement executed Six-month fieldwork program An initial scout drill program Q2/Q3

MRZ

PARTNER

TSX-V: MRZ OTCPK: MRZLF10

Project Overview

Located on the Paleocene belt of northern Chile 16,300 ha Intermediate sulfidation epithermal (ISE) gold-silver vein prospect 100 km north of Copiapó and 17 km east of Inca del Oro town Elevation of 2,000 to 3,000m ASL Year-round access and near infrastructure

Ownership Controlled through an option agreement with Newmont Corporation

Self-fundedExploration

1,500m drill program Site preparation underway; drilling planned for mid-February

Geology Prominent epithermal vein field on surface with no historical systematic exploration or drilling

Six prospects identified to date with various mineralization styles

Flagship Project – Inca Gold, Chile

aCurrent Status

Five prospects identified

Comprehensive surface program initiated to refine drill targets

Environmental Report

1,500 m drilling budgeted

Mobilization on drilling


Inca Gold – Exploration Program

11

Mirasol currently focuses its exploration and drilling activities at the Sandra prospect.

About Sandra Target Area Hosts robust wide outcropping

epithermal veins Five subparallel trends recognized

over 2.5 x 4 km2 area Sheeted veins in zones up to 20m

wide 2,400 ha of additional claims

staked, which cover the potential southern extension of the veins defined at Sandra

Rincon Guerda Inca North

Sandra Vania Caldera

Six prospects identified to date with various mineralization styles:


Inca Gold – Exploration Program

12

Recent surface survey completed at Sandra prospect: Three targets are prioritized for drilling

among the seven zones of veining and anomalous geochemistry outlined within the prospect

Q1 2021 Drill Program Targets Overview Lomo Ballena: cumulative vein, veinlets

and stockwork reach up to 15m in width, with individual vein exposures of over 3m wide

Veta Escuela: has some of the best epithermal textures and shows clear evidence of the multi-pulse character of the local system, coincident with strong geochemical anomalies in Au and Ag

Veta Valle: hosts one of the highest assay results to date, with an intersection of 0.36m returning grades of 0.43 g/t Au and 156 g/t Ag


Project Overview

Santa Cruz, Argentina Low sulfidation epithermal (LSE) gold-silver property 30,600 ha 100 km south to Newmont’s Cerro Negro mine

Ownership 24,900 ha owned by Mirasol, 5,700 ha in an option to purchase agreement with a private mining company

Self-fundedExploration

2,600m drill program planned for Q1 2021

Geology Large-scale, zoned alteration system characteristic of a large LSE Au/Ag system

Five mineralized vein and silicified breccia trends have been recognized

Three targets (Estancia, Pellegrini, and Igloo) are drill ready

13

Five trends have been recognized

Geophysical and geochemical studies completed to refine drill targets

Drilling permit granted

Water permit application in progress

2,600m drilling budgeted

aWork Mirasol is currently working on

Flagship Project – Sascha Marcelina, Argentina


Sascha Marcelina – Exploration ProgramDrilling Plan for Q1 2021

Estancia Pellegrini Igloo

8 holes 4 holes 3 holes

1,375m 775m 450mAll Samples Au AgMax Value 27.7 g/t 121 g/t

Average value 0.56 g/t 3.9 g/tEstancia and Igloo Trend New Rock Chip Assays

14

Sascha Marcelina Claims30,681 ha

Sascha Marcelina Claims Boundary

Additional Prospects

Sascha Vein Zone

Rock Chip Assays Au (g/t)1.00 to 160.000.25 to 1.000.10 to 0.25

0.01 to 0.050.00 to 0.01Below Detection

0.05 to 0.10

Estancia Trend

Pellegrini Silica Cap

Igloo Trend

Multiple prospects identified and interpreted to exist at different levels of this LSE Au/Ag

system Estancia: A robust outcropping epithermal vein

trend of more than 3 km in length and higher Au/Ag geochemistry vectoring to the deeper southernmost expressions of the trend

Pellegrini: The highest cooler elevation of the system with the hydrothermal paleosurface preserved. Latter mineralized structures are seen to penetrate this “silica cap”

