TSX.V: AVU
FRANKFURT: 8AM
US OTC: AVPMF
-Alvalade JV-
Advancing Copper Discovery on the
Iberian Pyrite Belt
TSX.V: AVU 2
Some of the statements contained in this presentation are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number
of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of
work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by
a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable
efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to
return a profit from production. This presentation does not constitute an offer of the securities described herein.
Grade and tonnage information for the historic Lousal, Caveira, and São Domingos Mines has been collected from a variety of sources, all compiled before the
existence of National Instrument 43-101. Information provided must be considered to be speculative in nature, and must not be used in any sort of resource or reserve
calculations. The information is meant only to give the reader some idea of what may be possible in the Pyrite Belt.
For Lousal, the numbers are compiled from numerous historic operator production reports. These reports are incomplete, but they indicate that the mine hoisted about
238,000 metric tonnes per year from 1953 through its closure in 1988. The production estimate extrapolated an annual production of 238,000 metric tonnes per annum
back to 1900, and is believed to provide a reasonable maximum production estimate. No mining estimates have been made for the Caveira Mine, and the Sesmarias
discovery has not been mined. Avrupa’s QP has reviewed the data and has verified its existence and accuracy. The historic resource estimates are contained in a report
authored by Leistel et al in 1998, estimated a global mineral inventory of 50 Mt grading 0.7% Cu, 0.8% Pb, and 1.4% Zn for the Lousal Mine. The Caveira Mine does not
have any known global mineral inventory. The Sesmarias discovery has limited scout drilling and no global mineral inventory.
For São Domingos, the resource estimate was compiled from historic reports. The 1963 Mason & Barry Annual Report indicates that nearly 22 million metric tonnes had
been extracted during 106 years of production, and the reserves were expected to run out at the end of 1965. No newer resource estimates have been done for the São
Domingos Mine. The work needed to provide a modern estimate has not been done, but would include re-analysis of historic core, drilling, sampling, and three-
dimensional modeling. Avrupa’s QP has reviewed the data and has verified its existence and accuracy.
The work needed to provide a modern estimate has not been done, but would include re-analysis of historic core, drilling, sampling, and three-dimensional modeling.
Avrupa’s QP has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company does not treat the historical
estimate as current mineral resources or mineral reserves.
Present production information concerning active operations in the Pyrite Belt has been collected from each mine operator’s website, or from widely disseminated news
releases.
Qualified Person: Mr. Paul W. Kuhn, M.S., C.P.G., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised the
preparation of the technical information in this release.
Disclaimers
TSX.V: AVU
UTILIZING EXPERIENCED TECHNICAL MANAGEMENT
3
Early-stage projects are a Risk-Filled business. We Minimize risk by:
Avrupa is a Hybrid Opportunity Generator
FOCUSING ON WORLD CLASS DISTRICTSIberian Pyrite Belt (Portugal), Vardar Trend (Kosovo)
WORKING IN MINING FRIENDLY JURISDICTIONSPortugal, Kosovo, and other prospective areas of Europe
RESULTING IN A GREAT TRACK RECORD (2011 to present)2 new discoveries, 2 NI 43-101 compliant resource estimates, at least 2 drill programs
each year; 1 extensive scoping study completed
REVIVAL OF FLAGSHIP ALVALADE PROJECT (2020)New partner; extension of mineralization in Ses North area, new targets
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Summary of Projects
100%-owned ProjectsPortugal
• Pyrite Belt ExplorationKosovo
• Slivovo Au-Ag (re-acquiring)
Projects optioned outPortugal
• Alvalade – MATSA
Available projects:• Generative alliances in Kosovo,
Morocco, and Portugal
South Portugal
Alvalade (Cu-Zn)
Kosovo
Slivovo (Au-Ag)
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Plans for 2021
Continue work on MATSA Pyrite Belt Joint Venture at the Sesmarias VMS
prospect, Alvalade license, Portugal – Underway
Review and test new targets around the Alvalade license -- Underway
Pyrite Belt Exploration and possible project acquisition – 2021-22
New projects, generative exploration in Portugal and Kosovo – 2021-22
Look for JV partner for earn-in to Slivovo Gold Project – Underway
Review of new gold project opportunities around Europe – Underway
Potential entrance/acquisition into new European mining jurisdictions –
Starts in 2021
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Financing History
Equity fundraising to date: C$15 million
Partner funding to date: C$24 million
>1.5 C$ in partner funding for each 1.0 C$ in equity fundraising
Goal is to have our investors profit while building further support for our projects.
