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Becoming t Becoming the Newest Gold he Newest Gold Pr Producer in Timmins oducer in Timmins Unlocking Opportunity in the Unlocking Opportunity in t he Legendary Gold Camp Legendary Gold Camp TSX-V: GW TSX-V : GWA A Annual General
TSX-V TSX-V: GW : GWA A Annual General Meeting Pr Annual General Meeting Presentation esentation June 10, 2019 June 10, 2019 Unlocking Opportunity in t Unlocking Opportunity in the he Legendary Gold Camp Legendary Gold Camp
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This document (including any documents incorporated by reference herein) contains “forwar forward-looking d-looking statements statements’ within the meaning of applicable Canadian securities laws. These statements relate to future events or Gowest’s future performance. All statements other than statements of historical fact are forward-looking statements. Such forward-looking statements may include, but are not limited to, statements with respect to: (i) the future financial or operating performance of Gowest and its projects; (ii) the future price of gold or other metal prices; (iii) the estimation of mineral resources; (iv) proposed capital expenditures; (v) proposed operating and exploration expenditures; (vi) the costs and timing of future exploration and mine development activities; (vii) the success of exploration activities; (viii) permitting timelines and requirements; (ix) Gowest’s requirements for additional capital, (x) government regulation of mining operations; (xi) environmental risks; and (xii) title disputes or claims. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations of such words and phrases (including negative variations), or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Gowest to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: A number of factors could cause actual actions, events or results to differ materially from those described in forward-looking statements. 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. Gowest disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. The technical information in this corporate presentation has been reviewed and approved by Jeremy Niemi, Director of Exploration, a QP as defined by National Instrument 43-101. The industry data, technical information or other information prepared by third parties presented in this presentation, except where otherwise noted, has been compiled from industry sources and participants which, although not independently verified by the Company, are considered by the Company to be reliable sources of information. References in this presentation to reports or articles should not be construed as depicting the complete findings of the entire referenced report or article and such report or article is expressly not incorporated by reference into this presentation. The Company makes no representation or warranty as to the accuracy or completeness of any data or information prepared by third parties included in this presentation and the Company assumes no liability whatsoever relating to or resulting from such data or information or the use thereof, errors therein or omissions therefrom.
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4 § Q2 2017: The start of underground development at Bradshaw & executed a definitive agreement with Northern Sun to acquire 50% of their Redstone Mill
§ Q1 2018: Executed concentrate purchase and sale agreement with Humon Smelting § Q1 2018: Confirm new high grade gold zone at Bradshaw § Q1 2018: Northern Sun receives conditional approval from both the Ministry of Environment and Climate Change and the Ministry of Northern Development and Mines to process Bradshaw ore § Q2 2018: Received permission from Ontario Government to process concentrate outside Canada § Q2 2018: Termination of the definitive agreement to acquire 50% of the Redstone Mill § Q2 2018: Bradshaw is placed on standby (Completed 2,100 metres of underground development & stockpiled 28,567 tons of material for sorting § Q3 2018: Executed toll milling agreement with QMX
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§ Q1 2019: Closed $2M financing § Q1 2019: Announced $8M financing with company’s largest shareholder Fortune Future subject to shareholder approval § Q2 2019: AGM & Special Meeting to approve share consolidation & approve Fortune’s increase in ownership § Q2 2019: Target to close $8M financing § Q2 2019: Announced drill program and target to release assay results § Q3 2019: Resume operations at Bradshaw § Q4 2019: Process Bradshaw bulk sample
