NEVADA GOLD RESERVES CORPORATE PRESENTATION May 1, 2020 0 - - PowerPoint PPT Presentation

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NEVADA GOLD RESERVES CORPORATE PRESENTATION May 1, 2020 0 Disclaimer and Forward-Looking Statements H A S B R O U C K P R O J E C T P R E - F E A S I B I L I T Y S T U D Y A N D M I N E R A L R E S E R V E E S T I M A T E This

SLIDE 1

NEVADA GOLD RESERVES

May 1, 2020

CORPORATE PRESENTATION

SLIDE 2 H A S B R O U C K P R O J E C T P R E - F E A S I B I L I T Y S T U D Y A N D M I N E R A L R E S E R V E E S T I M A T E This presentation has been prepared by West Kirkland Mining Inc. (“West Kirkland”, “WKM”, or the “Company”). The Hasbrouck Project Pre-feasibility Study, Mineral Resource Estimate, and Mineral Reserve Estimate (September 2016) were prepared by Mine Development Associates (“MDA”), with principal authors being Tom Dyer, P.E. and Paul Tietz, C.P.G. of MDA, and with contributions from Herb Osborne of H.C. Osborne & Associates, Metallurgical Eng., SME (metallurgy), Ryan Baker, P.E. of Newfields (civil and heap leach) and Carl Defilippi, SME of Kappes Cassiday & Associates (metallurgy and process design). Each aforementioned person is a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and approved the information in this presentation relevant to the portion of the Hasbrouck Prefeasibility Study for which they are responsible. MDA has reviewed and verified the data disclosed in this presentation to be in conformity with generally accepted CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and in accordance with NI 43-101. F O R W A R D - L O O K I N G I N F O R M A T I O N This presentation contains forward-looking information or forward-looking statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate”, and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this presentation includes, without limitation, the statements regarding the ability to achieve the recoveries and the processing capacity of the mines; regulatory processes and permitting; estimates of gold or other minerals grades; anticipated costs, anticipated sales, project economics, the realization of expansion and construction activities and the timing thereof; and production estimates and other statements that are not historical facts. Information concerning mineral resource and reserve estimates and the economic analysis thereof contained in the pre-feasibility study are also forward-looking information in that they reflect a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. Although West Kirkland believes that such timing and expenses as set out in this presentation are reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those icn forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, significant increases in any of the machinery, equipment

r supplies required to develop and operate a mine, a significant change in the availability or cost of the labor force required to operate a mine, a significant increases in the cost of

transportation for the Company’s products, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital, or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com. C A U T I O N A R Y N O T E T O U . S . I N V E S T O R S R E G A R D I N G T H E U S E O F M I N I N G T E R M S This presentation has been prepared in accordance with the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral resource and reserve estimates included in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC”) Industry Guide 7, and resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, “Resources” or “Reserves” established under NI 43-101 standards may not qualify as “resources” or “reserves” under U.S.

standards. 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. In addition, under U.S. standards, a “Final” or “Bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental

authority. 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. Accordingly, information concerning mineral deposits set forth in this presentation may not be comparable with information made public by companies that report in accordance with U.S. standards. This presentation has reviewed and verified by Sandy McVey P.Eng., West Kirkland Mining’s Chief Operating Office and a non-independent qualified person as defined by NI 43-101.

Disclaimer and Forward-Looking Statements

1 2020-05-01-WKM-HBPPresentation

SLIDE 3

Strategy Matters

S A F E G O L D F O R W H E N T H E T I M E I S R I G H T

We will -

Hold Shovel-Ready, Safe Gold Reserves
Minimize

ze Holding Costs & Overhead

Protect & Grow Shareholder Value
Deve

velop Mine Only when compelling

Return Capital to Shareholders

SLIDE 4

Why West Kirkland Mining

THE INVESTOR’S CHOICE

▪ Safe

fe Long-term Gold Stock

▪ Gold-in

in-Gr Ground (G (G-i-G) G) - a Safe Store of Value

▪ Deeply Discounted Share Price ▪ Highly Levera

veraged to Gold Price

▪ Low Annual Holding Costs - 0.2% of value of gold, less

than a physical gold ETF

▪ Shareholders and Management Aligned - will build when

economics compelling and risk low

SLIDE 5

Share Structure

MAJOR SHAREHOLD E RS: S u n Va l l e y G o l d - 47 % Ru f fer – 17 % G o l d 2 0 0 0 - 6 % 6 % Stock Symbol Bloomberg: WKM CN TSXV: WKM OTCQB: WKLDF Share Price (May 2020) C$0.075 52-Week High / Low C$0.08 / C$0.03 Issued and Outstanding 425,346,309 Options 13,975,000 Fully Diluted 439,321,309 Market Capitalization C$32M 4

