Corporate Presentation - September 2018

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1 Corporate Presentation - September 2018

2 Forward Looking Statement This presentation contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, projected economics of the mine plan contained in the PEA, including mine development and operating costs and potential future production and estimates of mineral resource, the intent of the Company to become a non-operator gold producing company with royalty interests, the Company s business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource estimates and the preliminary economic analysis thereof also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results are likely to differ, and may differ materially, from those expressed or implied by forward-looking statements contained in this presentation. Such statements are based on a number of assumptions which may prove incorrect, including, but not limited to, assumptions about the level and volatility of the price of gold, the timing of the receipt of regulatory and governmental approvals, permits and authorizations necessary to implement and carry on the Company s planned exploration and potential development programs; the Company s ability to attract and retain key staff, the timing of the ability to commence and complete the planned work at the Company s projects, and the ongoing relations of the Company with its underlying property lessors and the applicable regulatory agencies. Accordingly, the Company cautions that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those set out in the forward-looking statements as a result of, among other factors, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company s inability to obtain any necessary permits, consents or authorizations required for its activities, material adverse changes in economic and market conditions, changes in the regulatory environment and other government actions, fluctuations in commodity prices and exchange rates, the inability of the Company to raise the necessary capital for its ongoing operations, and business and operational risks normal in the mineral exploration, development and mining industries, as well as the risks and uncertainties disclosed in the Company s most recent Management Discussion and Analysis filed with certain provincial securities commissions in Canada available at and the Company s most recent filings with the United States Securities and Exchange Commission (the SEC ) available at The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events except as required by law. All subsequent written or oral forward-looking statements attributable to the Company or any person acting on its behalf are qualified by the cautionary statements herein. Scientific or technical information contained herein is derived from the independent NI technical reports which include more detailed information with respect to the Company s properties, including the dates of such reports and the estimates included therein, details of quality and grade of each resource, details of the key assumptions, methods and parameters used in the resource estimates, a general discussion of the extent to which the resource estimates and the other estimates and projections included in the reports may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues and you are urged to review such reports in their entirety. Mineral resources that are not mineral reserves do not have any demonstrated economic viability. Cautionary Note to United States Investors Unless otherwise indicated, all resource estimates contained in or incorporated by reference in this presentation have been prepared in accordance with National Instrument Standards of Disclosure for Mineral Projects ( NI ) and the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the CIM ) Standards on Mineral Resource and Mineral Reserves, adopted by the CIM Council on November 14, 2004 (the CIM Standards ) as they may be amended from time to time by the CIM. United States investors are cautioned that the requirements and terminology of NI and the CIM Standards differ significantly from the requirements and terminology of the SEC set forth in the SEC s Industry Guide 7 ( SEC Industry Guide 7 ). Accordingly, the Company s disclosures regarding mineralization may not be comparable to similar information disclosed by companies subject to SEC Industry Guide 7. Without limiting the foregoing, while the terms mineral resources, inferred mineral resources, indicated mineral resources and measured mineral resources are recognized and required by NI and the CIM Standards, they are not recognized by the SEC and are not permitted to be used in documents filed with the SEC by companies subject to SEC Industry Guide 7. Mineral resources which are not mineral reserves do not have demonstrated economic viability, and US investors are cautioned not to assume that all or any part of a mineral resource will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant reserves as in-place tonnage and grade without reference to unit amounts. The term contained ounces is not permitted under the rules of SEC Industry Guide 7. The mine economics presented herein derived from the PEA are preliminary in nature and may not be realized. The PEA is not a feasibility study. U.S. investors are urged to consider closely the disclosure in our latest reports and registration statements filed with the SEC. You can review and obtain copies of these filings at U.S. Investors are cautioned not to assume that any defined resource will ever be converted into SEC Industry Guide 7 compliant reserves. Note: All monetary values are USDunless otherwise stated. 2 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

3 Corvus Experience Management Jeffrey Pontius - CEO & President Ex Anglo NA Expl. Mgr, Five discoveries Carl Brechtel - COO Ex Anglo Mgr. of New Project Development Mark Reischman - Nevada Exploration Mgr. Ex Anglo & Barrick Nevada Project Manager Ron Largent - Special Advisor Ex Anglo Ashanti International COO Directors Catherine Gignac - Chair of Board Ex Northland Capital, corp. financial & technical skills Steven Aaker - Ex Franco Nevada COO, strong technical & business experience Edward Yarrow - Ex Anglo American VP Expl., strong geological & mining experience 3 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