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LARGE LAND POSITION: LARGE LAND POSITION:
SITUA SITUATED IN WORLD CLASS TED IN WORLD CLASS GOLD CAMP GOLD CAMP
§ 109 km2 North Timmins Gold Project situated along underexplored mineral belt § Robust local presence with strong community and First Nations relationships
BRADSHA BRADSHAW DEPOSIT W DEPOSIT: :
BECOMING THE NEXT BECOMING THE NEXT GOLD PRODUCER IN GOLD PRODUCER IN TIMMINS TIMMINS
§ Gold mineralization at depth with potential to double based on regional deposits § Fully permitted underground bulk sample program § Highly de-risked, advanced construction project § Commercial production by 2019, with 50,000 oz/per year at peak production § Leveraging technology to optimize production
NEAR-MINE NEAR-MINE EXPLORA EXPLORATION: TION:
TARGETS IN STRIKING ARGETS IN STRIKING DIST DISTANCE FROM MINE ANCE FROM MINE
§ Three strong gold mineralization zones showing earmarks of deposit § Two mineralization zones less than 1km from Bradshaw Deposit
VISION FOR FUTURE: VISION FOR FUTURE:
ENOUGH GROUND TO ENOUGH GROUND TO HOST MUL HOST MULTIPLE MINES TIPLE MINES
§ Significant exploration potential along new mineral belt larger than historic gold belt § Centralized autoclave facility for Northeastern Ontario and Northwestern Quebec § M&A platform for further growth
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BRADSHA BRADSHAW DEPOSIT W DEPOSIT
NEAR-BRADSHA NEAR-BRADSHAW W EXPLORA EXPLORATION ZONES TION ZONES
Significant gr Significant growt
h potent potential ial
GREENFIELD GREENFIELD EXPLORA EXPLORATION TION
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HUMON SMELTER ORE SORTER TECHNOLOGY TOLL-MILLING (Aurbel) ORE SORTER TECHNOLOGY LOCAL MILLING LOCAL PROCESSING
PHASE 1 PHASE 2 PHASE 3
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8 8 Timmins W immins West est
Tahoe Resources
Dome Dome
Goldcorp Goldcorp
Hollinger Mine Hollinger Mine McIntyr McIntyre e Br Broulan
Reef Hallnor Hallnor Pamour Pamour
Goldcorp Goldcorp
Bell Cr Bell Creek eek
Tahoe Resources
Hoyle Pond Hoyle Pond
Goldcorp Goldcorp
Clavos Clavos
Sage Gold Sage Gold
Kidd Cr Kidd Creek eek
Glencore Inc.
Century Pr Century Project
Goldcorp Goldcorp
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Gold Project Base Metal Mine Gold Mine Whitney Pr Whitney Project
Gowest
Bradshaw Gold Deposit Bradshaw Gold Deposit
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BRADSHA BRADSHAW DEPOSIT W DEPOSIT1
1
TONNES TONNES GRADE GRADE (G/T) (G/T) OUNCES OUNCES
Probable Reserve2,3 1,800,000 4.824 277,000 Indicated Resource3 2,120,000 6.19 422,000 Inferred Resource3 3,620,000 6.47 755,000
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1 Mineral envelope is 900m strike length & 800m depth, 55% of total area of mineralization
§
2 Mineral Resources inclusive of Mineral Reserves. Full details contained in NI 43-101 Pre-Feasibility Study report
conducted by Stantec, filed June 9, 2015. §
3 Cut-off grade of 3.0 g/t Au at US$1,200/oz. Au and at an $0.80 exchange rate.
§
4 Fully diluted
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PRE- FEASIBILITY STUDY PRE- FEASIBILITY STUDY1 - $US 1,200 oz Au
NPV (5%)2 US$39.8 million Initial Capital US$21.5 million Sustaining Capital US$21.4 million
40,500 oz / year Life of Mine Operating Cost US$821/oz All-In Sustaining Cost4 US$891/oz IRR 27% Life of Mine5 8.5 years
§
1 The NI 43-101 PFS, released June 9, 2015, was conducted by Stantec Mining. The model is based on 100% equity financing after tax, Gold price
§
2 NPV (5%) is Pre-Tax and increases/decreases approximately US$7.5 million for every US$50/oz. increase/decrease in gold price
§
3 Includes bulk sample & pre-production
§
4 All-in Sustaining Costs are inclusive of LOM Operating Costs and Mine Sustaining Capital Cost as described in the Capital and operating costs
§
5 Estimated 8.5 year mine life that includes 1.5 years of pre-production and 7 years of full production
KEY IMPROVEMENTS REALIZED § Extended strike to 1.3km and depth to +1km
§ Intercepted additional gold adjacent to Bradshaw § Remains open laterally and at depth
§ Strong gold mineralization intercepted in several nearby drill holes
§ Located outside current resource estimate area
§ Proven ore sorting technology that doubles Bradshaw grade up to 10 g/t gold
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Water Treatment Ponds Site Offices Stock Piles Outcrop Maintenance Shop Ore Sorter Building Dry & Change Rooms Water Treatment Plant Portal Entrance