SLIDE 6

Directors and Management

D I R E C TO R S Peter F. Palmedo Chairman, also President of Sun Valley Gold LLC Pierre Lebel Director, also Chairman of Imperial Metals Kevin Falcon Director, also Exec. VP of Anthem Capital, former Min. of Finance and Deputy Premier of BC

R. Michael Jones

Director, also President and CEO of Platinum Group Metals M A N AG E M EN T

R. Michael Jones

President & CEO President & CEO, co-founder of West Kirkland Mining, Platinum Group Metals, MAG Silver, West Timmins Mining Frank k Hallam CFO CFO & Corporate Secretary; co-founder of West Kirkland Mining, Platinum Group Metals, MAG Silver, West Timmins Mining Sandy McVey COO 30+ years operational, construction, project planning, and mineral deposit valuation experience

C$1.3 Bn Market
Cap. Advancing

Juanicipio JV in Mexico

Partnered with

Fresnillo 19.5 Moz Reserve PGM discovery at Waterberg, South Africa

Sold to Lakeshore Gold

C$424 M in 2009

Lakeshore Acquired by

Tahoe for C$1 Bn 5

SLIDE 7

Hasbrouck Location

S O U T H N E VA DA , U S A

Nevada - the Safest Jurisdiction Historic mining district Community wants a new mine

SLIDE 8

“

US Geological Survey

If NEVADA was a country, it would be the world’s fourth-largest Gold Producer, behind China, Australia, and Russia

Nevada is The Best Jurisdiction for Investing in mining in the world

Fraser Institute, 2019

“

SLIDE 9

A Robust Mid-Size Gold Deposit

M e a s u r e d & I n d i c a t e d R e s o u r c e s P r o v e n & P r o b a b l e R e s e r v e s R e c o v e r a b l e G o l d 577,000 Gold Ounces 142,000

unces

435,000

unces

175,000

unces

588,000

unces

189,000

unces

738,000

unces

Three Hills Mine Hasbrouck Mine Three Hills Mine Three Hills Mine 927,000 Gold Ounces Hasbrouck Mine Hasbrouck Mine 762,000 Gold Ounces 8 Per 2016 PF PFS NI 43-101 Technical Report on a 100% % Project Basis

SLIDE 10

What is Hasbrouck

PERMITTE D, SHOVEL-REA DY, OPEN- PIT, HEAP-LEACH ▪ West Kirkland’s Primary Asset - 75% of the

Hasbrouck Gold Project

▪ Permitted, shovel-ready, open-pit gold in Nevada ▪ 74% IRR at $1,600 gold – highly-leveraged to

gold price

▪ High imputed value of in-situ gold ounces ▪ Will hold Hasbrouck until fully-valued by the

market

9 Per 2016 PF PFS NI 43-101 Technical Report on a 100% % Project Basis

SLIDE 11 PERMITTE D, SHOVEL-REA DY, OPEN- PIT, HEAP-LEACH 10

SLIDE 12

About Hasbrouck

ROBUST, SIMPLE, SAFE Shallow, , All-Oxide Deposi sit - Good metallurgy, low strip ratio, low pre-strip Well-DefinedOre Body dy - Over 600 boreholes Robust st Economics cs - US$200M NPV5, 65% IRR @ US$1,500 gold (100% project, after-tax) High-Margin Rese serves s - US$709 All-in Sustaining Cost Low Initial Cape pex - US$47M (100% project) Fully Engineered - Ready to build First Pi Pit Fully-Permitted d - Second Pit permits due Q2 2020 11 Source - 2016 PFS NI 43-101 Technical Report on a 100% % Project Ba Basis

SLIDE 13

Hasbrouck Production Profile

PERMITTE D, SHOVEL-REA DY, OPEN- PIT, HEAP-LEACH 12 Source - 2016 PFS NI 43-101 Technical Report on a 100% Project Ba Basis

