RESHAPING MINING INVESTMENT

2

Idea-Driven,Full-Service

Advisory

• Investment banking/advisory team consisting of six professionals with extensive experience in M&A and financial advisory,

equity capital markets, debt advisory and restructuring

• Substantial M&A transaction experience with capabilities and relationships that span the globe

• Industry-specific expertise in complicated, multi-faceted M&A and financing assignments

Strong Distribution

Network

• Comprehensive global coverage of all mining focused institutional, private equity, strategic, retail broker & high net worth

investor channels

• Access to over 300 institutional accounts, 1,500 retail brokers, 150 private equity groups and 250 strategic mining investors

• Demonstrated ability to raise equity for small-to-mid cap mining companies

• Raised over C$700 million for mining clients since 2017

• Strong presence across Canada, U.S. and Europe

Quality Research

• Research team with in-depth knowledge providing unique, informed insights

• Extensive junior mining coverage – research on over 50 companies across all key metal sectors (precious metals, base

metals, bulk materials, uranium and specialty metals)

Technical Expertise

• Highly adept technical team that includes multiple mining engineers, geologists and metallurgists

• Substantial experience in the mining sector with senior partners on each file at every step

• Extensive experience financing mining companies across all jurisdictions

• Due diligence capabilities – affiliation with outside technical teams (WGM, Venmyn Deloitte, etc.)

Independence• Unbiased, independent and informed advice regardless of mining issuer’s situation, size or geography

• No dual mandated conflicting agendas towards both issuers and investors

redcloudfs.com

Red Cloud: Entrepreneurial, Innovative & Independent

3

ConsultantsTraditional

Broker/DealerInvestor

Relations Firms

Marketing

• Investor conferences• Access global institutional investors• Access North American & European wealth mgmt. • Access to global mining investors

‒ High net worth investors‒ Private equity‒ Strategic corporate investors

• Non-deal global marketing services

3/yr (N.A. & London)✓

Multiple Broker Access

✓

✓

✓

✓

Max 1/yr✓

Single Broker Access

✓

✓

✓

✓

Investment Banking

• Traditional equity financing• Convertible and non-traditional debt financing• Equity syndication management• Strategic investments• Royalties and production stream financing• Going public advisory and financing• Buy and sell-side M&A financial advisory• Targeted and wide sale processes• Fairness opinions and formal valuations• Financial restructuring• Strategic/defence advisory

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

Equity Research

• Weekly market overview & analysis• Site visit technical review• Research publication

– RCS detailed company initiation– RCS Daily notes on all corporate development– Thematic corporate research

✓

✓

✓

✓

✓

✓

>$250M Mkt. Cap

>$250M Mkt. Cap>$250M Mkt. Cap>$250M Mkt. Cap

Media

• Creating/editing investor presentations• Social media support and content generation• Corporate webinar and virtual townhalls• Corporate videos and Red Cloud TV• Corporate website design

✓

✓

✓

✓

✓

✓

Corporate Advisory

• Corporate model review• High level technical review• Executive management coaching• Executive recruitment

✓

✓

✓

✓

✓ >$250M Mkt. Cap

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Red Cloud’s Platform - A True Full-Service Offering

4

Canada United States Europe

• Toronto

• Vancouver

• Montreal

• Quebec City

• Val-d’Or

• Winnipeg

• Saskatoon

• Calgary

• Edmonton

• Kelowna

• New York

• Boston

• Hartford

• Philadelphia

• Atlanta

• Miami

• West Palm Beach

• Boca Raton

• Charlotte

• Raleigh

• Newport

• Greensboro

• Dallas

• San Antonio

• Austin

• Kansas City

• Denver

• Chicago

• San Francisco

• San Diego

• Seattle

• Providence

• Asheville

• Richmond

• London

• Amsterdam

• Geneva

• Zurich

• Zug

• Paris

• Brussels

• Frankfurt

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Red Cloud Marketing Programs

• Red Cloud’s platform helps clients achieve optimal capital markets exposure with our tailored marketing programs

• Reach the right people by presenting your company to our global network of investment advisors, high-net-worth

individuals, institutional investors, private equity, corporations and family offices

• Gain coverage in trade media and exposure to newsletter writers and advertise at exclusive discounted rates

• Tap into our network by showcasing your project at Red Cloud and industry conferences and events

>300 institutional

accounts

>1,500 retail brokers

>150 private equity groups

>250 strategic mining

investors

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Red Cloud Marketing and Media

