10.5M Ounce Total Resource Advancing the Largest Undeveloped Gold - - PowerPoint PPT Presentation

10.5M Ounce Total Resource

CORPORATE PRE PRESENTATION Fall all 2019 2019

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Advancing the Largest Undeveloped Gold Deposit in South America Owned by a Junior

Providing Investors with Unparalleled Leverage to a Rising Gold Price

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Forward-looking Statements Cautionary Note Regarding Forward-Looking Information: Except for statements of historical fact relating to GoldX (the “Company” or “GoldX”), certain information contained in this presentation constitutes “forward-looking information” under Canadian and U.S. securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company’s properties; the future price of gold; success of exploration activities; costs and timing of future exploration and development; the estimation of mineral resources; conclusions of economic evaluations; requirements for additional capital; and other statements relating to the financial and business prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “expects,” or “does not expect,” “is expected”, “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not anticipate,” “believes,” or variations of such words and phrases. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that the management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: the Company’s goal of creating shareholder value by concentrating on the development of the Toroparu Gold Project, believing that it has the potential to contain economic gold deposits; the Company’s assessment of future plans for the Upper Puruni property; managements’ economic outlook regarding future trends; the Company’s exploration budget for the Upper Puruni property, and in particular, the availability of skilled labor, timing and the amount of the expected budget; the Company’s ability to meet its working capital needs at the current level in the short term; expectations with respect to raising capital; sensitivity analysis on financial instruments may vary from the amounts disclosed; and government regulation and environmental liability, as well as those risk factors discussed or referred to in the Company’s continuous disclosure filings with the securities regulatory authorities in Canada available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors could also cause materially different results. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for

• ther purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Preliminary Economic Assessment Report The Preliminary Economic Assessment, prepared by SRK Consulting (U.S.) Inc. with an effective date of June 11, 2019, is entitled “Preliminary Economic Assessment Report, Toroparu Gold Project, Upper Puruni River Area, Guyana”. PEA economics were calculated using a base case of US$1,300/oz gold and US$3.00/lb copper. The PEA Study has been filed on SEDAR at www.sedar.com. Resource Estimates This document uses the terms “resources”, “measured resources”, “indicated resources” and “inferred resources”. United States investors are advised that, while measured resources, indicated resources and inferred resources are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC. National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. All resource estimates contained in this circular have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.

CAUTIONARY NOTES

Forward-looking Statements and Cautionary Notes

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GOLD X INVESTMENT HIGHLIGHTS

• Largest undeveloped gold deposit in South

America held by a junior

• 10.5M oz total resource
• 7.35M oz M&I + 3.15M oz Inferred
• PEA: 4.5M oz Au production, 24 yr mine life,

$1.51B after-tax FCF (with Wheaton)

SIZE

• Team and significant shareholders have

created billions of dollars in shareholder value, responsible for numerous company sales

• Gran Colombia largest shareholder
• Frank Giustra 2nd largest shareholder
• WPM agreement to reduce Capex

TEAM

• 2019 PEA shows significant leverage to a

rising gold price with NPV(5%) increasing from US$628M at US$1,400/oz Au to US$760M at US$1,500/oz Au

LEVERAGE

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“I believe we are in the third and final phase of the gold market that started in 2001 and this will be the most explosive phase for gold.”

• Frank Giustra

“I believe that it would be both risk- reducing and return- enhancing to consider adding gold to one’s portfolio.”

• Ray Dalio

Advancing Toroparu

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GROWING WORLD-CLASS ASSET

Toroparu: Largest gold project in South America held by a junior

Toroparu’s 10.5 Moz of in-situ gold (MI&I) resources and average grade ranks it among the world’s top deposits owned by an independent junior company, and first in South America

“We measure optionality in ounces, not acres…”

• Randy Smallwood

4 Rank Deposit Name Size (Mt) Grade (g/t) Contained Oz Location Ownership 1 Toroparu 382 0.86 10,503,000 Guyana Gold X 2 Cangrejos 408 0.65 8,500,000 Ecuador Lumina Gold 3 Titiribi 484 0.5 7,900,000 Colombia GoldMining 4 Volta Grande 196 0.96 6,107,000 Brazil Belo Sun Mining 5 Fenix 492 0.37 5,852,000 Chile Rio2 6 Condor 208 0.58 3,894,000 Ecuador Luminex 7 Loma Larga 25 3.86 3,040,000 Ecuador INV Metals 8 Oulebrillas 8 12 3,009,000 Peru Galaxy Minerals/Real Aventura 9 Santa Luz 49 1.58 2,477,000 Brazil Leagold 10 Borborema 69 1.1 2,430,000 Brazil Big River Gold

Source: SNL Note: Includes assets >1Moz Au contained resource (inclusive of reserves) and in feasibility stage or earlier.

