N O M A D - 121 Group · This presentation contains statements that may constitute...

N O M A DR O Y A L T Y C O M P A N Y

I N V E S T I N F R E S H T H I N K I N G | N S R

CAUTIONARY STATEMENTS

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Forward Looking Statements

This presentation contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of the Company and itsbusiness, or the assumptions underlying any of the foregoing. In this presentation, words such as “may”, “would”, “could”, “will”, “likely”, “believe”,“expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements.Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether,or the times at or by which, such future performance will be achieved. The forward-looking events and circumstances discussed in this presentation,including completion of the proposed Transaction and Concurrent Private Placement described herein, possible listing of the Company’s common shares onthe Toronto Stock Exchange and the revenues that will be generated by the portfolio assets decribed herein, may not occur and could differ materially as aresult of known and unknown risk factors and uncertainties affecting the Company, including risks regarding royalty, stream and gold loan assets, marketprice of the metals under royalty, stream and gold loan assets, the ability of the Company’s management to manage and to operate the business of theCompany, and the equity markets generally. Forward-looking information is based on information available at the time and/or management’s good-faithbelief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of whichare beyond the control of the Company. These risks, uncertainties and assumptions include, but are not limited to those described in the Company’sManagement’s Discussion & Analysis for the year ended March 31, 2020, a copy of which is available, on SEDAR at www.sedar.com, and could cause actualevents or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does it undertake anyobligation, to update or revise any forward-looking information contained in this presentation to reflect subsequent information, events or circumstances orotherwise, except if required by applicable laws.

Qualified Persons

Louis-Pierre Gignac, ing., M.Sc.A, CFA ,is a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), and has reviewed and approved the technical information contained in this presentation.

Réjean Sirois, P. Eng, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information contained in this presentation.

Investors are cautioned that, except as disclosed in the Company’s public filings, any information released or received with respect to the Transaction maynot be accurate or complete and should not be relied upon.

Currency Fluctuations. The amounts in this presentation are reported in U.S. dollars unless otherwise noted.

J O S E P H D E L A P L A N T EF O U N D E R &

C H I E F I N V E S T M E N T O F F I C E R ,D I R E C T O R

V I N C E N T M E TC A L F EF O U N D E R &

C H I E F E X E C U T I V E O F F I C E R , D I R E C T O R

N E W GE N E RATI O N TEA M & B OA RDN O M A D R O Y A L T Y C O M P A N Y

Istvan Zollei, Director, Portfolio Manager – Orion Resource PartnersGerardo Fernandez, Director, VP Corporate – Development Yamana GoldMatt Gollat, Director, VP Corporate Development – Premier GoldJamie Porter, Director, CFO – Alamos GoldRobin Weisman, Director, 30 years experience in global mine financing (IFC), Director

B2Gold and INV Metals

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E L I F L É V E S Q U EF O U N D E R &

C H I E F F I N A N C I A L O F F I C E R

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BO

AR

D O

F D

IREC

TOR

S

B U I L D I N G O N O U R E X P E R I E N C EN O M A D R O Y A L T Y C O M P A N Y

G U A L C A M A Y O M I N E , A R G E N T I N A

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N E W G E N E R A T I O N T E A M – N E W V I S I O N F O R T H E S E C T O R

M A I N T A I N H I G H L Y D I V E R S I F I E D P O R T F O L I O

F O C U S O N F R E E C A S H F L O W

C O M M I T M E N T T O L O W G & A

L E A D W I T H D I V I D E N D

N O O F F S H O R E S U B S I D I A R Y

F O C U S O N V A L U E A C C R E T I V E T R A N S A C T I O N S

B U I L D O P T I O N A L I T Y & L E V E R A G E T H R O U G H R E S O U R C E G R O W T H

W H Y N O M A DN O M A D R O Y A L T Y C O M P A N Y

C H A P A D A M I N E , B R A Z I L5

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B U I L D I N G A P R E C I O U S M E T A L S R O Y A L T Y C O M P A N Y A G A I N

G R O U N D F L O O R O P P O R T U N I T Y – R A R E O P P O R T U N I T Y I N T H E S E C T O R

1 0 0 % G O L D & S I L V E R

S T R O N G & I M M E D I A T E C A S H F L O W – 5 C A S H F L O W I N G A S S E T S

“ L O W C O S T ” & H I G H M A R G I N → I M M E D I A T E F R E E C A S H F L O W

A T T R A C T I V E V A L U A T I O N → A C Q U I R E D P O R T F O L I O S A T 1 . 0 X N A V

R O B U S T & A C T I O N A B L E P I P E L I N E O F O P P O R T U N I T I E S

E X EC U TI N G O N TH E P L A NN O M A D R O Y A L T Y C O M P A N Y

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ANNOUNCED ELIF LEVESQUE AS FOUNDER & CFO

COMPLETED C$13.3 M EQUITY FINANCING

COMPLETED LISTING STATEMENT WITH TSX VENTURE & TSX

GRADUATED FROM TSX VENTURE TO TSX UNDER TICKER “NSR”

COMPLETED ACQUISITION AGREEMENTS WITH ORION & YAMANA

EXECUTE FOLLOW-ON DEAL(S)

ANNOUNCE DIVIDEND POLICY

ANNOUNCE OTCQX LISTING

INCREASE FINANCIAL CAPACITY

INCREASE MARKET AWARENESS

INCREASE RESEARCH COVERAGE

INCREASE TRADING LIQUIDITY

C A T A L Y S T S & T O - D O s

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AS OF MAY 29, 2020

SYMBOL TSX: NSR

SHARE PRICE CAD $1.23

MARKET CAPITALIZATIONCAD $629MUSD $464M

PF SHARES OUTSTANDINGOPTIONS

BASIC SHARES: 511MOPTIONS : 2.4M

CASH ON HAND ~USD $7M

DEFERRED PAYMENTUP TO $10M DEFERRED PAYMENT TO YAMANA (1)

SHAREHOLDERSORION:YAMANA:MANAGEMENT:

77.6%13.0%

2.5%

1. The deferred payment will have a term of two years (subject to early redemption features), will bear interest at an annual rate of 3% and will be convertible into common shares of the Company at the option of the holder at a price of CAD$ 0.90 per share.

