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WAM Deck April_2023.pdf

Western Alaska Minerals Corp.
Western Alaska Minerals Corp.
Western Alaska Minerals Corp.Western Alaska Minerals Corp.

Western Alaska Minerals is focused on advancing its 100% owned "Illinois Creek Mining District" (>73,000 acres) which contains targets originally discovered by Anaconda Minerals in the 1980s and was consolidated by the WAM management team over the past 10 years. The portfolio of five, high-grade, evolving mineral projects contain: gold, silver, copper, lead, and zinc including a silver-rich Carbonate Replacement Deposit (CRD) and a NI 43-101 oxide gold resource at the Illinois Creek deposit. Our board, management, and technical teams have track records exploring and progressing Tier 1 assets in Alaska including Donlin Creek, Greens Creek, and Bornite. The company’s first-pass drill program at the Waterpump Creek (“WPC”) CRD target in 2021 intersected 9.1m (true thickness) @ 526 g/t Ag, 22.5% Zn & 14.4% Pb (1,886 g/t AgEq). WAM's 2022 drilling season continually intersected more bonanza-grade mineralization at Waterpump Creek, expanding the mineralized strike from 50m to 400m long.

WAM Deck April_2023.pdf

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CORPORATE PRESENTATION
April 2023
TSX-V: WAM
Image: Pit of the historic Illinois Creek Mine,
Alaska’s first fully-permitted open pit gold mine
Forward Looking Statements
This presentation contains numerous forward-looking statements relating to Western Alaska Minerals Corp.’s exploration and potential mining business, including estimated production data,
expected production and operating schedules, results of operations, reserves and resources, expected capital costs, mine plans, mine lives, other expected operating data, permitting and other
regulatory approvals. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “will,” “plan,” “projected,”
“contemplates,” “anticipates”, “estimates”, “potential”, “likely” or similar words. Actual production, operating schedules, results of operations, reserves and resources, capital costs, mine plans,
mine lives, permitting and regulatory approvals could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from
those in the forward-looking statements include: (i) the risk factors set forth in Western Alaska Minerals Corp.’s disclosures; (ii) risks and hazards inherent in the mining business (including risks
inherent in discovering and developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions); (iii) changes in the market prices of
gold, copper and silver and a sustained lower price environment; comparative valuations to peer exploration stage companies; (iv) uncertainties inherent in Western Alaska Minerals Corp.’s
production, exploratory and developmental activities, including risks relating to permitting and regulatory delays, ground condition and grade variability; (v) any future labor disputes or work
stoppages; (vi) uncertainties inherent in the estimation of mineral resources and reserves and future production; (vii) changes that could result from Western Alaska Minerals ’s future acquisition
of new mining properties or businesses; (viii) reliance on third parties to operate certain mines where Western Alaska Minerals Corp. owns mineral production and; (ix) the absence of control over
mining operations in which the Company or any of its subsidiaries holds royalty or streaming interests and risks related to these mining operations (including results of mining and exploration
activities, environmental, economic and political risks and changes in mine plans and project parameters); (x) the loss of any third-party smelter to which Western Alaska Minerals Corp. markets
copper, silver and gold; (xi) effects of environmental and other governmental regulations; (xii) risks inherent in the ownership or operation of or investment in mining properties or businesses in
foreign countries; and (xiii) Western Alaska Minerals Corp.’s possible inability to raise additional financing necessary to conduct its business, make payments or refinance its debt. Readers are
cautioned not to put undue reliance on forward-looking statements. Western Alaska Minerals Corp. disclaims any intent or obligation to update publicly these forward-looking statements, whether
as a result of new information, future events or otherwise.
All scientific and technical information contained in this presentation is derived from or supported by the Technical Report (the "Technical Report") prepared in accordance with National
Instrument 43-101 entitled "Western Alaska Minerals Corp. ILLINOIS CREEK PROJECT", prepared by Bruce Davis, Robert Sim, Jack DiMarchi and Deepak Malhotra with an effective date of
January 15, 2021, which has been filed under the SEDAR profile of 1246779 B.C. Ltd on August 19, 2021. The scientific and technical information contained in this presentation has been
reviewed and approved by Stuart Morris, a Qualified Person as defined by National Instrument 43-101. Mr. Morris is an independent consultant with a MS in Economic Geology and 40 plus years
of experience in mineral resources, mine, and exploration He is a Registered Geologist with the British Columbia Association of Professional Engineers and Geoscientists (BC-APEG) No. 135066
and with the Arizona State Board of Technical Registration No. 16289.
