Viva Gold Corp · TSXV:VAU
Viva Gold — Investor Presentation (February 2023)
30 slides from Viva Gold's investor presentation, February 2023
Slide 1: February 2023
February 2 0 2 3 TSXV: VAU OTCQB:VAUCF Frankfurt: 7PB
Slide 2: Investment Thesis
INVESTMENT THESIS • Tonopah Gold Project located on prolific Walker Lane Gold Trend, western Nevada • M&I Resource with substantial exploration upside (2022 drill results) • High Grade Starter Pit = Low Risk + Rapid Payback • 25% IRR @ $1,400 Au (PEA) • Experienced management team with long track re
Slide 3: Capital Structure / Shareholders
VIVA GOLD CAPITAL STRUCTURE/ SHAREHOLDERS CAPITAL STRUCTURE VIVA GOLD as of 2-6-22 FLOAT 20% Shares Outstanding 91.8M 39.7% Stock Options1 MGMT & BOARD 5.9M Warrants2 23.2M 3.0% 18.3% Fully Diluted 120.9M Market Capital ~$14M 8.6% 10.4% 1)Options: 468k @ 0.24 ex. price, expire Feb 2023; 705k @ $0.29
Slide 4: Experienced Management & Board
EXPERIENCED MANAGEMENT & BOARD CHRISTOPHER HERALD, Chairman & Director ANDY BOLLAND, Director President, CEO and Director Solitario Zinc Corp; former Chairman, Denver Former Hatch Ltd, US Director of Mining and Mineral Processing; former Barrick Gold, Gold Group; former positions with Crown Resource
Slide 5: World Class Walker Lane Trend Production/M&A Activity
WORLD CLASS WALKER LANE TREND PRODUCTION/M&A ACTIVITY Kinross Gold 2021 Producing Round Mountain Mine (258k oz Au in 2021) Centerra Gold Feb 2022 Acquires Goldfield District Project ~ US$206M (US$177/MII Au Oz) AngloGold Sept 2022 Acquired Coeur Mining's Sterling-Secret Pass US$150M ($165/MII oz); N
Slide 6: Exceptional Resource Growth
EXCEPTIONAL RESOURCE GROWTH GOLD OZ EXCEPTIONAL GOLD RESOURCE GROWTH 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 2017* 2018 2019 2020 2022 In-Pit Constrained Mineral Resource (January 1, 2022) (1)(2)(3)(4) * Viva acquired Tonopah in March 2017: Source: Published NI 43-101 studies for t
Slide 7: Tonopah Project Geologic Overview – Long Section
TONOPAH PROJECT GEOLOGIC OVERVIEW – LONG SECTION TVu QAL Low Sulfidation, TVI Qal - Alluvial gravel and sand dunes Epithermal Gold Deposit Tertiary volcanics (TVl) Typical of Walker Lane - $1,650 Pit outline OP Argillite of Ordovician age Palmetto Formation (OP) Round Mountain trend TVu – unminerali
Slide 8: Significant Resource Upside, Pit Areas Developing
SIGNIFICANT RESOURCE UPSIDE 3 PIT AREAS DEVELOPING Midway Hills Pit • Gold mineralization trends generally east to west • Trends cross-cut N-S corridors of high-grade Main Pit mineralization Area • 2/3rds of gold mineralization in Main & South Pits are M&I status $1,650 RESOURCE PIT • Infill drillin
Slide 9: Infill Drilling Inside Pit Shell
INFILL DRILLING INSIDE PIT SHELL 2022 DRILLHOLE TARGETING GOLD GRADE SHELLS Orange/Red = >1.0 g/t Dark yellow = > 0.3 g/t Drill core showing free gold • ~N-S structural corridors carry high-grade Au • Corridors surrounded by low- STRUCTURAL grade disseminated Au CORRIDORS Black dashed line • Numerou
Slide 10: Tonopah Project 2022 Drill Program
TONOPAH PROJECT 2022 DRILL PROGRAM Hole Azimuth Dip From To Length Gold Grade Silver Grade Meter Meter Meter Gram/Tonne Gram/Tonne HIGHLIGHTS OF TG2221 20 -60 183 155 157 1.5 3.0 1.7 2022 REVERSE CIRCULATION 163 165 1.5 0.5 1.7 DRILLING PROGRAM TG2219 -80 170 122 73 91 18.3 4.1 6.5 TG2217 -90 0 122