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C A P I TA L STR U C TU R EN O M A D R O Y A L T Y C O M P A N Y

S H A R E H O L D E R S

▪ ORION MINE FINANCE

▪ YAMANA GOLD

▪ ADRIAN DAY ASSET MANAGEMENT

▪ FTQ

▪ HIGH NET WORTH INVESTORS

▪ TO COME

R E S E A R C H C O V E R A G E

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SURUCA2% NSR ROYALTY OXIDES2% NSR ROYALTY SULPHIDES

GUALCAMAYO (PRODUCING)2% NSR ROYALTY OXIDES1.5% NSR ROYALTY DCP

RDM (PRODUCING)1% NSR GOLD

WOODLAWNSILVER STREAM

BLYVOORGOLD STREAM

BONIKRO (PRODUCING)GOLD STREAM

MERCEDES (PRODUCING)SILVER STREAM

SOUTH ARTURO (PRODUCING)SILVER STREAM

PREMIER GOLD LOAN

GUALCAMAYO DCP PAYMENT

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GLOBALLY DIVERSIF IED PORTFOLION O M A D R O Y A L T Y C O M P A N Y

S T R O N G & D I V E R S E O P E R A T O R S

N O M A D R O Y A L T Y C O M P A N Y

DIVERSIFIED PRECIOUS METALS CASH FLOW

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G O L D7 7 %

S I L V E R2 3 %

M E T A L B R E A K D O W N 1 ( % ) A S S E T S T A G E 1 ( % )

P R O D U C T I O N4 9 %

N E A R - T E R M P R O D U C T I O N ( 2 0 2 1 )

3 7 %

D E V E L O P M E N T1 4 %

8 6 % V I S I B I L I T Y

O N C A S H F L O W

1 0 0 %P R E C I O U S

M E T A L S

2 0 2 1 E S T I M A T E D D E L I V E R I E S N U M B E R O F A S S E T S P E R S T A G E

P R O D U C T I O N : 5C O N S T R U C T I O N R A M P U P : 2 D E V E L O P M E N T : 3

G O L D : 1 7 , 0 0 0 o zS I L V E R : 6 7 5 , 0 0 0 o zT O T A L G E O S : 2 5 , 0 0 0 o z

Source: Company Financial Model1. Based on NPV

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S T R O N G & D I V E R S E O P E R A T O R S

THE ROYALTY SECTOR TODAY

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SECTOR DOMINATED BY THE THREE LARGEST PLAYERS

THAT BENEFIT FROM VERY LOW COST OF CAPITAL

MANY SUCCESSFUL NEW ENTRANTS OVER THE LAST

3-5 YEARS (OSISKO, TRIPLE FLAG, MAVERIX, METALLA)

FEW BARRIERS TO ENTRY, HOWEVER THE PROSPECT

OF LONG-TERM SUCCESS DEPENDENT UPON:

LITTLE TO NO CORPORATE M&A ACTIVITY OVER THE

LAST 10 YEARS

M O D E L A P P E A L S T O I N V E S T O R S G I V E N L O W E R - R I S K P R O F I L E


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$2$6 $7

$26

$32

$23$27

$33

$56

2004 2006 2008 2010 2012 2014 2016 2018 2020

ANNUAL SECTOR EV/EBITDA MULTIPLE20x 16x 15x 14x 20x 16x 17x 17x 18x

R O Y A L T Y S E C T O R M A R K E T C A P 1 ( U S $ B )

GROWI NG MARKET SHARE CREAT ES OP P ORTUNI TY

Source: Bloomberg, Company Reports, Scotiabank, BMO, CIBC, S&P Capital IQ1. End of year figures shown. 2020 figure shown as at April 30, 2020

S E C T O R T H E M E S

ROYA LTY S EC TO R P E RFO RM A N CE S I N C E N O M A D A N N O U N C EM EN T


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GOLD PRICE HITTING ALL-TIME HIGHS

SENIOR ROYALTY COMPANIES HITTING ALL-TIME HIGHS

21%

14%

10%

(1%)

60%

56%

25%

15%12%

8% 8%

16%

5%3%

(5%)

42%

33%

21%

6%

26%

9%

(5%)

GDX GOLD GDXJ SILVER WHEATON FRANCO-NEVADA

SANDSTORM OSISKO ROYALGOLD

MAVERIX METALLA

Year-to-date

Since Creation of Nomad

R E L A T I V E P R I C E P E R F O R M A N C E

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Source: Bloomberg, S&P Capital IQ, as of May 25, 2020.


ATTRACTIVE VALUATION

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P / N A V

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Peer Average: 2.11X

Peer Average: 24.3X

P / 2 0 2 1 C FE V / 2 0 2 1 E B I T D A

32.2x

26.0x

20.9x

20.9x 20.4x 15.6x 13.1x

FNV WPM RGLD MMX SSL NSR OR

Peer Average: 22.2X

Source: Bloomberg, S&P Capital IQ, NSR Estimates, as of May 25, 2020.

SIGNIFICANT RE-RATING POTENTIAL

CASH GENERATION TO FUEL HIGHER MULTIPLES

CURRENT ENVIRONMENT TO FURTHER FUEL

VALUATION WITH ARRIVAL OF GENERALISTS

35.8x

26.2x 22.8x 22.5x 21.7x

16.7x 14.4x

FNV WPM RGLD MMX SSL OR NSR

3.34x

2.74x 2.59x

1.76x 1.70x 1.48x

1.36x 1.12x

FNV RGLD WPM SSL MMX MTA NSR OR


SECTOR CONSOLIDATION & COLLABORATIONT H E N E X T S T E P F O R T H E R O Y A L T Y & S T R E A M I N G S E C T O R

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PART NERSHIPS & CO - I NV EST MENTS

