Low CAPEX, near-surface, open-pit, potential near-term production in a mining friendly state

The SK-1300 PFS study using base case prices of $1625/oz gold and $3.25/lb copper indicates a 10-year project with a manageable capital requirement of $221 million. Over the project life a total of 248.8 million pounds of copper and 1,017,000 ounces of gold are projected to be produced based on the PFS throughput assumptions. The project shows a pre-tax NPV (5%) of $323.3 million and an IRR of 39.4%, including the State of Wyoming royalty. The project enjoys an ideal geopolitical location in Wyoming; the State has been very supportive of efforts to advance the project. A payback of the initial $221 million investment occurs in 2 years. The revenue is about 1/3 from copper and about 2/3 from gold. The CK Gold Project is a project of merit with high-grade mineralization exposed at the surface surrounded by a large, low-grade zone with potential for expanding at least the low-grade resources.

• Refer to the SK-1300 Technical Report Summary from the CK Gold Project Prefeasibility Study, report date December 1, 2021.

*Cautionary Note to U.S. Investors Concerning Mineral Resources: We may use certain terms in this presentation, such as "measured," "indicated," or "inferred" mineral resources, which are defined in Canadian Institute of Metallurgy guidelines, the guidelines widely followed to comply with Canadian National Instrument 43‐101‐‐ Standards of Disclosure for Mineral Projects ("NI 43‐101"). We advise U.S. investors that these terms are not recognized by the United States Securities and Exchange Commission (the "SEC"). The estimation of measured and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves under the SEC's disclosure rules. 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. U.S. investors are cautioned not to assume that measured or indicated mineral resources will be converted into reserves. Inferred mineral resources have a high degree of uncertainty as to their existence and their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, or is economically or legally viable. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of feasibility studies, pre‐feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment under certain circumstances. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, 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.