This presentation uses Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out
in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly
from standards in SEC Industry Guide 7 under the U.S. Securities Act ("SEC Industry Guide 7") and Subpart 1300 of Regulation S-K for mining disclosures ("SubPart 1300 Standards") and
may not be comparable to similar information made public by United States companies subject to reporting and disclosure requirements under United States federal securities laws and the rules
and regulations promulgated thereunder.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. None of the securities to be issued in the proposed concurrent financing or to be issued
pursuant to the proposed RTO transaction have been or will be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and any securities issued
pursuant thereto will be issued in reliance upon available exemptions from such registration requirements.
2
We’re at the start of something big.
Highlights of a
Tier 1 Team & Assets
3
Geologically Permissive & Under-Explored
CRD
-
100% Owned District-Scale Land Position
Discovery Track Record
High to Bonanza Grade CRD
-
Targets with Scale Potential
79
Au
Gold
47
Ag
Silver
30
Zn
Zinc
29
Cu
Copper
82
Pb
Lead
Common Shares Outstanding 23.8 million
Proportional Shares (As-Converted*) 22.5 million
Options 4.1 million
Fully Diluted Share Count 50.5 million
Fully Diluted Market Capitalization
at C$2.89/share (VWAP Mar/23)
C$145.9 million
Capitalization Structure
4
35%
26%
39%
Ownership
Directors & Officers
Institutions
Other
Analyst coverage: Michael Gray, Agentis Capital
*Non-trading common shares owned by US-
shareholders.
The purpose of the Proportional Shares is to allow the
Company to qualify as a foreign private issuer under United
States securities laws. Each proportional share is
convertible to 100 common shares at the request of the
shareholder and in the discretion of the Company. Because
of these conversion rights, for market capitalization and
financial analysis purposes, it is appropriate to convert the
proportional shares to common shares and add the product
of the conversion (approximately 23,900,000 shares) to the
current number of common shares outstanding. Further
information regarding the Company’s share structure is
available upon request.
Institutional Investors
Ore Discovery Management & Technical Team
5
Kit Marrs, B.Sc., M.Sc.
Chief Executive Officer & Director
• Western Alaska Minerals co-
founder
• 30+ years Alaska experience:
Anaconda (Project Manager at
Illinois Creek), Green’s Creek,
Ambler District
• Previously served on University of
Arizona Department of
Geosciences Board (15 years)
Joe Piekenbrock, B.A., M.Sc.
Chief Exploration Officer
• 35+ years exploration
experience
• Sr. VP Exploration, NovaGold,
NovaCopper (2002-2012)
• 2009 PDAC Thayer Lindsley &
2015 AME Colin Spence
Awards recognizing Joe’s
discovery contributions to
Donlin Gold & Bornite Copper
deposits
Alex Tong, CPA, CA
Chief Financial Officer
• 20+ years experience in finance
and mining, including 5 years at
NovaGold
• Held various senior management
positions
• Partner Calibre Capital Corp,
specialize in go-public
transactions, M&A and corporate
finance
Technical Advisors
Dr. Peter Megaw, Ph.D.
• MAG Silver (Co-Founder)
• World-renowned expert on CRDs - Instrumental
in numerous discoveries: Platosa, Juanicipio,
Cinco de Mayo
• Recipient of 2016 Thayer Lindsley Award
Darwin Green, B.Sc, M.Sc, P.Geo.
• HighGold Mining (Founder, CEO), 20+ yrs
Alaska experience
• Extensive public market experience: financings,
transactions, JV, corporate development
• Commissioner’s Award for Project Excellence
for overseeing Niblack project development
Management
Nathan Brewer, B.A., CPG
• Director Highlander Silver Corp. Former Sr. VP of
Greenfields Exploration, Gold Fields Ltd.
