gold production growth

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GOLD PRODUCTION

GROWTH

Feasibility Study PresentationJanuary 21, 2021

www.hartegold.com

@HarteGold

Harte Gold Corp

Disclaimer

2

Cautionary Statements Regarding Forward-Looking Information and Non-IFRS Financial Measures

Certain information contained or incorporated by reference in this presentation of Harte Gold Corp. (“Hart Gold” or the “Company”), including any information relating to the Company’s strategy, the Sugar Zone Mine Property, plans or future

financial or operating performance, constitutes “forward-looking statements”, within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. The words "seek",

"anticipate", "budget", "plan", "continue", “envisage”, "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or

statements regarding an outlook identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: announcing Feasibility Study results in early Q1 2021;

2021E gold production of 60,000 to 65,000 ounces; achieving 800 tpd mine production in Q1 2021; increasing development rates to over 13 metres per day by Q1 2021; increasing the number of active mining areas to six by Q1 2021;

estimates of total cash costs per ounce, AISC per ounce, projected capital, operating and exploration expenditures; mine life and production rates; estimated timing for continued development of and production from, the Sugar Zone Mine

Property; anticipated gold productionfrom the Sugar Zone Mine Property; the relationship between the Company and BNP Paribas and Appian; and further exploration activities. Forward-looking statements are necessarily based upon a

number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this presentation in light of management’s

experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results

to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price

of gold; the speculative nature of mineral exploration and development; changes in mineral production performance; exploitation and exploration successes; Company’s ability to attract and retain qualified candidates to join the Company’s

management team and board of directors; diminishing quantities or grades of reserves and resources; increased costs, delays, suspensions and technical challenges associated with the development andconstruction of capital projects;

operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure

to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether the Sugar Zone Mine Property targeted investments will meet the

Company’s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of

inflation; fluctuations in the currency markets; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental

matters or dealings with community groups, whether true or not the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional

work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal

and administrative proceedings; business opportunities that may be presented to, or pursued by, the Company; risks associated with employee relations including loss of key employees; increased costs and physical risks, including

extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral

exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold concentrate losses (and the risk of inadequate insurance, or inability to

obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made

by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific

reference is made to the most recent Annual Information Form and in other filings of the Company with securities and regulatory authorities which are available on SEDAR at www.sedar.com for a more detailed discussion of some of the

factors and risks underlying forward-looking statements that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this presentation. The Company disclaims any intention or

obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law

In this presentation we use the terms “EBITDA”, “cash operating cost” and “All-In Sustaining Cost” or “AISC”. These should be considered non-IFRS financial measures as defined in applicable Canadian securities laws and should not be

considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For additional information regarding non-IFRS financial measures used by the Company, please refer to the heading “Non-IFRS

Measures” in the Company’s Management Discussion and Analysis for the three months ended September 30, 2020 and 2019, available at www.sedar.com.

All dollar amounts stated are denominated in Canadian dollars ($) unless specified otherwise. All tonnages in metric, unless otherwise noted.

TSX: HRT | FRANKFURT: H4O | OTC: HRTFF

http://www.sedar.com/

http://www.sedar.com/


CORPORATE

OVERVIEW

Platform For Delivering Long-Term Growth

• Prolific gold producing region of Ontario

• Operational turnaround in in 2020

• Feasibility study provides a compelling

multi-year production growth trajectory

• Massive district-scale land package

with untapped exploration potential

• Cleaning up the balance sheet for

maximum financial flexibility

Producing gold mine and significant land package (over 79,000 ha)

TSX: HRT | FRANKFURT: H4O | OTC:HRTFF 4


Achieve operational excellence

• Transformational change is underway – 800 tpd in Q1 2021

Expansion to 1,200 tpd

• Feasibility Study provides a pathway for growth:

2023 and beyond

Define exploration potential

• Exploration update and strategy: Mid-Q1 2021

Capital Structure

• Continuing discussions with BNP: Underpinned by strong relationships

with both BNP and Appian, all options are being explored

Corporate Strategy

• Define long-term strategic priorities

1.

2.

3.

4.

5.

