#1Fort Capital Corvus GOLD INC Project Cheetah - Presentation to the Special Committee September 12th, 2021#2Disclaimer Valuation and Fairness Opinion Limitations • This analysis presented by Fort Capital Partners (us", "we or "Fort Capital") was prepared solely to provide the special committee of the Board (the "Special Committee") of Corvus Gold Inc. ("Corvus or the Company") with a formal valuation (the "Valuation") as defined by Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101") with respect to the fair market value the Company's common shares (the "Shares") as well as an opinion (the "Fairness Opinion and together with the Valuation, the "Opinions") as to the fairness, from a financial point of view, of the consideration to be received by shareholders of the Company in the proposed Arrangement Agreement with AngloGold Ashanti Limited ("AngloGold" or the "Acquiror"). Fort Capital has, subject to the exercise of its professional judgment, relied, without independent verification, upon the completeness, accuracy and fair presentation of all of the financial and other information, data, advice, opinions and representations obtained by it from public sources. or that was provided to us, by the Company, and its associates and affiliates and advisors (collectively, the "Information"), and we have assumed that this Information did not omit to state any material fact or any fact necessary to be stated to make that Information not misleading. The Opinions are conditional upon the completeness, accuracy and fair presentation of such Information. With respect to the Company's financial projections provided to Fort Capital by management of the Company and used in the analysis supporting the Opinions, we have assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company as to the matters covered thereby. The Valuation has been prepared in accordance with the Canadian Institute of Chartered Business Valuators (CICBV") Standard 110 for Valuation Opinions. Additionally, Fort Capital has conducted other such analyses as it considered necessary in the circumstances to prepare and deliver the Faimess Opinion. In addition, the Opinions have been prepared in accordance with the Disclosure Standards for Formal Valuations and Faimess Opinions of the Investment Industry Regulatory Organization of Canada (IIROC"), though Fort Capital is not a member of IIROC and neither CICBV or IIROC have been involved in the preparation or review of the Opinions. The materials are intended for the benefit and the use of the Special Committee of the Company in connection with the transaction discussed herein and may not be reproduced, disseminated, quoted or referred to, in whole or in part, or used for any other purpose without the consent of Fort Capital. All monetary amounts in these discussion notes are in Canadian dollars unless otherwise indicated. All share prices as of September 10, 2021 unless otherwise indicated 2 Corvus Fort Capital#3Table of Contents 1. Mandate and Summary 2. Overview of Corvus 3. Valuation 4. Summary and Conclusion Appendices A. Completed Scope of Review B. Detailed Financial Model C. Trading Comparables D. Precedent Transactions E. Consensus Commodity Prices Corvus 3 Fort Capital#41. Mandate and Summary#5Fort Capital Mandate Fort Capital has been engaged by the Special Committee to provide a Valuation and Fairness Opinion in connection with Project Cheetah We understand that AngloGold provided Corvus with an unsolicited non-binding letter of intent where AngloGold proposed to acquire all of the issued and outstanding common shares of Corvus not already owned by AngloGold (the "Corvus Shares"), including shares issuable upon the exercise of any dilutive securities (the "Proposed Transaction") - - AngloGold initially submitted an unsolicited, non-binding offer on July 13th which set out proposed consideration of $4.00 per Corvus Share, payable fully in cash - Anglo Gold has since been in discussions with the Company and the two parties intend to enter into an arrangement agreement to be dated on or about September 12 (the "Arrangement Agreement") that outlines a revised consideration (the "Consideration") of $4.10 per Corvus Share, payable in cash • The Special Committee has determined that the Proposed Transaction is subject to MI 61-101, which will require the approval of existing Corvus shareholders other than AngloGold (the Public Shareholders"), the preparation of a Valuation of the Corvus Shares, and the inclusion of the Valuation or a summary thereof in the management information circular to be sent by the Company in connection with a special meeting of shareholders to consider the Proposed Transaction • Fort Capital has also been engaged by the Special Committee of Corvus to provide it with advice in evaluating the Proposed Transaction, including the preparation and delivery of the Valuation and providing an opinion as to the fairness, from a financial point of view, of the Consideration to be received by the Public Shareholders under the Proposed Transaction This presentation is not intended to be made public and is strictly for the internal use of the Company As part of the Valuation, Fort Capital will also provide a Fairness Opinion letter for inclusion in the information circular to be prepared and disseminated to shareholders of Corvus Fort Capital confirms that it meets the requirements of an independent valuator as the term is described in M/ 61-101 Neither Fort Capital, nor any of our affiliates, is an insider, associate, or affiliate (as those terms are defined in the Securities Act (Ontario)) of Corvus, AngloGold, or any of their respective associates or affiliates (collectively the "Interested Parties") - Fort Capital is not acting as an advisor to Corvus or any Interested Party in connection with any matter, other than acting as advisor to the Special Committee - There are no fees payable to Fort Capital under our engagement that are contingent upon the conclusions reached Fort Capital in the Valuation or the Fairness Opinion, or upon the successful completion of the Proposed Transaction Corvus Fort Capital#6Background to the Situation Since the formation of Corvus in 2010, Anglo Gold has held a significant ownership position in Corvus Background to the Situation August 25, 2010- International Tower Hill Mines Ltd. (ITH") spun out its existing Alaska mineral properties (other than the Livengood project) and the North Bullfrog mineral property and related assets in Nevada into a new public company, being Corvus Gold Inc. AngloGold owned 12.5% of ITH and as a result of spin-off retained 12.5% ownership in Corvus May 29, 2015 - Anglo Gold owned 14,698,876 Corvus Shares representing 18.3% of Corvus' outstanding share capital June 30, 2017 - Renaissance Gold signs option agreement on Silicon Project with AngloGold for a total of US$3M over 3 years December 4, 2017 - AngloGold entered into a confidentiality agreement with Corvus with an initial one-year term in order to have access to and review confidential and proprietary information in relation to North Bullfrog. Mother Lode and other exploration assets owned by Corvus located in Nevada August 10, 2020 - AngioGold owned 24,774,949 Corvus Shares representing 19.5% of Corvus' outstanding share capital May 22, 2020- AngloGold it will complete the option to purchase the Silicon project in Nevada from Renaissance Gold May 6, 2021 - Entered into a loan agreement with AngloGold to fund up to US$20M towards the ongoing permitting and pre-development work at the North Bullfrog project as well as going exploration at the Mother Lode property July 13, 2021 - The Company announced that it has received an unsolicited, non-binding proposal from AngloGold for the acquisition of the outstanding common shares not already held by AngloGold September 12, 2021- AngloGold and Corvus expected to sign an agreement setting out a revised offer of CS4.10 per share Corvus GOLD INC Confidentiality Agreement The term of the Confidentiality Agreement has been extended on an annual basis by the parties following the expiry of its initial term. • Under the Confidentiality Agreement, AngloGold may not, among other things, increase its equity stake in Corvus beyond 20% of Corvus' outstanding share capital or acquire any assets of Corvus Loan Agreement A fixed interest rate of 1.107025% with interest beginning 180 days after loan signing Repayment of loan will be the lesser of 12 months after loan origination date, or after all North Bullfrog project mine construction permits are obtained by Corvus A minimum of 70% of the loan amount to be spent on project work • Exclusivity period of 90 days which was extended to 120 days as a result of the AngloGold offer 6 Offer Summary Consideration of C$4.00 per common share payable in cash As of May 31, 2021, Anglo Gold owned 24,774,949 common shares representing approximately 19.5% of the total issued and outstanding common shares Fort Capital#7Mandate & Summary Summary of the Proposed Transaction $4.10 per Corvus Share, payable in cash • Each holder of Corvus Shares not currently owned by AngloGold, will be entitled to receive $4.10 in cash (the "Offer Price") - Anglo Gold currently owns 19.5% of current shares outstanding for Corvus (17.8% on a fully diluted basis) . The Offer Price reflects a premium of 26.2% over the spot price and 22.2% to Corvus' 20-day volume weighted average price ("VWAP") as of July 12 (announcement date of initial non- binding offer) - 58.9% premium over spot price prior to the announcement of the loan from AngloGold (the "Unaffected Price") The implied transaction value is ~$546M Proposed Transaction to be completed by way of Plan of Arrangement, which will require the Public Shareholders to vote in favour of the acquisition • Sprott has agreed to lock-up and a 3.25% breakfee has been agreed upon Implied Premiums Cash Consideration May-05-2021 $4.10 Jul-12-2021 $4.10 Spot 5-day 10-day VWAP VWAP Premium to Unaffected Price: $2.58 58.9% Sep-10-2021 $4.10 (1) $2.53 $2.57 59.8% $2.54 61.3% 62.3% Premium to Unaffected Prior to Non-Binding Offer: 12 $3.26 $3.29 $3.35 22.2% 20-day VWAP $3.25 26.2% 25.7% 24.8% Premium to Current Share Price: $3.97 $3.99 $3.96 3.5% 3.3% 2.9% $3.97 3.2% 60-day VWAP $2.56 59.9% $3.23 26.9% $3.86 6.1% Transaction Overview Offer Price per Share Corvus Price (Unaffected) Prem um to Spot (Unaffected) Premium to 20D WWAP (Unaffected) TSM Shares Outstanding Implied Equity Value of Transaction Plus: Total Debt Less: Cash & ST Inv. Transaction Value Transaction Value Implied Multiples EVM&I Resources EV/Total Resources PINAV (Consensus) TAC/oz Share Price (C$) $2.00 $1.50 $1.00 (CS) (CS) (96) Sep-18 Mar-19 Sep-19 Mar-20 ---Current Offer Corvus Using the unaffected price prior to the announcement of securing a US$20M loan from Anglo Gold (May 5, 2021) GOLD (2) Using the unaffected price prior to the announcement of the initial CS4.00 offer from AngloGold (July 12, 2021) (CSM) (CSM) (CSM) (CSM) (USSM) Corvus Share Price Performance (Last 3 years) $4.50 $4.00 $3.50 $3.00 $2.50 (USS/cz Au Eq) (USS/cz AuEq) (0.0x) (USS/cz Au) Sep-20 Mar-21 -Initial Offer $4.10 $2.58 58.9% 62.5% 133.1 $545.6 $12.2 ($11.4) $546.4 $432.3 $113 $98 0.74x $1,152 1.4 1.2 1.0 0.8 0.6 7 0.4 0.2 Sep-21 Volume (M) Fort Capital#8Mandate & Summary Relative Share Price Performance • Corvus has outperformed its Nevada gold developer peers over the last 12 months - This outperformance is in part due to recent increases in the share price that came as a result of major announcements (securing a US$20M loan from AngloGold on May 6, and