TSXV:NAR

Update on the Qilalugaq

(Naujaat) Diamond Project

Repulse Bay / NaujaatMeeting with Mayor and Council

May 19, 2015

This presentation contains projections and forward looking information that involve various risksand uncertainties, including, without limitation, statements regarding the potential extent ofmineralization, resources, reserves, exploration results and plans and objectives of North ArrowMinerals Inc. These risks and uncertainties include, but are not restricted to, the amount ofgeological data available, the uncertain reliability of drilling results and geophysical and geologicaldata and the interpretation thereof and the need for adequate financing for future exploration anddevelopment efforts. There can be no assurance that such statements will prove to be accurate.Actual results and future events could differ materially from those anticipated in such statements.These and all subsequent written and oral forward-looking statements are based on the estimatesand opinions of management on the dates they are made and are expressly qualified in theirentirety by this notice. The Company assumes no obligation to update forward looking statementsshould circumstances or management's estimates or opinions change.

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FORWARD LOOKING STATEMENT

1. About North Arrow Minerals

2. History of the Qilalugaq Project

3. Review of Summer 2014, 1500 Tonne Sampling Program

4. Results of Diamond Recovery and Timing of Valuation

5. The Way Forward - What Could be Next for Qilalugaq?

PRESENTATION SUMMARY

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Nick Thomas – Manager of Investor and Community Relations

Denise Lockett – Community Relations Consultant

Rob Campbell – Project Geologist

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a Vancouver, BC based public company.

We trade on TSX Venture Exchange: NAR

We have no operating mines; exploration only.

Our people have been a part of past diamond discoveries in Canada; including the DiavikDiamond Mine in the NWT.

Who Are We?

Here Today:

NORTH ARROW MINERALS

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Lac de Gras (NT)

Pikoo (SK)• Partnership with Stornoway

Timiskaming (ON/QC)• Partnership with Stornoway

Redemption (NT)

Mel (NU)

Luxx (NU)

Qilalugaq (NU)

• Partnership with Stornoway

PRINCIPAL DIAMOND PROJECTS

2000-2005BHP Billiton discovered kimberlites -the volcanoes that carry diamonds to the surface.

2006-2012 Stornoway identified Q1-4 kimberlite as the most important.

2013North Arrow Minerals partners with Stornoway

20141500 tonne sample of the Q1-4 kimberlite to recover approximately 400 carats (~80 grams) of diamonds to be valued. Same weight as 30 dimes.

Naujaat

Q1-4 kimberlite

QILALUGAQ PROJECT HISTORY

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Determine the amount of kimberlite…

=48.8 million tonnes

Determine the number of carats of diamonds…

=53 carats of diamonds per hundred tonnes of kimberlite

Determine the value of thediamonds in the kimberlite…

=?

ASSESSING THE Q 1-4 KIMBERLITE

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Q1-4 kimberlite outline

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Q 1-4 2014 SAMPLE LOCATION

Q1-4 sampletrench locations

Central Pit

West Pit

2006-07 sample locations

N

Q1-4 SAMPLING PROCESS

Mega-bags were set up on stands by sample site ground staff. Kimberlite was broken up and scooped into mega-bags by excavator. Consistent sample size per bag was ensured by ground staff. Once full, ground staff broke down stands and prepared mega-bag

for helicopter pick-up and delivery at sample laydown area in Repulse Bay.

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S

Central Pit

Area

West Pit

Area

Silt Fence

2007 Sample

Pit

The view looking south July 6, 2014

Q1-4 SAMPLE SITE– PROGRESS OVER TIME

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SW

Central Pit

West Pit

Silt Fences

2007 Sample

Pit

The view looking southwest July 13, 2014

Q1-4 SAMPLE SITE– PROGRESS OVER TIME

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WCentral

Pit

West Pit

Silt Fences

2007 Sample

Pit

The view looking west July 25, 2014

Q1-4 SAMPLE SITE– PROGRESS OVER TIME

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WCentral

Pit

West Pit

Silt Fences

2007 Sample

Pit

The view looking west August 13, 2014

Q1-4 SAMPLE SITE– PROGRESS OVER TIME

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North Arrow’s Sampling Team reach the planned goal of 1650 bags of kimberlite

~1500 tonnes

1688 bags were ultimately collected and shipped for processing.

