Profitable Market Share Voyageur’s high-grade barite creates competitive advantages selling into both the oilfield and the industrial markets for barite. Close proximity to the Canadian & northern USA oilfield drilling industries allows Voyageur to capture significant market share profitably as “the lowest cost” barite supplier in those markets.

January, 2015 Presentation

Why Barite is Essential to Drilling

Barite is used in the majority of wells drilled worldwide to control pressure, prevent cave in and dangerous uncontrolled release of oil and gas while drilling. Currently, no suitable alternatives or substitutes exist.

Worldwide Barite Shortage Poised to continue as demand for energy increases worldwide

The world’s top barite producers are in decline » China (>45%), India (18%), totalling 63% » 2012-2013 Chinese production declined 9.5% » India declined 12% » Total world production declined 7.6% (USGS) » China’s increased domestic drilling and consumption has

continued to put upward pressure on price and international supply

Bob Boyle of Baroid » “Since about 1980 no new (barite) mines have been

developed and no new exploration has occurred. There have been no new deposits in the last 25 years. It is only now that people are looking for new resources.” (Industrial Minerals Magazine)

Worldwide Supply Constraints

During the past seven years, shortages of high-grade barite caused a rapid appreciation of barite prices

Shortages also forced the API to reduce the density requirement of oilfield grade barite

» from 4.2 specific gravity (s.g.) down to 4.1s.g. » as a means of extending the reserves of older,

increasingly depleted mines

Due to supply constraints barite prices have never experienced a major price correction in the past 20 years

Comparison of Domestic Barite Production and Percentage Share of Total Barite Used for Drilling in the United States

BARITE IS NOW A STRATIGIC CRITICAL MINERAL IN THE USA! Barite – A Case Study of Import Reliance on an Essential Material for Oil and Gas Exploration and Development Drilling (Bleiwas & Miller, USGS SIR, 2014)

API Lowers Spec to 4.1 s.g.

Barite demand is increasing in China

China has more shale gas than the U.S. » As China consumes more of its

own barite – prices will keep rising.

China produces 44% of barite consumed worldwide » Other High Growth Countries

with Shale Gas will begin competing for barite

USGS IS CONCERNED ABOUT CRITAL SUPPLY SHORTAGE AND CHINA

This slide is from a USGS presentation on the reason barite is a strategic critical mineral.

• “What happens when (not if) China develops these resources?

• Are we prepared for possible supply disruptions that result from a rapid increase in demand for barite (and other) minerals used for hydrocarbon production?"

http://minerals.usgs.gov/minerals/pubs/nmic/

USA Natural Gas Demand To Increase By 27.5% = ± 14,000 new wells to be drilled /yr

Replacement of coal power with gas power. 6.8% increase in demand from 2014 levels US natural gas demand to increase up to 5 Bcf/d as coal exits by 2020: S&P Washington (Platts)-- 30Sep2014

LNG USA. 18% increase in demand from 2014 levels 13.22 Bcf/day LNG terminals under construction and approved. (Office of Energy Projects, Feb 5, 2015)

Mexico to triple natural gas imports from the USA, 2.7% increase in demand, 2.0 Bcf/day, in addition drilling in Mexico is set to increase to record levels. (https://www.energyaspects.com/publications/view/mexico-goodbye-or-hello)

Proposed LNG USA and Canada =54.4%

Increase in Demand. 27% increase in demand, 20.12 Bcf/day proposed LNG projects (Office of Energy Projects, Feb 5, 2015)

Future Canadian LNG Drilling Boom Constant Drilling Required to Keep Pipelines Flowing Will Increase Barite Demand in BC

“Given the steep production declines associated with shale and tight- gas, drilling rates of more than 3,000 new wells per year would be required to ramp up production to required export levels, followed by nearly 2,000 wells per year to maintain production.” (Geoscientist and shale gas expert David Hughes)

Western Canadian Price History Barite prices do not track oil prices due to the worldwide barite supply constraints

$465.21

$467.00

$500.00

$45.00

$85.00

$10

$60

$110

$160

$210

$260

$310

$360

$410

$460

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

CDN$

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Oil U

S$/b

bl

Relation Between Oil Price and Barite Price in Central Alberta

Barite Price CND$

Oil Price US$

Linear (Barite Price CND$)