4 Share Structure ~Shareholder Distribution 28.0% 6.4% 27.7% Management & Employees Institutional Strategic 17.0% 20.9% Retail High Net Worth Long Term 105,985,945 shares I&O 112,651,945 shares fully diluted, No Warrants Working Capital ~$7M CDN (06/7/2018) Small float, ability to outperform Strong Long Shareholder Base Top Shareholders % Anglo Ashanti Limited 19.9 Tocqueville Asset Management 19.8 Van Eck Global 7.9 Corvus Mgmt. & Employees 6.4 corp Inc Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

5 Nevada: A Go-To Mining Jurisdiction Called The Silver State but accounts for 83% of U.S gold production 5.3M oz gold produced in 2015, 4 th largest globally produced: : ~60M oz : ~140M oz Walker Lane Trend includes: Comstock (35M Aueq oz) Round Mountain (20M Au oz) Bullfrog (2.5M Au oz) 5 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF Source: Nevada Mining Association

6 Greater Bullfrog District - Setting Nevada District Large caldera associated hydrothermal system (6-14Ma) Three main gold events over the ~3Ma gold history 10Ma (Bullfrog) 11.5Ma (SB/YellowJacket) 12.5Ma (Mother Lode) Each event hosts large deposits Limited modern exploration work over the past 20yr, new discoveries with limited work Four Companies with active drilling programs including adjacent land owners Anglo and Coeur Mining 6 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

7 North Bullfrog & Mother Lode Projects 7 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF * Endowment Source: Nevada Mining Association, Non Corvus Production

8 Corvus 100% Owned Mining Projects North Bullfrog has total M&I mineral resource of 1.7Mozs gold & 8Mozs of silver** Numerous exploration targets within large 72Km2 land package 15 km from Mother Lode deposit mining plan to have joint production facilities Mother Lode Project acquired from corp with historic, past production* of 34,000ozs gold from heap 1.8 g/t avg. grade New maiden M&I mineral resource estimate Total of 433 claims covering 35Km2 land package 8 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF *Source: Nevada Mining Association, Non Corvus Production ** See page 26 for full breakdown of North Bullfrog Phase I & II mineral resource estimate

9 Mother Lode - Robust Maiden Mineral Resource Constrained by Whittle USD $1,250 Price per ounce Mill Resource 0.63 g/t cut-off grade Total Mineral Resource Resources Category Tonnes (Mt) Measured Indicated , Total M&I Inferred Run of Mine Heap 0.06 g/t cut-off grade (g/t) (Kozs) Tonnes (Mt) (g/t) (Kozs) Tonnes (Mt) (g/t) (Kozs) Deposit has an overall strip ratio of Constrained by Whittle USD $1,000 Price per ounce Mill Resource 0.78 g/t cut-off grade Run of Mine Heap 0.07 g/t cut-off grade Total Mineral Resource Resources Category Tonnes (Mt) Measured Indicated , Total M&I Inferred (g/t) (Kozs) Tonnes (Mt) (g/t) (Kozs) Tonnes (Mt) (g/t) (Kozs) * Breakeven grade derived from WhittleTM input parameters (on final page), Mineral Resources that are not mineral reserves do not have demonstrated economic viability 9 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF Mr. Scott Wilson of Resource Development Associates, Inc has acted as the independent Qualified Persons as defined in NI and produced the mineral resource estimate effective as at Sept 18, The full NI Technical Report titled Technical Report for Combined Mill and Heap Leach Processing at the Mother Lode & North Bullfrog Projects, District, Nye County, Nevada will be available on SEDAR or the Company s website in late Oct The Whitte Pit input parameters and assumptions can be seen on page 27

10 New Mother Lode Maiden Resource Results Ongoing exploration drilling continues to show potential to expand the deposit to the west, north, east and at depth 10 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

11 Mother Lode Model Expansion to northwest of historic pit along main intrusive trend Resource Expansion Targets High-grade core follows main dike trend to the west Potential for deeper repeated deposit in the Paleozoic Long-section through Mother Lode resource block model at 531,055 m east, looking east (UTm NAD27 Z11) 11 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF (Reported intercepts are not true widths as there is currently insufficient data to calculate true orientation in space. Mineralized intervals are calculated using a 0.3 g/t and 1 g/t cutoff)

