Investor Presentaiton

NPV and IRR Sensitivity to Gold Price TZ After-Tax NPV 5% Each $100 per ounce change in the gold price represents a ~$105 million change in the NPV 5% TZ After-Tax IRR Each $100 per ounce change in the gold price represents a ~2.7% change in the IRR Base Spot Case Case $1,044 $939 $833 $727 $622 $516 $410 $304 Base Spot Case Case 34% 32% 29% 27% 24% 21% 19% 15% $1,300 $1,400 $1,500 $1,600 $1,700 Gold Price $1,800 $1,900 $2,000 $1,300 $1,400 $1,500 $1,600 $1,700 Gold Price $1,800 $1,900 $2,000 TSXV:GMIN 24

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