Slide 11: 2022 Drilling Inside Pit Shell: North & South Pits Merging
2022 DRILLING INSIDE PIT SHELL NORTH & SOUTH PITS MERGING Au g/t X-Section 494000 E, 75 meter wide N TG2219 S TG2209 18.2m @ 5.0 g/t Au In-Fill Drilling Needed 18.3m @ 4.1 g/t Au 86.9m @ 1.3 g/t, incl 3m @ 13.5 g/t Au Source: Viva Gold – VAU News Release August 22, 2022 TSXV: VAU OTCQB:VAUCF Frankfu
Slide 12: Drilling Inside Pit Shell: 2022 Additions to Resource
DRILLING INSIDE PIT SHELL 2022 ADDITIONS TO RESOURCE X-Section 493750 E, 75 m wide N Open Extension S 57.9m @ 5.0 g/t Au incl 10.7m @ 24 g/t Au 49m @ 0.5 g/t Au Source: Viva Gold – VAU News Release August 22, 2022 • Three holes drilled on N-S splay structure, still open to South • Inside $1,650 pit
Slide 13: Good Continuity in Main Pit Area
GOOD CONTINUITY IN MAIN PIT AREA LONG SECTION WITH STRUCTURE E-W Long Section (100M), Main Pit Area, 200 Meters Wide, Bounding Structures & PEA Resource Blocks Shown N S Open Model blocks are 20mx20mx6m size, 2022 holes in red Source: Viva Gold – VAU News Release August 22, 2022 Au g/t • East end of
Slide 14: PEA Study Base Case Parameters
PEA STUDY BASE CASE PARAMETERS Design Concept: Open pit, heap leach with ADR plant gold recovery PIT DESIGN CAPITAL COST Tonnes Mineral (1,000) 12,500 Tonnes Grade 0.784 g/t Contained Au Total 304,820 Oz Category INITIAL SUSTAINING Waste (1,000) Strip 57,800 Tonnes Capital Capital TOTAL Ratio 4.6 Mi
Slide 15: PEA Results: High Return Potential
PEA RESULTS HIGH RETURN POTENTIAL Tonopah $1,400 Project Base Case PEA Project Details Price Sensitivity (USD) Base Case Gold Price ($/oz) $1,400 $1,400 Base Case Price Sensitivity Pre-Tax Economics IRR 25% Pre-Tax (US$MM) Cash Flow (Undiscoutned) $70M Gold Undiscounted NPV 5% Discount Rate $44M Pay
Slide 16: Metallurgical Testwork Optimization Program
METALLURGICAL TESTWORK OPTIMIZATION PROGRAM Gold Recovery Feasible Through Gravity, Flotation and Cyanidation Leach Methods • Mineralization well oxidized & includes high-grade veins, breccias and disseminated low-grade zones in multiple grade populations • Initial bottle-roll & column leach tests p
Slide 17: Infrastructure & Permit Status
INFRASTRUCTURE & PERMIT STATUS • Paved road access • Tonopah Public Utility Commercial Water Pipeline on E boundary of claim block; utility controls substantial water rights • NV Energy 15 kV power line follows pipeline: systems upgradable to 25 kV under existing permits • Environmental Assessment &
Slide 18: Environmental & Social Focus Baseline Studies
ENVIROMENTAL & SOCIAL FOCUS BASELINE STUDIES Ongoing & Completed Studies Include • Biologic studies complete & submitted to BLM No material issues: Not in Sage Grouse or Desert Tortoise habitat • Quarterly water sampling (2-years completed) • Seeps and springs study (1-year completed) • Rock geochem
Slide 19: Tonopah Project Projected Timelines
TONOPAH PROJECT PROJECTED TIMELINES • Drill Programs: 3,000 m program planned for 2023 to follow-up successful 2022 program: extend high-grade corridors in main pit area • Updated Geologic Model and Resource: New resource model currently under development • Metallurgical Study: Phase 2 pulp agglomer
Slide 20: Why Viva Gold? Why Now?
