reshaping mining investment - red cloud

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RESHAPING MINING INVESTMENT

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Page 1: RESHAPING MINING INVESTMENT - Red Cloud

RESHAPING MINING INVESTMENT

Page 2: RESHAPING MINING INVESTMENT - Red Cloud

Idea-Driven,Full-Service

Advisory

• Investment banking/advisory team consisting of six professionals with extensive experience in M&A and financial advisory,

equity capital markets, debt advisory and restructuring

• Substantial M&A transaction experience with capabilities and relationships that span the globe

• Industry-specific expertise in complicated, multi-faceted M&A and financing assignments

Strong Distribution

Network

• Comprehensive global coverage of all mining focused institutional, private equity, strategic, retail broker & high net worth

investor channels

• Access to over 300 institutional accounts, 1,500 retail brokers, 150 private equity groups and 250 strategic mining investors

• Demonstrated ability to raise equity for small-to-mid cap mining companies

• Raised over C$1 billion for mining clients since 2017

• Strong presence across Canada, U.S. and Europe

Quality Research

• Research team with in-depth knowledge providing unique, informed insights

• Extensive junior mining coverage – research on over 60 companies across all key metal sectors (precious metals, base

metals, bulk materials, uranium and specialty metals)

Technical Expertise

• Highly adept technical team that includes multiple mining engineers, geologists and metallurgists

• Substantial experience in the mining sector with senior partners on each file at every step

• Extensive experience financing mining companies across all jurisdictions

• Due diligence capabilities – affiliation with outside technical teams (WGM, Venmyn Deloitte, etc.)

Independence• Unbiased, independent and informed advice regardless of mining issuer’s situation, size or geography

• No dual mandated conflicting agendas towards both issuers and investors

Red Cloud: Entrepreneurial, Innovative & Independent

2redcloudsecurities.com

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ConsultantsTraditional

Broker/DealerInvestor

Relations Firms

Marketing

• Investor conferences• Access global institutional investors• Access North American & European wealth mgmt. • Access to global mining investors

‒ High net worth investors‒ Private equity‒ Strategic corporate investors

• Non-deal global marketing services

3/yr (N.A. & London)✓

Multiple Broker Access

Max 1/yr✓

Single Broker Access

Investment Banking

• Traditional equity financing• Convertible and non-traditional debt financing• Equity syndication management• Strategic investments• Royalties and production stream financing• Going public advisory and financing• Buy and sell-side M&A financial advisory• Targeted and wide sale processes• Fairness opinions and formal valuations• Financial restructuring• Strategic/defence advisory

Equity Research

• Weekly market overview & analysis• Site visit technical review• Research publication

– RCS detailed company initiation– RCS Daily notes on all corporate development– Thematic corporate research

>$250M Mkt. Cap

>$250M Mkt. Cap>$250M Mkt. Cap>$250M Mkt. Cap

Media

• Creating/editing investor presentations• Social media support and content generation• Corporate webinar and virtual townhalls• Corporate videos and Red Cloud TV• Corporate website design

Corporate Advisory

• Corporate model review• High level technical review• Executive management coaching• Executive recruitment

✓ >$250M Mkt. Cap

Red Cloud’s Platform - A True Full-Service Offering

redcloudsecurities.com

Page 4: RESHAPING MINING INVESTMENT - Red Cloud

Canada United States Europe

• Toronto

• Vancouver

• Montreal

• Quebec City

• Val-d’Or

• Winnipeg

• Saskatoon

• Calgary

• Edmonton

• Kelowna

• New York

• Boston

• Hartford

• Philadelphia

• Atlanta

• Miami

• West Palm Beach

• Boca Raton

• Charlotte

• Raleigh

• Newport

• Greensboro

• Dallas

• San Antonio

• Austin

• Kansas City

• Denver

• Chicago

• San Francisco

• San Diego

• Seattle

• Providence

• Asheville

• Richmond

• London

• Amsterdam

• Geneva

• Zurich

• Zug

• Paris

• Brussels

• Frankfurt

Red Cloud Marketing Programs

• Red Cloud’s platform helps clients achieve optimal capital markets exposure with our tailored marketing programs

• Reach the right people by presenting your company to our global network of investment advisors, high-net-worth

individuals, institutional investors, private equity, corporations and family offices

• Gain coverage in trade media and exposure to newsletter writers and advertise at exclusive discounted rates

• Tap into our network by showcasing your project at Red Cloud and industry conferences and events

>300 institutional

accounts

>1,500 retail brokers

>150 private equity groups

>250 strategic mining

investors

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Page 5: RESHAPING MINING INVESTMENT - Red Cloud

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Red Cloud Media

Website Development Video Graphic Design Social Media

• Transform your digital strategy to appear to today’s audience. Let us rebuild and maintain your website with a highly customized solution tailored to your business.

