Why Invest in Flow-Through LPs?

100% federal tax deduction against taxable income Additional 15% federal tax credit (ITC) on mining FTs Liquidity and further tax deferral may be achieved if and when the FTLP is rolled into our mutual fund Offers flow-through shares from a diversified basket of resource issuers Professional management and administration of the securities within the Partnership

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Marquest Mining Québec 2020-I Super Flow-Through LP*

Potential Tax Benefits per $10,000 investment*: 100% CEE plus soft costs allow for 92% deduction in 2020 Additional net 8% deduction in 2021 and beyond 15% federal tax credit on eligible CEE

* Assuming 100% of CEE is eligible for ITC. 1) Value of ITC included as taxable income in 2021. 2) 15% federal tax credit earned on 100% of eligible CEE deductions. 3) Québec marginal tax rate of 53.31% used 4) 100% of admissible CEE is expensed in Québec.

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2020 2021

and beyond Total

Investment in a FTLP $10,000

CEE Deductions $9,000 $9,000

Issuance cost $200 $800 $1,000

Québec and surface mining exploration $1,800 $1,800

Total Deductions $11,000 $800 $11,800

Tax Savings from Deductions $5,368 $427 $5,795

Investment Tax Credit $1,350 $1,350

ITC income inclusion ($372) ($372)

TAX REFUND $6,718 $55 $6,773

The above table should be read in conjunction with the more detailed set of assumptions listed under “Selected Financial Aspects” in the offering memorandum.

Includes 15% federal tax credit on eligible CEE

Federal and Québec Tax Advantages for an Individual Québec Investor

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100% 70% 50%

Highest marginal tax rate for 2020 53.31% 53.31% 53.31%

Investment in a FTLP $10,000 $10,000 $10,000

CEE deductions $9,000 $9,000 $9,000

Issuance cost $1,000 $1,000 $1,000

Québec and surface mining exploration $1,800 $1,260 $900

Total deductions $11,800 $11,260 $10,900

Tax savings from deductions $5,795 $5,656 $5,563

Investment tax credit $1,350 $1,350 $1,350

ITC income inclusion ($372) ($372) ($372)

TAX REFUND $6,773 $6,634 $6,541

Marquest Mining Québec 2020-I Super Flow-Through LP*

Potential Tax Benefits per $10,000 investment*: 100% CEE plus soft costs allow for 92% deduction in 2020 Additional net 8% deduction in 2021 and beyond 15% federal tax credit on eligible CEE

* Assuming 100% of CEE is eligible for ITC. 1) Value of ITC included as taxable income in 2021. 2) 15% federal tax credit earned on 100% of eligible CEE deductions. 3) Québec marginal tax rate of 53.31% used 4) 100% of admissible CEE is expensed in Québec.

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Marquest’s Competitive Advantage

Maximum allowable tax benefits in the year of investment > Eligible deductions of up to

100% of qualified CEE renounced to the partnership

> Plus additional 15% federal investment tax credits

> Plus additional 2 x 10%

admissible deductions in Québec

Rollover on or before November 30th, 2021

Managing resource sector mandates for over 40 years > Extensive, long-term

relationships with a broad universe of flow-through issuers

> Strong investment returns

MAXIMUM TAX BENEFITS SHORT DURATION EXPERIENCED

INVESTMENT MANAGER

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© 2014 Marquest Asset Management Inc.

Over 40 years’ experience managing investment funds for corporations, pension funds and individuals Former Chief Investment Officer of the Inco Pension Plan Managed multiple small cap equity and fixed income mandates Extensive experience in Canadian mining flow-through sector

Gerry L. Brockelsby, CFA CHIEF INVESTMENT OFFICER DIRECTOR

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Investment Guidelines

All resource issuers will be listed on the Canadian stock exchange No more than 10% of a company’s shares may be owned Invest in 10 to 25 companies 100% of available funds may be invested in flow-through shares eligible for the 100% CEE tax deduction Minimum 60% of the portfolio will be invested in Québec qualified flow-through issuers to maximize deductions to Québec residents

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Approximate Ranges Of Expected Sector Weightings

BASE METALS 30-40%

GOLD 30-40%

LITHIUM, GRAPHITE 10-20%

SILVER, PLATINUM & PALLADIUM 10-15%

URANIUM 10-15%

RARE EARTH METALS & MINERALS 5-10%

PHOSPHATE & POTASH 5-10%

DIAMONDS 2-5%

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Stock Selection Criteria

Each portfolio’s investment strategy is to invest in flow-through shares that: Represent good fundamental value Have experienced and capable senior management Have a strong exploration and development program Resource assets have good economic potential

