A CLEAR PATH TO GOLD

LEGAL DISCLAIMER
Some statements in this presentation constitute forward-looking statements within the meaning of applicable U.S. securities laws and forward-looking information within the meaning of applicable Canadian securities laws, which are collectively referred to as forward-looking statements. The United States Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. Such statements include but are not limited to statements as to the completion of the transactions between Esperanza Resources Corp. (the Company) and Pan American Silver Corp., the potential of the Esperanza Gold Project property, the Companys plans in respect of exploration and development, including: significant costs and timing thereof and other exploration properties. The forward-looking statements involve risks and uncertainties and other factors that could cause actual results to differ materially, including those relating to permitting, availability of equipment, exploration results and bringing properties into production. Please refer to a discussion of these and other risk factors in the Companys public filings with the Canadian regulators and the Form 20-F of the Company filed with the US Securities and Exchange Commission.

The forward-looking statements contained in this presentation constitute managements 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 forwardlooking 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.

TSX.V: EPZ OTCQX: ESPZF

HIGHLIGHTS
STRONG MANAGEMENT TEAM
Proven mine builders, led by former Minefinders executive and operating team.

ESPERANZA GOLD PROJECT

Accelerating to production and positive cash flow.

$38 MILLION IN CASH AND SECURITIES

Well funded to bring our first asset into production.

LONG-TERM OBJECTIVE
Building a multi-mine precious metals producer.

THE NEW TEAM

MANAGEMENT
GREG D. SMITH President & CEO Former CFO Minefinders, Chartered Accountant DANIEL OFLAHERTY Executive VP Former Director, Investment Banking at Scotia Capital ANDREW POOLER COO Former COO of Abacus Mining and Exploration Corp Senior Vice President, Mine Operations for Pan American Silver KYLIE DICKSON CFO Former Controller of Minefinders JOHANNES J. MILLER VP Operations Former Operations Manager and Acting VP Operations for Minefinders

NON EXECUTIVE DIRECTORS

WILLIAM J. PINCUS Chairman Former CEO of Esperanza with over 30 years experience as a certified professional geologist ANDREW SWARTHOUT Director CEO of Bear Creek Mining Corp. and former officer of Southern Peru Copper MARCEL DE GROOT Director Founder and President of Pathway Capital Ltd. BRIAN E. BAYLEY Director Resource Lending Advisor for Sprott Resource Lending Corp.

THE ESPERANZA GOLD PROJECT

100% ownership 15,025 hectares Gold oxide deposit

Planned conventional open-pit heap-leach operation with short construction lead-time & manageable capital requirements Updated PEA completed in September 2011
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ESPERANZA GOLD PROJECT HIGHLIGHTS

WELL DEFINED GOLD RESOURCE LOW CAPITAL REQUIREMENTS STRONG ECONOMICS FAVOURABLE LOCATION IN MEXICO LOW RISK CONVENTIONAL OPERATION (OPEN-PIT HEAP-LEACH) SILVER BYPRODUCT CREDIT EASY ACCESS TO INFRASTRUCTURE EXPLORATION UPSIDE STRONG COMMUNITY SUPPORT EXPERIENCED MINE BUILDERS QUICK TIMELINE TO PRODUCTION

ESPERANZA GOLD PROJECT PIT & EXPLORATION UPSIDE

Leach Pad Fields

Calabazas Hilltop

Cerro Jumil

Southwest Extension Landfill Power Lines

PEA HIGHLIGHTS: SEPTEMBER 2011

TWO-STAGES OF CRUSHING
AVERAGE ANNUAL GOLD PRODUCTION (KOZS) OPERATING COSTS (NET OF BY-PRODUCTS) ($/OZ AU) INITIAL CAPITAL COST ($MM) PRODUCTION RATE (KTPD) GOLD RECOVERY SILVER RECOVERY OVERALL STRIP RATIO (WASTE:ORE) NSR ROYALTY

103 499 114 20 65-75% 25% 2.2:1 3%

SEPTEMBER 2010 RESOURCE (USED AS THE BASIS FOR THE PEA)

Based on Sept. 2010 Resource including 41,500 meters of drilling (does not include positive 2011 & 2012 drilling of 22,000 meters)

TONNAGE (000S) M&I INFERRED 34,406 8,596

GOLD GRADE (G/T) 0.83 0.83

SILVER GRADE (G/T) 1.8 6.9

GOLD (KOZS) 913 230

SILVER (KOZS) 1,951 1,904

Note: Totals may not sum to 100% due to rounding

VALUE CONSIDERATIONS
As per Esperanza Gold Project 2011 Preliminary Economic Assessment