receiving a non-binding offer from Anglo Gold on July 13) Relative Share Price Performance (1) ANGLOGOLO ASMANTI (56%) Nevada Peers (22%) (8%) Corvus Sep '20 ww Oct 20 Nov '20 mun Dec 20 -Corvus May 6 AngloGold Loan зинг Feb ¹21 Mar 21 Apr 21 -Nevada Gold Developer Comps (2) Jan 21 May'21 Jun 21 AngloGold July 13 Non-Binding Offer Jul 21 Gold (1) S&P Capital (Qas of September 10, 2021 Corvus (2) Nevada peers include the following companies: Gold Standard Ventures, Augusta Gold, West Vault Mining Gold Springs Resource, Paramount Gold Nevada, and Allegiant Gold Aug 21 (75%) (50%) (25%) . Share Price Return 25% 50% 75% 100% Sep 21 Fort Capital#9Mandate & Summary Unaffected Relative Share Price Performance . Corvus has outperformed its Nevada gold developer peers over the last 12 months prior to the announcement of the loan with AngloGold - Minor underperformance during the 3 months preceding the Unaffected Date 3 Month Share Price Returns as at May 5, 2021 (¹) (14%) Corvus (1) Corvus (2) GOLD INC ANGLOGOLD ASHANTI (2%) (12%) Nevada Comps (2) 12 Month Share Price Returns as at May 5, 2021 (¹) +20% Corvus (35%) ANGLOGOLD ASHANTI Using the unaffected date prior to the announcement of securing a US$20Mloan from Anglo Gold (May 5, 2021) Nevada peers include the following companies: Gold Standard Ventures, Augusta Gold, West Vault Mining Gold Springs Resource, Paramount Gold Nevada, and Allegiant Gold +5% +9% Nevada Comps (2) Fort Capital#10Mandate & Summary Recent Trading Corvus stock has largely traded in line with the $4.00 non-binding offer from AngloGold since the announcement Share price increased from $3.25/share on closing July 12th to $3.98/share on closing July 13th (the date of takeover offer announcement) - Share price prior to the announcement of US$20M loan from AngloGold was $2.58/share . Recent Share Price Performance (1) Share Price (C$) May 6 AngloGold Loan $4.25 $4.00 $3.75 $3.50 $3.25 $3.00 $2.75 $2.50 Offer Price: C$4.10 Corvus Initial Offer: C$4.00 Daily Volume (M) July 13 Non-Binding Offer Mardhianada handl ahoudd Altadlatarantaullillana, ida 03 05 07 11 13 17 19 21 26 28 01 03 07 09 11 15 17 21 23 25 29 02 06 08 12 14 16 20 22 26 28 30 04 06 10 12 16 18 20 24 26 30 01 03 08 10 July August September May June SOL (1) S&P Capital IQ as of September 10, 2021 - Share Price (C$) -Current Offer 1.60 -Initial Offer 1.40 1.20 1.00 0.80 0.60 0.40 0.20 Volume (M) 10 Fort Capital#112. Overview of Corvus#12Capital Markets Overview Gold development company focused on exploration and development in Nevada Headquarters: Vancouver, BC Founded: August 2010 - spun out of International Tower Hill (TSX:ITH) Ticker: TSX:KOR, NASDAQ:KOR • Corvus (TSX:KOR) was created in August 2010 through a spin out of the Nevada and Alaska assets of International Tower Hill . - Corvus sold the Alaskan "Terra Project" in 2013 to focus solely on gold development in Nevada - Acquired the Mother Lode project from Goldcorp in 2017, supplementing the company's Nevada holdings Corvus is currently progressing its PEA stage North Bullfrog and Mother Lode projects towards production AngloGold (JSE ANG) is a significant shareholder at -20%, and has significant land holdings bordering the North Bullfrog and Mother Lode projects - AngloGold has largely maintained its ownership in Corvus since the ITH spin out Total Capitalization (in CSM unless otherwise noted) Last Sale Price (Sep 10, 2021) (CS) Last Sale Price (Sep 10, 2021) (USS) Basic Shares Outstanding Dilut ve Securities (TSM) Market Capitalization (TSM) Plus: Total Debt Less: Cash & ST Inv. Total Enterprise Value Corvus GOLD INC Trading Multiples (US$) $3.97 EV/MBI Resources (USS/cz AuEq) $3.14 EV/Total Resources (USS/oz AuEq) 127.0 P/NAV 5.9 $528 $12 ($11) $528 $110 $94 0.72x North Bullfrog Project Area Sierra Blanca Mayllowee Kinross Andodo Gold Total Insiders Jolly Jane Corvus Shareholder Summary Share figures in 000's Pontus, Jeffey (CEO & President Drescher. Anton (Director) Other Insiders AngloGold Ashans Sprott Asset Management Van Eck Associates Frankin Resources Other Institutions Total Institutions Other Unidentified Shareholders Total Shares Outstanding Beatty, NV Corvus Mother Lod Mother Lode Project Area Common Shares 3,847 1,118 1,873 6,836 24.775 24.410 8,557 2,850 8.755 69,147 50,996 126,978 Gold % OF CSO 3.0% 0.9% 1.5% 5.4% 19.5% 19.2% 6.7% 2.1% 6.9% 54.5% 40.2% 100.0% AngjoGold inross Gold Warrants/ Options 2,960 725 5.100 8,775 . . 3,314 12,089 12 % of F.D. Shares 4.9% 1.3% 5.0% 11.2% 17.8% 17.6% 82% 1.9% 6.3% 49.7% 39.1% 100.0% Fort Capital#13Overview of North Bullfrog PEA Stage Gold Development Project Location: Nevada, USA Commodities: Au, Ag Open Pit Type: Stage: Processing: . North Bullfrog was originally owned by International Tower Hill (TSX:ITH), and was included as part of Corvus' spin out from ITH US$20M loan secured from AngloGold in May 2021 will largely be used to advance the permitting and pre-development work at North Bullfrog Announced the completion of a PEA on North Bullfrog in November 2020 Simple, straightforward heap leach operation The PEA contemplates a low upfront capex requirement of US$167M Estimated 15 year mine life resulting in US$452M of after tax NPV5% and a 47% IRR Reserve & Resource Summary (¹) M&I Preliminary Economic Assessment Gravity Concentration & Cyanide Leaching Inferred Total Resource Corvus Tonnage (Mt) 67.67 0.19 Au Ag AuEq (g/t) (g/t) (g/t) Au Ag (koz) (koz) 192.14 0.34 1.67 0.36 2,107 10,306 259.81 Grade 0.30 0.60 1.39 Contained 0.20 414 1,292 0.32 2,521 11,598 Mining Summary (Production and AISC) AuEq (koz) (1) Mineralreserves and resources from Corvus North Bullfrog PEA $1,868 148 2,242 431 2,673 74 195 187 $292 9002 3511 170 $952 134 117 $795 $838 9957 93 $1,327 $1,338 91 PEA Summary Mine Life (years) LOM Avg. Annual Au Prod. (kozpa) LOM Avg. Annual Ag Prod. (Kozpa) LOM Recovery Au/Ag (%) Initial / Sustaining Capital (USSM) LOM Avg. AISC (USS/oz Au) Gold Price Assumption (USS/oz) NPV (Post-Tax @5%) (USSM) IRR (After Tax) $1.191 74 $1.428 $1,386 69 57 $1,545 39 11 3 Yr1 Yr2 Yr3 Yr4 5 6 YZ Yrs Yr9 10 11 12 13 14 W 15 Au Production (koz) -AISC By-Product (US$/oz) $2,208 13 15 years 98 214 76%/40% $167/$132 $885 $1,500 $452 47% Fort Capital#14Overview of Mother Lode PEA Stage Gold Development Opportunity Nevada, USA Location: Commodities: Au, Ag Open Pit Type: Stage: Processing : . Corvus acquired the Mother Lode project from Goldcorp in 2017 Consideration consisted of 1M Corvus shares (at a deemed price of $0.81 per share) and a 2% NSR in favour of Goldcorp Announced the completion of a PEA on Mother Lode in November 2020 The PEA estimates a 9 year mine life resulting in US$303M of after tax NPV and a 23% IRR - Higher capex linked with BiOx treatment for sulphide ore portion of deposit Mother Lode deposit is surrounded by Coeur Mining claims, impinging on ability to develop without a layback agreement Preliminary Economic Assessment Bio-Oxidation & Heap Leach • Discovered the new "Lynnda Strip" target in July 2020 which is -2.5km NE of Mother Lode, and has since carried out significant drilling Reserve & Resource Summary (¹) M&I Inferred Total Resource Tonnage (Mt) 60.24 9.86 70.10 Au (g/t) 0.55 Grade 0.80 0.78 0.81 0.77 Contained Ag AuEq Au Ag (g/t) (g/t) (koz) (koz) 1.26 0.85 0.56 1,552 1,509 173 399 0.78 1,725 1,908 Corvus COLN (1) Mineralreserves and resources from Corvus Mother Lode PEA AuEq (koz) 1,572 178 1,750 Mining Summary (Production and AISC) 210 $922 167 247 $631 $501 175 $1,883 $1,082 72 Yr 1 Yr 2 Yr3 Yr 4 Au Production (koz) 177 PEA Summary Mine Life (years) LOM Avg. Annual Au Prod. (kozpa) LOM Avg. Annual Ag Prod. (kozpa) LOM Recovery Au/Ag (%) Initial / Sustaining Capital (USSM) Gold Price Assumption (USS/oz) LOM Avg. AISC (By-Product) (US$/oz Au) NPV (Post-Tax @5%) (USSM) IRR (After Tax) 207 14 86 $1,451 $918 $648 $520 Yr5 Yr6 Yr7 Yr8 Yr9 --AISC By-Product (US$/oz) 9 years 153 71 85%/32% $406/$44 $1,500 $787 $303 23% Fort Capital#15Exploration Upside New "Lynnda Strip" target identified in 2020 presents upside exploration potential Lynnda Strip Overview Newly discovered Lynnda Strip located-2.5km NE of Mother Lode target has returned several positive drilling results Characterization of the target. . . Broadzones of oxide gold with multiple high grade veins Large deposit size potential Early indications suggest the system could be amenable to open pit mining and heap leach processing Management has indicated potential resource of -250koz- 500koz, however ability to develop on standalone basis is very limited due to neighboring Coeur and Anglo Gold claims AngloGold Ashanti Silicon Project Corvus Corvus Gold Lynnda Strip Discovery Corvus Gold Mother Lode Deposit (1) Corvus May 2021 corporate presentation Coeur Mining C-Horst Project Lynnda Strip Drill Results (1) Drill Hole # ML-20-166 ML20-167CT ML20-168 ML-20-170 ML-20-171CT ML20-183CT ML20-185CT ML20-186 ML20-188 ML20-189 Interval (m) 61.0 56.9 33.5 111.1 48.8 106.7 42.7 204.5 180.1 185.4 108.2 114.3 178.3 100.6 Gold (g/t) 0.50 0.93 1.63 0.80 0.90 0.71 2.06 1.36 0.79 0.82 1.13 0.96 0.66 0.94 15 Fort Capital#16Regional Context AngloGold, Coeur, Kinross, Augusta Gold and Waterton are all active in the region N North Bullfrog Project Area Legend Sierra Blanca Kinross Anglodold Gold yolite Mayflower New Targets Deposit Corvus North Burog Area Corvus Mother Lode Area Structural Faut Corvus Jolly Jane Montgomery Barrack Corvus Beatty, NV Augusta Gold Barrick Investment 5 KM Corvus Waterton AngloGold Mother Lod Mother Lode Project Area Secret gais Lynnda Strip AngloGold Coeur Mining Kinross Gold Anglo Gold has maintained its interest in Corvus since ITH's spin-out of Corvus in 2020 16 - Additionally, AngloGold expanded its land position in the region through an option agreement on the Silicon Project (to the north of Lynnda Strip) with Renaissance Gold in 2017 (the option was fully exercised in 2020) - Limited disclosure released by AngloGold on Silicon, but it is believed that they have had strong exploration results and have proven out a significant mineral resource inventory Coeur Mining acquired Northern Empire Resources in 2018, which added the Sterling deposit and a large land package south of the Lynnda Strip to its portfolio - Additionally, Coeur has recently drilled its C- Horst target, which is adjacent to Lynnda Strip, and has returned promising results . Both AngloGold and Coeur have drilled around Lynnda Strip, which could eventually form part of a consolidated mining operation for either company Fort Capital#17Board of Directors & Management Corvus is run by a seasoned management team and board, the majority of which have over 30 years of relevant industry experience Management Jeffrey Pontius CEO, President & Director Carl Brechtel CAO Peggy Wu CFO & Director Mark Ritchie Corporate Secretary Board of Directors Ronald Largent Executive Chairman Jeffrey Pontius CEO, President & Director Peggy Wu CFO & Director Steve Aaker Director Anton (Tony) Drescher Director Ed Yarrow Director Rowland Perkins Director Corvus GOLD INC Over 35 years of geological experience, with discovery of five precious metals deposits in North America • Previously worked as President & CEO at International Tower Hill and as North American Exploration Manager at Anglo Gold . . . . . Over 35 years of mining industry experience Previously worked as President & COO at International Tower Hill and as Manager of Underground Mining at Anglo Gold . Previously worked as CFO at Balmoral Resources and other natural resource companies Holds the Chartered Professional Accountant designation Over 25 