#1STO:NG | FRA:QY5 Northgold Central Finland's premier gold explorer INVESTOR PRESENTATION Q1 2024 7 February 2024#2Disclaimer The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions. This presentation is for informational purposes only and does not constitute an offer to sell, or solicitation to purchase, any securities. In providing this presentation Northgold AB ("Northgold" or the "Company") has not considered the financial position or needs of the recipient. Persons needing advice should consult their stockbroker, bank manager, solicitor, attorney, accountant or other independent financial and legal advisors. FORWARD LOOKING STATEMENTS This presentation may contain certain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe," "expect," "anticipate," "intends," "estimate," "will," "may," "continue," "should" and similar expressions. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this presentation by such forward-looking statements. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this presentation. The information, estimates, and forward-looking statements contained in this presentation are valid only as of the date of this presentation and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or publish any adjustments regarding any forward-looking statements to reflect events that occur or circumstances that arise regarding the content of this presentation. CAUTIONARY NOTE REGARDING EXPLORATION TARGETS The potential quantity and grade of the exploration targets is conceptual in nature; there has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration work will result in the estimation of a mineral resource. Northgold 2#3CENTRAL FINLAND'S PREMIER GOLD EXPLORER Northgold is a gold exploration and development company advancing resource-stage projects in the Middle Ostrobothnia Gold Belt (MOGB) of Central Finland. The company's assets are the Kopsa Project, the Kiimala Trend Project, and the recently acquired Hirsikangas Project. N The company is listed on Nasdaq First North Growth Market Sweden under ticker "NG". Northgold 3#4Investment Highlights D: D Attractive jurisdiction of Finland, which is consistently ranked a top mining jurisdiction globally and remains a target for major gold companies. Dominant land position with district-scale potential in an under-explored & emerging belt, with 1 Moz growth platform and potential for new discoveries. Good local infrastructure including road access to project areas, that connect to rail and ports. High-value mineralization (near-surface, low discovery costs, low strip ratio / suitable for open pit mining, open/undrilled at depth). Experienced team with combined ownership of 7%, backed by supportive founders with multiple successful listings and JVs with major mining companies. Northgold 4#5The Emerging Middle Ostrobothnia Gold District . Geological setting is rich, but under- invested. Exploration focus and investment has resulted in multiple major discoveries in Sweden's "Gold Line" and VMS trend. The Finnish side of this trend has received: less than 10% of the exploration investment of Swedish side. O Precious Metal Deposits 21°E 0 250 km Norwegian Sea Norway Oslo I shinin Northgold's Hirsikangas gold project: . Kittilä O Viscaria ° • Kevitsa ○ Aitik 00 Gold Line Skellefte o VMS Trend Barsele Kristeneberg Svartliden O Renström Sweden Kankberg Björkdal Laiva එල Boliden Stockholm O Ängesneva Hirsikangas Pyhäsalmi Kopsa Finland Brahestad Pyhäjoki Laiva Temmes Past-producing Laiva Gold Mine: • Held by Laiva Gold • Existing 2 mtpa mill Merijärvi Kalajoki Dulaine Pimanka Alavieska 20 Klivieska Kestilä Vaala Northgold's Kiimala Trend gold project: • Largest deposit Ängesneva hosts resources of 147,000 oz Au. Exploration tenements cover 36 km² along 15km trend. Wannus Resources of 89 koz Au. Exploration tenements Sievi Nivala • cover 55 km² obstad rsaari Bennäs Pännäinen Kronoby Kruunupyy stipen Rustby Toholampi llava Reisjarvi Lestijär Jeppo Jepua eteli Ketil Halsua Outokumpu Evijärvi Raahe Ladoga Trend Osikonmäki O Haveri ° Kutemajärvi Orijärvi 0 Helsinki Kortesjärvi Northgold's flagship Kopsa gold-copper project: . Includes conditionally approved mining concession Resources of 585,100 oz Au and 76 Mlbs Cu for 749,500 oz AuEq Exploration tenements cover 31 km² Paayajar