Pinecrest Resources Investor Presentation 2017

1. Corporate Presentation
Open-pit Gold Heap Leach
Opportunity in Ghana, West Africa
May 2017

2. FORWARD LOOKING STATEMENT
2
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained on this presentation. This presentation contains "forward-
looking information" concerning Pinecrest Resources (“Pinecrest “ or the “Company”) future financial or operating performance and other statements that express management's
expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as
“seeks”, "believes", "anticipates", "plans", “continues”, "budget", "scheduled", "estimates", "expects", "forecasts", "intends", “projects”, “predicts”, “proposes”, "potential", “targets” and
variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would", “should” or "might" "be taken", "occur" or "be achieved".
Forward-looking statements included in this presentation include statements regarding potential mineralization and mineral resources, the potential development scenarios for the various
Gold-Silver Projects, including information with respect to the supporting infrastructure, the potential life of mine, rates of production and the effects of steps taken to mitigate local
impacts and the expected completion dates of exploration and drilling, exploration results, estimated and future exploration and administration expenditures, the timing and results of
preliminary economic assessments, other development studies, and future plans and objectives of Pinecrest. While all forward-looking statements involve various risks and uncertainties,
these statements are based on certain assumptions that management of Pinecrest believes are reasonable, including that it will be able to obtain financing and on reasonable terms, that
its current exploration and other objectives can be achieved, that its exploration and other activities will proceed as expected, that its community and environmental impact procedures
will work as anticipated, that general business and economic conditions will not change in a material adverse manner, that Pinecrest will not experience any material accident, labour
dispute or failure or shortage of equipment, and that all necessary government approvals for its planned exploration and potential development activities will be obtained in a timely
manner and on acceptable terms. There can be no assurance that the forward-looking statements will prove to be accurate and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause actual results to differ materially from the Pinecrest’s expectations include, among others, the actual results of
current exploration activities being different than those anticipated by Pinecrest, changes in project parameters as plans continue to be refined, changes in estimated mineral resources,
future prices of metals, increased costs of labor, equipment or materials, availability of equipment, failure of equipment to operate as anticipated, accidents, effects of weather and other
natural phenomena, risks related to community relations and activities of stakeholders, and delays in obtaining governmental approvals or financing. Although Pinecrest has attempted to
identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. Pinecrest does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking
information or statements whether as a result of new information, future events or otherwise, except as required by law.
PEA Disclosure
The NI 43-101 Preliminary Economic Assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Preliminary Economic
Assessment will be realized. The Enchi Gold Project PEA Technical Report is available on SEDAR and was prepared by Joanne Robinson P.Eng of WSP Canada a
professional independent mining engineer registered in Canada and a QP as defined by National Instrument 43-101. Mineral resources that are not mineral reserves do
not have demonstrated economic viability.
This presentation is not an offer to purchase securities and does not constitute an offering document under Securities legislation.
Mr. Gregory Smith, P.Geo, the President and CEO of the Company, is the Qualified Person as defined by NI 43-101, and has prepared and approved the technical data and information in
this presentation

3. INVESTMENT HIGHLIGHTS
31. Inferred resource using a 0.5 g/t Au cut-off grade.
Strong PEA Results
Pre-Tax NPV5%: US$102M
Pre-Tax IRR: 34%
Post-Tax5%: US$62M
Pre-Tax IRR: 25%
Strong Exploration
Upside
Substantially underexplored
568km2 land package located on
prolific Bibiani Shear zone
Over 1M oz Au1
April 2015 NI 43-101 compliant
Technical Report
Stable Mining
Jurisdiction
Ghana is Africa’s 2nd largest gold
producer and the world’s 8th largest
Strong Management
Value Creation with Proven
Execution
Strategic Shareholders
16% by Kinross Gold
38% by Insiders

4. ENCHI GOLD PROJECT OVERVIEW
4
• Open Pit Gold Project: +1 million ounce Inferred gold resource
• Stable Mining Location: Located in Ghana’s prolific Bibiani Shear zone which is host to several
multi-million ounce gold deposits (Chirano Gold Mine, Bibiani Gold Mine) (in-country mining by
Newmont, Goldfields, Randgold, Kinross)
• Preliminary Economic Assessment Highlights; US$1,300 oz gold price: 61,749 oz per year, Pre-
Tax NPV5% US$102M, IRR 34% and US$802 oz cash costs (including royalties) After-Tax NPV5%
US$62M and IRR 25%
• Significant upside: Under explored Ashanti Style, shear hosted mesothermal gold system
• Expansion potential: Shallow, near surface resources open in all directions, demonstrating
excellent resource expansion and discovery potential
• Drilling: 568km2 land package with drilling planned for 2017 testing numerous high priority gold
targets

