Corvus Gold — Investor Presentation (September 2019)
27 slides from Corvus Gold's investor presentation, September 2019
Slide 1: Corporate Presentation - September 2019
Corporate Presentation - September 2019
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included her
Slide 3: Corvus Gold Experience
Corvus Gold Experience Management Directors Jeffrey Pontius - CEO & President Ron Largent - Chairman Ex AngloGold NA Expl. Mgr, Five discoveries Ex AngloGold Ashanti International COO Carl Brechtel - COO Steven Aaker - Ex Franco Nevada COO, Ex AngloGold Mgr. of New Project Development strong technic
Slide 4: Share Structure
Share Structure ~Shareholder Distribution Management & Employees 7.1% Institutional 26.3% 30.6% Strategic 16.1% Retail 19.9% High Net Worth Long Term 112,462,845 shares I&O Top Shareholders % 121,062,845 shares fully diluted, No Warrants AngloGold Ashanti Limited 19.9 Working Capital ~$5M CDN
Slide 5: Nevada: A Go-To Mining Jurisdiction
Nevada: A Go-To Mining Jurisdiction • Nevada produced 5.6Mozs of gold in 2018 representing 84% of USA & 35% of all NA production • Nevada gold production has dropped in recent years due to increase in difficult, higher cost underground & refractory ore • The Walker Lane Trend has endowment of +80Moz
Slide 6: Greater Bullfrog Gold District - Setting New Land
Greater Bullfrog Gold District - Setting Major Nevada Gold District • Large caldera associated New Land hydrothermal system (6-16Ma) • Three main gold events over the ~3Ma gold history KINROSS GOLD • 10Ma (Bullfrog) • 11.5Ma (SB/YellowJacket) • 12.5Ma (Mother Lode) • Each event +2Mozs, total Distric
Slide 7: North Bullfrog Project Area
North Bullfrog Project Area \ gee Jc Sierra Blanca Wi ny * 9 Beith Tr. sl Legend " ok Priority Targets @® Deposit Oo Corvus North Bullfrog Area Oo Corvus Mother Lode Area -——- Structural Fault
Slide 8: North Bullfrog Project Overview
Corvus Gold, 127 km2 of 100% Owned Mining Claims • North Bullfrog has large Measured, Indicated & Inferred oxide mineral resource • Numerous shallow exploration targets within large 90.5km2 land package • On going drilling generating encouraging resource expansion & new discovery results • Measured
Slide 9: Mother Lode-North Bullfrog PEA Production Profile
Mother Lode-North Bullfrog PEA Production Profile NB-MLP Project PEA Annual Gold and Silver Ounce Production 1,000,000 • 3.6Mozs gold & 900,000 8Mozs silver mined 800,000 • 2.6Mozs Aueq Produced Metal Ounces 700,000 600,000 produced over 9 yrs 500,000 400,000 350,000/yr • First 4 yrs averages 300,00
Slide 10: NBP-MLP PEA Financial Results
NBP-MLP PEA Financial Results Gold Price Sensitivity Table (USD) Gold Price ($/Oz) Pre-tax Cash Flow IRR Post-tax NPV@5% IRR Payback (Yrs) Base Case $1,250 Gold $1,050 $456M 25% $237M 20% 2.9 $1,250 $970M 45% $586M 38% 2.1 • Pre-tax Cash Flow =$970M $1,450 $1,470M 63% $914M 53% 1.7 with a 45% IRR $1
Slide 11: NBP & MLP Production Plan Optimization Advances
NBP & MLP Production Plan Optimization Advances North Bullfrog Mine • New production plan for NBP standalone heap leach project producing ~150Koz/yr • YellowJacket gravity scalp, agglomeration and final leach on pad with ROM low-grade Mother Lode Mine • New process option for MLP as standalone BiOx
Slide 12: Mother Lode Project
ws: Sree Mother Lode Project
Slide 13: Mother Lode Deposit Expansion Targets
Mother Lode Deposit Expansion Targets Area of Initial Area of Phase 3 Resource Drilling Resource Expansion Drilling Program High-grade Feeder Target ML18-083 65.5m @ 1.53 g/t Au ML18-087 47m @ 2.15 g/t Au North ML18-093 N Deposit 116m @ 1.83 g/t Au ML19-104 126m @ 1.85 g/t Au 13 Sept 2019 | Corporat
Slide 14: Mother Lode Model
Mother Lode Model N S Section through Mother Lode resource block model, looking east • Expansion to north of thick high-grade core along FCF forming new deposit center • High-grade Feeder dipping to the west potential repeated MLP deposit • Potential for deeper sed hosted deposit below MLP in Paleoz
Slide 15: Mother Lode Deep Exploration Potential
