#1G RIVERSGOLD LTD HUNTING FOR THE NEXT SIGNIFICANT DISCOVERY 50KM FROM KALGOORLIE AUGUST 2020 INVESTOR PRESENTATION#2DISCLAIMER This presentation contains certain statements which constitute "forward-looking statements". These statements include, without limitation, estimates of future capital expenditure; statements regarding the expectation or description of the prospectively of the Rivers gold Limited tenements; future exploration and exploration potential. Where Rivers gold Limited expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and on a reasonable basis. No representation or warranty, express or implied, is made by Rivers gold Limited that the matters stated in this presentation will in fact be achieved or prove to be correct. Forward- looking statements are only predictions and are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks and factors include, but are not limited to: emergence of previously underestimated technical challenges; environmental or social factors Except for statutory liability which cannot be excluded, Rivers gold Limited, its officers. employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. Riversgold Limited does not undertake any obligation to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as they may be required under applicable securities laws. A person should not make any investment decision in relation to Rivers gold Limited based solely on the information in this presentation. This presentation does not necessarily contain all information which may be relevant or material to the making of an investment decision. The securities issued are considered highly speculative in nature. Any investor should make their own independent assessment of the risks of an investment, and with regard to their own particular requirements and financial circumstances, prior to making any decision to invest in Rivers gold Limited. 1] 01 RIVERSGOLD LTD#3INVESTMENT HIGHLIGHTS Re-focusing on Australian gold projects, WA and SA. 1,050km2 of underexplored tenure 50km from Kalgoorlie over the Norseman- Wiluna Greenstone Belt with multiple proven gold occurrences and substantial potential for Greenfield discoveries. Three projects in South Australia with tenure over first order gravity anomalies prospective for IOCG style of mineralisation. New refreshed Board and Management. Addition of two geologists as technical Board members. Appointment of Quarterback Geological Consultants, a group of high calibre technical people remunerated on discoveries. Recent $1.5m capital raising. Divestment of Alaska bringing in an additional US$1m over the next 12 months. Innovative "equity for success" payment of geological consultants. Comfortably funded for an aggressive 2020 field season. 02 22 RIVERSGOLD LTD#403 Share price CORPORATE SUMMARY ASX Code Share Price 1 RGL $0.055 Major shareholders: Eaglehawk investments 15.7% Shares on issue² 386.5M Tolga Kumova 7.37% Options (0.1 to 20c)² 81M Evolution Mining 5.02% Market capitalisation 1,2 $21.2M Top 20 shareholders 57% Cash and receivables 3 $3.3M Board and Management 2% 10c. 9c. 8c. 7c. 6c. 5c. 4c. 3c. 2c. 1c. Oc. 2/03/2020 2/04/2020 2/05/2020 RGL 6 months share price 2/06/2020 2/07/2020 250m Board of Directors 200m 150m 100m Volume Simon Andrew Xavier Braud Non-Executive Chairman Executive Director Simon Bolster 50m L.L Justin Boylson Om 2/08/2020 Non-Executive Director 1- Share price at market close 04/08/2020 2- Post shareholders approval expected at the General meeting to be held 07/08/2020, does not include 50M Quarterback performance rights 3 - Post tranche 2 placement ratified, includes US$975,000 payments calculated