• Captivate your audience with engaging videos made for marketing efforts and social media. Video is the fastest growing media type in today’s digital landscape — utilize our specialized team to help tell your story.

• Grab attention at a higher rate with proper visual communication. Establish company recognition with high-quality infographics, illustrations, photography and other design elements.

• Build your social network across multiple platforms to establish your digital presence, brand awareness, and tell your curated story.

A STRATEGIC INVESTMENT IN YOUR CORPORTE IDENTITY AND BRAND

Let us help you tell your story to an engaged, hyper-targeted audience

redcloudsecurities.com

IMPROVING YOUR DIGITAL FOOTPRINT

Page 6: RESHAPING MINING INVESTMENT - Red Cloud

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Red Cloud Corporate Access

Webinars Retail Marketing Institutional Marketing Conferences

• Feature your story in ourRed Cloud Webinar Series

• Recorded and posted replays• Access to registration and

attendance lists • Expand reach and

build awareness • Industry experts and

thought leaders

• Quality meetings with our most popular groups:

Toronto Calgary/KelownaVancouverQuebec Atlanta New York

• One-on-one meetings• Stay connected virtually during

the COVID-season• Update current investors • Build new relationships

• Virtual conferences during the COVID-season

• Thematic mini-conferences• Annual Pre-PDAC Conference • Annual Oktoberfest

Conference

Comprehensive global coverage of all mining focused institutional, private equity, strategic, retail broker, and high-net-worth investor channels

GAIN CAPITAL MARKETS EXPOSURE

STAY CONNECTED

redcloudsecurities.com

Page 7: RESHAPING MINING INVESTMENT - Red Cloud

C$8.0M C$10.0M A$10.2M C$9.5M C$8.0M C$10.0M C$11.5M

PendingLead Agent

September 2020Lead Agent

September 2020Exclusive N.A. Agent

August 2020Lead Agent

August 2020Co-Agent

August 2020Lead Agent

August 2020Co-Agent

C$50.0M C$18.5M C$12.3M C$9.2M C$4.5M C$25.0M C$40.2M

July 2020Co-Agent

July 2020Finder

July 2020Co-Agent

July 2020Co-Agent

June 2020Lead Agent

June 2020Co-Agent

June 2020Co-Agent

C$5.1M A$30.0M C$7.6M C$17.1M C$4.4M C$12.0M C$15.0M

June 2020Co-Lead Agent

May 2020Co-Agent

May 2020Finder

May 2020Co-Lead Agent

May 2020Co-Agent

February 2020Finder

February 2020Co-Agent

C$11.5M C$18.0M C$7.7M C$30.0M C$20.0M C$10.0M C$21.8M

December 2019Co-Agent

September 2019Co-Agent

August 2019Finder

May 2019Finder

April 2019Co-Agent

December 2018Finder

November 2018Co-Agent

C$8.1M C$11.4M C$30.6M C$10.0M C$75.6M C$5.0M C$15.0M

April 2018Co-Agent

December 2017Co-Agent

December 2017Co-Agent

December 2017Co-Agent

November 2017Co-Agent

June 2017Co-Lead

May 2017Lead Agent

Red Cloud’s Equity Financing Experience

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Page 8: RESHAPING MINING INVESTMENT - Red Cloud

C$5.5M C$7.5M C$10.0M C$12.3M C$50.0M C$18.5M C$3.6M C$4.9M

August 2020Finder

August 2020Finder

August 2020Lead-Agent

July 2020Co-Agent

July 2020Co-Agent

July 2020Finder

July 2020Finder

July 2020Finder

A Busy Summer at Red Cloud

C$8.0M C$10.0M A$10.2M C$9.5M C$3.0M C$8.0M $7.0M C$11.5M

PendingLead Agent

September 2020Lead Agent

September 2020Exclusive N.A.

