Golden Arrow Resources : Technical Presentation - January 2021

TSX-V:GRG FSE: G6A OTC: GARWF

Value From Success.

Growth in Discovery.

Technical Update

January 2021

www.goldenarrowresources.com	GROSSO GROUP MEMBER COMPANY

Cautionary Notes	2

This presentation includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of Golden Arrow Resources Corp. (the "Company").Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

Readers are further cautioned that results from other companies, including properties proximal to those controlled by Golden Arrow, are not necessarily indicative of expected Golden Arrow results.

The contents of this presentation have been reviewed and approved Mr. Brian McEwen, P.Geol., VP Exploration and Development of the Company and a Qualified Person as defined in National Instrument 43-101.

	Investment Highlights		3
		Experience and success in:
Proven Management	• Asset transactions
• Corporate finance & capital markets
		• Government & Community relations
Undervalued:	• ~$26M in cash & equivalents* including a large equity holding in SSR
Mining
Strong Treasury with	- a leading producer with strong upside potential, high liquidity and
Equity Upside	leverage to gold & silver
• Market cap significantly undervalued
		• District-scale, frontier gold opportunity in Paraguay with analogies to major
Gold-focused Portfolio	orogenic gold districts
• New epithermal gold project in Argentina with analogies to nearby gold-
With Growth & Discovery
Potential	producing district
• New copper project in established district in Chile; Additional gold & copper
		project generation on-going

*@ Sept 30, 2020

4

A Grosso Group Member Company	5

• Pioneers of Exploration in Argentina since 1993
• Involved with four major discoveries
• A strong focus on community relations, social responsibility and environmental protection.

Chinchillas Silver Deposit Golden Arrow discovery Sold to SSR Mining In production since 2018

Amarillo Grande U-V Project

New District Discovery (Blue Sky Uranium TSX-V: BSK)

Gualcamayo Gold Deposit Royalty sold to Yamana

In production since 2009

Navidad Silver Deposit Former Grosso Group interest Largest undeveloped silver deposit

Leadership	6

Joseph Grosso	David Terry, Ph.D., P.Geo.
EXECUTIVE CHAIRMAN, CEO & PRESIDENT	DIRECTOR
Nikolaos Cacos, M.I.M.	John Gammon, Ph.D.
DIRECTOR & VP, CORPORATE DEVELOPMENT	DIRECTOR
Darren Urquhart, C.A.	Louis Salley
CHIEF FINANCIAL OFFICER	DIRECTOR
Brian McEwen, P.Geol.	Alf Hills, P.Eng.
VP, EXPLORATION & DEVELOPMENT	DIRECTOR
Connie Norman
CORPORATE SECRETARY

The Chinchillas Success Story

	First		Business Combination
Chinchillas	Resource	First PEA	with Pirquitas Mine
Estimate		$2M cash received
Discovery

Positive PFS;

Puna Operations

JV Formed

$17.5M JV cash

payment receivedCommercial Production

7

SEPTEMBER 2019

Sale of Interest to SSR Mining ("SSRM"), for CAD$44M, including:

• $3M Cash
• 1.245M common shares of SSRM
• Cancellation of $1.0M in GRG shares held by SSRM

Equity in SSRM already shown considerable upside growth.

Barrick's Veladero Mine (2009)

5.6 million oz proven and probable gold reserves (Dec 31, 2019) www.barrick.com

GROWTH IN DISCOVERY.

