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Brazilian Gold

F E B R U A R Y 2 0 1 7

Disclaimer

The information provided in this presentation is of a general nature only. Although it has been prepared in good faith with all due care there can be no guarantee that it will continue to be accurate in the future. No one should act or rely upon the information but should undertake their own independent due diligence or seek appropriate professional advice. To the extent permitted by law Crusader Resources Limited ("Crusader") excludes all liability from any statement in, or omission from, this presentation. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Crusader securities in any jurisdiction.

Forward Looking Statements

This presentation may contain certain forward looking statements and projections regarding:

estimated resources and reserves;

planned production and operating costs profiles; planned capital requirements; and

planned strategies and corporate objectives.

Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Crusader.

The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved.

Crusader does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws.

Competent Person Statement

The information in this report that relates to Juruena Gold Project exploration results, Posse Iron Ore Project exploration results and Borborema Gold Project exploration results released after 1 December 2013, is based on information compiled or reviewed by Mr. Robert Smakman who is a

full time employee of the company and is a Fellow of the Australasian Institute of Mining and Metallurgy. The information in this report that relates to Mineral Resources at the Juruena Gold Project is based on information compiled or reviewed by Mr. Lauritz Barnes and Mr. Aidan Platel

who are independent consultants to the company and Members of the Australasian Institute of Mining and Metallurgy. Each of Mr. Smakman, Mr. Barnes and Mr. Platel have sufficient experience that is relevant to the type of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr.

Smakman, Mr. Barnes and Mr. Platel consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.The information in this report that relates to:

  1. Borborema Gold Project and Posse Iron Ore Project Exploration Results released prior to 1 December 2013 is based on information compiled or reviewed by Mr Robert Smakman who is a full time employee of the company;

  2. Borborema Gold Mineral Resources is based on information compiled by Mr Lauritz Barnes and Mr Brett

    Gossage, independent consultants to the company;

  3. Borborema Gold Ore Reserves is based on information compiled by Mr Linton Kirk, independent consultant to the company;

  4. Posse Fe Mineral Resources is based on and accurately reflects, information compiled by Mr Bernardo Viana who is a full time employee of Coffey Mining Pty Ltd,

and who are all Members of the Australasian Institute of Mining and Metallurgy (Rob Smakman and Linton Kirk being Fellows), and who all have sufficient experience that is relevant to the type of mineralisation and type of deposit under consideration, and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Each of Mr Smakman, Mr Lauritz Barnes, Mr Kirk, Mr Viana and Mr Brett Gossage consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

This information was prepared and disclosed under the JORC Code 2004. It has not been updated since to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported..

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Crusader Resources

Advanced Projects Proven Experience

Crusader's current Brazilian Operations

2017

Exploration

Mining

Processing

Sales & Distribution

  • Discovered, developed and operate in Brazil

    12+ years in country experience.

  • Proven ability to advance projects from exploration to production

  • Undervalued - transitioning from Iron ore to Gold Production. Gold value not represented in current valuation.

  • Two advanced gold projects - Combined 2.7Moz Au, Expenditure of ~ $70M

    • Borborema - 1.61Moz Au Reserve*

      2.4Moz Resource 95,000m drilled

    • Juruena - 260koz Resource* 52,000m drilled

      PEA Q1 2017

  • Management and operational team in place

* Refer to Appendices for full Resource & Reserve details 3

Pipeline of Advanced Gold Projects

Juruena Gold 260koz

Borborema

Juruena

Ownership

100%

100%

Stage

PFS - Final Permitting

PEA, Early Development Option

Reserve

1.6Moz

-

Resource

2.43Moz

260koz

Mining Method

Open pit

Bulk Tonnage

Open pit -

underground

High Grade 15 g/t.

Processing Method

CIL - 2Mtpa

CIL - 100k tpa

Production Profile

~ 75koz/yr

~ 40koz/yr

LOM

10 yrs +

5 yrs

Licences

Operating Licence Granted Alteration Licence Pending

Trial Mining Licence Granted

Target

+100koz pa

+50koz pa

Infrastructure

Road, power, water,

Labour

Road, Barge, Airstrip,

Camp

Borborema Gold 2.4Moz

BRAZIL

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* Refer to Appendices for full Resource & Reserve details

Crusader Resources Limited published this content on 24 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 February 2017 22:53:10 UTC.

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