Agent

August 2020Lead Agent

August 2020Finder

August 2020Co-Agent

August 2020Finder

August 2020Co-Agent

• Four dedicated mining sales experts generating institutional orders for small-cap exploration/development and

producing mining issuers

• Equity offerings sold to “blue chip” institutional accounts, family offices and retail investors

+C$300M in equity raised for small capitalization issuers since May 2020

US$1.7M C$25.0M C$40.2M C$5.1M A$30.0M C$7.6M C$17.1M C$4.4M

June 2020Finder

June 2020Co-Agent

June 2020Co-Agent

June 2020Co-Lead Agent

May 2020Co-Agent

May 2020Finder

May 2020Co-Lead Agent

May 2020Co-Agent

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Page 9: RESHAPING MINING INVESTMENT - Red Cloud

Red Cloud – Truly Independent, Full-Service Advisor

US$8M US$110M C$15M C$35M C$48M

PendingFinancial Advisor

PendingFinancial Advisor

December 2019Financial Advisor & Fairness

Opinion

August 2019Financial Advisor & Fairness

Opinion

May 2019 Fairness Opinion

On sale to Nomad Royalty Company Ltd.

On precious metals stream on the Marmato Project

On sale to AbraPlata Resources Corp.

On acquisition of Terraco Gold Corp.

On asset acquisition from Norvista Capital

C$29M C$40M Undisclosed C$20M C$32M

March 2017 Financial Advisor & Fairness

Opinion

February 2016 Strategic Advisor

2016 Strategic Advisor

September 2015 Strategic Advisor

April 2015 Strategic Advisor

On acquisition of Orex Exploration Inc.

Option agreement with BHP Billiton Ltd.

On M&AOn acquisition of

Temex Resources Corp.On acquisition of

Soltoro Ltd.

Public Company

C$30M C$90M C$55M C$23M C$150M

April 2019 Financial Advisor & Fairness

Opinion

November 2018 Financial Advisor & Fairness

Opinion

September 2018 Fairness Opinion

October 2017 Financial Advisor

November 2016 Strategic Advisor

On sale to SEMAFO Inc.

On merger with Golden Reign Resources

On merger with Bonterra Resources

On sale of Quebec gold assets to Monarch Gold

On project financing for Specialty Metals Operation

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Page 10: RESHAPING MINING INVESTMENT - Red Cloud

• Research coverage on over 60 small-to-mid capitalization mining companies across the precious metals, base metals,

uranium, lithium and specialty metals sectors

– Launched coverage on 17 companies in 2020

• Comprehensive sell-side research which includes initiation reports, company updates, site visits, commodity reports

and thematic research

• Highly experienced, industry-savvy team offering valuable perspective into the global junior mining sector to generate

actionable insights for investors

Precious and PGM Metals Base Metals Uranium

• Alianza Minerals Ltd.• Aurion Resources Ltd.• Aura Minerals Inc.• Blackrock Gold Corp.• Blue Star Gold Corp.• Blue Thunder Mining Inc.• Brixton Metals Corp.• Caldas Gold Corp.• Capitan Mining Inc.• Chalice Gold Mines Ltd.• Defiance Silver Corp.• Fiore Gold Ltd.• Galleon Gold Corp.• Getchell Gold Corp.• Gold79 Mines Ltd.• Gran Colombia Gold Corp.

• Great Panther Mining Ltd.• Grid Metals Corp.• Honey Badger Exploration Inc• Japan Gold Corp.• Karora Resources Inc.• Margaux Resources Ltd.• Mawson Gold Ltd.• Maxtech Ventures Ltd.• Minera Alamos Inc.• Monarca Minerals Inc.• North Stawell Minerals Ltd.• Northern Shield Resources Inc.• Novo Resources Corp.• NxGold Ltd.• O3 Mining Inc.• Orex Minerals Inc.

• Pacton Gold Inc.• Platinum Group Metals Ltd.• Seabridge Gold Inc.• Silver Tiger Metals Inc.• Silver Viper Minerals Corp.• Southern Silver Exploration Corp• Star Diamond Corp.• Tanzanian Gold Corp.• Tarachi Gold Corp.• Tectonic Metals Inc.• Thunderstruck Resources Ltd.• Troilus Gold Corp.• Vista Gold Corp.• Western Atlas Resources Inc.

• Aquila Resources Inc.• Canada Nickel Company

Inc.• Dore Copper Mining Corp.• First Cobalt Corp.• SolGold Plc.