Golden Arrow Drilling at Potrerillos, San Juan Province, Argentina 2009

Project Pipeline

• Precious and base metals, with strong gold focus
• Multiple jurisdictions - diversified risk profile
• Projects span the value stages
• • Large, early-stage projects provide "blue-sky" discovery potential, including
  • • New district-scale, frontier opportunity for gold discovery in Paraguay
    • New epithermal gold project in Argentina
  • Projects in established mining districts of Chile, targeting near-term Cu+Au resources, with exploration upside

TSX-V: GRG FSE: G6A

OTC:GARWF

9

Moving Forward in Today's Reality - COVID 19	10

In response to the constantly shifting landscape of COVID-19, management has been regularly reassessing priorities, taking opportunities when presented & capitalizing on strengths:

• Diverse locations: different countries with varying protocols provided continued opportunities to keep staff working throughout 2020 by shifting some focus
• Nimble & experienced team: sourced additional local staff and contractors for existing projects; sought opportunities where staff exists
• Strong knowledge of government landscapes: facilitated creation & approval of new work safety plans

This resulted in Golden Arrow advancing on all three major projects in 3 countries in 2020, with work continuing in Q1 2021

ARGENTINA: A History of Success	11

• Grosso Group has had a history of success for 27 years; office in Mendoza provides exploration, logistics and environmental & community management within Argentina, and supports these functions in Chile & Paraguay
• 100% owned properties, +185,000 hectares proximal to operating mines or known mineralized trends in Argentina
• Gold, copper & silver; porphyry and epithermal mineralization styles
• Current focus on new Flecha de Oro epithermal gold project in Rio Negro province

RIO NEGRO, ARGENTINA: Flecha de Oro Gold Project	12

• Options to earn 100% of ~140 km2 in 3 properties
• • Puzzle property: 1,952 hectares
  • La Esperanza property: 9,968 hectares
  • Maquinchao property: 2,000 hectares
• High and low sulphidation epithermal gold targets
• High-gradegold in surface samples
• Numerous trends of quartz veins and stockworks at surface with high-grade gold and extensive epithermal signatures
• Similarities to major gold-producing district
• Initiated program of mapping, sampling, ground mag geophysics and trenching to define targets for drilling

TERMS

• Puzzle & Esperanza: staged payments over 7 years totaling US$2,093,000 & 1% NSR that can be reduced to 0.25% for US$1M
• Maquinchao: US$630K over 4 years, 1% NSR

Flecha de Oro - La Esperanza Property	13

• Esperanza property shows similarities in size and style to Cerro Vanguardia gold district1 :
• • 100 km2 with 100 gold and silver-bearing epithermal veins
  • Cumulative exposed vein strike extent of more than 240 km
  • Has produced more than 4.5 Moz of gold over 20 years

• On-goingsampling of quartz veins, boulders and floats returning high-gradegold samples, and identifying vein corridors.

• Highlights of quartz veins, boulders and float sampling by GRG at Esperanza includes:
• • 18.0 g/t Au over 0.7 m including visible gold
  • 24.0 g/t Au over 2 m
  • 13.09 g/t Au over 5 m
  • 4.16 g/t Au over 2 m

1http://panorama-minero.com/noticias/cerro-vanguardia-ha-sido-y-sigue-siendo-escuela/(112119) See Disclaimers p2 for additional information

Flecha de Oro - Puzzle Property	14

• Ground mag & geochem sampling at Puzzle property delineated a corridor 6.5 km long y +150 m wide with a main mineralized quartz vein and adjacent quartz stockwork zone.
• • Open in both directions
  • New trenching program initiated in December 2020

Flecha de Oro - Maquinchao Property	15

• Newly acquired Maquinchao property has indications of a gold-copper-silver high- sulphidation epithermal system
• Silicified breccia outcrop over 1 km striking structure with strong alteration returned coincident gold, copper, silver anomalies from due diligence sampling

CHILE - Advanced Opportunities	16

• Supportive Mining Jurisdiction with Advanced Project Opportunities
• New Rosales Copper Project 100% Held
• Additional projects under review in close proximity to maximize synergy potential

CHILE: Rosales Copper Project	17

• 100% control of 800 hectares with additional
  2920 hectares under sole application
• ~90 km from Copiapo by road with excellent mining infrastructure
• Priority target areas with near-surface copper stockwork, potentially related to larger systems at depth
• Reconnaissance program outlined 3 targets, with samples up to 5.74% Copper
• First detailed mapping and sampling program underway