✓

✓

Executing On Vision & Strategy

2021

AND BEYOND


Setting the Stage: Operational SummarySugar Zone mine posts a strong finish to 2020

Record quarterly production in Q4 2020 and guidance beat for FY2020

• Q4 2020: Production of 10,835 ounces Au, highest quarterly period on record

• FY 2020: Production of 25,649 ounces Au exceeds upper range of 2020 guidance (20,000-24,000 ounces)

2020 Operating Summary

Unit FY 2020 Q4 2020 Q3 2020 Q1 2020

Ore Tonnes Processed tonnes 134,360 46,288 36,367 51,705

Ore Tonnes Mined tpd 526 514 473 575

Head Grade g/tAu 6.3 7.7 5.7 5.5

Recovery % 94.2% 94.9% 93.4% 94.0%

Gold Ounces Produced ozAu 25,649 10,835 6,218 8,597

6

The above table compares Harte Gold’s operating performance for Q4 2020 relative to the previous quarters of operations for 2020. In Q2 2020, operations were placed on temporary

care-and-maintenancedue to the COVID-19 pandemic so is not considered an operating quarter.


Managing Key Leading Indicators Key to Future SuccessKPIs trending positively, setting the stage for growth in 2021

Mine Production

tonnes per day

Processed Grade

g/t Au

Ounces Recovered

oz Au per day(1)

Mine Development

metres per day

9.2

11.4

13.5

Q3 2020 Q4 2020 FY 2021E

5.7

7.77.1

Q3 2020 Q4 2020 FY 2021E

473 514

800

Q3 2020 Q4 2020 FY 2021E

89

124

176

1.

7

Q3 2020 Q4 2020 FY 2021E

Product of mined production and grade divided by mineoperating days


FEASIBILITY

STUDY OVERVIEW


Feasibility Study Highlights

9

Positive Feasibility Study results for expansion to 1,200 tpd:

✓ Mine life: 9 years (2021 to 2029)

✓ Small incremental cost to expand: $21 million, of which a majority is to be spent in 2022

✓ Production growth: 58% increase over 2021 estimates, achieving 98,700 oz/year, post expansion

✓ AISC reduction: US$1,025/oz, post expansion

✓ Expansion timeline: To start Q3 2021, with benefits of 1,200 tpd starting Q1 2023

✓ Free cash flow growth: $96 million by 2023, 166% increase over 2021 estimates (analyst prices)

✓ NPV: Pre-tax NPV5% of $417 million, after-tax NPV5% of $332 million at analyst consensus prices

✓ Incremental IRR: 89% at analyst consensus prices


Updated Resource Modelling Underpins The Feasibility Study

Mineral Resource Estimate (September 30, 2020)

Classification Zone Tonnes (kt) Grade (g/t Au) Ounces (koz Au)

Indicated

Sugar 1,315 15.53 657

Middle 1,326 8.95 381

Wolf 162 6.13 32

Total 2,803 11.87 1,070

Inferred

Sugar 891 10.98 314

Middle 844 8.21 223

Wolf 132 7.04 29

Total 1,866 9.45 567

Mineral Reserve Estimate (December 31, 2020)

Classification Zone Tonnes (kt) Grade (g/t Au) Ounces (koz Au)

Probable

Sugar 1,994 7.59 487

Middle 1,460 6.62 311

Total 3,454 7.18 797


Mine Design and Schedule

11

Mine design

• Deswik stope optimizer used to evaluate the resource block model

• Cut-off grade of 5.0 g/t Au used to evaluate the overall reserves and mine design

• Sills developed on 15 metre levels (Sugar Zone), 20 metre levels (Middle Zone)

Optimized underground development

• Decline and lateral waste and ore development were designed to efficiently access stoping blocks

• Costs determined by zero-base and historical methods. Key drivers include: labour, equipment availability and

utilization and UG infrastructure


Mine Design and Schedule

12

Year

2021

2022

2023

2024

2025

2026

2027

2028

2029

Middle Zone Sugar Zone North Sugar Zone South


(1,600)

(1,200)

(800)

(400)

0

Mine Development Reserves Inferred Boundary

Su

gar Z

on

e

Isla

nd

Go

ld

Eag

le

Hem

lo

Island

Deep Area

Vert

ical

Develo

pm

en

t

(metr

es)

Oz A

u p

er

Vert

ical

Metr

e

7.1 g/t

10.4 g/t 14.4 g/t

Underground Development and Ounces Per Vertical MetreIllustrative Comparison to Nearby Mines

