MOVING TO DEVELOPMENT IN THE CARIBBEAN October 2020 1 TSX.V: UGD - - PowerPoint PPT Presentation

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MOVING TO DEVELOPMENT IN THE CARIBBEAN

TSX.V: UGD

CORPORATE PRESENTATION ฀ CANADA October 2020

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Forward Looking Statements

Certain statements contained in this presentation, including statements regarding events and financial trends that may affect our future

• perating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal

securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like “strategy”, “expects”, “plans”, “believes”, “will”, “estimates”, “intends”, “projects”, “goals”, “targets”, and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward- looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995. Core drilling is being done primarily with NQ. Samples are logged, split by wet diamond saw, and half sent for assaying with the other half stored on site. Sample lengths typically average 1 m, but vary by geological boundaries. QA/QC included inserting certified standards and blanks into the sample stream at industry standard intervals. Samples are prepped by Bureau Veritas Labs in the Dominican Republic, with assaying performed through Bureau Veritas’ laboratory in Vancouver, Canada. Analytical procedures include a 35-element ICP-ES analysis (MA-300) and a 50 g FA AA finish for gold (FA450). Wes Hanson, P.Geo., COO, and a Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this presentation.

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WHY INVEST IN UNIGOLD

CURRENT RESOURCES of about 2M oz @ 1.6 g/t Au at flagship Neita Project in Dominican Republic PROVEN, FIELD TESTED HYPOTHESIS and understanding

• f the ore body with
• ver 120,000 m

drilled to date HIGHER GRADE MINERALIZATION within previously unrecognized features at 3 locations within the identified resource area HIGH PROBABILITY that resource can be increased both in terms of quantity and quality (more tonnes, higher grades) FULLY FUNDED DRILL PROGRAM with $5.5M cash and multiple, highly prospective, drill- ready targets

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MANAGEMENT

Joseph Hamilton, P. Geo, CFA

Chairman of the Board of Directors and Chief Executive Officer

Joe is a Professional Geologist with over 30 years of experience in mineral exploration, capital markets and mine development. Joe has been involved in all facets of the mineral development cycle from early stage generative exploration to resource definition, feasibility studies, environmental permitting, community consultations, project financing, and construction management. Joe has managed base metal and gold projects in North America, Latin America and Africa. In addition to being a Professional Geologist in Ontario, Joe is a Chartered Financial Analyst, a member of the CFA Institute and a member of the Institute of Corporate Directors.

Donna McLean

Chief Financial Officer and Secretary

Donna has over 30 years’ experience working with numerous publicly traded and private companies, specializing in the areas of financial reporting, controls and administration. She has served as CFO for several junior mineral exploration companies.

Wesley C. Hanson, P. Geo.

Chief Operating Officer

Wes joined Unigold's team in March 2013. Wes brings

• ver 32 years of industry experience , including

exploration, mine development, mine operations, project evaluation and financing. Wes was President and CEO of Noront Resources (2009 -- 2012), VP Mine Development, Western Goldfields / Silver Bear Resources (2006 through 2009), Director Technical Services, Kinross Gold (2002-2006) and Project Geologist, SNC-Lavalin Engineers and Constructors (1999-2002). Wes has also served on the Board of Directors for Noront, Cobriza Metals and St. Eugene

• Mining. Earlier in his career, Wes supervised

numerous gold exploration projects throughout northern Canada and the US, many of which successfully advanced from exploration projects through mine development and construction into commercial operation. Wes graduated from Mount Allison University in 1982 with a Bachelor of Science degree in Geology.

Helga Fairhurst

Corporate Secretary

Helga has over 12 years of experience with providing corporate secretarial and administrative services to public companies listed on the TSX, TSXV, and CSE within the mining industry. She has worked for several mineral exploration companies including U.S. Silver Corporation (now U.S. Silver and Gold Inc.), Carlisle Goldfields Limited and Idaho Champion Gold Mines Canada Inc.