PARAGUAY - A New Frontier	18

• One of the last under-explored jurisdictions in South America
• Geologic potential for significant mineral resources but limited modern exploration
• Excellent Infrastructure: flat topography, road access; power lines
• GRG partnered with local expertise to acquire a district-scale landing holding with potential for orogenic (high-gradevein-hosted) deposits
• Strong local team including in-country manager

PARAGUAY: Tierra Dorada Gold Project	19

• 64,000 hectares optioned for US$2M over 6 years + US$2M at production
• Pre-Cambrianaged rocks prospective for orogenic gold
• Multiple gold targets identified
• Trenching, mapping & surface sampling program
• 550 m, shallow-hole, diamond drill program completed at Alvaro target in Q3-Q4 by sourcing local drill company
• • Characterized veins with high-grade gold below surface
• IP survey completed over 4.2km2 of Alvaro target using Chilean team after border crossing reopened in Q4
• • Delineate veins, alteration and structures

TERMS

• staged escalating payments over 6 years totaling US$2M
• an additional payment of US$2M on start of commencement production

Tierra Dorada Surface Exploration - Alvaro Target Highlights	20

• Mapping to date has identified 4 Showings with quartz vein boulders & sub-outcropping structures within several kilometres
• Showing 1 averaged 59.2 g/t Au from chip sampling in one structure and 34.6 g/t Au in another; Showing 4 returned a chip sample with over 47 g/t Au
• Results from trenching highlighted by:
• 1. g/t Au & 61 g/t Ag over 0.93 m,
  1. g/t Au and 95.8 g/t Ag over
  1. m in trench T-1

Tierra Dorada - Alvaro Drill Program	21

• 550 m of diamond drilling completed in
  41 shallow holes testing showings 1, 2 and 4
• ~50% of the holes had intervals >0.5g/t gold*, including:
• • 143.5 g/t gold over 0.5m, within 6m averaging 14.53 g/t gold at 3-9m depth (DHTD18, Showing 1)
  • 11.8 g/t gold over 3.16m, within 7.75m averaging 6.09 g/t gold at 1.70-9.35m depth (DHTD35, Showing 2)

*see news release dated January 19, 2021 for full details

Tierra Dorada - Alvaro IP Survey	22

• 4.2 km2 IP survey covered Showings 1-4 and surroundings; multiple new targets identified, including:
• • 1700 m anomalous trend including Showing 1, open to the NE & SW; SW extent connects to broad higher chargeability anomaly
  • A strong coincident chargeability and resistivity anomaly identified 250m SW of Showing 2
  • A higher chargeability zone coincident with sub-outcrops of ferriferous gneiss northwest of Showing 3

Q1 2021 Project Catalysts	23

1. Tierra Dorada (Paraguay)
2. • New drill targets from compilation & interpretation of drill and IP data
   • 2,000 m diamond drill program by end of Q1
3. Rosales (Chile)
4. • Phase 1 surface program for target delineation
5. Flecha de Oro (Argentina)
6. • Continued drill target generation program
   • • Trenching at Puzzle
7. Additional Project Acquisitions

Capital Structure & Equity	24

Shares Issued (@Dec 31, 2020)	116,358,239
Warrants (avg price $0.37)	22,205,314
Options (avg price $0.55)	6,565,000
Fully Diluted	145,128,553
Market Cap	~$21M

Cash & Equivalents (@Sept 30, 2020)

~$26M

Equity Holdings in SSRM ~675,580 common shares (~30% share price increase since acquisition)

Solid Value & a Path to Growth	25

Proven Management

Strong Financial Position with Equity Upside

Gold-focused Portfolio With Growth & Discovery Potential

[e-mail]

www.goldenarrowresources.com

Suite 312, 837 W Hastings St Vancouver, BC, Canada V6C 3N6 Telephone: [phone]

Toll free: 1 800 901 0058