RESHAPING MINING INVESTMENT

Idea-Driven,Full-Service Brokerage

• Investment banking/advisory team consisting of six professionals with extensive experience in M&A and financial advisory,

equity capital markets, debt advisory and restructuring

• Substantial M&A transaction experience with capabilities and relationships that span the globe

• Industry-specific expertise in complicated, multi-faceted M&A and financing assignments

StrongDistribution

Network

• Comprehensive global coverage of all mining focused institutional, private equity, strategic, retail broker & high net worth

investor channels

• Strong presence across Canada, U.S. and Europe with access to over 300 institutional accounts, 1,500 retail brokers, 150

private equity groups and 250 strategic mining investors

• Demonstrated ability to raise equity for small-to-mid cap mining companies

• Raised over C$2 billion for mining clients since 2017

High-Quality Research

• Research team with in-depth knowledge providing unique, informed insights

• Extensive junior mining coverage – research on +90 companies across all key metal sectors (precious metals, base metals,

bulk materials, uranium and specialty metals)

Unique Corporate

Access & Media

• Tailored marketing programs dedicated to reaching the right people from our global network

• Gain exposure and showcase your company at Red Cloud’s industry conferences and events

• Growth-driven digital agency with a complete in-house production and digital services team assisting with content design,

digital strategy/execution, social media awareness and targeted campaigns to broaden reach

Technical Expertise

• Highly adept technical team that includes multiple mining engineers, geologists and metallurgists

• Substantial experience in the mining sector with senior partners on each file at every step

• Extensive experience financing mining companies across all jurisdictions

• Due diligence capabilities – affiliation with outside technical teams (WGM, Venmyn Deloitte, etc.)

Independence• Unbiased, independent and informed advice regardless of mining issuer’s situation, size or geography

• No dual mandated conflicting agendas towards both issuers and investors

Entrepreneurial, Innovative, Unique & Independent

redcloudsecurities.com 2

Section 1Red Cloud Securities


Canadian Equity Financing League Tables for the Mining Sector1

Number of Brokered Equity Financings Led/Co-Led Since May 1, 2020

Leading Canadian Investment Dealer in the Mining Sector

Since May 1, 2020 Red Cloud has led/co-led 32 equity financings for total gross proceeds of ~C$270M


1

2

3

4

5

# of Deals

63

42

40

40

32

Source: FP Infomart1. Completed and/or announced brokered equity financings between May 1, 2020 to September

30, 2021

• Since becoming an IIROC Regulated Dealer in

January 2020, Red Cloud has grown to one of

the top 5 investment dealers in the mining

sector in number of deals led/co-led

• Demonstrated ability to underwrite

− In 2021, Red Cloud has led/co-led 11

underwritten offerings for gross proceeds of over

C$105 million

• Lead finder in securing equity for our clients

− Since January 1, 2020, Red Cloud has acted as

finder in 100 non-brokered equity financings

helping to raise over C$300M

• Since January 2020, Red Cloud has

participated in over 170 financings and

helped raise +C$1.4 billion

Canaccord Genuity

Haywood Securities

BMO Capital Markets

Cormark Securities

6 30Research Capital

7 26Stifel, Nicolaus & Company

8 26Sprott Capital Partners

9 24Eight Capital

10 23Cantor Fitzgerald

Red Cloud’s Equity Financing Experience in 20212021 Brokered Equity Financings Led/Co-Led by Red Cloud