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Capital Requirements of $272M (including Wheaton PMPA) 4.5M oz Au Production 24 Year LOM After-Tax FCF $1.5B After-Tax IRR

• f 24.2%

After-Tax NPV5% of $628M 2.34 year Payback

$1,400/oz Au Metrics including Wheaton Precious Metals Support

TOROPARU PEA HIGHLIGHTS

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LEVERAGE TO GOLD PRICE

Rising gold price delivers

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After-Tax US$1,400/oz Au US$1,500/oz Au NPV 5% $628M $760M IRR 24.20% 27.68% Payback 2.34 years 2.02 years Free Cash Flow $1,511M $1,771M

Toroparu delivers $1.8B Free Cash Flow At $1500 Au Price

Metric w/o PMPA w/ PMPA w/ PMPA w/ PMPA Gold Price (incl $16/oz Ag & $3/lb Cu) $1,400/oz $1,500/oz LOM (years) 24 24 24 24 Gold Production (koz) 4,516 4,516 4,516 4,516 Payable Gold (koz) 4,488 4,488 4,488 4,488 Payable Silver (koz) 4,460 4,460 4,460 4,460 Payable Copper (klb) 124,730 124,730 124,730 124,730 After-Tax FCF (US$M) $1,389 $1,251 $1,511 $1,771 After-Tax IRR 16.56% 20.25% 24.20% 27.68% After-Tax Payback (yr) 3.67 2.92 2.34 2.02 After-Tax NPV5% (US$M) $519 $495 $628 $760 Capital Requirements Initial Capital (US$M) $360 $360 $360 $360 Capitalized Pre-Stripping (US$M) $18 $18 $18 $18 Wheaton Finance (US$M) $0 ($106) ($106) ($106) Net Financing Requirement $378 $272 $272 $272 Sustaining Capital (US$M) $614 $614 $614 $614 Cost Structure Direct Operating Costs ($514.16) ($514.16) ($514.16) ($514.16) Indirect Costs ($109.55) ($102.02) ($109.20) ($116.38) Total Cash Op Costs ($650.71) ($643.18) ($650.36) ($657.54) Sustaining Capex ($136.75) ($136.75) ($136.75) ($136.75) Corporate G&A + Exploration ($6M/yr) ($32.08) ($32.08) ($32.08) ($32.08) TOTAL AISC ($819.55) ($812.01) ($819.20) ($826.38) Base Case $1,300/oz Sensitivity to Gold Price

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TOROPARU 2013 PFS VS 2019 PEA

Toroparu PEA (based on feasibility level information generated in 2014)

Goal: Utilize new shallow-gold-only Satellite Deposit at Sona Hill to identify Project with Lower Initial Capex that provides Project Economics similar to PFS

• PFS: Dual Processing Streams – CIL and Flotation processes (23,000 tpd)
• Average Gold Production: 224,000 ozs over 16 year mine life
• PEA: Two Phase Operation
• Initial Phase (Years 1 -10) CIL only – 11,500 tpd
• Second Phase (Years 11 – 24) CIL + Flotation - 23,000 tpd
• Initial Phase: Average Gold Production in first 5 years: 175,000 ozs
• Initial Phase: Total Gold Production: 1.476 M ozs
• Second Phase: Average Gold Production 217,000 Ozs
• Second Phase: Total Gold Production 3.04 M Ozs
• Gold Production Life of Mine:

AISC:

• PFS: 3.7 M Ozs Au

PFS: $817

• PEA: 4.5 M Ozs Au

PEA: $812

• PFS Initial Capex: $501M
• PEA Initial Capex: $378M
• Estimate Reviewed by Pathfinder Inc. (https://www.pathfinderinc.com/industries/metals-mining)
• Pathfinder estimate within 3% of Gold X estimate

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• Initial Capex: PFS:$501M vs PEA: $378M
• CIL start-up to produce gold only (1.476 M ounces) over first 10 years of mine life
• Simpler start-up – average gold production of 175,000 ozs over first 5 years
• No need to transport gold-rich Cu concentrates over Interior Roads from Day 1
• Lower energy requirements over first 10 years
• Addition of Flotation in Year 11 increases Au production to 217,000 ozs per year
• Internally financed Run-of-River Hydro Project to power Operations after start-up of flotation results in

significantly reduced operating cost

• Life of Mine Gold Production increases by 800,000 ozs under PEA

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TOROPARU 2013 PFS VS 2019 PEA