Sugar Zone Mine Island Gold Mine Eagle Mine Hemlo

Oz/vertical metre - Planned Ounces/vertical metre - cumulative

~10,000

890944 @ 9.6 g/t AuFirst 9 yrs @ 5.8 g/t Au

Last 5 yrs @ 9.6 g/t Au@ 7.2 g/t Au850

Producing:

35 years

Producing:

25 years

Producing:

14 years

Producing:

2 years


Ore Tonnes Processed and Grade

14

7.1

8.17.7

6.9 7.0

8.7

7.1

5.4

6.6

0.0

2.0

4.0

6.0

8.0

10.0

0

100,000

200,000

300,000

400,000

500,000

2021 2022 2023 2024 2025 2026 2027 2028 2029

Pro

cessed

To

nn

es

Gra

de

(g/t A

u)

800 tpd 1,200 tpd

LOM grade: 7.2 g/t Au*

* Average recovery 94.3% over LOM


Gold Production (Oz Au)

15

62,458

71,812

102,261

92,136 93,239

114,085

91,997

67,570

56,044

0

200,000

400,000

600,000

800,000

0

30,000

60,000

90,000

120,000

2021 2022 2023 2024 2025 2026 2027 2028 2029

Reco

vere

d A

nn

ua

l P

rod

uc

tio

n (

oz A

u)

Cu

mu

lativ

e P

rod

uc

tion

(oz A

u)


Operating Cost Summary

16

120 120

43 34

58 43

420

122

163

0

10 0

20 0

30 0

40 0

50 0

60 0

70 0

80 0

90 0

0

50

100

150

200

250

300

2021$/tonne

2023-2027$/tonne

LOMC$m

221

197

704

Site Operating Cost Breakdown

Mining Processing Site G&A

Un

it C

osts

($/t

on

ne)

• Total site costs: $221 per tonne, decreasing to $197 per tonne

post expansion

• Mining:

• Unit haulage and backfill costs increase as operations

continue deeper in the mine

• Offset by economies of scale

• Processing:

• Decrease 22% on a per unit basis following expansion

• Site G&A:

• Decrease 25% on a per unit basis as a large portion of site

costs are fixed and will benefit with scale


Expansion Capital Summary

17

2.4

14.0

2.3

2.3

0.1

0

5

10

15

20

25

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2021 2022 2023 LOM

2.5

16.3

LOM Expansion Capital Summary (C$m)

PermittingMine EquipmentMill Expansion

Un

it C

osts

($/t

on

ne)

• Expansion capital of $21.1 million incurred from mid-2021 to

Q1 2023

• Mill Expansion:

• Replace secondary cone crusher

• Addition of a second ball mill

• Two additional rougher flotation cells and one cleaner cell

• Additional tailings thickener

• Expansion mine equipment:

• Additional 30 tonne haul truck

• Three additional LHD loaders

• Ancillary equipment

2.316.3

4.6

21.116.3

2.52.3


Mill Expansion

18

Tailings

Thickener

Expanded

Crushing Circuit

Additional Ball

Mill

Expanded

Flotation Circuit

Expanded Gold

Room

Additional Process Plant

Equipment Highlighted

in Blue


Mine Sustaining Capital

19

• Underground Capital: paste distribution, mine ventilation,

underground shops and infrastructure.

• Tailings and Water Management: Expansion of the North TMF,

construction of the South TMF and water management.

• Mine Equipment Maintenance: Overhaul and major component

replacement of the equipment fleet.

• Underground Electrical: Distribution of electrical equipment for

ventilation, drilling and dewatering.

• Paste Backfill: Substitution of the existing ceramic disk filtration

system with a cloth disk filter.

• Reclamation / Closure Costs: Incurred at the end of mine life.

