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#NewtonInterviews with Tim Marsh, Bell Copper $BCU

Read on for a transcript of interview with Dr. Tim Marsh, President & 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: Howdy, Peter. How are you?

Peter Bell: Very good, thanks. I gather there's some exciting news hit the wire today from
Bell. What does this news mean at a high level?
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Tim Marsh: Well, it means we return to being the 100% owners of the Kabba project. The
thing that we have discovered, and that Rio Tinto has added tremendously to
through their $3 million dollar expenditure, is that Kabba is now Bell's again and
we will be able to capitalize on the opportunity that their expenditure has
created.

Peter Bell: Yes. And I gather there were some other items in the news as well. Maybe
something about a debenture? I'd seen that mentioned in some of the financial
statements in the past, but hadn't realized some of the details about it.

Tim Marsh: For the past about three years, we have had a debenture held by Desert Fox, a
subsidiary of Copper Fox Metals. It was initially $150,000 but it grew to $168,000
plus interest, which was secured against the property. By working with Copper
Fox, we've extended that to almost the present day. We’ve now raised some
money and decided to get that removed from our books so the property is free
and clear for making a deal with anybody that we might want to. This removes
the cloud of losing the property to a creditor. Kabba is 100% a Bell asset with no
cloud or threat against the title. We will endeavor to make good on the gift that
we were given by Rio Tinto.

Peter Bell: It really is free and clear on a couple counts there. Amazing to see you guys
getting 100% of Kabba back.

Tim Marsh: I'm happy to have it back. It's a treasure and we're going to make sure that that
accrues entirely to Bell shareholders rather than just a small fraction of whatever
might be there accruing to our account.

Peter Bell: And to be in the driver's seat again, it's a big responsibility. Lots of questions
about all of that. Maybe just the basics first: Are there any costs to Bell Copper
from Rio leaving? Any encumbrances, future obligations, stuff like that?

Tim Marsh: There really aren't.

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There's always an environmental obligation to reclaim past work since we

created some drill pads and some roads. About 90% of that reclamation work is
completed. We just plugged the two holes that were drilled in December. Just
finished the work yesterday. There's the only item remaining for reclamation,
which is to recontour and reseed the K18 and K19 drill pads and the access road
out to K18. That's less than a week's worth of work.

Kennecott deposited enough money in our account to get that work done, so
we're still spending their money to clean up and complete that reclamation work.
There's really no lingering cost to Bell Copper from Rio's contribution.

Peter Bell: And that's you out there doing the grass seeding yourself, right Tim? You make
sure those holes are capped off in the right way and everything else.

Tim Marsh: You bet. I looked like Pigpen from Charlie Brown yesterday, covered from head to
toe with bentonite mud and Portland cement after plugging K18 and K19.

We're using our own muscle where we can and using the local contractors to get
the work done. That's Thunderbird Materials out of Kingman, Arizona. They're
good guys. They're ranchers and gravel miners who are happy to have the extra
work that Bell's been able to throw their way.

Peter Bell: Yes. And it’s about you as a working CEO again, right? If somebody in Vancouver
downtown was handed-back a project from Rio, then that's one thing. But for you
to get it back is something else.

Tim Marsh: Through the years of doing reclamation work, I find that it gets done best if I'm
standing there either directly overseeing it or participate in it. I lead by example.
If there's nasty work to do, I'm the first one to get in there and start moving bags
of whatever and cutting bags open and getting in the mix. Anybody that's around
me sees that this is serious work of, "This guy wants it done. He wants it done
well. He wants it done fast." And people fall into line, and they do good work.

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They do better work if they've got somebody who's emotionally invested in the
property out leading the way. They see the example, they follow the example,
and at the end of the day I've got a site that I'm happy to leave to the people in
the neighborhood. They drive by it every day and don't want to see a residual
mess. Instead, they see something that, it kind of looks like, yeah, this is going to
go back to nature. It's going to take a little while, but it's got a good start already
by the time we leave.

Peter Bell: And there may be some questions around somebody who does that – are they
able to navigate the concrete jungle and go into the boardrooms and do the
fundraising necessary to execute on these deals with partners? Can they do all
the stuff that comes along with being a real mining company, not just somebody
out there in the field. It's interesting that you are kind of able to do both of those
from what I've seen.