• Worked for several major mining companies in
over 20 countries
• 40 years experience: grass-roots discovery to
feasibility stage projects; consulting geologist since
2019
Kevin Nishi, BBA, CPA
• 35 years financial experience
• Partner with Smythe LLP working with several
public companies listed on the TSX and TSX
Venture exchanges in Canada and in the United
States
David Smallhouse, B.Sc., M.Sc.
• 21+ years’ experience: Managing Director, Miramar
Ventures, LLC
• Member of various Tucsonan Boards and
Committees
• Masters Degree in Agricultural Economics from
University of AZ
Skilled Board of Directors
6
• Law practice, focusing on commercial
transactions, business organization and
strategy
• Manages family office which invests in real
estate, start-ups and early-stage ventures
Greg Anderson, B.A., J.D.

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WAM Deck April_2023.pdf

  • 1. CORPORATE PRESENTATION April 2023 TSX-V: WAM Image: Pit of the historic Illinois Creek Mine, Alaska’s first fully-permitted open pit gold mine
  • 2. Forward Looking Statements This presentation contains numerous forward-looking statements relating to Western Alaska Minerals Corp.’s exploration and potential mining business, including estimated production data, expected production and operating schedules, results of operations, reserves and resources, expected capital costs, mine plans, mine lives, other expected operating data, permitting and other regulatory approvals. Such forward-looking statements are identified by the use of words such as “believes,” “intends,” “expects,” “hopes,” “may,” “should,” “will,” “plan,” “projected,” “contemplates,” “anticipates”, “estimates”, “potential”, “likely” or similar words. Actual production, operating schedules, results of operations, reserves and resources, capital costs, mine plans, mine lives, permitting and regulatory approvals could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ materially from those in the forward-looking statements include: (i) the risk factors set forth in Western Alaska Minerals Corp.’s disclosures; (ii) risks and hazards inherent in the mining business (including risks inherent in discovering and developing large-scale mining projects, environmental hazards, industrial accidents, weather or geologically related conditions); (iii) changes in the market prices of gold, copper and silver and a sustained lower price environment; comparative valuations to peer exploration stage companies; (iv) uncertainties inherent in Western Alaska Minerals Corp.’s production, exploratory and developmental activities, including risks relating to permitting and regulatory delays, ground condition and grade variability; (v) any future labor disputes or work stoppages; (vi) uncertainties inherent in the estimation of mineral resources and reserves and future production; (vii) changes that could result from Western Alaska Minerals ’s future acquisition of new mining properties or businesses; (viii) reliance on third parties to operate certain mines where Western Alaska Minerals Corp. owns mineral production and; (ix) the absence of control over mining operations in which the Company or any of its subsidiaries holds royalty or streaming interests and risks related to these mining operations (including results of mining and exploration activities, environmental, economic and political risks and changes in mine plans and project parameters); (x) the loss of any third-party smelter to which Western Alaska Minerals Corp. markets copper, silver and gold; (xi) effects of environmental and other governmental regulations; (xii) risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries; and (xiii) Western Alaska Minerals Corp.’s possible inability to raise additional financing necessary to conduct its business, make payments or refinance its debt. Readers are cautioned not to put undue reliance on forward-looking statements. Western Alaska Minerals Corp. disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. All scientific and technical information contained in this presentation is derived from or supported by the Technical Report (the "Technical Report") prepared in accordance with National Instrument 43-101 entitled "Western Alaska Minerals Corp. ILLINOIS CREEK PROJECT", prepared by Bruce Davis, Robert Sim, Jack DiMarchi and Deepak Malhotra with an effective date of January 15, 2021, which has been filed under the SEDAR profile of 1246779 B.C. Ltd on August 19, 2021. The scientific and technical information contained in this presentation has been reviewed and approved by Stuart Morris, a Qualified Person as defined by National Instrument 43-101. Mr. Morris is an independent consultant with a MS in Economic Geology and 40 plus years of experience in mineral resources, mine, and exploration He is a Registered Geologist with the British Columbia Association of Professional Engineers and Geoscientists (BC-APEG) No. 135066 and with the Arizona State Board of Technical Registration No. 16289. This presentation uses Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in SEC Industry Guide 7 under the U.S. Securities Act ("SEC Industry Guide 7") and Subpart 1300 of Regulation S-K for mining disclosures ("SubPart 1300 Standards") and may not be comparable to similar information made public by United States companies subject to reporting and disclosure requirements under United States federal securities laws and the rules and regulations promulgated thereunder. