Fort Capital Investment Banking Pitch Book

Valuation Approach and Considerations Definition of Fair Market Value • The Valuation is based on techniques and assumptions that Fort Capital considers appropriate in the circumstances for the purposes of arriving at an opinion as to the range of fair market value for the Shares of the Company not owned by AngloGold Fair market value (FMV or "Fair Market Value) means the monetary consideration that, in an open and unrestricted market, a prudent and informed buyer would pay to a prudent and informed seller, each acting at arm's length with the other, where neither party is under any compulsion to act • FMV was determined based on a valuation date (the "Valuation Date") of September 10, 2021 • FMV of the common shares of the Company was analyzed on a going concern basis and is expressed on an en bloc basis Going concern remains a significant assumption (and outlined as a risk in the audit report) and there is a risk that the Company is unable to secure sufficient funds to finance continued exploration, development and construction of the North Bullfrog and Mother Lode projects. However, given the substantial progress to date, the delineation of a resource and the potential future earnings potential of the project(s) (which would be far in excess of likely liquidation value), a going concern assumption was deemed appropriate We have not applied any liquidity or minority discounts in accordance with requirements of Section 6.4(d) of MI 61-101 - ....in determining the fair market value of the offeree or affected securities, not include in the formal valuation a downward adjustment to reflect the liquidity of the securities, the effect of the transaction on the securities or the fact that the securities do not form part of a controlling interest (1) - In addition, we have not taken into account any potential synergies that could accrue to the Company as it relates to the Proposed Transaction, other than elimination of public company costs, where such savings would be available to most potential purchasers and not limited to Special Purchasers 24 While AngloGold would considered a Special Purchaser, given the relationships between the two companies and the location of the properties, any potential benefits that would accrue to AngloGold are speculative in nature and there is insufficient information available to determine any specific amount of net value-added. As such, the existence of such Special Purchasers has not influenced the conclusion of this Valuation Corvus GOLD ON (1) MI61-101-Section 6.4(d Fort Capital

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