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Page 1: This presentation (the Presentation) contains · This presentation (the "Presentation") contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking
Page 2: This presentation (the Presentation) contains · This presentation (the "Presentation") contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking

This presentation (the "Presentation") contains"forward-looking information" and "forward-lookingstatements" (collectively, "forward-lookingstatements") within the meaning of the applicableCanadian securities legislation. All statements, otherthan statements of historical fact, are forward-looking statements and are based on expectations,estimates and projections as at the date of thisPresentation. Any statement that involvesdiscussions with respect to predictions, expectations,beliefs, plans, projections, objectives, assumptions,future events or performance (often but not alwaysusing phrases such as "expects", or "does notexpect", "is expected", "anticipates" or "does notanticipate", "plans", "budget", "scheduled","forecasts", "estimates", "believes" or "intends" orvariations of such words and phrases or stating thatcertain actions, events or results "may" or "could","would", "might" or "will" be taken to occur or beachieved) are not statements of historical fact andmay be forward-looking statements.

In this Presentation, forward-looking statementsrelate, among other things: the preliminaryeconomic assessment for the Marban project (the"PEA"); the numerous assumptions underlying thePEA, including the mine plan and economic model;the after-tax internal rate of return and net presentvalue modeling of the Marban project; the capex,life-of-mine and production modeling of the Marbanproject; the potential for brownfield value creation;grade estimates; the speculative geology of inferredmineral resources; gold prices; project scope,including mining methodology and infrastructure;processing methodology; the ability, if any, toachieve the project economics described in thisPresentation; the mining and processing strategy;the projected infrastructure; the ability, if any, toconstruct the required infrastructure; the ability, ifany, to obtain the required economic and restoration

approvals and permits; the current drill program onthe Marban project and the significance of new drillresults; potential mineralization; the ability to realizeupon any mineralization in a manner that iseconomic; the ability to complete any proposedexploration activities and the results of suchactivities, including the continuity or extension of anymineralization; and any other information hereinthat is not a historical fact may be "forward-lookinginformation".

This "forward-looking information“ involves knownand unknown risks, uncertainties and other factorswhich may cause the actual results, performance orachievements of O3 Mining to be materially differentfrom any future results, performance orachievements expressed or implied by such"forward-looking information". Such factors include,among others, risks relating to the ability ofexploration activities (including drill results) toaccurately predict mineralization; fluctuations in spotand forward prices of gold, silver, base metals orcertain other commodities; fluctuations in currencymarkets (such as the Canadian dollar to UnitedStates dollar exchange rate); change in international,national and local government, legislation, taxation,controls, regulations and political or economicdevelopments; relationships with and claims by localcommunities and indigenous populations; availabilityof increasing costs associated with mining inputs andlabour; the speculative nature of mineral explorationand development (including the risks of obtainingnecessary licenses, permits and approvals fromgovernment authorities); access to capital; errors inmanagement's geological modelling; the ability of O3Mining to complete further exploration activities,including drilling; property interests in the Marbanproject; the ability of O3 Mining to obtain requiredapprovals and complete transactions on termsannounced; the results of exploration activities; risks

relating to mining activities; the global economicclimate; metal prices; exchange rates; dilution;environmental risks; and community and non-governmental actions.

Although the "forward-looking information"contained in this Presentation is based upon whatmanagement believes, or believed at the time, to bereasonable assumptions, O3 Mining cannot assureshareholders and prospective purchasers ofsecurities of O3 Mining that actual results will beconsistent with such "forward-looking information",as there may be other factors that cause results notto be as anticipated, estimated or intended, andneither O3 Mining nor any other person assumesresponsibility for the accuracy and completeness ofany such "forward-looking information".

O3 Mining does not undertake, and assumes noobligation, to update or revise any such "forward-looking information" contained herein to reflect newevents or circumstances, except as may be requiredby law.

Risks and uncertainties about O3 Mining's businessare more fully discussed in the disclosure materialsfiled with the securities regulatory authorities inCanada, which are available on SEDAR(www.sedar.com) under O3 Mining's issuer profile.Readers are urged to read these materials andshould not place undue reliance on anyforward‐looking statement and informationcontained in this Presentation.

