Fort Capital Investment Banking Pitch Book

Disclaimer Valuation and Fairness Opinion Limitations • This analysis presented by Fort Capital Partners (us", "we or "Fort Capital") was prepared solely to provide the special committee of the Board (the "Special Committee") of Corvus Gold Inc. ("Corvus or the Company") with a formal valuation (the "Valuation") as defined by Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101") with respect to the fair market value the Company's common shares (the "Shares") as well as an opinion (the "Fairness Opinion and together with the Valuation, the "Opinions") as to the fairness, from a financial point of view, of the consideration to be received by shareholders of the Company in the proposed Arrangement Agreement with AngloGold Ashanti Limited ("AngloGold" or the "Acquiror"). Fort Capital has, subject to the exercise of its professional judgment, relied, without independent verification, upon the completeness, accuracy and fair presentation of all of the financial and other information, data, advice, opinions and representations obtained by it from public sources. or that was provided to us, by the Company, and its associates and affiliates and advisors (collectively, the "Information"), and we have assumed that this Information did not omit to state any material fact or any fact necessary to be stated to make that Information not misleading. The Opinions are conditional upon the completeness, accuracy and fair presentation of such Information. With respect to the Company's financial projections provided to Fort Capital by management of the Company and used in the analysis supporting the Opinions, we have assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company as to the matters covered thereby. The Valuation has been prepared in accordance with the Canadian Institute of Chartered Business Valuators (CICBV") Standard 110 for Valuation Opinions. Additionally, Fort Capital has conducted other such analyses as it considered necessary in the circumstances to prepare and deliver the Faimess Opinion. In addition, the Opinions have been prepared in accordance with the Disclosure Standards for Formal Valuations and Faimess Opinions of the Investment Industry Regulatory Organization of Canada (IIROC"), though Fort Capital is not a member of IIROC and neither CICBV or IIROC have been involved in the preparation or review of the Opinions. The materials are intended for the benefit and the use of the Special Committee of the Company in connection with the transaction discussed herein and may not be reproduced, disseminated, quoted or referred to, in whole or in part, or used for any other purpose without the consent of Fort Capital. All monetary amounts in these discussion notes are in Canadian dollars unless otherwise indicated. All share prices as of September 10, 2021 unless otherwise indicated 2 Corvus Fort Capital

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