Igloo: A large surface breaching hydrothermal eruption breccia with elevated values of Au and Ag along a prominent NW trending structure


Preliminary Lithology

Cho

nAi

keLa

Mat

ilde

EstanciaNorte Zone

EstanciaCentral Zone1.86 / 15.7

5.24 / 1.85

1.74 / 7.16

1.02 / 7.65

7.21 / 9.81

8.45 / 6.30

27.7 / 121

Clay pan

Silica Cap

Clay pan

Post-mineral basalt flows

Post-mineral gravel cover

Post-mineral gravel cover

Vein trend may continue under

claypan to south and gravel plateau

to north

Rock Chip Labels:Au (g/t) / Ag (g/t)

?

JurassicVolcanics

Rock Chip Assays Au (g/t)

1.00 to 27.70

0.25 to 1.00

0.10 to 0.25

0.01 to 0.05

0.00 to 0.01

Below Detection

0.05 to 0.10

EstanciaSur Zone

Post-mineral basalt flows

?

?

?

?

Vein trend may continue under

basalt to the NW

Sascha Marcelina – Estancia Target

About Estancia Target: N-W structure hosting veins, veinlets and stockworks, over more

than 3 km Estancia South: Deepest level of erosion, hosting well developed

veins and veinlets with highest grades. Permissive Chon Aikeformation

Estancia Central: Higher level of system in poor host rock, with outcropping veinlets with lower grades

Vein trends open to the North and South under post mineral cover

The Priority Drill Target for Upcoming Program


Project Overview

Santa Cruz, Argentina 74,429 ha Low sulfidation epithermal (LSE) silver vein prospect 70 km south of Newmont’s Cerro Negro Mine 160 km north of Pan American Silver’s Manantial Espejo Mine

Exploration Activities

Q1 2021: Phase I exploration results interpretation Phase II exploration program (late January)

Partner Silver Sands Resources Corp.

Option to Purchase Agreement Highlights

Executed in May 2020 with a three-year term US$6M exploration expenditure to earn 100% project ownership Mirasol as the exploration program operator Mirasol to participate with 20% shareholding and 3% NSR royalty

Geology Seven silver deposits outlined by over 23,000 m of diamond drilling Approx. 7.6 km of outcropping mineralized epithermal veins NI 43-101 within conceptual pit resource [1]

Indicated: 11.9 Million oz contained within 1.197 Mt at 310 g/t Ag Inferred: 3.1 Million oz contained within 0.460 Mt at 207 g/t Ag

Phase I drill program results confirmed strong potential for resource expansion

[1] The Qualified Persons responsible for this amended Technical Report were commissioned by Mirasol Resources Ltd. to review all geologic, geochemical, geophysical, surface trenching, diamond drill core sampling and metallurgical recovery data pertaining to the Virginia Project for the purpose of completing a Mineral Resource estimate in accordance with the guidelines of the Canadian Institute of Mining and Metallurgy (CIMM). For calculating conceptual pits, a silver price of US$20 per ounce was used. Sensitivity analyses by the Qualified Persons indicate that the Mineral Resources are not particularly sensitive to operating costs or silver price fluctuations. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.Refer to Amended NI 43 -101 technical report filed February 29, 2016

Featured Project – Virginia, Argentina

http://mirasolresources.com/wp-content/uploads/2016/09/2016-03-29_NI43-101_Virginia_Amended.pdf


Virginia – Exploration Program 2,831m Phase I (Q4 2020) drill program

completed and confirmed the strong potential for resource expansion

Phase II drill program plans to start in late January

Highlights from Phase I Initial Drill Results Initial six diamond holes (903m) drilled at:

• Martina Target• Ely Central Target• Naty Extension Target• Magi Target• Margarita Target• Roxanne Target

Best intervals reported Martina: 33.5m at 198.51 g/t Ag,

including 17.7m at 316 g/t Ag Ely Central: 9.25m at 233.54 g/t Ag,

including 4.5m at 441.71 g/t Ag

Pending assay results for additional twelve diamond drill holes (1,928m)