Mother Lode Deep Exploration Potential W E • Large, thick, tabular body localized along Tertiary- Paleozoic unconformity • Major structural bend of the FC fault forming large broken zone focusing gold mineralization • FCF and New Deep Zone targets could host gold deposits like Meikle deposit New Dee
Slide 16: North Bullfrog Project
Slide 17: North Bullfrog – Resource Expansion Program
North Bullfrog – Resource Expansion Program West Sierra North YellowJacket Sierra Blanca Deposit Blanca NB19-454 • Expanding Sierra Blanca to 24.4m @ 1.21 g/t the west under thin pediment cover with Sierra potential new higher-grade Blanca YellowJacket type discoveries NB19-456 16.8m @ 1.37 g/t Yell
Slide 18: Near-term NBP - Resource Expansion Potential
Near-term NBP - Resource Expansion Potential Unexplored WSB target area Unexplored depth potential at higher Phase II NB Pit gold prices Areas for deposit expansion with higher gold price Southern End of Sierra Blanca Deposit cross-section, looking north Phase I NB Pit Areas for deposit Phase II NB
Slide 19: North Bullfrog – New Discovery & Resource Expansion
North Bullfrog – New Discovery & Resource Expansion Eastern SH Targets • Numerous large high- level alteration systems along major N-S Eastern SH Targets structural zones, similar setting to AngloGold’s, Target Areas Silicon discovery & Mine Area Target historic Bullfrog mine • Numerous targets alon
Slide 20: Two Mines With Fast-track Development Potential
Two Mines With Fast-track Development Potential Development De-Risking Water: Own ~1,500 ac ft. water right (expandable to +2,000 ac ft) Power: New 16 Mw power line (50% more than required) Access: Adjacent to major highway & extensive all weather road access throughout property Labor: Withi
Slide 21: Corvus Gold - Compelling Gold Investment
Corvus Gold - Compelling Gold Investment Strong management team, excellent discovery track record Near-term potential for MLP-NBP mining complex to produce 2.6Mozs over 9 yrs with ~350Koz/yr for the first 4 years PEA pre-tax cash flow at $1,450 gold ~$1.5B, 63% IRR post-tax NPV@5% $914M, 53% I
Slide 22: Performance - Effective | Efficient | Exceptional
Performance - Effective | Efficient | Exceptional • Predecessor Company (ITH) underperformed gold price 07’ & 08’ • From Dec 08’ - Jan 11’, outperformed gold price Corvus current underperformance relative to gold is buying opportunity for a quality, large, growing mineral resource in established, lo
Slide 23: Market Valuations and Recent M&A Activity
Market Valuations and Recent M&A Activity P/NAV Multiples* • Coeur/Northern Empire 0.8x • Centerra/Aurico Metals 0.8x • Eldorado/Integra 0.9x • Goldcorp/Kaminak 1.0x Northern Empire property borders Mother Lode • $90M USD transaction • 43-101 Resource of 709k Au ounces (Inferred) • EV/Au Resource ou
Slide 24: Corvus Gold
CORVUS GOLD 700 West Pender Street, Suite 1750 Vancouver, British Columbia Canada, V6C 1G8 Telephone: (604)-638-3246 Toll Free: 1-844-638-3246 www.corvusgold.com
Slide 25: PEA Assumptions & Detail
PEA Assumptions & Detail Life of Mine Production and Financial Detail LOM Production Data ($1,250 Au & $15 Ag) LOM - North Bullfrog-Mother Lode Project Financials Heap Leach Mill Estimated Initial Capital (M USD) $424 Mine Life (years) 9 9 Estimated Sustaining Capital (M USD) $60 Process Feed (t/day
Slide 26: Highlighted Exploration Results
Highlighted Exploration Results Drill Hole # Interval (m) Gold (g/t) Drill Hole # Interval (m) Gold (g/t) ML-17-001 59.83 1.95 ML-17-018 82.29 1.11 Incl. 24.73 3.67 Incl. 27.43 1.57 Incl. 11.01 5.78 ML-17-020 96.01 1.35 25.6 2.17 Incl. 22.86 3.08 ML-17-002 58.94 2.77 ML-17-021 30.48 2.54 2.83 10.25
Slide 27: Mother Lode - Robust Maiden Mineral Resource
Mother Lode - Robust Maiden Mineral Resource Constrained by Whittle TM @ USD $1,250 Gold Price per ounce Mill Resource (sulfide) Run of Mine Heap Leach Total Mineral Resource @ 0.63 g/t cut-off grade @ 0.06 g/t cut-off grade Resources Gold (Kozs) Tonnes (Mt) Gold (g/t) Gold (Kozs) Tonnes (Mt) Gold (