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Tim Marsh, Bell Copper $BCU Discusses 2013 “Corporate Cleanse”

Read on for a transcript of an interview with Dr. Tim Marsh, President and CEO of Bell Copper
(TSXV:BCU). The interview was originally published on YouTube here.

Peter Bell: Hello, this is Peter Bell. I'm here with Dr. Tim Marsh, from Bell Copper. Hello, Tim.

Tim Marsh: Hi, Peter. How are you doing?

Peter Bell: Wonderful. Great to be talking with you again.

Tim Marsh: It's a pleasure to talk to you.

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Peter Bell: We have this slide deck up and looking at this beautiful picture on slide six
showing a sunset, I believe it is, with the drill rig in stark relief there and poised
for discovery in the land of giants. It's an exciting time for Bell Copper.

Tim Marsh: It sure is. We're getting ready to get out on the ground again and drill a hole.

Peter Bell: Great. And is that photo a sunset, or what. It's not a sunrise, is it?

Tim Marsh: That's a sunrise.

Peter Bell: Great, I wasn't sure. It can be hard to tell the difference, but I think there's
generally some subtle differences in the way the light looks in the sky.

Tim Marsh: That's Tin Mountain and the Aquarius Mountains in the background.

Peter Bell: Great. I guess when you guys are drilling there, it can make for long days. You
don't generally drill 24 hours a day.

Tim Marsh: We do, when the core drill is turning, you don't want to stop it. If you stop, the
mud can trap the drill in the bottom of the hole.

Peter Bell: That's a pretty tall rig, too. I've seen some of these portable RC drill rigs that
people are using up in the Yukon and in BC and places. They're much smaller
setups. To see this thing sticking up almost 50-100 feet in the air.

Tim Marsh: No, it looks taller than it actually is. It's probably only 25 feet up.

Peter Bell: Okay. Up on a little ridge top or something, maybe?

Tim Marsh: Yeah.

Peter Bell: Wonderful. I guess we will hear from the company soon if there is any news when
you guys mobilize and when you get drilling and all that stuff.

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Tim Marsh: We're pushing all the buttons and making things happen. We're headed for the
field.

Peter Bell: People always seem to want to rattle the cage of the companies and want to
know everything that's happening. My attitude is always let you guys do your
work a little bit.

Tim Marsh: There are always complications on the way out, but that's the way we're going.

Peter Bell: Slide seven, for people who may not be particularly familiar with the company
and the story, you’re focused on Arizona and this one project, Kabba.

Tim Marsh: Arizona's the best place in the world to look for copper. It has plenty of good
infrastructure and it's a mining-friendly jurisdiction. It's produced 10% of the
world's copper over the history of mankind. A lot of copper has come out of the
ground here and there's a lot more that's going to come out.

80% of the state is covered so the rocks of the right age are not visible from the
surface and very little of that uncovered area has received any amount of
exploration attention. That's where Bell is. We've got a live one by the tail and
we're going to stick around where we know what we're doing instead of going to
some far-off country where we are on the steep part of the learning curve.

Peter Bell: Amazing to hear you say that so much of it hasn't been explored, when I've been
down parts of it and it seems like there's old mine workings almost everywhere
in the mountains, in the hills there.

Tim Marsh: When you get out there and kick around, there are rocks sticking out of the
ground that show what Mother Nature is doing but that's not the case in most of
the state. You've got dirt or sand or something sitting on top of what needs to be
looked at.

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Peter Bell: It's occurred to me in the past that if you have some success with exploration here
at Kabba, you might be at the forefront of kind of establishing a new deposit
model or exploration model in some way. That could light a fire under all kinds of
people who take a look at some of those areas that are covered up.

Tim Marsh: Yeah, that's a possibility. Any significant discovery usually triggers a wave of
follow-up exploration.

That was true after Resolution and if we can get something nailed at Kabba, then
Bell and a lot of other companies will be out looking for the next one.

Peter Bell: These faulted porphyry systems, what a concept. It sounds simple enough to me,
talking to you about it, but I can understand all the twists and turns. If it's not
something that's standard as well, that just makes it all the more difficult for
people to take it seriously, up until there's a discovery.