5. 2015 PEA HIGHLIGHTS (OWNER OPERATED)
5
*2.0% NSR to Kinross Gold and US$10 for each newly defined ounce of gold contained in any new NI 43-101 M&I mineral resource estimate or any ounce of gold mined, whichever occurs first. Such amount shall be payable in cash or, at
Pinecrest’s option, in common shares of Pinecrest, provided that, Pinecrest shall not be entitled to elect to pay in common shares if such issuance would result in Red Back holding more than 20% of the issued and outstanding shares of
Pinecrest. The Ghana government has a 10% free carry and a 5% royalty.
Average Annual Production (Au ounces) 61,749
Metallurgical Recoveries (Oxide/Transition/Sulphide %) 75/75/73%
Strip Ratio (w/o) 3.16
Mine Life (years) 8.7
Pre-Production Capital Costs (US$) $84.4M
LOM Sustaining Capital Costs (US$) $38.6M
LOM Cash Cost per Ounce (US$/oz) $802.03
US$1,200/oz US$1,250/oz US$1,300/oz US$1,350/oz
Pre-Tax Payback (years) 3.4 3.0 2.8 2.7
Pre-Tax IRR (%) 24% 29% 34% 38%
Pre-Tax NPV5% (US$) $61.9M $81.9M $101.9M $121.9M
After-Tax Payback (years) 4.1 3.7 3.4 3.1
After-Tax IRR (%) 18% 22% 25% 29%
After-Tax NPV5% (US$) $35.9M $49.0M $62.0M $75.0M
Enchi Gold Project April 2015 PEA – Base Case US$1,300/oz*

6. Adjusted Enterprise Value1 / Avg. LOM Production (US$/oz)
6
VALUE OPPORTUNITY
FDITM Market Cap (US$M) $22 $74 $134 $308 $278 $152 $33 $226 $24 $84
Asset Name (name) Hasbrouck Bombore Cerro Quema Eagle Volta Grande Castle Mountian Enchi Amulsar Kobada Relief Canyon
Au Total Resources (Mozs) 1.1 5.8 0.7 4.4 6.8 5.0 1.1 4.8 2.2 0.8
Head Grade (g/t) 0.58 0.76 0.77 0.67 1.02 0.85 0.91 0.79 1.25 0.72
Gold Recovery (%) 76% 87% 86% 71% 93% 83% 75% 87% 82% 80%
Strip Ratio (x) 1.10 1.07 0.72 0.95 4.27 6.90 3.16 2.20 3.28 3.45
LOM Avg Annual Prod. (kozs) 74 116 79 189 205 176 62 225 53 89
Development Capex (US$M) $151 $266 $117 $288 $298 $271 $84 $370 $45 $22
EV / Total Resource (US$/oz) $24 $10 $161 $55 $32 $29 $26 $34 $9 $99
Adj. EV1
/ Avg. LOM Prod. (US$/oz) $3,094 $3,024 $2,926 $2,808 $2,494 $2,348 $1,976 $1,460 $1,327 $1,175
Source: FactSet, company disclosure; 1. Adjusted Enterprise Valued calculated as Enterprise Value + Remaining Development Capex
$3,094 $3,024 $2,926 $2,808
$2,494
$2,348
$1,976
$1,460 $1,327
$1,175
West Kirkland Orezone Orla Victoria Belo Sun Newcastle Pinecrest Lydian African Gold Pershing
Peer Average: $2,295

7. 7
VALUE OPPORTUNITY
Enterprise Value / Total Resources (US$/oz)
Source: FactSet, company disclosure
Head Grade (g/t)
$99
$58
$55
$34 $32 $29 $26 $24
$10 $9
Orla Pershing Rye Patch Victoria Lydian Belo Sun Newcastle Pinecrest West Kirkland Orezone African Gold
Peer Average: $51
1.25
1.02
0.91
0.85
0.79 0.77 0.76 0.72 0.67
0.58
0.45
African Gold
(Kobada)
Belo Sun
(Volta Grande)
Pinecrest
(Enchi)
Newcastle
(Castle Mountian)
Lydian
(Amulsar)
Orla
(Cerro Quema)
Orezone
(Bombore)
Pershing
(Relief Canyon)
Victoria
(Eagle)
West Kirkland
(Hasbrouck)
Rye Patch
(Florida Canyon)
Peer Average: 0.79
$161