MERGERS & ACQ UI S I T I ONS

STRONG SUPPORT FROM ORION, YAMANA AND STRATEGIC PARTNERS

TO EXECUTE ON STRATEGY

STRONG NETWORK OF RELATIONSHIPS WITHIN THE ROYALTY SECTOR & ALTERNATIVE PROVIDERS

OF CAPITAL

NOMAD TO JOIN FORCES WITH CREDIBLE PARTNERS

TO CARRY-OUT GROWTH STRATEGY

WILL ALLOW NOMAD AND SMALLER PEERS TO COMPETE WITH BIG 3 ON LARGE ASSET DEALS

WILL ALLOW NOMAD AND SMALLER PEERS TO GROW QUICKLY AND

CATCH UP TO BIG 3

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EXECUTING ON A SIMPLE STRATEGY

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• Top of mind for investors• Minimize cost to shareholders

A I M T O H A V E L O W E S T G & A C O S T I N T H E S E C T O R

• Compensation and share price performance to be closely linked• Return capital to shareholders – low G&A allows for stronger dividend

T H I N K L I K E O W N E R S F I R S T I N E V E R Y T H I N G W E D O

• Focus on producing assets or highly de-risked assets• High degree of asset diversification (in terms of number of assets and jurisdiction)• Stay focused on precious metals• Return capital to shareholders through high dividend (>2% Yield, double the peers)• Low G&A

M A I N P I L L A R S A N D F O C U S F O R N O M A D

Y E A R 1 : E X P E C T E D C A S H G & A C O S T S O F ~ $ 2 . 5 M

S T E A D Y S T A T E : E X P E C T E D C A S H G & A C O S T S O F ~ $ 4 . 0 T O $ 5 . 0 M A N N U A L LY

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S T E A D Y B U S I N E S S P L A N

I N N O V A T I V E M I N D S E T

TO CAPTURE STRONG VALUATION MULTIPLE QUICKLY

▪ Acquisition-driven strategy▪ Increase collaboration & partnership

S C A L E U P

▪ Near-term or in-production assets▪ Prioritize value and optionality▪ Minimize exposure to financing risk and long

development timelines

A C Q U I R E R I S K - A D J U S T E D A S S E T S

▪ Look to achieve high-level of asset diversification

D I V E R S I F Y

▪ Maintain/grow dividend (1)

▪ Lowest G&A

D I F F E R E N T I AT E F R O M P E E R S

▪ Focus on increasing trading liquidity▪ Requires time and discipline▪ Seek index inclusion

L I Q U I D I T Y

▪ Focus on cash flow generation▪ Management has an established track record

of accretive transactions

E X E C U T I O N / F I N A N C I A L D I S C P L I N E


KEY SUCCESS FACTORS

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1. The current intention of the Company is to establish a policy of declaring a quarterly dividend in the months following the completion of the proposed Transaction. Any determination to pay dividends in the future will be at the sole discretion of the board of directors of the Company and will depend on many factors

“We are a new generation team that is well known to royalty

and streaming investors and is ready to execute”


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[email protected]

[email protected]

[email protected]

E M A I L

+1.514.249.9960

+1.514.546.1070

+1.514.458.6840

P H O N E

1275 Av. des Canadiens-de-Montréal

Suite 500

Montreal, Québec

O F F I C E

T H A N KY O U

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A P P E N D I X A :A S S E T S

BLYVOOR

OVERVIEW:THE BLYVOOR GOLD MINE IS LOCATED ON THE WITWATERSRAND AU BELT,WHICH HAS PRODUCED OVER 40% OF THE WORLD’S GOLD AND CONTINUESTO HOLD ONE OF THE WORLD’S LARGEST KNOWN GOLD RESOURCESGLOBALLY.

BLYVOOR COMMENCED PRODUCTION IN 1942 AND IS CONSIDERED ONE OFTHE TEN LARGEST GOLD PRODUCING MINES IN THE WORLD, HAVINGPRODUCED OVER 45 MILLION OUNCES AU HISTORICALLY. NEAR-BYPRODUCING AU MINES INCLUDE MPONENG (ANGLOGOLD), DREIFONTEIN(SIBANYE), ELAND (HARMONY), AND SOUTH DEEP (GOLDFIELDS).

THE TWO REEFS MINED AT BLYVOOR ARE CARBON LEADER AND MEDELVLEI.

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OPERATOR: BLYVOOR GOLD (74%) / BEE ENTITIES (26%)

LOCATION: WITWATERSRAND GOLD BELT, SOUTH AFRICA

STREAM: ▪ ON THE FIRST 300KOZ GOLD DELIVERED

‒ 10% OF PRODUCTION ON FIRST 160KOZ GOLD PRODUCED IN A CALENDAR YEAR/5% ON REMAINING PRODUCTION DURING THE YEAR

▪ FOLLOWED BY 0.5% OF PRODUCTION ON THE FIRST 100KOZ GOLD PRODUCED IN A CALENDAR YEAR

‒ ON FIRST 10.32MOZ GOLD PRODUCED AT THE BLYVOOR MINE

▪ SUBJECT TO AN ONGOING PAYMENT OF US$572/OZ

STATUS: ▪ CONSTRUCTION, PRODUCTION LATE 2020/EARLY 2021

▪ THE COMPANY HAS COMMISSIONED A NI 43-101 COMPLIANT TECHNICAL REPORT WHICH IS EXPECTED TO BE COMPLETED AND FILED IN THE COMING WEEKS

1. See Appendix B for mineral reserves and mineral resources breakdown

OPERATOR: ALLIED GOLD (89%) / GOVERNMENT (10%) / AFC (1%)

LOCATION: HIRÉ, IVORY COAST

STREAM:

▪ 6.0% OF PRODUCTION UNTIL 650KOZ GOLD PRODUCED

▪ 3.5% OF PRODUCTION UNTIL 1.3MOZ GOLD PRODUCED

▪ 2.0% THEREAFTER

▪ SUBJECT TO AN ONGOING PAYMENT OF US$400/OZ

STATUS: PRODUCTION

BONIKRO

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OVERVIEW:

THE BONIKRO MINE CONSISTS OF TWO PRIMARY AREAS NAMELY BONIKRO(37 KM2 MINING LICENCE) AND HIRÉ (195 KM2 MINING LICENCE).DOUGBAFLA IS IN THE PROCESS OF BEING CONVERTED FROM ANEXPLORATION LICENCE INTO A MINING LICENSE.