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. None of the securities to be issued in the proposed concurrent financing or to be issued pursuant to the proposed RTO transaction have been or will be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and any securities issued pursuant thereto will be issued in reliance upon available exemptions from such registration requirements. 2
  • 3. We’re at the start of something big. Highlights of a Tier 1 Team & Assets 3 Geologically Permissive & Under-Explored CRD - 100% Owned District-Scale Land Position Discovery Track Record High to Bonanza Grade CRD - Targets with Scale Potential 79 Au Gold 47 Ag Silver 30 Zn Zinc 29 Cu Copper 82 Pb Lead
  • 4. Common Shares Outstanding 23.8 million Proportional Shares (As-Converted*) 22.5 million Options 4.1 million Fully Diluted Share Count 50.5 million Fully Diluted Market Capitalization at C$2.89/share (VWAP Mar/23) C$145.9 million Capitalization Structure 4 35% 26% 39% Ownership Directors & Officers Institutions Other Analyst coverage: Michael Gray, Agentis Capital *Non-trading common shares owned by US- shareholders. The purpose of the Proportional Shares is to allow the Company to qualify as a foreign private issuer under United States securities laws. Each proportional share is convertible to 100 common shares at the request of the shareholder and in the discretion of the Company. Because of these conversion rights, for market capitalization and financial analysis purposes, it is appropriate to convert the proportional shares to common shares and add the product of the conversion (approximately 23,900,000 shares) to the current number of common shares outstanding. Further information regarding the Company’s share structure is available upon request. Institutional Investors
  • 5. Ore Discovery Management & Technical Team 5 Kit Marrs, B.Sc., M.Sc. Chief Executive Officer & Director • Western Alaska Minerals co- founder • 30+ years Alaska experience: Anaconda (Project Manager at Illinois Creek), Green’s Creek, Ambler District • Previously served on University of Arizona Department of Geosciences Board (15 years) Joe Piekenbrock, B.A., M.Sc. Chief Exploration Officer • 35+ years exploration experience • Sr. VP Exploration, NovaGold, NovaCopper (2002-2012) • 2009 PDAC Thayer Lindsley & 2015 AME Colin Spence Awards recognizing Joe’s discovery contributions to Donlin Gold & Bornite Copper deposits Alex Tong, CPA, CA Chief Financial Officer • 20+ years experience in finance and mining, including 5 years at NovaGold • Held various senior management positions • Partner Calibre Capital Corp, specialize in go-public transactions, M&A and corporate finance Technical Advisors Dr. Peter Megaw, Ph.D. • MAG Silver (Co-Founder) • World-renowned expert on CRDs - Instrumental in numerous discoveries: Platosa, Juanicipio, Cinco de Mayo • Recipient of 2016 Thayer Lindsley Award Darwin Green, B.Sc, M.Sc, P.Geo. • HighGold Mining (Founder, CEO), 20+ yrs Alaska experience • Extensive public market experience: financings, transactions, JV, corporate development • Commissioner’s Award for Project Excellence for overseeing Niblack project development Management
  • 6. Nathan Brewer, B.A., CPG • Director Highlander Silver Corp. Former Sr. VP of Greenfields Exploration, Gold Fields Ltd. • Worked for several major mining companies in over 20 countries • 40 years experience: grass-roots discovery to feasibility stage projects; consulting geologist since 2019 Kevin Nishi, BBA, CPA • 35 years financial experience • Partner with Smythe LLP working with several public companies listed on the TSX and TSX Venture exchanges in Canada and in the United States David Smallhouse, B.Sc., M.Sc. • 21+ years’ experience: Managing Director, Miramar Ventures, LLC • Member of various Tucsonan Boards and Committees • Masters Degree in Agricultural Economics from University of AZ Skilled Board of Directors 6 • Law practice, focusing on commercial transactions, business organization and strategy • Manages family office which invests in real estate, start-ups and early-stage ventures Greg Anderson, B.A., J.D.