• Anfield Energy Inc.• GoviEx Uranium Inc.• Laramide Resources Ltd.• Standard Uranium Ltd.• UEX Corp.

Lithium & Specialty Metals

• Sixth Wave Innovations Inc.• Wealth Minerals Ltd.• Vox Royalty Corp.

Research – Timely, In-depth Analysis

10redcloudsecurities.com

Red Cloud’s mining focused research team provides timely and unique investment ideas by anticipating where markets and companies are headed

Page 11: RESHAPING MINING INVESTMENT - Red Cloud

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Red Cloud’s Conferences – Key Networking Events

Red Cloud events at annual regional/global mining conferences

Denver/European Gold Forum – Sept 2019

AEMQ-XPLOR Convention – Oct 2019

Red Cloud’s 2020 Silver e-conference

• 600+ attendees• 60+ mining companies• 40 corporate presentations• 30+ institutional/PE/corporate buyers

Red Cloud’s annual conferences (Oktoberfest, Pre-PDAC) have grown to become key events for our corporate clients to reach out to our wide network of institutional/PE/corporate and retail investors

Precious Metals Summit – Sept 2019

Vancouver Resource Investment Conference – Jan 2019

• 100+ attendees• 250+ registrants • 13 presenting silver companies• Moderated presentation sessions• Live Q&A • Sponsorship opportunities • Structured and virtual networking

• 650+ attendees• 65+ mining companies• 45 corporate presentations• 50+ institutional/PE/corporate buyers

Keynote speakers - Corporate Presentations - 1 x 1 Meetings - Expert Panels - Cocktail Receptions - Workshops

redcloudsecurities.com

Page 12: RESHAPING MINING INVESTMENT - Red Cloud

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

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Red Cloud introduced Fiore to over 300 potential

investors

Red Cloud has published +15 insightful research notes and

conducted a site visit to Nevada

Red Cloud formulated a fully integrated strategy to

enhance Fiore’s profile for investors

Marketing Research Other Activities• May 29-31, 2019: Toronto retail & institutional

• Jun 3, 2019: New York institutional

• Jun 26, 2019: Miami Beach retail

• Jun 27, 2019: Boca Raton retail

• Jun 28, 2019: West Palm Beach retail

• Jun 28, 2019: Fort Lauderdale retail

• Apr 22, 2020: Toronto retail & institutional

• May 28, 2020: Retail & institutional calls

• July 30, 2020: Retail calls

• August 18, 2020: Quebec retail calls

• Jul 9, 2019: Red Cloud site visit

• Jul 12, 2019: “Steady Ops; Lots of Exploration Upside”

• Aug 13, 2019: “Results Point to Resource Growth at Gold

Rock”

• Oct 29, 2019: “Come on Baby Light My Fiore”

• Apr 13, 2020: “Positive PEA for Gold Rock; PFS Should be

Even Better”

• May 20, 2020: “Golden Eagle Resource Update Delivers

+2M oz Au”

• Aug 26, 2020: “Back-to-Back Record-Breaking Quarters”

• May 28, 2019: COMPASS meeting to discuss strategy

across all verticals (marketing, research, social

media, Red Cloud TV, corporate timeline, etc.)

• Jun 1, 2019: Red Cloud’s social media team

commences activity across all platforms

• Jun 12, 2019: Red Cloud TV disseminated to our list

of over 3,000 mining investors

• Jul 17-18, 2019: RCS Gold Conference

• Feb 2, 2020: Red Cloud Webinar

• Aug 26, 2020: Red Cloud Webinar

Fiore’s Share Performance and Red Cloud Activities (May 2019 to August 2020)

Red Cloud Monthly Client Case StudyFiore Gold Ltd. (TSXV:F)

Marketing Activity Research Activity Other Activity

Change in share price (C$) +535%

Change in average daily volume over trailing 30 days

+273%

Bringing a Cash Flow Generating Junior Gold Producer in Nevada to the Spotlight

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Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20

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Marketing Activity Research Activity Other Activity