years of public markets experience, specializing in resource-based exploration companies Previously worked as Corporate Secretary at Cardero Resource Corp. and Ascot Resources Current Director of Oculus Visiontech, Xiana Mining and International Tower Hill • Holds the Certified Management Accountant designation Over 30 years of experience in the mining industry Previously worked as COO-International and EVP-Americas at AngloGold See above See above Over 30 years of experience in the mining industry Previously worked as Group Executive at Newmont Capital and as Vice President at Franco-Nevada Mining Corp. Over 35 years of experience in the mining industry Previously worked as Vice President of Exploration at Anglo American, with responsibility for North America and Europe President & Director of eBackup since 2001, and Director of USA Video Interactive Corp. Previously worked as Marketing Manager at Intellisave Datavaults Inc. 17 Fort Capital#18Annotated Share Price Performance (Last 12 Months) (¹) Share Price (CS) $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 thoum Note 0.3M Last Sale Price (CS) 0.3M Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Event/Press Release Gold Price (US$/Oz) Corvus 0.5M Aug 12, 2020 - Corvus begins trading on the Nasdaq under the symbol KOR and will cease trading on the OTCQx Oct 7, 2020 - Corvus announces the completion of a PEA on its North Bullfrog project, with a post-tax 5% NPV of US$452M, and on its Mother Lode project, with a post-tax 5% NPV of US$303M Nov 12, 2020 - Corvus drills 83.9 metres @ 2.7 g/t Au (including 12.7 metres @ 8.5 g/t Au and 30.4 g/t Ag) at the Mother Lode deposit Jan 6, 2021 - Corvus drills 130.5 metres @2.33 g/t Au (including 27.7 metres @ 4.46 g/t Au and 9.26 g/t Ag) at the Mother Lode deposit (1) S&P Capital IQ as of September 10, 2021 Daily Volume (m) Note Important Press Releases 0.6M Apr-21 May-21 Jun-21 1.1M JU-21 Aug-21 Sep-21 Event/Press Release $2,200 $2,100 $2,000 $1,900 $1,800 $1,700 $1,600 $1,500 18 Feb 11, 2021 - Corvus drills 204.5 metres @ 1.36 g/t Au (including 37.3 metres @ 5.37 g/t Au) at Corvus' New Lynnda Strip Jan 29, 2021 - Corvus establishes an ATM facility through the Nasdaq to be used over 12 months, allowing the company to raise up to US$12.6M May 6, 2021 - Corvus secures US$20M loan from AngloGold to fund North Bullfrog's permitting and pre-development Gold Price (US$/oz) Jul 13, 2021 - Corvus receives a non-binding offer from AngloGold for cash consideration of C$4.00 per share Fort Capital#19Liquidity and VWAP The last turn of float traded at a volume weighted average price of C$3.19 prior to AngloGold offer (1) • Offer Price of C$4.10 significantly above last turn of the float VWAP through to the July 13, 2021 unaffected price of CS3.19 • Vast majority of shares traded over the last twelve months have been below the Offer Price of C$4.10/share • Significant increase in average daily value traded post the Anglo Gold announcement of loan agreement and of non-binding offer Average Daily Volume Traded (ooo's) (2) Turn of Float VWAP (1) 282 1 month $1,122 353 1 month 3 months Average Daily Value Traded (C$000's) (2) $1,361 295 3 months 12 months $971 12 months 237 24 months $727 24 months Shareholding Basic Shares Outstanding (M) Less: Insiders & Significant Shareholders Float Last turn of Float Trading Days Years Turn of Float WWAP (CS) Turn of Float WWAP (CS) - September 10 % of Float Traded 30% Share Accumulation Analysis (Last Turn of Float) (1) Cumulative % of Float Traded 24% 12% % of Float Traded 18% 15.6% 6% 25.7% 16.8% 16.6% Hli 10.9% 10.4% Corvus (1) S&P Capital IQ as of July 12, 2021 (unaffected date prior to July 13 announcement of takeover offer from AngloGold) (2) S&P Capital IQ as of September 10, 2021 May-29-2020 281 1.12 $3.19 $3.27 4.0% <*$2.75 $2.75 to $3.00 to $3.25 to $3.50 to $3.75 to $4.00 $3.00 $3.25 $3.50 $3.75 $4.00 126.98 (56.02) 70.96 100% 80% 19 60% 40% 20% Cumulative % of Float Fort Capital#20Analyst Consensus Estimates Four out of five analysts currently covering Corvus assign a Buy rating to the stock (1) • Average NAVPS of $5.53 implies a 0.72x P/NAV multiple at current trading prices (0.74x implied by current C$4.10 Anglo Gold offer) Target prices have been changed to reflect the non-binding offer from AngloGold Research Summary (1) Industrial Alliance H.C. Wainwright Roth Broker Canaccord BMO Average Median Date of Report 18-Ju-21 14-Ju-21 14-Jul-21 13-Ju-21 15-Apr-21 Rating Price Target (CS) $4.00 Hold Buy Buy Buy Buy "The transaction value is $550M, a premion of 23% to yesterday's close. The resource multiple applied stands at US$115/0z, a fair offer, even considering the synergies and the large amount of lower-grade, heap leachable ounces that become available at higher gold prices". -Industrial (July 14,2021; Buy C$4.00) $8.75 $5.00 $4.00 $3.50 $5.05 $4.00 Valuation Methodology DCF (0.8x NAV) DCF (1.0x NAV) 25% Potential Offer Increase DCF (1.0x NAV) DCF (1.0x NAV) Disc. Rate Corvus (1) Based on reports available to Fort Capital through S&P CapitaliQ 10.0% 11.0% 20.0% 12.0% 5.0% 11.6% 11.0% NAV (2) Some modeled estimates are from a previous report with a different price target LT Au (USS/Oz) n/a $1,900 $1,700 $1,716 $1,400 "We currently view this proposal as the first stage of negotiations and ultimately would not be surprised to see a higher price paid to Corvus shareholders. In fact, the proposed price in U.S. dollar terms of about $3.20per share implies a roughly 54% discount to our price target." - Wainwright (July 14, 2021; Buy C$8.75) $1,679 $1,708 Per Share (CS) $5.01 $8.74 $0.96 $3.43 $3.50 $5.53 $5.01 Year of Production (Year) na 2025 na 2024 2024 2024 2024 Mine Life (Years) ra 10 n/a 10 11 10 Avg Annual Production (Koz Au) 260 258 na 140 na 20 219 258 "AngloGold Ashanti announced a proposal to acquire Corvus Gold for C$4.00per share. We believe this offer is significantly below fair value for Corvus, but note it is unlikely the pricing could increase by more than 25% from the current offer. Thus, we are reiterating our Buy rating, cutting our target to US$4.00." -Roth (July 14, 2021; Buy C$5.00) Fort Capital#21Balance Sheet Considerations Corvus has drawn down ~US$10M on its debt facility with AngloGold Current Balance Sheet (May 31, 2021, C$'000) (¹) Assets Current Assets Cash & Equivalents Accounts Receivable Prepaid Expenses Total Current Assets Property & Equipment Right-of-Use Assets Capitalized Acquisition Costs Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts Payable and Accrued Liabilities Lease Liabilities Notes Payable Total Current Liabilities Asset Retirement Obligations Lease Liabilities Total Liabilities Shareholders Equity Share capital Contributed Surplus Accumulated Other Comprehensive Income Deficit Total Shareholders' Equity Corvus $11,357 $12 $500 $11,868 $73 $89 $5.269 $17,299 $1,835 $67 $11.977 $13,880 $327 $33 $14,239 $124,920 $17,770 $826 ($140.455) $3,060 Cash balance is largely made up of proceeds from draws on the AngloGold debt facility $4.5M relating to capitalized acquisition of North Bullfrog. and $0.8M relating to Mother Lode AngloGold $20M facility Stated purpose of the loan is to fund permitting/pre- development at North Bullfrog and exploration at Mother Lode Half of the facility (US$10M) has been drawn to date . Fixed interest rate of 1.107025%, with interest beginning 6 months after loan signing 21 Repayment requirement triggered by the earlier of 12 months after loan origination, or after all North Bullfrog mine construction permits are obtained A minimum of 70% of the loan amount must be spent on advancing or operating mining projects (1) Balancesheet as of May 31, 2021 financial statements with adjustments to cash and debt for amounts drawn from AngloGold loan Fort Capital#22Capital & Operating Expense and Equity Financing Summary Corvus has spent approximately $4M per quarter over the last two years (1) . . . Corvus has raised over $32M in equity capital since 2018 US$12.6M At The Market (ATM) facility is currently in place --$341K has been raised through the ATM facility as at May 31, 2021 Over $70M of equity capital raised since 2010 The company requires $20M - $25M to reach a production decision at North Bullfrog and advance the Mother Lode project - Requires additional future equity raises for working capital as well as potential requirement to repay the AngloGold loan Historical Spend and Capital Raised (Last 3 Years) $21.0 $10.0 $6.0 $2.0 ($2.0) ($6.0) ($10.0) $4.5 Q1 $3.4 Corvus ( (2) $2.1 $0.9 $2.2 ($2.4) ($2.3) ($2.8) ($1.9) ($2.0) ($2.7) ($3.0) Q2 Q3 Q4 Q1 FY 2019 Previous Equity Financings (Since 2018) Size (CSM) ($0.1) ($0.0) ($0.0) Date Jan 29, 2021 (2) October 10, 2019 August 20, 2019 May 21, 2019 December 21, 2018 June 7, 2018 ($5.2) ($5.3) (1) $1.9 Q1 $0.2 ($4.1) ($3.8) $6.4 ($4.8) Q2 Q3 FY 2021 Financing Cash Flows Q2 Q3 Q4 FY 2020 Historical Spend Sum of operating and investing cashflows as per quarterly financial statements Twelve month ATM agreement worth up to CS 16.1M that remains in progress, as per May 31, 2021 financial statements C$0.3M C$23.0M C$1.3M C$0.9M C$2.1M C$4.5M Q4 Cash Flows (CSM) $25.0 $17.5 $10.0 $2.5 ($5.0) ($12.5) ($20.0) Share Price (C$) C$2.86 C$2.00 C$2.60 C$1.80 C$2.60 C$2.60 2 Year Summary FY 2020 FY 2021 22 Fort Capital#233. Valuation#24Valuation Approach and Considerations Definition of Fair Market Value • The Valuation is based on techniques and assumptions that Fort Capital considers appropriate in the circumstances for the purposes of arriving at an opinion as to the range of fair market value for the Shares of the Company not owned by AngloGold Fair market value (FMV or "Fair Market Value) means the monetary consideration that, in an open and unrestricted market, a prudent and informed buyer would pay to a prudent and informed seller, each acting at arm's length with the other, where neither party is under any compulsion to act • FMV was determined based on a valuation date (the "Valuation Date") of September 10, 2021 • FMV of the common shares of the Company was analyzed on a going concern basis and is expressed on an en bloc basis Going concern remains a significant assumption (and outlined as a risk in the audit report) and there is a risk that the Company is unable to secure sufficient funds to finance continued exploration, development and construction of the North Bullfrog and Mother Lode projects. However, given the substantial progress to date, the delineation of a resource and the potential future earnings potential of the project(s) (which would be far in excess of likely liquidation value), a going concern assumption was deemed appropriate We have not applied any liquidity or minority discounts in accordance with requirements of Section 6.4(d) of MI 61-101 - ....in determining the fair market value of the offeree or affected securities, not include in the formal valuation a downward adjustment to reflect the liquidity of the securities, the effect of the transaction on the securities or the fact that the securities do not form part of a controlling interest (1) - In addition, we have not taken into account any potential synergies that could accrue to the Company as it relates to the Proposed Transaction, other than elimination of public company costs, where such savings would be available to most potential purchasers and not limited to Special Purchasers 24 While AngloGold would considered a Special Purchaser, given the relationships between the two companies and the location of the properties, any potential benefits that would accrue to AngloGold are speculative