Linear (Oil Price US$)PROJECTED

FUTURE PRICES

Three NI 43-101 Compliant, High-Grade Barite Properties

Frances Creek 552.2 Ha » 1,949m drilled in 2003 and 2005 » 600m of strike on surface and a depth of 50m,

open to depth and strike » Industrial Grade and Oil Field Grade Barite

Jubilee Mountain 1089.5 Ha » 10,259m drilled from 1996 to 1998 » Mine produced 40,000 metric tonne until 2005 » Oilfield Grade Barite

Pedley Mountain 173.5 Ha » “The Pedley Mountain barite bearing structure is

known to be 150m on strike, with a possible strike distance of 1200m. It is also known to be 100m on dip, with subcrops further down dip suggesting a total dip length of 150-200m. Consequently, the barite resource available at this prospect could be quite large.” Source: 43-101 2014

» Industrial-Grade and Oil Field-Grade Barite

Jubilee Mountain

Close to Radium Hot Springs BC » accessible by paved highway and well-

used logging roads

Discovered in 1996 » Drilling from 1996 to 1998 » The mine produced a 50,000 metric

tonne bulk sample.

Jubilee Mountain Drilling History: 10,259m Drilled

1997: 218 meters

1998: 2955 meters

1999: 573 meters

2000: 5327 meters

2001: 1186 meters

Frances Creek: 1108 meters Drilled

High-grade barite within a vertical barite fault and associated breccia zones

Easily accessible » Located 40km from radium hot springs BC

and easily accessible

1,949m drilled in 2003 and 2005 » 600m of strike on surface and a depth of

50m » Drill indicated mineralization is 167,278

tonnes* » Open to depth and strike

* No qualified person has done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The company is not treating the historical estimate as current mineral resources or mineral reserves.

Pedley High-Grade Barite

“The Pedley Mountain barite- bearing structure is known to be 150m on strike, with a possible strike distance of 1,200 m. It is also known to be 100m on dip, with sub-crops further down dip suggesting a total dip length of 150-200 m. Consequently, the barite resource available at this prospect could be quite large.” (Source: 43-101. 2014)

Production history with a known geology

Pedley High-Grade Barite

Looking down-strike on the Pedley vein. 10,000 tonne previously mined from this site.

Production history with a known geology

Excellent Logistics

All properties are located on maintained roads » direct access to major highways

Estimated Economics

Worst Case: 10% BariteOre Grade

Middle Case: 35% BariteOre Grade

Best Case: 50% Barite OreGrade

Total Profit $96.25 $253.39 $272.25Administration Costs $20.00 $20.00 $20.00Packaging Barite $20.00 $20.00 $20.00Milling Barite $25.00 $25.00 $25.00Trucking Lump Barite to Exshaw Mill $18.75 $18.75 $18.75Crushing & Gravity Separation $20.00 $5.71 $4.00Underground Mining $200.00 $57.14 $40.00

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Economics at $400/metric tonne

High-Grade Barite for the Industrial Market

Industrial-grade barite sells for 50%-70% higher prices than oilfield-grade barite

Extensive, diverse market in North America » Filler in paints and

plastics » Chemical industry » Pharmaceutical markets

Voyageur barite grades tested at 95%-99% BaSO4

Two Target Markets = Financial Diversification And Stability

INDUSTRIAL BARITE MARKET Estimated 400,000 metric tonnes per year in North America. (USGS)

Prices for Industrial-grade barite are at a premium due to the fact that high grade barite is very rare. The majority of barite deposits worldwide do not meet industrial grade specifications.

OILFIELD-GRADE MARKET (TONNES/YR)

Source Data: usgs.com, 2013

Risk Factors

• As barite prices continue to rise more companies will begin exploration and new mines will come into production in the future adding to supply which may lower prices in the long term.

• Geological risks may prove that the current barite deposits are not economic after drilling is completed.

• Political risks ; government change in BC at the local, provincial and federal level could change the environment for mining investment in the province.

Conclusion

» Three deposits; three potential mines » Excellent location to maximize market share » Experienced management team » Experienced Board of Directors » Barite prices at record levels » Voyageurs high grade deposits will potentially allow revenue streams

from origin to the end user in the oilfield and the Industrial markets » All deposits are accessed by maintained roads to major highways » Long term growth potential with future LNG projects

Founders’ Experience

Brad and Brent Willis The company founders, Brad Willis, P.Eng Mining and Brent Willis Bsc.Eng Petroleum, together developed two grassroot barite deposits from discovery to producing mines.