Unless otherwise noted, this Presentation has beenprepared based on information available as ofOctober 2, 2020.

References in this Presentation to "O3 Mining"includes O3 Mining Inc. and its subsidiaries.

Page 3: This presentation (the Presentation) contains · This presentation (the "Presentation") contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking

The PEA is based on the mineral resource estimatedescribed in in this Presentation, which has beenprepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI43-101") and will be available on SEDAR(www.sedar.com) under O3 Mining’s issuer profilewithin 45 days. Please refer to the full text of the PEAfor details regarding the key assumptions,parameters and methods associated with theforegoing.

The PEA is preliminary in nature and has madenumerous assumptions about the Marban projectreferenced herein, including in relation to the mineplan and economic models for the Marban projects.In addition, the PEA includes inferred mineralresources, which are considered to be toospeculative geologically to have economicconsiderations applied to them that would enablethem to be categorized as mineral reserves. There isno guarantee that any inferred mineral resource canbe converted to an indicated mineral resource ormeasured mineral resource, and as such, there is noguarantee the project economics described hereinwill be achieved.

This Presentation contains information regardingmineral resources estimated at the projectsreferenced herein. Mineral resources are not mineralreserves and do not have demonstrated economicviability. The estimate of mineral resources may bematerially affected by environmental, permitting,legal, title, socio-political, marketing or other relevantissues. In particular, the quantity and grade ofreported inferred mineral resources in the estimatesreferenced in this Presentation are uncertain innature and there is insufficient exploration to definethese inferred mineral resources as an indicated ormeasured mineral resource in all cases. It isuncertain in all cases whether further explorationwill result in upgrading the inferred mineralresources to an indicated or measured mineralresource category.

The scientific and technical information contained inthis Presentation has been reviewed, prepared andapproved by Mr. Louis Gariépy, P.Geo (OIQ#107538), Vice President Exploration of O3 Mining,who is a "qualified person" within the meaning of NI43-101.

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1/ Mineral Inventory (Appendix)2/ Cash and Investments as of June 30, 20203/ As of October 2, 2020

Experienced mine-building group(Osisko Group)

Executed consolidation strategy in prime Canadian gold district

Focused on mineral resource growth -5.9Moz1 Au added

Well-funded with C$61.4M2

Delivering on Exploration upside(150,000m resource expansion program)

Marban PEA with C$423M NPV

Canadian Developer growing through Exploration

Timmins Val D’Or

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60.3M1

Free Float

(41.3%)

Management(6.4%)

Osisko (30.3%)

Institutional (22.0%)

Current Price1

Average

C$3.02

C$5.00

Average4: US$79/oz

C$182.1M

C$61.4M

5.9Moz

C$120.7M

60.3M

US$15.4

1/ As of October 2, 2020 - Exchange Rate ($C:$US): 0.75142/ Cash and Investments as of June 30, 20203/ Total resources include 2P reserves, M&I, and inferred resources4/ Average excludes O3 Mining

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CategoriesTonnage

(kt)Au Grade

(g/t)Gold(oz)

Measured 515 1.07 17,662

Indicated 53,636 1.10 1,896,587

Total M+I 54,151 1.10 1,914,249

Inferred 13,187 1.44 610,827

Total Resources 67,338 1.16 2,525,076

• 100% ownership

• 12km from Canadian Malartic

mine and 8km from Kiena mine

• +600,000m drilling completed,

C$60M invested in the ground

• M+I is 75% of total resources

• 45,000m resource expansion

drilling program underway

• Tier 1 mining jurisdiction with

Québec flow-through exploration

financing advantage

• Key infrastructure: road, power,

experienced local labour force and

technical services

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-- --

126 132 129 130 127 116 126

145 161 150 113 113

90

45 45 11 --

($256)

$78 $72 $46 $58 $52 $39

$69 $88 $113 $114

$78 $82 $69 $27 $26

($3)