Virginia – Exploration Program

Martina Target Collared 70m to the south of the current

conceptual pit outline Encountered significant Ag

mineralization at a 79.5m downhole A wide intersection of 33.5m at

198 g/t Ag, A higher-grade section of 17.7m at

313 g/t Ag

Ely Central Target Collared along the structure within an

850m gap between the Ely South and Ely North conceptual pit shells

Returned a 12m intercept of 184 g/t Ag, which includes a higher-grade intersection of 4.5m at 442 g/t Ag

Confirms the potential for growth of the current resource base along the Ely structural trend


TSX.V: MRZOTCPK: MRZLFFor Further Information:

Patrick Evans, Chair & Interim CEOJonathan Rosset, VP Corp. Development

Tel: (604) 602 9989Email: [email protected]: www.mirasolresources.com

Coronación Project, Chile

mailto:[email protected]://www.mirasolresources.com/


AppendixOther Project Descriptions


Negotiated $ to 100%

21

Option to Joint Venture

Negotiated $ to 100%

MRZ 20%

6 years

80%10,000m of Drilling and Delivery of a PFS

US$875k Option Payments3,000m +

Geophysics Committed

MRZ 25%

MRZ 15% PEA$650k cash

>US$ 19M Exploration ExpendituresUS$600k Option Payments (paid)

51% 75%

FS

65%

6.5 years 1 year 2 years

NSR royalty option

85%

80%

MRZ 25%

MRZ 20% PEA$650k cash

51% 75%FS

$650k

65%

6 years 2 years 2 years

>US$ 10M Exploration ExpendituresUS$600k Option Payments (paid)

Jan 2019: Gorbea - Newcrest

Nov 2017: Altazor - Newcrest

Sept 2019: Coronación - FQM

Option to Purchase

Royalty: 3% NSR or 2% NSR and US$2M

3 years

19.9% of the S/O after US$6M in expendituresExpl. Expenditures - Y1: US$1M| Y2: US$2M | Y3: US$3M

May 2020: Virginia – Silver Sands Res.

Royalty: 2% NSR or 1.5% NSR and US$3M

4 years

US$500k Expl. Expenditures over 2 yearsUS$3M in Option Payments

Signing: US$50k (paid)| Month 14: US$200k |Mth 24: US$400k | Mth 36: US$600k | Mth 48: US$1.75M

Sept 2020: Nord – Encantada SpA

Oct 2020: Rubi - MDF

+fund

MRZ 20%

80%

8 years

2,000m of Drilling Committed and Delivery of a PFS>US$ 8M Exploration Expenditures


Gorbea – OverviewProject Overview

Mio-Pliocene age mineral belt 70 km north of Salares Norte, Chile 32,000 ha High sulfidation epithermal (HSE) gold property To date approx. US$16.6M spent and 17,066m drill completed


Minimum 2,000m committed drilling program for H1 2021 6,000m of drilling in 2022

Partner Newcrest International Pty Ltd. (NCM)

Option Agreement Highlights

Executed in January 2019 NCM exercised Farm-in Option in Dec 2020 with US$ 500k payment Minimum additional US$15M exploration expenditure for 51% project

ownership Delivery of a positive Feasibility Study or US$ 100M in additional

expenditures for 75% project ownership US$ 9.2M spent and 5,426m diamond drilling completed by NCM

Geology A large land package containing nine projects in the Gorbea Belt Large outcropping gold systems was identified at the Atlas and Titan

projects Atlas Project: potential project expansion indicated by the

geochemical footprint is larger than the area covered by the drilling


Drilling Map 2019/2020

164m @ 0.52 g/t Au

129m @ 0.54 g/t Au incl. 10m @ 2.09 g/t Au

114.1m @ 1.07 g/t Auincl. 36m @ 2.49 g/t Au

Gorbea – Exploration Results at Altas TargetCross Section

Exploration highlights to date: Defined a large, low grade envelope of mineralization measuring some

865 x 600 x 240m Some of the best continuous drill intersections to date include:

114m at 1.07 g/t Au including 36m at 2.49 g/t Au, and 129m at 0.54 g/t Au including 10m at 2.09 g/t Au


AltazorProject Overview

Mio-Pliocene age mineral belt, northern Chile 33,300 ha High sulfidation epithermal (HSE) gold property 60 km via paved highway south from the village of Socaire Near a well-maintained gravel road connecting northern Chile and