in nature and there is insufficient information available to determine any specific amount of net value-added. As such, the existence of such Special Purchasers has not influenced the conclusion of this Valuation Corvus GOLD ON (1) MI61-101-Section 6.4(d Fort Capital#25Valuation Summary Key forms of analysis • In reaching our conclusion with respect to the Valuation, we have considered the following - Net asset value ("NAV") analysis - Forecast developed with management assistance based largely on the Technical Report NI 43-101 mine plans effective November 2020 (the "PEA models") for both the North Bullfrog and Mother Lode projects - The following changes have also been made to the PEA models to reflect an updated profile. The revised model is referred to as a Base Case scenario Reflected recent consensus commodity pricing (assumes long term gold price of $1,600 per ounce) - Included additional $4M of pre-construction development expenditures to be spent in 2021, $20M in 2022 to get the North Bullfrog project to a final investment decision stage ("FID") --$3M per year in corporate costs above the mine level (excludes public company costs that would be eliminated as part of the Transaction) Corvus GOLD INC 25 Reflect the Valuation Date (September 10, 2021) versus the starting construction dates as reflected in the PEA models - Adjusted the construction start date to 2023 and 2026 for North Bullfrog and Mother Lode, respectively We have applied a 5% discount rate to make the projects comparable with other development projects and in keeping with industry standards - We have then reflected the value of any other exploration assets, debt or cash to develop the net asset value for the Company Based on the risk profile of the underlying projects, we have then applied a discount to the underlying NAV, as well as comparing the implied discount rate as determined by the adjusted NAV relative to overall risk profile of the Company Comparable company analysis - Fort Capital has assessed P/NAV multiples of comparable gold developers with assets North America as well as EV/Reserve and EV/Resources trading multiples Precedent transaction analysis - We have considered gold project precedents with estimated NAV multiples and asset based metrics such as EV/Reserves and EV/Resources, and Total Acquisition Cost (TAC) Fort Capital typically places primary reliance on NAV analysis given the nature of the projects, the assumptions for revenue and operating costs and the capital expenditures required to place the projects into production Fort Capital#26Model Production Summary Base Case Model Summary Standalone Model Summary Initial Production Mine Life LT Gold Price LT Silver Price LOM AU Production LOM Ag Production Annual Avg Au Production Annual Avg Ag Production $1,650 Production Profile - Payable Gold (koz Au) and AISC (US$/oz) 403 387 74 74 ¹24 Corvus GOLD INC 148 148 $493 '25 196 196 $595 214 189 $714 341 170 $882 170 North Bullfrog (NB) 2024 26 27 28 North Bullfrog Payable Au (koz) 252 15 years $1,600 $21.00 1,467koz 3,204koz 98koz 214koz $500 134 ¹29 296 179 $950 118 167 $1,330 73 94 (1) Assuming LT consensus commodity prices available in Appendix E 272 181 Mother Lode (ML) 2027 $843 92 '30 31 32 Mother Lode Payable Au (koz) 9 years $1,600 $21.00 1,377koz 638koz 153koz 71koz 285 211 $660 74 33 156 $1,068 88 69 $1,399) 66 NB + ML 2024 15 years $1,600 $21.00 2,844koz 3,842koz 190koz 256koz $1,355) 39 57 39 134 135 136 --AISC By-Product (US$/oz) $1,514 10 37 26 $2.177 3 Fort Capital#27Forecast Financial Performance Financial Performance . We have reviewed two PEA models that supported published North Bullfrog and Mother Lode PEAS effective October 7, 2020 . . . Adjusted to reflect constructive construction start dates based on discussions with management Capex and FCF (US$M) 2023 construction start for the North Bullfrog mine and - 2026 construction start for the Mother Lode mine Adjusted the working capital schedule to closer reflect the working capital needs of the combined operation This revised forecast has formed the basis for the NAV and fully financed NAV analyses Levered FCF & Capex (US$M) (¹) $500 $300 $100 ($100) ($300) ($500) * '21 ($20 $17(4)(523) ($167) '22 *23 24 Capex $142 $145 25 ($437 $285 27 $267 $208 4bb (829) ($71) Revenue Mix (%) (1) 100%100 %100% Corvus COLN (1) Assuming LT consensus commodity prices available in Appendix E $140 52% 49% $10 48% 51% 24 25 26 27 28 29 30 31 North Bullfrog Revenue $1.66 (85) ($18) ($8) ($23) 64% 60% 36% 40% *28 '29 *30 31 132 '33 Levered FCF - Pre Capex $212 44% 56% $66 $13 $5 $2 *34 66% 34% 27% 56% 44% $1 $3 $0 14% 35 36 '37 Cumulative FCF 86% 32 33 34 35 36 37 38 Mother Lode Revenue ($3) 100% 100% 100% $0 $1.2 '38 27 $0.7 $0.2 ($5) ($0.2) Cumulative FCF (US$B) ($0.7) ($1.2) Fort Capital#28NPV Analysis - North Bullfrog NPV of the of the cash flow forecast is ~US$480M for the North Bullfrog project • NPV using 5.0% discount rate is US$483M - Assumes valuation date of September 10, 2021 and consensus pricing for Gold and Silver Assumes construction start in 2023 with the first production in 2024 Net change from the PEA's NPV5% of US$452M is US$31M - Changed gold and silver prices from $1,500/oz to $1,600/oz and $18.75/oz to $21.00/oz - Operating expenses have been inflated for 1 year at 2% to reflect actual estimate of 2023 construction start versus implied near-term project start up timing assumed by November 2020 PEA NPV Analysis - Consensus Pricing (1) Y-1 Y1 2023 2024 Payable Gold Ounces Payable Silver Ounces Gold Revenue Silver Revenue Total Revenue Less Royalies Net Revenue Operating Expenses Waste Mining Ore Mining Processing Leaching/Trucking/rehande G&A Mine Equipment Finance Charges Depreciation Credit Stockpile Mining Cost Environmental & Reclamation EBT Nevada NPT Federal Income Tax Depreciation Capital Expenses & Working Capital Net Cash Flow Afibr Tax NPV (KOZ) (NOZ) (USSM) (USSM) (US$M) (US$) (USSM) 73.6 244.5 (USSM) (USSM) (USSM) (USSM) (USSM) (USSM) (USSM) (USSM) (US$M) Y2 2025 148.2 676.7 Y3 20 26 196.7 2027 188.8 455.6 YS 2028 170.4 YS 20 29 134.5 270.0 Corvus GOL (1) AssumingLT consensus commodity prices available in Appendix E Y? 2030 117.7 178.9 $81.1 YS 2031 93.9 74.2 $64.4 YS 2032 Key Assumptions Valuation Date Discount Rate Au LT Price Ag LT Price Construction Start 91.7 51.9 Y10 2033 744 947 $272.6 $215.1 $7.2 $5.7 $117.7 $237.1 $313.1 $302.1 51884 $150.2 $146.8 51191 $109.9 $5.1 $14.2 $13.3 $9.6 $3.7 $1.8 $1.1 $20 $21 $122.3 $251.4 $326.4 $311.7 $279.8 $220.8 $132.1 $151.7 $147.3 $121.0 $111.3 ($1.8) ($2.5) ($1.2) (50.9) (30.9) ($0.9) (30.9) $122.9 $251.4 $324.7 $309.2 $278.6 $219.3 $191.2 $150.8 $147.0 $121.0 $111.9 Y11 2034 687 97.9 Y12 2035 September 10, 2021 5% $1,600/oz $21.00/oz 2023 56.7 49.0 $90.8 $1.0 $31.8 $91.8 Y13 2036 38.5 29.0 581.7 $0.6 562.3 $62.3 ($16.5) ($19.8) (535.3) (535.3) ($78.8) ($27.7) ($38.6) ($26.8) (523.7) ($19.8) (517.3) ($24.7) (3247) (521.4) (512.4) ($20.4) ($21.4) ($26.4) ($25.0) ($33.3) ($39.0) ($38.7) (5278) ($27.7) ($28.0) ($16.2) (5216) (524.0) ($28.7) ($29.5) ($33.8) ($39.0) ($35.8) ($29.2) (529.2) ($274) ($27.0) ($23.2) ($17.8) ($10.1) ($4.5) ($4.8) (35.1) (54.9) ($4.8) ($4.7) ($4.7) (54.6) (54.6) (546) (546) ($4.5) ($3.8) (53.8) ($3.2) ($2.5) ($1.8) ($1.1) (50.4) (50.1) (90.0) 90.0 50.0 $0.0 $0.0 ($10.6) (522.5) (5:34.5) ($34,4) (543.8) ($35.0) ($30.1) (523.6) ($30.1) (5238) (521.1) ($16.6) ($10.3) 51.4 (30.5) ($1.0) ($2.9) 50.0 $0.0 (52.6) (50.3) ($15.4) $147.8 $130.5 $183.8 $135.0 (USSM) ($7.9) ($10.6) ($10.5) ($8.5) (35.2) (54.0) ($2.5) ($2.1) ($1.1) (506) (USSM) ($4.3) ($30.5) ($29.9) ($22.7) ($12.5) (59.5) ($5.7) (54.9) (52.7) ($1.5) (USSM) $22.5 $34.5 5344 $43.8 $35.0 $30.1 $23.8 $30.1 $238 $21.1 (USSM) ($167.4) (54.4) ($10.5) ($30.2) (56.4) (564.5) (52.0) $2.3 $2.0 ($26.4) $22 52.1 (US$M) ($167.4) ($9.2) $147.2 $153.6 $171.4 $86.1 $58.6 $24.4 $33.0 $223 $10.6 (USSM) (50.3) (51.9) ($5.6) (56.4) (55.5) $27.6 $108 $1.3 ($8.4) ($3.8) Y14 2037 $16.6 $10.3 $1.7 $1.3 $3.9 10.5 $16.7 50.1 $16.3 $16.9 (53.7) ($2.3) $2.6 50.3 $0.6 28 YIS 2038 3.2 20 $5.2 50.0 $5.2 $5.2 (54.5) ($1.5) $0.0 ($0.7) (51.3) $2.8) 50.7 50.1 ($2.0) Fort Capital#29NPV Analysis - Mother Lode NPV of the cash flow forecast is ~US$270M for the Mother Lode project • NPV using 5.0% discount rate is US$268M - Assumes valuation date of September 10, 2021 and consensus pricing for Gold and Silver Assumes construction start in 2026 with the first production in 2027 Net change from the PEA's NPV5% of US$303M represents a decline of US$35M - Changing gold and silver prices from $1,500/oz to $1,600/oz and $18.75/oz to $21.00/oz - Operating expenses have been inflated for 4 years at 2% to reflect actual estimate of 2026 construction start versus implied near-term project start up timing assumed by November 2020 PEA Corvus NPV Analysis - Consensus Pricing (1) YI 2027 Gold Ounces Silver Ounces Gold Revenue Silver Revenue Total Revenue Less Roates Net Revenue Operating Expenses Waste Mining Ore Mining Processing Leaching/Truckingrehande G&A Mine Equipment Finance Charges Depreciation Credit Stockpile Mining Cost Environmental & Reclamation ЕВТ Nevads NPT Federal Income Tax Depreciation Capital Expenses & Working Capital Net Cash Flow After Tax NPV (KOZ) (KOZ) (USS) (USSM) (USSM) (USSLO) (USSM) (USSM) (USS 16) (USSM) (US$M) (US$ 14) (US$ 14) (USS) (USS) (US$M) (USSM) (USSM) 2026 213.8 Y2 2028 $335.4 170.4 200.2 178.5 102.8 $342.0 $272.7 $403.5 52857 $1176 $289.2 $0.2 $4.2 $0.6 $2.2 $1.2 $0.7 $342.3 $276.3 $404.1 $287.8 $118.7 $289.3 ($5.5) (524) (558) $271.4 $396.0 $76.8 $61.3 ($5.0) (50.0) Y3 20 29 (USSM) $72.7 $58.8 (USSM) ($4063) ($22.7) (56.0) (US$M) (USSM) 252.2 27 A (1) AssumingLT consensus commodity prices available in Appendix E Y4 2030 YS 2031 $122.7 $109.1 $232.1 735 557 YC 2032 Key Assumptions Valuation Date Discount Rate Au LT Price Ag LT Price Construction Start $189.3 $37.0 ($48.6) ($13.0) ($29.5) $87.9 180.7 35.1 Y7 2033 211.1 $337.7 $1.7 (592.7) ($50.3) (58.7) (991.2) (569.3) ($25.3) ($15.5) ($16.9) (59.0) ($30.9) $1.8) ($1.6) ($15.9) ($16.3) ($67.2) ($83.7) ($71.0) ($78.2) ($59.5) (509.3) ($77.1) ($79.8) ($5.2) (55.1) (65.3) (55.1) (548) ($5.1) (55.2) (54.8) ($4.0) (53.2) $2.4) ($1.7) ($1.0) (502) 50.0 90.0 (572.7) (558.8) (587.9) (987.1) ($28.9) (589.8) ($74.2) (527.8) YS 2034 87.6 121.5 $140.2 $142.7 $282.1 $116.4 $284.1 $3.32.6 $135.9 ($2.1) ($2.8) ($2.0) $56.3 $141.6 $25.4 (57.3) (39.8) ($1.5) ($5.6) ($21.2) ($3.0) 64.2) (55.4) 567.1 $28.9 589.8 $74.2 $27.8 ($20.2) (596) $3.1 $74.2 ($29.3) $1564 $195.4 $10.8 $3.3 $52.0 YS 2035 September 10, 2021 5% $1,600/oz $21.00/oz 2026 1.7 $15.1 $0.0 $15.1 $14.8 ($5.5) ($4.2) $0.0 ($2.6) (54.8) ($2.4) $2.6 $0.3 $0.6 29 Fort Capital#30Sensitivity Analysis Significant price sensitivity • Both models are very sensitive to changes in commodity prices, a US$100 increase in gold price will result in ~17% increase in NPV of the North Bullfrog project and -27% increase in Mother Lode project Models are also sensitive to discount rate A 1.0% increase in discount rate will result in US$36M or -7% value decrease in NPV of the North Bullfrog project A 1.0% increase in discount rate will result in -US$33M or -12% value decrease in NPV of the Mother Lode project - North Bullfrog - NPV Sensitivity (US$M) Discount Rate and Gold Prices Gold Price ($/oz) 7.0% $271 $1,400 $1,500 $1,600 $1,700 $1.800 Corvus $343 $414 $485 $5.55 T 6.0% $294 $371 $447 $523 $598 Discount Rate 5.0% $319 -- $401 $483 $564 $644 4.0% $346 -- $434 $522 $609 $695 I 3.0% $375 $470 $564 $658 $750 Mother Lode - NPV Sensitivity (US$M) Discount Rate and