Madsen Mine

Fully Permitted Gold Mine in Canada’s High Grade Gold District

NI43-101

Top Tier Assets in Red Lake: Fully permitted gold mine sitting on top of highly prospective exploration targets in a world class gold district

Robust, Data-Rich Technical Foundation: Updated Mineral Resource Estimate announced in June 2023

Near Term Production: With 18 months of recent operating history; initial start-up challenges have been understood; new approach to cost management, mine planning, and execution underway

Deep Value Opportunity: Over C$350 million invested to date; significant and expandable surface and underground infrastructure; potentially transferable tax assets to further underpin valuation

1.65 M ounces

of gold at

7.4 g/t

¹

within 6.9 million tonnes in the indicated category

0.37 M ounces

of gold at

6.3 g/t

¹

within 1.8 million tonnes in the inferred category

¹Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc. and dated June 16, 2023. A full copy of the SRK report is available on the Company’s website and on SEDAR+ at www.sedarplus.ca.

Reduce

Reduce ongoing liabilities associated with maintaining the Madsen site in alignment with active permits.

DeRisk Resource

Review and prioritize exploration targets at Madsen.

Stakeholder Management

West Red Lake team will ensure industry leading Indigenous and community engagement.

Initiate

Initiate regional exploration program focused on discovering additional gold ounces.

Growth

Growth investigates accretive opportunities in the area, organically grow the existing resource base, de-risk Madsen, and exceed previously achieved peak market capitalization.

Next Steps for Madsen Mine

Multiple

growth targets

47

square kilometres 100% owned

Wedge target emerging as one of our most promising and high priority targets with high grade historic drill results and excellent infrastructure and access.

Drill testing at Gap and Derlak in 2021 confirmed mineralization at depth over significant widths.

Madsen Mine

NI43-101

1.65 M ounces

of gold at

7.4 g/t

¹

within 6.9 million tonnes in the indicated category

0.37 M ounces

of gold at

6.3 g/t

¹

within 1.8 million tonnes in the inferred category

Reduce

DeRisk Resource

Stakeholder Management

Initiate

Growth

Next Steps for Madsen Mine

Multiple

47

Wedge target emerging as one of our most promising and high priority targets with high grade historic drill results and excellent infrastructure and access.

Drill testing at Gap and Derlak in 2021 confirmed mineralization at depth over significant widths.

WEST

RED

LAKE

GOLD

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Madsen Mine

NI43-101

1.65 M ounces

of gold at

7.4 g/t

1

within 6.9 million tonnes in the indicated category

0.37 M ounces

of gold at

6.3 g/t

1

within 1.8 million tonnes in the inferred category

Reduce

DeRisk Resource

Stakeholder Management

Initiate

Growth

Next Steps for Madsen Mine

Multiple

47

Wedge target emerging as one of our most promising and high priority targets with high grade historic drill results and excellent infrastructure and access.Drill testing at Gap and Derlak in 2021 confirmed mineralization at depth over significant widths.

WEST

RED

LAKE

GOLD

Follow us

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¹

¹

Wedge target emerging as one of our most promising and high priority targets with high grade historic drill results and excellent infrastructure and access.

Drill testing at Gap and Derlak in 2021 confirmed mineralization at depth over significant widths.