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1. Corporate Presentation
December 2019

2. IMPORTANT NOTICES AND DISCLAIMERS
This presentation contains “forward-looking information” (also referred to herein as “forward-looking statements”) under the provisions of applicable securities legislation. Generally, these forward-looking statements can be identified by the use of words such as “plans”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will”, “occur” or “be achieved” or the
negative connotation thereof. Forward-looking statements include, but are not limited to, those in respect of: the economic outlook for the mining industry; expectations regarding gold and other precious metal prices; the timing and amount of estimated future
production; the current and planned commercial operations, initiatives and objectives in respect of Otso Gold's (“Otso” or the “Company”) Otso Gold Mine project located in Raahe, Finland (the “Otso Gold Mine”); the estimation of Mineral Reserves and Mineral Resources;
changes in Mineral Resources and conversion of Mineral Resources to Proven and Probable Mineral Reserves; Otso's current and planned exploration initiatives; liquidity, capital resources and expenditures; sustainability and environmental initiatives and objectives;
business development strategies and outlook; planned work programs and drilling programs in respect of the Otso Gold Mine; anticipated mine life, recovery rates and operating efficiencies; costs and expenditures, including capital and operating costs; costs and timing of
the development of new deposits; targeted cost reductions; success of exploration activities; permitting timelines; currency fluctuations; requirements for additional capital; government regulation of mining operations; environmental matters; closure obligations and
unanticipated reclamation expenses; title disputes or claims; limitations on insurance coverage; the timing and possible outcome of pending litigation; and other information that is based upon forecasts of future operational or financial results, estimates of amounts not yet
determinable and assumptions of management. Forward-looking statements are necessarily based upon a number of factors and assumptions that, if untrue, could cause actual results, performance or achievements to be materially different from future results,
performance or achievements expressed or implied by such statements. Assumptions have been made regarding, among other things: present and future business strategies and the environment in which the Company will operate in the future, including commodity
prices, anticipated costs and ability to achieve goals; Otso's ability to carry on its exploration and development activities and the success of same; the timing and results of drilling programs; the discovery of mineral resources and mineral reserves; the timely receipt of
required approvals and permits, including those approvals and permits required for successful project permitting, construction and operation of Otso's Otso Gold Mine project; the costs of operating and exploration expenditures Add a liittle bit Nof body teoxtrdic’s ability
to operate in a safe, efficient and effective manner; Otso's ability to obtain financing as and when required and on reasonable terms; dilution and mining recovery assumptions; assumptions regarding stockpiles; the accuracy of geological, mining and metallurgical
estimates; no significant unanticipated operational or technical difficulties; maintaining good relations with the communities; no significant events or changes relating to regulatory, environmental, health and safety matters; certain tax matters; and no significant and
continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices, foreign exchange rates and inflation rates). Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which
may have been used.** See Appendix for more. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from
those expressed or implied by such forward-looking statements, including but not limited to, those in respect of: risks related to the integration of new management; volatility of the price of gold and other metals; geopolitical factors including economic and political
instability or unexpected regulatory changes in foreign jurisdictions in which Otso operates; current global financial conditions; results of current and planned exploration activities and drilling programs; discrepancies between actual and estimated production, mineral
reserves and mineral resources, grade and metallurgical recoveries; failure to replace mineral reserves; mining operational and development risks; results of current reclamation activities; environmental policies and risks; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; changes in the market, demand, supply and/or uses of gold and other metals; accidents; labour disputes; delays in obtaining governmental approvals or financing or in the completion of development or construction
activities and other risks of the mining industry; inaccuracies or changes in the analysis of the exploration potential of the Otso Gold Mine; failure to complete the work programs or drilling programs at the Otso Gold Mine; delays, suspensions or technical challenges
associated with capital projects; risks relating to reliance on historical data; failure of plant, equipment or processes to operate as anticipated; taxation risks; title risks; opposition from community or indigenous groups; compliance with laws, including environmental laws;
exchange controls; higher prices for fuel, steel, power, labour and other consumables; as well as those factors discussed in the section entitled “Risk Factors” in Otso's most recent management’s discussion and analysis available under Otso's profile on SEDAR at
www.sedar.com. Although Otso has attempted to identify important factors, assumptions and risks that could cause actual results to differ materially from those contained in forward-looking statements, there may be others that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and, accordingly, are subject to change. Otso assumes no obligation to update any
forward-looking statements that are included in this presentation, whether as a result of new information, future events or otherwise, except as required by law. Non-IFRS Measures This presentation refers to “EBITDA” (earnings before interest, taxes, depreciation and
amortization), “Adjusted EBITDA”, “Net Debt”, “C1 Cash Cost” and “All-In Sustaining Cost”, which are financial performance measures with no standardized meaning under International Financial Reporting Standards (“IFRS”). Such non‐IFRS financial measures do not have any
standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these measures internally to evaluate the underlying operating performance of Otso for the relevant reporting
periods. The use of these measures enables management to assess performance trends and to evaluate the results of the underlying business of Otso Management understands that certain investors, and others who follow Otso'’s performance, also assess performance
in this way. Management believes that these measures reflect Otso’s performance and are better indications of its expected performance in future periods. This data is intended to provide additional information and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS.
The technical disclosures in this presentation have been reviewed and approved by EUR ING Andrew Carter BSc, CEng, MIMMM, MSAIMM, SME a Qualified Person as defined by National Instrument 43-101.

