Corporate Presentation

FORWARD LOOKING STATEMENT

Certain statements in this document constitute “forward looking statements” which may not bebased on historical fact. Such forward looking statements involve known and unknown risk,uncertainties and other factors which may cause the actual results, performance or achievements ofthe Company, or industry results to be materially different from any future results, performance, orachievements expressed or implied by such forward looking statements. Such factors include,among others, the following: actual results of exploration and development activities; theestimation or realization of mineral reserves and resources; the timing and the amount of futureproduction; the costs and timing of the development of new deposits; future prices of precious andbase metals; accidents; risks inherent in mineral exploration; risks associated with development,construction and mining operations; restrictions on foreign ownership; the Company’s history ofoperating losses and uncertainty of future profitability; uncertainty of access to additional capital;environmental liability claims and insurance; and dependence on joint venture partners.

Mr. Gregory Smith, P. Geo., Vice President of Exploration for Pinecrest Resources Ltd., is the qualifiedperson as defined by NI 43-101 and has prepared and approved the technical data and informationin this corporate presentation.

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ENCHI GOLD PROJECT OVERVIEW

• 1M oz Inferred gold resource open-pit, heap leach project

• Located in Ghana’s prolific Bibiani Sheer zone which is host to several multi-million ounce gold deposits

• Preliminary Economic Assessment (“PEA”) completed in March 2015

• Economically robust at US$1,300 oz gold price: ~60,000 oz per year, Pre-Tax NPV5% $102 Million, IRR 33%, $800 oz cash costs(including royalties)

• Ashanti Style, shear hosted mesothermal gold system

• Shallow, near surface resources open in all directions, demonstrating excellent resource expansion and discovery potential

• 696km2 land package with several high priority targets

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INVESTMENT HIGHLIGHTS

41. Inferred resource using a 0.5 g/t Au cut-off grade.

Strong PEA Results

Pre-Tax NPV5%: US$102MPre-Tax IRR:33%

Strong Exploration Upside

Substantially underexplored 696km2 land package located on

prolific Bibiani Shear zone

Over 1M oz Au1

March 2014 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

Skilled technical team

Strategic Partnerships

19.9% ownership by Kinross Gold18.2% ownership by Sandstorm

Gold

Financing Acquisition

• Jan 2014 US$135M stream agreement with Franco Nevada Corporation completed on Senegal gold project

• July 2014 US$150M debt facility with Red Kite Mine Finance Trust I secured

• Feb 2015 C$46M bought deal financing completed

• Dec 2013 US$63M acquisition of Volta Resources Inc.

• June 2014 US$570M acquisition of Papillion Resources Limited

RENEWED FOCUS ON AFRICAN GOLD EQUITIES

*African focused gold companies up ~22% year-to-date (“YTD”) 5Source: Capital IQ. As of February 23, 2015.

Select Transactions in Africa

US$135M

US$150M

C$46M

US$570M

US$63M

GHANA OVERVIEW

6Source: 911 Metallurgist and Frasier Institute.

OVER 250 TONSThe amount of gold

Ghana has produced in the last 25 years

Biggest gold producer in Africa

8thBiggest gold producer

in the world

$21.5 MILLIONRoyalties 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

5thThe rank among African

countries on Frasier Institute’s Investment Attractiveness Index

CORPORATE OVERVIEW

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MANAGEMENT AND DIRECTORS

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GEORGE SALAMIS

CHIEF EXECUTIVE OFFICER & DIRECTOR

• Raised over $800M in equity and completed M&A transactions valued over $1BN

• Chairman of Integra Gold Corp.• Senior experience with Placer Dome

Inc. & Cameco Corporation

RYAN KING

PRESIDENT & DIRECTOR

• Raised over $150M in equity and completed M&A transactions valued over $500M

• Senior experience with Calibre Mining Corp. and Edgewater

GREG SMITH, P.GEO

VP EXPLORATION

• +23 years of exploration experience for junior and senior mining operations

BLAYNE JOHNSON

DIRECTOR

• Chairman of Featherstone Capital Advisors

• Senior experience at First Marathon

DOUGLAS FORSTER, P.GEO

DIRECTOR

• Senior experience with over 12 publicly traded companies on N.A. stock exchanges

EDWARD FARRAUTO

DIRECTOR

• Senior experience with Edgewater

DANIEL WILSON

COUNTRY MANAGER

• Senior experience with Ashanti Gold Fields Corporation and Red Back

CAPITAL STRUCTURE & OWNERSHIP

9Source: Capital IQ and SEDI. As of February 20, 2015.