8%
8%
15%
4%
6%
3%4%
52%
Major Holders
POC
Management
European Funds
Investor #1
Investor #2
Investor #3
Investor #4
Other
Tightly held share structure (as of 03/29/2021)
32.7 million shares outstanding
42.8 million shares fully diluted
48% of shares held by insiders, family, and large shareholders
Share Structure
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Funds from Partnerships
Historic Cash from JV’s and Operating Partners
• Antofagasta spent US$6,456,000 from beginning of project in 2011 to 2015 for work at
Alvalade. Antofagasta vested at 60%. Antofagasta share was bought out by Colt Resources in
September, 2015. Colt spent €1,000,000 through mid-2017 before leaving the project.
• Blackheath spent €1,683,000 since the beginning of work at Covas in 2011, and vested at 75%.
Project dropped, license expired.
• Byrnecut spent €4,000,000 for work at Slivovo in Kosovo including funding an extensive project
study to earn in to 85%. Spent a further €2,705,000 in exploration funding through November
2019, diluting AVU to the 2% NSR participation level.
• Callinan (now Altius) advanced C$150,000 to Avrupa as part of the Exploration Alliance
Program in 2013.
• Callinan (now Altius) also advanced C$150,000 to explore the Alvito license in return for a 1.5%
NSR at Alvito.
• Lowell Copper funded €137,000 for work at Alvito IOCG Project in 2015.
• OZ Minerals funded €1,136,000 for continuing exploration work at Alvito in 2017-18.
• MATSA has funded €1,200,000,to date, to advance the Alvalade Project. Work continues.
• HISTORIC TOTAL: >16.5 million euros or >24 million C$
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Management and Directors
Mark T. Brown – Director, Executive Chairman
• President, Pacific Opportunity Capital, a financial consulting firm
• Previously at PriceWaterhouseCoopers, Miramar, and Eldorado Gold
• Founder/Financier of Rare Element Resources; listed it on NYSE Amex.
Paul W. Kuhn – Director, President and CEO
• 40 years exploration experience in North America, Turkey, Central, Asia, and Europe
• Gold and base metal discoveries in Turkey, Kosovo, and Portugal
Paul Dircksen – Director
• Director, Timberline Resources
• +40 years of leadership in exploration and project evaluation
• Involved in nine gold discoveries; seven became operating mines
Paul I. Nelles – Director
• +40 years worldwide experience in metals exploration management and production
• Previously Deputy Managing Director of Kosovo Trust Agency and Trepça Manager,
United Nations Mission in Kosovo (UNMIK)
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Management and Directors
Frank Högel – Director
• CEO, Peter Beck Performance Funds GbR and Advisory Board of Concept Capital Management
• MBA, Financial Management, from University of Nürtingen, Germany
Winnie Wong – CPA, CA, CFO
• VP, Pacific Opportunity Capital, a financial consulting firm
• CFO of other publicly listed companies on the TSX Venture Exchange
TSX.V: AVU
PROVEN EXPERIENCED TECHNICAL TEAM• We have updated and advanced new geo-structural exploration model for Pyrite Belt in Portugal
• Resulted in two discoveries already within Alvalade license and expansion of the Sesmarias deposit
• Will drive increase of resource in CLS District – Sesmarias, Lousal, Monte da Bela Vista, Caveira
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Quality development projects are not found everywhere. We provide the following unique opportunities:
Avrupa in the IPB, Portugal