Webinars Conference CallsWebsite

DevelopmentVideo Graphic Design Social Media

• Feature your story in our Red Cloud Webinar Series

• Expand reach and build awareness

• Thematic mini-conferences

• Industry experts and thought leaders

• Stay connected with current investors

• Build new relationships

• One-on-one & group calls

• Retail and Institutional

• Transform your digital strategy to appeal to today's audience

• Increase SEO • Rebuild and

maintain your website with a customized solution tailored to your business

• Engaging videos for marketing and social media efforts

• Video is the fastest growing media type in today's digital landscape

• Build brand awareness

• Communicate effectively with infographics and illustrations

• Photography

• Build your social network across multiple platforms

• Establish your digital presence

• Tell your story in real time

Gain capital markets exposure and strategically invest in your corporate identity & brand

Comprehensive global coverage of all mining focused institutional, private equity, strategic, retail broker & high net worth investor channels

US$150 + C$50M C$7.0M C$9.2M C$4.5M C$22.0M C$40.2M C$4.5M

PendingCo-Agent

PendingLead Agent

July 2020Co-Agent

June 2020Lead Agent

June 2020Co-Agent

June 2020Co-Agent

June 2020Finder

C$5.1M A$30.0M C$7.6M C$17.0M C$3.3M C$4.4M C$12.0M

June 2020Co-Lead Agent

May 2020Co-Manager

May 2020Finder

May 2020Co-Lead Agent

May 2020Finder

May 2020Co-Agent

February 2020Finder

C$15.0M C$5.3M C$5.1M C$11.5M C$7.9M C$18.0M C$14.3M

February 2020Co-Agent

December 2019Co-Agent

December 2019Finder

December 2019Co-Agent

October 2019Lead Agent

September 2019Co-Agent

August 2019Co-Manager

C$7.7M C$10.0M C$30.0M C$20.0M C$10.0M C$21.8M C$6.4M

August 2019Finder

July 2019Co-Agent

May 2019Finder

April 2019Co-Agent

December 2018Finder

November 2018Co-Agent

October 2018Co-Agent

C$8.1M C$11.4M C$30.6M C$10.0M C$75.6M C$5.0M C$15.0M

April 2018Co-Agent

December 2017Co-Agent

December 2017Co-Agent

December 2017Co-Agent

November 2017Co-Agent

June 2017Co-Lead

May 2017Lead Agent

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Red Cloud’s Equity Financing Experience

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Red Cloud – Truly Independent, Full-Service Advisor

US$110M C$15M C$35M C$48M

PendingFinder

December 2019Financial Advisor & Fairness

Opinion

August 2019Financial Advisor & Fairness

Opinion

May 2019 Fairness Opinion

On precious metals stream toWheaton Precious Metals

On sale to AbraPlata Resources

On acquisition of Terraco Gold Corp.

On asset acquisition from Norvista Capital

C$29M C$40M Undisclosed C$20M C$32M

March 2017 Financial Advisor & Fairness

Opinion

February 2016 Strategic Advisor

2016 Strategic Advisor

September 2015 Strategic Advisor

April 2015 Strategic Advisor

On acquisition of Orex Exploration Inc.

Option agreement with BHP Billiton Ltd.

On M&AOn acquisition of

Temex Resources Corp.On acquisition of

Soltoro Ltd.

Public Company

C$30M C$90M C$55M C$23M C$150M

April 2019 Financial Advisor & Fairness

Opinion

November 2018 Financial Advisor & Fairness

Opinion

September 2018 Fairness Opinion

October 2017 Financial Advisor

November 2016 Strategic Advisor

On sale to SEMAFO Inc.

On merger with Golden Reign Resources

On merger with BonterraResources

On sale of Quebec gold assets to Monarch Gold

On project financing for Specialty Metals Operation

• Red Cloud Mining Research covers small-to-mid capitalization companies in the precious metals, base metals, uranium,

lithium and specialty metals sectors

• Comprehensive sell-side research which includes initiation reports, company updates, site visits, commodity reports

and thematic research

• Highly experienced, industry-savvy team offering valuable perspective into the global junior mining sector to generate

actionable insights for investors

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Precious and PGM Metals Base Metals Uranium

• Aurion Resources Ltd.• Brixton Metals Corp.• Caldas Gold Corp.• Chalice Gold Mines Ltd.• Fiore Gold Ltd.• Gran Colombia Gold Corp.• Grid Metals Corp.• Group Ten Metals Inc.• Japan Gold Corp.• Lion One Metals Ltd.• Mako Mining Corp.• Mawson Resources Inc.• Minera Alamos Inc.• Northern Shield Resources Inc.

• Novo Resources Corp.• O3 Mining Inc.• Orford Mining Corp.• Pacton Gold Inc.• Platinum Group Metals Ltd.• Quebec Precious Metals Corp.• RNC Minerals Corp.• Sailfish Royalty Corp.• Seabridge Gold Inc.• Silver Viper Minerals Corp.• Southern Silver Exploration Corp.• Star Diamond Corp.• Troilus Gold Corp.• Wallbridge Mining Company Ltd.• Vista Gold Corp.