Tim Marsh: The progress that has happened in the company since, say, December of 2012,
has been largely because I've been trying hard to get it done. Whatever it's taken
to get us to where we are now, whether it's talking to majors and making the deal
that we made with Rio Tinto, or cleaning up debts with creditors, I've waded in –
put on my hip boots and waded in to whatever I needed to. So far, I think I've got
the job done. I'll keep doing things that way, that's the only way I know how.

Peter Bell: It's a beauty of the junior mining industry that these people who are effective in
the field can also be effective leaders of the companies themselves. You've
worked in some of these larger mining companies, Rio Tinto itself, in the past and
that experience speaks to your ability to get the job done in the boardrooms.

I have to ask about this behavior of them to put Kabba back to you. It seems
strange that they would spend that amount of money and then walk away. As you
said, it's a gift for Bell Copper.

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Tim Marsh: We understood this was a possibility from the minute we began talking with Rio
Tinto. They made it very clear. They said, "Look, this is how we work. We get in on
a project, we do work and spend money. Mainly, we need to get holes in the
ground to answer questions that we have – the questions that caused us to get
involved in the first place.”

Somebody said even went so far to say, "When we're done, we either have ore in
the ground and we finish the option to their advantage, or we drop the project
entirely. We don't retain royalties. We don't retain percentage interest. We don't
warehouse projects." They can't afford to.

We knew, going into this relationship with Rio Tinto, that if the day came that they
decided they hadn't seen what they wanted to see then they would walk and we
would get the whole thing back. What has happened isn't a surprise. The way they
ran their exploration and sited their holes, left Bell a giant opportunity. We will
exploit that opportunity, but it's not a surprise that they're walking away after
spending $3 million-plus doing exploration work.

Peter Bell: So many questions come up around that for me, Tim. The most pointed one for
you is did they kill the project?

Tim Marsh: Exactly the opposite. They've created a compelling story for Bell here. Since we
had to take our hands off the wheel and allow Rio Tinto to put drill holes where
they wanted, the place we wanted to drill has been outlined by a U-shaped
pattern of drill holes that Kennecott put in. They drilled all around the target that
we wanted to drill. I can only speculate on why they would leave that pattern, but
that's exactly what's happened. They've left a U-shaped pattern of their drill
holes surrounding the target that we had when we finished K-12 in 2016.

We found zinc mineralization and the thickest supergene leached cap in our last
hole, K-19, that we've ever seen out there – just spectacular earthy red hematite
mineralization. We've seen all the evidence to suggest we're on a zinc-rich fringe

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of a big copper shell. And that copper shell should sit right in the area outlined by
the U-shaped pattern of drill holes that Kennecott put in.

Peter Bell: Wow. I'm sure you did your best to try and convince them of where you would
have liked for them to drill.

Tim Marsh: The last day I was out in the field when we wrapped up K-19 was just a week or
so before Christmas. I had a fairly long sit-down session with their geologist out
there and said, "Look, we've created a tremendous opportunity." I said, "I don't
expect the assay results to be spectacular, because we haven't drilled the copper
shell." We could see the sphalerite, we could see the zinc, and we could see this
very thick leached cap. Very important geological information.

But the assay numbers – unless you're really looking at the small values and
understand their significance, the assay values were nothing a mining engineer
would be interested in. The story that an exploration geochemist or a geologist
can see in the minerals and alteration is a very compelling story.

I tried to convey that story to the Kennecott geologist out there and empower
him. He's a younger fella and I told him, "Look, your company needs you to be the
champion of this project. You know more about it than anybody else in your
organization, and you'll have to be the guy that convinces them they need to drill
that next hole." And I explained very precisely where I thought he needed to go,
which is north-northwest of K-19 out into this oval-shaped region that could
easily hold one of the world's bigger porphyry copper deposits.

I explained some of the geophysical signatures to him, in particular the magnetics

and several signatures that seemed to point to the same target that I wanted to
drill now inside their pattern. I'm sure he tried hard and I'm sure he's a bit broken
hearted. I think he saw the opportunity, but at the end of the day Rio Tinto
dropped it and I'm happy for the work they did. They're great people. It's always
an education for me to work with new, smart people as I always learn things. At

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the end of the day, they've left us a gift, a tremendous opportunity, and we're
gonna go right back out on the ground and get to drilling again.

Peter Bell: Go Tim, go! That's exciting.