on the basis of 1USD=1.4AUD. Non-Executive Director RIVERSGOLD LTD#5APPOINTMENT OF HIGH CALIBRE TECHNICAL PEOPLE NEW BOARD MEMBERS AND GEOLOGICAL CONSULTANTS XAVIER BRAUD B.Sc (Hons), M.Sc Geology SIMON BOLSTER B.Sc (Hons), Geography w. Geology: 1st Class PETER WILLIAMS B.Sc (Hons), M.Sc in Eng Geophysics DR MARAT ABZALOV B.Sc., Ph.D. Geology Experienced Geologist and mining analyst with 15 years' experience across the spectrum of geology from greenfield exploration to resource definition and extension. More recently, Mining Analyst at Canaccord Genuity and Resources analyst at Patersons Securities Ltd. Regarded as a preeminent experts in regolith geochemistry with extensive experience in exploring for gold in the Eastern Goldfields of WA working for Placer Dome and Normandy Exploration in the 1990- 2000s. Extensive involvement with the Mt Monger 1Moz gold discovery. Senior roles with Newmont and Gryphon, designing and managing greenfields exploration. Former WMC Resources Chief Geophysicist and Manager of Geoscience Technology. Co- founder of Independence Group (now ASX 200 company), HiSeis, Intierra, Ampella and lead deal- maker in creating asset bases for Gryphon and Papillion companies. Involved in the discovery of multi million-ounce gold systems. Geologist with over 35 years' experience. Has worked in research, exploration and mining geology roles, including Geology Manager - Project for WMC Resources, Rio Tinto Exploration Manager - New Opportunities (Eurasia) and Group Geostatistical Consultant. Developed a new geostatistical technique - Localised Uniform Conditioning (LUC), and is an expert in advanced 3D visualisation of geological data. 04 14 RIVERSGOLD LTD#605 50 OUR PROJECTS Cambodia: Two applications Alaska: Divestment for US$1,000,000 Cash Earn-out US$5,000,000 spend RGL 30% free-carried to decision to mine Western Australia: -1,040km2 of tenure over the Norseman-Wiluna Greenstone Belt. -40km from Kalgoorlie with road access. -Four brownfield projects with drilling and ore grade intercepts requiring follow up -c.600km2 of prospective ground with no historical exploration South Australia: Three granted tenements, Churchill Dam and Burt Lagoon. IOCG targets similar to Olympic Dam, Carrapateena, Oak Dam RIVERSGOLD LTD#7THE PRIORITY: REFOCUSSING ON WA KURNALPI PROJECT Tier 1 Location: 360 000m E WA one of the best gold jurisdictions in the world 1,041 km² tenement package 50 km from Kalgoorlie 100% of the tenure covers greenstones from the Norseman-Wiluna Belt (+200Moz historical production) 5 process plants within 50km from the project FØ 6 640 000mN Paddington 3.3mtpa Kanowna Tenement Boundary Project Gold Mine Mill 25km Gindalbie -50km-- Kanowna Belle KALGOORLIE Tier 1 Underexplored Project: No exploration activity for the past 12 months Limited greenfields exploration for the past 20+ years Existing targets with interesting results ~60% of tenure never explored-huge discovery potential 6 560 000mN 06 90 Lakewood 1.2mtpa Cutler 75km Karari 440 000mE Carosue Dam 3.3mtpa 100km- 500km WESTERN AUSTRALIA MAP LOCATION Queen Lapage Perth Mt Monger L Jubilee 1.2mtpa Mount Monger Randalls 1.2mtpa Maxwells Kambalda Kambalda/St Ives Farr-Jones Little Eales Jaws 0 25km RIVERSGOLD LTD#807 10 THE AMBITION: A NEW SIGNIFICANT DISCOVERY ALL THE INGREDIENTS FOR SUCCESS ARE HERE The right project: 1,050km² of Archean Greenstone Belt 600km2 of unexplored ground. The right team: Technical Board Consultants with multi million ounce discovery track record. The right time: Gold trading above US$1950/oz Money printing sustaining high gold price The right backing: Supportive top 40 shareholders