vhäsalmi Kiuruvesi Pyhäjan Past-producing/depleted Pyhasalmi Cu-polymetallic Mine: • Held by First Quantum Minerals (TSX:FM) 5 10 Existing 1.5 mtpa mill. 0 12.5 25 Middle Ostrobothnia Tenement Map. Retrieved from GTK on 25.01.2023 20 mi IN 50 km Northgold 5#6Asset Summary Kopsa Gold-Copper project, with a conditionally approved mining permit4, compliant resources of 749,500 oz AuEq within a 31 km² regional land package! • Kiimala Trend Gold project, hosts compliant resources of 147, 000 oz Au¹ and includes a 36 km² regional land package¹ with numerous prospects along 15km prospective trend. Hirsikangas Gold Project recently acquired from Rupert Resources Ltd., hosts gold resources of 89,000 oz Au³ and includes a 55 km² regional land package!. Company Mineral Resources 2,3 NI 43-101/JORC compliant Measured and Indicated Resources AuEq (oz) 661,000 Au (oz) 553,700 AuEq (g/t) RECENTLY ACQUIRED 1.12 Au (g/t) Cu (%) 0.94 Hirsikangas Project 0.12 NI 43-101/JORC compliant Inferred Resources 324,700 Historic / Non-compliant Resources 23,500 267,700 23,500 1.18 0.97 0.14 2.52 2.52 Total 1,009,200 844,900 1.16 0.96 0.13 9 Kiimala Trend Project FLAGSHIP Kopsa Project Northgold aims to grow Kopsa to 1 Moz+, and pending mining permit and upcoming PEA will allow Northgold to move from explorer to developer, with significant value uplift. 1 Land packages refer to areas where exploration permits are either granted, under application, or under appeal, and exclude reservation areas. See slide 25 in Appendix for details. 080 2 One Kiimala Trend license, currently containing 147,300oz of the M&I Resources and entirety of the non-compliant resources, is subject to an ongoing public appeals process. See slide 19 and 25 in the Appendix for details. 3 The license containing the Hirsikangas deposit is nearing the end of its 15-year lifespan, and is subject to an exploration permit renewal process, via obtaining landowner permissions, or via new reservation & application process. See slides 23 and 25 in Appendix for more details. 4 Conditional on granting of auxiliary mine area permit for road connection (to allow off-site processing of Kopsa mineralized material). 200 km orthgold#7Strategy & Objectives 1 EXPLORATION Grow gold resources and advance towards development Resources I I 5,000m of drilling completed in 2022 . 2,300m completed in 2023 Recent resource upgrade to 1 million gold equivalent oz. Kopsa mining area permitted, auxiliary area permit pending 2 Make new gold discoveries Explore around Kopsa, along 10km+ Kiimala Trend, and around recently acquired Hirsikangas, which together hold more than a dozen historic prospects across poised for new discoveries by applying modern, systematic methods. 3 Continue consolidating the MOGB Value EVALUATION CONSTRUCTION PRODUCTION Pre-Feasibility Study Kopsa Kiimala Trend Desktop Study Hirisikangas Discovery METHODS Feasibility Study METHODS Reserves I | Project Commissioning Appraised Value Comparable Transaction (e.g. EV/oz) Confidence Discounted Cash Flow (DCF) Multiples (e.g., PE ratio) Real Options Valuations (ROV) Amount of knowledge on a mineral resource/property + probability being brought to account Source: CSA Global Expand and consolidate within Middle Ostrobothnia and central Finland, through acquisitions and staking. Northgold aims to graduate from the advanced-stage gold explorer peer group to the gold developer peer group, thereby achieving higher valuation multiples and share price Northgold 7#8Gold is the World's Most Important Commodity Gold demand as a store of wealth. Gold Price vs S&P500 Index 1995 to 2023 (year to August) • Fiat currencies are being devalued through expansionary monetary policy on a scale never before seen. 5,000 4,000 • US inflation (CPI) peaked at 40 year high of 9.1% in June 2022, and continues to remain above target levels. 3,000 2,000 Gold price has risen to more than $2,000/oz recently . Central banks purchased a historical high of 1,136t net gold in 2022. Gold price is up 12% in last year to $2,015/oz (25 January 2024). Gold is much larger than crypto 1,000 0 1995-01-01 2001-09-01 2008-05-01 2015-01-01 2021-09-01 Gold price (USD/oz) S&P 500 index What Happens to Gold When the Fed Stops Hiking Rates? Gold, in USD (lhs), and Federal Funds Rate (rhs), 01/2000-10/2023 . Bitcoin & Ethereum are together worth $1 trillion • Gold mined is worth more than $10 trillion. 