NEVADA GOLD RESERVES HASBROUCK GOLD PROJECT August 28, 2020
DISCLAIMER AND FORWARD-LOOKING STATEMENTS H A S B R O U C K P R O J E C T P R E - F E A S I B I L I T Y S T U D Y A N D M I N E R A L R E S E R V E E S T I M A T E This presentation has been prepared by West Vault Mining Inc. (“West Vault”, “WVM” or the “Company”). The Hasbrouck Project Prefeasibility Study and Mineral Reserve Estimate (September 2016) were prepared by Mine Development Associates (“MDA”), with principal authors being Tom Dyer, P.E. and Paul Tietz, C.P.G. of MDA, and with contributions from Herb Osborne of H.C. Osborne & Associates, Metallurgical Eng., SME (metallurgy), Ryan Baker, P.E. of Newfields (civil and heap leach) and Carl Defilippi, SME of Kappes Cassiday & Associates (metallurgy and process design). Each aforementioned person is a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43 - 101”) and has reviewed and approved the information in this presentation relevant to the portion of the Hasbrouck Prefeasibil ity Study for which they are responsible. MDA has reviewed and verified the data disclosed in presentation to be in conformity with generally accepted CIM “Estimation of Miner al Resource and Mineral Reserves Best Practices” guidelines and in accordance with NI 43-101. F O R W A R D - L O O K I N G I N F O R M A T I O N This presentation contains forward-looking information or forward- looking statements (collectively, “forward -looking information ”) within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this presentation includes, without limitation, the statements regarding the ability to achieve the recoveries and the processing capacity of the mines; regulatory processes and permitting; estimates of gold or other minerals grades; anticipated costs, anticipated sales, project economics, the realization of expansion and construction activities and the timing thereof; production estimates and other statements that are not historical facts. Information concerning mineral reserve estimates and the economic analysis thereof contained in the prefeasibility study are also forward-looking information in that they reflect a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. Although West Vault believes that such timing and expenses as set out in this presentation are reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, significant increases in any of the machinery, equipment or supplies required to develop and operate a mine, a significant change in the availability or cost of the labor force required to operate a mine, a significant increases in the cost of transportation for the Company’s products, variations in the nature, quality and quantit y of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com. C A U T I O N A R Y N O T E T O U . S . I N V E S T O R S R E G A R D I N G T H E U S E O F M I N I N G T E R M S This presentation has been prepared in accordance with the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all reserve estimates included in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”) Industry Guide 7, and resources and reserve information contained herein may not be comparable to simi lar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, “resources” or “reserves” established under NI 43 -101 standard s may not qualify as “resources” or “reserves” under U.S. standards. Under U.S. 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. In addition, under U.S. standards, a “Final” or “Bankable” feasibility study is required to report reserves, the three- year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; ho wever, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in -place tonnage and grade without reference to unit measures. Accordingly, information concerning mineral deposits set forth in this presentation may not be comparable with information made public by companies that report in accordance with U.S. standards. This presentation has reviewed and verified by Sandy McVey P.Eng., West Vault’s Chief Operating Office and a qualified person as defined by NI 43-101. 2 2020-08-28-WVM-Presentation-Consolidation
Hasbrouck – gold in Nevada NAV5 at US$1,800 gold = US$ 5.08 per Share - Consolidated 100% Project Simple project Well-defined ore US$295M 92% IRR body NPV5 All-oxide heap leach, After-tax at $1,800 +600 boreholes After-tax at $1,800 low strip-ratio, 76% gold gold recovery High-margin Low initial Permitted first 71 koz gold/yr for reserves capex 8 years pit US$47M 577 Recoverable gold US$709/oz All-in Second pit close-to- (100% project, 2016 ounces Sustaining Cost permitted PFS) Source - 2016 PFS NI 43-101 Technical Report on a 100% Project Basis 3
100% project consolidation July 22, 2020 Purchase 25% project interest from Waterton to consolidate 100% WVM interest in Hasbrouck Gold Project Purchase price - US$10M cash plus 1M WVM shares Waterton granted three-year voting trust agreement Waterton have change of control provision - 25% / 12.5% / 6.25% of consideration in excess of US$50m at 6 / 12 / 18 months 4 Source - 2016 PFS NI 43-101 Technical Report on a 100% Project Basis
100% project consolidation - accretive transaction WVM’s 75% interest in Hasbrouck per PFS NAV5 is US$ 221M post-tax at US$1,800 gold Waterton 25% interest per PFS NAV5 is US$73.6M post-tax at US$1,800 gold US$11M purchase price includes shares 100% project interest is easier to finance and build - more attractive for M+A if desirable Price on a Reserve Ounce Basis is US$58 Source - 2016 PFS NI 43-101 Technical Report on a 100% Project Basis 5
Hasbrouck location Nevada – the safest jurisdiction Prolific gold trends Mining-friendly community 6
Land holding Large land position Excellent access and infrastructure Three deposits, only two in PFS Historic mine district High grade root at Hasbrouck 7
A robust gold deposit near 1M Oz P r o v e n & P r o b a b l e M e a s u r e d & I n d i c a t e d R e c o v e r a b l e G o l d R e s e r v e s R e s o u r c e s 927,000 Gold Ounces 762,000 Gold Ounces 577,000 Gold Ounces 738,000 588,000 435,000 ounces ounces ounces 189,000 175,000 142,000 ounces ounces ounces Three Hills Mine Hasbrouck Mine Three Hills Mine Hasbrouck Mine Three Hills Mine Hasbrouck Mine Source - 2016 PFS NI 43-101 Technical Report on a 100% Project Basis 8
15ft @ 0.33 oz Au/ton 154ft @ 0.12 oz Au/ton Hasbrouck Pit includes 48ft @ 0.22 oz Au/ton Root Potential Source - 2016 PFS NI 43-101 Technical Report on a 100% Project Basis 9
Hasbrouck production profile Three Hills Mine Gold Production Hasbrouck Mine Gold Production Gold Produced (koz) Year 1 2 3 4 5 6 7 8 9 10 koz Au 54 83 55 81 98 81 65 51 4 5 Source - 2016 PFS NI 43-101 Technical Report on a 100% Project Basis 10
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