Strong, successful mining investors experience Salt Lakes: exploration "new frontier" The mineralized structures do not stop at the lake boundaries! Recent successes under WA salt lakes: St Ives - Lake Lefroy (Goldfields) • Polar Bear - Lake Cowan (S2R) • Rebecca Lake Rebecca (AOP) Bombora Lake Roe (BRB) Outstanding greenfields discovery potential at RGL's Kurnalpi project. RIVERSGOLD LTD#9AN ENVIABLE LAND POSITION: RGL controls 1,050km2 of tenement over Archean greenstones from the Norseman- Wiluna Greenstone Belt. Yilgarn greenstone belts account for 3% of Australia's landmass but produce over 33% of its gold. RGL Tenure covers several significant shear zones (Emu fault, Avoca Fault, Randall Shear) and several 2nd, 3rd and 4th order related structures. The relatively low level of historical exploration over the Kurnalpi area means that the potential for a significant discovery is still very high. The large tenement package over prospective lithologies and structures places RGL in a very RGL SBM MOH SLR SAR LEX Sumitomo BC8 KCGM NST BRB Zinjin ALY EVN YRL || Goldfields ΚΑΙ Gindalbie□ favourable position to be the successful discoverer of WA's next significant deposit Coolgardie 08 Archaean Greenstones Ultramafics Mafics ออ Kanowna Belle Kundana/Frogs Leg KALGOORLIE Interbedded mafics & sediments Sediments Felsics Granite Sedimentary cover Tenement Boundary Gold Mine Mill Mt Monger Karari Maxwells □ Kambalda Kambalda/St Ives F KURNALPI PROJECT RIVERSGOLD LTD 50km#10QUEEN LAPAGE Large scale (10-12km long) geochemical anomaly under Lake Yindarlgooda Along strike from Queen Lapage open pit. ~10,000oz at 9g/t Au mined by Croesus Mining in the early 1990's 156 holes drilled in Feburary 2019 defined a 10-12km anomaly, best results included: .13m at 0.6g/t Au (QLAC0050) 4m at 0.9g/t Au (QLAC0004) .4m at 0.12g/t Au (QLAC0091) .5m at 0.2g/t Au (QLAC0091) .4m at 0.9g/t Au (QLAC0137) 4m at 0.3g/t Au (QLAC0108) Saltwater can strip the gold from the residual regolith horizon (>0.1 g/t Au anomaly can be highly anomalous in saline environment). Analysis of reprocessed magnetics in process to target the next round of drilling at Queen Lapage (exp: Oct-Nov 2020) 09 ? ? COCO CCC010 CCCCO Gap Fault Queen Lapage ? Untested Randall Shear -Major Structures ooooooooooMaximum Au 0 0 - 0.01 g/t Au 0.01 0.05 g/t Au 0.05 0.1 g/t Au 0.1 0.2 g/t Au 0.2 - 1.5 g/t Au 0 2 km C6450 0146 RIVERSGOLD LTD#11QUEEN LAPAGE A NEW ST IVES? Lefroy Boulder Shear Santa Anna 00 Invincible O/P (+1.5Moz mined) Speedway Shear A 000 oooboo Revenge 2020 C Leviathan O/P (+2Moz mined) 000 0 Ooooooooooboo O OOOOO 200 0000000 ००१०० 0000 Randall Shear 000000 000000000 Gap Fault A 2 km 2 km RGL Drilling superposed over the St Ives Camp ST IVES Past Production +14Moz Resources and reserves +4.4Moz (2019) 10 ooodoo00000000 Past Production 10koz QUEEN LAPAGE Queen Lapage Major Structures Maximum Au 0 - 0.01 g/t Au 0.01 0.05 g/t Au 0.05 -0.1 g/t Au 0.1 -0.2 g/t Au 0.2 - 1.5 g/t Au Resources and reserves TBA (2021) pending discovery. RIVERSGOLD LTD#1211 SALT LAKES AND DISCOVERIES, THE ST IVES CASE RELATIONSHIP BETWEEN MAGNETIC ANOMALISM AND EPIGENETIC GOLD MINERALISATION IN THE VICTORY-DEFIANCE AREA, WESTERN AUSTRALIA Peter K. Williams Western Mining Corporation Ltd, P.O. Box 91, Belmont, W.A. 6104 Gold Fields Australia Invincible; Discovery • Structural Offset Target, Santa Ana Analogue • Air Core & Percussion Holes Drilled in the Area pre-2011 - No Significant Results from this Drilling - Structure not Effectively Tested ⚫12 Hole Diamond Programme Testing the Prospective Position of the Structure in 2012 ⚫ 4 Holes Hit Ore Grade Intersections in Q1 