2 500 2000 SMIL incrementum • Gold makes up 0.5% of personal investment portfolios currently, versus 40-year average of 2%. Gold price may rise on risk of recession and geopolitics • • • Positive factors include persisting inflation, risk of recession, geopolitics, and deceasing global dependency on the USD The gold price more than doubled between 2007 and 2011. The last three times the fed stopped hiking interest rates, the gold price rose +66%, +189%, and +50% in the years that followed. 1 500 1.000 500 +189% +66% 0 2000 2002 2004 2006 2008 2010 2012 2014 -Gold Source: Reuters Eikon, Incrementum AG incrementum 2016 7,00% 6,00% 5,00% IGWT Reput 4,00% +50% 3,00% 2,00% 1,00% 0,00% 2018 2020 2022 -Federal Fund Rate 80 39 Northgold#92024 Kopsa Mineral Resource Estimate Resources increased by 203,000 oz AuEq from only 2,000m of drilling completed in 2023. The increase reflects a southward expansion and a doubling of depth. NGKOP23034 NGKOP220210 NGKOP22015 NGKOP22014 NGKOP22006 NGKOP23031 NGKOP23032 Outline of 2023 Resource Outline of 2023 un-optimized pit Outline of 2024 Resource Generalized envelope of the main zone Northgold DDH collar and trace from 2023 Northgold DDH collar and trace from 2022 Historical DDH trace 0.3-1 g/t AuEq assays >1 g/t AuEq assays NGKOP22022 NGKOP22001, NGKOP22002 D ------ + H NGKOP22024 NGKOP22025 NGKOP22023 View: 50 m 100 m Plunge 00 Azimuth 295 0 50 m 9 See press release dated 23 January 2024. 150 m 200 m 100 m 250 m Northgold#1010 2024 Kopsa Mineral Resource Estimate The deposit's expanded lateral and depth extents create new opportunities for resource extensions ETRS-TM35FIN 413000, 7073000 NGKOP23026 NGKO 22012 NGKOP2Z011 NGKOP22013 NGKOP22019 NGKOP22020 NGKOP23027 NGKOP23028 NGKOP22015 NGKOP23033 Cross Section: Figure 3 NGKOP23034 NGKOP22023 NGKOP22024 NGKOP22001 NGKOP22022 NGKOP22025 NGKOP22003 NGKOP22002 NGKOP22004 NGKOP22014 NGKOP22007 NGKOP22006 NGKOP22005 NGKOP23031 NGKOP22010 NGKOP22008 NGKOP23032 NGKOP23029 NGKOP22009 NGKOP23030 NGKOP22021 Historic holes drilled in unfavourable orientation NGKOP22016 0 NGKOP22018 NGKOP22017 Map polygons: DDH symbols: Northgold AB - 2023 Northgold AB - 2022 Historical 0.3-1 g/t AuEq assays >1 g/t AuEq assays Projected outline of 2023 resource (0.3 g/t AuEq cutoff) Outline of 2023 un-optimized pit Projected outline of 2024 resource (0.5 g/t AuEq cutoff) Near-term resource growth target areas ■Generalized contacts of the subcropping intrusion 150 m 300 m See press release dated 23 January 2024. Northgold#112024 Kopsa Mineral Resource Estimate Kopsa is already one of Finland's largest undeveloped gold deposits, despite minimal drilling Mineral Resources (Moz Ay or AuEq) 0 5 4 4 3 70,000 m 0.96 Moz AuEq 0.75 Moz AuEq 23,000m 120,000 4.4 Moz Au ☐ 112,000 m 100,000 80,000 60,000 55,000 m 1.56 Moz AuEq Kopsa Resource-stage Rajapalot PEA-stage Haveri-Peltosari PEA-stage Ikkari PEA-stage Resource (2024): 20.7 Mt @ 1.13 g/t Resource (2021): 9.8 Mt @ 3.0 g/t Resource (2014): 58 Mt @ 0.93g/t Resource (2023): 58.2 Mt @ 2.4 g/t AuEq Au AuEq Resource Ounces (Moz Au or AuEq) [left axis] AuEq Resource drilling meterage (m) [right axis] 0 40,000 20,000 Resource Drilling Metreage (m) Northgold 11#12Fixed Loop Electromagnetic Survey Results Kopsa is underlain by two large FLEM conductors, offering long term growth potential. Initial drilling of upper portions of the top conductor confirmed gold and copper mineralization. Strong BHEM background conductor (NGKOP23034) IP profiles: Resistivity (Ohm.m) FLEM conductor 1 250 NGKOP23034 NGKOP22010 BHEM off-hole conductor (NGKOP23034) BHEM off-hole conductor (NGKOP23034) (inaccurate) conductor BHEM end-of-hole (NGKOP23034) - conductor (NGKOP22010) BHEM end-of-hole FLEM conductor 3 FLEM conductor 2 Near-term resource growth target areas Outline of 2024 resource Outline of 2023 un-optimized pit Generalized contacts of the subcropping intrusion Highlighted DDH collar and trace Other DDH trace View: SOROLA COPPER PROSPECT Plunge 00 Azimuth 325 0 200 m 400 m 200 m 400 m 600 m 12 22 See press release dated 6 February 2024. 