January 2020 Presentation TSXV: MCI | AGRDF: OTC Pink TSXV: MCI | - PowerPoint PPT Presentation

January 2020 Presentation TSXV: MCI | AGRDF: OTC Pink

TSXV: MCI | AGRDF: OTC Pink Cautionary Notes Cautionary Note Regarding Forward-looking Information This presentation contains certain information that may constitute forward-looking information under applicable Canadian and U.S. securities legislation, including but not limited to information about current expectations on the timing, extent and success of exploration, development and metallurgical sampling activities, the timing and success of mining operations, the optimization of mine plans, milling activity at the PL Mill, the timing and completion of updated mineral resource and reserve estimates in respect of the PL and Nokomis deposits, the Company's intention and ability to monetize mineralized material, project development and related permitting, the financial condition of Minnova and the ability of Minnova to finance exploration and development funding requirements and the ability of Minnova to meet forecast production and cost targets. This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of gold; operational, funding and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations; and the ability of Minnova to fund its substantial capital requirements and operations. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials filed with the securities regulatory authorities in Canada which are available at www.sedar.com. Readers are urged to read these materials. Minnova assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law. Cautionary Note Concerning Resource Estimate: Information concerning mineral resource estimates and the interpretation of exploration programs and drill results also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present and economically mineable if and when a project is actually developed. Qualified Person Mr. Chris Buchanan, M.Sc., P. Geo., a consultant of the Company and a “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in this presentation. Unless otherwise noted, all dollars in this presentation are in C$ dollars. www.minnovacorp.ca 2

TSXV: MCI | AGRDF: OTC Pink Minnova Corp. - Our Value Propositions Canada PL Gold Mine Re-Start Near-Term Production Positive Feasibility Study Low Capex Resource Open to Expansion Leverage to Higher/Rising Gold Price Significant Free/Coarse Gold Nokomis Satelite Deposit Regional Exploration Upside Minnova Renewable Energy Creating additional value through existing infrastructure 3

TSXV: MCI | AGRDF: OTC Pink PL Gold Mine Re-Start Positive Feasibility Study – November 2017 Positive Feasibility Feasibility Study Highlights Study Results • Based on new RSV/RSC’s • Initial mine life of 5 years Gold Price US$ 1250 – UG Reserves only - 259,000 oz @7.0g/t After-Tax – Avg annual production – 46,500 oz NPV 0% (C$ M) $46.8 – Global Resource – 612,426 oz – Resource and expansion potential After-Tax • Average LOM OPEX C$162/tonne NPV 5% (C$ M) $36.7 – US$750 /oz After-Tax IRR 53% • Total estimated CAPEX of C$35M Payback (yrs) 1.5 • Fast Payback ~1.5 years Note: Base case study uses gold price of US$1250/oz and US$:C$ exchange rate 0.77, UG = Underground Reserves • PL Mine is past-producer & permitted for underground mining PL MINE RE-START • Key mining infrastructure in place = Lower Capex • VALUE High grade LOM average gold grade >6g/t (combined u/g and o/p) • Potential for Rsv/Rsc Expansion = future increase annual prod’n PROPOSITION • Reserve and Resource gold grade potentially understated • Nokomis Satelite deposit – future production potential www.minnovacorp.ca 4

TSXV: MCI | AGRDF: OTC Pink PL Mine Re-Start Value Leverage #1 – Higher Gold Price Daily Gold Price USD $2,000 November 2017 FS October 2019 Gold Price Leverage $1,900 Base Case Gold Price: US$1,250/oz Current Gold Price: ~US$1,500/oz After-tax NPV @ 5% = C$36.7M After-tax NPV @ 5% = ~C$96M $1,800 IRR of 53% IRR of 109% $1,700 $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 5