WORLD CLASS MINING REGION – The Iberian Pyrite Belt• One license – Alvalade, 115 square kilometers
• Two former operating mines – Lousal, Caveira
NEW DISCOVERIES IN OLD MINING DISTRICTCaveira – Monte da Bela Vista – Lousal – Sesmarias (CLS District):
• 20 km strike length
• 50 mt sulfide resource, only 15-20 mt mined historically at Lousal
• Potential for more at new discoveries at Sesmarias and Monte da Bela Vista
• Potential for more at Lousal and Caveira
MINING FRIENDLY PORTUGAL
TSX.V: AVU
Pyrite Belt – Mines and deposits
Iberian Pyrite Belt
Producing Mine
Past Producer
Known Deposit
Rail Line
Lisbon
Setubal
Sines
Odemira
Faro
HuelvaSevilla
Aracena
Beja
Badajoz
Madrid
Sevilla
Lisbon
50 km
Lousal
AljustrelS. Domingo
La Zarza
Los FrailesAnzalcollar
Aguas Tenidas
Sotiel
Rio Tinto
Las Cruces
S. Telmo
Lagoa Salgada
Caveira
Neves Corvo
SPAIN
PO
RT
UG
AL
Tharsis
More than 85 known deposits and ~2 billion mt of contained metal
sulfides. Dwarfs the size of all other VMS districts in the world.
Sesmarias
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• Las Cruces produced 54,352 Mt of cathode
copper in 2020.
• Aguas Tenidas produced 538,660 Mt of
copper-zinc-lead-silver cons in 2018.
Operating three separate mines, including
Magdalena Mine and re-opened Sotiel
Mine.
• Neves Corvo produced 101,175 Mt of
copper and zinc in 2020.
• Aljustrel produced 28,000 tonnes of copper
in 2016.
• The historic Rio Tinto re-opened in
2015. Production in 2020: 55,890
tonnes of copper.
• Aznalcollar being re-opened
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AVU flagship project in Portugal
• World class district
• Large land package
• Metal resource in situ
• Potential to increase resource
• Potential for fast mine startup
• New discoveries
• Alvalade
Brownfields to Developmento Lousal Mine
o Caveira Mine
o Sesmarias Discovery
o Monte da Bela Vista
• Strong JV Partner
MATSA has three operating mines
in the Spanish Pyrite Belt
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11/2020Drilling starts in 8 Lens
sector
6/2021SES21-033: 22 meters
of massive sulfide in 53-meter mineral zone
Alvalade – Now 100% AVU
Optioned to MATSA
6/2020Alvalade license
issued to JV entity
1/2021VTEM survey
completed
6/2021SES21-036: 17 meters of
massive sulfide in 82-meter mineral zone
6/2021Drilling continues in
8 Lens sector
11/2019Optioned to
MATSA
6/2021MATSA completes
1st year earn-in
TSX.V: AVU
• MATSA can earn-in to 51% of theAlvalade Project by spending 2.4 m Eurosand by paying Avrupa 400,000 Euros.
• MATSA can earn-in to 85% by providing a“bankable feasibility study” on any oneprospect and by making all requiredsuccess payments to original jointventure partner.
• Drilling program commenced in Q4 2020– 10 holes, 5271.7 meters to date, in SESnorth zone, “8” lens area.
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Alvalade optioned out to MATSA
Minas de Aguas Teñidas, S.A.U. (MATSA) is a private Spanish mining company, which owns and operates three mines in
the province of Huelva (Andalusia, Spain): Aguas Teñidas, Magdalena, and Sotiel. MATSA also holds 1,312 km2 of
exploration permits in the south of Spain and 1,106 km2 in Portugal. Focused on innovation and the most advanced
technology to develop modern and sustainable mines, MATSA is a 50:50 joint venture company of Mubadala Investment
Company, a sovereign investor managing a global portfolio aimed at generating sustainable returns for its shareholder, the
Government of Abu Dhabi, and Trafigura, one of the world’s leading commodity trading houses.