If we go on to slide eight here, in the March 2018 copy of the deck, there's a slide,
corporate cleansing 2013. So, I gather this slide's been in the deck for quite some
time now, and pretty important sequence of events that you describe kind of
here, what happened in 2013, with you coming in to take over the company, as it
says there. A singular objective of drilling Kabba over five years later now here,
and are still in it, maybe closer than ever before. But it's important to go back
sometimes and look at where we've been, right? I wonder if there's anything
you'd say at a high level, first, about this slide.

Tim Marsh: The story starts 13 years ago, at least in terms of Bell. I brought Kabba to Bell as
just a good idea. It was really nothing then, other than an idea. I think it was a
good idea. Other leadership in the company had different priorities.

By the time 2012 came along, I had drilled K-9 and K-10 and I knew I was chasing
a porphyry that nobody else had ever seen before, at least the top part of it. So, I
saw it as the best asset that the company had – the only asset that the company

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had that I felt I could materially advance to the benefit of the shareholders to
build value for the company. The way I could do it as an exploration geologist was
to focus on Kabba, so there was a lot of cleaning up I had to do, and that
consumed the year of 2013, really. What I had to do was get creditors satisfied, I
had to get some cash in the bank, I had to settle, one way or another, three
different lawsuits. Of course, the shareholders were impatient. There were a lot
of hurdles.

Peter Bell: December 2012 was a tough time. Junior markets were suffering at that point.
There was still some optimism out there, hoping against hope at that time, but
things got worse after that for the entire junior mining sector after that.

Tim Marsh: Just the ability to raise money to try and solve some of these problems, it just
wasn't happening. The exchange tried to make some accommodations to little
companies that had low share prices, but those just weren't useful for Bell. It was
really sitting down and talking to a lot of people and sharing an idea that there
was a way that Bell could build value. But working with creditors and the
antagonists in the lawsuits to find solutions that would work.

In one case, we won the lawsuit. No monetary gain involved there, but just having
that threat removed was an important win for us. Everything was really a series
of steps that had to be taken so we could get to the point where we could actually
start drilling at Kabba again. I told everybody I talked to, " I'm headed for Kabba.
It's a place we can build value, maybe huge value if my ideas pan out, but in order
to get there, I've got to get these items cleaned up." That's what that slide's all
about.

Peter Bell: To see a significant debt owed to Macquarie Bank there and mention of the
foreclosure imminent by Macquarie in December 2012 – it's always concerning
when you see juniors with debts that they won't be able to settle with shares. I

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gather there was some development activities on another project that were
associated with that debt.

Tim Marsh: Yeah. We had a great copper project down in Michoacan, Mexico. As time wore on,
we were very close to having a bankable feasibility study completed there, just
on the cusp of being able to build a copper mine. It would have been a small one
but would have been very important cashflow-wise for Bell, which would have
allowed us to do a lot of things, but the tremendous decay in the safety situation
down there with the activity of the drug cartels was a problem. There were bodies
involved and lots of security threats, and it just became impossible for Bell to
proceed without being under the thumb of the local cartels there.

It wasn't a place where I could go down, send people from Canada or the US,
experts that would have to go down there and get the work done. I couldn't do it.
I let Macquarie Bank know that and I said, "I will work to help sell the asset to
someone who understands the security risks down there." I wasn't going to
unload it on somebody who didn't really know the situation down there. It turns
out the Chinese were working down there actually doing business in the presence
of the cartel, so they knew what they were up against and we were able to sell
the asset to Binhai.

Peter Bell: It occurs to me that there are Laramide porphyry rocks down there in parts of
Mexico, the same as you're working on up in Arizona. Geologically familiar
country, if not totally different culturally and socially.

Tim Marsh: The rocks look the same. I've worked in Central and South America before. I really
loved it down there, but the safety aspect was just intolerable, unworkable.

Peter Bell: And three lawsuits. Wow. To have that hanging over the head as you come into
an executive role really in the company.