C$5.0M C$8.0M C$5.0M C$5.0M C$9.2MMarketed Private

PlacementMarketed Private



PlacementBought Public

Offering

October 2021 September 2021 August 2021 July 2021 July 2021

C$6.3M C$9.0M C$9.0M C$6.1M C$11.5MMarketed Private

PlacementBought Private




Placement

June 2021 June 2021 June 2021 June 2021 June 2021

C$10.0M C$14.2M C$13.0M C$5.0M C$15.8MBought Private




PlacementBought Public

Offering

June 2021 April 2021 April 2021 April 2021 March 2021

C$8.1M C$7.6M C$17.0M C$3.5M

October 2021 September 2021 July 2021 July 2021

Non-Brokered Financings with Red Cloud as Lead Finder

C$12.5M C$9.3M C$6.0M C$10.4M C$6.4MBought Private





Placement

March 2021 March 2021 March 2021 February 2021 February 2021

C$3.5M C$4.9M C$3.1M C$5.2M

June 2021 May 2021 April 2021 March 2021

C$4.2M C$8.3M C$5.1M C$8.0M

March 2021 February 2021 February 2021 January 2021

Other Brokered Financings with Red Cloud as Co-Manager/Co-Agent

C$21.2M C$12.0M C$12.0M C$9.2M

September 2021 July 2021 June 2021 June 2021

C$11.5M C$16.9M C$23.0M C$35.0M

April 2021 March 2021 March 2021 February 2021

Red Cloud – Truly Independent, Full-Service Advisor

C$35M C$48M C$30M C$90M C$55M C$23M

August 2019Financial Advisor &

Fairness Opinion

May 2019 Fairness Opinion

April 2019 Financial Advisor &

Fairness Opinion

November 2018 Financial Advisor &

Fairness Opinion

September 2018 Fairness Opinion

October 2017 Financial Advisor

On acquisition of Terraco Gold Corp.

On asset acquisition from Norvista Capital

On sale to SEMAFO Inc.

On merger with Golden Reign Resources

On merger with Bonterra Resources

On sale of Quebec gold assets to Monarch Gold

Public Company

C$150M C$29M C$40M Undisclosed C$20M C$32M

November 2016 Strategic Advisor

March 2017 Financial Advisor &

Fairness Opinion

February 2016 Strategic Advisor

2016 Strategic Advisor

September 2015 Strategic Advisor

April 2015 Strategic Advisor

On project financing for Specialty Metals

Operation

On acquisition of Orex Exploration Inc.

Option agreement with BHP Billiton Ltd.

On M&AOn acquisition of

Temex Resources Corp.On acquisition of

Soltoro Ltd.


C$16M US$17M C$16M US$110M US$8M C$15M

August 2021Financial Advisor

May 2021Financial Advisor

February 2021Financial Advisor

November 2020Financial Advisor

September 2020Financial Advisor

December 2019Financial Advisor &

Fairness Opinion

On merger with Stratabound Minerals

On sale of the Summit Mine to Galane Gold Ltd.

On sale of Minago Project to Silver Elephant Mining

On precious metals stream on the Marmato Project

On sale to Nomad Royalty Company Ltd.

On sale to AbraPlata Resources Corp.

http://www.google.ca/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRw&url=http://astonbayholdings.com/&ei=JZk-VeL7PMWXyATP74GwAQ&bvm=bv.91665533,d.aWw&psig=AFQjCNEHJBdzKPEJ8wCXCgXgF872A7cwYg&ust=1430252181825605

• Research coverage on +90 small-to-mid capitalization companies across the mining & metals sector

• Comprehensive sell-side research which includes initiation reports, company updates, site visits, commodity reports

and thematic research

• Highly experienced, industry-savvy team offering valuable perspective into the global junior mining sector to generate

actionable insights for investors

Precious and PGM Metals Base Metals Uranium

• Adyton Resources Corp.• Altaley Mining Corp.• American Eagle Gold Corp.• Angold Resources Ltd.• Alianza Minerals Ltd.• Aris Gold Corp.• Aurion Resources Ltd.• Aura Minerals Inc.• Awale Resources Ltd.• Blackrock Silver Corp.• Blue Star Gold Corp.• Brixton Metals Corp.• Canadian Palladium Resources Inc.• Canagold Resources Ltd.• Cassiar Gold Corp.• Cerrado Gold Inc.• Chalice Mining Ltd.• CMC Metals Ltd.• Compass Gold Corp.• Defiance Silver Corp.• E79 Resources Corp.• Fidelity Minerals Corp.• Fiore Gold Ltd.• Galleon Gold Corp.• Getchell Gold Corp.