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Joseph Hamilton,

• P. Geo, CFA

Chairman of the Board of Directors and Chief Executive Officer

• Mr. Hamilton is a

Professional Geologist with

• ver 30 years of experience

in mineral exploration, capital markets and mine

• development. Mr. Hamilton

has been involved in all facets of the mineral development cycle from early stage generative exploration to resource definition, feasibility studies, environmental permitting, community consultations, project financing, and construction management.

• Mr. Hamilton has managed

base metal and gold projects in North America, Latin America and Africa. In addition to being a Professional Geologist in Ontario, Mr. Hamilton is a Chartered Financial Analyst, a member of the CFA Institute and a member of the Institute of Corporate Directors.

Joseph Del Campo, CPA, CMA

Director Audit Committee Chairman

• Mr. Del Campo holds

Chartered Professional Accountant (CPA) and Certified Management Accountant (CMA)

• designations. He began his

career with Falconbridge Limited and spent over 19 years working within the Falconbridge group of companies at progressive financial positions, including Controller and Treasurer of Falconbridge Dominicana, a ferronickel operation in the Dominican Republic; and Falconbridge Gold Corporation, a gold mining company with operating mines in Africa and Timmins,

• Ontario. Over the past 20

years, Joseph has been a Director and Vice President, Finance and Chief Financial Officer (CFO) of a number of junior exploration companies listed on the TSX and TSX Venture Exchange.

Charles Page, M.Sc., P.Geo.

Lead Director In addition to being a Professional Geologist,

• Mr. Page has acted as

senior officer, director and CEO for several publicly traded junior resources companies. Over the past 30 years,

• Mr. Page has

developed, organized and implemented major exploration projects in several mining camps in Canada and in the Republic of Cuba. He is familiar with all aspects

• f exploration from

grass-roots projects to feasibility studies, production and mine

• closure. His primary

geological expertise is in Precambrian gold and base metal, epithermal gold, porphyry copper- gold and disseminated gold deposits. He is also a director of Osisko Gold Royalties Ltd.

Ruben Padilla, PhD

Director

• Mr. Padilla has 30 years'

experience working on target generation, project evaluations, mining geology, and management of exploration programs with various companies mostly focused on the Americas. He holds a Geological Engineering degree from the University of Chihuahua in Mexico and a Master and PhD degree from the University of

• Arizona. Currently he is the

Presdient and CEO of Sable resources Ltd, chief geologist of Talisker Exploration Services Inc. He worked and completed important research at La Escondida deposit in Chile where he identified a blind target related with a younger porphyry event today known as the Escondida Este deposit. With AngloGold Ashanti he acted as exploration country manager in Peru and Colombia and as Chief Geologist for the Americas Exploration Group. He was part

• f the team that discovered the

Colosa and Gramalote deposits in Colombia.

Jean-Marc Lacoste

Director

• Mr. Lacoste is the

President and CEO of Monarch Gold

• Corporation. Jean-Marc

earned his bachelor's degree in Economics from McGill University in

• Montreal. In 1993 he

started a career in finance at the Montreal Stock Exchange where he worked for National Bank Financial and, subsequently, Merrill Lynch Canada. In 2000 he left Montreal for Toronto to join Northland Power, a wind power energy corporation, as Vice President of Acquisitions. He returned to Montreal in 2002 where he joined the boards of a few public and private

• companies. From 2004 to

2010, he took a major role in Golden Goose Resources Inc. where he became President and CEO.

Jose Acero

Director

• Mr. Acero is a

residient of the \Dominican

• Republic. He

has 20 years of experience as metal trader. He holds a business degree from the Universidad Nacional Pedro Henriquez Ureña in Santo Domingo, DR.

Normand Tremblay

Director

• Mr. Tremblay

is the former CEO of United Bottles & Packaging of Laval, Quebec.