12 Highlighted Exploration Results Drill Hole # Interval (m) (g/t) ML Incl Incl ML Incl ML ML Incl ML Incl ML Incl ML Incl ML ML inc ML ML Incl Drill Hole # Interval (m) (g/t) ML Incl ML Incl ML Incl ML ML Incl ML ML Incl ML ML ML ML ML ML ML ML ML ML (Reported intercepts are not true widths as there is currently insufficient data to calculate true orientation in space. Mineralized intervals are calculated using a 0.3 g/t and 1 g/t cutoff)

13 Mother Lode Deposit Expansion Targets Area of Initial Resource Drilling Area of Phase 3 Resource Expansion Drilling Program High-grade Feeder Target 13 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF View of Mother Lode looking south

14 MLP Sulfide Met Progress occurs as discreet grains of native gold and electrum % gold reports to gravity concentrate Gravity/float circuit projecting +90% of gold in concentrate Potential for various gold recovery methods from sulfide con 14 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

15 Mother Lode Exploration Model Deep ML Mine Target 15 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF Large, thick, tabular ore body localized along the Tertiary- Paleozoic unconformity Major structural bend of the FC fault forming large broken zone focusing dike & gold mineralization Western Zone likely feeder to the Mother Lode sediment hosted gold deposit like Meikle-strike system Deposit currently covers 650m by 450m, avg. 100m thickness, remains open

16 strike Deposit (Meikle Feeder to Post Betze) strike mine has a large tabular ore body (Post-Betze) hosted in favorable calcareous rock like the Mother Lode deposit. rich fluids came up along Post fault forming higher grade deposits like Meikle, similar to the FC fault at Mother Lode West 16 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

17 North Bullfrog Project

18 Bullfrog Regional Setting North Bullfrog Deposits Corvus Nevada Land Combined North Bullfrog and Mother Lode Land Package Priority Targets Deposits Anglo Ashanti Silicon Project Mother Lode Deposit Historic Barrick Bullfrog Mines Coeur Mining Sterling Project 18 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

19 North Bullfrog Two Phase Plan & Resource Update* Priority Targets Development De-Risking Water: Own 1,600 ac/ft water right (will allow expansion) North Bullfrog Heap Leach Pad, Waste Rock Dump are conceptual locations and have not been currently built Power: New 16 Mw power line (50% more than required) Access: Adjacent to major highway & extensive quality road access throughout the property Labor: Within 5 miles of mining town of Beatty Exploration: 120 acre POO, capacity for +600 additional holes Mine Permit: Completed +2yrs of baseline water quality, air & ARD studies as well as Cultural, T&E & other key environmental studies Mine: positioned for initial stage EA, followed by full EIS 19 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

20 North Bullfrog & Mother Lode Resources Mother Lode Maiden Resource Mill Resource (oxide & sulfide) Run of Mine Heap Leach Total Mineral Resource Resources Category Tonnes (Mt) (g/t) Tonnes (Mt) (g/t) Tonnes (Mt) (g/t) Measured Indicated Total M&I ,159 Inferred North Bullfrog Phase I Resource Mill Resource (oxide & sulfide) Run of Mine Heap Leach Total Mineral Resource Resources Category Tonnes (Mt) (g/t) Tonnes (Mt) (g/t) Tonnes (Mt) (g/t) Measured Indicated Total M&I Inferred North Bullfrog Phase II Total Measured & Indicated Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF North Bullfrog Phase II Total Inferred * Breakeven grade derived from Whittle TM input parameters (on final page), Mineral Resources that are not mineral reserves do not have demonstrated economic viability Mr. Scott Wilson of Resource Development Associates, Inc has acted as the independent Qualified Persons as defined in NI and produced the mineral resource estimate effective as at Sept 18, The full NI Technical Report titled Technical Report for Combined Mill and Heap Leach Processing at the Mother Lode & North Bullfrog Projects, District, Nye County, Nevada will be available on SEDAR or the Company s website in late Oct The Whitte Pit input parameters and assumptions can be seen on page 27. See Cautionary Note to U.S. Investors

21 Combined NBP & MLP - Conceptual Plan Conceptual Plan Targeting Cash Costs in lowest Quartile Potential roduction to support +250Kozs/yr operation North Bullfrog & Mother Lode would utilize a central mill facility for high-grade oxide & sulfide ore Both projects would operate onsite Run Of Mine heap leach pads for lower grade oxide ore 21 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF NBP Heap Leach Pad, and Tails/Waste Storage are conceptual locations and have not been currently built