8. PINECREST TEAM – TRACK RECORD OF SUCCESS
8
George Salamis, Chief Executive Officer & Director
Ryan King, President & Director
Greg Smith, Vice President Exploration
Daniel Wilson, Country Manager Ghana
Dr. John Thomas, Technical Advisor
Blayne Johnson, Advisor & Director
Doug Forster, Advisor & Director
Edward Farrauto, Director
Doug Hurst, Director
Mike Vint, Director

9. CAPITAL STRUCTURE & OWNERSHIP
9Source: Capital IQ and SEDI. Market Capitalization priced as of market close on May 9, 2017
Symbol TSX-V: PCR
Shares Outstanding
Basic 62.1M
Options (avg exercise $0.26) 8.6M
Kinross Warrants (avg exercise $0.30) 5.0M
Warrants (avg exercise $0.30) 18.0M
Fully Diluted 93.7M
Working Capital ~C$2.5M
Market Capitalization ~C$27.9M
16%
Management & Insiders
38%
Capital Structure Top Shareholders

10. RENEWED FOCUS ON AFRICAN GOLD EQUITIES
African focused gold companies up ~25% year-to-date (“YTD”)
10
Select Transactions in Africa
US$150M
C$46M
US$570M
A$180M
C$240M
C$31M
Financing Acquisition
• Feb 2015; C$46M bought deal financing
completed
• July 2014; US$150M debt facility with Red Kite
Mine Finance Trust I secured
• June 2014; US$570M acquisition of Papillion
Resources Limited
• March 2016; $240M acquisition of True Gold
announced
• Feb 2015; ~A$180M acquisition of Orbis Gold
Limited announced
• December 2016; acquisition of remaining 77% of
Merrex Gold
A$118M
• February 2016; acquisition of Amara Mining

11. WEST AFRICAN GOLD DEPOSITS – NON PRODUCING
• Gold assets in West Africa with deposits >0.5M oz Au
• Opportunity to consolidate nearby West African gold
deposits
11
Toro Gold
Mako – 1.4M oz
Pinecrest Resources
Enchi – 1.1m oz
Cassidy Gold Corp
Kouroussa – 0.7M oz
Polo Resources
Nimini – 0.9M oz
Avesoro Resources
Ndablama – 0.9M oz
Viking Ashanti
Akoase – 0.8M oz
Legend Gold
DIBA/Tabakroloe– 0.9M oz
Endeavour Mining
Hounde – 2.7M oz
West African Resources
Sanbrado – 2.1M oz
SEMAFO
Natougou – 2.0M oz
IAMGOLD
Boto – 1.7M oz
IAMGOLD
Diakha-Siribaya – 1.2M oz
B2Gold
Fekola – 4.8M oz
B2Gold
Kiaka – 4.7M oz
Gold Fields Limited
Damang – 6.0M oz
Asanko Gold
Asanko Mine – 5.2M oz
Perseus Mining
Sissingue – 0.9M oz
SEMAFO
Nabanga – 0.6M oz

12. WEST AFRICAN GOLD DEPOSITS – PRODUCING
• Gold assets in West Africa with currently operating
12
Avesoro Resources
New Liberty – 1.7M oz
Nordgold
Taparko – 1.6M oz
West African Resources
Tanlouka – 1.5M oz
Robex Gold
Nampala – 1.0M oz Endeavour Mining
Karma – 3.8M oz
Roxgold
Yaramoko – 1.1M oz
Nordgold
Bissa-Bouly – 6.5M oz
Endeavour Mining
Tabakoto – 2.7M oz
Endeavour Mining
Agbaou – 1.1M oz
Endeavour Mining
Ity – 1.1M oz
IAMGOLD
Essakane – 5.1M oz
IAMGOLD
Sadiola – 8.1M oz
Asanko Gold
Nkran – 2.3M oz
Golden Star
Wassa – 5.4M oz
Golden Star
Prestea – 3.4M oz
Perseus Mining
Edikan – 6.0M oz
Teranga Gold
Sabodala – 1.2M oz
SEMAFO
Mana – 5.7M oz
Kinross
Chirano – 1.8M oz

13. $200 BILLION
Estimated value of all the gold
in Ghana’s Ashanti Belt
GHANA OVERVIEW
13Source: Fraser Institute Annual Survey of Mining Companies 2016 (February 2017); 911 Metallurgist
Biggest gold producer
in Africa
7th
Biggest gold producer
in the world
$21.5 MILLION
Royalties given back to Ghanaian
Communities between 2009 - 2011
$500 MILLION
The amount of tax
resulting from gold
produced in Ghana for
2011
70%
The amount of West
Africa’s Gold Ghana is
believed to hold
5-10%
The amount of Ghana’s labor force
employed by gold mining
2nd
6th / 2nd
Ghana’s rank among African
countries on Fraser Institute’s
Overall Investment
Attractiveness Index and Policy
Attractiveness Index,
respectively