Q1-4 SAMPLE – ACHIEVING THE GOAL

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SAMPLE LAYDOWN AREA – REPULSE BAY

E

Sample laydown area with final 1688 mega-bags. Cost to this point ~$1.7 million.

August 15, 2104

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SAMPLE SITE RECLAMATION

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The Central Pit looking south, August 14, 2014

SAMPLE SITE RECLAMATION

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The Central Pit looking south, August 22, 2014

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SAMPLE SITE RECLAMATION

The West Pit looking west southwest, August 10, 2014

SAMPLE SITE RECLAMATION

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The West Pit looking west, August 22, 2014

SAMPLE SITE RECLAMATION

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The reclaimed sample areas looking west, August 22, 2014

Central Pit

West Pit

2007 Sample

Pit

SAMPLE TRANSPORT

Sealift from Repulse Bay to Montreal by truck to DMS processing lab in Thunder Bay.21

LOCAL EMPLOYEES & COMMUNITY SUPPORT

BENEFITS OF THE 2014 PROGRAM

Accommodations (Co-op) $48,000

Sea Cans (Co-op) $10,000

Co-op (cargo, groceries, truck rental, misc.) $30,452

Northern Store (groceries) $4,932

Hamlet (fees, services) $18,205

HTO (sponsorship and support) $6,000

Diesel Fuel $4,171

Wages $36,802

Total Program (to get sample to Montreal) $2,400,000

Total Nunavut Expenses (42% of total) $1,000,000(includes air transport, sea lift shipping)

Total Expenses in Repulse Bay

$160,000

(6.7% of total)

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Q1-4 DIAMONDS – WHY WE TOOK THE SAMPLE

Bulk sample questions:

Are there bigger diamonds (>1 carat or 0.2 grams?)

Are yellow diamonds a predictable population?

Do the yellow diamonds extend into the larger sizes (>1 carat)?

Selection of +9 DTC diamonds from the Q 1-4 kimberlite, Qilalugaq Project, NU

Earlier work by Stornoway and BHP suggested a diamond value on par with ‘typical Canadian smalls’ but the parcel of diamonds was too small.

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DIAMOND RECOVERY RESULTS

Mini-bulk sample final results(May 2015)

384 carats from 1,353 dry tonnes of kimberlite

Largest stones: 4.42 cts, 4.16 cts, 3.53 cts; all yellow cubic aggregates.

9.0% yellows by stone count.

21.5% yellows by carat weight.

Yellow diamond population is significant.

+9 DTC and above “run of mine” from 1,353 dry tonnes of the Q1-4 kimberlite

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DIAMOND RECOVERY RESULTS

Mini-bulk sample final results(May 2015)

384 carats from 1,353 dry tonnes of kimberlite

Largest stones: 4.42 cts, 4.16 cts, 3.53 cts; all yellow cubic aggregates.

9.0% yellows by stone count.

21.5% yellows by carat weight.

Yellow diamond population is significant.

+9 DTC and above “run of mine” from 1,353 dry tonnes of the Q1-4 kimberlite

+9 DTC stones only with yellows

separated into different hues.+11 DTC stones only with yellows

separated into different hues.

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DIAMOND RECOVERY RESULTS

Mini-bulk sample final results(May 2015)

384 carats from 1,353 dry tonnes of kimberlite

Largest stones: 4.42 cts, 4.16 cts, 3.53 cts; all yellow cubic aggregates.

9.0% yellows by stone count.

21.5% yellows by carat weight.

Yellow diamond population is significant.

+9 DTC and above “run of mine” from 1,353 dry tonnes of the Q1-4 kimberlite

+9 DTC stones only with yellows

separated into different hues.+11 DTC stones only with yellows

separated into different hues.+9 and +11 DTC white diamonds with a +11 DTC yellow diamond.

DIAMOND VALUE – DUE IN JUNE

Small parcel of diamonds =

wide range of possible

prices

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• 384 carat parcel of Q1-4 diamonds are in Antwerp being valued.

• Report will provide a range of values that will try to predict what could be achieved in a mining scenario.

