Fort Capital Investment Banking Pitch Book

Appendix C: Trading Trading Comparables Nevada and Non-Nevada Gold Developers an USSM unless otherwise noted Nevada Gold Developers Gold Standard Augusta Gold West Vault Mining Gold Springs Resource Paramount Gold Nevada Niegiant Gold Average Median Non-Nevada Gold Developers Osiska Mining Skeena Resources Marathon Gold Artemis Gold Sabina Ascot Resources Perpetua Resources Liberty Gold First Mining Gold International Tower Hil Integra Resources Freegold Ventures Maneta Porcupine Mines Tralus Gold 03 Mining Anaconda Mining Face Resources Treasury Metals Gold Mountain Mining Candelaria Mining Amaden Minerals Average Median Location Corvus Nevada Nevada Nevada Nevada Nevada Nevada Quebec British Columbia Newfoundland British Columbia Nunavut British Columbia Maho Turkey Ontario Alaska Idaho Alaska Ontario Quebec Québec Nova Scotia Quebec Ontario British Columbia Mexico Mexico stage Processing PFS Resource PFS PEA PEA Scoping PEA PEA PFS PFS Feas. Feas. PFS PEA PFS PFS PEA PEA PEA PEA PEA PEA Fem. PEA Feas. Feas Feas. Corvus Gold Nevada PEA Source: Company decesure and S&P Capital IQ mariet dat as at Sen 10, 2021 (1) Shares outstanding based on the easy ook method (2) Ambutable Reserve and Resource muitbles based on gold equalent valves (3) Estimate based on S&P Capital reported consensus NAV HL HL HL HL HL HL ME ME Mill & HL MB ME MB Mi Mill & HL ME ME HL HL MB Mil M MB ME ME ME HL ME MII & HL Share Price (USS) 50.47 $1.16 50.91 50.16 $0.87 $0.31 $2.20 $11.29 $2.71 $4.11 $1.17 $0.93 $5.07 $0.90 50.27 $0.83 52.96 $0.46 $1.53 $0.66 $1.72 $0.59 50.33 50.66 $1.16 $0.48 $0.40 $3.14 Market Cap. (USSM) $167 562 $53 $42 $33 $29 $774 $743 9684 5637 $410 5353 $320 $249 $191 $162 $162 $157 $145 $130 $117 $106 $86 $85 564 $60 $55 $417 Ent. Value (USSM) $139 $59 $47 538 5:32 $28 $6.59 $700 $600 $478 5375 $299 5311 $242 $160 $152 $148 $134 $128 $123 $67 596 $103 577 5:83 $61 548 $418 Total AuEq. Resource Grade (gt Au EQ) 0.9 0.5 0.6 0.7 0.4 0.6 8.3 1.7 0.7 5.2 7.9 1.4 0.5 0.7 0.7 0.7 1.2 0.9 1.4 3.9 2.2 1.0 5.8 0.6 0.6 0.4 Contained (Koz AU EQ) 3,073 1,044 1.276 942 6.244 706 6,845 5,786 4,777 13.616 10,366 3.251 12,323 3,827 8.047 12.588 4,409 2,947 8.366 8,159 3.745 2,910 9,107 2.493 808 756 4.144 4,423 EVI Reserves (3/0ZAUEQ) $109 na $52 ra $61 na $81 $81 na wa $286 554 $104 $245 563 na 5:39 $17 wa na na Wa na $2,007 $18 Na na Na $19 $285 $59 nia EVI M&I (3/oz AU EQ) $87 564 $42 $47 $7 na $45 $47 $352 $131 $191 $36 $56 $154 $28 $116 $26 $13 $38 $90 $32 $25 $28 $48 $14 $39 $128 $104 $14 $80 $39 $110 EVI Resource (3/0ZAUEQ) $45 $56 $37 $41 $5 5:40 $37 $40 599 $121 $126 $35 $36 592 $25 $63 $20 $12 534 $45 $15 $15 $18 $33 $11 $31 $103 $80 $12 $49 $34 $34 Price / NAV (0.0x) 53 0.4x nia nla na 0.4x nia 0.4x 0.4x 0.5x Q6x 0.9x 0.4x 0.5x 0.3x nia na nmf 0.2x 0.3x 0.3x 0.2x 0.3x n/a nis n/a 04x 0.4x 0.7x Fort Capital

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