Investor Presentaiton

Gold, Silver and Copper Global investment demand for gold has grown by an average of 15% per year since 2001 and the gold price has increased almost seven-fold over the same period (1) Gold Copper and Silver Prices 200% • Fiscal stimulus and infrastructure spending plans have followed the Covid-19 induced global economic downturn 175% • Gold has long been considered a hedge against inflation, and in years when inflation was higher than 3%, the gold price increased an average of 15% per year (2) 150% • Stimulus plans include a focus on green transition and carbon reduction January 2020: Beginning of global coronavirus pandemic • Battery Electric Vehicles are estimated to require 1.6 to 2.2 times more silver (3) and 3.6 times more copper(4) than traditional Internal Combustion Engine vehicles 125% • Solar and wind technologies need four to six times as much copper as conventional energy (5) 100% • The Solar photovoltaic industry consumed 101 Moz of silver in 2020, a 13.3% CAGR since 2015, compared to total mine production of 784.4 Moz in 2020 (12.9% of mine production) (6) (1) 31 December 2000 to 31 December 2020. Source: World Gold Council (2) As of 31 December 2020. Based on y-o-y changes in US dollars for 'gold': LBMA Gold Price PM, and 'inflation': US CPI since January 1971. Sources: Bloomberg, ICE Benchmark Administration, World Gold Council (3) The Silver Institute, Silver's Growing Role in the Automotive Industry, January 2021 (4) Wood Mackezie, Copper: Powering Up the Electric Vehicle, 13 August 2019 (5) Copper Development Association Inc. and Antofagasta Plc (6) The Silver Institute, World Silver Survey 2021 75% 7 March/April 2020: China lockdowns lifted 50% 2019 2020 2021 -Gold -Silver Copper Source: Bloomberg Andiamo EXPLORATION LTD. 1

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