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Resource Market Outlook Global economic growth is showing signs of reaccelerating in the coming months which is expected to improve the demand outlook for the metal commodities. China’s economy in particular appears to be rebounding as aggressive monetary easing coupled together with a simulative fiscal policy has been underway for several months. Metal inventories have been declining for the past five years due in major part to reductions in capital investment in the mining industry. With low inventories any improvement in demand for metals will likely cause a positive reaction in metal prices. Commodity markets have been trading sideways for the past four years. The recent rally has been accompanied by an expansion of the number of new highs in the underlying commodities, indicating that the breadth of the commodities markets are gaining strength. Canadian mining stocks are trading at low valuation levels.

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Global Economic Growth Global economic growth is showing signs of reaccelerating in the coming months which is expected to improve the demand outlook for the metal commodities. China’s economy in particular appears to be rebounding as aggressive monetary easing coupled together with a simulative fiscal policy has been underway for several months. The signing of the first phase of the US/China trade resolution will also improve growth in both the US and Chinese economies. While the Coronavirus is expected to have a significant impact on global growth in the near term and on the Chinese economy in particular we expect the policy response to be an even more aggressive fiscal and monetary expansion. This will likely cause an even greater rebound in economic activity once the Coronavirus has been contained.

Global Leading Indicators

Global leading economic indicators are suggesting an upturn in global growth is underway as can be in the chart (gold line). During periods of improving economic growth copper tends to outperform gold as it is more sensitive to changes in economic activity. The copper/gold ratio (blue line) has turned up corroborating the view that global growth is improving.

Metal Inventories Metal inventories have been declining for the past five years due in major part to reductions in capital investment in the mining industry. With low inventories any improvement in demand for metals will likely cause a positive reaction in metal prices. .

Commodity Markets

Commodity markets have been trading sideways for the past four years as can be seen in the chart of the CRB Index below. The recent rally has been accompanied by an expansion of the number of new highs in the underlying commodities, indicating that the breadth of the commodities markets are gaining strength.

Wallbridge Mining Co. Ltd.

•  The major asset and growth driver for the company is the Fenelon Gold Project located in the Abitibi region of Quebec.

•  Since purchasing the Fenelon property in 2016 the company has completed over 65,000 metres of drilling and successfully completed a 35,000 tonne bulk sample which produced gold at 18.5g/t providing substantial cash flow to the company.

•  In February 2019 exploration activity defined a new gold system named Area 51 which is a low-grade, stockwork-style gold mineralization surrounding the more focused higher-grade shear zones.

•  The company is well funded and plans a major increase in both surface and underground exploration in order to further expand the resource estimate. The long term goal of the company is to develop Fenelon into a 100,000-ounce annual gold producer.

Data as of February 7, 2020

Galway Metals Inc. •  Galway Metals Inc. (GMW) is a gold and

base metal company based in Toronto with exploration assets in Quebec and New Brunswick.Galway has two high-grade projects, Estrades a gold rich zinc/copper property in NW Quebec and the Clarence Stream gold property in southern New Brunswick.

•  The Galway has two high-grade projects, Estrades a gold rich zinc/copper property in NW Quebec and the Clarence Stream gold property in southern New Brunswick.

•  Galway has a highly experienced management team that has successfully developed mining assets and monetized their value in the past. The company’s assets are excellent exploration properties in mining friendly jurisdictions with good infrastructure. The progress the company has made with the Clarence Stream project demonstrates the company’s value added disciplined exploration process.

Data as of February 7, 2020

This confidential offering memorandum (the “Offering Memorandum”) constitutes an offering of securities in all provinces, and to those persons where and to whom they may be lawfully offered for sale. This Offering Memorandum is not, and under no circumstances is it to be construed as, a prospectus or advertisement or a public offering of these securities. No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the securities offered hereby and any representation to the contrary is an offence. Persons who acquire securities pursuant to this Offering Memorandum will not have the benefit of the review of this material by any securities commission or similar authority. This Offering Memorandum is for the confidential use of only those persons to whom it is transmitted in connection with this offering. By their acceptance of this Offering Memorandum, recipients agree that they will not transmit, reproduce or make available to anyone, other than their professional advisers, this Offering Memorandum or any information contained herein. No person has been authorized to give any information or to make any representation not contained in this Offering Memorandum. Any such information or representation which is given or received must not be relied upon. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Disclaimer

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