Red Cloud introduced Chalice Gold Mines to over 200

potential investors

Red Cloud has published +20 insightful research notes and a

full initiation report

Red Cloud formulated a fully integrated strategy to

enhance Chalice’s profile for investors

Marketing Research Other Activities

• Jan 22-23, 2019: Vancouver & Calgary

• Jan 24, 2019: San Francisco

• Sep 5-6, 2019: West Palm Beach & Atlanta

• Sep 9, 2019: Dallas

• Feb 9, 2020: London

• Mar 31, 2020: Institutional calls

• April 20, 2020: Institutional calls

• July 14-16, 2020: Alternative capital calls

• Aug 10, 2020: Toronto retail calls

• Apr 28, 2019: “On the Hunt for Gold in Two World Class

Camps”

• Jun 21, 2019: “New Asset Adds to Discovery Potential”

• Dec 13, 2019: “Diamond Drilling to Test Gold Trend

Discovery at Karri”

• Mar 24, 2020: “First Time is a Charm; Spectacular

Discovery at Julimar”

• Aug 18, 2020: “Exceptional Intercepts Expand Three High-

Grade Zones”

• Mar 26, 2020: Red Cloud Webinar showcasing

corporate/operational highlights

• May 14, 2020: Red Cloud acted as co-manager on

a brokered private placement of common shares

for gross proceeds of A$30M

Well-funded explorer making exciting discoveries across its portfolio of district-scale gold and nickel projects in Australia

Chalice’s Share Performance and Red Cloud Activities (January 2019 to August 2020)

Red Cloud Monthly Client Case StudyChalice Gold Mines Limited (ASX:CHN)

Change in share price (A$) +986%

Change in average daily volume over trailing 30 days

+748%

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Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

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Marketing Activity Research Activity Other Activity

Red Cloud introduced Blackrock to over 100 potential

investors

Red Cloud published a full initiation report and thematic

silver note within five months of becoming a platform client

Red Cloud formulated a fully integrated strategy to

enhance Blackrock’s profile for investors

Marketing Research Other Activities

• May 12-15, 2020: Institutional calls

• May 19-20, 2020: Institutional calls

• Jul 27, 2020: New York retail calls

• Jul 28, 2020: Calgary/Kelowna retail calls

• Aug 11, 2020: Toronto retail calls

• Aug 25, 2020: Quebec retail calls

• Aug 5, 2020: “Preparing for the Expected Move Higher” –

Thematic Silver Report

• Aug 11, 2020: “Don’t Bet Against Blackrock” – Full

initiation report

• Apr 29, 2020: Red Cloud COMPASS

• Jun 5, 2020: Red Cloud acted a finder on a private

placement of units for gross proceeds of C$4.5M

• Jul 23, 2020: Red Cloud Webinar showcasing

corporate/operational highlights

• Jul 28, 2020: Red Cloud Virtual Silver Conference

• Aug 4, 2020: Red Cloud acted as a finder on a

private placement of units for gross proceeds of

C$7.5M with Eric Sprott as a lead order (C$5.0M)

Exploring for high-grade gold and silver in Nevada through two highly prospective projects

Blackrock’s Share Performance and Red Cloud Activities (April 2020 to August 2020)

Red Cloud Monthly Client Case StudyBlackrock Gold Corp. (TSXV:BRC)

Change in share price (C$) +1,045%

Change in average daily volume over trailing 30 days

+456%

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Marketing Activity Research Activity Other Activity

Red Cloud introduced Southern Silver to over 100

potential investors

Red Cloud has published several insightful research notes and

a full initiation report

Red Cloud formulated a fully integrated strategy to

enhance Southern Silver’s profile for investors

Marketing Research Other Activities

• Dec 12, 2019: Institutional calls

• May 13, 2020: Retail & institutional calls

• Jun 24-25, 2020: Institutional calls

• June 30, 2020: Institutional calls

• July 13, 2020: Institutional calls

• July 21, 2020: Retail calls

• July 23, 2020: Retail calls

• July 28, 2020: Retail & institutional calls

• Apr 23, 2020: “The Hill of Mines that Keeps on Growing” –

Full initiation report

• May 25, 2020: “Getting Ready for Gold to Run – Updating

our “Precious Metals Hoarding List” – Time to think

Smaller”

• Aug 5, 2020: “Preparing for the Expected Move Higher –

Recap: Summer Silver Conference”

• Aug 19, 2020: “Closed Financings Raise C$14M; Target

Updated”