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Expansion of the «8» Lens – 2020 to present
Exploration excellence – Alvalade JV
• At SES north zone, 8 Lens extended to
south by 350 meters – geochemical results
pending for SES21-037, 038, 039, and 040.
• Mineral horizon extended to north, but
further drilling needed to confirm presence
of massive sulfide mineralization.
• Now targeting SES central zone,
underneath SES002/003 discovery holes.
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SES008 (2014)5.0 meters @ 0.64% Cu, 36.8 ppm Ag, 0.94% Pb, 1.54% Zn – mineralization
cut off by faulting
SES21-03322.25 meters @ 0.42% Cu, 39.3 ppm Ag, 1.05% Pb, 2.07% Zn, 0.58 ppm Au –
in massive sulfide mineralization
SES21-03617.00 meters @ 0.39% Cu, 34.1 ppm Ag, 1.10% Pb, 2.11% Zn, 0.4 ppm Au – in
massive sulfide mineralization
SES21-037 Results pending
SES21-038 Results pending
SES21-039Results pending
Expansion of the «8» Lens – 2020 to present
Exploration excellence – Alvalade JV
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SES002 DISCOVERY10.85 meters @ 1.81% Cu, 75.27 ppm Ag, 2.57% Pb, 4.38% Zn, 0.13% Sn
SES0061.5 meters @ 1.61% Cu, 54 ppm Ag, 2.30% Pb, 3.66% Zn, 0.091% Sn --
mineralization cut off by faulting
SES0085.0 meters @ 0.64% Cu, 36.8 ppm Ag, 0.94% Pb, 1.54% Zn – mineralization
cut off by faulting
SES009 2.3 meters of massive pyrite (did not analyze)
SES010 DISCOVERY 57.85 meters @ 0.45 g/t Au, 25.1 g/t Ag, 0.32% Cu, 0.61% Pb, 1.95% Zn
SES007/SES011/SES012Massive sulfide fragments in fault zones at target depth, indicating tectonic re-
mobilization of massive sulfide mineralization.
Discovery of the «2» Lens and «10» Lens – 2012 to 2014
Historic exploration excellence
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SES019 51.70 meters @ 0.44% Cu, 2.71% Zn, 0.40 g/t Au
SES020
Four zones of massive sulfide mineralization:
• 9.70 meters @ 0.25% Cu, 0.99% Zn, 0.57% Pb, 24.7 ppm Ag, 0.40 g/t Au
• 22.25 meters @ 0.55 Cu, 0.66% Zn, 0.59% Pb, 20.54 ppm Ag, 0.55 g/t Au
• 9.10 meters @ 0.32% Cu, 0.52% Zn, 0.14% Pb, 11.31 ppm Ag, 0.68 g/t Au
• 18.80 meters @ 0.33% Cu, 0.64% Zn, 0.14% Pb, 6.40 ppm Ag, 0.26 g/t Au
SES02114.80 meters @ 0.36% Cu, 0.40% Zn, 0.29% Pb, 9.82 ppm Ag, 0.43 g/t Au
SES02252.10 meters @ 0.43% Cu, 0.98% Zn, 0.49% Pb, 17.31 ppm Ag, 0.62 g/t Au
Follow-up and extension of the «10» Lens -- 2015
Historic exploration excellence
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SES026 28.95 meters @ 0.48% Cu, 1.31% Zn, 0.52% Pb, 15.7 ppm Ag, 0.77 g/t Au