GOLD HAS BEEN PRODUCED FROM THE BONIKRO OPEN PIT AND THROUGHTHE BONIKRO CIL PLANT SINCE 2008. OVER 1 MILLION OUNCES HAVE BEENPRODUCED FROM BONIKRO AND HIRÉ.

HIRÉ IS A COLLECTION OF THREE DEPOSITS AND OPEN PITS, THAT AREAPPROXIMATELY 5 KM FROM THE BONIKRO MINE AND UTILISE THE SAMEBONIKRO PROCESSING PLANT.

OPERATOR: HERON RESOURCES (100%)

LOCATION: NEW SOUTH WALES, AUSTRALIA

RESERVES & RESOURCES1:

▪ P&P MINERAL RESERVES: 806 MLB ZN,13.1 MOZ AG

▪ TOTAL MINERAL RESOURCES: 1,508 MLB ZN, 22.1 MOZ AG

SILVER STREAM: ▪ SILVER STREAM ON PAYABLE SILVER

‒ 80% OF PAYABLE SILVER UNTIL 2.15 MOZ AG DELIVERED

‒ 40% OF PAYABLE SILVER UNTIL 3.4 MOZ AG DELIVERED

‒ 25% OF PAYABLE SILVER THEREAFTER

▪ SILVER STREAM ON PAYABLE ZINC (STREAMED PAYABLE ZINC X ZINC SILVER CONVERSION RATE OF 170.2 OZ AG PER T ZN)

‒ 0.30% OF PAYABLE ZINC UNTIL 140 TONNES DELIVERED

‒ 1.15% OF PAYABLE ZINC UNTIL 910 TONNES DELIVERED

‒ 2.25% OF PAYABLE ZINC UNTIL 4,200 TONNES DELIVERED

‒ 0.75% OF PAYABLE ZINC FOR THE REMAINING LIFE OF THE MINE

▪ SUBJECT TO AN ONGOING PAYMENT OF 20% OF PREVAILING SILVER PRICE.

▪ 0.2% PB MARKETING FEE

LEAD MARKETING FEE:

0.2% OF SALE PROCEEDS FROM LEAD CONCENTRATE PRODUCED AT WOODLAWN (APPLICABLE TO THE FIRST 100KT OF LEAD CONCENTRATE PRODUCTION)

STATUS: COMMISSIONING

WOODLAWNOVERVIEW:

THE WOODLAWN DEPOSIT WAS MINED VIA OPEN PIT &UNDERGROUND BETWEEN 1978 AND 1998.

THE HIGH GRADE PROJECT WAS ACQUIRED BY TRIAUSMIN,WHICH LATER MERGED WITH HERON IN AUGUST 2014.

A FEASIBILITY STUDY WAS RELEASED IN MID‐2016 AND ACONSTRUCTION FUNDING PACKAGE WAS SUBSEQUENTLYSECURED IN AUGUST 2017.

CONSTRUCTION BEGAN IN SEPTEMBER 2017, WITHCOMMISSIONING COMMENCING IN 2019.

THE PROCESSING FACILITY HAS THE FLEXIBILITY TO SWITCH FEEDBETWEEN UNDERGROUND ORES AND TAILINGS RECLAMATIONORES.


MERCEDES – SOUTH ARTURO

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OPERATOR: PREMIER GOLD MINES (100% MERCEDES/40% SOUTH ARTURO)

LOCATION: ▪ THE MERCEDES MINE IS LOCATED IN THE STATE OF SONORA, NORTHWEST MEXICO

▪ THE SOUTH ARTURO PROPERTY IS LOCATED IN THE PROLIFIC CARLIN TREND, 48KM NORTHWEST OF THE CITY OF CARLIN, NEVADA


MERCEDES (100%)

▪ P&P MINERAL RESERVES: 395 KOZ AU, 2.7 MOZ AG

▪ M&I MINERAL RESOURCES: 356 KOZ AU, 3.98 MOZ AG

▪ INFERRED MINERAL RESOURCES: 231 KOZ AU, 1.99 MOZ

SOUTH ARTURO (40%)

▪ P&P MINERAL RESERVES: 275 KOZ AU

▪ M&I MINERAL RESOURCES: 309 KOZ AU

▪ INFERRED MINERAL RESOURCES: 32 KOZ AU

STREAM: ▪ STREAM ON SILVER PRODUCTION FROM MERCEDES (100% OWNERSHIP) AND SOUTH ARTURO (40% OWNERSHIP) MINES

▪ 100% STREAM APPLICABLE TO THE FIRST 3.75MOZ OF SILVER DELIVERED, FOLLOWED BY 30% OVER THE LIFE OF MINE

▪ MINIMUM DELIVERY OF 300KOZ OF AG ANNUALLY UNTIL THE CUMULATIVE DELIVERY OF 2.1MOZ (~6 YEARS REMAINING)

▪ SUBJECT TO ONGOING PAYMENT OF 20% OF THE PREVAILING SILVER PRICE

GOLD LOAN: 4.9 KOZ AU PAYABLE IN 2 EQUAL INSTALLMENTS: MARCH 31 2020 AND JUNE 30 2020, FOLLOWED BY 12.0 KOZ AU PAYABLE QUARTERLY IN 12 INSTALMENTS STARTING SEPT 30, 2020

STATUS: PRODUCTION

1. See Appendix B for reserves and resources breakdown

MERCEDES

OVERVIEW:

MERCEDES IS A 2,000 TPD UNDERGROUND GOLD-SILVER MINE. SEVERALMINING METHODS ARE UTILIZED INCLUDING CUT-AND-FILL AND BULKMETHODS. SINCE ACQUIRING THE MINE, COST REDUCTION ANDINCREASING EFFICIENCIES AND THROUGH-PUT HAS BEEN A PRIMARYFOCUS.

IN 2007, YAMANA TOOK CONTROL OVER THE PROPERTY AND BROUGHTTHE MINE INTO PRODUCTION IN 2011. MERCEDES WAS ACQUIRED BYPREMIER IN SEPTEMBER 2016.