  • 7. Responsible and Sustainable Exploration 7 Ongoing Local Initiatives • Local initiatives/hiring/training since 2017. 2022 payroll exceeded USD$275,000 • Water, fish habitat, wetlands, engineering baseline studies • Providing work training scholarships to local villages (Foreground) Driller and core-tech, Cameron Hildebrand, from Nulato. (Background) Colorado School of Mines student, Jackson Tanner, logging core.
  • 8. The Alaskan Advantage 8 ✔ Stable Jurisdiction Ranked 5th out of 77 mining jurisdictions by the Fraser Institute (2020) ✔ Proximity to “Marine Highway” Access to Yukon River is via a 45- kilometer winter road. A (historic) State of Alaska-funded engineering study for an all-weather access road is being updated. ✔ Rolling terrain Amenable to development
  • 9. Five Metals. One District. 9 A rapidly expanding high-grade, silver-rich carbonate replacement (CRD) at Waterpump Creek with nearby Cu porphyry and low sulfidation vein systems 100% ownership; >73,000 acres State of Alaska land Illinois Creek Waterpump Creek Round Top Honker TG North Hercules C130 on Illinois Creek airstrip
  • 10. Exceptionally High-Grade Silver - Lead – Zinc at Waterpump Creek Varying textures indicate multiple phases / multiple pulses of mineralization: ideal in CRD exploration 10 WPC22-08 Images selected as examples of varying textures. For more images please see our news release section on our website: www.westernalaskaminerals.com WPC22-07 WPC22-17
  • 11. 11 Waterpump Creek Continuous, Thick High-Grade 1980s (Anaconda, Novagold) chasing gold-copper “Re-Discovery Hole” 9.1m TT @ 526 g/t Ag, 22.5% Zn, 14.4% Pb WPC22-17: 48.8m @ 144 g/t Ag, 9.0% Zn, 5.5% Pb WPC22-18: 101.7m @ 160 g/t Ag, 5.4% Zn, 5.3% Pb WPC22-22: 54.6m @ 187 g/t Ag, 6.2% Zn, 5.1% Pb Season 1 / 2022 drilling: ~ 6,000m completed
  • 12. 12 The first ‘finger’ in an expected CRD district • Weighted average of all sulfide intercepts is 217 g/t (7.0 opt) Ag, 8.6% Zn and 7.7% Pb • ~1M cubic meters of mineralized material at a specific gravity of 3.5 – 4 • ~450m-long, high-grade silver-lead-zinc sulfide tubular body, widths varying from 4-75m, thicknesses up to >101m 3D rendering: Plan View 250 m Historic oxide drilling N Waterpump Creek fault Waterpump Creek 3D Sulfide Body WPC22-18 101.7m @ 160 g/t Ag, 5.4% Zn, 5.3% Pb (feeder chimney) N Right: 3D rendering: View from SW Historic oxide drilling WPC22-18 OPEN Stacked mantos indicate multiple phases of mineralization OPEN Stacked Mantos 2023 Drill Targets
  • 13. 13 CRD Comparable Deposits Plan view Plan view Plan view X-section view Tintic, Utah 19.1 Mt 14.2 opt Ag, 5.9% Pb, 1.2% Zn, 0.66% Cu, 0.145 opt Au 3 x 5 km Plan view Plan view Porphyry Drivers Ag-Pb-Zn Extremities Porphyry Target Illinois Creek Mine 43-101 Au/Ag oxide resource >350 Koz Au, >13 Moz Ag + 55Mlbs Cu Waterpump Creek: First identified ‘finger’ Mineralized Sulfide Body Plan view Santa Eulalia, Mex 51.6 Mt 10.0 opt Ag, 8.2% Pb, 7.1% Zn 3 x 4 km Feeder chimneys Illinois Creek Mining district, Alaska Early Discovery Days Map to scale w/ Sta Eulalia, Tintic)