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Tim Marsh: I was intimately familiar with the circumstances. I knew who I could try to talk to,
and I knew the details behind the lawsuits probably better than the people who
were filing the lawsuits. That gave me the confidence that these things were
probably resolvable in Bell's favor and I waded in. I waded in and did things that I
hadn't done before but I felt I had the knowledge to get them done.

Peter Bell: A couple things that occur to me there, one of which is that continuity is really
important whether you're talking about an exploration project where you want
to have some continuity in the geologists for their interpretation. That continuity
is really important. And the corporate side, too. As you say, knowing the details
is very important. I can't imagine if someone else had tried to come in and fix the
situation. It would've been a tall order.

Tim Marsh: In terms of continuity of geological thinking, that is so important. The major
mining companies just wad up and throw away exploration geologists. Anytime
profits start sinking, the first folks to go are the exploration geologists. It's a
short-sighted solution that ends up biting them in the backside. I think we're
entering an era where the full pain of earlier episodes of running off the
exploration geology crews is going to start to be felt in terms of a material
shortfall in all mineral resources.

In Star Trek, the first thing they would do when they arrived at a hostile looking
planet was to beam down the geologists. They're the first ones to be sacrificed.
Financial times get tough and the companies get rid of their geologists. It's a
short-sighted approach.

Bell hasn't suffered from that because there's no human resources person under
the thumb of the CFO who's saying, "Get that geologist out of here." It's my long
exposure to Kabba and recognizing its value that really makes it valuable now to
the company. I know where not to go. I know what we've done. I know what to try

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next. If I had been run off after a couple of years after failing to find a giant
deposit, the company would have nothing.

Peter Bell: That's very important. I gather this is one of the first times in a real corporate
leadership role there for you too, 2013 stepping into the breach, first time doing
some fundraising calls maybe, stuff like that?

Tim Marsh: I wouldn't say that at all.

I've been involved from my days as Vice President of Exploration for Bell. I've
been involved in the fundraising and boardroom presentations to bankers and
finance people. I've been doing that all along, so that wasn't a tough transition.
Knowing that there was nobody walking alongside of me that was going to carry
the ball if I couldn't. It was a lot of weight. It's a tiny organization and there just
wasn't a lot of help.

Peter Bell: And you reorganized the board in September 2013. Glen Zinn, Geoff Snow, both
of those men are still on the board.

Tim Marsh: Yes, they're great guys. They've led companies in the past. They were both with
Bell in the past and they knew Kabba. They knew me. They knew what we were
up against. They made great allies putting things back together and pointing you
in this direction of getting Kabba drilled.

Peter Bell: Maybe the most puzzling thing for me about this slide is that last line about
December 31, audited 2013 earnings of 25 cents a share. It's not your typical
junior mining company that ever has positive earnings, let alone one that's been
through so much drama.

Tim Marsh: We haven't repeated that achievement, but there were assets of value where we
were able to fill the treasury not by tapping a new group of shareholders but by

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liquidating some assets that we just had no ability to do anything more with.
Those funds got us back out in the field to where we could get to drilling again.

Peter Bell: 25 cents a share, 32 million shares, that sounds like $8 million. Is that in addition
to the debt that was eliminated to Macquarie there with the sale of La Balsa, and
in addition to the Van Dyke asset sale?

Tim Marsh: No, it was the liquidation of Van Dyke and La Balsa that brought the funds to Bell.

Peter Bell: Okay. It's a gross earnings number it's not a net income or anything.

Tim Marsh: Right.

Peter Bell: Thank you. To see mention of the corporate service replaced there in September,
how important that can be and the legacy effects of some of these management
teams. They are not quite the poison pills that you see in New York, but the junior
mining industry has its own set of things that some management teams like to
do to really make themselves closely tied in with the company.

Tim Marsh: Corporate services can eat a junior alive. It was such a lean time that we couldn't
afford to pay what many of the corporate services charged. They would be the
end of the company. Whatever opportunities we might have had, they would've
taken their fees, and we would've ceased to exist. Getting rid of high-dollar
corporate services was important.

Peter Bell: And October with the NI43-101 Report. Impressive to see that as well come out
in the midst of all this.