(300)

(200)

(100)

--

100

200

($300)

($200)

($100)

--

$100

$200

-2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Post-Tax Unlevered Free Cash Flow vs Annual Production

Annual Production (koz) Post-Tax Unlevered Free Cash Flow

US$1,450/ozBase Case

Post-tax NPV5%

Post-tax IRR

CAPEX

Life of Mine

Total Production

Avg. Annual Production

AISC

C$423M

25.2%

C$256M

15.2 years

1.8Moz

115,000oz

US$822/oz

Gold Price US$/oz US$1,450 US$1,730 US$1,900

Post-Tax

NPV (5%) C$423M C$688M C$846M

IRR 25.2% 37.7% 45.1%

Payback 4.0 years 2.6 years 2.0 years

PEA Base CasePrice

ConsensusPrice1

SpotPrice2

Brownfield Growth

1/ Consensus Commodity Prices as of August 31, 20202/ Spot price as of October 2, 2020

C$

(M

illio

n)

Go

ld P

rod

uctio

n (k

oz)

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$617$656

$782$812 $816 $822

$888

$1,013$1,047

$1,078 $1,079$1,117

$1,141 $1,152$1,194

$1,225$1,276

$1,354

$1,600$1,630

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

Canadian Gold Mines - 2019A AISC (US$/oz)

Operating Margin US$1,078/oz

Spot Price1: US$1,900/oz

Source: Company disclosure1/ Spot price as of October 2, 2020

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0.5x

0.7x

0.7x

0.7x

0.8x

0.9x

0.9x

0.9x

1.0x

1.2x

1.2x

1.2x

1.3x

1.3x

1.3x

1.4x

1.4x

1.4x

1.4x

1.6x

1.6x

1.6x

1.7x

1.7x

1.8x

2.0x

2.1x

2.2x

2.2x

2.4x

2.6x

Lindero

Wasamac

Back Forty

Casino

Horne 5

Stibnite

Spanish Mountain

Corani

Springpole

Camino Rojo

Back River

Cerro Blanco

Romero

Toroparu

Bateman

North Timmins

North Bullfrog

Castelo de Sonhos

Loma Larga

Curraghinalt

Cangrejos

Blackwater

Marban

Valentine Lake

Ixtaca

Railroad-Pinion

Eskay Creek

DeLamar

Volta Grande

Imperial

Madsen

Gold Projects – Initial Capex (C$M) Gold Projects – Project NPV / Initial Capex

Low capital intensity

High leverage1.7x per dollar

invested

$3,319

$1,454

$1,351

$1,311

$1,093

$1,084

$782

$573

$511

$479

$449

$427

$416

$403

$369

$338

$323

$315

$276

$265

$259

$256

$249

$235

$218

$214

$192

$180

$166

$103

$100

Casino

Blackwater

Cangrejos

Stibnite

Springpole

Horne 5

Corani

North Bullfrog

Toroparu

Wasamac

Back River

Loma Larga

Windfall Lake

Volta Grande

Spanish Mountain

Back Forty

Lindero

Eskay Creek

Valentine Lake

Cerro Blanco

Curraghinalt

Marban

Castelo de Sonhos

Ixtaca

DeLamar

Romero

Imperial

Railroad-Pinion

Camino Rojo

Bateman

Madsen

Source: Company disclosure

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45,000m brownfield resource expansion drilling at Marban

500 m

750 m

North Shear + North-North MarbanGold Hawk Kierens + Norlartic

Marban Pit2,762oz Au (65KT @ 1.32g/t) Meas1.537Moz Au (46.3MT @ 1.03g/t) Ind227,226oz Au (6.5MT @ 1.09g/t) InfMarban UG54,982oz Au (220KT @ 7.77g/t) Ind85,317oz Au (304KT @ 8.73g/t) Inf

Kierens-Nolartic Pit14,900oz Au (450KT @ 1.03g/t) Meas246,430oz Au (6.6MKT @ 1.15g/t) Ind286,724oz Au (6.3MT @ 1.42g/t) InfKierens-Nolartic UG58,504oz Au (510KT @ 3.57g/t) Ind11,560oz Au (119KT @ 3.02g/t) Inf