Symbol TSX-V: PCR

Closing Price $0.39

Market Capitalization $22.7M

Shares Outstanding

Basic 54.9M

Options (avg exercise $0.22) 3.8M

Kinross Warrants (avg exercise $0.30) 5.0M

Warrants (avg exercise $0.30) 18.0M

Fully Diluted 81.7M

Fully Diluted Cash ~$11.0M

Working Capital ~$2.5M

Debt -

Fully Diluted Enterprise Value $20.4M

Management & Insiders (15%)

Capital Structure Top Shareholders

ENCHI GOLD PROJECT OVERVIEW

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REGIONAL SETTING

• Pinecrest’s flagship 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

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ENCHI GOLD PROJECT OVERVIEW

• 100%1 owned resource delineation stage gold project

• 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

121. Subject to a 10% carried interest to the Ghana government.

ENCHI MINERAL RESOURCE ESTIMATE (2014)

The 2014 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 2014 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 0.7 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.

*The July 2014 Resource Estimate was prepared by independent qualified person Todd McCracken, P. Geo. of WSP Canada Inc. (“WSP”) a technical report will be completed within 45 days. 13

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 1,078,702

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

EXPLORATION POTENTIAL

• Several high priority gold targets identified to expand the already substantial +1 million ounce near surface oxide resource with multi-million ounce opportunities

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ENCHI NEAR SURFACE RESOURCE EXPANSION OPPORTUNITY

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BOIN CLEAR EXPANSION OPPORTUNITY

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BOIN PIT SHELLSOpportunity to expand resources between zones

BOIN GOLD ZONENear surface oxide potential to expand with clear drilling gaps

MULTIPLE UNTESTED TARGETS

• Regional airbone study completed by Condor Geophysics

• Several structures appear to correlate to known mineralization, while many other similar structure patterns remain untested

• Current resource zones only make up a small fraction of total land package – significant opportunity to expand

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PEA OVERVIEW

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Disclosure

The NI 43-101 Preliminary Economic Assessment is preliminary in nature and includes inferred mineral resources that are considered toospeculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineralreserves, and there is no certainty that the Preliminary Economic Assessment will be realized. The Enchi Gold Project PEA Technical Reportwill be available on sedar in 45 days from the news release dated March 2, 2015 and was prepared by Joanne Robinson P.Eng of WSPCanada a professional independent mining engineer registered in Canada and a QP as defined by National Instrument 43-101. Mineralresources that are not mineral reserves do not have demonstrated economic viability

PEA HIGHLIGHTS

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*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 topay 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 have a 10%free carry and a 5% royalty.

Average Annual Production (Au ounces) 61,749

Metallurgical Recovery (%) 74.7%

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

Cash Cost per Ounce (US$/oz) $802.03

US$1,200/oz US$1,300/oz US$1,400/oz US$1,500/oz

Pre-Tax Payback (years) 3.4 2.8 2.6 2.4

Pre-Tax IRR (%) 23% 33% 42% 50%

Pre-Tax NPV5% (US$) $61.9M $101.9M $141.9M $181.9M

After-Tax Payback (years) 4.1 3.4 2.9 2.7

After-Tax IRR (%) 17% 24% 31% 37%

After-Tax NPV5% (US$) $35.9M $62.0M $88.0M $114.0M

Enchi Gold Project March 2015 PEA – Base Case US$1,300/oz*

MINED TONNES, GOLD GRADE AND STRIP RATIO

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PRE-PRODUCTION CAPITAL COSTS

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US$84.4M

US$35.6M42%

Processing

US$18.8M22%

Mining

US$4.4M5%

Infrastructure

US$4.9M6%

EPCM

US$5.9M7%

Construction

(Indirect)

US$3.1M4%

Owner’s Costs

US$11.8M14%

Contingencies

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SITE LAY OUT

PROCESS DESIGN

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NEXT STEPS

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NEXT STEPS & OPPORTUNITIES

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Complete metallurgical test work (heap leach opportunity)

Advance towards Prefeasibility Study, EIS, additional drilling and evaluate contract mining options to reduce initial capital and enhance already attractive project economics

Expand current resources at Sewum, Nyam and Boin deposits both along strike and at depth

Additional exploration work on high priority gold targets (Eradi, Kojina Hill (1.14 g/t Au over 68 metres)

Test multiple new drill targets identified by VTEM airborne survey