BOARD OF DIRECTORS

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TSX.V: UGD

Market Capitalization CAD $46 million Shares Outstanding 126 million Warrants (Sept 2021, $0.10 - $0.15) 5 million Warrants (Jun 2022, $0.18 - $0.30) 19 million Options (avg. $0.22) 4.6 million Fully Diluted 153 million 52 week Hi - Low $0.67 / $0.10

Shareholders

Eric Sprott (undiluted) 15.1% Officers and Directors 5.6%

CAPITAL STRUCTURE

1000000 2000000 3000000 4000000 5000000 6000000 7000000 0.1 0.2 0.3 0.4 0.5 0.6 0.7

19-Oct-20 19-Nov-20 19-Dec-20 20-Jan-20 20-Feb-20 20-Mar-20 20-Apr-20 20-May-20 20-Jun-20 20-Jul-20 20-Aug-20 20-Sep-20 20-Oct-20

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2020 OBJECTIVES

Completed In Progress Q3 2020 Q4 2020

Oxide Resource

• Complete sufficient drilling to define M&I resource
• Complete metallurgical studies to finalize process design
• Complete sufficient geotechnical work to finalize pit and tailings design
• Complete an economic study on oxide resources

Sulphide Resource

• Complete infill drilling to move known resources into M&I category
• Complete detailed metallurgical studies to finalize a process design
• Complete sufficient geotechnical work to allow ramp design to be confirmed
• Expand mineralization along strike and to depth – target 2 million ounces

gold equivalent in all categories at 3 g/t cut-off

CSR Programs

• Continue with local community engagement programs
• Monitor elections and engage new government
• Initiate national engagement program

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DOMINICAN REPUBLIC

20 km

• Established world class

deposits (Pueblo Viejo, Falcondo, Cerro Maimon).

• Established mining law,

taxation and regulations (deductible 5% export duty on finished metal, income tax specified in mining licence – reset every 25 years).

• Good infrastructure,

power, workforce, roads, telecommunications, etc.

Neita Concession Pueblo Viejo, Falcondo, Cerro de Maimon

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UNIGOLD’S DOMINICAN ADVANTAGE

Lowest Quartile Operating Costs

Less than $125CAD per meter all-in cost

Low Burn Rate

~$150,000CAD per month before drilling

High Productivity

1500 to 1800 meters per drill per month Excellent safety record

Local workforce

• ver 98% local hire rate

Strong Community Support

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Candelones Project – Inferred Mineral Resources Au and Cu Cu targets Au targets

EXPLORATION CONCESSIONS awarded for 3 years PLUS; Owner may apply for two (2) extensions, each extension allows one year of additional exploration; Concession holder has advance period to re-apply for existing concessions on expiration; Current exploration license granted May 2018; Current environmental license to be renewed Q3 2020.

NEITA CONCESSION

1 2 3 4 5

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New high-grade discoveries in 2016 changed the game

NEW HIGH-GRADE DISCOVERIES

2016

112K oz oxide resource averaging 1.0 g/t Optimized Pit Constrained – Inferred Classification

• $1500 / oz gold.
• Constrained Pit showed 1.3:1.0 internal

waste.

• extends to 30.0m from surface, upper

5.0m (at least) is free dig material.

• preliminary metallurgy suggests +96%

recovery with direct cyanidation.

• Column tests show 85% recovery in 7

days.

OXIDES

2013

894K oz Au averaging 5.2 g/t Au – Underground access Inferred Classification (2015)

• 3.5 g/t cut-off, $1200 / oz gold price.
• 100m x 100m drill pattern.
• Includes +40M lbs Cu @ 0.35%.

