Fort Capital Investment Banking Pitch Book

Other Considerations Summary of Considerations Consideration Premium / discount to current market price Consideration relative to Fair Market Value Historical Trading Ongoing Participation Other Considerations Corvus Impact Rationale . . . . Significant premium to Unaffected Price prior to announcement of AngloGold Loan Premium to unaffected price prior to announcement of initial offer of $4.00 per share Slight premium to previous announced offer of $4.00 per share . Consideration of $4.10 per share near the top end of the underlying FMV range of $3.40 - $4.20 per share Exceeds "standalone or fully financed value of $3.70 per share Consideration higher than virtually all historical trading Limited liquidity prior to announcement of AngloGold Loan • No ongoing participation in AngloGold, however shareholders could choose to invest consideration received in AngloGold to retain some level of exposure to North Bullfrog, Mother Lode and the new Nevada district as a whole Significant and experienced shareholder willing to sign lock-up agreement. Combined with management and AngloGold ownership, represents 43% of Corvus' issued and outstanding shares in support of the Transaction Other transaction terms (such as termination fee) within precedent transaction range Surrounding land positions limits available alternatives 43 Significant dilution and execution risk involved for Corvus to bring North Bullfrog and Mother Lode into production on a "stand-alone" basis Fort Capital

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