Gold Prices Gold Price ($/oz) $1,400 $1,500 $1,600 $1,700 $1.800 7.0% $84 $145 $206 $267 $327 I I 6.0% $103 $169 $235 $301 $367 Discount Rate 5.0% $125 11 $197 $268 $340 $411 4.0% $150 C $228 -- 30 $305 $383 $460 3.0% $178 $262 $347 $432 $515 Fort Capital#31Sum of the Parts / NAV Analysis Description and Rationale Component North Bullfrog Mother Lode Exploration Value (Lynnda Strip) Other Values Corporate Expenses (after-tax) (1) Gross Asset Value Less: Debt (2) Add: Cash (2) NPV of forecast free cash flow NPV of forecast free cash flow Early-stage exploration asset with no resource Exploration properties other than Lynnda Strip Net Asset Value Shares Outstanding (Treasury Stock Method) NAVPS (US$/share) NAVPS (C$/share) Methodologies Considered • NPV 5%, as of September 10th, 2021 . Consensus LT Au and Ag prices • Construction start in 2023 NPV5% as of September 10th, 2021 Consensus LT Au and Ag prices Construction start in 2026 Assumed 250-500koz of AuEq resource • $50-$35/oz multiple . Estimate • $4M in 2021 $20M in 2022 $3M/year in 2023+ $100k/year 2021+ for leases 5.0% discount rate Selected Value Range Low (US$M) $401 $197 $13 $5 ($50) $565 ($10) $9 $564 138.1 $4.09 $5.17 Corvus (1) Excludes corporate expenses/public company costs that would be eliminated on (any) acquisition OLE (2) Per May 31, 2021 financial statements with adjustments to cash and debt for subsequent amounts drawn from AngloGoldloan High (US$M) $564 $340 $18 $10 ($50) $881 ($10) $9 31 $880 138.7 $6.35 $8.02 Fort Capital#32NAVPS Sensitivity Analysis Significant NAVPS sensitivity to gold price • Forecast is very sensitive to gold prices, a $100 increase/decrease in gold price will result in US$1.09/share or 20.9% increase in NAVPS • Construction delay by 1 year of both North Bullfrog (from 2023 to 2024) and Mother Lode (from 2026 to 2027) decreases NAVPS by US$0.41 or -7.9% compared to the base case scenario Forecast is moderately sensitive to capital expenditures - An increase in capex of 10% (-US$75M) will result in a -7.5% decrease in NAVPS Sum of the Parts - NAVPS Sensitivity (US$/share) $1.09 ($1.10) Gold Price Sensitivity (+/- $100/oz) Corvus ($0.41) Construction Start Delay (+ 1 year delay) $0.39 ($0.39) Sum of the Parts - NAVPS Sensitivity (%) Current NAVPS: US$5.22/ share Capital Expenditures (+/- 10%) 20.9% (21.0%) Gold Price Sensitivity (+/- $100/oz) (7.9%) Construction Start Delay (+ 1 year delay) 7.5% 32 (7.5%) Capital Expenditures (+/- 10%) Fort Capital#33Risk Profile Analysis NAV Multiples • While industry standard is to use a standard NPV5% to allow for comparison of cash flows from projects, it does not necessarily reflect the associated risks of any specific project or company . This is primarily the rationale that most developers trade at a significant discount (0.4x-0.7x) to their underlying NAV, to reflect the risk of developing, permitting and constructing the mine. These discounts can encapsulate multiple risk factors: Mine / project location (e.g. mine friendly jurisdictions versus politically unstable countries) Stage of project and expected time to completion (PEA, PFS. FS) Ease of permitting Type of ore body and associated processing technology, including relative capex intensity - Potential for additional exploration upside In considering the North Bullfrog project, we see a stable jurisdiction, straightforward timeline, permitting and processing (standard heap leach operation in Nevada for oxide ore), along with modest exploration upside (based on discussions with management), which would lead us towards the higher end of the range of NAV multiples (0.6x-0.7x) • In considering the Mother Lode project, while in a similar jurisdiction, faces more difficult permitting, including the need for a layback agreement with Coeur Mining, more difficult and expensive processing for the sulphide ores (use of BiOx technology) and limited exploration upside due to land constraints (surrounded by Coeur claims). As a result, we would apply a lower multiple against the Mother Lode project of 0.35x-0.45x We have then compared the selected NAV multiples and implied IRRS against the developed cost of capital for each mine to test for reasonableness 33 Corvus Fort Capital#34Implied IRR Analysis Implied IRR rates of the North Bullfrog and Mother Lode projects are between 9.7% -11.7% and 10.8% - 12.5% respectively Risk of each project is higher than a standard 5.0% discount rate widely used in the industry Mother Lode project is also riskier than North Bullfrog project due to need for layback and sulfide treatments . - Implied IRR of the North Bullfrog project assuming purchase price of 0.6x-0.7x NPV5% is 11.7% -9.7% DCF Analysis - Consensus Pricing Valuation Y-2 Date 2022 North Bullfrog Net Revenue EBT Nevada NPT Federal Income Tax Depredation Captal Expenses Net Cash Flow After Tax PINA V Multiple NPV Implied IRR of the Mother Lode project assuming purchase price of 0.35x -0.45x NPV 5% is 12.5% -10.8% Uptront Payment impliedIRR Mother Lode Net Revenue Less Operating Expenses EBT Nevada NPT Federal Income Tax Depreciation Captal Expenses Upfront Payment Net Cash Flow After Tax PINAV Muitole NPV Uptront Payment ImaledIRR Corvus unts (USSM) (LGS 16 USSM (USS (USS (USS) (US$ 10 AUSSM) 10.00 IUSS LA (US$ 14 unts AUSS MI (USS LA USSMY (US$ 14 (USS 10 (USS 14 (USS 10 (LES AUSSMY 10.000 (UGS 14 (USS M 5290 ($250) LOW MO 0.60x 0.65x $483 $483 $250 $314 11.7% 10.7% Valuation Date (594) ($54) Y-S 2022 0.35x 0.40x $268 $268 $34 $107 12.5% 2023 167) (167) Hon 0.70x $483 $338 9.7% Y4 20 23 Hot 0.45x $268 $121 Y₁ 2024 $123 (5138) ($15) $11 641 (59) Y-3 2024 Y2 2025 2026 $251 $325 $148 $130 Y-2 2025 (56) 5111 (510) (531) (530) (54) $22 $34 534 ($111 5301 1981 $147 $154 Y-1 2026 YA 2027 (5406) ($405) $309 $279 $125) ($1411 $184 $138 $171 YI 2027 $335 Y5 2028 (54) $73 (523) $231 544 (13861 Y2 2028 $271 (5210) $61 (55) (30) YC 2023 $59 $220 $81 (55) (512) $35 $56 (513) (529) 598 (53) $105 $232 2023 $356 $150 Y7 2030 $191 (54) $30 52 $83 (35) 2031 $151 $41 987 (520) $74 (531 (96) 524 Y4 2030 YS 2031 $282 $116 ($245) $165) 52 $29 ($10) Key Assumptions Valuation Date BF P/NAV Multiple ML P/NAV Multiple 2032 $147 $28 (52) 6551 $30 (526) $24 YG $284 ($168) $56 Y10 2033 $121 $11 17 (51) (531 $24 52 Y7 2033 (57) ($10) (98) (521) $70 53 $156 2034 $112 ($111) $1 $74 $11 $195 611 521 YS 2034 $333 $140 1911 ($114) $142 $25 521 $2 $22 526 53 $52 17 September 10, 2021 0.6x-0.7x NPV5% 0.35x-0.45X NPV% Y12 2035 $92 ($5) $17 $2 $10 Y 2035 $15 (52) $3 50 $1 Y13 2036 $62 W Y10 2036 M $10 $1 $8 $0 Y14 2037 $17 ($2) . 53 50 $1 Y11 2037 34 Y15 2038 $5 (153) $1 50 $21 Y12 2038 Fort Capital#35WACC Analysis Calculated WACC's of 9.0% and 11.2% for North Bullfrog and Mother Lode respectively WACC analysis below assumes an 5% project specific risk for North Bullfrog versus an 8% project specific risk for Mother Lode • WACC analysis aligns reasonably well with applied NAV multiples North Bullfrog WACC Analysis Cost of Equity-Build-up Approach Risk Free Rate Equity Risk Premium (2) Industry Specific Beta - Gold (GICS 15104030) Industry Risk Premium / (Discount) ³) Size Premium¹ Project Specific Risk Prem. / (Disc.) Cost of Equity (Build-up Approach) Cost of Debt Pre-tax Cost of Debt Weighted Average Cost of Capital Equity % of Total Cap Debt % of Total Cap Tax Rate WACC (Build-up) 1.4% 4.7% 0.56 (2.1%) 1.5% 5.0% 10.5% 6.0% 75% 25% 26% 9.0% Mother Lode WACC Analysis Cost of Equity-Build-up Approach Risk Free Rate Equity Risk Premium (²) Industry Specific Beta-Gold (GICS 15104030) Industry Risk Premium / (Discount)) Size Premium Project Specific Risk Prem. / (Disc.) Cost of Equity (Build-up Approach) Cost of Debt Pre-tax Cost of Debt Weighted Average Cost of Capital Equity % of Total Cap Debt % of Total Cap Tax Rate WACC (Build-up) (1) 10 year U.S. Treasury Benchmark-September 10 2021 (2) Aswath Damodaran-Implied Equity Risk Premiums-September, 2021 Corvus (3) D&P 2021 Guide to Cost of Capital-Industry Betas- GICS 15104030 Gold COL (4) Duff and Phelps-Based on market capitalization 35 1.4% 4.7% 0.56 (2.1%) 1.5% 8.0% 13.5% 6.0% 75% 25% 26% 11.2% Fort Capital#36Future Share Price / Fully Financed NAV Analysis Present value of the fully financed share prices is C$3.74/share Present value of the fully financed share price is C$3.74/share - Assuming two $80M and $200M debt financings with 5% interest rate and 7-year amortization term starting in 2023 and 2026 - Assuming P/NAV multiple gradually increase from 0.5x to 0.9x by 2027 (first year of full production of both North Bullfrog and Mother Lode) Fully financed share price is US$5.40/share at the beginning of 2028 Fully Financed Share Price Analysis (1) $5.24 $5.31 NAVPS (US$/share) -O-P/NAV (0.0x) NAVPS x P/NAV Multiple Implied Share Price Implied Share Price Key Financing Events Debt Financing Equity Financing +Equity Financing Price Shares Issued PF Shares Outstanding (USS/sh) (0.0k) (USS/ch) (CS/sh) (USSM) (US$M) (USS/h) (M) (M) Fully Financed Share Price in 2028 PV of the Fully Financed Share Price PV of the Fully Financed Share Price (1) Corvus (2) 0.5x 22 Y-2 $5.24 0.5x $2.82 $3.31 $4.3 $2.45 1.8 128.8 0.6x 23 Y-1 $5.31 0.ex $3.19 $4.03 $5.04 $5.17 8.5 137.2 0.8x 24 125 Y1 $5.04 Y2 $5.17 0.8x 0.7x $3.02 $3.62 $3.82 $4.57 $80.0 $21.3 $110.6 $2.51 $3.08 36.2 173.4 $5.40 $2.96 $3.74 0.7x 0.7x $29.5 $2.90 10.2 183.5 $6.43 (US$/sh) (US$/sh) (C$/sh) Values are presented as at the beginning of period Includes proceeds raised for 6% underwriterfees COLON (3) Assumes a 4.0% discount to market 26 $3.48 . 183.5 27 Y3 $5.43 $5.71 0.7x $3.80 0.9x $5.14 $5.40 $4.80 $6.49 $6.83 $200.0 $3.65 Key Assumptions Valuation Date Equity Discount Rate Additional Corporate G&A $5.71 0.9x 0.9 0.9 0.9x . Debt (tranche 1) 183.5 $0.00 28 Y5 $8.00 0.9x $4.93 $6.25 183.5 $29 Y6 $6.25 0.9x $5.62 $7.11 $5. 19 $8.44 183.5 $8.44 0.9x $5.79 $7.32 $5.40 183.5 September 10, 2021 10% $4M in 2021, $20M in 2022 $3M/year in 2023+, $100k/year in 2021+ Tranche 1 $80M starting in 2023 7-year amortization 5.0% interest rate $6.57 0.9x 31 $5.58 132 Y8 Y9 $6.57 $8.89 0.9x 0.9 $5.92 $8.02 $7.48 $7.61 183.5 09x $6.79 $0.00 $5.68 183.5 Tranche 2 $200M starting in 2026 33 Y10 0.9x 0.0x 0.9x $6.84 $6.85 $5.78 $8.79 0.9x $8.11 $8.84 0.9 $8.15 $7.72 $7.78 183.5 34 Y11 $5.87 36 183.5 '35 Y12 $8.85 0.9x $8.18 $7.79 $5.91 183.5 Fort Capital#37Trading Comparables Gold Developers P/NAV Comparison • Corvus is trading above its Nevada and Non-Nevada peers in the gold development space, this remains the case when using unaffected or current prices Current Trading Multiples (¹) 0.4x 0.4x Paramount ASO Nevada Avg. P/NAV: 0.37x n/a n/a n/a n/a Augusta Allegiant West Vault Gold Springs Nevada Developers 0.9x 0.6x 0.5x 0.5% 0,4x 0.4x0.4x 0.4x Non-Nevada Avg. P/NAV: 0.41x 13x0-3-0-3-0.3 0.3 03 Marathon Skeena Ascot Osisko Artemis Integra Liberty Sabina Treasury 0.2x0.2x Anaconda Perpetua Falco Troilus First Mining Moneta Non-Nevada Developers PEA Stage or Prior nmf na n/a n/a na nja Intl Tower Hill Freegold Gold Mountain Almaden Candelaria 0.7x Corvus (1) S&P Capital IQ as of September 10, 2021 OL (2) Unaffected metrics use pricing from the date prior to the announcement of securing a US$20Mloan from AngloGold (May 5, 2021) Post PEA Stage 0.5x Consensus Consensus (unna fected) 0.6x Model 37 0.4x Model (unnafected) Corvus (2) GOLD INC Fort Capital#38Trading Comparables EV/ Resource Multiples of Gold Developers EV / M&I Multiples of Gold Developers ($/oz AuEq) (1) (2) (3) $352 $250.0 $200.0 $150.0 $100.0 $50.0 EV/M81 (US $loz AvEq) EV/Resource (US $/oz AuEq) Osisko $150.0 $120.0 $90.0 $60.0 $30.0 $191 