15 kms to Hwy 655
Whidden Road
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62 yrs 77 yrs 106 yrs 73 yrs 31 yrs 7 yrs 14 yrs
Ounces Pr Ounces Produced
Curr Current Resour ent Resources ces (all categories) (all categories) Mine Development Mine Development Resour Resources ces Exploration Exploration
19.4M oz Hollinger Mine 10.8M oz Mcintyre 16.6M oz Dome 5.4M oz Pamour 3.6M oz Hoyle Pond 0.7M oz
Timmins West
0.3M oz
Bell Creek
1.2M oz
Bradshaw
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Post Sorting
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UNDERGROUND UNDERGROUND DEVELOPMENT DEVELOPMENT:
§ Completed over 2,098 metres of underground development § Incl. commissioning a main ramp and portal (sufficient size for the future operating mine) § Developed three levels at 30, 45 and 60 metre level § Initiated silling and ready to develop stopes § The development follows the gold structures and shows excellent continuity in the mineralization § Confirmed and enhanced our geological model § Able to see continuity of mineralized structures § 28,567 tonnes of development material stockpiled on surface for sorting, milling and sale as concentrate § No injuries at the project to date for mine site surface and underground construction PREP PREPARING FOR ARING FOR PRODUCTION: PRODUCTION: ENHANCING OUR ASSET ENHANCING OUR ASSET: :
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§ Water treatment plant was made fully operational and the discharge is environmentally compliant § Ore-sorter (X-ray): § Completely enclosed in dome building facility § Commissioned and proven; performing as expected § Producing gold bearing material grading 6 g/t to 10 g/t for trucking to QMX for toll-milling § Milling and flotation test showed 97% recoveries § Optimising processing cost in flotation circuit § Demonstrated stable and competent ground conditions in ore and waste areas § Revised geological model sharply expanded mineralized area potential § Agreement to process concentrate in place with Shandong Humon Smelting of China § Signed toll-milling agreement with QMX
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UNDERGROUND UNDERGROUND DEVELOPMENT DEVELOPMENT:
PREP PREPARING FOR ARING FOR PRODUCTION: PRODUCTION:
ENHANCING OUR ASSET ENHANCING OUR ASSET: :
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§ Intersected highest gold values to date at the project at 155 g/t gold in a new zone outside the resource § Identified 20 new gold zones in bulk sample area § Identified two new high-grade gold zones north and west of main deposit § Completed 30-hole, 3,871 metre underground infill drilling program to gather as much information on the deposit as possible: § Tightened the drill spacing and increased the technical team’s detailed knowledge of the mineralized structures. § Refined the deposit geometry – defining stope limits and enhances grade control § As expected, all holes intersected gold mineralization § Drilling clearly demonstrated the potential to add significant additional material to the resources
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UNDERGROUND UNDERGROUND DEVELOPMENT DEVELOPMENT: PREP PREPARING FOR ARING FOR PRODUCTION: PRODUCTION:
ENHANCING OUR ENHANCING OUR ASSET ASSET: :
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4.82 g/t Au Up to 10 g/t Au
Pre-ore sorting Post-ore sorting
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* Based on full-scale produc8on test
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Smelting of China finalized February 2018
Exchange, works with some of the world’s largest mining companies
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Gold Bearing Material is Mined & Stockpiled Stockpiled Material is Crushed at Site Crushed Material is Sorted at Bradshaw Sorted Gold Ore is Trucked to Aurbel Mill Aurbel Mill Produces High Grade Gold Concentrate Concentrate is Shipped to China Humon Smelter Extracts Gold from the Concentrate Gold
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Acquisition of complete 110 km2 land package = North Timmins Gold Project
2009 - 2016 2009 - 2016
PEA: Bradshaw gold deposit defined
2011 2011
Exploration, permitting and economic study
2012 – 2015 2012 – 2015
Published Pre- Feasibility study
2015 2015
Exploration Agreement with Taykwa Tagamou Nation, Mattagami First Nation, Matachewan First Nation
2011 2011
Received Permits for Bulk Sample / advanced underground exploration
2016 2016
Purchased x-ray ore sorting technology