MERCEDES PRODUCED ~681KOZ AU AND ~6.9MOZ AG BETWEEN 2011 AND2018.

SINCE ACQUIRING MERCEDES, PREMIER HAS REPLENISHED RESERVES

THROUGH AN EXTENSIVE DRILLING PROGRAM AND EXPLORATION SUCCESS.

OPERATOR: PREMIER GOLD MINES (100%)

LOCATION: SONORA, MEXICO


▪ P&P MINERAL RESERVES: 395 KOZ AU, 2.7 MOZ AG

▪ M&I MINERAL RESOURCES: 356 KOZ AU, 3.98 MOZ AG

▪ INFERRED MINERAL RESOURCES: 231 KOZ AU, 1.99 MOZ

STATUS: PRODUCTION


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SOUTH ARTURO

OVERVIEW:

SOUTH ARTURO IS ADJACENT TO THE PAST PRODUCING DEE OPEN PIT(GLAMIS‐BARRICK), STORM, TARA AND BOOTSTRAP MINES, AND IS 5KMNORTHWEST OF BARRICK’S GOLDSTRIKE MINE.

IN JUNE 2015, PREMIER ACQUIRED A 40% INTEREST IN SOUTH ARTURO FROMGOLDCORP. SOUTH ARTURO BEGAN COMMERCIAL PRODUCTION IN AUGUST2016, WITH ~167KOZ2 OF ATTRIBUTABLE AU PRODUCED BETWEEN 2016 AND2018.

FOLLOWING DEPLETION OF THE PHASE 2 OPEN PIT IN 2018, MINING ATSOUTH ARTURO HAS FOCUSED ON DEVELOPMENT (PRE‐STRIPPING) OF ANADDITIONAL OPEN PIT (PHASE 1) AND THE DEVELOPMENT OF EL NIÑOUNDERGROUND MINE (EXTENSION OF MINERALIZATION BENEATH THE PHASE2 OPEN PIT).

RENEWED COMMERCIAL PRODUCTION BEGAN IN OCTOBER 2019.

OPERATOR: NEVADA GOLD MINES (60%) / PREMIER GOLD MINES (40%)

LOCATION: ▪ ELKO, NEVADA


▪ P&P MINERAL RESERVES: 275 KOZ AU

▪ M&I MINERAL RESOURCES: 309 KOZ AU

▪ INFERRED MINERAL RESOURCES: 32 KOZ AU

STATUS: PRODUCTION

1. See Appendix B for mineral reserves and mineral resources breakdown2. Sources: press release of Premier Gold Mines Limited dated February 25, 2019

RDM

OVERVIEW:

VALE DISCOVERED THE RIACHO DOS MACHADOS DEPOSIT IN 1986. CVRDOPERATED THE PROPERTY AS AN OPEN PIT GOLD MINE AND HEAP LEACHOPERATION UNTIL ITS CLOSURE IN 1997.

THE RDM MINE REMAINED IDLE FROM 1997 UNTIL OCTOBER 2008, WHENCARPATHIAN GOLD ACQUIRED THE MINERAL RIGHTS TO THE RDM MINE ANDSTARTED PROSPECTING AND EXPLORATION AND RESTARTED THE MINE INMARCH 2014.

BRIO ACQUIRED THE RDM MINE FROM CARPATHIAN IN 2016, LEAGOLDACQUIRED IT THROUGH THE ACQUISITION OF BRIO IN 2018 AND EQUINOXTHROUGH THE ACQUISITION OF LEAGOLD IN 2020.

LOM PRODUCTION AT RDM IS ESTIMATED TO BE APPROXIMATELY 98,000OUNCES OF GOLD PER YEAR OVER A 9 YEAR MINE LIFE.

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OPERATOR: EQUINOX GOLD (100%)

LOCATION: MINAS GERAIS, BRAZIL


▪ P&P MINERAL RESERVES: 789 KOZ

▪ M&I MINERAL RESOURCES: 470 KOZ

▪ INFERRED MINERAL RESOURCES: 401 KOZ

ROYALTY: 1% NSR ROYALTY

STATUS: PRODUCTION


OPERATOR: LUNDIN MINING (100%)

LOCATION: GOIAS, BRAZIL


OXIDES

▪ P&P MINERAL RESERVES: 22,526 KT AT 0.41G/T AU

▪ M&I MINERAL RESOURCES (EXCLUSIVE OF RESERVES): 4,545 KT AT 0.39 G/T

▪ INFERRED MINERAL RESOURCES: 495 KT AT 0.29 G/T

SULPHIDES

▪ P&P MINERAL RESERVES: 42,669 KT AT 0.56 G/T AU

▪ M&I MINERAL RESOURCES (EXCLUSIVE OF RESERVES): 77,778 KT AT 0.55 G/T

▪ INFERRED MINERAL RESOURCES: 12,070 KT AT 0.49 G/T

ROYALTY: 2% NSR ROYALTY

STATUS: ▪ FEASIBILITY (OXIDES)

▪ DEVELOPMENT (SULPHIDES)

SURUCAOVERVIEW:

THE SURUCA PROJECT, PART OF THE CHAPADA MINE, IS A GOLD BEARINGDEVELOPMENT PROJECT LOCATED APPROXIMATELY 7 KM NE OFCHAPADA MINE.

RUN OF MINE MATERIAL FROM THE SURUCA DEPOSIT, WHICH CONSISTSOF OXIDE AND SULPHIDE MINERALIZATION, WILL BE PROCESSEDSEPARATELY, THE OXIDE ORE WILL BE PROCESSED USING CONVENTIONALHEAP LEACHING TECHNOLOGY, THE SULPHIDE ORE WILL BE PROCESSEDIN THE EXISTING CHAPADA OR USING A NEW CIL PLANT.

SURUCA OXIDE PIT AND HEAP LEACH INITIAL CAPITAL COST IS ESTIMATEDTO BE $57.3 MILLION. PERMITTING IS ALL COMPLETED AND BASICENGINEERING ADVANCED.

26


27

GUALCAMAYO

OVERVIEW:

SINCE COMMENCING COMMERCIAL PRODUCTION IN 2009, GUALCAMAYO HASPRODUCED 1.4 M OZ AU.