Tim Marsh: That was a key aspect. In particular, for selling off La Balsa. Kabba didn’t have
one up to that point in time, but we had enough of a foundation geologically and
with some encouraging intersections in K-9 and K-10 that the time for an NI43-
101 Report was appropriate. We had our land position locked-in, so we could
begin to speak a bit more openly about where we were and what we were up to.

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Peter Bell: There's been chatter from people online about the company being delisted and
things like this. My thought to that was, "look at this slide!" Delisting? They've
been closer than most groups and it was you, Tim, that took them through that
tough time. You're still pushing forward.

Tim Marsh: We got knocked back down to the lower level exchange, but the good work of
Dwayne Diehl got us back to a Tier 2 issuer. We're happy about that. We've sure
been through it all.

Peter Bell: What about after 2013? How did 2014, 2015 look? Those were really tough times
for copper exploration.

Tim Marsh: 2014 was entirely about trying to find money, trying to get somebody to advance
the relatively small amount of funds we needed to get the next hole in. I was
looking for $250,000, $300,000 to go out and drill K-11. I got a free geophysical
survey off of a friend that showed us we could be looking quite a bit further east
than we were. We were seeing something analogous to chargeability,
spontaneous potential, well east of where we were looking and one of those
areas was where I wanted to drill K-11. Finding somebody to finance us was very
difficult.

I did a lot of cold calling to anybody who realized really what the venture was
about. Oil and gas people at the time were making money hand over fist, but
there was the threat of decreasing oil prices. The shale play was going strong, but
as oil prices started to fall, the ability of those guys to frack and make big wells
began to diminish. I knew their coffers were full and they understood that you
can make money by drilling holes in the ground if you do things right. I did a lot
of cold calling to executives in the oil and gas business looking for people with
cash in their till that understood geological exploration. The entire year was
consumed looking for funding.

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I talked to many drillers in the hard rock drilling business. It was one of those old
contacts, Godbe Drilling, who had drilled for me 20 years previously that really
saw the opportunity and decided to back us by drilling for stock. That all
transpired in 2015.

Peter Bell: Then on through to 2016 with Kennecott coming on the scene?

Tim Marsh: Yes, that's right. The money still wasn't coming in 2015. Godbe had done what
they could do with K-11. There was enough heat in K-11 to get Kennecott behind
us in early 2016. When they came in, we were desperate. Our mineral lease was
in default. We were on notice that we had to get the money immediately. We were
literally a couple of days away from completely defaulting on our land position
and turning the land back into a checkerboard with only the state part of the
mineral rights remaining. Kennecott came in and spent their three plus million on
exploration.

Peter Bell: I believe you said before that you asked them to drill K-12 where it was located
there and that was the handoff maybe in between them starting to test some of
their ideas and you continuing with yours.

Tim Marsh: That's right. I had represented for well over a year, probably two years, that the
next place we needed to go was K-12. There was a chargeability anomaly there.
There was a spontaneous potential anomaly there. There was geological
reasoning that would put the hanging wall out in that position, matches in rock
types and magnetic anomalies between the footwall and the hanging wall that
said that longitude was a pretty good area to be in. I pushed Kennecott as hard as
I could to allow Bell to drill K-12 where we wanted as the next thing that
happened, and they gave us that ability. We got K-12 drilled, and arguably it's the
best hole we've drilled at Kabba to date in terms of terms of copper and
molybdenum mineralization.

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Peter Bell: I wonder, stepping back to that transition period, 2012, 2013 there – why? Why
step into the breach and take over Bell yourself there?

Tim Marsh: The geological evidence that I had seen, it was all about my geological conviction
that the target was real. It went from an idea to being real once we had core in
the box from K-9 and K-10. There was no doubt about it. I was solving a
geological problem that involved eight or so kilometers of slip. The puzzle was
solved. In my mind, Kabba has been solved in terms of where is it since 2009 when
we drilled K-9. That was the end of the chase for me in terms of a geological
concept. It told me the concept is real and the target is out here.