3. Otso Gold TSX-V OTSO
Capital Structure
Shares on Issue – 215M
Share Price – CAD 0.05
Market capital – CAD 9M Debt – USD 23 M - Restructured from ~USD 54.5M
Tax Losses - USD 155 M
Majority Shareholders
30% Project Vendors
30% Canaccord Nominees
20% Pandion Mine Finance
10% New Management
Board of Directors - Change
Brian Wesson- CEO, President
Daryl Midgley- Chief Financial Officer
Clyde Wesson - Director & Vice President
Yvette Harrison-Independent Director

4. Clyde Wesson
Director and VP
Daryl Midgley
CFO
Amelia Wesson
Management Team
Brian Wesson
CEO
Administration,
Industrial
& Landowner
Relations
Rod Elvish
Chief Metallurgist
Chief Geologist
Alind Nand
Technical Services
Tim Wrigley
Environmental Officer
Peter Gilligan
Mari Kosamo
Executive
Administration
Manager
Juha Tiainen
Executive Relations
Manager
Scott Salisbury
Executive Operations
Manager
onsite team

5. Location - Finland

6. SUSTAINABLE MINING
The Otso Gold Mine is focused on sustainable and environmentally conscious mining, to this end we:
use a significant percentage of windpower in our energy
mix and are investigating the erection of Otso owned
wind turbines on site
maintain the highest level of environmental management
and have a strong emphasis on best practice in all areas
of our operations.
are located in Finland with strong rule of law and worker
protection
operate to disturb the local environment and extensive
wildlife as little as practicable.

7. READY TO PRODUCE
All Elements in Place for Production Redevelopment Plan
LICENSING AND PERMITTING
INFRASTRUCTURE
PROCESS PLANT
UPDATE TECNICAL REPORT NI
43-101/JORC TETRA
TECH/COFFEY
MINE
DESIGN DRILL PROGRAM IN
CONJUNCTION WITH TETRATECH
TO INFILL DRILL AND UPGRADE
RESOURCES
BEGIN DRILLING PROGRAM
RUN LIVE MODEL WITH
TETRATECH TO OPTIMISE THE
DRILL PROGRAM
COMPLETE PREPARATORY WORK
FOR PRODUCTION
MINE INTO PIT IN THE INITIAL
DRILLING ZONES - PIT
EXTENSIONS
CONTINUE DRILLING PROGRAM WITH
TETRATECH/COFFEY.
RESTART PROCESS PLANT IN JULY
2020

8. LICENSING AND PERMITTING
ALL LICENSES FOR OPERATION ARE IN PLACE.
ALL PERMITS TO MINE ARE IN PLACE AND CURRENT.
ENVIRONMENTAL PERMITS FOR MINING AND TAILINGS FACILITIES
ARE CURRENT AND ALL CONTINUED REQUIREMENTS FOR
MONITORING HAVE BEEN MET.
MINE HAS ALL PERMISSIONS AND APPROVALS TO MINE AND
PROCESS MATERIAL TODAY.