LOM Total

($m)

Underground Capital 31

Tailings and Water Management 27

Mine Equipment Maintenance 18

Underground Electrical 14

Paste Backfill 15

Reclamation / Closure Costs 8

Other 11

Total Sustaining Capital 126


Underground Capital Development

20

0

1,000

2,000

3,000

4,000

5,000

6,000

2021 2022 2023 2024 2025 2026 2027 2028 2029

Develo

pm

en

t M

etr

es (

m)

Underground Development:LOM total: 34,500 metres

LOM costs: $199 million

Annual Average: 3,800 m / year

Average development rate (2022+): 11.5 m / day


Production and AISC Profile

21

Reco

vere

d A

nn

ual

Pro

du

cti

on

(o

z A

u)

Cash

Co

st (U

S$/o

z)

1

62,458

71,812

102,261

92,136 93,239

114,085

91,997 67,570

56,044 1,430

1,354

1,002

1,117 1,074

884

1,048

1,336

1,157

0

500

1,000

1,500

2,000

0

30,000

60,000

90,000

120,000

2021 2022 2023 2024 2025 2026 2027 2028 2029

Gold Recovered (oz Au) AISC (US$/oz)

2023 to 2027:Production: 98,700 oz Au

AISC: US$1,025/oz Au


Project NPV5%

22

$417

$329

$402

$476

$549

$332

$267

$321

$371

$420

AnalystConsensus

US$1,600 US$1,700 US$1,800 US$1,900

Pre-Tax NPVAfter-Tax NPV

NPV5% Summary – Before Hedge, Debt and Corporate Costs Sensitivity Analysis – After-Tax (C$m)

+ / - % Change in InputA

fter-

Tax N

PV

5%

(C

AD

Millio

ns)

Pro

ject

NP

V5

% (C

AD

Millio

ns)

US$/oz 2021 2022 2023 2024 2025+

Analyst Consensus Prices 1,938 1,871 1,782 1,735 1,624

Flat Gold Price (US$/oz Au)

$150

$250

$350

$450

-10% -5% Base Case 5% 10%

Gold Price CAD:USD

Mine Costs Expansion Capital

Sustaining Capital

$245

$417$426

$254

$354

$310$332


Cumulative Free Cash Flow (After-Tax)

23

$341

$406 $412

$467

$528

$0

$100

$200

$300

$400

$500

$600

2021 2022 2023 2024 2025 2026 2027 2028 2029

Aft

er-

Tax C

ash F

low

, C

um

ula

tive (C

$ M

Illions)

US$1,600 US$1,700 Analyst Consensus US$1,800 US$1,900

Cumulative after-tax, unlevered, before corporate costs and hedge payments


Opportunities to Further Enhance Value Not Factored Into NPV

24

• Expansion of near-mine mineralization along strike

• Step-out and infill drilling along strike at Sugar Zone South, Middle Zone and Wolf Zone to add additional sources of ore feed,

increasing overall ounces per vertical metre

• Expansion of mineralization at depth

• Infill drilling of Inferred Resources ta depth to extend mine life

• Cost optimization, particularly related to paste backfill vs. rockfill

• Complete a trade-off study analysis of continuing solely with rockfill as a primary backfill method, instead of paste backfill, with the

potential of further reducing operating and capital costs


SUMMARY


Significant Production Growth, Low Cash Cost Position

26

$1,281

$880

$815

$735

$644

$556

$531

$484

$389

$284

$191

$145

$115

$84

Wesdome

Pure Gold

Victoria

Argonaut

Calibre

Roxgold

Karora

McEwen

Americas G&S

TMAC

Mandalay

Harte Gold

Fiore Gold

Superior

Market Capitalization(1) (C$M) 2021E Cash Cost(2) (US$/oz Au)2021E Production(2) (koz Au)

255

195

188

147

126

120

117

102

101

99

91

85

68

62

48

Argonaut

Victoria

Calibre

McEwen

Roxgold

Wesdome

Mandalay

Harte (2023E)

Karora

TMAC

Superior

Americas G&S

Pure Gold

Harte (2021E)

Fiore Gold

$592

$651

$685

$686

$688

$695

$794

$806

$823

$864

$868

$882

$981

$1,006

$1,167

Roxgold

Harte (2023E)

Pure Gold

Wesdome

Mandalay

Victoria

TMAC

Calibre

Harte (2021E)

Argonaut

Americas G&S

Karora

Superior

Fiore Gold

McEwen

+64%

(21%)

(3)

(3)

1. Market data as at January 19, 2021

2. Based on analyst consensus estimates of production and cash cost. Harte based on January 2021 Feasibility Study

3. Americas Gold & Silver shown on an AuEq basis


Summarizing the Opportunity

27

Growing from a Solid

Operational Base

Significant

Growth Trajectory

Potential to Extend

Mine Life

• Significant operational

improvement in 2020

• Exceeded 2020

guidance

• Transition to owner-

operator complete

• 2020: 25k oz

• 2021E: 60-65k oz

• Post-expansion: ~100k oz

• Post-expansion AISC to

decrease to US$1,025/oz

• Near-mine extension

drilling

• TT8 prospecting and

drilling

• Defined pipeline for

long-term growth

• Further data compilation

Minimal Capital

Cost to Expand

• $21M (majority to be

spent in 2022)

• 89% incremental IRR

for expansion project

• $417M pre-tax NPV


THANK YOU!