14. REGIONAL SETTING
• Pinecrest’s Enchi Gold Project is located on the prolific Bibiani Shear zone which hosts multi-million ounce gold
deposits
− Enchi Gold Project covers 50km of the Bibiani Shear Zone
• Located within 70km of Kinross Gold Corporation’s Chirano gold mine which produced 286,542 oz Au in 2014
14
Bibiani Deposit
Chirano Deposit
Ahafo Deposit
Esaase Deposit
Obotan Deposit
Ashanti Deposit
Perseus Deposit
Tarkwa Deposit

15. ENCHI GOLD PROJECT OVERVIEW
• 100%1 owned resource delineation stage gold project
• April 2015 NI 43-101 compliant Technical Report with an
Inferred resource of +1M oz Au
• Substantially underexplored 696km2 land package
− VTEM airborne geophysical survey identified over 25 new
exploration targets
• Resource zones Boin, Nyam and Sewum open in all directions
151. Subject to a 10% carried interest to the Ghana government.
Gold Producers

16. ENCHI MINERAL RESOURCE ESTIMATE (2015)
The April 2015 Mineral Resource estimate was based on 52,385 metres of diamond and RC drilling in 646 holes as well as data from 13,799 metres in 102 surface trenches. The
drilling is spaced at 25 to 50 metre intervals
1. CIM definition standards were followed for the resource estimate.
2. The April 2015 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
3. A base cut-off grade of 0.5 g/t Au was used for reporting resources with a capping of gold grades at 18 g/t.
4. A US$1,300/ounce gold price, open pit with heap leach operation was used to determine the cut-off grade.
5. A density of 2.45 g/cm3 was applied.
6. Numbers may not add exactly due to rounding.
7. Mineral Resources that are not mineral reserves do not have economic viability.
16
Inferred Resource
Cutoff (g/t Au) Tonnes Gold (g/t) Contained Gold (oz)
0.30 72,611,000 0.65 1,526,065
0.40 53,366,000 0.76 1,304,918
0.50 37,357,000 0.90 1,078,697
0.70 20,816,000 1.15 768,000
0.90 12,933,000 1.36 569,879
1.00 10,127,000 1.49 484,388

17. SUPERIOR DISCOVERY POTENTIAL
• Several high priority gold
targets identified to expand
the already substantial +1
million gold ounces near
surface oxide resource with
multi-million ounce
opportunities
17
2.65g/t Au over 35m
Open in all directions
1.44g/t Au over 17m Open in all directions
(900m North of Boin Zone)
3 geo-chemical anomalies
over 3km long, limited
drilling
1.13g/t Au over 34m open for
expansion
Limited drill results include: 2.0g/t Au
over 30m, 0.53g/t Au over 81m
New Gold Zone outside of resource
estimate, 1.14g/t Au over 68m
Kojina Hill
Kwakyekrom
New Gold Zone (1.51g/t Au
over 22m) Open
Sewum South 2.01g/t Au over 29m
(limited drilling)
Enchi Claim Boundary
Gold in soil anomalies
Previous drill success
Deposit, Resource zone

18. ENCHI NEAR SURFACE RESOURCE EXPANSION OPPORTUNITY
18
Potential to drill between known zones as demonstrated by Boin
and Sewum Long Sections
Near surface oxide resource expansion
potential on all resource zones
Boin/Nyam & Sewum as many other
additional untested zones

19. BOIN CLEAR EXPANSION OPPORTUNITY
19
BOIN PIT SHELLS
Opportunity to
expand resources
between zones
BOIN GOLD ZONE
Near surface oxide potential
to expand with clear drilling
gaps
125 m
Vertical
depth
Enchi Claim Boundary
Gold in soil anomalies
Prospects
Shear Zone

20. DEPTH POTENTIAL
20
• Multi-million ounce Chirano Gold Mine hosts plunging zones of gold mineralization
• Similar to gold zones on the Enchi Gold Project including known zones Boin and Nyam
• Lower grade at surface on both Chirano and Enchi Gold Project (Boin/Nyam)
• Boin/Nyam gold zones previous drilling depth of approximately 75-125 metres