1.5Moz0.3Moz

1 kmMB-11-17030,100 g/t Au over 0.5m

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MarbanNPV5%

C$423M

C$7.00 per share

C$182M

C$3.02 per share1

C$

(M

illio

n)

1/ As of October 2, 20202/ Conservative EV/oz multiple below average US$79/oz - Exchange Rate ($C:$US): 0.7514

Garrison hosts 2.0Moz

Implied Value C$106M

or C$1.80 / share

Alpha hosts 1.2Moz

Implied Value C$64M

or C$1.10 / share

Marban PEA NPV5% is 2.5X Market Cap

Blue SkyPotential

Garrison + Alpha

3.2Moz * US$40/oz (EV/oz)1,2

Implies C$171M In-situ Valuation

or C$2.90 per share

→ Not currently reflected in share price

Value Appreciation Opportunity

Marban PEA

Post-tax NPV5% C$423MCAPEX C$256MTotal Production 1.8Moz AuAISC US$822/oz

DCF Valuation → C$7.00 per share

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1/ Estimated Drilling Plan 2020-2021

Malartic Property

High grade potential at depth

45,000m

Alpha Property

Expand resources (Sectors 1 +2)

100,000m

EC Property

East Exp. along Cadillac Fault

5,000m

N

0 20km

AURBEL MILL

Neighbouring Claims

Malartic Property

Val D’Or

Canadian Malartic

Alpha Property

East Cadillac

Sleepy Property

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Mineral Prospectivity Indices (MPI) Map of Alpha Property

Minimizing Environmental footprint – focused exploration

Regional-scale targeting model at Alpha Property to assist with resource expansion and regional exploration

Aurbel Mill1,200tpd

Ind. 0.25Moz @ 2.16g/tInf. 0.29Moz @ 4.92g/t

M&I 0.04Moz @ 5.52g/tInf. 0.02Moz @ 6.36g/t

Ind. 0.20Moz @ 1.61g/tInf. 0.13Moz @ 1.89g/t

A

A’

ORENADA #2

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Longitudinal Section – Looking NNE

300m

>50

25-50

15-25

5-15

Metal Factor (g/t*m)

1000 m

A’A

300m

0

Mineralized Footprint4 km

EPSILON + PONTIAC WEST BULLDOG + ORENADA #4 ORENADA #4 ORENADA #2

ORENADA 4 & 2194 522 oz Au (3.75 MT @ 1.61 g/t) Ind.126 259 oz Au (2.08 MT @ 1.89 g/t) Inf.

1000 m

A A’

ORENADA #2

ORENADA #4BULLDOG +ORENADA #4EPSILON

OPEN

100,000m brownfield resource expansion drilling

Option on nearby 1,200tpd Aurbel mill

Potential for hub and spoke development

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• Garrison hosts 2.0Moz @ 1.15g/t Au1

• Pending PEA start decision

• Significant resource in desirable district: notable neighbours include Kirkland Lake and Pan American Silver

10 km

1/ Mineral Inventory (Appendix)

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Q1 2021 Q2 2021Q3 2020 Q4 2020

Shareholder Engagement

2

Brownfields

Marban PEA ✓

Brownfields

Alpha Drilling

Marban PFS Marban PFS

6 Drill Rigs

Drilling

Development

News Flow every 3-4 weeks, Marketing

5 10

Brownfields

Alpha DrillingAlpha Drilling Alpha Drilling

RegionalMarban

Alpha

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Initiate a Pre-Feasibility Study on Marban for completion in 2021

Continue 45,000m resource expansion drilling

at Marban through next six months

Continue to advance 2.0Moz Garrison project

towards a PEA

Continue to grow resources at Alpha and East

Cadillac with aggressive drilling

During the first 12 months we:

• Completed Positive PEA for

Marban with NPV5% C$423M

• Built a 5.9Moz portfolio

• Assembled prospective land

package in Val d’Or (>61,000 ha)