• Jan 15, 2020: Red Cloud COMPASS

• Mar 24, 2020: Red Cloud Webinar showcasing

corporate/operational highlights

• Jun 23, 2020: Red Cloud Webinar

• Jul 28, 2020: Red Cloud Virtual Silver Conference

• Aug 17, 2020: Red Cloud acted as Lead Agent and

sole bookrunner on a brokered oversubscribed

private placement of units for gross proceeds of

C$10.0M

Advancing one of the largest and highest-grade undeveloped silver projects in the world

Southern Silver’s Share Performance and Red Cloud Activities (December 2019 to August 2020)

Red Cloud Monthly Client Case StudySouthern Silver Exploration Corp. (TSXV:SSV)

Change in share price (C$) +167%

Change in average daily volume over trailing 30 days

+667%

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Senior Management Investment Banking

Mark Styles | Head of Investment BankingChad Gilfillan | Senior Vice PresidentScott Lendrum | Vice PresidentAlan Lourenco | Vice PresidentBlake Zwikler | AssociateRichard Huang | Vice President and Director, ECMLinda Lang | Syndication and Administration CoordinatorJacqueline Doyle | Executive Assistant

Distribution

Matt Ritzel | Senior Vice PresidentRayna Schnapp | Senior VP and Director

Marketing

Sebastian de Kloet | Senior Vice PresidentTheresa Pegolo | Vice PresidentMichael French | Associate Vice PresidentNicole Siena | Associate Vice President, MediaAlicia Ford | Marketing ManagerAshish Jalandhara | Web Developer

Equity Research

Andrew Kaip | Managing DirectorDerek Macpherson | Vice President, Mining AnalystJacob Willoughby| Vice President, Mining AnalystTaylor Combaluzier | Mining AnalystPaul Kostuik | Research AssociateKoby Kushner | Research Associate

Operations

David Schnarr | Chief Compliance OfficerPaul Mesburis | Chief Financial OfficerLuke Packer | Corporate Accountant

Red Cloud Team

Chad Williams | Chairman & FounderMr. Williams has extensive experience in mining finance and managementhaving previously held the positions of CEO of Victoria Gold Corp., Head ofMining Investment Banking at Blackmont Capital Inc. and a top-ranked mininganalyst at TD Bank and other Canadian brokerage firms. Mr. Williams has beena Director of several emerging mining companies and was a founder of AgilithCapital Inc. (a fund) as well as Westwind Partners. He also serves as a directorof the Denver Gold Group. Mr. Williams holds both a P.Eng in Mining and anMBA from McGill University.

Bruce Tatters | Chief Executive OfficerMr. Tatters joined Red Cloud Securities in 2018, bringing more than 24 years ofsenior capital markets leadership. Mr. Tatters was the co-founder at bothTriumph Asset Management as Chief Investment Officer and WestwindPartners as Managing Director, Institutional Equities. Prior to that, Mr. Tatterswas Global Co-Head of Institutional Equity Sales at National Bank Financial(successor to First Marathon Securities). At First Marathon Securities, he spentsix years as an Institutional Equity Salesperson and two years in equityresearch. Mr. Tatters began his career in equity research at Burns Fry Ltd. Mr.Tatters holds a CFA designation and a bachelor’s degree in Economics from theUniversity of Western Ontario.

Paolo Lostritto | PresidentMr. Lostritto was the former Director in the Mining Equity Research Group forNational Bank Financial. Since 1997, he has worked in mining equity research atWellington West, Scotia Capital and TD Securities. He currently serves on theBoard of Directors Blue Thunder Mining Inc., which is focused on goldexploration in Quebec. In addition, Mr. Lostritto also sat on the Board ofDirectors for Savary Gold Corp. which was sold to SEMAFO Inc in 2019. Mr.Lostritto holds a Bachelor of Applied Science in Geological and MineralEngineering from the University of Toronto and is a registered ProfessionalEngineer in the Province of Ontario.

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Disclaimer

Red Cloud Securities Inc. is registered as an Investment Dealer in Ontario, Quebec, Alberta and British Columbia and is a member of the

Investment Industry Organization of Canada (IIROC). Part of Red Cloud Securities Inc.'s business is to connect mining companies with

suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members

of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally,

Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and

receive financial and other incentives from issuers as consideration for the provision of such services.

Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a

solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from

sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives,

financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.)

which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before

investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document.

Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any

errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the

content of this document.

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redcloudks.com 18

Red Cloud Securities Inc.105 King St. East, 2nd Floor

Toronto ON, M5C 1G61-877-919-5979

[email protected]