0.3-1 g/t AuEq assays 10 >1 g/t AuEq assays Northgold#13Compliant M&I&I Resources (Moz AuEq) Milestones and Path Forward 2022 IPO Kopsa Project: 4,240m drilled Kiimala Trend Project: 695m drilled Reported drill results 2022 drilling Kopsa auxiliary mine area permit application IP survey at Kopsa 2023 Kopsa 2023 MRE Acquisition of Hirsikangas project Kopsa: 2,000m drilled Kiimala Trend: 300m drilled Bottom-ot-till drilling and soil geochemisty sampling arosss all project areas FLEM survey at Kopsa 2024 Kopsa 2024 MRE Expected decision on Kopsa auxilliary area mine permit Report results of FLEM survey at Kopsa Report 2022 regional exploration results, including bottom-of-till and soil sampling results. 2024 exploration plans (To Be Determined) 2025 2024 drill program (TBD) Kopsa 2025 MRE (TBD) Kopsa PEA update (TBD) 3.00 2.50 2.00 1.50 1.00 0.48 0.50 0.00 0.79 0.99 2022 2023 (inherited resources) (Hirsikangas acquisition and Kopsa 2023 MRE) 2024 (Kopsa 2024 MRE) 2025 Northgold 13#141 Enterprise Value / oz (EU Great Southern / Australia / Explorer / GSN De Grey / Australia / Developer / ASX:DEG Filo (Cu-Au)/Chile/Argentina / Developer / TSE:FIL Rupert Resources / Finland / Developer / TSE:RUP & STO:FIL 10 10 Artemis (Au-Ag) / BC/ Developer / ARTG Skeena (Au-Ag) / BC/Developer / SKE Radisson / Quebec / Explorer/RDS Osisko Development / BC / Developer / ODV 139 100 Kin/Australia / Explorer / ASX:KIN Black Cat / Australia / Developer / ASX:BC8 Roscan/Mali / Explorer / CVE:ROS Resource-Stage Gold Explorer and Gold Developer Peers: Enterprise Value per Compliant Resource Oz Yandal/Australia / Explorer / ASX:YRL Firefly (Au-Cu)/NFLD / Explorer/ASX:FFM Barton/Australia / Explorer / ASX:BGD Northern Superior / Quebec / Explorer/CVE:SUP Gold developer peer group average EUR 30/oz (18 companies) International Tower Hill / Alaska/Developer /TSE:ITH Asra/Australia / Explorer / ASX:ASR Tesoro / Chile / Developer / ASX:TSO 03 Mining / Quebec / Developer / CVE:OIII Banyan / Yukon / Explorer / CVE:BYN Wallbridge / Quebec / Developer / TSE:WM Barsele / Sweden / Explorer/CVE:BME White Gold / Yukon / Explorer/ CVE:WGO Saturn/Australia / Developer / ASX:STN Note: Market capitalizations, net cash balances, and mineral resource inventories used to calculate EV/oz values were retrieved at closing on Jan. 23, 2024 (Source: Company reports, Google Finance) Northgold's EV of €5.0 million (Jan. 23) for compliant resources of 985,800 oz AuEq equates to an EV of €5.0/oz AuEq, which is poised to rise on continued exploration and moving to developer status upon granting of mining permit and completion of future Kospa PEA Impact of reaching developer stage with 1.5 Moz resource should translate to market valuation of €45M / -7.5x uplift from today Cartier / Quebec / Developer / CVE:ECR Gateway/Australia / Explorer / ASX:GML Australia / Explorer/ASX:KZR Northgold (Au-Cu) / Finland / Explorer / STO:NG First Mining / Ontario / Developer / TSE:FF Gold Line (Au-Ag) / Finland / Explorer / CVE:GLDL Troilus (Au-Cu)/ Quebec / Developer / TLG Galway (Au-Ag-Zn-Cu) / NB / Explorer/CVE:GWM Northgold 5 Tristar / Brazil / Developer / CVE:TSG Moneta / Ontario / Developer / TSE:ME Gold explorer peer group average EUR 20/oz (19 companies) GBM/Australia / Explorer/ASX:GBZ Nighthawk / NWT / Developer/TSE:NHK Alto / Australia / Explorer / ASX:AME 1 14#15Board of Directors, Management & Ownership The Board The Management NORTHGOLD OWNERSHIP 29 DEC 2023 (13,438,353 SHARES OUTSTANDING) Chairman - Roberto Garcia Martinez Interim CEO - Henrik Löfberg - Director Henrik Löfberg - CFO Mattias Modén Other / Retail 27.35% Director - Benny Mattsson Petri Nousianen, CEFA VP Investor Relations, Finland Director Timo Mäki Technical Advisory Board Petri Peltonen, PhD Senior Economic Geologist University of Helsinki Professor of Practice Hannu Makkonen, PhD Senior Geologist Independent Qualified Person Markku Montonen Geophysicist Simo Piippo, PhD Candidate Exploration Manager Riikka Taipale, M.Sc Senior Geologist Advisors Mitch Vanderydt, P.Eng, MBA Citibank London 6.14% Zenito Silver and Gold Fund. 4.97% Rupert Resources 8.30% Insiders and Advisors 7.15% Aurora Exploration 4.18% Magnus Minerals 21.61% Starboard Global Related Parties 20.30% Northgold 15#16N Price per share or EV/oz Why invest in Northgold now? Company mineral resources recently increased to 1Moz AuEq and are growing fast. Results pending, from remaining unreported 2023 activities, including bottom-of-till and soil sampling from regional MOGB land package. Kopsa auxiliary mining area permit due imminently, pending concluding hearing process. Kopsa resource is expected to hit the 1 Moz milestone, following the next drill program. 