Fort Capital Investment Banking Pitch Book

Precedent Transactions P/NAV Multiples of Gold Developer Transactions • Precedent transactions have been completed at an average of 0.79x P/NAV (¹) Selected range reflective of limited exploration upside (given claim limitations) and early stage (PEA) nature of the respective projects Target Transaction value 100% basis Target stage Acquir or Batte North GT Gold QMX Gold Snowfield property Monarch Gold PFS Scoping Resource Resource Feas PEA PEA Feas PEA Resource PEA Feas PEA PEA Feas Resource Foss PEA Resource PEA Feas Feas PEA PEA Resource Resource PEA Post PEA Stage Source: CapitaliQ Market Intelligence and Company Disclosures Corvus (1) We included transactions as per the following criteria: pre-production stage, gold primary asset (35%+ AuEq) located in the North America, with transaction value (100% basis greater than US$75M transaction size for an ownership stake >/-50% GOLD INC Peak Gold Project Eastmain Resources Blackwater project Barkerville Gold Mines Northern Empire Exploration Assets AuRico Mebis Santa Gertrudis project Integra Gold Kami nak Gold Spring Valley & Ruby H Romarco Minerals Newstike Capital Probe Mines Paramount Gold & Silver Rainy River Resources Cerro Resources Evolution Mining Newmont Eldorado Gold Seabridge Gold Yamana Gold Kinross Gold Queenston Mining Prodigy Gold Trelawney Mining Siver Quest Resources Grayd Resource PEA Stage or Prior Auryn Resources Artemis Gold Osisko Gold Royaltos Coeur Mining Agnico Eagle Centerra Gold Agnico Eagle Eldorado Gold Goldcorp Waterton Ann. Date Oceana Gold Timmins Gold Goldcorp Coeur Mining New Gold Primero Mining Osisko Mining Argonaut Gold IAMGOLD New Gold Agnico Eagle Mar-14-2021 Mar-10-2021 Jan 20-2021 Dec-04-2020 Nov-02-2020 Sep-30-2020 Jul-29-2020 Jun-09-2020 Sep 23-2019 Aug-02-2018 Dec-21-2017 Nov-07-2017 Sep-05-2017 May-14-2017 May-12-2016 Nov-12-2015 (USSM) $259 $348 599 $120 $111 $134 397 5214 $231 578 $325 $215 $80 $422 $369 $135 $455 $107 $411 $154 $290 $120 $403 $261 Jul-30-2015 Feb-17-2015 Jan-19-2015 Dec-17-2014 May-31-2013 Dec-13-2012 Nov 12-2012 Oct-15-2012 Apr-27-2012 Oct-17-2011 Sep-19-2011 $514 $115 $261 na na na na na na na na na 0.27 I 0.59 0.5TX 10.43 PINAV 0.58 Selected Range: 0.5x -0.7x 0.84 0.81 083x 0.2 Average: 0.79x 0.06 106 39 Fort Capital

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