  • 14. 2023 Drilling A two-Pronged Targeting Strategy 14 1. East Block • Fault extensions and offset of Waterpump Creek mineralizing structure • Wade’s fault • Last Hurrah - geophysical match to Waterpump Creek 2. West Block • Warm Springs • Porphyry Quartz Mica Schist Dolomite Quartz/Dolomite Greenstone Greenstone West Block East Block 1 km Waterpump Creek fault IC22-01 IC22-02 IC22-03 Alluvium OPEN OPEN Macho Grande Gossan 5 o’clock Gossan Gossan Hill Leach pad Gossan 2023 CRD Drill Targets Illinois Creek Gold Mine Faults Gossans 2023 Porphyry Drill Target Illinois Creek Mine 43-101 Au/Ag oxide resource >350 Koz Au, >13 Moz Ag + 55Mlbs Cu 6 Km LEGEND Waterpump Creek Sulfide Body Warm Springs Last Hurrah Porphyry Target
  • 15. 15 OPEN WPC Sulfide Body Last Hurrah “Last Hurrah” • 1.4 km Waterpump Creek look-alike anomaly; Extension of Waterpump Creek mineralized body & coincident resistivity anomaly • Fault offset of Waterpump Creek mineralizing structure Right: 3D rendering showing Last Hurrah anomaly. Updip historical drill holes encountered characteristics known to world-class CRD deposits: ✓ numerous thin gossan zones, ✓ widespread anomalous geochemistry, ✓ intense sanding East Block Targeting
  • 16. 16 West Block Targeting* HERMOSA Arizona Mining Greenstone Macho Grande Gossan 5 o’clock Gossan Gossan Hill Leach pad Gossan Porphyry target: Major Au and Cu geochemical signature in the southwest part of the block. Warm Springs Target Secondary targets: North of the IC fault, particularly the Gossan Hill area. Deeply oxidized structural block between the IC and the Warm Springs faults indicates significant mineralization potential Macho Grande Gossan 5 o’clock Gossan Gossan Hill Leach pad Gossan Porphyry Target *Funding-dependent
  • 17. 2023 Plan Next Steps Goals High-grade infill & expansion 2. Exploration Test western CRD & porphyry targets* Road access alignment & costing Initial WPC sulfide metallurgy Other Studies Continued baseline studies 2nd developing mineral deposit* PFS level costing and AIDEA engagement Scoping level recoveries, work index, concentrate characteristics >4-5 MT inferred mineral resource (120Mt AgEq) Scoping level permitting and environmental considerations 17 DRILLING DE-RISKING Metallurgy Infrastructure 1. Waterpump Creek concurrent *funding-dependent Drilling augmented by detailed 3D IP geophysics, drone or airborne geophysics: Mag, Ztem or Qamt to target fluid source in the southwest region
  • 18. Trading History 18 ✓ Nov 2021 (C$5.2M) ✓ May 2022 (C$5M) ✓ August 2022 (C$12M) Date M Shares o/s Share Price (Financing Price) Market Cap C$ Multiple 15-Nov-21 38.17 0.90 (0.85) 31.7 1.0x 5-May-22 42.6 1.80 (1.20) 76.8 2.4x 8-Aug-22 46.28 4.60 (4.10) 212.9 6.7x 30-Sep-22 46.28 2.21 102.3 3.2x 11-Oct-22 46.28 3.30 152.7 4.8x 01-Mar-23 50.1 2.89 145.9 4.6x Financings Courtesy: Agentis Capital - 100,000 200,000 300,000 400,000 500,000 600,000 - $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Volume Price (C$) Trading Commences TSXV 15.7mTT @ 484g/t AgEq intersected, Waterpump Creek Waterpump Creek drilling intersects 9.1mTT of sulphide mineralization grading 584g/tAgEq and Honker drilling hit 7.6mTT of 2.42g/tAu and 6.8g/tAg C$5M non- brokered PP announced at C$1.20 C$5M non-brokered PP closed Drill program commences at Waterpump Creek, additional 6k acres staked Initial 2022 drill results at Waterpump Creek yield18.5m of massive sulfide (assays pending) 101.7m of massive sulfide mineralization intersected: WPC22-18, with assays pending 11.5m @ 337g/t Ag, 16.7% Zn and 10.0% Pb (assays WPC22-11) C$8.2M non-brokered PP announced at C$4.10 Non-brokered PP upsized to C$12.0M First tranche of C$12.0 million non- brokered private placement closes for gross proceeds of C$9.75 million Final tranche of C$12.0M non- brokered PP closes 102.7m @ 159g/tAg, 5.4%Zn and 5.3%Pb (assays WPC22-18 ) WPC22-20 intersects 11.4m of 284g/tAg, 10.9%Pb and 14.8%Zn WPC22-22 intersects 22.7m of 293g/tAg, 9.0%Pb and 20.3%Zn and 54.6m of 187g/tAg, 6.2%Pb and 5.1%Zn 789g/tAg, 22.0%Pb and 14.9%Zn over 5.1m intersected: WPC22-21 Market Capitalization Q421-Q123
