Fort Capital Investment Banking Pitch Book
Appendix A: Completed Scope of Review
In preparing the Valuation and Fairness Opinion, Fort Capital has, among other things, reviewed, considered
and relied upon, without attempting to verify independently the completeness or accuracy thereof, the
following:
draft of the Arrangement Agreement dated September 9, 2021
• draft of the Lock-up Agreements dated September 9, 2021
non-binding proposal letter from Anglo Gold dated July 13, 2021
• loan agreement between Corvus and AngloGold dated May 6, 2021
Technical Report (N/ 43-101) titled "Technical Report and Preliminary Economic Assessment for Gravity Milling and Heap Leach Processing at
the North Bullfrog Project", dated November 21, 2020
Technical Report (NI 43-101) titled Technical Report and Preliminary Economic Assessment for Biox Mill and Heap Leach Processing at the
Mother Lode Project", dated November 21, 2020
• consolidated annual financial statements of the Company for the years ended May 31, 2021, 2020, 2019, and 2018, together with the notes
thereto and the auditors' reports thereon;
management's discussion and analysis of the results of operations and financial condition for the Company for the years ended May 31, 2021,
2020, 2019 and 2018,
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• interim financial statements and associated management's discussion and analysis documents for the period ending August 31, 2020,
November 30, 2020 and February 28, 2021;
various material change reports and press releases as filed by the Company over the past 3 years;
• certain publicly available information relating to the business, operations, financial condition and trading history of the Company and other
selected public companies that we considered relevant:
Corvus
GOLD INC
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