PRODUCING HEAP LEACH OPERATION CONSISTING OF A PROCESS PLANT CAPACITYOF 25 K TPD.

CURRENTLY, THE PROCESS PLANT RECOVERS ONLY OXIDE ORE FROM OPEN PITAND UNDERGROUND MINING OPERATIONS.

THE DEEP CARBONATE PROJECT CONSISTS OF A MINERAL RESOURCE LOCATEDMAINLY TO THE WEST AND AT DEPTH OF THE CURRENT MINING OPERATIONS ANDREMAINS OPEN ALONG STRIKE AND AT DEPTH.

OPERATOR: MINEROS S.A. (100%)

LOCATION: SAN JUAN, ARGENTINA


OXIDES

▪ P&P MINERAL RESERVES: 265 KOZ

DCP

▪ M&I MINERAL RESOURCES: 1,740 KOZ

▪ INFERRED MINERAL RESOURCES: 1,551 KOZ

ROYALTY: ▪ 2% NSR ROYALTY EXCLUDING FIRST 396 KOZ OF GOLD CONTAINED IN PRODUCTS FROM THE OXIDES AFTER OCTOBER 25, 2018 (NOW REPRESENTING ~275 KOZ OF GOLD PRODUCTION FROM JANUARY 1, 2020 ONWARDS); CAPPEDAT AN AGGREGATE AMOUNT OF $50M; FIRST PAYMENT EXPECTED IN 2023

▪ 1.5% NSR ROYALTY (NON-OXIDE MATERIAL)

▪ $30M PRODUCTION PAYMENT ON COMMERCIAL PRODUCTION

STATUS: ▪ PRODUCTION (OXIDES)

▪ DEVELOPMENT (DEEP CARBONATES PROJECT)



P O R T F O L I O D E TA I L S

28

ASSET OPERATOR STATUS STREAM/ROYALTY DESCRIPTION TRANSFER PRICE

BLYVOOR GOLD STREAM

Blyvoor Gold Construction (Commissioning expected H2 2020)

▪ On the first 300koz gold delivered

‒ 10% of production on first 160koz gold produced in a calendar year/5% on remaining production during the year

▪ Followed by 0.5% of production on the first 100koz gold produced in a calendar year

‒ On first 10.32Moz gold produced at the Blyvoor Mine

▪ Subject to fixed ongoing payment of $572/oz

BONIKRO GOLD STREAM

Allied Gold Production ▪ 6.0% of gold production until 650koz produced

▪ 3.5% of gold production until 1.3Moz is produced

▪ 2.0% of gold production thereafter

▪ Subject to a fixed ongoing payment of $400/oz

WOODLAWN SILVER STREAM

Heron Resources Commissioning ▪ Silver stream on payable silver

‒ 80% of payable silver until 2.15 Moz Ag delivered

‒ 40% of payable silver until 3.4 Moz Ag delivered

‒ 25% of payable silver thereafter

▪ Silver stream on payable zinc (streamed payable zinc x zinc silver conversion rate of 170.2 oz Ag per t Zn)

‒ 0.30% of payable zinc until 140 tonnes delivered

‒ 1.15% of payable zinc until 910 tonnes delivered

‒ 2.25% of payable zinc until 4,200 tonnes delivered

‒ 0.75% of payable zinc for the remaining life of the mine

▪ 0.2% Pb marketing fee

▪ Subject to an ongoing payment of 20% of prevailing silver price

MERCEDES –SOUTH ARTURO SILVER STREAM

Premier Gold (100%)/

Nevada Gold Mines (40%)

Production ▪ Stream on silver production from Mercedes (100% ownership) and South Arturo (40% ownership) mines

▪ 100% stream applicable to the first 3.75Moz of silver delivered, followed by 30% over the life of mine

▪ Minimum delivery of 300koz of ag annually until the cumulative delivery of 2.1Moz (~6 years remaining)

▪ Subject to ongoing payment of 20% of the prevailing silver price

PREMIER GOLD LOAN

Premier Gold Active ▪ 2.45 koz/quarter on each of March 31 and June 30 2020 (total 4.9koz)

▪ 1.0 koz/quarter in 12 instalments starting sept 30, 2020 (total 12.0koz)

▪ NA

N O B U Y B A C K S

29

ASSET OPERATOR STATUS STREAM/ROYALTY DESCRIPTION

RIACHO DOS MACHADOS ROYALTY

Equinox Gold Production ▪ 1% NSR Royalty

GUALCAMAYO ROYALTY Mineros S.A. Production (Oxides)/

Pre-feasibility (DCP)

▪ 2% NSR Royalty (Oxides)

▪ 1.5% NSR Royalty (DCP)

GUALCAMAYO DCP COMMERCIAL PRODUCTION PAYMENT

Mineros S.A. Pre-feasibility (DCP) ▪ $30M upon commercial production

SURUCA ROYALTY Lundin Mining Development ▪ 2% NSR Royalty (Oxides)

▪ 2% NSR Royalty (Sulphides)


PORTFOLIO DETAILSN O B U Y B A C K S

A P P E N D I X B :R E S E R V E S &R E S O U R C E S

MINERAL RESERVES AND MINERAL RESOURCES

S T R E A M S

Note: Estimated mineral reserves and mineral resources tabulated in this Presentation reflect figures publicly disclosed as of February 28, 2020 by the operators of the assets to be acquired by the Company. None of thisinformation has been independently verified by the Company. All mineral reserves and mineral resources have been estimated in accordance with either the CIM guidelines or an acceptable foreign code under NI 43-101,including JORC. Measured and Indicated mineral resources shown exclusive of mineral reserves.

1. Sources: Management’s Discussion and Analysis of Premier Gold Mines Limited for the year ended December 31, 2019 (Sections entitled “Summary of 2018 Proven and Probable Reserves for Gold and Silver” and“Summary of Mineral Resources for Gold and Silver (exclusive of mineral reserves) on page 43); NI 43-101 technical reports prepared by Roscoe Postle Associates Inc. for Premier Gold Mines Limited entitled (i)“Technical Report on the Mercedes Gold-Silver Mine, Sonora State, Mexico” dated April 18, 2018; and (ii) “Technical Report on the South Arturo Mine, Elko County, State of Nevada, USA” dated March 26, 2018,copies of which are available on the SEDAR profile of Premier Gold Mines Limited at www.sedar.com.