90 NG SHARE PRICE DEVELOPMENT - LAST 12 MONTHS Jan. 23. 2024 Share price: 4.78 SEK/sh Market capitalization: 65 MSEK (€5.6 M) Cash at 29 Sept 2023: 8.1MSEK (€0.7M) 80 80 70 60 50 44 40 30 20 18 10 0 Пљ Dec-22 Jan-23 Feb-23 Mar-23 ING volume NG price (SEK/sh) Apr-23 GDXJ (USD/sh) May-23 Jun-23 Aug-23 Gold explorer average EV/oz (EUR) Jul-23 Sep-23 Oct-23 Nov-23 Dec-23 Gold developer average EV/oz (EUR) 80,000 70,000 60,000 50,000 40,000 30,000 30 20,000 20 10,000 5 0 Jan-24 O NG EV/oz (EUR) Northgold Liquidity (daily NG volume) 16#17Appendix Northgold#18• Flagship Kopsa Project Kopsa has near-surface existing resources, a mining concession that is conditionally approved, and a 31km² land package¹ Kopsa has been explored by multiple groups, including: Outokumpu up to 1982, Belvedere Resources between 2002 and 2015 and Fennia Gold (FG) between 2017 and September 2021. Northgold completed updated JORC-compliant mineral resource estimate in 2024, resulting in 585,100 oz Au and 749,500 oz AuEq. Belvedere Resources contracted SRK to prepare NI 43-101 PEA, released in 2013. PEA economics for open pit production with off-site processing were positive at a gold price of USD 1,200/oz and copper price of USD 2.72/lb from initial capex under USD 50 million. Gold and copper prices are currently significantly higher (above $2,000/oz Au and $3.75/lb Cu), suggesting much improved economics today. Kopsa outcrops to surface with majority of contained gold resource ounces in the top 50m. Pirttijärvi Pitkäjärvi Norssinjärvi (Cu, held by others) ☐ Kangaskylä (held by others) о Ahveroinen (held by others). о Q Katajaneva Figure: Kopsa Tenement Map 1 Land package refer to areas where exploration permits are either granted or under application. See Slide 24 for details. Lehto (held by others) ° Sorola (Cu) Kopsa Mining permit / mining concession Active Exploration permit / claim Active Application Mineral occurrences / prospects Gold Other commodity REISJÄRVI 0 Near-term upside potential at Kopsa: Resource growth and new discoveries along parallel structures. Higher gold prices and optimized resource model & pit shell XRT ore sorting technology shows potential to improve grade profile. 18 HAAPAJÄRVI Northgold 10 km#19Kiimala Trend Project Aittoneva (Zn). Antikanperä (held by others) Pontio (held by others) Haapavesi 8 permit (subject to a public appeals process) Mustakorpi Exploration permit/claim Active Application Mineral occurrences/prospects Gold Other commodity Geology: Major fault or shear Northgold's nine exploration permits' and one application cover 36 km² and more than 15km along the prospective Kiimala Trend. Kiimala Ängesneva Ängeslampi Tiitola О Veihtineva O Vesiperä Pöhlölä Haapavesi 1,2,3 permits Teerineva (held by others) Alakylä Teerineva 1 permit 0 Mustakorpi Haapavesi 4,5,7 permits Pääneva Sarjankylä Pirttineva Figure: Kiimala Trend Tenement Map (January 2024) 10 km The areas contain a number of known gold resources and prospects that lie coincident with, or slightly offset from, the regional fault structures. The most advanced prospect is the Ängesneva deposit, but numerous other occurrences along the trend require follow up. Seven exploration permits granted, four of which are subject to an ongoing public appeals process, with another two under application and one under reservation. Northgold 19#20Ängesneva Indicated Resource at Kiimala Trend 20 Belvedere Resources' initial resource estimate for Ängesneva in 2010 was 3.85Mt @ 1.19g/t Au for 147,300oz (indicated category). Wireframe >0.5g/t Au 252 PSZ Intersections include: • 122.4m @ 1.52 g/t Au from 57m • 80m @ 1.85 g/t Au from 128m • 15.1m @ 5.26 g/t Au and 0.3% Cu from 273m 257 282 782 4252 4752 Additional resource potential exists at depth and in parallel structures with associated gold mineralisation to the northwest. 