• Drilled >40,000m

• Obtained mill option for Alpha

• Divested non-core assets

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Environment

SocialGovernance

• Committed to

protecting the

environment and

designing projects that

minimize carbon

footprint

Current policies include:

• Active engagement on FN

IBA’S

• Health & Safety

• Diversity Policy

• Compensation Policy

• Psychological and sexual

harassment Policy

Current policies include:

• Business Conduct and

Ethics

• Anti-bribery and anti-

corruption

• Corporate Disclosure

• Whistleblower

• Confidentiality and

Insider Trading

• Committed to continuous improvement corporate governance practices

• Integrate social and

environmental goals

into our operations

• Manage the interests

of a broad spectrum of

stakeholders to create

maximum economic

and social benefit and

sustainably

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Page 20: This presentation (the Presentation) contains · This presentation (the "Presentation") contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking

Mr. Vizquerra is President and Chief ExecutiveOfficer, and a director of O3 Mining Inc. ("O3Mining"). Prior to his appointment at O3 Mining,Mr. Vizquerra was Executive Vice President ofStrategic Development for Osisko Mining Inc.("Osisko Mining"). Mr. Vizquerra joined OsiskoMining from Oban Mining Corporation ("Oban"),where, as President and Chief Executive Officer,he played a leading role in the combination ofOban, Corona Gold Corporation, Eagle HillExploration Corporation, and Ryan GoldCorporation to form Osisko Mining. Throughambitious drilling and prudent capital raising,Osisko Mining has become the highly valuedproponent of the world-class Windfall goldproject. Before that, Mr. Vizquerra was Head ofBusiness Development for Compañia de MinasBuenaventura. Previously, he was a productionand exploration geologist at the Red Lake goldmine in Ontario.

Mr. Vizquerra currently serves as a director ofOsisko Mining, and Sierra Metals Inc., and as anadvisor to the boards of Discovery MetalsCorporation and Palamina Resources. TheYoung Mining Professionals recognized Mr.Vizquerra as one of their Young MiningProfessionals of the year with the 2019 PeterMunk Award.

Mr. Vizquerra is an alumni of the GeneralManagement Program at the Wharton School ofBusiness. He holds an MSc in MineralExploration from Queens University and a B.Scin Civil Engineering from UPC UniversidadPeruana de Ciencias Aplicadas. Mr. Vizquerra isa Qualified Person pursuant to NationalInstrument 43-101.

Mr. Zaritsky currently serves as the ChiefFinancial Officer of O3 Mining Inc., as well asthe Chief Financial Officer of Osisko MiningInc., since June 2011. Mr. Zaritsky possessesover ten years of Canadian public practiceexperience with exposure to various types ofengagements and clients, gained throughmanaging audit engagements of publiclylisted companies traded on the Toronto StockExchange, TSX Venture Exchange, andCanadian Securities Exchange. He obtainedhis Chartered Professional Accountantdesignation in 2003 and holds dual Bachelorof Arts degrees in accounting and economicsfrom Brock University and WesternUniversity, respectively. He is currently partof the Board of Directors for TaliskerResources Inc.

Mr. Gariepy currently serves as the VicePresident of Exploration of O3 Mining. He is ageological engineer with over 30 years ofinternational mining experience, includingsubstantial experience in Québec and LatinAmerica. Mr. Gariepy most recently served asExploration Manager of Anglo American plc inPeru, during which time he was instrumentalin the delineation of their explorationprograms. Prior to his role at Anglo Americanplc, Mr. Gariepy served as ExplorationManager of IAMGOLD Corporation in Perufrom 2005 to 2012, working on a wide arrayof projects in Latin America. Mr. Gariepy hasalso worked for Compañia Minera Milpo from1999 to 2005, where he contributed in makingof the Cerro Lindo VMS deposit a world-classmining asset. Mr. Gariepy began his career asa mining explorationist with Noranda Inc. inQuébec from 1986 to 1997.