SLIDE 14

Low Holding Cost

V E R Y L O W A N N U A L H O L D I N G C O S T S

▪ Low Ove

verhead Shared CEO, CFO, COO Shared General & Administration costs

▪ Low Annual Holding Cost

0.2% of Saleable Gold Value Holding Costs Lower than Physical Gold ETFs (0.7%)

SLIDE 15

Low Initial Capital

14 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 INITIAL CAPEX PER ANNUAL GOLD OUNCE PRODUCED Source – company websites and filed technical reports

SLIDE 16

Low Operating Cost

ALL-IN SUSTAINING COST - US$709 /GOLD OZ 15 Hasbrouck All-in Sustaining Cost - US$709/gold oz vs US$990 global average

Hasbrouck AISC US$709

Source – Mining.com, 2016 PFS NI 43-101 Technical Report on a 100% Project Ba Basis

SLIDE 17

Highly-Leveraged to Gold

ROBUST ECONOMIC S AT CURRENT GOLD PRICE 16 More compelling as gold price rises AU PRICE US$ NPV 5%* (after er-Tax) IRR (after ter-tax) $1,000 $16,779 12% $1,200 $92,477 35% $1,400 $165,393 56% $1,600 $232,440 74% $1,800 $294,696 92% $2,000 $356,090 109% Source - 2016 PFS NI I 43-101 Techni nical Report on a 100% Project Basis

SLIDE 18 17 * Pershing MC set at sal ale price to Americas as Silver, Oct 2018 ** Per Corporat ate Technical al Repo ports & Mar arketing Dat ata, a, Aug 7, 2019 $0 $50 $100 $150 $200 $250 WKM Pershing* Leagold Argonaut Equinox Premier Fiore Orla Mkt Cap per Reserve Gold Oz (C$ Aug 7, 2019, WKM 75% basis) Reserve Gold koz ** ** (WKM 75% basis) LOW MARKET CAP PER RESERVE GOLD OUNCE

Deep Value-Discount

SLIDE 19

Why Gold-in-Ground

D E P L E T I N G S U P P LY O F G O L D = I N C R E A S I N G S U P P LY O F U S $ 18 Reser erves es Deplet ete e - Depos

sits Hard to
Find - Gold is Rare,

e, Money ey is Not!

SLIDE 20

Why Gold-in-Ground

DECLININ G DISCOVERI E S = INCREASING RARIT Y

Global Production increasing Global Discoveries declining Gold becomes scarcer So Hasbrouck value increases

SLIDE 21

Why Gold-in-Ground

SITTING ON A GOLD MINE

Time from Discovery to Production increases Hasbrouck is Ready-to to- Mine – increasingly rare and valuable

SLIDE 22

“

Large, economically-viable gold deposits are getting harder to find and more expensive to exploit, with the low-hanging fruit long-since picked

Mining.com, November 2018

SLIDE 23

Near-Term Goals

THE IMMEDIAT E DIRECTIO N

▪ Obtain Federal permits for Second Pit ▪ Crystalize royalty value ▪ Budget efficiency – keep overhead low

SLIDE 24

Permitting Outlook

THE IMMEDIAT E DIRECTIO N

▪ First Pit Federal and State Permits are in hand ▪ Feb 2020 – BLM chose to analyse the Second Pit under an Environmental Assessment ("EA") ▪ No significant impacts identified - allows an EA ▪ Close to permitting Second Pit - target is June 2020 ▪ State Permits for Second Pit will be obtained during First Pit operations

SLIDE 25

SUMMARY - Why WKM:CN

A SOLID INVESTM E NT STRATEGY

▪ Safe, stable Gold-in in-Ground – hold till the market says time is right ▪ Aligned directors, management, and shareholders ▪ Exceptional risk/reward for long-term Gold-in in-Ground

SLIDE 26

2016 Pre-Feasibility Data

25 Three Hills Mine Hasbrouck Mine Total Hasbrouck Project Reserves Gold Grade (g/t) 0.62 0.57 0.58 Ore (million tons) 10 36 45 Gold (kOz Gold Equivalent) – P&P Reserves 175 610 784 Mining Annual Ore (million tons) 5 6 6 Processing Rate (tons per day) 15,000 17,500 16,000 Stripping Ratio (waste:ore) 0.9 1.1 1.1 Processing Gold Recovery (%) 81.5% 74.0% 75.7% Gold Produced (kOz Gold Equivalent) 142 452 594 Average Annual Production (kOz Gold Equivalent) 69 74 74 Capital Costs Initial Capex (Three Hills build) (US$ million) 47

