Galleon Gold : Corporate Presentation - November 2023

Disclaimer

WEST CACHE GOLD PROJECT DESTINED FOR DEVELOPMENT

TSXV: GGO	Investor Presentation	November 2023

Disclaimer

Cautionary Note Regarding Forward-Looking Statements

This presentation (the "Presentation") contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this Presentation. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this Presentation, forward-looking statements relate, among other things: the preliminary economic assessment for the West Cache project (the "PEA"); the numerous assumptions underlying the PEA, including the mine plan and economic model; the after-tax internal rate of return and net present value modeling of the West Cache project; the capex, life of-mine and production modeling of the West Cache project; the bulk sampling program at the West Cache project; the potential for brownfield value creation; grade estimates; the speculative geology of inferred mineral resources; gold prices; project scope, including mining methodology and infrastructure; processing methodology; the ability, if any, to achieve the project economics described in this Presentation; the mining and processing strategy; the projected infrastructure; the ability, if any, to construct the required infrastructure; the ability, if any, to obtain the required economic and restoration approvals and permits; the future drill program on the West Cache project and the significance of new drill results; potential mineralization; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be "forward- looking information". This "forward-looking information" involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Galleon Gold to be materially different from any future results, performance or achievements expressed or implied by such "forward-looking information". Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; fluctuations in spot and forward prices of gold, fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in international, national and local government, legislation, taxation, controls, regulations and political or economic developments; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); access to capital; errors in management's geological modelling; the ability of Galleon Gold to complete further exploration activities, including drilling; property interests in the West Cache project; the ability of Galleon Gold to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; exchange rates; dilution; environmental risks; and community and non-governmental actions. Although the "forward-looking information" contained in this Presentation is based upon what management believes, or believed at the time, to be reasonable assumptions, Galleon Gold cannot assure shareholders and prospective purchasers of securities of Galleon Gold that actual results will be consistent with such "forward-looking information", as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Galleon Gold nor any other person assumes responsibility for the accuracy and completeness of any such "forward-looking information". Galleon Gold does not undertake, and assumes no obligation, to update or revise any such "forward-looking information" contained herein to reflect new events or circumstances, except as may be required by law. Risks and uncertainties about Galleon Gold's business are more fully discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available on SEDAR (www.sedar.com) under Galleon Gold's issuer profile. Readers are urged to read these materials and should not place undue reliance on any forward‐looking statement and information contained in this Presentation. The PEA is based on the mineral resource estimate described in this Presentation, which has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and will be available on SEDAR+ (www.sedarplus.ca) under Galleon Gold's issuer profile within 45 days. Please refer to the full text of the PEA for details regarding the key assumptions, parameters and methods associated with the foregoing. The PEA is preliminary in nature and has made numerous assumptions about the West Cache project referenced herein, including in relation to the mine plan and economic models of the project. In addition, the PEA includes inferred mineral resources, which are considered to be too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no guarantee that any inferred mineral resource can be converted to an indicated mineral resource or measured mineral resource, and as such, there is no guarantee the project economics described herein will be achieved.

This Presentation contains information regarding mineral resources estimated at the West Cache project. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing or other relevant issues. In particular, the quantity and grade of reported inferred mineral resources in the estimates referenced in this Presentation are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource in all cases. It is uncertain in all cases whether further exploration will result in upgrading the inferred mineral resources to an indicated or measured mineral resource category. The scientific and technical information contained in this Presentation has been reviewed, prepared and approved by Leah Page, West Cache Gold Project Manager P. Geo. (APGNS #217) a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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Why Invest - Why Now

Timmins Mining Camp - Tiers 1 jurisdiction near major producers

Strong project economics that support advancing project to bulk sample stage

Management team with track record of building mines in the region

Large land position with huge blue sky exploration potential

WEST CACHE GOLD PROJECT

DESTINED FOR DEVELOPMENT

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Capital Markets Profile

Capital Structure

	Shares outstanding					63.5M
	Options outstanding (C$0.22 to C$1.20)	4.1
	Warrants outstanding (C$0.24 to C$1.80)			7.8M
	FD shares outstanding					75.4M
	Market capitalization (basic @ Nov. 1, 2023)	C$8.00M
Major Shareholders
						TSXV: GGO
Eric Sprott	∼ 21.5%
HNW Retail	∼ 8.0%
CCM	∼ 8.5%
Management	∼ 3.0%
Institutions and Public Float	∼ 59.0%