SULPHIDES

2015 2013

1.90M oz averaging 1.6 g/t Au Pit Constrained and below-pit Inferred Classification

• $1500 / oz gold, 100m x 100m drill pattern.
• constrained pit showed 6.4 : 1.0 internal waste.
• Epithermal overprint recognized.
• Feeder zones traced to depth.
• 3 areas defined so far.
• Oxides
• 80% conversion to M&I
• 15% increase in resources

HISTORIC RESOURCES

2020

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Oxide mineralization Disseminated Sulphide mineralization Epithermal Sulphide mineralization

Candelones Main

2004 – 2011

• 170 holes (30,000 m)
• 308,000 ozs Au inferred

Candelones Connector

2011-2016

• 54 holes (8,000 m)
• 74,000 ozs Au inferred

Candelones Extension

2011-2014

• 140 holes (52,000 m)
• 1,629,000 ozs Au inferred

Massive Sulphide Zone

2016 - present

• 12 holes (4900 m)

Sub-vertical epithermal feeder systems

Open to depth

CANDELONES DEPOSIT

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я

Significant Intersections from drilling 2016-2020

Target A

• 30.0 m @9.02 g/t Au, 0.6% Cu
• 34.9 m @ 6.19 g/t Au, 0.6% Cu
• 34.0 m @ 4.15 g/t Au, 0.4% Cu
• 22 m @ 6.93 g/t Au, 0.6% Cu
• 21.2 m @ 6.0 g/t Au, 0.9% Cu
• 24 m @ 4.59 g/t Au, 0.54% Cu
• 23.7 m @ 6.03 g/t AU, 0.31% Cu
• 25 m @ 5.67 g/t Au, 0.4% Cu
• 17 m @ 7.31 g/t Au, 1.22% Cu
• 15.7 m @ 7.45 g/t Au, 1.1% Cu
• 15.3 m @ 5.75 g/t Au, 0.52% Cu
• 12 m @ 6.95 g/t Au, 0.86% Cu
• 9.0 m @ 4.81 g/t Au, 0.7% Cu
• 9.0 m @ 11.9 g/t Au, 2.0% Cu
• 6 m @ 6.05 g/t Au, 0.8% Cu
• 5.7 m @ 5.07 g/t Au, 2.5% Cu
• 5.7 m @ 12.1 g/t Au, 1.2% Cu

Target C

• 18.5 m @ 10.18 g/t Au, 1.52% Zn
• 15.8 m @ 11.36 g/t Au, 0.4% Cu
• 12 m @ 9.7 g/t Au, 7 g/t Ag, and 1.6% Zn
• 10.5 m @ 12.94 g/t Au, 15.6 g/t Ag,
• 10 m @ 6.71 g/t Au, 0.7% Cu
• 9.5 m @ 14.4 g/t Au, 46.6 g/t Ag, 1.5% Zn
• 9.0 m @ 16.48 g/t Au, 57.7 g/t Ag, 0.8% Zn
• 8 m @ 6.30 g/t Au, 17 g/t Ag
• 7 m @ 8.86 g/t Au, 37 g/t Ag
• 4.6 m @ 3.4 g/t Au, 56 g/t Ag, and 0.9% Zn
• 4 m @ 9.67 g/t Au, 0.1% Cu
• 4 m @ 10.1 g/t Au, 21 g/t Ag, and 2.4% Zn
• 3.3 m @ 5.06 g/t Au, 90 g/t Ag
• 3 m @ 10.7 g/t Au, 2.1% Cu

TOGETHER TARGET A, B, C DEFINE OVER 1.5 KM OF STRIKE EXTENT

Target B

• 15 m @ 16.36 g/t Au, 2.6% Cu
• 2 m @ 19.62 g/t Au
• 24.4 m @ 3.2 g/t Au, 14 g/t Ag,
• 24 m @ 4.59 g/t Au, 0.54% Cu
• 22m @ 5.67 g/t Au
• 23.7 m @ 6.03 g/t Au, 0.31 Cu
• 16.60 m @ 3.37 g/t Au,