28438398 875 3925N NSLGET 7114075N S14025N 2252 2546750E 2546800 Grey Green <0.5g/t 0.5-1.0g/t 1.0-1.5g/t 1.5-2.0g/t Yellow Red Magenta >2.0 g/t Au 370m The thickness and depth of the mineralization already defined at Ängesneva confirms the enormous potential along the Kiimala Trend. Northgold 250m#21Other Prospects at Kiimala Trend Antikanperä • • Numerous promising drilled and undrilled prospects There are 5 drilled prospects near the Ängesneva deposit, which have hit gold intersections and remain to be followed up in detail. Based on limited drilling (35 holes) at Vesiperä, GTK estimated a non- code compliant resource of 290kt @ 2.5g/t Au for 23,600oz. The Kiimala prospect has no resource estimate, but a drill intersection of 17.25m @ 2.27g/t Au from 42.6m requires follow-up. Other prospects that have been drilled are Ängeslampi, Titola and Pöhlolä, Alakylä and Paaneva, which contain drilled gold intersections over 1 g/t that were never followed up on. Veihtineva, Sarjankylä, and Mustakorpi, are undrilled prospects but look promising based on geophysics and rock chip sample results, respectively. Aittoneva Pöntio The structure parallel with one hosting Gemdale Ltd's Pontio mineralisation extends south passing through Northgold's Haapavesi 3 (Mustakorpi) property. 3.8 ppm Au in an outcrop Kilmala Angesneva Angeslampi Tiitola Vesipera The entirety of the trend remains prospective for numerous further discoveries. Pöhlola Mustakorpi 0.48 ppm Au in an outcrop Mustakorpi 0 kilometers Northgold 21#22The Acquisition of Hirsikangas Gold Project • Announced 8 February 2023. • Acquired Northern Aspect Resources Oy ("Northern Aspect") and its Hirsikangas Project from Rupert Resources Ltd. • Property holdings include the 89 koz Hirsikangas deposit with grouth potential along trend and at depth, in addition to several earlier stage prospects within tenement areas covering a total of 55 km². • Property transaction increased Northgold's footprint within the MOGB by more than 50% and its gold equivalent resources by 12%, by issuing less than 8% of Northgold's outstanding shares. Property transaction details Acquisition payment Dilution Date of signing 890,000 Northgold shares < 8% 8 February 2023 7.107,500 88 7.105,000 7,102,500 kilometers GTK 2004-2006 Belvedere 2008 and 2012 NARL 2018 0 Permit boundaries Hirsikangas mineralisation 7.105.000 702,500 Figure: Drill hole locations for the 73 diamond drillholes completed historically at the Hirsikangas project, totaling 9,156.15m. Source: Rupert Resources Ltd. NI 43-101 Technical Report dated 9 November 2018 22 22 Northgold#23Mineral Licenses Acquired from Rupert Resources Exploration permit Active Antinoja KANNUS 8 Vitajärvi Kokkoharju (held by others) MERIJÄRVI KALAJOKI OULAINEN ALAVIESKA Hirsikangas 7 2 0 Application Reservation Active Mineral occurrences/prospects Gold prospect Other commodity Hirsikangas KANNUS TOHOLAMPI KOKKOLA YLIVIESKA LOHOLAMPI SIIKALATVA HAAPAVESI Kiimala Trend NIVALA HAAPAJÄRVI Kopsa Base map Ullava (Au, Li) Town / Municipality Emmes (Li, held by others) B REISJÄRVI Outovesi (Li, held by others) Syväjärvi (L, held by others) KAUSTINEN Municipality border Leviäkangas (Li, held by others) B Rapasaaret (Li, held by others) Päiväneva (Li, held by others) Heikinkangas (Li, held by others) a LESTIJÄRVI D VETELI 10 km HALSUA о Hanni Road Railway 3 0 Hanni South 7 km 10 PIHTIPUDAS Ritovuori EVIJÄRVI LAPPAJÄRVI PERHO 0 VIMPELI Key Plan Map of Middle Ostrobothnia KÄRSÄMÄKI KINNULA PIHTIPUDAS PYHÄJÄR PYHÄS 80 km 23 Tenement Number Tenement Name Tenement Status (on map) Size (Ha) Active Permit Years Left 1* Hirsi 1 2* Hirsi 2 3 Hanni Pirunkoukku 4 Hirsi 13 Application for EP Application for EP Application for EP Application for EP 100.3 1* 52.1 1* 1,350.6 11 98.7 7 5 Hirsi 11 Active EP 57.7 7 6 Hirsi 12 Active EP 88.2 7 7 Hirsi 10 Active EP 88.2 7 8 Viitajärvi 9 10 Kettuharju Pudas Application for EP Active EP Reservation 1,138.2 15 1,983.5 11 23,324.6 10 km *Subject to an EP renewal process, via obtaining landowner permissions or via new reservation & application process. EP = Exploration Permit. Northgold#24Northgold Company Mineral Resources Exploration Recource Project permit status Kopsa Granted Main Deposit Resource Type M tonnes Au (g/t) Cu (%) AuEq (g/t) Au (oz) AuEq (oz) JORC compliant Category Measured & indicated Inferred 14.44 0.88 0.16 1.11 406,400 513,700 6.24 0.89 0.19 1.18 178,700 Project Total 20.68 0.87 0.17 1.13 585,100 235,700 749,500 Kiimala