$350 AFTER-TAX NET PRESENT VALUE (US$M) IRR $300 5% NPV $250 7% NPV $200 $150 $100 $50 $0 $1,000 $1,450 $1,300 $1,400 $1,550 $1,150 $1,250 $1,600 $1,050 $1,500 $1,200 $1,700 $1,100 $1,350 $1,650

70% 60% 50% 40% 30% 20% 10% 0% INTERNAL RATE OF RETURN (%)

Based on initial 6 year mine life does not include 0.5 Moz Au resource increase

PRICE OF GOLD (US$/OZ)(1)

$1,250/oz Au After-Tax NPV5% of $165M

(1)

$1,550/oz Au After-Tax NPV5% of $270M IRR of 53%

Silver price based upon a Ag:Au price ratio of 55:1

IRR of 35%

SEPTEMBER 2012 RESOURCE

1,800 GOLD RESOURCES (KOZ) 1,600 1,400 1,200 1,000 800 600 400 200 0

M&I Resources

Inferred Resources

45 169 40 SILVER RESOURCES (MOZ) 35 30

230

25

913 @ 0.83 gpt

6 year mine life

1,474 @ 0.91 gpt

2.8

20 15 10 5 0

16.0 1.9 2.0

September 2010 Resource Gold Silver

September 2012 Resource Gold Silver

SEPTEMBER 2012 RESOURCE STATEMENT

(63,500 METERS OF DRILLING)

TONNAGE (000S) 50,336 7,970 +46%

GOLD GRADE (G/T) 0.91 0.66 +10%

SILVER GRADE (G/T) 9.9 10.9 +466%

GOLD (KOZS) 1,474 169 +61%

SILVER (KOZS) 16,015 2,793 +729% 10

M&I INFERRED INCREASE TO M&I FROM 2010

$15 million Crusher

CAPITAL COST ESTIMATE

New management to review and optimize capital costs from PEA

$6 million Heap Leach Phase II

PEA Operating Costs: <$500/oz +3% NSR TOTAL PEA CAPITAL $114 million + $15 million working capital
$25 million Support Equipment

Currently under revision

$65 million Infrastructure Leach Pad Mine Development Owner Costs Working Capital

Potential to pay for out of cash flow

$20 million Truck Fleet

Potential for contract mining

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Production

ESPERANZA GOLD PROJECT MOVING FORWARD

Obtain All Permits

Feasibility Study

Surface Land Agreement

Construction

INAH Completes Archaeological Review

Resource Update

Initiation of Feasibility Study

Completed $34M Equity Placement

Submit Permit Application

Prepare Permit Application Addition of Experienced Operating Team Expansion Drilling Q1 2012 Q2 2012 Q3 2012 Q4 2012 20132015

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ESPERANZA RESOURCES & PAN AMERICAN SILVER TRANSACTION ANNOUNCED FEBRUARY 25, 2013

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TRANSACTION STRUCTURE
Mineral Property Acquisition
La Bolsa, Pico Machay, Calcatreu

Esperanzas Pro Forma Asset Profile

Esperanza La Bolsa Pico Machay Calcatreu 26% of Global Minerals

$35 million cash $15 million standby facility

50.9 million shares 10 million warrants

Private Placement into Esperanza

Royalty Portfolio Exploration Properties $68 million Cash $15 million Standby Facility
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20.6 million shares $1.70 / share

PRO FORMA ASSET PROFILE

Reserves and Resources
Measured & Indicated Gold (koz) La Bolsa Esperanza Pico Machay Calcatreu Total 427 1,470 270 676 2,843 (g/t) 0.6 0.9 0.8 2.6 Silver (koz) 6,232 16,010 -6,606 28,939 (g/t) 9.0 9.9 -25.7 Gold (koz) 222 170 450 226 1,068 (g/t) 0.5 0.7 0.6 2.1 Inferred Silver (koz) 3,343 2,790 -1,821 7,954 (g/t) 7.6 10.9 -16.6

Asset Location
La Bolsa Esperanza

Contained Grade Contained Grade Contained Grade Contained Grade

Pico Machay

Note: La Bolsa M&I inclusive of P&P material Source: La Bolsa resource based on January 2011 technical report; Esperanza resource based on October 2012 technical report; Pico Machay resource based on April 2011 technical report press release; Calcatreu resource based on April 22, 2008 Aquiline Resources press release

Calcatreu

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CORPORATE PROFILE

GROWTH Near term gold production in Mexico Substantial production potential Leading mid-tier gold producer by 2016 HIGH MARGIN, LOW CAPEX

Potential Annual Gold Production (000 oz)

~300

Focus on open-pit low infrastructure projects Focus on cash flow and financial returns LOW RISK Strong balance sheet Supportive major shareholder Diversified in stable jurisdictions in Americas PROVEN TEAM Executives with significant operating experience Strong Board with Pan American Silver support
95% IRR @ $1,200 Au

32% IRR @ $1,200 Au 147

~150

105

42 La Bolsa Esperanza Pico Machay/ Calcatreu

Note: production values based on 5-year averages; Pico Machay and Calcatreu based on internal estimates, further study required. La Bolsa IRR is pre-tax and Esperanza is post-tax. Sequence is conceptual and subject to further study.