TSXV: MCI | AGRDF: OTC Pink PL Mine Re-Start Feasibility Study Value Leverage #1 – Higher Gold Price Gold Price (USD/oz) $1,200 $1,250 $1,300 $1,400 $1,500 $1,600 $1,700 Pre-Tax NPV 5% (C$M) $43 $56 $65 $94 $119 $144 $169 After-Tax NPV 5% (C$M) $25 $37 $46 $72 $96 $120 $144 Pre-Tax IRR 53% 65% 73% 97% 117% 137% 157% After-Tax IRR 40% 53% 62% 88% 109% 130% 150% $160 160% $140 140% $120 120% $100 100% NPV 5% (C$M) $80 80% IRR $60 60% $40 40% $20 20% $0 0% $1,200 $1,250 $1,300 $1,400 $1,500 $1,600 $1,700 After-Tax NPV 5% (C$M) After-Tax IRR 1) See March 2018 Feasibility Study report for further information. Feasibility Study base case gold price – US$1,250/oz 6

Reserve/Resource Gold Grades Understated? Leverage #2 – Potential Increase in Reserve Grade • Initiated Metallic Screen Fire Assay (“MSFA”) check assay program following the positive feasibility study to assess thesis that grades are understated due to small assay sample size in traditional Fire Assay (“FA”) possibly resulting in coarse gold not being captured. • The MSFA check assay program is a high impact study, any increase in gold grade of the mineral reserve and resource can have a positive impact on the economic analysis. • 10% increase in mineral reserve gold grade could potentially increase the project NPV from the base case NPV of $36.70 million 1 to $66.40 million, a potential increase of over 80%. After-Tax NPV 5% ($M) Parameter Variation of Parameter Relative to Base Case -20% -15% -10% -5% 0% 5% 10% 15% 20% Head Grade -$24.78 -$9.21 $6.30 $21.68 $36.70 $51.56 $66.40 $81.25 $96.09 Gold Price -$24.97 -$9.36 $6.21 $21.63 $36.70 $51.56 $66.49 $81.38 $96.29 Operating Costs $77.25 $67.19 $56.95 $46.80 $36.70 $26.49 $16.24 $5.84 -$4.66 Capital Costs $50.17 $46.79 $43.40 $40.04 $36.70 $33.37 $30.06 $26.76 $23.46 • Results to date are encouraging exhibiting positive reconciliation of +10% increase in MFSA gold grade versus original FA grade. High Impact, Low Budget MFSA Program has Potential to Significantly Increase NPV 1) See March 2018 Feasibility Study report for further information. Feasibility Study base case gold price – US$1,250/oz 7

Significant Course/Free Gold Identified Positive Implications for High Gravity Recovery • Metallic Screen Fire Assay (“MSFA”) check assay program has highlighted the significant free/coarse gold that occurs in the mineralized veins/shears that make up the PL Gold Deposit. • Initial results support the thesis that gold grades may be potentially understated by traditional Fire Assay (“FA”) techniques. This is particularly evident when MFSA results are greater than 3g/t. Average Variance all samples -0.82% Average Variance - 0 to 3g/t -27.56% Average Variance - Plus 3g/t 22.50% Average Variance - Plus 5g/t 31.69% Average Variance - Plus 10g/t 23.53% • Results from 49 MFSA samples indicate significant positive variance above the resource cut off grade of 3g/t. For example, the average positive variance in MSFA vs original FA is +22.5 % for all samples greater than 3g/t. • The confirmation of significant free/coarse gold has additional positive implications for re-designing the process flow sheet to incorporate the latest in gravity recovery techniques. Significant Free/Coarse Gold is Amenable to Low Cost Gravity Recovery Techniques 1) See http://www.minnovacorp.ca/Metallic-Screen-Fire-Assay-Results-as-of-January-2020.pdf for full MSFA data 8

TSXV: MCI | AGRDF: OTC Pink Minnova Corp. - Our Green Energy Value Proposition Minnova Renewable Energy - Established 2018 Creating additional value through existing infrastructure - Power line - Rail - Local harvestable resources Sustainable green energy Biomass CHP Plant - A growing trend Sustainable business model - Local harvestable resources - Other biomass sources Increased local employment opportunities - Sherridon - First Nations 9