On September 7, 2020, Bullfrog Gold Corp. (the “Company”) entered into a binding term sheet (the “Term Sheet”) among the Company, Homestake Mining Company of California Inc., a California corporation (“Homestake”), Lac Minerals (USA) LLC (“Lac Minerals” and together with Homestake, the “Barrick Parties”), and Augusta Investments Inc. and/or its affiliates and certain other individuals identified by Augusta Investments Inc. (together, the “Augusta Group”). Upon closing of the Transaction, the Board of Directors and management of the Company will be reconstituted as follows: (i) All directors of the Company will resign (other than David Beling), and each of Dan Earle, Maryse Belanger and Don Taylor will be appointed, together with the nominee of the Barrick Parties, if such nominee is identified by the Barrick Parties in advance of closing; (ii) all senior management of the Company will resign, and Maryse Belanger will be appointed as President. In addition, the Augusta Group will appoint officers of the Company to such roles as they may determine.