2. sources: From Heron Resources Limited Annual Report 2019 - Statement of Mineral Resources & Ore Reserves on the Woodlawn Project as of June 30, 2019 (reported on October 30, 2019) which is available athttps://www.heronresources.com.au/downloads/reports/annual/hrr_ar_2019.pdf.

Proven & Probable

Tonnage Grade Contained

Property (Mt) Au (g/t) Ag (g/t) Zn (%) Cu (%) Pb (%) Au (koz) Ag (koz) Zn (Mlbs) Cu (Mlbs) Pb (Mlbs)

Mercedes1

3.38 3.63 25.05 -- -- -- 395 2,725 -- -- --

South Arturo (40%)1

2.84 3.01 -- -- -- -- 275 -- -- -- --

Woodlawn2

12.40 0.33 32.8 3.0% 0.8% 1.4% 130 13,056 806 212 390

Measured & Indicated



Mercedes1

3.25 3.40 38.05 -- -- -- 356 3,981 -- -- --

South Arturo (40%)1

9.22 1.03 -- -- -- -- 309 -- -- -- --

Woodlawn2

1.90 0.61 72.11 7.5% 2.3% 3.1% 37 4,405 314 95 129

Inferred



Mercedes1

1.72 4.18 36.11 -- -- -- 231 1,997 -- -- --

South Arturo (40%)1

0.76 1.30 -- -- -- -- 32 -- -- -- --

Woodlawn2

4.00 0.45 36.43 4.4% 1.4% 1.8% 57 4,684 388 127 157

http://www.sedar.com/

RESERVES AND RESOURCESR O Y A L T I E S

Note: Estimated mineral reserves and mineral resources tabulated in this Presentation reflect figures publicly disclosed as of February 28, 2020 by the operators of the assets to be acquired by the Company.None of this information has been independently verified by the Company. All mineral reserves and mineral resources have been estimated in accordance with either the CIM guidelines or an acceptableforeign code under NI 43-101, including JORC. Measured and Indicated mineral resources shown exclusive of mineral reserves.

1. Sources: NI 43-101 technical reports prepared by Roscoe Postle Associates Inc. for Leagold Mining Corporation entitled “Technical Report on the Riacho Dos Machados Gold Mine, Minas Gerais, Brazil”dated November 20, 2018 with an effective date of May 31, 2018, a copy of which is available on the SEDAR profile of Leagold Mining Corporation at www.sedar.com.

2. Sources: Mineros S.A. Q3 2019 Quarterly Report.3. Sources: NI 43-101 technical reports prepared by Roscoe Postle Associates Inc. for Lundin Mining Corporation entitled “Technical Report on the Chapada Mine, Goias State, Brazil” dated October 10,

2019 with an effective date of June 30, 2019, a copy of which is available on the SEDAR profile of Lundin Mining Corporation at www.sedar.com.

Proven & Probable


Property (Mt) Au (g/t) Au (koz)

RDM1 24.7 1.0 789

Gualcamayo2 5.3 1.6 265

Suruca3 65.2 0.5 1,070

Measured & Indicated



RDM1 14.6 1.0 470

Gualcamayo2 32.0 1.7 1,740

Suruca3 82.3 0.5 1,420

Inferred



RDM1 8.3 1.5 401

Gualcamayo2 17.6 2.7 1,551

Suruca3 12.6 0.5 190

http://www.sedar.com/

A P P E N D I X C :L E A D E R S H I P

34

Vincent, Founder and Chief Executive Officer of Nomad, is an accomplished

executive with domestic and international experience in the metals and

mining sector.

Prior to his current role, he held a number of officer and senior executive

roles with TSX and NYSE listed resource companies. As an executive he

helped several companies advance and develop mining projects. He has

extensive shareholder relations knowledge and proven experience in capital

raising, mergers & acquisitions and financial engineering.

Prior to his executive roles, he advised resource clients with a focus on

precious metals, base metals, and bulk commodities, in both mergers &

acquisitions advisory and financing at large Canadian investment banks for

nearly 10 years.V I N C E N T M E T C A L F EC H I E F E X E C U T I V E O F F I C E R

LEADERSHIP TEAMN O M A D R O Y A L T Y C O M P A N Y

35

Joseph, Founder and Chief Investment Officer of Nomad, is an accomplished

executive with public company experience in all aspects of the mine

development cycle.

Prior to his current role, Joseph played a key role in the creation of Osisko

Gold Royalties where he led the execution of over $1B in financing equity,

royalty and stream transactions and two major transactions in his role as Vice

President of Corporate Development.

Prior to this, he was with Osisko Mining Corporation through the

development, operation and subsequent $4.3B sale of the Canadian Malartic

mine in 2014 to Yamana Gold and Agnico Eagle.

Prior to his executive roles, he advised resource clients in both mergers &

acquisitions and financing at BMO Capital Markets.

Joseph also serves on the board of directors of Aquila Resources Inc. and

Doré Copper Mining Inc.

J O S E P H D E L A P L A N T EC H I E F I N V E S T M E N T O F F I C E R


36

Elif, Founder and Chief Financial Officer of Nomad, is a Chartered Professional

Accountant with over 20 years of experience in finance, treasury and strategic

management in the Québec gold mining industry.

Prior to her current role, she was Vice President Finance and Chief Financial

Officer of Osisko Gold Royalties Ltd since its creation in June 2014. In that

capacity, she was responsible for leading the efforts to list Osisko on the New

York Stock Exchange and played a key role in acquisitions of over C$1.5 billion in

stream and royalty interests as well as equity and debt financings of over C$1

billion. Prior to this, she held senior roles at Osisko Mining Corporation from

2008 to 2014, including as Vice President and Controller, and was part of the

management team that grew the company through the financing and

construction of the Canadian Malartic mine and the eventual sale to Yamana

Gold Inc. and Agnico Eagle Mines Ltd. for C$4.3 billion. She also worked for

Cambior Inc., a leading intermediate gold producer with mines in North and

South America, which was later acquired by Iamgold Corporation, for a total of

six years.