12.96 g/t Ag, 0.30% Cu, 2.13% Zn

CANDELONES DEPOSIT

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From To Interval (1) Au Ag Cu Zn (m) (m) (g/t) (g/t) (%) (%) 326.50 356.50 30.00 9.02 5.10 0.63 0.00 including: 326.50 327.50 1.00 6.36 4.30 0.87 0.00 327.50 328.50 1.00 8.27 5.00 1.00(2) 0.01 328.50 329.50 1.00 4.08 3.40 0.23 0.00 329.50 330.50 1.00 4.87 3.60 0.34 0.01 330.50 331.50 1.00 5.28 4.00 0.41 0.01 331.50 332.50 1.00 7.53 6.00 1.00(2) 0.00 332.50 333.50 1.00 17.90 6.60 1.00(2) 0.00 333.50 334.50 1.00 6.41 4.80 0.38 0.00 334.50 335.50 1.00 12.10 5.30 0.43 0.00 335.50 336.50 1.00 16.80 6.00 0.70 0.00 336.50 337.50 1.00 12.40 4.80 0.49 0.00 337.50 338.50 1.00 12.10 4.90 0.50 0.01 338.50 339.50 1.00 13.10 5.20 0.55 0.00 339.50 340.50 1.00 9.80 5.10 0.56 0.00 340.50 341.50 1.00 9.43 5.80 0.48 0.00 341.50 342.50 1.00 6.66 4.00 0.54 0.00 342.50 343.50 1.00 5.35 4.60 0.56 0.00 343.50 344.50 1.00 5.22 4.30 1.00(2) 0.00 344.50 345.50 1.00 6.41 4.50 0.54 0.00 345.50 346.50 1.00 7.79 5.10 0.62 0.00 346.50 347.50 1.00 9.80 6.30 0.59 0.00 347.50 348.50 1.00 12.20 4.20 0.45 0.00 348.50 349.50 1.00 8.10 5.80 0.57 0.00 349.50 350.50 1.00 15.30 7.50 0.98 0.00 350.50 351.50 1.00 19.20 9.60 1.00(2) 0.00 351.50 352.50 1.00 6.71 5.40 0.60 0.00 352.50 353.50 1.00 5.59 4.40 0.41 0.00 353.50 354.50 1.00 4.27 3.90 0.42 0.00 354.50 355.50 1.00 7.06 4.90 1.00(2) 0.00 355.50 356.50 1.00 4.67 3.60 0.67 0.01 (1) Intervals are reported as drilled length not true width. There is insufficient data at this time to estimate true width. (2) Denotes pending over limit analyses for copper. The over limit results are not anticipated to result in a material increase in copper grade.

LP20-147: Target A 30 meters @ 9.02 g/t gold 5.1 g/t silver 0.63% copper Consistent Mineralization throughout the deposit

CANDELONES DEPOSIT

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0 100 200

meters

0 100 200

meters

2013 TO 2020 DRILL INTERCEPTS

0 100 200

meters

RECENT DRILLING

LP15-96 34.0 m @ 4.15 LP20-147 30.0 m @ 9.02 LP16-124 5.9 m @ 11.8

LP20-150 10.5 @ 12.94 LP20-148 18.5 @ 10.18 LP20-146 9.5 @ 14.14 LP20-160 8.0 @ 16.48

Completed – Assays Pending Hole in Progress

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Sulphide Metallurgy

• Amenable to conventional gravity-float-leach circuit
• Phase 2 metallurgy will define flowsheet
• All styles of mineralization show 95% to 97% recovery of gold, silver

and copper to flotation concentrates

• Insensitive to grind size
• Epithermal mineralization leaches well, up to 53% gravity recovery,

88% standard leach recovery

• Low grade disseminated mineralization shows 20% gravity recovery,

47% standard leach recovery (97% recovery using POX)

• Mixed material has mixed response: unoptimized 13% gravity

recovery, 30% leach recovery

Oxide Metallurgy

• Oxide material leaches well – over 85% recovery in 7 days
• Amenable to heap leach or tank leach