PFS v PEA at US$1,400 Au PFS PEA After Tax Free Cash Flow US$1.25 B US$1.51 B After Tax NPV5% US$691 M US$628 M After Tax IRR 0.2314 0.242 Payback 2.63 yrs 2.34 yrs AISC US$817 US$819

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Toroparu PEA (based on feasibility level information generated in 2014)

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WHEATON PRECIOUS METALS AGREEMENT

Significantly De-Risks Project Finance Requirements

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• Precious Metals Purchase Agreement (PMPA) with

Wheaton Precious Metals 1

• Key transaction terms:

– 10% of LoM gold production at US$400/oz Au – 50% of LoM silver production at US$3.90/oz Ag – US$15.5 M early deposit received – US$138 M project installments for royalty stream – Total contribution toward PFS project capex: US$153.5 M – Estimated contribution toward PEA project capex: US$106 M

• Wheaton Precious Metals early deposit agreement originally signed in 2013
• Agreement expanded in 2015 after 2014 final feasibility work
• Substantially reduces project finance requirement by ~30%

1 PMPA currently requires completion of a Feasibility Study by December 31, 2019. After reviewing the feasibility, Wheaton Precious

Metals (WPM) has the option to continue or opt out of the PMPA. If WPM elects not to proceed, GoldX can choose to return US$11.5 million to WPM and terminate the GSPA, or can reduce the gold stream from 10% to 0.909% and the silver stream from 50% to nil.

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KURUPUNG RIVER HYDRO PROJECT

Operational Savings

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Significant Potential Savings

• Self-generation operating cost including

financing ~US$59.40/mWh (fuel oil ~US$151.28/mWh)

• Years 10-24 cost ~US$91.40/mWh based
• n blend of 79% hydro-21% thermal

power generation

• 50km SW of Toroparu and 110km SW of

Aurora (GUY)

• Capex ~US$124M for 35MW run-of-river

project

• Construction to start in Year 7, full

capacity in Year 10

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LOCATION – GUIANA SHIELD

Overview of Gold Deposits

Venezuela In-situ Gold Choco Las Cristinas - Las Brisas La Camorra Guyana Aurora (Guyana Goldfields) Toroparu (Gold X) Karouni (Troy) Omai (Iamgold–closed) Suriname Gros Rosebel (Iamgold) Merian-Nassau (Newmont) French Guiana Yaou Camp Caiman (Iamgold)

Paleozoic and Recent Sediments Upper Proterozoic Sediments Clastic Sediments (Roraima) Large intrusive zones Granitoid Batholithes Volcano-sedimentary Belts Archean formations Regional Shearzones Panafrican Mobile Belts Lower Proterozoic Late Lower Proterozoic Intrusives and Volcanics

Reconstruction of the West Africa and Guiana Shields

~18 Moz ~26 Moz ~1.5 Moz ~9 Moz ~10.5 Moz ~1.1 Moz ~4 Moz ~14 Moz ~4 Moz ~1 Moz ~3 Moz

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• Puruni Shear Corridor: a regional feature that can

be traced more than 100 km into the Venezuelan Gold District

• Venezuela: > 20 bedrock gold mineralization

systems, including several multi-million ounce gold deposits for > 45 Moz in-situ gold

• Guyana Underexplored: volcano-sedimentary

belt resources include Toroparu (Gold X), Aurora (Guyana Goldfields) and Karouani (Troy) with > 20 Moz in-situ gold

• Majors Moving In:
• Barrick JV with Reunion Gold
• Zijin Strategic Investment – Guyana

Goldstrike

REGIONAL EXPLORATION POTENTIAL

Western Guiana Shield

?