Marathon $154 Ascot $126$121 $1.31 $1285116$104 $98 $87 Skeena Liberty Gold Mountain Candelaria Freegold $103 $99 $92 EV/ Resource Multiples of Gold Developers ($/oz AuEq) (1) (2) (3) Marathon Skeena Osisko Asco Gold Mountain $80 Candelaria $63 $56 Liberty $64 $56 347 $46 $42 $39 $38 $36 $32 $28 $28 $26 $25. GSV Augusta Sabina Gold Springs Anaconda West Vault Treasury Integra Artemis Moneta Perpetua EVM&I (3/cz AuEq) -Median EV/Resource ($/oz AuEq) 03 -Median Median: $44/oz AuEq First Mining Troilus Almaden . EV PEA Stage or Prior $14 $14 $1 EV Falco Median: $36/oz AuEq $45 $45 $41 $40 $37 $35 $35 $34 $33 $31 $25 920 $18 $15 $15 $12 $12 $11 $5 Intl Tower Hill Paramount Allegiant. (1) S&P Capital IQ as of September 10, 2021 Corvus (2) AuEq resources are based on commodity pricing of $1,600 Au, $21.00 Ag, $3.00 Cu, $1.00Zn and $0.92 Pb (3) Unaffected metrics use pricing from the date prior to the announcement of securing a US$20Mloan from AngloGold (May 5, 2021) Post PEA Stage $110 $94 Corvus Corvus (unaffected) $60 $1,250 $70-$500 $1,000 Corvus (unaffected) $750 - $250 $1,250 $1,000 $750 $500 $250 38 Enterprise Value (US$M) Enterprise Value (US$M) Fort Capital#39Precedent Transactions P/NAV Multiples of Gold Developer Transactions • Precedent transactions have been completed at an average of 0.79x P/NAV (¹) Selected range reflective of limited exploration upside (given claim limitations) and early stage (PEA) nature of the respective projects Target Transaction value 100% basis Target stage Acquir or Batte North GT Gold QMX Gold Snowfield property Monarch Gold PFS Scoping Resource Resource Feas PEA PEA Feas PEA Resource PEA Feas PEA PEA Feas Resource Foss PEA Resource PEA Feas Feas PEA PEA Resource Resource PEA Post PEA Stage Source: CapitaliQ Market Intelligence and Company Disclosures Corvus (1) We included transactions as per the following criteria: pre-production stage, gold primary asset (35%+ AuEq) located in the North America, with transaction value (100% basis greater than US$75M transaction size for an ownership stake >/-50% GOLD INC Peak Gold Project Eastmain Resources Blackwater project Barkerville Gold Mines Northern Empire Exploration Assets AuRico Mebis Santa Gertrudis project Integra Gold Kami nak Gold Spring Valley & Ruby H Romarco Minerals Newstike Capital Probe Mines Paramount Gold & Silver Rainy River Resources Cerro Resources Evolution Mining Newmont Eldorado Gold Seabridge Gold Yamana Gold Kinross Gold Queenston Mining Prodigy Gold Trelawney Mining Siver Quest Resources Grayd Resource PEA Stage or Prior Auryn Resources Artemis Gold Osisko Gold Royaltos Coeur Mining Agnico Eagle Centerra Gold Agnico Eagle Eldorado Gold Goldcorp Waterton Ann. Date Oceana Gold Timmins Gold Goldcorp Coeur Mining New Gold Primero Mining Osisko Mining Argonaut Gold IAMGOLD New Gold Agnico Eagle Mar-14-2021 Mar-10-2021 Jan 20-2021 Dec-04-2020 Nov-02-2020 Sep-30-2020 Jul-29-2020 Jun-09-2020 Sep 23-2019 Aug-02-2018 Dec-21-2017 Nov-07-2017 Sep-05-2017 May-14-2017 May-12-2016 Nov-12-2015 (USSM) $259 $348 599 $120 $111 $134 397 5214 $231 578 $325 $215 $80 $422 $369 $135 $455 $107 $411 $154 $290 $120 $403 $261 Jul-30-2015 Feb-17-2015 Jan-19-2015 Dec-17-2014 May-31-2013 Dec-13-2012 Nov 12-2012 Oct-15-2012 Apr-27-2012 Oct-17-2011 Sep-19-2011 $514 $115 $261 na na na na na na na na na 0.27 I 0.59 0.5TX 10.43 PINAV 0.58 Selected Range: 0.5x -0.7x 0.84 0.81 083x 0.2 Average: 0.79x 0.06 106 39 Fort Capital#40Precedent Transactions EV/ Resource Multiples of Gold Developers Transactions • Comparable deals in the space have transacted at an average of $121/oz AuEq and $71/oz AuEq EV/M&I and EV/Resource respectively (1) • Selected range based on earlier stage nature of asset Target Batte North GT Gold QMX Gold Snowfield property Monarch Gold Peak Gold Project Eastmain Resources Blackwater project Barkerve Gold Mines Northern Empire Exploration Assets AuRico Metals Santa Gertrudis project Integra Gold Kaminak Gold Spring Valley & Ruby Hill Romarco Minerals Newstrike Capital Probe Mines Paramount Gold & Sil ver Rainy Rever Resources Cerro Resources Queenston Mining Prodigy Gold Trelawney Mining Siver Quest Resources Grayd Resource PEA Stage or Prior Target stage PFS Scoping Resource Resource Feas. PEA PEA Feas. PEA Resource PEA Feas. PEA PEA Feas Resource Feat. PEA Resource PEA Feas Feas. PEA PEA Resource Resource PEA Acquiror Evolution Mining Newmont Eldorado Gold Sea bridge Gold Yamana Gold Kinross Gold Auryn Resources Artemis Gold Osisko Gold Royalties Coeur Mining Agnico Eagle Centerra Gold Agrico Eagle Eldorado Gold Goldcorp Waberton OceanaGold Timmins Gold Goldcorp Coeur Mining New Gad Primero Miring Osisko Mining Argonaut Gold IA MGOLD New Gad Agrico Eagle Ann. Date Mar-14-2021 Mar-10-2021 Jan 20-2021 Dec-04-2020 NON-02-2020 Sep-30-2020 Ju-29-2020 Jun-09-2020 Sep 23-2019 Aug-02-2018 Dec-21-2017 Nov-07-2017 Sep-05-2017 May-14-2017 May-12-2016 Nov-12-2015 Ju-30-2015 Feb-17-2015 Jan 19/2015 Dec-17-2014 May-31-2013 Dec-13-2012 Nov-12-2012 Oct-15-2012 Apr-27-2012 Oct-17-2011 Sep-19-2011 Transaction Value 100% basis (USSM) $259 $348 $99 $120 $111 $134 597 $214 $231 578 $325 $215 $80 $422 $309 $135 $455 $107 $411 $154 $290 $120 $403 $281 $514 $115 $261 Selected Range: $80/oz-$100/oz no $16 EV / M&I (Soz AuEq) 41 $10 los Average: $121/cz 4253 4250 5007 75343 Selected Range: $50/oz-$70/oz EVI Resource (Voz AuEq) Post PEA Stage Source: Capital iQ Market Intelligence and Company Disclosures Corvus (1) We included transactions as per the following criteria: pre-production stage, gold primary asset (35%+ AuEq) located in the North America, with transaction value (100% basis greater than USS75M transaction size for an ownership stake >/-50% GOLD INC ITS $93 304 Average: $71/oz 4118 40 $189 $168 $200 Fort Capital#41Precedent Transactions Total Acquisition Costs of Gold Developers Transactions • Comparable deals in the space have transacted at an average TAC of $978/oz, representing an average of 65.5% of spot gold prices (¹) • Selected range reflective of earlier stage of assets Selected Range: 60%-65% TAC % of Spot Batte North GT Gold QMX Gold Target Snowfield property Monarch Gold Peak Gold Project Eastmain Resources Blackwater project Barkerville Gold Mines Northern Empire Exploration Assets AuRico Metis Santa Gertrudis project Integra Gold Kaminak Gold Spring Valley & Ruby Hill Romarco Minerals Newstrike Capital Probe Mines Paramount Gold & Sill ver Rainy River Resources Cerro Resources Queenston Mining Prodigy Gold Trelawney Mining Siver Quest Resources Grayd Resource PEA Stage or Prior Target stage PFS Scoping Resource Resource Feas. PEA PEA Feas. PEA Resource PEA Feas. PEA PEA Feas Resource Feas PEA Resource PEA Feas Feas. PEA PEA Resource Resource PEA Acquir or Evolution Mining Newmont Eldorado Gold Sea bridge Gold Yamana Gold Kinross Gold Auryn Resources Artemis Gold Osiako Gold Royalties Coeur Mining Agnico Eagle Conterra Gold Agnico Eagle Eldorado Gold Goldcorp Waterton OceanaGold Timmine Gold Goldcorp Coeur Mining New Gold Primero Mining Osiako Mring Argonaut Gold IAMGOLD New Gold Agnico Eagle Ann. Date Mar 14-2021 Mar 10-2021 Jan 20-2021 Dec-04-2020 Nav-02-2020 Sep-30-2020 Jul-29-2020 Jun-09-2020 Sep 23-2019 Aug-02-2018 Dec-21-2017 Nov-07-2017 Sep-05-2017 May-14-2017 May-12-2016 Nov-12-2015 Jul 30-2015 Feb-17-2015 Jan 19/2015 Dec-17-2014 May-31-2013 Dec-13-2012 Nov-12-2012 Oct-15-2012 Apr-27-2012 Oct 17-2011 Sep-19-2011 Transaction Value 100% basis (USSM) $259 $34 599 $120 $1.11 $134 397 $214 $231 578 $325 $215 $80 $422 $369 $135 $455 $107 $411 $154 $290 $120 5403 $281 $514 $115 $261 na n'o na no no na na n'a Total Acquisition Cost (TAC) 440 4901 4012 41034 4838 41055 41.019 41073 Average: 5978/cz 41,537 na no na no na na na na Post PEA Stage Source: Capital iQ Market Intelligence and Company Disclosures Corvus (1) We included transactions as per the following criteria: pre-production stage, gold primary asset (35%+ AuEq) located in the North America, with transaction value (100% basis greater than US$75M transaction size for an ownership stake >/-50% GOLD INC 21.3% 68.4% 837% Average: 85.5% 41 100% Fort Capital#42Value Analysis Summary Fair Market Value range of $3.40 - $4.20 . Consideration of $4.10 per share at the high end of the FMV range of $3.40 - $4.20 Fully Financed NAVPS-Gold Price Trading Comparables Metric Corvus -P/ NAV (Consensus) -P/ NAV (Base Case) -EV/M&I Resource -EV/Total Resource -P/NAV (Consensus) -P/NAV (Base Case) Precedent Transactions - EV / M&I Resource -EV/Total Resource -TAC % of Spat Metrics and Assumptions Value C$5.53 C$6.00 CS5.53 C$8.00 Low $1,500/cz 0.40x $1,790/az 0.40x 40 (1) S&P Capital IQ as of September 10, 2021 3,814 koz AuEq $56/cz AuEq $75/cz AuEq 4,423 koz AuEq $35/az AuEq $65/cz AuEq 0.50x High 0.50x $1,700/cz 0.80x 0.00x 80.0% 3.814 koz AuEq $80/cz AuEq $100/oz AuEq 0.70x 4,423 koz AuEq $50/az AuEq $70/cz AuEq 0.70x 65.0% Takeout Premium n/a 25.0% 25.0% 25.0% 25.0% n/a n/a n/a n/a n/a $1.00 $1.85 $2.10 $2.01 $2.75 $2.46 $2.00 $2.78 $2.78 $2.84 Selected FMV Range $3.40-$4.20 Implied Value Range Share Price (CS/share) $3.30 $2.83 $3.30 $3.00 $3.32 $3.541 $4.00 $4.15 $426 $4.75 $4.62 $4.10 Offer: $4.95 $5.00 $6.00 42 Fort Capital#43Other Considerations Summary of Considerations Consideration Premium / discount to current market price Consideration relative to Fair Market Value Historical Trading Ongoing Participation Other Considerations Corvus Impact Rationale . . . . Significant premium to Unaffected Price prior to announcement of AngloGold Loan Premium to unaffected price prior to announcement of initial offer of $4.00 per share Slight premium to previous announced offer of $4.00 per share . Consideration of $4.10 per share near the top end of the underlying FMV range of $3.40 - $4.20 per share Exceeds "standalone or fully financed value of $3.70 per share Consideration higher than virtually all historical trading Limited liquidity prior to announcement of AngloGold Loan • No ongoing participation in AngloGold, however shareholders could choose to invest consideration received in AngloGold to retain some level of exposure to North Bullfrog, Mother Lode and the new Nevada district as a whole Significant and experienced shareholder willing to sign lock-up agreement. Combined with management and AngloGold ownership, represents 43% of Corvus' issued and outstanding shares in support of the Transaction Other transaction terms (such as termination fee) within precedent transaction range Surrounding land positions limits available alternatives 43 Significant dilution and execution risk involved for Corvus to bring North Bullfrog and Mother Lode into production on a "stand-alone" basis Fort Capital#444. Summary and Conclusion#45Conclusion Valuation and Fairness Opinion It is the opinion of Fort Capital Partners that, based upon the preceding analysis, assumptions, limitations and other relevant factors, the Fair Market Value range of the Corvus Shares is $3.40 to $4.20 per share and the Consideration to be received under the Transaction is within the Fair Market Value range. 