  • 20. TECHNICAL APPENDIX Photo: Illinois Creek historical gold mine pit. Strike length aligns with IC fault to Wade’s and Waterpump Creek
  • 21. Drill hole From To Thickness Ag Ag Zn Pb (meters) (meters) (meters) g/t Oz/t % % WPC21-09 109.4 120.9 10.5 522 16.8 22.5 14.4 WPC22-07 136.4 142.5 5.1 459 14.8 12.1 14.8 WPC22-07 150.1 164.4 14.3 54 1.7 10.3 1.9 WPC22-08 114.6 125.5 10.9 157 5.0 9.9 6.4 WPC22-11 139.1 150.6 11.5 337 10.8 16.7 10.0 WPC22-11 152.7 156.3 3.6 151 4.9 22.3 5.1 WPC22-13 150.1 152.9 2.8 1304 41.9 2.5 37.1 WPC22-13 158.4 160.8 2.4 820 26.4 15.0 13.0 WPC22-17 125.5 174.3 48.8 144 4.6 9.0 5.5 including 125.5 135.3 9.8 428 13.8 15.9 14.1 Including 160.6 164.7 4.1 417 13.4 14.8 18.3 WPC22-18 147.2 248.9 101.7 160 5.1 5.4 5.3 including 158.6 165.8 7.2 349 11.2 7.3 9.7 including 191.7 195 3.3 358 11.5 7.2 10.6 including 223.8 242.3 18.5 335 10.8 2.2 13.5 WPC22-20 166.6 178 11.4 284 9.1 14.8 10.9 Including 166.6 175 8.4 322 10.6 12.1 12.8 Including 166.6 168.2 1.6 474 15.2 24.7 14.3 Including 173.9 175 1.1 883 28.4 12.2 45.2 WPC22-20 185.2 205.9 20.7 171 5.5 9.4 5.8 Including 187.8 189.7 1.9 272 8.7 22.3 7.6 including 193.4 196.1 2.7 297 9.5 2.8 10.6 WPC22-22 161.6 184.3 22.7 293 9.4 9.0 20.3 including 161.6 168.6 7.0 557 17.9 16.7 21.8 WPC22-22 207.0 216.5 9.5** 118 3.8 3.5 8.7 WPC22-22 245.7 300.3 54.6** 187 6.0 6.2 5.1 including 271.1 274.6 3.5 1223 39.3 32.5 8.1 including 292.6 300.3 7.7 311 10.0 10.1 1.8 All WAM Waterpump Creek Assay Results Received to Date
  • 22. 22 Waterpump Creek WPC22-18: 101.7m @ 160 g/t Ag, 5.4% Zn, 5.3% Pb incl.: 7.2m @ 349 g/t Ag, 7.3% Zn, 9.7% Pb incl. 18.5m @ 355 g/t Ag, 2.2% Zn, 13.5% Pb • Key to success: understanding ore control is directly related to fault structures – fluids puddle west of the Waterpump Creek schist • 2023 drilling will target CRD and south of the offset by the Illinois Creek (“IC”) fault A C WPC22-17: 48.8m @ 144 g/t Ag 9% Zn, 5.5% Pb B WPC22-20: 11.4m @ 284 g/t Ag, 14.8% Zn, 10.9% Pb 20.7m @ 171 g/t Ag, 9.4% Zn, 5.8% Pb WPC22-22: 22.7m @ 293 g/t Ag, 9% Zn, 20.3% Pb incl. 7m @ 557 g/t Ag, 16.7% Zn, 21.8% Pb 9.5m @ 118 g/t Ag, 3.5% Zn, 8.7% Pb 54.6m @ 187 g/t Ag, 6.2% Zn, 5.1% Pb incl. 3.5m @ 1223 g/t Ag, 32.5% Zn, 8.1% Pb WPC21-09: 9.1m @ 526 g/t Ag, 22.5% Zn, 14.4% Pb Plan view (drill collars) OPEN C B A
  • 23. WPC Geometries 23 • 3D Re-inversion of 2005 Pole-Dipole IP Survey • Partial correlation with the mineralized body but also with graphitic schist within the overthrust schist package • Excellent correlation with the resistivity of the Waterpump Creek mineralized body • 2023 Plans are to conduct a major 3D IP survey to assist in direct targeting of mineralization Above images: Selected cross-section at 7104930N through resistivity (left) and 3D IP (right) block model showing direct correlation with Waterpump Creek mineralized sulfide body shown in red.
