Voyageur Mineral Explorers : Corporate Summary - January 2023

CORPORATE SUMMARY

JANUARY 2023

Disclaimer

Legal Disclaimer

This presentation of Voyageur Mineral Explorers Corp. ("Voyageur" or the "Company") is for information only and shall not constitute an offer to buy, sell, issue or subscriber for, or the solicitation of an offer to buy, sell, issue or subscribe for any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The information contained herein is subject to change without notice and is based on publicly available information, internally developed data and other sources. Where any opinion or belief is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion or belief only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy, completeness or by reason of reliance by any person on any of it. This presentation should not be construed as legal, financial or tax advice to any individual, as each individual's circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances.

There are certain risks inherent in an investment in the securities of the Company that prospective investors should carefully consider before investing in the securities of the Company.

Forward Looking Information

This presentation of Voyageur contains "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of applicable United States securities legislation, together, "forward-looking statements". Such forward-looking statements contain known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements, or developments within our industry, to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "aims", "plans", "anticipates", believes", "intends", "estimates", "projects", "potential", and similar expressions, or that conditions "will", "would", "may", "could", or "should" occur. Forward-looking statements included in this presentation include, but are not limited to: (i) projected performance of the Company, including statements with respect to the Company's share price; (ii) the expected development of the Company's projects, including expectations regarding drilling and exploration activities; (iii) execution of the Company's vision and growth strategy, including with respect to any future activity; (iv) sources and availability of third party financing for the Company's projects; (v) completion of work currently underway, in development or otherwise under consideration; and (vi) future liquidity, working capital, and capital requirements. Information inferred from the interpretation of exploration results and information concerning potential mineralization may also be deemed to be forward-looking statements, as such information constitutes a prediction of what might be found to be present if a project is actually developed. There can be no assurance that such statements will prove to be accurate. Actual results and future events may differ materially from those anticipated in such statements and readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their respective dates. Important factors that could cause actual results to differ materially from the Company's expectations could include among others: risks related to fluctuations in mineral prices; uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical, or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the properties in question; political uncertainty; the Company's inability to obtain property rights and interests as currently proposed or at all; uncertainties in the estimation of any potential future mineral resources or reserves; the possibility that required permits may not be obtained in a timely manner or at all; the possibility that capital and exploration costs may be higher than estimated and may preclude or render future exploration and development uneconomic; risk of accidents, equipment breakdowns or labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or other unanticipated expenses in work programs; the risk of environmental contamination or damage resulting from the Company's operations; risks associated with title to mineral properties; risk associated with the COVID-19 pandemic; and other risks and uncertainties discussed elsewhere in the Company's documents made publicly available from time to time. These statements are based on a number of assumptions; including assumptions regarding general market conditions, the availability of financing for proposed transactions and programs on reasonable terms, and the ability of outside service providers to deliver services in a satisfactory and timely manner. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as expressly required by applicable securities laws the Company undertakes no obligation to update these forward-looking statements in the event that managements beliefs, estimates, opinions or other factors, should change.

Public Data

This presentation also contains or references certain industry data which is based upon information from independent industry publications, market research, public company disclosures, analyst reports and surveys and other publicly available sources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third party sources referred to in this presentation and accordingly, the accuracy and completeness of such data is not guaranteed.

Qualified Person

Mr. Dan McCormack, who is a "qualified person" as defined under National Instrument 43‐101, has reviewed and approved the scientific and technical information in this presentation. Mr. Dan McCormack has verified the data disclosed in this presentation and no limitations were imposed on his verification process.

2 VOYAGEUR MINERAL EXPLORERS CORP. CSE:VOY

Corporate Structure

Shares Outstanding (basic)	32,268,397
Warrants ($0.50)	1,386,682
Options ($0.40-0.50)	2,425,000
Shares Outstanding (f.d.)	36,080,079
Market Cap (basic, $0.35)	$11.3M
Cash (August 31, 2022)	$1.4M
Management	Board of Directors
Robert Cudney, Executive Chairman	Robert Cudney
Fraser Laschinger, CEO	Fraser Laschinger
Marina Katsimitsoulias, CFO	William Phillips
	Brent Peters
	Ross Orr

Ownership Distribution

4.7%

39.2%	31.1%

25.0%

Management & Board Northfield Capital

Close Associates

Other

3 VOYAGEUR MINERAL EXPLORERS CORP. CSE:VOY

Asset Overview

Royalties

• Voyageur owns valuable royalties on a total of 7 properties being explored and/or developed by 3 operators.

Operator	Project	Royalty
Foran Mining Corporation	McIlvenna Bay	C$0.75/t ore mined
	Bigstone	2% NSR
	Balsam	2% NSR
	Reed	2% NSR + 6% NPI
Callinex Mines Inc.	Pine Bay	1% NSR
Rockcliff Metals Corp.	Morgan Woosey	2% NSR
	Cook	1% NSR

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Mineral Properties

• Voyageur boasts one of the largest portfolios of mineral properties in the Flin Flon-Snow Lake greenstone belt, totaling approximately 21,000 hectares.
• The belt contains several world-class sized Cu-Zn-Au deposits that were past-producers as well as active mining operations.
• The Company holds properties that are:
• • Highly prospective for shallow vein-hostedAu-Ag resources where previous work revealed consistent mineralization exists but was not followed up.
  • Areas containing Cu-Zn-Au similar to the Flin Flon-Snow Lake deposits, but not explored using updated genetic models for mineralization, or where limited exploration has been done at depths below 200 metres.

McIlvenna Bay - Foran Mining Corporation

C$0.75 Net Tonnage Royalty

• Infill and expansion drilling in 2021 was very successful - Foran announced an updated NI 43-101 mineral resource estimate1 with a 70% increase in Indicated resources compared to the 2019 resource estimate.
• In Q3 2021, Foran welcomed Fairfax Financial Holdings Limited as a strategic shareholder via C$100M private placement.
• Feasibility study2 announced in Q1 2022 shows robust economics with base case pre-tax NPV7% of C$678M and IRR of 26% over an 18.4 year mine life at a planned throughput rate of 4,200 tonnes per day. At current prices, the study shows a pre-tax NPV7% of C$1.49B and 46% IRR.
• In Q2 2022, Foran announced the discovery of the Tesla Zone within the McIlvenna Bay project.
• In Q3 2022, Foran announced a proposed investment of up to C$200M by the Ontario Teachers' Pension Plan Board.

McIlvenna Bay 2022 Probable Mineral Reserve Estimate (US$90/t NSR cut-off)

	Tonnes	Cu	Zn	Au	Ag	Cu Eq
Probable Reserves	(Mt)	(%)	(%)	(g/t)	(g/t)	(%)
Main Lens - Massive Sulphide	10.1	0.99	5.43	0.51	23.8	3.41
Copper Stockwork Zone	15.6	1.39	0.41	0.45	9.9	1.92
Total Probable Reserves	25.7	1.23	2.39	0.47	15.3	2.51

1. See Foran disclosure for notes on resource estimate effective September 6, 2021. Source:Foran news release dated October 14, 2021
2. See Foran disclosure for notes on feasibility study and mineral reserve estimate effective February 23, 2022. Source:Foran news release dated February 28, 2022

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