How about that original option that you signed with Rio Tinto back in 2016? There
was a bit of life coming back to the mining markets at that time but it was still
pretty bleak out there. The terms that you guys had to provide seemed to have a
lot in it for them. They helped to fund some of the payments required to retain
the surface rights, as I recall. Now people may wonder about your ability to fund
some of deeper holes out there under your own steam.

Tim Marsh: When we entered that agreement, Bell was absolutely desperate. We didn't have
the payment to retain our mineral sublease from Newmont. We had been served
notice that it would be expiring and it would effectively have turned our land
position into a checkerboard. Nobody can market a checkerboard!

With days remaining for me to cure the defect in our lease to the mineral right
holder on half of our land position, I had to find somebody to pay the bill. And
several of the majors were interested, but none of them could move fast enough
to get the payment made. Rio Tinto was able to do that, and we got that deal done
on very short order. As you say, it was during slow times in the mining industry
that the terms were not particularly favorable for Bell. I don't think I'll ever have
to make a deal that, let's say, bad, again.

We're in a much stronger position. We've removed the cloud of this security over
the property due to the Copper Fox loan and we've got just a tremendous amount
of new high-quality data: geophysical, geochemical, and the core; it's a
tremendous data set. All that will help us get a much better deal with a major in
the future, should we decide to take that step. For the time being, I've really got
no interest in allowing some other set of geologists to try and figure things out.

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The opportunity that Rio Tinto left for us to go out and test a major porphyry
copper system with very few holes is unique. One thing we learned that's really
important is it's quite a bit shallower than anything we've been drilling in the past.

Peter Bell: Oh, really?

Tim Marsh: We're still looking for the target that Kennecott said they wanted, which was a
supergene enriched chalcocite blanket. That geological environment exists a
thousand feet below surface. We've previously been drilling 1,500-1,700 feet
before we would get into that sort of environment. By moving eastward, the
bedrock or Laramide-aged rock and porphyry-related rocks, are all hundreds of
feet closer to the surface than where we've drilled in the past. We're exploring a
shallower patch of ground and feel like we're much closer to the target.

We've got a big X on the map, and we'll be going there within the next 30 days. Do
we have to drill extraordinarily deep holes? No, we don't have to but I think that
once we get into that ground, we're going to need to because we'll have very well-
mineralized rocks coming out of the ground. The best thing to do when that's
happening is just keep the drill turning.

Will we be able to finance it? I think the cores will allow people who provide
financing to recognize what Bell has accomplished. I think the money that we
need to keep drills turning will come, but we've got another opportunity in our
relationship with our biggest shareholder, who is a drilling company called Godbe
Drilling. They've got the ability to core deep holes and that relationship is
important. Even if we couldn't convince a broker, a banker, or somebody else to
finance us, then these guys that have spent their lives drilling holes in the ground
and know what good rocks look like when they see them coming out – they will
be highly motivated to keep the drill turning and keep the core coming out of the
ground.

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Peter Bell: And you've done that before as well, even paying that driller in shares for some
of the prior work programs.

Tim Marsh: That's right. Our deepest hole drilled to date, K-11, was drilled entirely with Bell
Copper stock at a rotten time in the economy when Bell was trading at two or
three cents. We had to, according to exchange rules, finance using five cent
shares. We financed our drilling costs, which were substantial for a hole that was
over 4,000 feet deep, with Bell Copper stock at a nickel when we were trading at
two or three cents.

Peter Bell: What a story. It's all about perseverance.

Tim Marsh: Yes, and the right rocks. I would've given up a long time ago had we not
sequentially found more and more encouragement in the drill cores. That's really
where the story is. The story is in what's in the ground, recognizing what's in the
ground, and staying on it.

I can now put a volume around a patch of rock of interest now. We saw elevated,
though non-economic copper mineralization in K-11, K-12, and K-13, over an
interval that was many hundreds of meters thick. We got nearly 600 meters of
elevated copper in K-11. Using that sort of a thickness across the volume outlined
by Kennecott's drilling, there's over seven billion tonnes of volume of rock there
that could end up being a copper shell. That's the volume we have to test and
within 30 days we intend to be out there with a drill. Permitting ought to be a snap
this time as there are holes Kennecott left nearly completely permitted that were
never built because they didn't want to drill out there. Permitting won't be a delay
this time around.

Peter Bell: Lord knows it's been one in the past.