2012 - DISCOVERY • Absence of Regolith Development Explained Weak Geochemical Signature Shear Speedway 011485 [email protected] (26m) LD11486 [email protected]/t (73m) LD11488 [email protected]/t (25m) LD11488 6m @2.3g/t (46m) Gold Fields Diggers & Dealers | Julian Woodcock | August 2014 3/2000 Alpha Island Fault 74000 RIVERSGOLD LTD GOLD FIELDS Kilometres 1.5#1312 HOW TO FIND A NEW ST IVES CAMP UNDER LAKE YINDARLGOODA QUEEN LAPAGE ACTIVITIES 1 Reprocess existing data 2 Interpret reprocessed data 3 Generate targets 4 Refine and rank targets EXECUTED IN PROGRESS PLANNED Aug 2020 Aug 2020 Aug 2020 5 Determine appropriate testing method Sep 2020 6 Test targets Q4 2020 RIVERSGOLD LTD#14CUTLER HIGH GRADE OPEN IN ALL DIRECTIONS • Hosted in mafic rocks - west of the Randall Fault potentially on a second order splay structure Numerous high-grade results over 500m strike length: 1m @ 62.9g/t Au (129m) 10m at 1.30g/t (97m) 10m @ 11.0g/t Au .4m @ 5.3g/t Au .3m @ 6.18g/t Au 6m @ 11.1g/t Au 1m @ 19.0g/t Au 1m @ 62.9g/t Au • Open along strike to the north and to the South • Open down dip 13 3m @6.18g/t Au (38m) 3m @ 2.58g/t Au (18m) 10m @11g/t Au (24m) Open Cutler 1m at 19.25g/t Au (64m) 3m @ 2.58g/t Au (18m) 10m @11g/t Au (24m) Open 2020 plans: RC Drilling following surface sampling, possibly Diamond drilling to constrain system geometry. 4m @ 5.3g/t Au (30m) 0 25 50 75 100 m Open Legend Selected Cutler drill results Max Au g/t • . ° 5-63g/t Au 1 - 5g/t Au 0.25 1g/t Au 0.1 0.25g/t Au 0 -0.1g/t Au RIVERSGOLD LTD#15CUTLER EXPLORATION 14 CUTLER ACTIVITIES 1 Reprocess existing data 2 Interpret reprocessed data 3 Generate targets EXECUTED IN PROGRESS PLANNED Aug 2020 Aug 2020 4 Refine and rank targets Aug 2020 5 Determine appropriate testing method 6 Test targets (surface sampling) Aug 2020 RIVERSGOLD LTD#1615 FARR JONES 2.5KM CORRIDOR SHOWING HIGH GRADE 2.5km long mineralised system with numerous high grade shoots. RC and aircore drilling assays returned best results of: .3m at 17.8g/t Au from 182m (FJRC0001) .4m at 6.26g/t Au from 119m and 2m at 7.49g/t from 130m (FJRC0002) .12m at 1.90g/t Au from 36m (FJAC0021) Open Farr-Jones Little Eales Legend Selected Farr Jones drill results Max Au g/t • 5-45g/t Au 1-5g/t Aut 0.25 1g/t Au 0.1 0.25g/t Au 0 - 0.1g/t Au All prospects located close to the Randall shear zone. Surface geochemistry has worked in the Farr Jones area and RGL will use this tool in the coming months to expand the system's footprint. The mineralised system at Farr Jones shows good continuity and requires further drilling. Near surface sampling starting imminently to expand the footprint of the system. Extensional and infill RC drilling to follow. 1m @ 4.20g/t Au (77m) 1m @ 2.54g/t Au (91m) 1m @ 2.95 g/t Au (130m) 3m @ 17.8g/t Au (182m) 1m @ 4.97g/t Au (192m) 1m @ 2.28 g/t Au (197m) 1m @ 2.85g/t Au (138m) 1m @ 2.85g/t Au (153m) 1m @ 2.26g/t Au (168m) 4m @ 6.26g/t Au (119m) 2m @ 7.49g/t Au (130m) 0 250 500 750 1,000 m Open RIVERSGOLD LTD#17FARR JONES EXPLORATION 16 CUTLER ACTIVITIES 1 Reprocess existing data 2 Interpret reprocessed data 3 Generate targets EXECUTED IN PROGRESS PLANNED Aug 2020 Aug 2020 4 Refine and rank targets Aug 2020 5 Determine appropriate testing method 6 Test targets (surface sampling) Aug 2020 RIVERSGOLD LTD#18JAWS Folded BIF (Banded Iron Formation) under the eastern side of Lake Lefroy. The BIF unit is host to neighbouring SLR Maxwells and Santa open pits operations. Historical aircore drilling returned numerous anomalous results which were never followed up. Salt lake environments can create depleted regolith and low level anomalies can still lead up to significant discoveries. 