Trend¹ Granted, subject to a public Ängesneva NI 43-101/JORC compliant Measured & 3.85 1.19 1.19 147,300 147,300 indicated appeals process Vesiperä Historic/non- compliant n/a 0.29 2.52 4.14 1.28 2.52 23,500 23,500 1.28 170,800 170,800 1.2 89,000 89,000 2.27 1.2 1.2 89,000 27.1 0.96 26.8 0.94 0.13 0.13 1.16 844,900 89,000 1,009,300 1.14 821,400 985,800 Project Total Granted, subject Hirsikangas² to a permit Hirsikangas NI 43-101 compliant Inferred 2.27 1.2 renewal process Project Total Company total Company total (compliant only) 1 One Kiimala Trend licenses, currently containing 147,300oz of the M&I Resources and entirety of the non-compliant resources, are subject to an ongoing public appeals process. 2 The license containing the Hirsikangas deposit is nearing the end of its 15-year lifespan, and is subject to an Exploration Permit renewal process, via obtaining landowner permissions, or via new reservation & application process.. See slides 23 and 25 for more details 24 24 Northgold#25Mineral Licences Held by Northgold KOPSA PROJECT (HELD BY FENNIA GOLD OY) KIIMALA TREND PROJECT (HELD BY LAKEUDEN MALMI) 25 Tenement Type Exploration claims (old law) Area Code Name 7405/1 7686/1 Exploration permits under application ML2022:0062 ML2022:0061 Kopsankangas Kopsankangas 2 Kopsa S Pitkäjärvi Company Fennia Gold Oy Fennia Gold Oy Fennia Gold Oy Date Granted 2002-05-07 Size Tenement Type Fennia Gold Oy 2004-02-02 Arrival date 4.10.2022 Arrival date 4.10.2022 97.0 96.5 Area Code ML2019:0027-01 826.6 ML2019:0028-01 2,046.9 Reservations under VA2022:0079-01 Kopsa E Fennia Gold Oy Arrival date 19.12.2022 392.8 ML2019:0029-01 application Mining Concession (old law) K7405 KOPSA Fennia Gold Oy N/A 118.2 Exploration permits ML2019:0030-01 Auxilliary mining area KL2022:0005-01 Kopsa KL2022:0005 Fennia Gold Oy Arrival date 19.12.2022 6.9 ML2019:0031-01 permit under application Total exploration licence areas held, including licences under application, excluding reservations Total mining licence areas held, including auxilliary mining license under application 3,067 ML2020:0016-01 125.1 ML2020:0057-01 Name Haapavesi 1 ML2019:0027 Haapavesi 2 ML2019:0028 Haapavesi 3 ML2019:0029 Haapavesi 4. ML2019:0030 Haapavesi 5 ML2019:0031 Haapavesi 7 ML2020:0016 Teerineval ML2020:0057 Company Date Granted Size Lakeuden Malmi Oy 2021-11-22 390.1 Lakeuden Malmi Oy 2021-11-22 193.8 Lakeuden Malmi Oy 2021-11-22 387.1 Lakeuden Malmi Oy 2021-09-27 716.5 Lakeuden Malmi Oy 2021-09-27 301.0 Lakeuden Malmi Oy 2021-09-27 117.6 Lakeuden Malmi Oy 2022-09-08 174.6 HIRSIKANGAS PROJECT (HELD BY LAKEUDEN MALMI OY AFTER ITS RECENT MERGER WITH NORTHERN ASPECT RESOURCES OY) Exploration permits in ML2020:0017-01 public appeals processs Haapavesi 8 ML2020:0017 Lakeuden Malmi Oy Granted 22.11.2021, subject| to a public appeals process 769.3 Tenement Type Area Code ML2017:0132-01 Name Company Date Granted Size Exploration permits under application ML2020:0095-01 Aittoneva Lakeuden Malmi Oy Arrival date 11.12.2022 Northern Aspect Resources Hirsi 10 2020-10-29 88.2 Oy Total exploration licence areas held, including licences under application or appeal 529.9 3,579.8 Northern Aspect Resources ML2017:0133-01 Hirsi 11 2020-10-29 57.7 Oy Exploration permits Northern Aspect Resources ML2017:0135-01 Hirsi 12 2020-10-29 88.2 Oy ML2020:0046-01 Kettuharju ML2018:0004-02 Hanni Northern Aspect Resources Oy Northern Aspect Resources Oy 2022-03-23 1,983.5 2018-01-31 1,350.6 ML2012:0185-03 Hirsi 1 Northern Aspect Resources Oy 2012-10-082 100.3 Exploration permits under application ML2016:0077-02 Hirsi 13 Northern Aspect Resources Oy 2016-12-21 98.7 ML2013:0039-03 Hirsi 2 Northern Aspect Resources Oy 2013-06-272 52.1 ML2022:0068-01 ML2022:0066-01 VA2022:0032 Viitajärvi Northern Aspect Resources Oy 2022-10-19 1,138.2 Antinoja Pudas Reservations Magnus Minerals Oy¹ Northern Aspect Resources Oy Arrival date 14.10.2022 492.9 2022-06-22 23,324.6 5,450.2 Total mineral licence areas held, including licences under application, excluding reservations Notes: Exploration permit application for Antinoja is transferrable to Northgold AB from Magnus Minerals Oy according to a commercial agreement. 