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PEER BENCHMARKING
Open-Pit Heap Leach Mines / Projects in Mexico
1.00 Producing Development Size of bubble denotes est. annual production 0.80 San Antonio La Bolsa 0.60 Caballo Blanco La Colorada Cerro del Gallo La India San Francisco Esperanza Gold Project

M&I RESOURCE GOLD GRADE (g/t)

0.40

El Castillo 0.20 0 500 1,000 MEASURED & INDICATED GOLD RESOURCE (koz)
Source: Scotia Capital, Company Reports Resource grades may not be diluted for mining

1,500

2,000

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PEER COMPARISON RERATE POTENTIAL

Market Capitalization vs Gold Production Per Year
$2,000 $1,800 MARKET CAPITALIZATION (US$MM) $1,600 $1,400 $1,200 $1,000 Argonaut $800 $600 $400 $200 $0 100 Luna
RE RA TE P O TE N TI A L

Alamos

AuRico

McEwen Primero Timmins

Rio Alto

EPZ + LB 120 140 160 180 200 220

2013 ANNUAL GOLD PRODUCTION FORECAST (000 OZ)

Note: 2012 production shown for peer group from BMO equity research, annual production shown for Esperanza, La Bolsa based on 2012 and 2011 technical reports, respectively; Pico Machay and Calcatreu based on internal estimates, further study required.

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PEER COMPARISON COST METRICS

Operating Cash Costs (US$/oz)

$1,011 $842 $671 $695 $753 $766 $852 $907

$1,026

$589 $436 $499 $510

$633

Alamos

Esperanza

La Bolsa

Rio Alto

Primero

Argonaut

Aurizon

New Gold

AuRico

Allied Nevada

Brigus

Osisko

Lake Shore

Kirkland Lake

Note: 2012 cash costs shown for peer group from BMO equity research; Esperanza and La Bolsa cash costs based on January 2012 and January 2011 technical reports, respectively, net of by products; Esperanza cash cost does not include 3% NSR royalty

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PEER COMPARISON BREAK-EVEN METRICS

Break-Even Gold (US$/oz)
Spot Gold: US$1,400 /oz $1,200

Significant Margin
$780 $33 $184 $42

$703 $55 $138

$499

$510

Esperanza
Cash Costs Royalty

La Bolsa
Dev. Capex

Peer Average
Sus. Capex Spot Gold

Source: Peer Average based on BMO and Canaccord equity research. Esperanza and La Bolsa are based on the January 2012 Preliminary Economic Assessment and the January 2011 Preliminary Economic Assessment, respectively.

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LA BOLSA OPEN PIT PROJECT

Avg. Annual Production Cash Costs Initial Mine Life Development Capital Resources (M&I) Resources (Inferred) Source Status

42,000 oz Gold US$510 / oz (2011) 6+ years US$31 million (2011) 427,000 oz Gold 6.2 million oz Silver 222,000 oz Gold 3.3 million oz Silver January 2011 PFS Permitted Construction Ready
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PICO MACHAY OPEN PIT PROJECT

Resources (M&I) Resources (Inferred) Source Status

270,000 oz Gold 450,000 oz Gold 2011 resource update (resource only) Drill ready targets Further work required

22

CALCATREU OPEN PIT PROJECT

Avg. Annual Production Cash Costs Initial Mine Life Development Capital Resources (M&I) Resources (Inferred) Source Status

~90,000 oz Gold US$226 / oz (2007) 5+ years US$79 million (2007) 676,000 oz Gold 6.6 million oz Silver 226,000 oz Gold 1.8 million oz Silver 2007 feasibility 2008 resource update Feasibility stage project Further work required
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PAN AMERICAN SILVER

Market Capitalization 30 Day Average Volume 2012 Silver Production

Second largest primary silver producer in the World Operating 7 mines in 4 countries Reputation as strong mine builder and operator Highly liquid with a diverse shareholder base Committed to being a supportive EPZ shareholder Ability to lend technical assistance through board positions

$1.92B $2.23M 25.1 Moz 7

# Producing Mines

AN INDUSTRY LEADING PARTNER

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PRO FORMA CAPITAL STRUCTURE

Shares Outstanding Private Placement Price Warrants Outstanding @ $1.80 Cash From Warrant Exercise Pro Forma Market Capitalization Cash and Marketable Securities Enterprise Value
Note: Capital Structure on a basic basis.