9. LICENSING AND PERMITTING
ALL LICENSES FOR OPERATION ARE IN PLACE.
ALL PERMITS TO MINE ARE IN PLACE AND CURRENT.
ENVIRONMENTAL PERMITS FOR MINING AND TAILINGS FACILITIES
ARE CURRENT AND ALL CONTINUED REQUIREMENTS FOR
MONITORING HAVE BEEN MET.
MINE HAS ALL PERMISSIONS AND APPROVALS TO MINE AND
PROCESS MATERIAL TODAY.

10. LICENSING AND PERMITTING
ALL LICENSES FOR OPERATION ARE IN PLACE.
ALL PERMITS TO MINE ARE IN PLACE AND CURRENT.
ENVIRONMENTAL PERMITS FOR MINING AND TAILINGS FACILITIES
ARE CURRENT AND ALL CONTINUED REQUIREMENTS FOR
MONITORING HAVE BEEN MET.
MINE HAS ALL PERMISSIONS AND APPROVALS TO MINE AND
PROCESS MATERIAL TODAY.

11. LICENSING AND PERMITTING
ALL LICENSES FOR OPERATION ARE IN PLACE.
ALL PERMITS TO MINE ARE IN PLACE AND CURRENT.
ENVIRONMENTAL PERMITS FOR MINING AND TAILINGS FACILITIES
ARE CURRENT AND ALL CONTINUED REQUIREMENTS FOR
MONITORING HAVE BEEN MET.
MINE HAS ALL PERMISSIONS AND APPROVALS TO MINE AND
PROCESS MATERIAL TODAY.

12. INFRASTRUCTURE
THE MINE IS IN A MINING JURISDICTION WITH:
AIRPORT AN HOUR
FROM SITE
SEALED ROADS
TO SITE
LOW COST POWER
ON SITE
PORT 20 MINUTES
FROM SITE

13. Process plant is production ready having operated in 2019.
All equipment is maintained and regularly tested.
All first fills are on site, zero capex required to return to production.
Proven operating recovery of 87.5%.
Process cost of 305 euro/oz.
The Otso Gold Mine process plant is state of the art built by and with Metso
and Outotec equipment. The process plant is gold plated with a construction
cost of approximately 200 million Euros.
processing Plant

14. processing
State-of-the-art 2 million tonne Metso and
Outotec designed process plant.
Jaw crusher HP160, SAG and pebble mill
3500 kW each
Pebble crushers in series HP200 and
HP100 flash flotation
Optimal grind 75 micron
High grade CIL plant
Low grade CIL
Conservative recovery of 85 %.
Head grade 1.5 g/t Au.
1.
2.
3.
4.
5.
6.
7.
8.

15. mining
There are currently
two open pits, the
north and south pits,
on site at depths of
50 metres and 25
metres respectively.
All mining is simple
and low cost with
an emphasis on
grade control and
reconciliation.
Conservtive mining
cost of euro 506/oz.
Mining will be
through owner
mining using a CAT
leased fleet
consisting of 10 777
trucks and 3
excavators being a
mixture of 6015s
and 390s.

16. *The material remaining in the low-grade stockpile from previous production has been included in the
measured category as it is ready to be fed to the mill at start-up. The sulphidic waste rock dump (potentially
acid forming) is included in the inferred category of the estimate as it is considered to be above the planned
cut-off grade of 0.3 g/t Au.
**See also NI 43-101 Technical Report with effective date 18 September, 2019 filed on www.sedar.com with
the Company's profile.
NI 43-101 SEPTEMBER 2019
TETRA TECH/COFFEY UK