C

• a

s t a l P l a i n e s / S e d i m e n t s C

• a

s t a l P l a i n e s / S e d i m e n t s BARTIKA LINDEN GEORGETOWN

Eagle Mountain Omai

Kaituma

Essequibo Demerara

Mazaruni Barama

Rio Orinoco Orinoco

Northwestern GUYANA

V E N E Z U E L A

A t l a n t i c O c e a n BRASIL

50

100 km

Geological Sketch - Western Guiana Shield Legend Roraima Basin : Late Paleo-Proterozoic (1.7 - 1.8 Ga) clastic sediments Paleo-Proterozoic (2.0 - 2.3 Ga) Volcano-sedimentary Belts Archean Formations ( > 2.6 Ga) Multi Moz Gold Deposits < 1 Moz Gold Deposits Bedrock Gold Mineralization

Major Structural lineaments

Aurora Hick's Smart

Las Christinas Las Brisas

Choco

Tassawini

Upper Cuyuni Gold District El Callao Gold District

C u y u n i

• M

a z a r u n i G

• l

d D i s t r i c t Northwest Gold District

TOROPARU

>45M oz in-situ Au in Venezuela on Guiana Shield

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TOROPARU MI&I RESOURCES

The Largest Undeveloped Gold Deposits Owned by an Independent Junior Company

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1 All resources in the September 20, 2018 mineral resource statement are in-pit resources reported within an optimized pit shell above an economic cut-off grade of 0.30 g/t Au. The optimized pit shell was determined for Measured, Indicated and Inferred resources using an Au price of US$1,350/oz, a Cu price of US$3.00/lb; an average metallurgical recovery of 88.2% for Au, and 81.5% for Cu mill feed sent to the Cu flotation circuit. The optimized pit shell was determined using an average mining cost of US$1.60/t mined, saprolite processing cost of US$2.50/t, CIL processing cost of US$8.50/t, flotation processing cost of US$10.47/t, and G&A cost of US$1.24/t processed. Other costs included US$125/oz Au for Au refining and royalties, and US$1.036/lb for Cu concentrate transportation and smelting with 97% pay for terms. Pit slopes used in the pit optimization were 45°. Copper and Ag resources have not been estimated at Sona Hill. 2 Mineral Resources are reported in accordance with Canadian Securities Administrators (CSA) National Instrument 43-101 (NI 43-101) and have been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum (CIM) "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.

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DEEP VALUE INVESTMENT OPPORTUNITY

Trading at < US$5 EV/oz gold resource

Source: Company filings, FactSet Note: EV/oz calculated using attributable EV and attributable M&I resource (inclusive of reserves). Market data as of 22-Aug-19.

Median: US$67/oz Enterprise Value / US$ oz Gold Resource

$250 $200 $150 $100 $50

Enterprise Value per Ounce of Gold

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VALUE CREATION

Concept Pre-discovery Discovery Feasibility Development Startup Completion

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Low Value High Value

TIMELINE LIFE CYCLE

4-5 years 1-2 years 2-3 years 2 years 1 year

Digging in Junior exploration companies are typically the first on the ground proving a geology concept with surface exploration. Speculation Initial drill results provide some insights as to what truly lays beneath, but more work is necessary to define a mineable deposit. Early speculators buy into the project Discovery There is a tipping point in exploration when drilling amounts to a real mineral discovery and excitement is at its peak. This is most likely the time when people outside of the mining industry hear of a new discovery while early speculators are looking to cash in. Orphan Period After initial excitement, proven discoveries require large amounts of capital for construction – but are not yet receiving cash flows from an

• perating mine.

Institutional / Strategic Investment This is the point when experienced mine developers and financiers invest directly to develop the project into an

• perating mine.

Operating Mine The mine is now open, and the company can extract ore and generate cash flow. Risks Still remain, such as commodity price and management risk.

The Lifecycle of a Mineral Discovery

RISKS

Funding Risk Technical Risk Exploration Risk

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CORPORATE SNAPSHOT

Significant Insider Support

Share Structure Common Shares 35.4M Options 3.4M Warrants 20.1M Fully Diluted Shares 58.9M Total Insider Holdings 31% Top Shareholders: Gran Colombia Frank Giustra Brian Paes-Braga 21.0% 8.5% 5.9% Cash on Hand C$9.1M 52-week trading range (11/22/19) C$1.20 - $3.60

Richard Munson, CEO & Director

+35 years experience; Advancing Toroparu since 1999

Greg Barnes, Executive Vice President & Director

Specialist in trading, production and commodity investment in developing countries

Bassam Moubarak, CFO & Director

Seasoned Executive who, as CFO, was instrumental in the sale of Lithium X Energy, Goldrock Mines and Petaquilla Copper

Paul Matysek, Strategic Advisory Board

Built and sold previous 5 companies from scratch creating over $2.75 billion in shareholder value, most recently as Executive Chairman of Lithium X Energy