Tim Marsh: Yes, that's right. Rusty cans kept us off of a few sites when Kennecott was out
trying to permit. It took several months of having people who are experts in

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historical artifacts to look at those things and decide whether a can was
significant because it had a three-hole opening punched through the top rather
than a pull-tab on an aluminum can. In the end, they decided those weren't
historically significant and we were able to do our work.

Peter Bell: And if I could ask about this comment you made regarding the geology, that
things might be more shallow than believed to be in the past. Is that something
to do with the low-angle slip fault again?

Tim Marsh: There are subsidiary faults that probably link at depth with that low-angle fault,
which would be steep normal faults. There are actually thrust faults,
compressional faults, in that hanging wall block, that overall is a result of tension
but, apparently, as you go further east the compression starts building up and
the Kabba porphyry starts bumping up against some sort of immovable object at
depth. It may be the edge of the Colorado Plateau – the western boundary of the
Colorado Plateau that hasn't been extended. We've drilled a couple of thrust
faults and the net result is that deeper rocks have been moved closer to surface
along those faults. There is bedrock at much shallower depths than anybody
would have guessed, including me, before drilling those holes.

Peter Bell: And do you have a sense for the outer edge of it yet? Have you been out to the far
northeast side of things? There haven't been any holes drilled out there yet, but
any information or anything to give you a sense of how far it might go based on
your sense for the potential volume of the thing.

Tim Marsh: We've got a few things to address that.

As you recall, Kennecott expanded our land package by about 55% after running
the surface electrical survey. They did that because we had a big IP anomaly
hanging off the east and northern edges of the map. That land expansion was
intended to capture any extension of that IP anomaly, but there hasn't been any
follow-up geophysics to determine how big the chargeabilty anomaly is further

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to the east and north. We've got the ground, but I don't have a strong desire to
get out there and start exploring it yet with this more compelling giant target that
we've got outlined by Kennecott's drilling. That's a very safe sort of target to be
testing relative to more wildcat-style drilling.

To answer part of your question about the far field, the nearest outcrop we see
to the northeast show signs of what I consider mineralogical fingerprints of the
Kabba system. This is easily two and a half miles to the northeast where we see
the next exposure of bedrock, which has fluorite mineralization, lead-zinc
mineralization, and thin veins. These are all things that would seem to be very
distal to mineralized system, on the fringe of the Kabba system. I can take the
footprint of the footwall, I like to use the quartz-magnetite veins as a deep
equivalent of where the copper shell ought to be above it in the system, and the
dimensions of that footprint times the thickness of the elevated copper that we
hit in K-11 and K-12 gives a volume of many billions of tonnes of target material.

Peter Bell: And it’s totally reasonable to start on that nearest edge since it's taken you long
to find that! You don't want to go out there and start confusing anyone who's
watching.

Tim Marsh: Right. That opportunity with the IP falling off to the northern and eastern edges
of the map is the sort of thing that could quickly bring in a major as a new partner
if we drill and don't find what we're looking for in the volume that I see right now
as most prospective. There's lots of room in the future for additional work at
other big targets at Kabba. Kennecott surmised early on that there were multiple
porphyry systems present and testing ideas like is something that other major
partners may want to do. I don't want them around for the time being, but in the
event that we don't find it with our next round of drilling then that opportunity
still will allow us to complete a good deal with a major to allow them to continue
spending their dollars.

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Peter Bell: And the 50% of land that Rio Tinto acquired – that was in the joint venture
company and will now revert to you?

Tim Marsh: Exactly right. All of that is ours to do with as we need.

Peter Bell: And you don't expect that will be too burdensome in terms of property payments?

Tim Marsh: No, I don't think so.

One of the important things that their work has done, about half of the land is
State of Arizona land. The procedure with the State of Arizona is that they allow
you to spread your expenditures over contiguous sections. They allow you to
spread expenditure credits from one section out to anything else that touches
that. We've spent a lot of money on state land – that's where probably 90% of
Kennecott's expenditures went. We can spread our old expenditures, which are
still remaining, and Kennecott's new expenditures out over that land to keep it in
good standing for years to come. We'll still have a rent payment to the sublease
holder, but it's quite manageable.

Peter Bell: That's another stunning subtle point that may not occur to most people. I
appreciate you for mentioning it here. That would seem to give you some runway
to survive.

Tim Marsh: It's a big check mark for our future. Literally years into the future, we'll be able to
use those exploration credits.