• Genesis Metals Corp.• Gold79 Mines Ltd.• Gold Bull Resources Corp.• Gold Mountain Mining Corp.• Gran Colombia Gold Corp.• Graycliff Exploration Ltd.• Great Panther Mining Ltd.• Grid Metals Corp.• Japan Gold Corp.• Karora Resources Inc.• Kesselrun Resources Ltd.• Klondike Gold Corp.• Luminex Resources Corp.• Mawson Gold Ltd.• Maxtech Ventures Ltd.• Minera Alamos Inc.• Monarca Minerals Inc.• Nevada Exploration Inc.• New Placer Dome Gold Corp.• Nexus Gold Corp.• Ophir Gold Corp.• Orex Minerals Inc.• Pancontinental Resources Corp.• Paramount Gold Nevada Corp.• Pasofino Gold Ltd.

• Platinum Group Metals Ltd.• Reyna Silver Corp.• Santacruz Silver Mining Ltd.• Seabridge Gold Inc.• Silver Tiger Metals Inc.• Silver Viper Minerals Corp.• South Atlantic Gold Inc.• Southern Gold Ltd.• Southern Silver Exploration Corp• Star Diamond Corp.• Sterling Metals Corp.• Strategic Metals Ltd.• Sun Summit Minerals Corp.• Tarachi Gold Corp.• Tectonic Metals Inc.• Thunderstruck Resources Ltd.• Trillium Gold Mines Inc.• Troilus Gold Corp.• ValOre Metals Corp.• Visionary Gold Corp.• Western Atlas Resources Inc.• West Mining Corp.• Westhaven Gold Corp.• Whitehorse Gold Corp.

• Canada Nickel Company Inc.

• Churchill Resources Corp.• Copperbank Resources

Corp.• Consolidated Woodjam

Copper Corp.• Cordoba Minerals Corp.• Deep-South Resources

Inc.• First Cobalt Corp.• Kutcho Copper Corp.• NorthIsle Copper and

Gold Inc.• NorZinc Ltd.• Phenom Resources Corp.• SolGold Plc.• World Copper Ltd.

• Azincourt Energy Corp.• Anfield Energy Inc.• Baseload Energy Corp.• CanAlaska Uranium Ltd.• EnCore Energy Corp.• Energy Fuels Inc.• Global Atomic Corp.• GoviEx Uranium Inc.• Consolidated Uranium Inc.• Laramide Resources Ltd.• Lotus Resources Ltd.• NexGen Energy Ltd.• Purepoint Uranium Group Inc.• Skyharbour Resources Ltd.• Standard Uranium Ltd.• UEX Corp.

Lithium & Specialty Metals

• Arianne Phosphate Inc.• Empress Royalty Corp.• G6 Materials Corp.• Giyani Metals Corp.• E3 Metals Corp.

• Great Bear Royalties Corp.• Lake Resources NL• South Star Mining Corp.• Ultra Resources Inc.• Vox Royalty Corp.

Research – Timely, In-depth Analysis

Red Cloud’s mining focused research team provides timely and unique investment ideas by anticipating where markets and companies are headed


Market Making

Tightened Spread Increased Volume Increased Liquidity Comprehensive Reporting

• Ensure two-sided market for shareholders

• Promote an orderly market reflective of a higher quality security

• Increase investor confidence• Decrease price volatility

• Potential to work with issuer to move large blocks

• Average volume increase between 25-50% daily

• More favorable terms on future capital raises

• Smooth flow of orders brings stability your market

• Augment market depth increasing accessibility for new shareholders

• Improve timeliness and size of orders

• Monitor buy and sell patterns at each brokerage house

• Single objective viewpoint on any issue

• Report any suspicious activity

Comprehensive understanding of the metals, mining, and commodities market delivers a competitive advantage for Red Cloud issuer clients