Brian Paes-Braga, Strategic Advisory Board

Previously CEO of Lithium X Energy which, over 2.5 years, raised approximately $53 million in equity and sold in March 2018 for $265 million

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THANK YOU

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Gold X Mining Corp. 9137 East Mineral Circle, Suite 180 Centennial CO, 80112 IR phone: +1 (303) 991-5669 investors@goldxmining.com www.goldxmining.com

APPENDIX

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CONCESSION POTENTIAL

Resource Growth from Drill Ready Targets

• Series of “magnetic low” features align

with the southern Puruni Shear Corridor boundary

• Magnetic lows interpreted as small

plutons of intermediate composition similar to tonalitic-quartz-dioritic intrusives at Toroparu

• Overlaying the geochemical results

indicate the majority of gold anomalies are associated with these “magnetic low” features

Airborne Magnetics

High Low

5

10 15km

680000 690000 700000 710000 720000 730000 740000 680000 690000 700000 710000 720000 730000 740000 790000 800000 810000 820000 830000 840000 850000 860000 870000 790000 800000 810000 820000 830000 840000 850000 860000 870000

UTM PSAD56 zone 20N

UPPER PURUNI GEOLOGICAL SKETCH

Toroparu Au-Cu-Ag Deposit Upper Puruni Concession Interpreted Restraining Bending Zone in Puruni Shear Corridor

WYNAMU TIMMERMANS AMEEBA RED DRAGON

O t

• m

u n g C

• n

c e s s i

• n

SONA HILL

5 km

REPROCESSED AIRBORNE MAGNETIC DATA

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CONCESSION POTENTIAL

Resource Growth from Drill Ready Targets

• Large hydrothermal halo extends for

20km x 7km around the Toroparu Deposit

• Geochemical footprint is indicative of

poly-phased hydrothermal alteration, suggesting that more mineralization systems exist

• Cluster of ten gold anomalies within

20km of Toroparu represent advanced- stage exploration targets

00 690000 695000 700000 705000 710000 715000 720000 725000 730000 6 690000 695000 700000 705000 710000 715000 720000 725000 730000 805000 810000 815000 820000 825000 830000 835000 840000 845000 850000 LEGEND Granitoid batholithes (G2) Granodiorites/Tonalites (G1) Mafic Metavolcanics Felsic/Interm. Metavolcanics Sediments Litho-structural lineaments Fault lineaments Late Proterozoic mafic intrusions Regional Geochem Survey values > 50ppb Hydrothermal Halo

Toroparu Au-Cu-Ag Deposit Upper Puruni Concession

WYNAMU TIMMERMANS AMEEBA RED DRAGON SONA HILL

5 k m

UTM PSAD56 Zone 20N 5 km

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MINING & METALLURGY

Three ore types fed to 2 parallel process circuits

Fresh Au/Cu Ore Fresh Au Ore (grey) Processing: Whole Ore Leach

Constrained Resource shell (green)

TOROPARU MAIN TOROPARU SOUTH EAST

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SONA HILL Au-Cu at Main & South East Only Au at Sona Hill

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MAY 2013 PRE-FEASIBILITY

Toroparu Mine Site Layout

• Compact footprint
• Main Pit and Satellite Pit
• Central stock pile
• Tailings dam 8km
• Away in a natural

depression with mountains on

• Three sides

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OPERATING COSTS

Toroparu

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AISC $812/oz Au

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METALLURGICAL RECOVERY DETAILS

May 2013 Pre-Feasibility Study

• 1. Metallurgical Recoveries as outlined in Pre-Feasibility Study prepared by SRK Consulting (U.S.) Inc. with an effective date of May 8, 2013,

entitled “NI 43-101 Technical Report Pre-Feasibility Study, Toroparu Gold Project, Upper Puruni River Area, Guyana”. See Cautionary Notes.

Metal Recoveries Pre-Prod Year 1-5 Year 1-10 Life of Mine Saprolite Au Ore Leach (Doré) Gold Recovery 98% 98% 88% 96% Fresh Au/Cu Ore (Concentrate + Doré) Gold Recovery 88% 88% 88% Copper Recovery 91% 91% 91% Fresh Au Ore Cyanide Leach (Doré) Gold Recovery 95% 95% Doré vs. Concentrate Production Gold in Doré 100% 65% 73% 78% Gold in Concentrate 35% 27% 22% Concentrate Annual Concentrate Production 42k dmt 30k dmt 26k dmt Copper Grade 21% 21% 21% Gold Grade 60 g/t 63 g/t 62 g/t

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