19,000oz annual production (Years 1-3) expanding to 65,000oz annual production (Years 4-11) Increased cost certainty over September 2020 PEA through executed:Construction and Mining Contract with Nhwelmen-Lake LPOre Purchase Agreement with New Gold Inc. Revised mine plan eliminates construction of an onsite mill and incorporates underground mining Elk Gold Project PEA Summary The PEA contemplates an initial 19,000 ounce per year mine that ramps up to 65,000 ounces of annual production by Year 4. The pre and post tax NPV (5% discount) are $395M and $231M, respectively. The PEA contemplates that for the life of mine, the mineralized material from the Elk Gold Project will be mined by the Company’s contract mining partner, Nwhelmen-Lake LP (“Nwhelmen-Lake”) and then delivered to New Gold’s New Afton Mine located approximately 130km from the Elk Gold Project (the “New Afton Mine”).