Adjusted Operating Cost (US$/ounce Au)

502 714 661 All-in Sustaining Cost (AISC) (US$/ounce Au) 510 774 709 Mine Life (year) 2 7 9 Gold Price Assumption (US$/oz) 1,275 1,275 1,275 NPV (5%) - after tax (US$ million)

IRR - after tax

Gold equivalency based on US$1,275/oz gold and US$18.20/oz silver and the ratio of recoverable gold to silver. See Press Release dated Sep. 1, 2016 and supporting technical report filed on www.sedar.com

SLIDE 27

Reserves

June 3, 2015, Mine Development Associates Three Hills Reserves k ton

z
z Au/ton

k oz Au

z Ag/ton

k oz Ag (0.005 opt Au Proven

cutoff)

Probable 9,653 0.018 175

9,653 0.018 175

Hasbro

rouck k Reserv rves k ton

z
z Au/ton

k oz Au

z Ag/ton

k oz Ag (0.007-0.008 Proven 6,242 0.020 127 0.410 2,562

pt Au cutoff)

Probable 29,374 0.016 461 0.273 8,007 P&P 35,617 0.017 588 0.297 10,569 Total Hasbrouck Project Reserves k ton

z
z Au/ton

k oz Au

z Ag/ton

k oz Ag Proven 6,242 0.020 127 0.410 2,562 Probable 39,028 0.016 635 0.205 8,007 P&P 45,270 0.017 762 0.233 10,569 Notes: 1. The estimation and classification of Proven and Probable Reserves were prepared by Thomas L. Dyer P.E. of Mine Development Associates in accordance to CIM standards 2. Reserves are estimated based on $1,225/oz gold and $17.50/oz silver; and 3. Cutoff grades used for reserves are: Three Hills 0.005 oz Au/ton, Hasbrouck upper Siebert 0.008 oz Au/ton, and Hasbrouck Lower Siebert 0.007 oz Au/ton. 26 Per 2016 PF PFS NI 43-101 Technical Report on a 100% Project Basis

SLIDE 28

Resources

August 4, 2014, Mine Development Associates Three Hills Minera ral Resources k ton

z
z Au/ton

k oz Au

z Ag/ton

k oz Ag (0.005 opt Au Indicated 10,897 0.017 189 cutoff) Inferred 2,568 0.013 32 November 3, 2014, Mine Development Associates Hasbrouck k Mineral Resources k ton

z
z Au/ton

k oz Au

z Ag/ton

k oz Ag (0.006 opt AuEq Measured 8,261 0.017 143 0.357 2,949 cutoff) Indicated 45,924 0.013 595 0.243 11,147 M+I 54,185 0.014 738 0.26 14,096 Inferred 11,772 0.009 104 0.191 2,249 Note: oz AuEq/ton = oz Au/ton + (oz Ag/ton x 0.000417) Total Hasbro rouck Pro roject Report rted Minera ral Resourc rces k ton

z
z Au/ton

k oz Au

z Ag/ton

k oz Ag M+I 65,082 0.014 927 0.217 14,096 Inferred 14,340 0.009 136 0.157 2,249 Notes: 1. CIM definitions are followed for classification of Mineral Resources. 2. Mineral Resources are estimated using a gold price of US$1,300 per ounce and a silver price of US$22 per ounce. 3. Totals may not represent the sum of the parts due to rounding. 4. The Mineral Resources have been prepared by Paul Tietz, C.P.G of Mine Development Associates in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with the Canadian Securities Administrators NI43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all mineral resource will be converted into mineral reserve. 27 Source - 2016 PFS NI 43-101 Technical al Report on a 100% Project Bas asis

SLIDE 29 838 – 1100 Melville Street Vancouver, BC V6E 4A6 I n v e s t o r R e l a t io n s

wkmining.com

THANK YOU

Sandy McVey, P.Eng info@wkmining.com. 604-685-8311 28