Investor Presentaiton

1 Enterprise Value / oz (EU Great Southern / Australia / Explorer / GSN De Grey / Australia / Developer / ASX:DEG Filo (Cu-Au)/Chile/Argentina / Developer / TSE:FIL Rupert Resources / Finland / Developer / TSE:RUP & STO:FIL 10 10 Artemis (Au-Ag) / BC/ Developer / ARTG Skeena (Au-Ag) / BC/Developer / SKE Radisson / Quebec / Explorer/RDS Osisko Development / BC / Developer / ODV 139 100 Kin/Australia / Explorer / ASX:KIN Black Cat / Australia / Developer / ASX:BC8 Roscan/Mali / Explorer / CVE:ROS Resource-Stage Gold Explorer and Gold Developer Peers: Enterprise Value per Compliant Resource Oz Yandal/Australia / Explorer / ASX:YRL Firefly (Au-Cu)/NFLD / Explorer/ASX:FFM Barton/Australia / Explorer / ASX:BGD Northern Superior / Quebec / Explorer/CVE:SUP Gold developer peer group average EUR 30/oz (18 companies) International Tower Hill / Alaska/Developer /TSE:ITH Asra/Australia / Explorer / ASX:ASR Tesoro / Chile / Developer / ASX:TSO 03 Mining / Quebec / Developer / CVE:OIII Banyan / Yukon / Explorer / CVE:BYN Wallbridge / Quebec / Developer / TSE:WM Barsele / Sweden / Explorer/CVE:BME White Gold / Yukon / Explorer/ CVE:WGO Saturn/Australia / Developer / ASX:STN Note: Market capitalizations, net cash balances, and mineral resource inventories used to calculate EV/oz values were retrieved at closing on Jan. 23, 2024 (Source: Company reports, Google Finance) Northgold's EV of €5.0 million (Jan. 23) for compliant resources of 985,800 oz AuEq equates to an EV of €5.0/oz AuEq, which is poised to rise on continued exploration and moving to developer status upon granting of mining permit and completion of future Kospa PEA Impact of reaching developer stage with 1.5 Moz resource should translate to market valuation of €45M / -7.5x uplift from today Cartier / Quebec / Developer / CVE:ECR Gateway/Australia / Explorer / ASX:GML Australia / Explorer/ASX:KZR Northgold (Au-Cu) / Finland / Explorer / STO:NG First Mining / Ontario / Developer / TSE:FF Gold Line (Au-Ag) / Finland / Explorer / CVE:GLDL Troilus (Au-Cu)/ Quebec / Developer / TLG Galway (Au-Ag-Zn-Cu) / NB / Explorer/CVE:GWM Northgold 5 Tristar / Brazil / Developer / CVE:TSG Moneta / Ontario / Developer / TSE:ME Gold explorer peer group average EUR 20/oz (19 companies) GBM/Australia / Explorer/ASX:GBZ Nighthawk / NWT / Developer/TSE:NHK Alto / Australia / Explorer / ASX:AME 1 14

View entire presentation