Vice President ExplorationChief Financial OfficerPresident, Chief Executive Officer & Director

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Mr. Burzynski is a Director and Chairman ofthe Board of O3 Mining Inc. He currentlyserves as Executive Chairman, Chief ExecutiveOfficer and Director of Osisko Mining Inc.,having served in those capacities since August2015, and has been a director of OsiskoMining Inc. (formerly Oban MiningCorporation) since incorporation in February2010. Mr. Burzynski is currently a director ofOsisko Gold Royalties Ltd. and, from June 2014to August 2016, also served as the Senior VicePresident, New Business Development. Mr.Burzynski holds a Bachelor of Science(Honours) degree in Geology from MountAllison University and a Master of Science inexploration and mineral economics (MINEX)from Queen's University. He is a registeredP.Geo. in the province of Québec, and has over30 years of experience as a professionalgeologist on international mining anddevelopment projects.

Ms. Satov, B.A., LL.B., M.B.A., currently servesas a Director of O3 Mining Inc., Director ofOsisko Mining Inc., Director of Osisko MetalsInc., and as a Director of BrunswickExploration Incorporated. Ms. Satov is SeniorLegal Counsel of Nuvei Technologies Corp.since April 2020. Formerly, Ms. Satov servedas Chief Executive Officer of BL Solutions Inc.,a national lighting distributor, fromNovember 2019 to March 2020, a directorand chair of the audit committee of CannaraBiotech Inc. up to January 2020, and ChiefExecutive Officer of Litron Distributors Ltd.up to April 2020. Prior to 2012, Ms. Satov wasthe Executive Vice President of Legal,Compliance and Distribution and CorporateSecretary of DundeeWealth Inc., a wealthmanagement company with $80 billion ofassets under management that was acquiredby The Bank of Nova Scotia in 2011. Ms.Satov oversaw all legal and compliancematters, was actively involved inDundeeWealth's expansion into Europe andthe U.S. and sat on various subsidiary boards.Ms. Satov advised on all M&A activities aswell as securities, regulatory and othercorporate commercial matters. In 2010, Ms.Satov was recognized by Strathmore's "Who'sWho" for excellence and achievement in herprofession.

Mr. John currently serves as a Lead Director of O3Mining Inc., Chair of the Board of Discovery MetalsCorp., Chairman and Director of Prime MiningCorp. and as a Director of Osisko Gold RoyaltiesLtd. Mr. John is also a former director of OsiskoMining Inc. from August 2015 to June 2018. Priorto his retirement in December 2015, Mr. John wasthe President and Chief Executive Officer ofDundee Resources Limited, a private resource-focused investment company, and ManagingDirector and a Portfolio Manager with Goodman &Company, Investment Counsel Inc. Mr. John wasalso the former President and Chief ExecutiveOfficer of Corona Gold Corporation and Ryan GoldCorporation up to 2015. He has been involvedwith the resource investment industry since 1992and has worked as an investment banker, buy-side mining analyst, sell-side mining analyst, andportfolio manager. Mr. John graduated from theCamborne School of Mines in 1980. He alsoreceived a Master of Business Administration fromthe University of Toronto in 1993.

Lead DirectorChairman Director

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Mr. McKay currently serves as a director of O3 Mining Inc. and hasbeen a director of Osisko Mining Inc. since August 2012. His currentprincipal occupation is Chief Financial Officer of Dalradian ResourcesInc. since June 2010. Mr. McKay is a Chartered ProfessionalAccountant with extensive experience in the mining industry,including public company reporting requirements, financing, andmerger and acquisition transactions. Mr. McKay received his C.A.designation in 1981 with Coopers & Lybrand (nowPricewaterhouseCoopers LLP) and holds a Bachelor of Arts Degreefrom Western University.