INCREASE VOLUME & LIQUIDITY

MANAGE YOUR MARKET

Section 2Red Cloud Financial Services


Canada United States Europe

• Toronto

• Vancouver

• Montreal

• Quebec City

• Val-d’Or

• Winnipeg

• Saskatoon

• Calgary

• Edmonton

• Kelowna

• New York

• Boston

• Hartford

• Philadelphia

• Atlanta

• Miami

• West Palm Beach

• Boca Raton

• Charlotte

• Raleigh

• Newport

• Greensboro

• Dallas

• San Antonio

• Austin

• Kansas City

• Denver

• Chicago

• San Francisco

• San Diego

• Seattle

• Providence

• Asheville

• Richmond

• London

• Amsterdam

• Geneva

• Zurich

• Zug

• Paris

• Brussels

• Frankfurt

Red Cloud’s Comprehensive Distribution Network

• Red Cloud’s platform helps clients achieve optimal capital markets exposure with our tailored marketing programs

• Reach the right people by presenting your company to our global network of investment advisors, high-net-worth

individuals, institutional investors, private equity, corporations and family offices

• Gain coverage in trade media and exposure to newsletter writers and advertise at exclusive discounted rates

• Tap into our network by showcasing your project at Red Cloud and industry conferences and events

>300 institutional

accounts

>1,500 retail brokers

>150 private equity groups

>250 strategic mining

investors


Red Cloud Corporate Access

Webinars Retail Marketing Institutional Marketing Conferences

• Feature your story in our Red Cloud Webinar Series

• Recorded and posted replays• Access to registration and

attendance lists • Expand reach and

build awareness • Industry experts and

thought leaders

• Quality meetings with our most popular groups:

Toronto Calgary/KelownaVancouverQuebec Atlanta New York

• One-on-one meetings• Stay connected virtually during

the COVID-season• Update current investors • Build new relationships

• Virtual conferences during the COVID-season

• Thematic mini-conferences• Annual Pre-PDAC Conference • Annual Oktoberfest

Conference

Comprehensive global coverage of all mining focused institutional, private equity, strategic, retail broker, and high-net-worth investor channels

GAIN CAPITAL MARKETS EXPOSURE

STAY CONNECTED


Red Cloud’s Conferences – Key Networking Events

Red Cloud events at annual regional/global mining conferences

Denver/European Gold Forum – Sept 2020

AEMQ-XPLOR Convention – Oct 2019

2020 OKTOBERFEST • 900+ virtual attendees• 200+ one-on-one

meetings• 60+ corporate

presentations• 80+ speakers

Red Cloud’s annual conferences (Oktoberfest & Pre-PDAC) have grown to become key events for our corporate clients to reach out to our wide network of institutional/PE/corporate and retail investors

Precious Metals Summit (Virtual) – Sept 2020

Vancouver Resource Investment Conference – Jan 2021

2021 URANIUM CONFERENCE• 1,200+ registrants • 18 corporate

presentations• Keynote speaker was

from Grant Isaac, CFO of Cameco Corp

2021 PRE-PDAC MINING SHOWCASE:• 1,500+ investor virtual attendees• 250+ one-on-one meetings • 80+ corporate presentations• 120+ speakers

Keynote Speakers - Corporate Presentations - 1 x 1 Meetings - Expert Panels

Red Cloud virtual events offer:

Live Q&A - Sponsorship Opportunities - Moderated Presentation Sessions


Red Cloud Media

Website Development Video Graphic Design Social Media

• Transform your digital strategy to appeal to today’s audience. Let us rebuild and maintain your website with a highly customized solution tailored to your business.

• Captivate your audience with engaging videos made for marketing efforts and social media. Video is the fastest growing media type in today’s digital landscape — utilize our specialized team to help tell your story.

• Grab attention at a higher rate with proper visual communication. Establish company recognition with high-quality infographics, illustrations, photography and other design elements.

• Build your social network across multiple platforms to establish your digital presence, brand awareness, and tell your curated story.