• Aquila Resources Inc.• Canada Nickel Company• Coro Mining Corp.• Dore Copper Mining Corp.• First Cobalt Corp.• Rockcliff Metals Corp.• SolGold Plc.

• Anfield Energy Inc.• GoviEx Uranium Inc.• Laramide Resources Ltd.

Lithium & Specialty Metals

• Standard Lithium Ltd.• Sixth Wave Innovations Inc.• Wealth Minerals Ltd.

redcloudfs.com

Research – Timely, In-depth Analysis

Red Cloud’s mining focused research team provides timely and unique investment ideas by anticipating where markets and companies are headed

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Red Cloud’s Conferences – Key Networking Events

Red Cloud events at annual regional/global mining conferences

Denver/European Gold Forum – Sept 2019

AEMQ-XPLOR Convention – Oct 2019

Red Cloud’s sector ‘mini’ conferences

• 600+ attendees• 60+ mining companies• 40 corporate presentations• 30+ institutional/PE/corporate buyers

Red Cloud’s annual conferences (Oktoberfest, Pre-PDAC) have grown to become key events for our corporate clients to reach out to our wide network of institutional/PE/corporate and retail investors

Precious Metals Summit – Sept 2019

Vancouver Resource Investment Conference – Jan 2019

• 100+ attendees• 10 gold companies

• 100+ attendees• 10 uranium companies

• 650+ attendees• 65+ mining companies• 45 corporate presentations• 50+ institutional/PE/corporate buyers

Keynote speakers - Corporate Presentations - 1 x 1 Meetings - Expert Panels - Cocktail Receptions - Workshops

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300

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700

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$0.30

$0.40

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$0.70

May-19 Jun-19 Jul-19 Aug-19

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Red Cloud introduced Fiore to over 250 potential

investors

Red Cloud has published four insightful research notes and

conducted a site visit to Nevada

Red Cloud formulated a fully integrated strategy to

enhance Fiore’s profile for investors

Marketing Research Other Activities• May 29-31, 2019: Toronto

• Jun 3, 2019: New York

• Jun 26, 2019: Miami Beach

• Jun 27, 2019: Boca Raton

• Jun 28, 2019: West Palm Beach

• Jun 28, 2019: Fort Lauderdale

• Jul 17, 2019: RCS Gold Conference

• Jul 18, 2019: RCS Gold Conference

• May 24, 2019: “Record Quarter Translates to Better Cash

Flow”

• Jul 2, 2019: “Solid Operation Poised to Improve”

• Jul 9, 2019: Red Cloud site visit

• Jul 12, 2019: “Steady Ops; Lots of Exploration Upside”

• Jul 17, 2019: “Better than Expected FQ3/19”

• Aug 13, 2019: “Results Point to Resource Growth at Gold

Rock”

• May 28, 2019: COMPASS meeting to discuss strategy

across all verticals (marketing, research, social

media, Red Cloud TV, corporate timeline, etc.)

• Jun 12, 2019: Red Cloud TV disseminated to our list

of over 3,000 mining investors

• Jun 1, 2019: Red Cloud’s social media team

commences activity across all platforms (Facebook

engagement increase 6,400%, Facebook reactions

increase 5,700% and Twitter tweets / day increase

240%)

Fiore’s Share Performance and Red Cloud Activities (May 2019 to September 2019)

Red Cloud Monthly Client Case StudyFiore Gold Ltd. (TSXV:F)

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Marketing Activity Research Activity Other Activity

10

Change in share price (C$) +86%

Change in average daily volume over trailing 30 days

+112%

Bringing a Cash Flow Generating Junior Gold Producer in Nevada to the Spotlight

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2,000

2,500

3,000

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Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

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Marketing Activity Research Activity Other Activity

Red Cloud introduced Coro to over 300 potential

investors

Red Cloud has published eleven insightful research

notes and conducted a site visit to Chile

Red Cloud formulated a fully integrated strategy to

enhance Coro’s profile for investors

Marketing Research Other Activities

• Dec 5-6, 2018: Toronto

• Feb 28, 2019: Charlotte

• Mar 4, 2019: Toronto

• Apr 23, 2019: New York

• Apr 24, 2019: Toronto

• Apr 25, 2019: Montreal

• Jun 19, 2019: Calgary

• Jun 20, 2019: Vancouver

• Jun 25, 2019: Webinar

• Jan 17, 2019: “Growing Marimaca into a Potential

Mining District”

• Feb 7, 2019: “Marimaca is Going to Grow”

• Feb 20, 2019: “Sorpresa Adds Fuel to the Fire”

• May 5, 2019: “What Bigger Could Look Like”

• May 15, 2019: “Coro Adds Land”

• Jun 7, 2019: “Drilling Points to Higher Grade

Mineralization”

• Jun 19, 2019: “Marimaca Exceeding Expectations”

• Dec 4: COMPASS meeting to discuss strategy across

all verticals (marketing, research, social media, Red

Cloud TV, corporate timeline, etc.)