METALLURGICAL STUDIES 2020

10 20 30 40 50 60 70 80 90 100 10 20 30 40 50 60 70 80

Extractions, %

Leach time, hours

Gold Leach Kinetics

C6-75um ground C7-30um ground C8-75um ground C9-30um ground C10-75um ground C11-30um ground

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OXIDE TARGET

Grade thickness contours based on drill hole assays ONLY. Blue contour represents 1-3 g/t Au meter for the oxide unit . Area within 1-3 Au g*meter contour ~180,000 m2. NI 43-101 resource calculations underway, delivery by end of Q3 2020 Metallurgy complete Economic Study scheduled for H2 2020

2019 metallurgical drill hole

1 2 3 4 5 6

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REGIONAL EXPLORATION TARGETS

MGN area

• Rock and Grab samples returned up to

10 g/t

• Rhyolites and Quartz-feldspar porphyry

intrusives outcrop

• Trenching returned up to 10 m @ 4.1 g/t

gold

• Short drillholes in 2010/2013 returned

disseminated mineralization with barite/anhydrite enrichment 14 other Regional gold targets include high amplitude gold-in-soil anomalies, gold pathfinder element anomalies and coincident large IP conductivity/resistivity anomalies

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APPENDIX: SUPPLEMENTAL INFORMATION

Conceptual Geologic Model

Unigold Website Unigold SEDAR filings

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Candelones Deposit

Conceptual Model

Large massive sulphide mounds are generally formed on the seafloor under high confining pressures, sometimes venting directly to seawater (black smokers), and sometimes diffusing through sediments to form replacement deposits

Paleoseafloor

DACITE VOLCANICS / VOLCANOCLASTICS

Bedded sulphides Brecciated and Massive Sulphides Sericite Alteration Chlorite Alteration Stockwork

SEA WATER

Silica rich tuffite

Stage 1

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Diffuse VMS Zn, Pb, Ag, Cu, Au mineralization

ANDESITES DACITES DACITES

VMS vents poorly altered due to lack

• f confining

pressure Synchronous dacite layer up to 150m thick deposited as VMS enrichment is

• ngoing

At Candelones, disseminated mineralization seems to have diffused through dacitic composition sediments in shallow water with low confining pressures. Continuing volcanism deposited less porous volcanoclastic andesites above the dacites, sealed the dacites and increased confining pressures and temperatures

Stage 2

Candelones Deposit

Conceptual Model

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22 ANDESITES ANDESITES DACITES DACITES

Continued distal volcanism, earthquakes, thrusting, cross faulting and island arc tectonics tilted the strata…. ….and opened up new pathways for the mineralizing event to overprint existing deposits.

LP16-105 @ 183.7m: 56.4 g/t Au; 116.8 g/t Ag; 1.1% Cu 10.3% Zn

Stage 3

Candelones Deposit

Conceptual Model

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Candelones Connector Candelones Extension Target A Au-Cu MS Target B Target C

DACITES ANDESITES

Candelones Main

A late stage of intermediate epithermal mineralization utilized new pathways and created new mineral assemblages and zoning which overprints all previous mineralization and fills permeable structures with a mixed sulphide matrix

Stage 4

Candelones Deposit

Conceptual Model

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2020 Mineral Resource Estimate

Description Mineralization Classification Deposit Tonnes Au Au ozs Strip Type (x 1,000) (g/t) (x 1,000) Ratio OXIDE Pit Constrained OXIDE MEASURED Main & Connector 1,835 0.84 49 0.2 INDICATED Main & Connector 1,595 0.83 43 0.2 SUBTOTAL M & I Main & Connector 3,430 0.84 92 0.2 OXIDE INFERRED Main & Connector 1,069 0.62 21 0.2 TRANSITION INFERRED Main & Connector 545 0.97 17 0.2 SUBTOTAL INFERRED Main & Connector 1,614 0.74 38 0.2 SULPHIDE Pit Constrained SULPHIDE INFERRED Main & Connector 4,622 1.26 188 1.1 Extension 24,822 1.67 1,330 9.2 SUBTOTAL INFERRED 29,444 1.61 1,518 7.9 SULPHIDE Underground SULPHIDE INFERRED Main & Connector 598 2.25 43 NA Extension 3,247 2.42 252 NA SUBTOTAL INFERRED 3,845 2.39 295 NA

