DIXIE PROJECT — 2.0% Net Smelter

— Reference to all minerals produced from the Dixie Project in Red Lake, Ontario
— NSR covers a 9,140 ha property package
— District scale
— Contiguous claims over 22km covering an 18km gold target

— Straightforward, attractive royalty structure
— Perpetual royalty (no expiry), uncapped and no buyback option
— Gold payable in credits or physical gold
— All other attributable minerals payable in cash

— Tier 1 jurisdiction
— Dixie is a 15 min drive from the town of Red Lake, Ontario — Exceptional access to infrastructure
— Widely recognized as a potential Tier 1 gold mine  — One of the largest exploration programs in Canada— $45M budget for 2021 with over 175,000 metres of drilling planned

Investment Overview

High Grade Near Surface — Large Hemlo Type Deposit — Open at Depth

The Dixie property hosts two principle styles of gold mineralization:

1. High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb and Hinge). Hosted by mafic volcanic rocks, and localized near regional-scale D2 fold axes.  These mineralization styles are also typical of the significant mined deposits of the Red Lake district.

2. High-grade disseminated gold with broad moderate to lower grade envelopes (LP Fault).  Interpreted to traverse the Dixie property for approximately 18 kilometres of strike length and currently drilled along 4 kilometres of strike length.  High-grade gold mineralization is controlled by structural and geological contacts, and moderate to lower-grade disseminated gold surrounds and flanks the high-grade intervals.  The dominant gold-hosting stratigraphy consists of felsic sediments and volcanic units.

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