Fort Capital Investment Banking Pitch Book

Sum of the Parts / NAV Analysis Description and Rationale Component North Bullfrog Mother Lode Exploration Value (Lynnda Strip) Other Values Corporate Expenses (after-tax) (1) Gross Asset Value Less: Debt (2) Add: Cash (2) NPV of forecast free cash flow NPV of forecast free cash flow Early-stage exploration asset with no resource Exploration properties other than Lynnda Strip Net Asset Value Shares Outstanding (Treasury Stock Method) NAVPS (US$/share) NAVPS (C$/share) Methodologies Considered • NPV 5%, as of September 10th, 2021 . Consensus LT Au and Ag prices • Construction start in 2023 NPV5% as of September 10th, 2021 Consensus LT Au and Ag prices Construction start in 2026 Assumed 250-500koz of AuEq resource • $50-$35/oz multiple . Estimate • $4M in 2021 $20M in 2022 $3M/year in 2023+ $100k/year 2021+ for leases 5.0% discount rate Selected Value Range Low (US$M) $401 $197 $13 $5 ($50) $565 ($10) $9 $564 138.1 $4.09 $5.17 Corvus (1) Excludes corporate expenses/public company costs that would be eliminated on (any) acquisition OLE (2) Per May 31, 2021 financial statements with adjustments to cash and debt for subsequent amounts drawn from AngloGoldloan High (US$M) $564 $340 $18 $10 ($50) $881 ($10) $9 31 $880 138.7 $6.35 $8.02 Fort Capital

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