Peter Bell: Amazing how nicely they left things for you here.

Tim Marsh: Looking at it from their point-of-view, they've got a ticking time bomb. The trucks
roll in and out of their pits every single day.

The ore comes out of the ground. It never goes back in. They've got to work very
fast with their exploration. They've got to find the opportunity that's going to give

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them a very clearly identifiable orebody in very large quantities, good high grade
ore. They can't survive on small deposits or low-grade deposits. They need the
best of the best. I think in their haste to find that next opportunity, they missed
the real gem at Kabba. I don't have any interest in rubbing it in their nose, but I
would really like to finish the job of making a discovery at Kabba. Hopefully,
giving the message that maybe they've got to slow down a little bit or look at
things a little more carefully before they walk off.

Peter Bell: Yeah. It's good, here you wish them the best, I'm sure you do, given your
experience in the company and going way back. It's a small world, this mining
community. It gets pretty competitive, but really I think we're all competing
against market cycle more than each other.

Tim Marsh: That's true.

Time is the worst enemy of all, and the market cycles just really make it tough.
We've got to strike while the iron is hot. We've got to finance when we can finance,
drill when we can finance and get the biggest bang for the buck in that very short
interval of time. That's where we're at right now.

Peter Bell: It seems to be a great time for that with a lot of people talking about a shortfall
of copper discoveries. I go back and read articles from a few years ago and people
were talking about excessive amounts of copper supply in the global system. It's
surprising how quickly things can change.

Tim Marsh: It's drying up fast. It's hard to see – you have to be able to read through the
manipulation of the LME stockpiles as people are shuffling copper around, which
is an interesting story. The big discoveries that have to be happening to keep pace
with global growth, just aren't happening.

Peter Bell: That's right.

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Tim Marsh: Bell has an opportunity to help solve a tiny little bit of that problem, but it's a big
problem. It's one that will provide opportunities for Bell once we wrap things up
at Kabba.

Peter Bell: In the area of Kingman, Arizona of all places!

Tim Marsh: That's right. It's a good patch of ground, we're familiar with it, and we'll be back
out looking for the next Kabba once we capitalize on Kabba.

Peter Bell: Thanks for mentioning that, Tim. It seems that Kabba has been all-engrossing for
you for a decade here. I hope that you're out there in the field looking for more
prospects. I would think that the potential for a big win at Kabba would put some
wind in the sails for you guys to go out and do some good generative exploration.

Tim Marsh: That's the stuff where I really get a lot of pleasure. Finding new opportunities and
putting the story together. Putting the land packages together and everything
else – Arizona is filled with opportunities like that.

Again, time is our enemy. Development is our enemy. Preservation is an enemy.

There are lots of gorgeous places in Arizona and they don't all need to be National
Parks. There's been a bit too much of a focus for too long on preservation – really
to the detriment of utilization. Copper has to come out of the ground and folks
like Bell have to be the people to get it out. We're really focusing on areas where
the urbanization pressure is low and the potential to find new copper deposits
exists.

Peter Bell: You speak about leading at site when you're doing the dirty work and I think
there's something to be said about leading from the front on a global basis with
regards to environmental standards around mining. Material is getting used
every day, right? It's going to come from somewhere! If it's not, then we have to
consider the other marginal sources. Some of those other places it comes from
may end up being a lot worse.

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Tim Marsh: That's right, Peter. Arizona has strict regulations. The US in general has very strict
environmental regulations. We follow them. We're very different miners than the
miners of even a half a generation ago. I grew up in a very environmentally
sensitive area, Northwestern California and the Redwood Trees. The parents of
my friends were leaders in the environmental organizations, so I grew up
understanding that point-of-view. When I clean up a drill site, I'm making the
place look good again, as untrammeled as possible again. I think I do a better than
average job.

If we're working in the Philippines or the Congo or something like that, then the
regulations aren’t there. The pressure to make the place as beautiful as possible
again isn't there and bigger messes get left behind. I think Arizona is a great place
to mine the next pound of copper, do it wisely, and do our best to set the earth
straight once we're done. Arizona's a great place to do it.

Peter Bell: Well, I think a headline grabbing discovery hole or two out of Kabba will really
help hammer that home.

Tim Marsh: We'll try to get that done.

Peter Bell: Godspeed, Tim! Thank you.

Tim Marsh: You're welcome.

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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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