Investor Presentaiton

Valuation Company Enterprise S/O Market Cap Location Stage (MM) (C$MM) Value (C$MM) Gold Grade (g/t Au) Approx. Avg. Approx. Resource Contained (Au M oz - all categories) BLUE STAR GOLD CORP. EV/Oz ($/oz) Osisko Mining Quebec FS 376 $919 $579 10.40 7.40 $78/oz Sabina Gold and Silver Nunavut Pre Dev 559 $1,207 $1,163 6.00 9.18 $127/oz Fury Gold Mines* Canada Exploration 145 $67 $53 7.75 2.50 $21/oz Nighthawk Gold NWT Expl/ PEA 150 $52 $44 1.85 5.00 $9/oz Radisson Mining Resources Quebec Exploration 295 $56 $54 9.45 0.95 $56/oz White Gold Corp. Yukon Exploration 160 $39 $34 1.80 1.80 $19/oz Highgold Mining Alaska Exploration 88 $51 $45 7.10 1.20 $37/oz Gold Terra Resources Corp. Klondike Gold Corp. Yukon Exploration 281 $21 $17 7.00 0.54 $31/oz Yukon Exploration 180 $14 $12 0.33 0.60 $20/oz Average Average (High Grade Companies +5 g/t Au) 5.74 7.95 $44/oz $58/oz Blue Star Gold Nunavut Exploration 72 $29 $28 7.18 0.90 $31/oz > BAU currently trades at ~$31/oz compared to its Northern North American peers that trade at ~$58/oz on average. Specific to Nunavut, B2Gold recently acquired Sabina for an all-stock deal for ~$1.2B or $2.20/share. The takeout valuation implies ~$127/oz, considering Sabina's global resource of 9.18 M oz; a steep premium compared to BAU's current multiple. *Fury Gold Mines -C$55M value in Dolly Varden Silver Corp marketable securities not included TSX.V: BAU | OTCQB: BAUFF | FSE: 5WP0 20

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