WHY VIVA GOLD? WHY NOW? Tonopah Project Solid Growth And Value Proposition! • 100% owned • Significant resource upside • Well-drilled M&I Resource with expansion opportunities • Unique high-grade starter pit rapid payback, lowered risk • Track record 4 consecutive years of increasing gold resource •
Slide 21: Cautionary Notes / Technical Disclosures
CAUTIONARY NOTES TECHNICAL DISCLOSURES This presentation contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian securities legislation (collectively, “forward-looking information”), including but not limited to the explora
Slide 22: Exploration & Development in Nevada
JAMES HESKETH President and CEO 720-291-1775 jhesketh@vivagoldcorp.com Exploration & Development in ANNE HITE Director, Investor Relations Nevada 303-519-5149 ahite@vivagoldcorp.com December 2022 TSXV: VAU OTCQB:VAUCF Frankfurt: 7PB VivaGoldCorp.com TSXV: VAU OTCQB:VAUCFFrankfurt: 7PB
Slide 23: Appendices
APPENDICES • Tonopah Exploration History • Drillhole Database • 2022 Resource Model Domains • Grade/Tonnage Curve • Geophysics • Metallurgical Testing • Tonopah Land Status TSXV: VAU OTCQB:VAUCF Frankfurt: 7PB VivaGoldCorp.com XX
Slide 24: Tonopah Exploration History
T ONOPAH E X P L O R A T I O N HISTORY Viva Gold 2017+ 1986 Schmidt and Patton claim stake over acquired Midway position, large area of Midway Hills to Thunder reduced royalties, & drilled Mountain based on known silicified 54 holes, remodeled deposit outcrops. 2002 Red Emerald Resources (Midway Gol
Slide 25: Tonopah Project Drillhole Database
T ONOPAH PROJECT D RI LLH O LE D AT ABAS E COMPANY YEAR REVERSE CIRCULATION CORE TOTAL DRILL HOLES TOTAL No. meters No. meters meters FELMONT* 1980 to 1981 92 9,214 92 9,214 COEUR D’ALENE 1988 3 328 3 328 RIO ALGOM 1990 to 1991 41 6,026 41 6,026 KENNECOTT* 1992 to 1996 133 20,486 4 553 137 21,039 BO
Slide 26: 2022 Resource Model Domains
2022 RES O U RC E MODEL DOM AINS • 4 Domains Created By Indicator Shells: High and mid-grade Palmetto Argillite (OP) and N overlaying Tertiary Volcanics Lower (TVL) • High-grade TVL and OP Population: statistically identical with mean grade of 2.4 g/t in TVL and 2.5 g/t in OP • Mid-Grade OP and TVL
Slide 27: 2022 Resource Model Grade/Tonnage Curve
2022 RES O U RC E MODEL GRAD E/ T ONNAG E C U RVE TSXV: VAU OTCQB:VAUCF Frankfurt: 7PB VivaGoldCorp.com XX
Slide 28: Geophysics Highly Effective at Tonopah
GEOPHY S IC S HIGHLY E F F E C T I VE AT T O N O PAH • CSAMT resistivity survey with known gold mineralization on section • Resistivity high correlates well with known gold resource • Newmont & Kennecott completed 26 CSAMT lines over 15 km of trend • Six geophysical methods tested at Tonopah • Gravi
Slide 29: Metallurgical Testing
METALLURGICAL TESTING Successful Au recovery demonstrated through cyanide 60 Day Column Leach Test Results leach methods – limited sample 100.0 %Gold Recovery 80.0 Weighted Average Of Argillite (OPA) & Tertiary Volcanic Samples 60.0 40.0 (TRT, TRV and TVS) Approximately 71% Recovery 20.0 TRT, TVS, T
Slide 30: Tonopah Project Land Status
TONOPAH PROJECT LAND STATUS Exploration permitted under Plan of Operations for up to 75 acres of disturbance 513 Unpatented claims (~10,250 acres) 2% NSR Royalty with 1% buy-out option on 128 claims in block Tonopah Unpatented Lode Mining Claims Showing $1,600 Pit shell outline TSXV: VAU OTCQB:VAUCF