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West Cache Gold Project

Premier Location - Porcupine Destor Gold Belt

Porcupine Destor Gold Belt
Gold Producing Districts			IROQUOIS FALLS
Kidd Creek Mine
Cu-Zn-Ag
			Clavos Mine
			CONNAUGHT
Timmins Airport	Bell Creek Mine	Hoyle Pond Mine	Taylor Mine	Stock Mine & Mill
Hollinger Pit			Highway 101	Black Fox Mine
McIntyre Mine	Hallnor Mine	Aquarius Mine

West Cache	Pamour Mine
	RAMORE
	Dome Mine
	Paymaster Mine
Timmins West Mine
Complex

WEST CACHE GOLD PROJECT

ON TREND IN THE TIMMINS CAMP

Timmins Gold Camp Au Endowment (oz)

119,604	- 200,000
200,001	- 400,000
400,001	- 600,000
600,001	- 750,000
750,001	- 1,000,000
1,000,001 - 20,000,000
DPFZ Corridor
Hislop Mine

KIRKLAND LAKE

Macassa Mine

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West Cache Gold Project

Land Lease Status Approved - requirement for permitting

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PEA & Updated Mineral

Resource Published -

February 2022

Project Entrance on Hwy 101, 13 km from Timmins Center

Strong Project

Economics

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West Cache Gold Project

2022 Mineral Resource Estimate - Underground Model

Underground Mineral Resource @ 1.6 g/t Au Cut-Off

Classification	Tonnes	Au	Au
	k	g/t	koz
Indicated	4,051	3.63	472
Inferred	11,788	2.87	1,088

Sensitivities

Classification	Cut-off	Tonnes	Au	Au
Au g/t	k	g/t	k oz
	5.0	753	7.79	189
	3.0	1,750	5.54	311
	2.5	2,287	4.88	359
Indicated	2.0	3,142	4.16	420
1.6	4,051	3.63	472
	1.25	5,288	3.11	528
	1.0	6,564	2.72	574
	0.5	10,591	1.96	668
	5.0	759	6.96	170
	3.0	3,492	4.49	504
	2.5	5,629	3.81	690
Inferred	2.0	8,707	3.25	911
1.6	11,788	2.87	1,088
	1.25	15,649	2.51	1,265
	1.0	19,681	2.23	1,410
	0.5	30,286	1.71	1,661

1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may
   be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. The Au cut-off parameters used were US$1,650/oz Au, 0.76 FX with a process recovery of 95% Au, mining cost of C$85/tonne, C$16/tonne process cost and C$4/tonne G&A. Mineral Resources selected exhibited continuity and reasonable potential for extraction by the long hole underground mining method.

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West Cache Gold Project

2022 PEA Economics - Toll Processing

		Pre-Tax		After Tax
Net Present Value NPV5%	C$ million	$378.3		$240.1
Internal Rate of Return (IRR)	%	33.7 %		26.7 %
Payback Period	years	3.0		3.3
Life of Mine (LOM)1
Years		11
Initial Capital Costs	C$ million		$150
Sustaining Capital Costs (LOM)	C$ million		$199
Gold Price Assumption	US$ per ounce		$1,700
Exchange Rate	US$/C$		0.76
Average cash cost (LOM)	US$ per ounce		$814
Average AISC (LOM)	US$ per ounce		$987
Initial Capital Costs	C$ million		$150
Average annual Au production	ounces		85,470
Average annual mining rate	tpd (tonnes per day)		2,400
Average grade LOM	g/t		3.09
Au recovery rate	%		95
Total mill Au recovered	ounces		893,200

1. Excludes 2 year ramp-up

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West Cache Gold Project

Sensitivity to Gold Price

Sensitivity to Gold Price (pre-tax)

Price per ounce of gold	5%	(million)	IRR %
NPV
US$1,500	C$224.5	23.3 %
US$1,600	C$301.4	28.6 %
US$1,700	C$378.3	33.7 %
US$1,800	C$455.5	38.7 %
US$1,900	C$532.6	43.6 %
US$2,000	C$609.8	48.4 %
Sensitivity to Gold Price (after tax)
Price per ounce of gold	5%	(million)	IRR %
NPV
US$1,500	C$128.6	17.2 %
US$1,600	C$184.3	22.0 %
US$1,700	C$240.1	26.7 %
US$1,800	C$291.8	30.8 %
US$1,900	C$343.6	34.8 %
US$2,000	C$395.3	38.7 %

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