Elif is also member of the board of directors of Cascades Inc. and Gold Terra

Resource Corp.

E L I F L É V E S Q U EC H I E F F I N A N C I A L O F F I C E R



BOARD OF DIRECTORS

37

Istvan Zollei is a Portfolio Manager at Orion Mine Finance,a mining-focused investment business providing flexiblecapital investment solutions to mining companies in thebase and precious metals sector. He currently serves onthe board of directors of Lundin Gold Inc. Prior to joiningOrion, Mr. Zollei was an investment manager for the RedKite Group’s Mine Finance business. Previously, heworked at Barclays Capital’s natural resources privateequity investment group, as Vice President responsiblefor executing and managing growth equity investments inthe mining, oil/gas, and power sectors. He also worked asVP of Finance and Commercial Operations at one of theportfolio companies. Mr. Zollei started his career atLehman Brothers’ investment banking division. He earnedhis Bachelor of Arts from Harvard College in Economicsand his MBA from the Wharton School (University ofPennsylvania) in Finance and Management.

I S T V A N Z O L L E I

Gerardo Fernandez has over 20 years of progressiveexperience in the mining industry, including roles inproject development, operations, strategic planning, andbusiness development. Mr. Fernandez is currently SeniorVice-President Corporate Development at Yamana GoldInc. where he has been since 2007 having worked inseveral leadership positions in North and South America.Prior to his current role, Mr. Fernandez held the positionsof Senior Vice President, Operations and Senior VicePresident, Projects & Technical Services at Yamana GoldInc. Mr. Fernandez holds an MBA (Nevada, USA) anddegrees in Civil Mining Engineering and BSc. Engineeringfrom the University of Chile.

G E R A R D O F E R N A N D E Z


BOARD OF DIRECTORS

38

Jamie Porter has over 20 years ofprogressive experience in the miningindustry. Mr. Porter joined AlamosGold in 2005 and has served asAlamos’ Chief Financial Officer since2011. Prior to joining Alamos Gold, Mr.Porter was Controller and CorporateSecretary for a Central American-basedgold producer, and prior theretostarted his career atPricewaterhouseCoopers LLP. Mr.Porter was a director of Canadian Feedthe Children, a registered charity inCanada, from 2009 to 2016 andcurrently serves on the CanadaAdvisory Board for FM Global. He holdsa Bachelor of Administrative andCommercial Studies degree from theUniversity of Western Ontario and is aChartered Professional Accountant inCanada and the United States.

J A M I E P O R T E R

Matthew Gollat is an accomplishedexecutive with more than 11 years ofbroad experience in the miningindustry from exploration throughdevelopment and production. Mr.Gollat is currently Vice-President,Business Development at Premier GoldMines Limited and has worked invarious capacities with increasingresponsibility at Premier since 2008.During his tenure at Premier, heworked on several initiatives includingfinancings, the creation of,development and spin-out of PremierRoyalty Corporation, as well as keytransactions including the Trans-Canada Property joint venture, theSouth Arturo acquisition and MercedesMine acquisition and transition. Mr.Gollat holds an Honours Bachelor ofCommerce degree from LakeheadUniversity and completed theCertificate in Mining Studies Programthrough the University of BritishColumbia.

M A T T H E W G O L L A T

Robin Weisman has spent more than30 years in finance in a variety ofindustries. Ms. Weisman has held theposition of principal investment officerwith the mining group of theInternational Finance Corporation, amember of the World Bank Group,investing in projects in the emergingmarkets. Her career has also includedexperience with Standard CharteredBank, Citicorp Investment Bank andCBS Television Network. Ms. Weismanholds an MBA from the University ofChicago and a Bachelor of Sciencedegree from the University of Illinois.Ms. Weisman has completed theDirector Education Program offered bythe Institute of Corporate Directors andcurrently sits on the board of directorsof two companies listed on the TSX andTSXV in the natural resource sector,B2Gold Corp. and INV Metals Inc.

R O B I N W E I S M A N


BOARD OF DIRECTORS

39

Vincent Metcalfe is an accomplished executive withdomestic and international experience in the metals andmining sector. Prior to his current role as Chief ExecutiveOfficer of the Company, he held a number of officer andsenior executive roles with Toronto Stock Exchange(“TSX”) and New York Stock Exchange (“NYSE”) listedresource companies. As an executive, he helped severalcompanies advance and develop mining projects. He hasextensive shareholder relations knowledge and provenexperience in capital raising, mergers & acquisitions andfinancial engineering. Prior to his executive roles, headvised resource clients with a focus on precious metals,base metals, and bulk commodities, in both mergers &acquisitions advisory and financing at large Canadianinvestment banks for nearly 10 years. Mr. Metcalfe holdsa Bachelor’s degree in Finance from HEC Montréal.

V I N C E N T M E T C A L F E

Joseph de la Plante is an accomplished executive withpublic company experience in all aspects of the minedevelopment cycle. Prior to his current role as ChiefInvestment Officer of the Company, Mr. de la Planteplayed a key role in the creation of Osisko Gold RoyaltiesLtd. where he led the execution of more than C$1 billionin financing equity, royalty and stream transactions andtwo major transactions in his role as Vice President ofCorporate Development. Prior thereto, he was withOsisko Mining Corporation through the development,operation and subsequent C$4.3 billion sale of theCanadian Malartic mine in 2014 to Yamana Gold Inc. andAgnico Eagle Mines Ltd. Prior to his executive roles, headvised resource clients in both mergers & acquisitionsand financing at BMO Capital Markets. Mr. de la Plantealso serves on the board of directors of Aquila ResourcesInc., a company listed on the TSX, and Doré Copper Inc., acompany listed on the TSX Venture Exchange (“TSXV”).Mr. de la Plante holds a Bachelor’s degree in MechanicalEngineering from McGill University.

J O S E P H D E L A P L A N T E

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