Feb 2017 Feb 2017
Commenced ramp development
January 2017 January 2017 Fal Fall 2017 l 2017
Convert Sheridan + Dowe zones to resource status
Commercial production at Bradshaw
2019 2019
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May 2017 May 2017
Commenced site construction
December 2016 December 2016
Pandion Financing for mine development Began negotiating IBAs with First Nations communities (expected completion: 2019)
2020 2020
grade gold zones
for sale of gold concentrate
February 2018 February 2018 2020 2020
Bradshaw
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SITUA SITUATED IN WORLD CLASS GOLD CAMP TED IN WORLD CLASS GOLD CAMP BECOMING THE NEXT GOLD BECOMING THE NEXT GOLD PRODUCER IN TIMMINS PRODUCER IN TIMMINS
TARGETS IN STRIKING DIST ARGETS IN STRIKING DISTANCE ANCE FROM MINE FROM MINE ENOUGH GROUND TO HOST ENOUGH GROUND TO HOST MUL MULTIPLE MINES TIPLE MINES
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CEO, Pr CEO, President & Dir esident & Director ector Involved in the mining and mineral processing industry for over 30 years. Has guided Gowest from purely exploration to development and mining with producing
record in mine supply manufacturing and capital markets.
CFO & Corporate Secr CFO & Corporate Secretary etary Career accounting professional with over 30 years experience. Former CFO at Castle Gold, Highvista Gold and Canuc Resources.
Dir Director ector, Mining & Pr , Mining & Projects
Mining engineer born and raised in Timmins. More than 30 years experience mining in northern Ontario including senior positions in safety,
Inco/Vale.
Dir Director ector, Exploration , Exploration Geologist with over 20 years experience in the mining/resource industry. Currently VP Exploration at Aurelius Minerals. Formerly VP , Exporation at Gold Quest; VP , Geology at Noront Resources; and, Manager, Technical Services for Kinross Gold Corporation.
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Development Manager Development Manager Professional engineer with over 17 years of mining experience, most recently with Castle Gold. Extensive project development experience (gold, nickel, molybdenum, copper, zinc) as a process engineer with AMEC and Aker Kvaerner/Davy.
Mine Manager Mine Manager 38 years of direct experience leading mining and construction activities. Held several senior operational positions at Goldcorp’s Porcupine Gold Mine in Timmins, including Underground Manager and Manager of Operations. Previously VP , Operations with Dumas Contracting.
Chief Geologist Chief Geologist Professional geologist with over 20 years progressive experience in surface and underground mining operations. Formerly Chief Mine and Resource Geologist at Tahoe Resources. Other senior positions with Aurico Gold and Teck Resources.
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Executive Chair Executive Chairman man
President of CFE Financial Inc., a private investment banking company. Formerly Chief Financial Officer of Tangerine Payment Solutions Corp. listed on the TSX Venture successfully sold in March 2009.
Chair of Compensation Committee Chair of Compensation Committee
Professional engineer, member of the Canadian Institute of Mining Metallurgy and Petroleum and of the Society for Mining Engineers. Currently Chairman
spent 17 years in project management at Barrick Gold Corp.
CP CPA, CA, Chair of Audit Committee A, CA, Chair of Audit Committee
Chartered Accountant with over 35 years of experience in corporate
Vice President Corporate Strategy and Development of the Katz Group Pharmacies Inc.
Dir Director ector
Former Chief Financial Officer
Limited with more than 22 years
finance.
Chair of T Chair of Technical Committee echnical Committee
Professional geologist with 25 years
mineral exploration, resource estimating and mining. He is a member of the Association of Professional Geoscientists of Ontario.
experience in financial management in the mining and other industries. He holds a Bachelor Degree in Economics and is a Certified Management Accountant
Dir Director ector
CEO, Pr CEO, President & Dir esident & Director ector
Chair of Gover Chair of Governance Committee nance Committee
Co-founder, former Executive Vice President, Corporate Affairs and Director of IAMGOLD Corporation.
Involved in the mining and mineral processing industry for over 30 years. Has guided Gowest from purely exploration to development and mining with producing assets. Proven business track record in mine supply manufacturing and capital markets.