• Jan 1: Red Cloud’s social media team commences

activity across all platforms (Facebook engagement

increased 2,700%, Twitter engagement increased

1,500% and Twitter tweets / day increased 1,100%)

Coro’s Share Performance and Red Cloud Activities (December 2018 to July 2019)

Red Cloud Monthly Client Case StudyCoro Mining Corp. (TSX:COP)

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Change in share price (C$) +100%

Change in average daily volume over trailing 30 days

+304%

Re-Rating of a Low Capex, Heap Leach Copper Project in Chile

Senior Management

12

Investment Banking

Mark Styles | Head of Investment BankingChad Gilfillan | Senior Vice PresidentScott Lendrum | Vice PresidentAlan Lourenco | Vice PresidentBlake Zwikler | AssociateRichard Huang | Vice President and Director, ECMLinda Lang | Syndication and Administration CoordinatorJacqueline Doyle | Executive Assistant

Distribution

Matt Ritzel | Senior Vice PresidentRayna Schnapp | Senior VP and Director

Marketing

Sebastian de Kloet | Senior Vice PresidentTheresa Pegolo | Vice PresidentMichael French | Associate Vice PresidentNicole Siena | Associate Vice President, MediaAlicia Ford | Marketing ManagerAshish Jalandhara | Web Developer

Equity Research

Andrew Kaip | Managing DirectorDerek Macpherson | Vice PresidentJacob Willoughby| Vice PresidentTaylor Combaluzier | AssociatePaul Kostuik | Associate

Operations

David Schnarr | Chief Compliance OfficerPaul Mesburis | Chief Financial OfficerLuke Packer | Corporate Accountant

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Red Cloud Team

Chad Williams | Chairman & FounderMr. Williams has extensive experience in mining finance and managementhaving previously held the positions of CEO of Victoria Gold Corp., Head ofMining Investment Banking at Blackmont Capital Inc. and a top-ranked mininganalyst at TD Bank and other Canadian brokerage firms. Mr. Williams has beena Director of several emerging mining companies and was a founder of AgilithCapital Inc. (a fund) as well as Westwind Partners. He also serves as a directorof the Denver Gold Group. Mr. Williams holds both a P.Eng in Mining and anMBA from McGill University.

Bruce Tatters | Chief Executive OfficerMr. Tatters joined Red Cloud Securities in 2018, bringing more than 24 years ofsenior capital markets leadership. Mr. Tatters was the co-founder at bothTriumph Asset Management as Chief Investment Officer and WestwindPartners as Managing Director, Institutional Equities. Prior to that, Mr. Tatterswas Global Co-Head of Institutional Equity Sales at National Bank Financial(successor to First Marathon Securities). At First Marathon Securities, he spentsix years as an Institutional Equity Salesperson and two years in equityresearch. Mr. Tatters began his career in equity research at Burns Fry Ltd. Mr.Tatters holds a CFA designation and a bachelor’s degree in Economics from theUniversity of Western Ontario.

Paolo Lostritto | PresidentMr. Lostritto was the former Director in the Mining Equity Research Group forNational Bank Financial. Since 1997, he has worked in mining equity research atWellington West, Scotia Capital and TD Securities. He currently serves on theBoard of Directors Blue Thunder Mining Inc., which is focused on goldexploration in Quebec. In addition, Mr. Lostritto also sat on the Board ofDirectors for Savary Gold Corp. which was sold to SEMAFO Inc in 2019. Mr.Lostritto holds a Bachelor of Applied Science in Geological and MineralEngineering from the University of Toronto and is a registered ProfessionalEngineer in the Province of Ontario.

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Disclaimer

Red Cloud Securities Inc. is registered as an Investment Dealer in Ontario, Quebec, Alberta and British Columbia and is a member of the

Investment Industry Organization of Canada (IIROC). Part of Red Cloud Securities Inc.'s business is to connect mining companies with

suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members

of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally,

Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and

receive financial and other incentives from issuers as consideration for the provision of such services.

Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a

solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from

sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives,

financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.)

which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before

investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document.

Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any

errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the

content of this document.

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Red Cloud Securities Inc.105 King St. East, 2nd Floor

Toronto ON, M5C 1G61-877-919-5979

info@redcloudsecurities.com