I never imagined it would take another 10 holes to try and get close to where is
the copper shell. We're still chasing a giant copper shell in terms of globally-
significant deposits. To see just how small one kilometers by three kilometers is,
and how many times you can miss it but still get close – I wouldn't have believed
it at the time. I thought it would be a much easier task, but we're awfully close.

Peter Bell: I guess would you do it again?

Tim Marsh: Oh, ask me that in a year or two.

Peter Bell: It's a bit mind boggling how difficult this exploration work really can be.

Tim Marsh: It's pushing cooked spaghetti to get investors to put risk money into a hole into
the ground. I've done the things I've done in Bell Copper because of my conviction
that we can deliver something extraordinarily valuable to our shareholders.

Peter Bell: That conviction is really important for someone doing what you're doing. It's
tough, I think, for the audience and people out there to know and judge whether
or not to trust you in some way or believe you. I feel like people get pitched a lot
of times about people who have this kind of conviction and determination on an
idea to keep going. It seems to me there's something special here though still.

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Tim Marsh: There's a clear measure of my conviction, Peter, and that is taking about four
years of unpaid geological consulting fees to the company as Bell stock at a
nickel. That, to me, was an opportunity. Other people wouldn't take the stock.

I would rather take the stock than the equivalent amount of cash. There are
consequences to making a decision like that. The full pain of the consequence has
arrived in terms of an obligation to the IRS to pay the tax on four million shares
of non-absorbent toilet paper.

Peter Bell: I have some idea of what you're referring to. Terrible.

Tim Marsh: It's a real obligation and I'm paying it. I think it's my retirement, which I haven't
been collecting for the 12 or 13 years I've been with Bell Copper. I'm getting old,
that's for sure. The day is going to come when I've got to stop working and lean
back a little bit. I've got four million shares of Bell Copper stock that better get
the job done.

Peter Bell: Pulling for you, Tim.

Tim Marsh: Thank you.

Peter Bell: It's an impressive, awe-inspiring thing to go through. Always a little humbling. We
have to wonder if you're in your right mind taking all that paper and the tax
liability.

Tim Marsh: My wife is still wondering the same thing.

Peter Bell: That's the stuff that legendary speculations are often made of. There have to be
the foundations for some big wins as we go forward through the next cycle of
tight supply and rising demand, all these kinds of things that send spot prices
through the roof.

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Tim Marsh: That's what I think we're set up for. We're set up for a cycle that returns a lot of
value to the base metals business, the exploration business, and the risk that Bell
has taken to develop an asset that the world is really in need of and realizing
more and more how great that need is.

Peter Bell: And one question about that. With rising prices, there's always some marginal
increase to reserves around known deposits. Does the world need another large
copper discovery in Arizona?

Tim Marsh: For sure, it does. The economists at Rio Tinto talk about the need to have another
Escondida discovered at least once a year, on that order, and it's just not
happening. It's not happening.

Every year that goes by we're deeper and deeper into a hole in developing new
copper resources. We feel pretty strongly we've got one that's going to come to
fruition here in the next few months to year, that sort of a time scale, and we
think we're going to be in a good position to benefit from the awakening of the
markets to the need for future copper supply.

Peter Bell: The Lassonde Curve comes to mind there and all the excitement that can
accompany a discovery. To overlay that with some potential bullish sentiment in
the markets, that's the best case.

Thank you very much for talking with me about everything here today, Tim.

Tim Marsh: You're welcome. It's a pleasure, Peter.

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Disclaimers

This document contains statements that are forward looking statements and are subject to
various risks and uncertainties concerning the specific factors disclosed under the heading “Risk
Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators.
Such information contained herein represents management’s best judgment as of the date
hereof based on information currently available. The Company does not assume the obligation
to update any forward-looking statement.

The technical content of this release has been reviewed and approved by Timothy Marsh, PhD,
PEng., the Company’s CEO, President, and Qualified Person. No mineral resource has yet been
identified on the Kabba Project. There is no certainty that the present exploration effort will
result in the identification of a mineral resource or that any mineral resource that might be
discovered will prove to be economically recoverable.

Peter Bell has been compensated to prepare and distribute this promotional material.

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