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SHARE STRUCTURE SHARE STRUCTURE
Shares Outstanding 428.5 million Warrants (avg. price $0.25) 37.1 million Options 10.1 million Shares Fully Diluted 475.7 million
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TRADING SUMMAR TRADING SUMMARY 52 Week Range: Recent share price: Market Cap: KEY SHAREHOLDERS KEY SHAREHOLDERS Fortune Future 19.8% Management 11.0% TSX-V:GWA $0.03 / $0.09 $0.03 $12.9 million
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GOLD PRICE $1,200/OZ. Exchange Rate Exchange Rate CAD $1.00 = US$0.80 Pr Pre-tax Net Pr e-tax Net Present V esent Value (“NPV”) (5%) alue (“NPV”) (5%) $39.8 million Pr Pre-tax Inter e-tax Internal Rate of Retur nal Rate of Return (“IRR”) n (“IRR”) 32% After After-tax NPV (5%):
$29.2 million After After-tax IRR
27% Initial Capital Initial Capital $21.5 million Sustaining Capital Sustaining Capital $21.4 million Pr Pre-tax Payback Period e-tax Payback Period 3.5 years Life of Mine (“LOM”) Operating Cost Life of Mine (“LOM”) Operating Cost $821/ounce (“oz”) gold (“Au”) All-in Sustaining Cost All-in Sustaining Cost1 $891/oz Or Ore Mined e Mined 1,787,295 tonnes (“t”)
e grade 4.82 grams per tonne (“g/t”) Au Development Rock Mined (additional mineralized Development Rock Mined (additional mineralized rock)
666,253 t
1.31 g/t Au Initial LOM (includes bulk sample) Initial LOM (includes bulk sample)2 8.5 years Total Gold (extracted in initial phase)
305,058 oz Total Gold Recovery
93%
ed Au Production
4
40,500 oz. Gr Gross Revenue to Operation
$341 million
(100% EQUITY, ALL FIGURES IN USD):
1 All-in Sustaining costs are inclusive of LOM Operating
Costs and Mine Sustaining Capital Cost
2 Initial LOM includes 1.5 years of pre-production and 7
years of full production.
3 Total gold ounces is mineral reserve ounces plus
development rock ounces.z
4 Includes bulk sample and pre-production years
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CAPIT CAPITAL COSTS (MILLIONS USD) AL COSTS (MILLIONS USD) Initial Capital: Initial Capital: Site Surface Development Site Surface Development 10.5 Under Undergr ground (
UG”) Development ( ) Development (“Dev Dev”) 10.7 Closur Closure Cost e Cost 0.3 Total Initial Capital
21.5 Mine Sustaining Capital Cost (UG Ramp Dev) Mine Sustaining Capital Cost (UG Ramp Dev) 21.4 LOM Capital Costs LOM Capital Costs 42.9 OPERATING COSTS (MILLIONS USD) Mining: Mining: Operating Costs Operating Costs 47.8 Level Development Costs Level Development Costs Owners Costs Owners Costs Indir Indirect ect 45.4 25.0 41.0 Total Mining
159.2 Toll Milling
39.9 Refining Refining 34.1 Royalties Royalties 2.8 LOM Operating Costs LOM Operating Costs 236.0
Capital Costs are broken down into two parts. The first includes the capital (“Initial Capital”) required to bring the deposit into production and start generating cash flow. If the mine should proceed to production, there is a sustaining capital cost (“Mine Sustaining Capital Cost”) to develop the main ramp deeper into the mine over the LOM to complete the access to the reserve. The costs are based on the construction of a greenfield mine site, contract mining and crushing, and the use of third party existing facilities for milling and refining.
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Website: http://www http://www.gowestgold.com/ .gowestgold.com/ https://www https://www.facebook.com/GowestGold/ .facebook.com/GowestGold/ https://twitter https://twitter.com/GowestGold .com/GowestGold https://www https://www.linkedin.com/company/1673725/ .linkedin.com/company/1673725/ info@gowestgold.com info@gowestgold.com Address: 1400-80 Richmond Str 1400-80 Richmond Street W eet West est Tor
Phone: Phone: 416-363-1210 416-363-1210
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