The founders have discovered multiple economic deposits including the largest heavy mineral sands deposit in Mexican history.

43 years’ combined mineral exploration, mine development, milling operations experience and corporate management experience.

International trade & barite producer relationships.

Wide network of oil & gas drilling relationships

John Rucci Chairman of the Board and CEO John Rucci brings over 35 years of experience running public companies in the mining and oil and gas industry.

Experienced, Professional Board of Directors and Officers

John M. Rucci, President & CEO, Chairman of the Board Mr. Rucci graduated from University of Calgary in 1977 with a Bachelor of Commerce degree. During the past 33 years Mr. Rucci has been involved with numerous public and private companies. He has been involved in many start-up companies, providing deals and consulting services to these ventures. From 1996 to 1997 he was director of Fort Point Resources Ltd., a public oil and gas company trading on the Vancouver Stock Exchange. From 1996 to 2001, he was chairman of the board for United Tex-Sol Mines Inc., a publicly traded gold exploration company. From 2001 to 2013, Sienna Gold Inc. ( name now changed to Peruvian Precious Metals PPX on TSX Venture Exchange).

D. Richard Skeith, Lawyer, Norton Rose Canada, Director Mr. Skeith has over 30 years experience as a solicitor advising a variety of private and public corporations. In addition he has been or is currently a director or officer of a number of public and private companies in the oil and gas exploration and development and services sectors, in mining, biotechnology, real estate and telecommunications. Mr. Skeith is a director of the Corporation.

Andrew S Burgess, Chairman Audit Committee, Director Mr. Burgess has a B. Comm (Hons) degree from the University of Manitoba and is a Chartered Accountant (Alberta) and Certified Public Accountant (Illinois). He has been director and officer in several listed mineral exploration and mining companies including Consolidated Brinco Ltd., Western Canadian Mining Corporation, Sulphurets Gold Corporation, Dominion Explorers Inc., Ecstall Mining Corporation, United Tex-Sol Mines Ltd., Sienna Gold Corporation and Spectrum Mining Corporation. These companies have been involved in the mining of asbestos and coal and the exploration for Cu, Au, Pb, Ag and REE. Projects include the Quinsam coal mine, the Kerr/Sulphurets Cu/Au porphyry deposit, the Croinor Au deposit, the Akie sedex hosted Pb-Zn deposit, the Clavos Au deposit, and the Wicheeda REE deposit.

Declan B. Livesey, P. Eng., PhD., Director, Independent Engineering Consultant (PhD Mining Wales, 1974). Dr Livesey has over 30 years experience in the mining and oil and gas industries. He has held a number of management positions within major resource companies including VP Operations and Engineering with a major US corporation.

Joe Scarlet, Director Former Senior Executive Sales, Drilling Services Secure Energy Services and New West Drilling Fluids.

Brent Willis, Bsc.Eng, COO, Vice President Corporate Development, Officer President Blackfire Exploration Ltd, Brent has over 19 years’ experience successfully leading, managing and advancing complex Canadian and international projects in the mining industry. Career highlights include successfully executing and advancing the Jubilee Barite Mining Operation (Tiger Ridge Resources Ltd.) and the Payback Barite Mining Operation (Blackfire Exploration Ltd.) from discovery to production which includes overseeing and managing multiple competing and complex priorities to effectively resource the people, technical, financial and logistical components to ensure efficient implementation of all exploration and operational activities. In addition to his full cycle involvement in bringing two mines into production, Brent is also responsible for co- discovering Mexico’s largest polymetallic ore deposit and developing new projects in Canada, Mexico, and China.

Bradley C Willis, P. Eng., Vice President Exploration, Officer Mr. Willis has 25 years Experience in the exploration and mining industry and has created two Canadian exploration companies focusing on barite exploration and mining. He has been directly responsible for the exploration and discovery of multiple exploration projects and has coordinated entire projects from grass roots exploration to underground and surface mine production. Brad is also responsible for the discovery of the Iron Man polymetallic oxide mineral sands project in Mexico.