Investor Presentaiton

Corporate Strategy Value The Lassonde Curve - The Challenge.....and the Opportunity In most western jurisdictions the permitting process has become longer and caused significant "orphan period" for which poses a significant problem for many public markets' investors Orphaned companies can become uninvestable due to decline in market capitalization, lack of liquidity and limited catalysts Acquirers are increasingly focused on more advanced stage shovel ready projects that are fully de-risked, increasing length of period to M&A exit Time Contango Value Orphaned Period Longer period TargetCo Value =>=>~>=>- Exploration + Discovery Resource Development Feasibility Permitting + Construction Start Up Target Acquisitions to focus on: Quality Ounces → brings leverage to gold price Mining friendly jurisdictions can be permitted Existing infrastructure Potential for DSO* and/or to use under-utilized mill capacity Use our capital as demonstrated at Manh Choh and Lucky Shot easier to permit lower capital → reduce orphan period → Grow production and leverage to gold * DSO - Direct Shipping Ore CONTANGO ORE

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