150.3 million @ $1.70 / share 23.6 million $42 million

Major Shareholders Pan American Sprott Wexford $120 million $72 million $50 million 48% 11% 4%

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VALUE PROPOSITION

3 MILLION OZ GOLD (M&I) 29 MILLION OZ SILVER (M&I)

FULLYFUNDED WITH STRONG BALANCE SHEET

NEAR TERM PRODUCTION

ENHANCED CAPITAL MARKETS PROFILE

RISK DIVERSIFICATION

EXCEPTIONAL BOARD & MANAGEMENT STRONG CORE SHAREHOLDER

EXPLORATION UPSIDE AT MULTIPLE ASSETS

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APPENDIX

APPENDIX: CORPORATE INFORMATION

ESPERANZA RESOURCES CORP.

TSX.V LISTING (SINCE AUGUST 2003) OTCQX LISTING CURRENT PRICE (24-MAY-13) HIGH LOW (12 MONTH) AVERAGE DAILY VOLUME (3 MONTHS) SHARES OUTSTANDING MARKET CAP (ISSUED/OUTSTANDING) CASH VALUE OF SHARES IN GLOBAL MINERALS LTD. WEBSITE

EPZ ESPZF C$0.68 C$0.64 $1.70 92,000 79 M C$55 M C$34 M C$3 M www.epzresources.com 28

APPENDIX: OTHER ASSETS

Operator

Biricu

Project

Strieborna

San Luis

El Canario Gallos Blancos

Location Commodity

Slovakia Ag, Cu
M&I INFERRED 13.5 Moz Ag 29.8 Mlbs Cu

Peru Ag, Au 290 koz Au Reserves 7.2 Moz Ag Reserves 1% NSR

Mexico Au

Resources

14.3 Moz Ag 48.1 Mlbs Cu

Exploration Stage

EPZ Interest

26% equity interest

100% owned

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APPENDIX: ESPERANZA GOLD PROJECT

CAPITAL COST ESTIMATE

PEA PREPRODUCTION CAPITAL (US$M) MINE DEVELOPMENT (PRE-STRIP) MINING EQUIPMENT/INFRASTRUCTURE PLANT/INFRASTRUCTURE LEACH PAD OWNER COSTS TWO-STAGE CRUSH $10.5 $52.0 $32.1 $17.4 $1.6 RUN-OF-MINE $10.5 $52.0 $18.1 $17.4 $1.6

TOTAL PEA PREPRODUCTION CAPITAL WORKING CAPITAL LOM SUSTAINING CAPITAL

$113.6 $13.6 $7.0

$99.6 $10.0 $7.0

The PEA Preproduction capital includes several components that can be leased, replaced with contract mining, or staged later in the mine life
PEA Operating Costs: <$500/oz + 3% NSR

INCLUDED IN PREPRODUCTION CAPITAL TRUCK FLEET SUPPORT EQUIPMENT (E.G. DOZERS) LOADERS ROTARY DRILL HEAP LEACH PAD PHASE II SUB-TOTAL FLEXIBLE CAPITAL $19.5 $12.3 $8.9 $4.1 $5.7

$50.5

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APPENDIX: THE ESPERANZA GOLD PROJECT

EXPLORATION TARGETS
10 Target Areas Warrant Further Exploration: 4 target areas adjacent to the known resource (DRILL READY) Southwest Extension Colotepec Northern Contact NE Intrusive Contact

6 other target areas, in order of priority (DRILL READY) Coatetelco Alpuyeca Pluma Negra Mercury Mines La Vibora Jasperoid de Toros

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APPENDIX: RESOURCE EXPANSION POTENTIAL

Mineralization remains open in several directions 5000 meter program expected for 2013 to pursue the Southwest Extension
DHE-12-74
25.5 meters containing 1.65 g/t Au
DHE-12-74 DHE-12-77

Esperanza Gold Project 2012 Drill Hole Location Map

DHE-12-77
31.5 meters containing 2.8 g/t Au
DHE-12-81

DHE-12-81
45 meters containing 1.9 g/t Au

DHE-12-90

DHE-12-90
Two separate intervals, 27 meters containing 1.1 g/t Au and another interval with 121.5 meters containing 1.1 g/t Au

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APPENDIX: ESPERANZA GOLD PROJECT PIT