Argentina and a 20 km south of 345 kV powerlines


2,000 m drilling program planned for Q3/4 2021*

Partner Newcrest International Pty Ltd. (NCM)


Executed in November 2017 Minimum US$10M exploration expenditure for 51% project

ownership Delivery of a positive Feasibility Study or US$100M in additional

expenditures for 75% project ownership

Geology District-scale, zoned alteration system Preserved at a level that could conceal HSE gold deposits

beneath a “barren” steam-heated cap rocks and post-mineral cover

Geological features identified that are similar to other multi-million ounce discoveries in the Mio-Pliocene mineral belt

Two main target areas are defined for drilling * Subject to ongoing community engagement process


CoronaciónProject Overview

Mio-Pliocene age mineral belt, northern Chile 1,200 ha Porphyry and high sulfidation epithermal (HSE) copper/gold

project 85 km SW of Socaire and 240 km ESE from Antofagasta Accessible to the main road to the Socompa International pass


3,000m drilling program for H1 2021*

Partner First Quantum Minerals (FQM)


Executed in September 2019 Annual cash payments totalling US$875,000 Minimum 10,000 m of drilling Delivery of a NI 43-101 Prefeasibility Study Report for 80% project

ownership

Geology Two main target areas are identified Potential presence of a porphyry/breccia system A large 600 by 800 m Cu-Mo geochemical anomaly on the western

side within the overall 3 by 2.5 km alteration halo is defined

* Subject to ongoing community engagement processReconnaissance program identified two key target areas

Permits application

Community Consultation

3,000 m drilling

aWork FQM is currently working on


RubiProject Overview

Paleocene age mineral belt, northern Chile 7,500 ha Porphyry copper project Lies at relatively low elevation (1,900 – 2,100m ASL) Year-round access via well maintained gravel roadways Adjacent townships with a trained mining workforce, nearby roads,

power, water grid and an operating mill and smelter


2,000m drilling program for Q2 2021

Partner Mine Discovery Fund Pty Ltd. (MDF)


Executed in October 2020 2,000m drilling commitment Delivery of a Prefeasibility Study Report for 80% project ownership Minimum US$8M exploration expenditure Mirasol acting as the operator

Geology Two large-scale targets (the Lithocap and Zafiro) are identified with potential to host a large-scale porphyry deposit

N

Potrerillos


NordProject Overview

Eocene-Oligocene Copper Porphyry belt of northern Chile 1,967 ha Altitude of 3,200 to 3,900m ASL Polymetallic Intermediate Epithermal and Porphyry prospect


Initial 6-month fieldwork program planned Scout drilling program expected in Q2 2021

Partner Encantada SpA, an affiliate of Mineria Activa


Executed in September 2020, four-year term Annual cash payments totalling US$3,000,000 for 100% project

ownership US$500k exploration expenditures over two years 2% NSR retained by Mirasol

Geology Potential for vein type polymetallic (Cu, Zn, Pb, Ag, Au) epithermal mineralization and porphyry style mineralization

Chile

N


TSX.V: MRZOTCPK: MRZLFFor Further Information:

Patrick Evans, Chair & Interim CEOJonathan Rosset, VP Corp. Development

Tel: (604) 602 9989Email: [email protected]: www.mirasolresources.com

Coronación Project, Chile

mailto:[email protected]://www.mirasolresources.com/

FOCUSED �ON �DISCOVERYSlide Number 2Corporate HighlightsBoard of DirectorsManagement TeamShare Structure and TreasuryMission and StrategyProject Portfolio at a GlanceProject Portfolio Status Flagship Project – Inca Gold, ChileInca Gold – Exploration ProgramInca Gold – Exploration ProgramFlagship Project – Sascha Marcelina, ArgentinaSlide Number 14Slide Number 15Featured Project – Virginia, ArgentinaVirginia – Exploration ProgramVirginia – Exploration ProgramSlide Number 19Slide Number 20Slide Number 21Slide Number 22Slide Number 23Slide Number 24Slide Number 25Slide Number 26Slide Number 27Slide Number 28

focused on discovery...economic geology over than 20 years of experience in mineral exploration...

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