ANTIMONY-BASED LIQUID METAL BATTERIES
EXPOSURE TO GOLD AT ATTRACTIVE ENTRY PRICE
Leading Gold Reserves per share...
...at an attractive price per gold Reserve ounce
Perpetua
NovaGold
1
Artemis
34
Skeena
Ascot
2
30
49
73
Ascot
Skeena
Artemis
NovaGold
Perpetua¹
$44
$76
$162
$140
$190
20
40
60
80
North American Peers' Gold P&P Reserves per
1,000 shares 2,3
$0
$100 $150 $200
$50
North American Peers' Price (US$) per Gold P&P
Reserve ounce²,3
1. Based on the 2020 Feasibility Study (FS) which is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and
qualifications contained in the FS. See "Regulatory Information" at the end of this presentation. For a summary of differences between the FS and TRS, see "Cautionary Note and Technical Disclosure" at the beginning of this
presentation.
2. North American peer Proven & Probable (P&P) gold Reserve ounces are based on the most recent available technical reports and company materials.
3. Per share metrics are presented on a fully diluted basis using publicly available information; market caps as of December 29, 2023 close prices, converted to U.S. dollars using the Bank of Canada exchange rate as of December 29, 2023.
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