21. BUILDING VALUE FOR SHAREHOLDERS
21
• Expanding Open Pit Gold Resources: +1 million ounce Inferred gold resource
• Stable Mining Location: Located in Ghana’s prolific Bibiani Sheer zone which is host to several
multi-million ounce gold deposits (Chirano Gold Mine, Bibiani Gold Mine) (in-country mining by
Newmont, Goldfields, Randgold, Kinross)
• Preliminary Economic Assessment Highlights; US$1,300 oz gold price: 61,749 oz per year, Pre-
Tax NPV5% US$102M, IRR 34% and US$802 oz cash costs (including royalties) After-Tax NPV5%
US$62M and IRR 25%
• Expansion potential: Shallow, near surface resources open in all directions, demonstrating
excellent resource expansion and discovery potential
• Drilling: 568km2 land package with drilling planned for 2017 testing numerous high priority gold
targets
• Strategic Team with Proven Track Record: Reviewing additional value creation opportunities

22. APPENDIX
22

23. OWNER OPERATED 2015 PEA HIGHLIGHTS
23
*2.0% NSR to Kinross Gold and US$10 for each newly defined ounce of gold contained in any new NI 43-101 M&I mineral resource estimate or any ounce of gold mined, whichever
occurs first. Such amount shall be payable in cash or, at Pinecrest’s option, in common shares of Pinecrest, provided that, Pinecrest shall not be entitled to elect to pay in common
shares if such issuance would result in Red Back holding more than 20% of the issued and outstanding shares of Pinecrest. The Ghana government has a 10% free carry and a 5%
royalty.
Average Annual Production (Au ounces) 61,749
Metallurgical Recoveries (Oxide/Transition/Sulphide %) 75/75/73%
Strip Ratio (w/o) 3.16
Mine Life (years) 8.7
Pre-Production Capital Costs (US$) $84.4M
LOM Sustaining Capital Costs (US$) $38.6M
LOM Cash Cost per Ounce (US$/oz) $802.03
US$1,200/oz US$1,250/oz US$1,300/oz US$1,350/oz
Pre-Tax Payback (years) 3.4 3.0 2.8 2.7
Pre-Tax IRR (%) 24% 29% 34% 38%
Pre-Tax NPV5% (US$) $61.9M $81.9M $101.9M $121.9M
After-Tax Payback (years) 4.1 3.7 3.4 3.1
After-Tax IRR (%) 18% 22% 25% 29%
After-Tax NPV5% (US$) $35.9M $49.0M $62.0M $75.0M
Enchi Gold Project April 2015 PEA – Base Case US$1,300/oz*

24. CONTRACT MINING 2015 PEA OPTION
24
*2.0% NSR to Kinross Gold and US$10 for each newly defined ounce of gold contained in any new NI 43-101 M&I mineral resource estimate or any ounce of gold mined, whichever occurs first. Such
amount shall be payable in cash or, at Pinecrest’s option, in common shares of Pinecrest, provided that, Pinecrest shall not be entitled to elect to pay in common shares if such issuance would result
in Red Back holding more than 20% of the issued and outstanding shares of Pinecrest. The Ghana government has a 10% free carry and a 5% royalty.
Average Annual Production (Au ounces) 61,749
Metallurgical Recoveries (Oxide/Transition/Sulphide %) 75/75/73%
Strip Ratio (w/o) 3.16
Mine Life (years) 8.7
Pre-Production Capital Costs (US$) $61.6M
LOM Sustaining Capital Costs (US$) $22.4M
LOM Cash Cost per Ounce (US$/oz) $961 (includes royalties and refining)
US$1,200/oz US$1,250/oz US$1,300/oz US$1,350/oz
Pre-Tax Payback (years) 2.6 2.5 2.3 2.2
Pre-Tax IRR (%) 26% 36% 44% 52%
Pre-Tax NPV5% (US$) $33.4M $53.4M $73.4M $93.4M
Enchi Gold Project Dec 2015 Contract Mining Option PEA – Base Case US$1,300/oz*

25. MINED TONNES, GOLD GRADE AND STRIP RATIO
25

26. PRE-PRODUCTION OWNER OPERATED CAPITAL COSTS
26
US$84.4M
US$35.6M
42%
Processing
US$18.8M
22%
Mining
US$4.4M
5%
Infrastructure
US$4.9M
6%
Engineering &
Procurement
US$5.9M
7%
Construction
(Indirect)
US$3.1M
4%
Owner’s Costs
US$11.8M
14%
Contingencies

27. CONTACT
RYAN KING
PRESIDENT & DIRECTOR
T: 604 628 1012
RKING@PINECRESTRESOURCES.COM
27