NI 43-101 Compliance

Unless otherwise indicated, Harte Gold Corp. (the “Company”) has prepared the technical information in this presentation including Mineral Reserve and Mineral Resource estimates

(“Technical Information”) based on information contained in the technical reports and news releases (collectively the “Disclosure Documents”) available under the Company’s profile on

SEDAR at www.sedar.com. Each Disclosure Document was prepared by or under the supervision of a qualified person (“Qualified Person”) as defined in National Instrument 43-101 –

Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). For readers to fully understand the information in this presentation, they should read

the technical reports identified below in their entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this presentation which qualifies the

Technical Information. Readers are advised that Mineral Resource estimates that are not Mineral Reserves do not have demonstrated economic viability. The Disclosure Documents are

each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in

the Disclosure Documents.

The Mineral Reserve estimate was prepared under the supervision of Mr. Chris McCann (P.Eng), Director of Technical Services for the Company. Mr. McCann is a Qualified Person as

defined by NI 43-101. The Mineral Resource estimate was prepared by Mr. Vincent Cardin-Tremblay (P.Geo), former VP Geological Services for the Company. Mr. Cardin-Tremblay is a

Qualified Person as defined by NI 43-101.

The Mineral Reserve estimate in this presentation is current to December 31, 2020. The Mineral Reserve estimate was prepared using the resource model under the Mineral Resource

estimate.

For further Technical Information refer to the Company’s news release “Harte Gold Announces Positive Feasibility Study Results for Expansion to 1,200 tpd” dated January 20, 2021 and

the “Technical Report and Feasibility Study On The Sugar Zone Gold Operation”, dated February 14, 2019, available on the Company’s SEDAR profile at www.sedar.com.

29


Notes to Mineral Resource and Mineral Reserve Estimates

The Mineral Resource estimate in this presentation is dated September 30, 2020 and the Mineral Resource ounces are inclusive of the Mineral Reserve ounces.

1. The stated Mineral Resources comply with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and are classified in

accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards – For Mineral Resources and Mineral Reserves" (the “CIM Definition

Standards”).

2. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

3. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

4. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It

is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

5. The Mineral Resource estimate was prepared by Mr. Vincent Cardin-Tremblay (P.Geo), former VP Geological Services for the Company. Mr. Cardin-Tremblay is a QP as defined by

NI 43-101.

6. Mineral Resources have been estimated as of September 30, 2020 using a gold price assumption of US$1,600 per ounce Au.

7. A resource cut-off grade of 3.0 g/t Au has been estimated based on operating cost projections and applicable metallurgical recovery. The cut-off grade was used in combination with a

minimum mining width factor of 1.8m to define the resource.

8. Numbers may not add due to rounding.

The Mineral Reserve estimate presented in the following table is current to December 31, 2020.

1. The stated Mineral Reserves comply with the requirements of NI 43-101 and are classified in accordance with the CIM Definition Standards. Mineral Reserve estimates reflect the

Company's reasonable expectation that all necessary permits and approvals will be obtained and maintained.

2. Mineral Reserves are the economic portion of the Indicated Mineral Resources. Mineral Reserve estimates include mining dilution at grades assumed to be zero.

3. The 2020 Mineral Reserve estimate was prepared under the supervision of Mr. Chris McCann (P.Eng), Director of Technical Services for the Company. Mr. McCann is a QP as

defined by NI 43-101.

4. The Mineral Reserves were estimated as of December 31, 2020 using a gold price assumption of US$1,450 per ounce Au.

5. A mining cut-off grade of 5.0 g/t Au has been estimated based on operating cost projections, sustaining capital development cost, mining dilution and recovery, royalty payment

requirements and applicable metallurgical recovery.

6. Numbers may not add due to rounding.

30