17. north/west model: Gold Grade

18. redevelopment plan
Phase One – Q4 2019, Q1 2020
Infill drilling Program to adequately define mining areas in Southern Extension of North Pit and Northern
Extension of South Pit
Phase Two – Q2 2020
Mining of Southern Extension of North Pit and Northern Extension of South Put
Infill Drilling of South Pit and Eastern Extension of North Pit
Preparation work for mining of South Pit
Phase Three – Q3 2020
Mining of South Pit and Southern Extension of North Pit
Infill Drilling of North Pit
Preparation work for mining of North Pit
Phase Four – Q4 2020
Mining of North Pit and South Pit, including extensions
Exploration Drilling of Northern Extension of North Pit
Lionsbridge, in consultation with TetraTech and our onsite staff, have developed a expedited redevelopment plan
which moves the mine into production as soon as practicable whilst ensuring the areas being mined are
adequately understood.
The Redevelopment plan will be:

19. redevelopment plan - phase one

20. phase one - Drilling
CROSS SECTION LOOKING WEST, NORTH PIT

21. phase one - Drilling
CROSS SECTION LOOKING WEST, SOUTH PIT

22. Drilling begun
DRILLING HAS BEGUN ON SITE WITH THE SOUTHERN EXTENSION OF NORTH PIT TO BE COMPLETE BY CHRISTMAS.

23. redevelopment plan - phase two

24. phase two - Drilling
CROSS SECTION LOOKING WEST, SOUTH PIT

25. phase two - Drilling
CROSS SECTION LOOKING WEST, EASTERN EXTENTION NORTH PIT

26. redevelopment plan - phase three

27. phase three - Drilling
CROSS SECTION LOOKING WEST, NORTH PIT

28. phase three - Drilling
CROSS SECTION LOOKING WEST, NORTH PIT

29. redevelopment plan - phase four

30. phase four - Exploration drilling

31. phase four - Exploration drilling
CROSS SECTION LOOKING WEST PP AND NEW HOPE AREA

32. future potential
Within the current Mining Lease we have
two exploration targets at the end of the
current drilling program with significant high
impact targets - the New Hope and Petrol
Pump areas.
We will turn the PAF extension into a heap
leach once permitting is complete which will
see an additional 20,000 ounces produced
with minimal CAPEX or OPEX.
We hold significant land in exploration leases
regionally which were identified and drilled
by OutoTec and contain promising intercepts.

33. HEAP LEACH AND CIL RESOURCES FEED
THE LODES SHOW HIGH AND LOW GRADE ZONATION. THE ZONE MUST BE DRILLED, BLASTED AND
MOVED. PROCESSING LOW GRADE ORE IN A HEAP LEACH WILL IMPROVE PROFITABILITY, INCREASE
THE GRADE OF THE CIL AND OPTIMISE GOLD RECOVERY.

34. value scenario
Low cost operation open cut and two
million tonne throughput process plant.
Well-defined mineralised zone. The
Laiva deposit is one of the largest gold
resources in the region.
Drilled and understood. 3,527 drill
holes for 145,540 metres.
State of the art mine, built by Metso
Minerals costing > EUR 250M.
Mine operated this year, plant serviced,
first fills and production ready.
Strong gold price.
USD1,500/ounce against the feasibility
price of USD553/ounce
World-class mining jurisdiction. AA+
country, favourable regulatory
environment for mining and
exploration.
Improving exchange rate, increasing
Euro sales price.
Historic market capital, NASDAQ First
North peaked at EUR 600M.
Pandion Mine Finance gold loan
converted to debt from USD 54.5M to
USD 24.6M with injection of USD 6M
for care and maintenance costs.
No construction, financial or
commissioning risk. Modest restart
capital with substantial security.
Strong resource base, two developed
open pits.
Experienced management and skilled
workforce.
SOLID PROJECT
FUNDAMENTALS
STRONG MARKET
ENVIRONMENT
DE-RISKED START
UP FEASIBILITY

35. EXCITING MINING OPPORTUNITY IN
WORLD CLASS MINING
JURISDICTION WITH SHORT
RUNWAY TO PRODUCTION, LOW
PRICE FOR ENTRY AND GREAT
EXPLORATORY POTENTIAL.

36. BRIAN WESSON
CEO, President
brian.w@otsogold.com
https://www.mining-journal.com/leadership/news/1366733/new-nordic-gold-backer-
clears-the-boardroom
https://m.miningweekly.com/article/under-new-management-nordic-sets-out-path-
forward-for-finland-gold-mine-2019-10-11/rep_id:3861
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