Fort Capital Investment Banking Pitch Book

Balance Sheet Considerations Corvus has drawn down ~US$10M on its debt facility with AngloGold Current Balance Sheet (May 31, 2021, C$'000) (¹) Assets Current Assets Cash & Equivalents Accounts Receivable Prepaid Expenses Total Current Assets Property & Equipment Right-of-Use Assets Capitalized Acquisition Costs Total Assets Liabilities and Shareholders' Equity Current Liabilities Accounts Payable and Accrued Liabilities Lease Liabilities Notes Payable Total Current Liabilities Asset Retirement Obligations Lease Liabilities Total Liabilities Shareholders Equity Share capital Contributed Surplus Accumulated Other Comprehensive Income Deficit Total Shareholders' Equity Corvus $11,357 $12 $500 $11,868 $73 $89 $5.269 $17,299 $1,835 $67 $11.977 $13,880 $327 $33 $14,239 $124,920 $17,770 $826 ($140.455) $3,060 Cash balance is largely made up of proceeds from draws on the AngloGold debt facility $4.5M relating to capitalized acquisition of North Bullfrog. and $0.8M relating to Mother Lode AngloGold $20M facility Stated purpose of the loan is to fund permitting/pre- development at North Bullfrog and exploration at Mother Lode Half of the facility (US$10M) has been drawn to date . Fixed interest rate of 1.107025%, with interest beginning 6 months after loan signing 21 Repayment requirement triggered by the earlier of 12 months after loan origination, or after all North Bullfrog mine construction permits are obtained A minimum of 70% of the loan amount must be spent on advancing or operating mining projects (1) Balancesheet as of May 31, 2021 financial statements with adjustments to cash and debt for amounts drawn from AngloGold loan Fort Capital

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