1) 2) Licences Hirsi 1 and Hirsi 2 are nearing the end of their 15-year lifespans, and are subject to an Exploration Permit renewal process, via obtaining landowner permissions, or via new reservation & application process. See slides 23 for details. Northgold#261 Filo (Cu-Au) / Chile/Argentina / Developer / TSE:FIL De Grey / Australia / Developer / ASX:DEG Market cap (MEUR) Artemis (Au-Ag) / BC / Developer/ARTG 10 Rupert Resources / Finland / Developer/TSE:RUP & STO:FIL Skeena (Au-Ag) / BC / Developer / SKE Osisko Development / BC / Developer / ODV Firefly (Au-Cu)/NFLD / Explorer / ASX:FFM 100 International Tower Hill / Alaska / Developer/TSE:ITH 03 Mining / Quebec / Developer / CVE:OIII Troilus (Au-Cu) / Quebec/Developer / TLG 1000 1879 Resource-Stage Gold Explorer and Gold Developer Peers by Market Cap: First Mining / Ontario / Developer / TSE:FF Banyan / Yukon / Explorer / CVE:BYN Moneta / Ontario / Developer / TSE:ME Wallbridge / Quebec/Developer / TSE:WM Northern Superior / Quebec / Explorer/CVE:SUP Radisson / Quebec / Explorer / RDS Gold developer peer group average EUR 310M (18 companies) Kin/Australia/ Explorer/ ASX:KIN Black Cat / Australia / Developer / ASX:BC8 Roscan/Mali / Explorer / CVE:ROS Barton/Australia / Explorer / ASX:BGD Saturn/Australia / Developer / ASX:STN White Gold / Yukon / Explorer / CVE:WGO Note: Market capitalizations were retrieved on January 23, 2024 (Source: Google Finance) Northgold's market cap of €6M (Jan. 23) poised to re-rate on continued resource growth and graduation to developer peer group upon granting of mining permit and completion of a PEA Nighthawk / NWT / Developer / TSE:NHK Tristar / Brazil / Developer/CVE:TSG Barsele / Sweden / Explorer / CVE:BME Galway (Au-Ag-Zn-Cu) / NB / Explorer / CVE:GWM Tesoro / Chile / Developer / ASX:TSO Cartier / Quebec / Developer / CVE:ECR Gold explorer peer group average EUR 25M (19 companies) Yandal / Australia / Explorer / ASX:YRL Kalamazoo / Australia / Explorer / ASX:KZR Great Southern / Australia / Explorer / GSN Northgold (Au-Cu) / Finland / Explorer / STO:NG Northgold Gateway/Australia / Explorer / ASX:GML 9 Gold Line (Au-Ag) / Finland / Explorer / CVE:GLDL Asra / Australia / Explorer / ASX:ASR GBM/Australia / Explorer/ASX:GBZ Alto / Australia / Explorer / ASX:AME 2 26#2727 27 18.8 10.0 Compliant mineral resources (Moz AuEq) 0.0 0.1 Filo (Cu-Au) / Chile/Argentina / Developer / TSE:FIL International Tower Hill / Alaska / Developer/TSE:ITH 1.0 First Mining / Ontario / Developer/TSE:FF Resource-Stage Gold Explorer and Gold Developer Peers by Compliant Resources Oz Artemis (Au-Ag) / BC / Developer / ARTG Banyan / Yukon / Explorer / CVE:BYN Skeena (Au-Ag) / BC/ Developer / SKE Moneta / Ontario / Developer/TSE:ME Troilus (Au-Cu) / Quebec / Developer / TLG & STO:FIL De Grey / Australia / Developer / ASX:DEG Firefly (Au-Cu) / NFLD / Explorer / ASX:FFM Wallbridge / Quebec / Developer / TSE:WM Gold developer peer group average resource size 7.7 Moz AuEq (18 companies) Gold explorer peer group average resource size 1.7 Moz AuEq (19 companies) 1.0 Nighthawk/NWT / Developer / TSE:NHK Rupert Resources / Finland / Developer / TSE:RUP 03 Mining / Quebec / Developer / CVE:OIII Osisko Development / BC / Developer / ODV Note: Mineral resource inventories were retrieved on Jan. 14, 2024 (Source: Company reports) Galway (Au-Ag-Zn-Cu) / NB / Explorer/CVE:GWM Northern Superior / Quebec / Explorer/ CVE:SUP Kin/Australia / Explorer / ASX:KIN Barton/Australia / Explorer / ASX:BGD Kalamazoo / Australia / Explorer / ASX:KZR Roscan/Mali / Explorer / CVE:ROS Barsele/Sweden / Explorer / CVE:BME Tristar/Brazil / Developer / CVE:TSG Cartier / Quebec / Developer / CVE:ECR Black Cat/Australia / Developer / ASX:BC8 GBM/Australia / Explorer/ASX:GBZ Saturn/Australia / Developer / ASX:STN Tesoro / Chile / Developer / ASX:TSO White Gold / Yukon / Explorer/CVE:WGO Northgold's inventory of mineral resources is poised to rise, thereby achieving more critical mass and justifying higher valuation multiples Northgold (Au-Cu) / Finland / Explorer / STO:NG Radisson / Quebec / Explorer / RDS Alto / Australia / Explorer / ASX:AME Gateway/Australia / Explorer / ASX:GML Asra / Australia / Explorer / ASX:ASR Gold Line (Au-Ag) / Finland / Explorer / CVE:GLDL Yandal/Australia / Explorer / ASX:YRL Great Southern / Australia / Explorer / GSN 0.1 Northgold#28Northgold STO: NG | FRA:QYF [email protected] www.northgoldab.com