A STRATEGIC INVESTMENT IN YOUR CORPORATE IDENTITY AND BRAND

Let us help you tell your story to an engaged, hyper-targeted audience

IMPROVING YOUR DIGITAL FOOTPRINT


Section 3Red Cloud’s Team


Senior Management Investment BankingMark Styles | Head of Investment BankingChad Gilfillan | Senior Vice PresidentJoe Fars | Vice PresidentAlan Lourenco | Vice PresidentBlake Zwikler | AssociateLiliana Miglionico | Vice President, Equity Capital MarketsLinda Lang | Syndication and Administration Coordinator

DistributionMatt Ritzel | Senior Vice PresidentRayna Schnapp | Senior Vice President and DirectorMichael French | Vice PresidentJesse Godfrey | Associate, Retail SalesMichelle Rowe | Executive Assistant

MarketingSebastian de Kloet | Senior Vice PresidentTheresa Pegolo | Vice President, Corporate AccessJeff Burdette | Vice President, Corporate AccessRoger Blair | Vice PresidentNicole Siena | Vice President, MediaMichelle Hickey | Specialist, MediaStefan Leo | Specialist, MediaRajni Siperco | Associate VP, Corporate AccessJeffrey Wilson | ConsultantAshish Jalandhara | Web Developer

Equity ResearchDavid Talbot | Managing Director, Head of Equity ResearchTaylor Combaluzier | Mining AnalystTimothy Lee | Mining AnalystKoby Kushner | Research AssociateAlina Islam | Research AssociateDaniel Kozielewicz | Research AssociateElie Khazzaka | Research Associate

OperationsBob Sellars | Chief Financial OfficerPatrick Mills | Chief Compliance OfficerLuke Packer | Corporate Accountant

Red Cloud Team

Chad Williams | Chairman & FounderMr. Williams has extensive experience in mining finance and managementhaving previously held the positions of CEO of Victoria Gold Corp., Head ofMining Investment Banking at Blackmont Capital Inc. and a top-ranked mininganalyst at TD Bank and other Canadian brokerage firms. Mr. Williams has beena Director of several emerging mining companies and was a founder of AgilithCapital Inc. (a fund) as well as Westwind Partners. He also serves as a directorof the Denver Gold Group. Mr. Williams holds both a P.Eng in Mining and anMBA from McGill University.

Bruce Tatters | Chief Executive OfficerMr. Tatters joined Red Cloud Securities in 2018, bringing more than 24 years ofsenior capital markets leadership. Mr. Tatters was the co-founder at bothTriumph Asset Management as Chief Investment Officer and WestwindPartners as Managing Director, Institutional Equities. Prior to that, Mr. Tatterswas Global Co-Head of Institutional Equity Sales at National Bank Financial(successor to First Marathon Securities). At First Marathon Securities, he spentsix years as an Institutional Equity Salesperson and two years in equityresearch. Mr. Tatters began his career in equity research at Burns Fry Ltd. Mr.Tatters holds a CFA designation and a bachelor’s degree in Economics from theUniversity of Western Ontario.

Michael Mackasey | Vice ChairmanMr. Mackasey has over 40 years’ experience in the capital markets, having heldsenior positions at both Canadian and international investment banks, mostrecently as Vice Chairman at Macquarie Capital Markets Canada. Mike has along history in financing emerging resource companies and is very cognizant ofboth the challenges and opportunities that they face. In addition, Mike acted asChair of the Board of the Canada Development Investment Corporation. Mikehas a B.Comm from McGill University and an MBA from the Ivey School ofBusiness. He also holds a Diploma from the Institute of Corporate Directors.


Disclaimer

Red Cloud Securities Inc. is registered as an Investment Dealer in all Canadian provinces and territories and is a member of the Investment

Industry Regulatory Organization of Canada (IIROC). Part of Red Cloud Securities Inc.'s business is to connect mining companies with

suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members

of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally,

Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and

receive financial and other incentives from issuers as consideration for the provision of such services.

Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a

solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from

sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives,

financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.)

which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before

investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document.

Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any

errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the

content of this document.


redcloudks.com 17

Red Cloud Securities Inc.105 King St. East, 2nd Floor

Toronto ON, M5C 1G61-877-919-5979

[email protected]

RESHAPING MINING INVESTMENT

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