33

APPENDIX: ESPERANZA GOLD PROJECT PIT

34

APPENDIX: LA BOLSA PFS HIGHLIGHTS: AUGUST 2010

TWO-STAGES OF CRUSHING
LIFE OF MINE GOLD PRODUCTION (KOZS) BASED ON RESERVES ONLY OPERATING COSTS (NET OF BY-PRODUCTS) ($/OZ AU) INITIAL CAPITAL COST ($MM) PRODUCTION RATE (KTPD) GOLD RECOVERY SILVER RECOVERY OVERALL STRIP RATIO (WASTE:ORE) PRE-TAX NPV 5% ($MM) - $1,200/OZ AU PRE-TAX IRR (%) - $1,200/OZ AU

228 $510 $31 8.5 72% 7% 1.9:1 $91 95%

OCTOBER 2009 RESOURCE (USED AS THE BASIS FOR THE PFS)

TONNAGE (000S) P&P M&I INFERRED 15,631 21,470 13,663 GOLD GRADE (G/T) 0.63 0.62 0.51 SILVER GRADE (G/T) 9.0 9.0 7.6 GOLD (KOZS) 316 427 222 SILVER (KOZS) 4,502 6,232 3,343 35

Note: Totals may not sum to 100% due to rounding; M&I resources inclusive of P&P reserves

APPENDIX: NET ASSET VALUE MULTIPLES

Industry wide value multiples have contracted over the last several years Within peer groups, companies that trade at the highest multiples have: o Strong balance sheets o Low capital intensity growth o Political risk diversification o Capable operators The NAV of an asset when it is producing is higher because capex is sunk and positive cash flows are sooner (less discounting) higher multiples then compound share price growth

Average Net Asset Multiples By Peer Group

1.0x

2014
0.5 0.7x 0.4 0.5x

0.7 1.0x 0.6 0.8x

Price \ Net Asset Value

0.8x 0.6x

2012
0.4x 0.2x 0.0x 0.1 0.2x

Unfunded Developers

Funded Developers

Junior Producers

Intermediate Producers

Senior Producers

Source: National Bank Financial equity research

The biggest opportunity for multiple expansion is growing from an unfunded developer to a financially strong producer

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APPENDIX: LIFE CYCLE OF A MINE

Reality Sets In

Start Up

HIGHER RISK: Confirm Deposit SHARE PRICE LOWER RISK: Production Decision

$0

DISCOVERY SPECULATION 12 YEARS

DEVELOPMENT INVESTMENT ANALYSIS 23 YEARS

PRODUCTION REVALUATION 23 YEARS

SOURCE: U.S. Global Research

37

ADDITIONAL DISCLOSURES
William J. Pincus, M.Sc., C.P.G. and Chairman of Esperanza is the Qualified Person as that term is defined in NI 43-101 responsible for the contents of this presentation. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

La Esperanza: William D. Bond, P.Geo, Dean D. Turner, P.Geo., Thomas Dyer, P.E., Doug K. Maxwell, P.E., Charlie Khoury, P.E., Ernest T. Shonts Jr., P.E. are the qualified persons (QP) under NI 43-101 who have prepared the resources and reserves estimates, and other technical information in respect of La Esperanza Project contained in this presentation. All of the QPs are independent of the Company as defined under NI 43-101. For additional information with respect to the assumptions and parameters related to the technical information disclosed herein, refer to the technical reports entitled: (i) Preliminary Economic Assessment Update 2011 Cerro Jumil Project, Morelos, Mexico dated September 2011 and Amended in January 2012, and (ii) "Cerro Jumil Project, 2012 Mineral Resources Estimate" dated October 26, 2012, which can be found under the Companys profile at www.sedar.com.

La Bolsa: For additional information with respect to the assumptions and parameters related to the technical information disclosed herein, refer to the technical report entitled Technical Report La Bolsa Project Pre-Feasibility Study dated January 10, 2011, which can be found under the profile of Minefinders Corporation Ltd. at www.sedar.com.

Calcatreu: For additional information with respect to the assumptions and parameters related to the technical information disclosed herein, refer to the technical report entitled Calcatreu Gold Project dated April 5, 2007, which can be found under the profile of Aquiline Resources Inc. at www.sedar.com.

Pico Machay: For additional information with respect to the assumptions and parameters related to the technical information disclosed herein, refer to the technical report entitled Independent Technical Report and Resource Estimate Pico Machay Gold Deposit Huancavelica Province Peru dated July 14, 2011, which can be found under the profile of Treasury Metals Incorporated at www.sedar.com.

TSX.V: EPZ OTCQX: ESPZF

38

NOTES:

39