  • 24. CRD Characteristics • Carbonate-hosted, intrusion-related, high-temp (>250°), multiphase, zoned polymetallic deposits formed as a consequence of direct continuous replacement of limestones or dolomites - Can be part of continuum into Zn-rich skarns and porphyries • Fluid pathways are characterized by lateral replacement of selective beds (mantos) or as structural cross cutting bodies (chimneys) • Critical ore controls Transport • Cl-complexed metal transport in acidic highly saline fluids Deposition 1. Acid neutralization of highly acidic saline fluids which are self stoping due to the volumetric decrease during dissolution 2. Falling temperature (which imparts classic porphyry zonation Au, Cu, Zn, Pb, Ag, Mn.) 3. Closed systems exhibit very gradual temperature gradients – continuous deposition reaching kms in length 24
  • 25. CRD Exploration Implications 25 Acid neutralization gradient results in very sharply bounded ore bodies on the margins but very elongate ore bodies down the axis of transport depending on the continuous supply of new fluid. This continuity of fluid is imparted by the volume reduction of the carbonates as they are consumed and replaced – the systems self-stope. “Rods/Tubes” of mineralization with leakage along particularly susceptible bedding planes or small structures. More complexity/phases and pulses are evident in the direction of the fluid source but very little lateral evidence of the fluids in order to vector – lots of near misses in drilling. Lateral vectoring at Illinois Creek ▪ Sanding (top photo: Illinois Creek Mine pit) ▪ Fugitive calcite (bottom photo: Manganiferous calcite) ▪ Geochem haloes
  • 27. 27 Significant leakage soil anomalies and small replacement zones occur in the dolomite section immediate below the overthrust schist package. This is updip from the WPC structure controlling sulfide distribution at WPC. East Block East Block Chargeability Resistivity East Block Targeting East Block 3D-inversions of 5 lines of 2005 IP shown in the green block defines a very compelling co-incident resistivity and chargeability anomaly south along the WPC structure. The resistivity anomaly shows excellent direct correlation with mineralization. Waterpump Creek Last Hurrah Illinois Creek Pb Soils
  • 28. Gold & Copper Projects 28 NI 43-101 resource estimate, Feb ‘21: 525,000oz AuEq @ +1.3g/t AuEq* *Note: In-situ mineral resources are limited inside the $1,600/oz Au pit shell and are reported at a base case cut-off grade of 0.35g/t gold equivalent (AuEq). Strip Ratio is 3.79:1. Mineral resources are not mineral reserves because the economic viability has not been demonstrated. Prepared by: Robert Sim, PGeo, Sim Geological Inc, Bruce Davis, PhD, BD Resource Consulting, Inc. Gold equivalencies (AuEq) are based on metals pricing of $1,600/oz Au and $20/oz Ag 92% metallurgical recovery Au, 65% metallurgical recovery Ag Illinois Creek (Reclaimed) - Gold Mine Round Top – Copper Porphyry Honker – Low Sulfidation Gold Vein system