45 As the Consideration of $4.10 falls within the range of Fair Market Value, it is the opinion of Fort Capital Partners that, based upon the preceding analysis, assumptions, limitations and other relevant factors, the Consideration to be received under the Transaction is fair, from a financial point of view, to the shareholders of Corvus, excluding AngloGold If agreement with respect to a transaction is reached, Fort Capital would be in a position to deliver to the Special Committee its written Opinions for inclusion in a shareholders circular, based on the analysis contained in this presentation, and assumptions, limitations and other relevant factors we would set forth This presentation is highly confidential, and is not to be distributed to any parties other than as agreed by Fort Capital Corvus Fort Capital#46Appendices#47Appendix A: Completed Scope of Review In preparing the Valuation and Fairness Opinion, Fort Capital has, among other things, reviewed, considered and relied upon, without attempting to verify independently the completeness or accuracy thereof, the following: draft of the Arrangement Agreement dated September 9, 2021 • draft of the Lock-up Agreements dated September 9, 2021 non-binding proposal letter from Anglo Gold dated July 13, 2021 • loan agreement between Corvus and AngloGold dated May 6, 2021 Technical Report (N/ 43-101) titled "Technical Report and Preliminary Economic Assessment for Gravity Milling and Heap Leach Processing at the North Bullfrog Project", dated November 21, 2020 Technical Report (NI 43-101) titled Technical Report and Preliminary Economic Assessment for Biox Mill and Heap Leach Processing at the Mother Lode Project", dated November 21, 2020 • consolidated annual financial statements of the Company for the years ended May 31, 2021, 2020, 2019, and 2018, together with the notes thereto and the auditors' reports thereon; management's discussion and analysis of the results of operations and financial condition for the Company for the years ended May 31, 2021, 2020, 2019 and 2018, 47 • interim financial statements and associated management's discussion and analysis documents for the period ending August 31, 2020, November 30, 2020 and February 28, 2021; various material change reports and press releases as filed by the Company over the past 3 years; • certain publicly available information relating to the business, operations, financial condition and trading history of the Company and other selected public companies that we considered relevant: Corvus GOLD INC Fort Capital#48Appendix A: Completed Scope of Review (Cont'd) the trading history of the Company and other selected public companies we considered relevant, public information with respect to precedent transactions we considered relevant; • certain internal financial, operating, corporate and other information prepared or provided by or on behalf of the Company relating to the business, operations and financial condition of the Company. internal management forecasts, projections, estimates and budgets prepared or provided by or on behalf of management of the Company; various presentations prepared by management of the Company: discussions with senior management of the Company relating to the current business, plans, financial conditions and prospects of the Company: representations contained in separate certificates to be dated September 12, 2021 addressed to Fort Capital from senior management of the Company as to the completeness, accuracy and fair presentation of the information upon which the Valuation and Fairness Opinion are based; . • various research publications prepared by industry and equity research analysts regarding the Company, including other gold developer entities we considered relevant; • discussions with legal counsel to the Company with respect to various legal matters relating to the Proposed Transaction and other matters considered relevant; and such other information, investigations, analyses and discussion as we considered necessary or appropriate in the circumstances. 48 Fort Capital has not, to the best of its knowledge, been denied access by the Company to any information under the Company's control requested by Fort Capital. Corvus Fort Capital#49Appendix B: Detailed Financial Model North Bullfrog Detailed Financial Model That Dat Payable Gold Ounces Payable Silver Ounces Gold Price Silver Price Gold Revenue Siver Revenue Total Revenue Less Rovaties Net Revenue Operating Expenses Waste Mining Ore Mining Processing/Leaching/Truckingrehandle G&A Mine Equipment Finance Charges Depreciation Credit Stockpile Mining Cost Environmental & Reclamation EBT Nevada NPT Fodeaal Income Tax Depreciation Capital Expenses & Working Capital Net Cash Flow After Tax NPV Corvus UNTS (KOZ) (KOZ) (USS/02) (USS/02) (US$) (US$ 16 (US$M) JUSS 14 (USSM) (USS M (US$ 16 (US$ 1 (USS) (US$ 14 (USS 1 (USS 14 (US$ 16 (US$M) (US$14 (US$ 14 (US$ 16 (USS M (US$M) (US$ 14 Y-1 Y4 2023 20 27 Dec-25-3023 Dec-25-3034D-353025 -353-35-327-35-38 203023023 J2002 JA3023025 IN 30328 IND327 +30X28 73.6 148.2 195.7 188.8 170.4 244.5 676.7 632.8 455. 342.4 ($167.4) ($167.4) YI 2024 $1,600 521.00 $117.7 $5.1 $122.3 Y2 2025 $122.9 Y3 20 26 YS 2028 $1,600 $1,600 521.00 $21.00 $1,600 $1,000 $21.00 521.00 Y6 20 25 YS Y7 20:30 2031 3532-35-3030 D-35-3 134.5 117.7 270.0 176.9 $1.000 $1,600 $21.00 $21.00 93.9 4.2 YS 2032 D-33-300 91.7 51.9 $1,000 $1,600 $21.00 $21.00 $64.4 $41.3 ($7.9) ($10.6) ($10.5) (58.5) (55.2) (54.0) (52.5) ($4.3) (530.5) ($29.9) ($22.7) ($12.5) (39.5) ($5.7) $10.6 $22.5 $34.5 534.4 $43.8 $35.0 $23.6 (54.4) ($10.8) ($30.2) (56.4) (564.5) ($2.0) $2.0 ($9.2) $147-2 $153.6 $171.4 $86.1 $56.4 $58.6 $30.1 $2.3 Y 10 20 33 74.4 $27.6 5237.1 5313.1 $302.1 $272.6 $14.2 $13.3 $251.4 $326.4 $215.1 $1884 $150.2 $146.8 $119.1 $109.9 $9.6 57.2 $5.7 $3.7 $1.6 $1.1 $2.0 $2.1 $311.7 $275.8 $220.8 $132.1 $151.7 $147.5 $121.0 $111.3 (52.5) ($1.2) (80.91 180.91 (80.91 $251.4 $324.7 $3.09.2 $278.6 $219.9 $191.2 $150.8 $147.0 $121.0 $111.5 Y11 Y12 2034 20 35 26-37-300 A6xx35-2005 68.7 97.9 $1,000 $1,600 $1,000 $1,600 $1,600 $21.00 $21.00 $21.00 $21.00 $21.00 $1.9 $10.8 56.7 49. ($24.7) W $90.8 $1.0 $91.8 Y13 2036 ($78.8) ($27.7) ($36.6) ($26.8) ($23.7) (519.8) ($17.3) ($16.5) ($19.8) ($24.7) ($21.4) ($12.4) ($20.4) (521.4) ($26.4) ($20.0) ($33.3) ($39.0) ($38.7) ($35.3) (535.3) ($27.8) ($27.7) ($28.0) ($16.2) (521.6) ($24.0) ($28.7) ($29.5) ($33.8) ($39.0) ($35.8) ($29.2) ($29.2) ($27.4) ($27.0) (523.2) ($17.6) ($10.1) (54.5) (54.8) (55.1) (54.9) (54.8) (54.7) (54.7) (54.6) ($4.8) ($4.6) ($4.6) (34.5) (3.8) ($2.9) ($3.8) (53.2) ($2.5) (51.8) (51.1) (50.4) (90.1) (50.0) 50.0 50.0 ($10,6) ($22.5) (534.5) ($34.4) (543.8) (5:35.0) (530.1) ($23.6) (530.1) ($23.8) ($21.1) ($16.6) (510.3) (30.5) ($1.0) $147.8 $150.5 $183.8 $138.0 $81.1 90.0 $0.0 50.0 $0.0 ($2.6) $1.4 ($15.4) 656 $1.3 ($8.4) 38.5 9.0 561.7 $16.7 $0.6 $0.1 $62.3 $16.3 Y14 Y15 2037 2038 Du-35-3037 Dw-3530 10.5 $62.3 $16.9 65.5 (52.1) ($1.1) ($0.6) (54.9) (52.7) ($1.5) $30.1 $23.8 521.1 $16.6 $10.3 ($26.4) 52.2 $2.1 $1.7 $1.3 $24.4 $33.0 $22.3 $9.9 $7.8 49 3.2 20 $1,600 $21.00 $5.2 50.0 $5.2 $5.2 ($4.5) ($1.5) $0.0 (50.7) (537) $1.3 $2.3) $2.8) 50.7 50.1 $2.6 $0.3 $0.6 ($2.0) Fort Capital#50Appendix B: Detailed Financial Model Mother Lode Detailed Financial Model Perba End Cash Flow Date Gold Ounces Silver Ounces Gold Price Silver Price Gold Revenue Silver Revenue Total Revenue Less: Royalties Net Revenue Operating Expenses Waste Mining Ore Mining Processing/Leach in g/Trucking/rehandle G&A Mine Equipment Finance Charges Depreciation Credit Stockpile Mining Cost Environmental & Reclamation EBT Nevada NPT Federal Income Tax Depreciation Capital Expenses & Working Capital Net Cash Flow After Tax NPV Corvus GOLD INC units (koz) (koz) (USS/oz) (US$/oz) (US$M) (US$M) (US$M) (USSM) (USSM) (USSM) (USSM) (USSM) (USSM) (USSM) (USSM) (USSM) (USSM) (US$M) Y-1 Y1 Y2 Y3 Y4 Y5 Y7 Y8 Y9 Y6 2032 2028 2029 2030 2031 2033 2034 2035 Jun-30-2035 2026 2027 Dec-31-2020 Dec-31-2007 Dec-31-2028 Dec-31-2020 Dec-31-2030 Dec-31-2031 Dec-31-2032 Dec-31-2033 Dec-31-2034 Dec-31-2035 Jun-30-2027 Jun-30-2028 Jun-30-2029 Jun-30-2030 Jun-30-2031 Jun-30-2032 Jun-30-2033 Jun-30-2034 213.8 170.4 252.2 178.5 73.5 180.7 211.1 87.6 11.1 200.2 27.4 102.8 55.7 35.1 82.9 121.5 . $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $1,600 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $21.00 $268 $342.0 $272.7 $403.5 $285.7 $117.6 $289.2 $337.7 $140.2 $0.2 $4.2 $0.6 $2.2 $1.2 $0.7 $1.7 $2.6 $342.3 $276.9 $404.1 $287.8 $118.7 $289.9 $339.4 $142.7 ($6.8) ($5.5) ($8.1) ($5.8) ($2.4) ($5.8) ($6.8) ($2.9) $335.4 $271.4 $396.0 $282.1 $116.4 $284.1 $332.6 $139.9 ($92.7) ($50.3) ($8.7) ($91.2) ($69.3) ($16.9) ($67.2) ($5.2) ($4.0) ($72.7) $76.8 ($15.5) ($16.3) ($77.1) ($79.8) ($25.3) ($9.0) ($30.9) ($1.8) ($1.6) ($15.9) ($83.7) ($71.0) ($78.2) ($59.5) ($69.3) ($5.1) ($5.3) ($5.1) ($4.8) ($5.1) ($5.2) ($4.8) ($3.2) ($2.4) ($1.7) ($1.0) ($0.2) $0.0 ($67.1) ($28.9) ($69.8) ($74.2) $0.0 ($58.8) ($87.9) ($27.8) ($4.0) $61.3 $189.9 (USSM) (USSM) (USSM) $72.7 (USSM) ($406.3) ($22.7) ($6.0) (US$M) ($406.3) $122.7 $109.1 $232.1 (US$M) ($5.0) ($13.0) ($0.0) ($29.5) $58.8 $87.9 $37.0 ($4.2) ($5.4) $67.1 ($3.1) ($20.2) $74.2 ($2.1) ($48.6) $96.3 $141.6 ($7.3) ($5.6) $69.8 $3.1 $28.9 ($9.6) ($29.3) $156.4 ($2.8) ($2.0) 50 ($9.8) ($1.5) ($21.2) ($3.0) $74.2 $27.8 $10.8 $3.3 $195.4 $52.0 9.4 1.7 $1,600 $21.00 $15.1 $0.0 $15.1 ($0.3) $14.8 ($5.5) ($4.2) $0.0 ($2.6) ($4.8) $25.4 ($2.4) $2.6 $0.3 $0.6 Fort Capital#51Appendix B: Detailed Financial Model Consolidated Detailed Financial Model Cashew C Gold Ounces Silver Ounces Gold Price Silver Price Gold Revenue Silver Reverve Total Revenue Love Roctic Net Revenue Operating Expenses Waste Mining Ore Mining Processing Leaching Truckinglehande Mire Site G&A Mine Equipment Finance Charges Depredation Credit Stockpie Mining Cost Environmental & Reclamation Corporate G&A EBT Nevada NT Federal Income Tax Depreciation Captal Expenses & Working Capital Le vered FCF NPV Corvus unds (Koz) (koz) (USS/O2) (USSO2) (USSI USSIA (USSME) LESIA (USSM) (USSI (USSI (USSI (USSIA (US$M) (USSIA LESIA (USSM) (UGSIE Y₂ 2022 Y-1 2023 DA-T-322 - 2021 ($4.1) ($20.1) ($4.1) ($20.1) ($5.5) ($4.1) ($20.1) $184.31 YI Y3 YA Y2 2024 2025 2026 2027 Cmc-3-2004 OMT-3275 DC-atas DAGHOUT Dodat-Ja 20-30-10-22-Aus AASAUT 402.6 73.6 1482 196.7 340.8 244.5 676.7 632.8 4667 5427 $1,600 $1,000 $1.000 $1,600 $1,600 $21.00 $21.00 $21.00 $21.00 $21.00 96442 $545.3 598 $114 $117.7 $237.1 5313.1 55.1 $142 $133 $122.5 $251.4 $326.4 $122.9 $251.4 $324.7 Y5 2028 Y7 2030 DWG-11-020 CROC31-35357 aastar 32 386.7 296.3 167.3 272.5 297.5 279.7 129.9 $10.6 ($167.4) (54.4) (5114) 511-41 YS 2025 5618.7 $474.0 $62 $5.9 YB (578.8) ($27.7) (536.6) ($119.6) ($74.0) (520.4) ($21.4) ($26.4) ($21.6) (5240) (528.7) (3966) ($117.5) ($110.0) ($114.0) ($88.7) (54.5) ($4.8) (55.1) (10.1) ($9.9) ($100) ($9.8) (39.5) (53.8) (532) (52.5) (558) ($2.9) ($1.8) ($1.0) ($10.6) ($22.5) ($34.5) (5107.1) ($102.7) ($122.5) (5972) ($52.5) $1.4 (30.5) ($1.0) $1,600 $1,000 $1,000 $1,000 $1,000 $21.00 $21.00 $21.00 $21.00 $21.00 ($3.1) ($3.1) ($3.1) ($3.1) ($3.1) (37.5) ($22.6) $141.2 $178.6 $245.1 $186.3 $260.4 ($3.1) 34.11 2032 (579) ($10.5) ($145) ($13.5) ($182) ($8.2) (522) ($17.8) ($31.0) ($28.0) ($40.4) ($13.8) $22.5 $34.5 $107.1 $102.7 $1228 (5108) ($438.5) (529.1) ($70.5) (55.0) ($17.9) 1529 61 $121.8 54001 54001 (527.81 $131.4 ($291.8) $237.6 $137.0 $279.5 م احمد القصد المتدنية Y11 Y13 Y14 2034 2035 2036 2037 DWG-SINUR DERTLE ONNISH DUT-227 255.5 156.3 87.0 177.6 219.4 $267.7 $435.9 $456.7 52.7 $250.1 $105.8 961.7 $16.7 $48 $1.1 $654.0 $556.7 9624.9 $475.9 $270.5 $437.8 $460.5 $254.7 $106.9 198 71 5291 190.31 $267.2 $431.0 $453.7 $251.8 $106.6 198.71 694 $6446 $550.0 $616.0 $473.2 (528.5) $108.5) ($85.7) ($45.0) (540.3) (5247) ($21.4) ($12.4) 5449) ($42.3) (569.8) (540.5) ($36.8) ($51.2) (544,1) ($27.7) ($25.0) ($16.2) (596.5) ($104.6) ($1068) (59.7) (50.2) (399.9) 36.5 29.0 66.1 50.7 $1,600 $1,600 $1,600 $1,000 $1,000 521.00 521.00 $21.00 $21.00 $21.00 $5.2 997.2 $62.5 $99.9 $97.9 ($7.7) (5232) $13.0 (528 61 $2.1 $142.3 $225.3 (99.4) ($10.9) (2.1) ($15.6) ($23.9) (548) $490 $5.3 $71.2 10.5 6.4 5192 $10.3 $2.0 $1.3 $7.4 $4.7 51 $16.9 $16.9 Y15 ($26.7) ($17.8) ($10.1) (64.5) (59.8) (593) (58.7) ($3.8) ($2.9) ($1.5) 50.0 50.0 50.0 50.0 50.0 50.0 ($0.7) ($97.9) (549.0) ($19.2) ($10.3) ($2.6) (30.3) ($4.7) (37.6) ($11.2) ($5.5) ($3.7) ($3.1) ($3.1) (53.1) (53.1) ($3.1) ($3.1) ($3.1) (53.1) 155.11 $93.2 ($13.8) $119.2 $149.3 $23.6 ($13.8) ($6.9) ($5.4) 32 20 $5.2 $5.2 ($1.3) (53.1) ($5.91 $2.6 50.7 50.3 $0.1 ($2.5) (5.1) Fort Capital#52Appendix B: Detailed Financial Model Detailed Fully Financed Price Analysis XNPV of the Levered FCF Less: Debt Add Cash Net Asset Value Beginning Share Count NAVPS XP/NAV Multiple Implied Share price Implied Share price Beginning Share Count Add: New Shares issued Ending Balance Key Financing Events Debt Financing Additoral EquityRequired Equity Financing -EquityFiranding Price Shares Issued PF Shares Outstanding Fully Financed Share Price in 2028 PV of the Fully Financed Share Price PV of the Fully Financed Share Price Corvus units (USSM) (USSM (USSMA (USSM) (US$/sh) 10.00 (US$/sh) (CS/sh) (M (M) (USSM) (USSM (USSM (M) (USSISH (USSAN (CS/sh) Y3 2021 Y6 2029 $910 $1,214 $990 ($40) ($206) ($100) $131 Y9 2032 $858 $574 $448 $439 ($126) (586) ($57) ($29) $277 $414 $894 $818 5818 $980 $1.185 $1,048 $1,102 $1,147 $1.182 $1.207 $1,228 $1,246 $1,255 183.5 183.5 183.5 183.5 183.5 183.5 183.5 183.5 $5.11 $5.24 $5.31 $5.04 $5.17 $5.43 $5.71 $6.00 $6.25 $6.44 $6.57 $6.69 $6.79 $6.84 0.50x 0.00x 0.00x 0.70x 0.70x 0.90x 0.90x 0.90x 0.90x $2.55 $2.62 $3.19 $3.02 $3.62 $3.80 $5.14 $5.40 $5.62 $5.79 $5.92 $6.02 $3.23 $3.31 $4.03 $3.82 $4.57 $4.80 $6.49 $6.83 $7.11 $7.32 $7 48 $649 $674 $729 $874 173.4 $949 183.5 $996 183.5 127.0 128.8 1372 $6.15 $6.11 $7.61 $7.72 $7.78 183.5 183.5 183.5 183.5 183.5 $649 Y-2 2022 $874 127.0 128.8 85 128.8 137.2 $5.40 $2.96 $3.74 Y-1 2023 $729 $80 $4.3 $21.3 $110.8 $2.45 1.8 128.8 Y1 2024 1372 173.4 382 102 173.4 183.5 Y2 2025 $942 $1,008 (989) (567) 1734 $1.7 $29.5 Y3 2026 183.5 183.5 183.5 183.5 $2.51 $3.00 $2.90 $3.48 $3.05 8.5 36.2 10.2 183.5 137.2 183.5 $200 Y4 2027 Y5 2028 183.5 183.5 183.5 183.5 183.5 $4.93 $5.19 1835 183.5 183.5 Y7 2030 183.5 183.5 Y8 2031 183.5 183.5 183.5 183.5 183.5 $5.78 183.5 Y10 2033 $298 Y11 2034 183.5 $70 183.5 $5.87 $5.91 183.5 183.5 52 Y12 2035 $1.257 $1,257 183.5 $6.85 0.90x $6.16 $7.79 183.5 183.5 183.5 Fort Capital#53Appendix C: Trading Trading Comparables Nevada and Non-Nevada Gold Developers an USSM unless otherwise noted Nevada Gold Developers Gold Standard Augusta Gold West Vault Mining Gold Springs Resource Paramount Gold Nevada Niegiant Gold Average Median Non-Nevada Gold Developers Osiska Mining Skeena Resources Marathon Gold Artemis Gold Sabina Ascot Resources Perpetua Resources Liberty Gold First Mining Gold International Tower Hil Integra Resources Freegold Ventures Maneta Porcupine Mines Tralus Gold 03 Mining Anaconda Mining Face Resources Treasury Metals Gold Mountain Mining Candelaria Mining Amaden Minerals Average Median Location Corvus Nevada Nevada Nevada Nevada Nevada Nevada Quebec British Columbia Newfoundland British Columbia Nunavut British Columbia Maho Turkey Ontario Alaska Idaho Alaska Ontario Quebec Québec Nova Scotia Quebec Ontario British Columbia Mexico Mexico stage Processing PFS Resource PFS PEA PEA Scoping PEA PEA PFS PFS Feas. Feas. PFS PEA PFS PFS PEA PEA PEA PEA PEA PEA Fem. PEA Feas. Feas Feas. Corvus Gold Nevada PEA Source: Company decesure and S&P Capital IQ mariet dat as at Sen 10, 2021 (1) Shares outstanding based on the easy ook method (2) Ambutable Reserve and Resource muitbles based on gold equalent valves (3) Estimate based on S&P Capital reported consensus NAV HL HL HL HL HL HL ME ME Mill & HL MB ME MB Mi Mill & HL ME ME HL HL MB Mil M MB ME ME ME HL ME MII & HL Share Price (USS) 50.47 $1.16 50.91 50.16 $0.87 $0.31 $2.20 $11.29 $2.71 $4.11 $1.17 $0.93 $5.07 $0.90 50.27 $0.83 52.96 $0.46 $1.53 $0.66 $1.72 $0.59 50.33 50.66 $1.16 $0.48 $0.40 $3.14 Market Cap. (USSM) $167 562 $53 $42 $33 $29 $774 $743 9684 5637 $410 5353 $320 $249 $191 $162 $162 $157 $145 $130 $117 $106 $86 $85 564 $60 $55 $417 Ent. Value (USSM) $139 $59 $47 538 5:32 $28 $6.59 $700 $600 $478 5375 $299 5311 $242 $160 $152 $148 $134 $128 $123 $67 596 $103 577 5:83 $61 548 $418 Total AuEq. Resource Grade (gt Au EQ) 0.9 0.5 0.6 0.7 0.4 0.6 8.3 1.7 0.7 5.2 7.9 1.4 0.5 0.7 0.7 0.7 1.2 0.9 1.4 3.9 2.2 1.0 5.8 0.6 0.6 0.4 Contained (Koz AU EQ) 3,073 1,044 1.276 942 6.244 706 6,845 5,786 4,777 13.616 10,366 3.251 12,323 3,827 8.047 12.588 4,409 2,947 8.366 8,159 3.745 2,910 9,107 2.493 808 756 4.144 4,423 EVI Reserves (3/0ZAUEQ) $109 na $52 ra $61 na $81 $81 na wa $286 554 $104 $245 563 na 5:39 $17 wa na na Wa na $2,007 $18 Na na Na $19 $285 $59 nia EVI M&I (3/oz AU EQ) $87 564 $42 $47 $7 na $45 $47 $352 $131 $191 $36 $56 $154 $28 $116 $26 $13 $38 $90 $32 $25 $28 $48 $14 $39 $128 $104 $14 $80 $39 $110 EVI Resource (3/0ZAUEQ) $45 $56 $37 $41 $5 5:40 $37 $40 599 $121 $126 $35 $36 592 $25 $63 $20 $12 534 $45 $15 $15 $18 $33 $11 $31 $103 $80 $12 $49 $34 $34 Price / NAV (0.0x) 53 0.4x nia nla na 0.4x nia 0.4x 0.4x 0.5x Q6x 0.9x 0.4x 0.5x 0.3x nia na nmf 0.2x 0.3x 0.3x 0.2x 0.3x n/a nis n/a 04x 0.4x 0.7x Fort Capital#54Appendix C: Trading Comparables Gold Producer P/NAV Comparison Current Trading Multiples (¹) 1.0x Lundin 0.8x Victoria Junior Avg. P/NAV: 0.62x Corvus GOLD INC 0.6x K92 16x -8.5x- Minera Alamos Pure Gold Junior Gold Producers 0.3x Harte 1.2x Kirkland Lake 1.0x 1.0x Endeavour (1) S&P Capital IQ as of September 10, 2021 Evolution 0.9% 0.9% 0.8x Centamin Pretium Northern Star 0.8 0.8x 0.8x 0.8x 0.7x B2Gold Intermediate Avg. P/NAV: 0.73x SSR Alamos Yamana Centerra OceanaGold Intermediate Gold Producers 0.6x 0.6x New Gold Argonaut 0.5*0.5× Equinox Torex 0.4x Eldorado 0.4x IAMGOLD 54 Fort Capital#55Appendix D: Precedent Transactions Ann. Date Mar-14-2021 Ma-10-2021 Deo-04-2020 Nov-02-2020 S-40-X0-2020 36-29-2000 Jun-09-2020 Sap-23-2019 Aug-2-2018 Doo- 27-2017. Nov-07-2017 Sap-05-2017 May-14-2017 May-12-2016 Now-12-2015 J-30-2015 Feb-17-2015 Jan-19-2015 Dec-17-2014 May-31-2013 Dec-13-2012 Now12-2012 Oct-15-2012 For 27-2012 Oct-17-2011 Sap-10-2011 Average Median Transaction Value (100%ba PASSA Target $250 Bame North $345 GT Gold $99 QMX Gold $120 Snowfold property $111 Monach Gole $134 Pack Gold Pred 397 Eman Resources $214 Backwater project 1231 Banente Gold Me $78 Northem Empire $325 Exploration Asses $215 AuRico Metais 380 Santa Cetrusis project $422 Intera Gold $154 Paramount Gold & Siver $290 Rainy River Resources $120 Cerro Resources $403 Queenston Mining 1281 Prodigy Gold $514 Trelawney Mining $115 Siver Quest Resources $261 Grand Resource 8214 Aoquiror $300 Kamik Gold $135 Spring Valley & Ruby Hill Waterton $455 Romarco Minoals $107 Newstke Capta 3411 Probe Mines Ocanad Timmins Gold Goldcomp Coaur Mining Now Gold Evolution Mining Newmont Bordo Gold Seabroop Gold Yamana Goe Kinross God Auryn Resources Atanis Gold Oslo Gold Royates Coaur Mining Jonido Eage Certerra Gold Agris Eage Boorado Gold Goldcorp Primaro Miring Ossio Miring Argonaut Gold UMGOLD New Gold Agrico Eade Location stage Ontario BC Qubec BC Quebec Naska Quebec BC Asset/ Corporate FFS Corporan Scoping Corporate Resource Corporate Resource Asset Faas Corporate PEA Aust PEA Corporate Foas Asset PEA Corporate Nevad Resource Corporate Ontario PEA Asset BC Feas Corporate Malco Autot Quebec PEA Corporate Yukon Feas Corporate Resource Asset Foas Corporate Malco PEA Corporate Ontario Resource Corporate Malco Ontario Marco S. Carolina PEA Corporate Foas Corporate Faal Corporate orporate Ontario PEA Corporate Ontario Ontario BC Malco Resource Corporate Resource Corporate FEA Corporate PINAV 0.68x $1.537 na 0.87x Total Acq Cost (TAC) na $1,034 NA 5861 1901 $1,006 $1,100 nia nia 3679 63.5% 5440 34.5% 50.6% 82.9% 0.84x 0.62x 1.06x 1.04x nia 0.81x 0.83x 1.46x 081x 0.75x 0.73x na nis 0.95 0.70x 0.78x $1.019 na $1,168 Na $1,073 $828 na $1,420 3778 ris $944 TAC% of Spot 2 1962 54.7% 45.6% 46.1% 61.3% 71.8% na 98.6% 68.3% 97.6% 65 nia 52.8% 06556 66.2% Au Resource M&I KUN 1.025 3.471 382 25.917 2.588 1.200 1.000 9.510 Resource jur Ad 4,039 1.859 3.926 1,123 6,167 1,128 2.058 6,251 860 939 760 1,80 2.261 501 34,945 1,325 1,729 709 6,800 10,10 5,008 5.925 1,004 #10 1.917 3.590 2.000 10.373 4.540 1,827 8,447 1,129 6.300 1.000 1,296 6,380 3.902 1.025 Au Eq Resource EVI MBI Recource %6.Au MAI (NI 382 34.260 2.588 1.310 1,006 10.300 7,030 13.625 810 1.917 2.008 4.039 1.955 3.926 2,155 6.383 1.837 6,251 860 1,503 760 4,002 2,307 Gold Equivalent [VI EVI Recouron (Any) DY BUNDY $252.7 $100.3 $189.3 $17.0 $167.9 1.369 100% LEG 501 100% 46.879 731 2.882 100% 1,442 92% 1,740 99% 10.608 4.365 100% 709 100% 13.006 494 1,004 100% 3.593 100% 5,100 100 10.373 100% 4,040 100% 2.033 99% 3,367 8.777 1.837 4,079 99% 6.606 100% 6.355 100% Gold Only 1.266 100% 6,709 2016 4,079 100% Source: CapitaliQ Market Intelligence and Company Disclosures We included transactions as per the following criteria: pre-production stage, gold primary asset (35%+ AuEq) located in the North Corvus America, with transaction value (100% basis) greater than US$75M transaction size foran ownership stake >/-50% (1) R&R figures are ona 100% acquired basis $4.6 $110.8 188.8 $22.5 147.2 $42.9 $98.8 $220.3 $124.4 $16.2 $112.0 $57.6 $104.7 $137.0 $106.6 $195.9 $449 $342.9 $102.6 EVI Resource $189.3 $167.9 33.4 $38.7 $101.1 $55.9 $21.7 $55.6 $94.3 $200.5 $3.5 $109.7 $31.9 $20.2 $36.2 $752 308.2 $117.6 $220.3 $71.3 $124.4 $13.0 $16.2 $112.6 $94.0 $102.2 $88.2 $20.6 $94.5 $205.9 877.7 $728 $54.8 $104.7 $714 $45.5 $65.5 $106.6 $103.3 $18 $42.5 $80.8 3449 $506.9 55 $342.9 $120.6 181.2 $2.6 $38.7 $92.8 $20.2 $52.9 $109.7 $31.2 $16.4 $75.2 $117.6 $13.0 $52.7 $94.3 $65.5 $80.8 $205.9 8713 $66.8 Fort Capital#56Appendix E: Consensus Commodity Prices Consensus Gold Prices Broker Canaccord Genuity CBC World Markets Cormark Securties Haywood Securities National Bank Financial Raymond James RSC Capital Markets Soota Global Markets TD Securites Average Median Selected Corvus As of 2021E 2022E 2023E 2024E 202SE LT 02-Aug-21 $1.797 $1,793 $1,808 $1,849 $1,849 $1,849 25-Jul-21 $1,927 $2,100 $2,000 $1,800 $1,050 $1,050 30-Jul-21 $1,903 $1,800 $1,800 $1,800 $1,800 $1,800 03-Aug-21 $1,815 $1,900 $1,800 $1,800 $1,800 $1,800 25-Jul-21 $1,825 $1,845 $1,725 $1,800 $1,475 $1,475 30-Jul-21 $1,834 $1,800 $1,700 $1,800 $1,800 $1,000 03-Aug-21 $1,754 $1,090 $1,650 $1,000 $1,550 $1,500 26-Jul-21 $1,800 $1,850 $1,700 $1,500 $1,500 $1,500 30-Jul-21 $1,840 $1.850 $1,750 $1,650 $1,500 $1,500 $1,822 $1,848 $1,770 $1,689 $1,636 $1,630 $1,815 $1,845 $1,750 $1,650 $1,600 $1,600 $1.625 $1.600 $1.820 $1.840 $1,750 $1,650 56 Broker Canaccord Genuity CIBC World Markets Cormark Securities Haywood Securities National Bank Financial Raymond James RBC Capital Markets Scotia Global Markets TD Securites Average Median Selected Consensus Silver Prices As of 2021E 2022E 2023E 2024E 2025E LT 02-Aug-21 $26.50 $28.80 $27.00 $28.40 $29.40 $28.40 25-Jul-21 $27.98 $31.00 $28.00 $25.00 $20.00 $20.00 29-Jul-21 $26.23 $25.00 $268.00 $28.00 $26.00 $28.00 30-Jul-21 $24.75 $23.75 $22.50 $22.50 $22.50 $22.50 25-Jul-21 $26.99 $27.50 $24.00 $22.00 $19.00 $19.00 29-Jul-21 $26.92 $25.00 $24.00 $22.50 $22.50 $22.50 03-Aug-21 $25.76 $24.00 $22.50 $20.00 $19.50 $18.75 26-Jul-21 $26.81 $32.00 $28.00 $22.00 $20.00 $20.00 28-Jul-21 $26.25 $25.00 $22.50 $22.50 $20.00 $20.00 $26.47 $26.87 $24.94 $23.43 $21.99 $21.91 $26.50 $26.00 $24.00 $22.50 $20.00 $20.00 $26.40 $26.50 $24.50 $22.50 $21.00 $21.00 Fort Capital