Director

Mr. Tyshynski currently serves as a director of O3 Mining Inc. He hasalmost two decades of experience in International Capital Markets as aStructurer, Trader, and Portfolio Manager. Mr. Tyshynski was a SeniorPrincipal (Portfolio Manager) for the Ontario Teachers' Pension Plan until2019, where he managed the funds exposure to Emerging Markets. Hehas also served as Director, Head of Trading, for the Standard Bank ofSouth Africa, in Johannesburg, where he gained considerable exposure toInfrastructure and Commodity Financing on the African Continent. Priorto this, he served as a VP at Morgan Stanley & The Royal Bank of Canadain London, England. Mr. Tyshynski graduated from McGill University witha Bachelor of Arts degree in Economics.

Director

Mr. Anderson currently serves as a director of O3 Mining Inc. He wasappointed as a director of Osisko Mining Inc. in August 2012. Hefounded Dalradian Resources Inc. and has served as its ChiefExecutive Officer from October 2009 to present. Mr. Anderson is anexploration geologist, entrepreneur, and business executive withover 20 years of experience working in the resource sector.Previously, Mr. Anderson was a director, President, Chief ExecutiveOfficer and co-founder of Aurelian Resources Inc.

Mr. Calderon currently serves as a director of O3 Mining Inc, and is also adirector of Osisko Mining Inc., since April 2014. He is also the ChiefExecutive Officer of Analytica Mineral Services, having served in that rolesince January 2005. Mr. Alvarez Calderon has taken the Owners/PresidentManagement Program at the Harvard Business School and holds aBachelor of Science in geological engineering from the Colorado School ofMines.

DirectorDirector

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Notes:

(1) See Marban Technical Report 2020 (2) See Orenada Technical Report 2018 (3) See Akasaba Technical Report 2014 (4) See Simkar Gold Technical Report 2015 (5) See East Cadillac

Technical Report 2017 (6) See Garrison Technical Report 2019 (7) See Sleepy Technical Report 2014

Marban (1) 54.1 1.91 1.10

Orenada (2) 3.8 0.20 1.61

Akasaba (3) 3.7 0.25 2.16

Simkar (4) 0.2 0.04 5.52

East Cadillac (5) 0.2 0.03 4.17

Garrison (6) 43.6 1.57 1.11

Marban (1) 13.2 0.61 1.44

Orenada(2) 2.1 0.13 1.89

Akasaba (3) 1.8 0.29 4.92

Simkar (4) 0.1 0.02 6.36

East Cadillac (5) 1.1 0.15 4.09

Garrison (6) 10.3 0.42 1.28

Sleepy (7) 1.9 0.28 4.70

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General LOM Total / Avg.

Gold Price (US$/oz) $1,450

Exchange Rate ($C:$US) C$1.00 : US$0.74

Mine Life (years) 15.2

Total Waste Tonnes Mined (kt) 355,627

Total Mill Feed Tonnes (kt) 60,356

Strip Ratio 5.89:1

Production LOM Total / Avg.

Mill Head Grade Y1-Y10 (g/t) 1.13

Mill Head Grade LOM (g/t) 0.97

Mill Recovery Rate (%) 93.7%

Total Mill Ounces Recovered (koz) 1,757

Total Average Annual Production (koz) 115

Operating Costs LOM Total / Avg.

Mining Cost (C$/t Mined) $2.7

Mining Cost (C$/t Milled) $17.9

Processing Cost (C$/t Milled) $9.6

G&A Cost (C$/t Milled) $0.7

Total Operating Costs (C$/t Milled) $28.2

Refining & Transport Cost (C$/oz) $2.5

*Cash Costs (US$/oz Au) $741

**AISC (US$/oz Au) $822

Capital Costs LOM Total / Avg.

Initial Capital (C$M) $256

Sustaining Capital (C$M) $189

Closure Costs (C$M) $10

Salvage Costs (C$M) $7

Financials - Pre Tax LOM Total / Avg.

NPV (5%) (C$M) $715

IRR (%) 31.5%

Payback (years) 3.7

Financials - Post Tax LOM Total / Avg.

NPV (5%) (C$M) $423

IRR (%) 25.2%

Payback (years) 4.0

* Cash costs consist of mining costs, processing costs, mine-level G&A and refining charges and royalties** AISC includes cash costs plus sustaining capital, closure cost and salvage value

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