Further enlargement of the “10” Lens – 2018/19
• Open-ended potential of the
“10” Lens, to the north
• Mineralization seen in holes
over 1000 meters to the
north – new, detailed work
suggests multiple lenses,
hosted in black shale
mineral horizon, on limbs of
separate folds
• “2” Lens hosted in/adjacent
to vertical fault zone, has
better grades, needs grid
drilling
• More possible horizons
• Undrilled targets
Plan view of the Sesmarias Discovery area, with known
mineralization in red. Note the large, unexplored area to the north of
10 Lens.
Historic exploration excellence
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Caveira-Lousal-Sesmarias - Alvalade
Fresh look at an old district
• Mining history since pre-Roman times
• Lousal Mine – mined for pyrite, with copper-zinc sulfides left in the
ground
o Estimated 50 mt 0.7% Cu, 1.4% Zn
o Only 15-20 mt of high S material mined
• Caveira Mine – mined for pyrite, with copper-zinc sulfides left in the
ground and gold on the dumps and in the tailings
o Estimated 3-5 mt mined
o Little information as to what is left
• Sesmarias Discovery – Blind discovery located 8 km south of Lousal
o Is this the other half of Lousal?
o 2,000 meters strike length of sulfide mineralization
o Five major targets are drill-ready
• Recent VTEM geophysical survey indicates new targets from Caveira
to Sesmarias – Plan for exploration drilling in Q3/Q4 2021
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Mining in Portugal
Portugal is a safe, stable mining-friendly jurisdiction.
• Can permit a new mine
• Can build a new mine
• Excellent infrastructure
• Amenable taxation and royalty system
• Government supports mining
• Stable political system
• Local support high
• Ready/able workforce available
• Two operating world class mines in the Portuguese IPB
o Neves Corvo (Lundin Mining)
o Aljustrel (Almina – Minas do Alentejo, S.A.)Historic Lousal Mine
TSX.V: AVU
PROVEN EXPERIENCED TECHNICAL TEAM• We developed new geo-structural exploration model for Vardar Trend in Kosovo
• Resulted in one discovery already within Slivovo license
• Will drive further exploration in Kosovo
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Quality development projects are not found everywhere. We provide the following unique opportunities:
Avrupa in Kosovo
WORLD CLASS MINING REGION – The Vardar Trend• Re-acquisition of Slivovo Gold Project underway
NEW DISCOVERIES IN OLD MINING DISTRICTSlivovo Gold Project:
• NI-43-101 resource of approximately 125,000 ounces gold
• Total spent on Project ~ 7 million euros
• Byrnecut and Avrupa agree to «Drop and Apply» procedure
• Kosovo mining bureau expected to issue new exploration permit to Avrupa Kosovo
MINING FRIENDLY KOSOVO
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Avrupa Kosovo plans
Re-acquire Slivovo exploration license in Q3/Q4 2021 -- dependent on
Kosovo mining bureau, ICMM
• Advance Project through earn-in joint venture
• Several potential partner candidates
• Exploration and resource drilling (2022)
• Complete EIS and update Pre-Feasibility study (2022-2023)
• Apply for mining license and advance PFS to full feasibility
study (2023)
• Project generation throughout Kosovo through exploration alliance
• Area around/near Slivovo, Metovit
• Areas of National Interest (one application in process)
• New areas: Au, Cu, Pb-Zn-Ag, Ni
• 3rd Party submittals
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Avrupa Minerals - Summary
Unique opportunities in a world class districts.
In Portugal, modern review of past-producing mines repeats the Aljustrel
story – metamorphosis from a defunct pyrite mine to a world class
polymetallic mine.
In Portugal and Kosovo, 21st century exploration models applied to old
districts repeat the Neves Corvo story – new ideas have already resulted in
discoveries at Sesmarias and Monte da Bela Vista on the Alvalade Project in
Portugal, and at the Slivovo Project in Kosovo.
Around Europe and Mediterranean Basin, reviewing new possibilities in
Portugal, Scandinavia, Balkans, and Morocco
São Martinho target area, Marateca
TSX.V: AVU
FRANKFURT: 8AM
US DTC: AVPMF
Contact us:
www.avrupaminerals.com
Mark T. Brown – Director, Executive Chairman
Phone: +1-604-687-3520, ext. 242
Paul W. Kuhn – Director, President, and CEO
Phone: +351-92-5972240