See Notes on next slide

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Notes relating to Mineral Resource Estimate

1. Mineral resources were estimated by Mr. W. Lewis, P.Geo. and Mr. A. San Martin, MAusIMM(CP) of Micon International Limited. (“Micon”), a Toronto based consulting company, independent of Unigold. Both Mr. Lewis and Mr. San Martin meet the requirements of a “Qualified Person” as established by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (May 2014) (“the CIM Standards”). The estimate is based on a long term gold price of US$ 1,500 per ounce and economic cut-off grades 0.30 g/t Au (OXIDE), 0.60 g/t (TRANSITION AND SULPHIDE) and 1.30 g/t (UNDERGROUND SULPHIDE). Pit constrained resources are reported within an optimized pit shell; underground resources are reported within continuous and contiguous shapes which lie adjacent to and below the ultimate open pit shell and interpreted to be recoverable utilizing standard underground mining methods. 2. The mineral resource estimate has an effective date of August 17, 2020. 3. The mineral resource estimate is based on a long term gold price of US$ 1,500 per ounce and economic cut-off grades of 0.30 g/t Au (OXIDE PIT CONSTRAINED), 0.60 g/t (TRANSITION AND SULPHIDE - PIT CONSTRAINED) and 1.30 g/t (SULPHIDE - UNDERGROUND). Pit constrained resources are reported within an optimized pit shell; underground resources are reported within continuous and contiguous shapes which lie adjacent to and below the ultimate open pit shell and interpreted to be recoverable utilizing standard underground mining methods. 4. The estimate assumes the following metallurgical recoveries that are based on completed test work to date: Oxide 90%, Transition 50%, and Sulphide 84%. 5. The estimate assumes the following costs: Mining (Pit) US$ 2.50/tonne, Mining (Underground) US$ 30.00 Oxide Processing (Heap Leach) US$7.00 / t, Transition Processing (Heap Leach) US$ 7.00/t, Sulphide Processing US$ 18.00/t ((Leach) and G&A US$ 5.00/t. 6. The pit constrained resource is reported within an optimized pit shell that assumed a maximum slope angle of 45 degrees. 7. Open pit mining recovery was assumed to be 100%. Open pit dilution was assumed to be 0%..Underground mining recovery was assumed to be 100%. Underground dilution was assumed to be 0%. 8. Micon has not identified any legal, political, environmental or other risks that could materially affect the potential development of the mineral resource estimate. 9. The mineral resource estimates are classified according to the CIM Standards which define a Mineral Resource as “a concentration or occurrence of solid material of economic interest in or on the earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge including sampling. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories. An inferred mineral resource has a lower level of confidence than an indicated mineral resource. An indicated mineral resource has a higher level of confidence than an inferred mineral resource but has a lower level of confidence than a measured mineral resource.“ 10. The CIM Standards define an inferred mineral resource as: "that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.“ 11. All procedures, methodology and key assumptions supporting this mineral resource estimate shall be fully disclosed in a Technical Report that shall be available on SEDAR and the Company’s website within forty five (45) days of the effective date of the mineral resource estimate. The reader is reminded that mineral resources are not mineral reserves and therefore do not have demonstrated economic viability.

SLIDE 26

• Ste. 2100 – 401 Bay St.

P.O. 55 Toronto, Canada M5H 2Y4 jhamilton@unigoldinc.com unigold@unigoldinc.com

Joseph Hamilton

Chairman & CEO

TSX.V: UGD

unigoldinc.com

CONTACT INFORMATION