17 Santa (SLR) Maxwells (SLR) Backdrop: RTP Magnetics JAWS (RGL) Santa (SLR) Maxwells (SLR) A A Backdrop: Satellite Imagery JAWS (RGL) Jaws RIVERSGOLD LTD#19JAWS EXPLORATION 18 CUTLER ACTIVITIES 1 Reprocess existing data 2 Interpret reprocessed data 3 Generate targets EXECUTED IN PROGRESS PLANNED Aug 2020 Aug 2020 4 Refine and rank targets Aug 2020 5 Determine appropriate testing method 6 Test targets (surface sampling + auger) Aug 2020 RIVERSGOLD LTD#20GREENFIELDS EXPLORATION Fast tracking greenfield regional exploration is going to be the key. RGL is investigating innovative technology to reduce the time assessing projects. Surface sampling at Farr Jones and Cutler to expand the systems footprint and validate the method is imminent. Several greenfields prospects have been identified and listed for field activities: 19 Acra South (Along strike from recent drilling by NST) Paradise Patch (high grade rock chips samples) Reef Tank Well (geochemical anomaly near the Gap Fault) Venetian (geochemical anomaly near the Randall shear) RIVERSGOLD LTD#21GREENFIELDS POTENTIAL RGL's Tenure is significantly underexplored 20 . Acra South 60% of the tenure has never had surface geochemistry and potentially no exploration at all. Reef Tank Well Quarterback Consultants value-add • Simon Bolster, regolith specialist, has already • optimized and planned surface geochemistry programs to commence August 2020. Peter Williams, exploration geophysics specialist, has commissioned the reprocessing of the existing geophysical dataset and is currently working on interpreting the reprocessed data. Marat Abzalov, 3D analysis specialist has started reviewing all drilling data available and is collating geological interpretation. Paradise Patch Venetian 5 10 15 20 25 km RIVERSGOLD LTD#22PROJECT PORTFOLIO RGL REALISING VALUE FROM OTHER PROJECTS: TINTINA GOLD PROVINCE, ALASKA Three gold projects in southwest Alaska Province hosts the giant 45Moz Donlin Creek gold deposit Mamba Minerals LLC is earning up to 70% 21 • Transaction: US$1,000,000 staged cash payment US$5,000,000earn-in expenditure RGL free carried for next three years SOUTH AUSTRALIA • Burt Lagoon Project relinquished following geophysical inversion and interpretation • Churchill Dam needs more drilling · Looking for a partner to drill Churchill Dam targets CAMBODIA Gold Tenement applications surrounding Emerald Resources Okvau Gold deposit. • Highly prospective tenements Granting process has been stalled for the past 3 years. RIVERSGOLD LTD#23PLANS FOR 2020 KURNALPI PROJECT Complete geophysical and litho-structural interpretations for Queen Lapage, Cutler and Farr Jones prospects SA PROJECTS • Continue farm-out and/or divestment discussions Refine Queen Lapage Targets (11km of prospective trend defined to date) PROJECT PORTFOLIO • Seeking new project opportunities. Expand Cutler and Farr Jones footprint through soils sampling & auger drilling starting second half August 2020 followed by soils sampling and Auger drilling at Acra South, Jaws and Paradise Patch to follow on Drilling at Queen Lapage planned for Q4 2020 22 22 RIVERSGOLD LTD#24SUMMARY Focus on highly prospective gold project in Eastern Goldfields, WA Fully funded with ~$2m at hand Kurnalpi Project is 50km east of Kalgoorlie in well known gold province 2020 exploration plans ready to execute at Kurnalpi New technical team with track record of exploration success to focus on Kurnalpi New management team and board refocusing RGL towards successful exploration and discovery 23 RIVERSGOLD LTD#25CONTACT US Riversgold Ltd T (08) 6500 7375 E [email protected] www.riversgold.com.au R RIVERSGOLD LTD