• a modeled “base case value” with a “minimum value” and a “high value”.

Diamond Valuation of384 carats

High $ Rangebase case

greater than ~$200 US/ct??

Medium $ Rangebase case between

$150 and $200 US/ct??

Low $ Range

If diamond price range comes back too low no further work will be done

on the project.

Spring Drilling

Program 2016

Further work on resource, geology & grade; winter road

support; cheap.

Spring Drilling

Program 2016

Further work on resource, geology & grade; winter road

support.

Summer Drilling

Program 2015

Heli supported; Aug & Sept; work on resource, geology &

grade.

If the modeled values are well-received by the

market NAR can raise more money to

advance the project in a timely manner.

ARCHAEOLOGICAL STUDY – ROAD ROUTE

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Week long archaeology study

Conducted between last week of July and the first week August.

Purpose: to search for and record any heritage sites to be avoided in the planning of potential all-season road routes to the worksite.

Opportunity as an assistant to the archaeologist (one or two people).

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Evolution of a Diamond Project

Exploration to Production

Mine Discovered Production Timeline

Ekati 1991 1999 8

Diavik 1994 2003 9

Snap Lake 1997 2008 11

Victor 1987 2008 21

*Gahcho Kue 1995 2016 21

*Renard 2003 2016 13

*in development - production estimate28

WHERE ARE WE IN THE BIG PICTURE?

EXPLORATION DISCOVERY FEASIBILITY PERMITTING DEVELOPMENTFINANCING PRODUCTION

Diamond projects take 10-12 years on average to get from discovery to

production (if un-interrupted)

Qilalugaq ProjectWe are here

BHPB Discovery in 2003 2014

NEXT STEPS: IF DIAMOND VALUE RANGE IS POSITIVE

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summer 2015spring 2016

Delineation Drilling Program 8,000m – 10,000 m drill program to better understand the geology, dimensions and grade of the Q1-4 kimberlite.

2.

spring 2016Permission, Permitting - Road PlanningIncludes road feasibility study - cost, routing etc.

3.

summer 2016Road buildingRoad to Q1-4 from Repulse Bay.

4.

summer & fall 2016spring 2017

Feasibility Level Bulk Sample of Q1-4 Bigger bulk sample required for larger parcel of diamonds - ~15,000 tonnes to recover 4000 carats

5.

summer 20151. Move to a Preliminary Economic Assessment or “PEA”

This will give an early stage idea of what a mine at Q1-4 would look like and how economic it could be.

Evolution of a Diamond Project

Exploration to Production

WHERE ARE WE IN THE BIG PICTURE?

EXPLORATION DISCOVERY FEASIBILITY PERMITTING DEVELOPMENTFINANCING PRODUCTION

Still 4-6 years before potential production if the deposit was bulk

sampled for 4000 carats, for a feasibility level valuation of the

diamonds in 2017

If we completed a 15,000 tonne bulk sample to recover 4000 carats we would be here in…

We could be

BHPB Discovery in 2003 2017

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QILALUGAQ – TICKING OFF THE BOXES

View looking south-southwest from Q1-4 kimberlite towards Repulse Bay

Jurisdiction- Nunavut has settled land claims; AEM’s Meadowbank gives permitting path.

Near tide water - improved logistics; sealift available; proximity to workforce.

Large tonnage – 48.8 million tonnesinferred resource.

Good grade – 53.6 cpht.

Blue sky – Inferred resource only to 205m.; TFFE 7.9 – 9.3 m cts to 305 m.15 additional kimberlite bodies.

? Diamond valuation – Expected H1 2015.

Potential for rapid assessment – positive valuation will lead directly into a PEA.

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TSXV: NAR

Ken ArmstrongPresident & CEO

Nick ThomasManager Investor and Community Relations

Suite 960-789 West Pender StreetVancouver, BC

Canada V6C 1H2Tel: +1.604.668.8354Fax: +1.604.336.4813

info@northarrowminerals.com

www.northarrowminerals.com

@narminerals

facebook.com/northarrowminerals

We will be back in July to communicate whether there will be a summer drilling program and what job opportunities may be available.

ᖁᔭᓐᓇᒦᒃ Qujannamiik!