Anthem recently declared commercial production at its
Koricancha Mill gold processing plant in the Arequipa region of
Peru. Positive operating margins have been established and
Anthem is currently focused on increasing throughput to the
available capacity of 350 tonnes per day.
The Company is adequately capitalized for its current and
forecasted operations. However, current payments of the 18%
Value Added Tax in Peru in absence of current refunds
necessitates an increase in near-term working capital to:
• finance the accumulating VAT balance prior to establishment of
regular refunds in Q1, 2016; and
• for deployment in increasing throughput and operating cash
flow.
Accordingly, Anthem United is conducting a limited financing
for up to US$2 million(1).

(1) Terms and nature to be established. Financing expected to include private placement of equity and forward gold sale (mutually exclusive of each other).

VALUE ADDED TAX – A TEMPORARY ISSUE
Koricancha pays 18% Value Added Tax (“VAT”) on substantially all
operating costs in Peru, including for acquisition of mineralized
feed for the mill.
To date, Anthem United has approximately $2 million of
recoverable VAT on the balance sheet. Further, Anthem is
incurring an additional almost $300,000 in VAT monthly at
current throughput.
While all VAT the Company pays is considered fully refundable,
Anthem does not expect to collect any VAT until mid-Q1, 2016
based on regulated timelines.
Payment of VAT, in absence of refunds, is extracting available
liquid working capital at a rate that in incompatible with
maintaining current operations and increasing throughput.

(1) Forecast monthly VAT payments at given throughput based on results to date.

ROBUST BUSINESS MODEL CONFIRMED
• Koricancha has been processing mineralized feed at approximately 2500+ tonnes per month over the last three months.
Koricancha has monthly available capacity of 10,000+ tonnes per month.
• Operating results at Koricancha to date confirm potential for attractive margins generating meaningful EBITDA.
• Increasing throughput toward capacity exponentially increases EBITDA as per unit processing costs decrease.

ADDITIONAL MARGIN UPSIDE POTENTIAL
In addition to increasing throughput, there is substantial potential
to increase margins in the business:
• With establishment of VAT recovery, increase acquisition of
higher grade and higher margin mineral feed.
• Obtain license for wholesale purchase of diesel (recently
obtained), connect to grid power (18 months).
• Complete commissioning of onsite water well, decreasing need
for purchased water.
• Optimize cost structure, cut legacy costs from construction and
commissioning.

COMPELLING INVESTMENT OPPORTUNITY
•Operating margins at Koricanchaare currently positive.
•Immediately on commencement of regular recovery of VAT (expected in Q1), Koricanchais expected to be net cash flow positive.
•Increasing throughput exponentially increases cash flow, additional opportunities to increase margins.
•Shares currently trading at the low end of year to date range.
•Financing is limited, additional dilution minimal.

The forward-looking statements contained in this presentation constitute management’s current estimates as of the date of this presentation with respect to the matters covered herein. We expect that these forward-looking statements will change as new information is received and that actual results will vary, possibly in material ways. While we may elect to update this forward-looking information at any time, we do not undertake to do so.
This presentation is not, and under no circumstances is to be construed as, a solicitation or an offer of any kind. The matters set forth in this presentation do not constitute an agreement or offer that may be accepted. Accordingly, no person may bring a claim or action against another for a failure to negotiate, agree or enter into any agreement with respect to matters contained in the presentation.