22 Corvus - Compelling Investment Strong management team, excellent discovery track record Near-term potential for combined NBP & MLP mining complex to produce ~250Kozs/yr at lowest quartile costs for over 10 yrs District potential for series of low strip, open pit, oxide/sulfide gold deposits in highly favorable permitting & operating region Infrastructure in-hand and permitting advanced to support potential commercial production in ~3 years Large resource expansion & new discovery potential on 100% owned project within very active reemerging NV gold District Excellent institutional and strategic shareholder base Funded through 2019 (next major, value-add, phase) 22 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

23 Performance - Effective Efficient Exceptional Corvus up +300% since start of Phase I, Mother Lode drill program $62M raised since Company inception has resulted in: ~$300M market cap Discovery cost of ~$17 USD/oz Multi Year Top 5 performer (TSX Metals & Mining) in 12, 13, 17 & H1 18 Initial Results: Mother Lode Drilling Price Consolidation 23 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

24 Market Valuations and Recent M&A Activity Price/NAV Multiples* Coeur/Northern Empire 0.8x Centerra/Aurico Metals 0.8x Eldorado/Integra 0.9x corp/kaminak 1.0x Northern Empire property borders Mother Lode $90M USD transaction Resource of 709k Au ounces (Inferred) EV/Au Resource ounce of $117 USD 24 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF *Source: Maxit Capital

25 CORVUS GOLD 700 West Pender Street, Suite 1750 Vancouver, British Columbia Canada, V6C 1G8 Telephone: (604) Toll Free:

26 North Bullfrog Resource Estimate, Phase 1 & 2 Measured, Indicated, & Inferred Mineral Resource Estimate for the North Bullfrog Project Constrained by Whittle TM pit volumes, including both the YellowJacket Vein/Stockwork & Disseminated Oxide $1,250 Price Phase 1 Mill Resource (oxide & sulfide) Disseminated (Heap Leach) Total Resource Resources Category Tonnes (Mt) (g/t) Silver (g/t) Silver Tonnes (Mt) (g/t) Silver (g/t) Silver Tonnes (Mt) (g/t) Silver (g/t) Silver Measured , ,540 Indicated , ,919 Total M&I , , ,459 Inferred Phase 2 Resources Category Tonnes (Mt) Mill Resource (oxide & sulfide) (g/t) Silver (g/t) Silver Tonnes (Mt) Disseminated (Heap Leach) (g/t) Total Resource * Breakeven grade derived from Whittle TM input parameters (on final page), Mineral Resources that are not mineral reserves do not have demonstrated economic viability Mr. Scott Wilson of Metal Mining Consultants, Inc has acted as the independent Qualified Persons as defined in NI and produced the updated mineral resource estimate effective as at October 31, The full NI Technical Report titled Technical Report for Combined Mill and Heap Leach Processing at the North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada is available on SEDAR or the Company s website. The Whitte Pit input parameters and assumptions can be seen on the final page. See Cautionary Note to U.S. Investors Silver (g/t) Silver Tonnes (Mt) (g/t) Silver (g/t) Silver Measured Indicated , ,227 Total M&I , ,565 Inferred Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

27 Assumptions Whittle TM Input Parameters used for the 2017 North Bullfrog & 2018 Mother Lode Mineral Resource Estimates Parameter Unit Mayflower* Jolly Jane* Sierra Blanca* YellowJacket ** Sulfide*** Mother Lode Mill *** Mother Lode Heap Leach * Mining Cost US$/tonne Au Cut-Off*** g/tonne Processing Cost US$/tonne Au Recovery % Ag Recovery % Administrative Cost US$/tonne Refining & Sales US$/tonne Au Selling Price US$/oz 1,250 1,250 1,250 1,250 1,250 1,250 1,250 Slope Angle Degrees * - assumes heap leach processing of disseminated mineralization ** - assumes Gravity - CIL mill processing of Yellowjacket mineralization *** -assumes Pressure Oxidation mill processing of North Bullfrog & Mother Lode sulfide Mineralization **** - break-even grade derived from Whittle input parameters at US$1,250 per ounce gold & US$16.50 per ounce silver Corvus and its independent qualified persons (QP s) as defined by NI limits the estimated mineral resource to that portion of the geostatistically modeled mineralization inventory which is contained within a conceptual Whittle TM pit and scheduled to processing at a US $1,250 gold price. The Whittle TM optimization process considers three parameters simultaneously, which are: the value of recoverable metal in each block in the mineral inventory; the costs of mining, processing and administration for that block; and the realistic geometrical development of the open pit. If the value exceeds the costs and the integrity of the pit is maintained then each block within the pit shell is scheduled either to the process stream or to waste. The structurally controlled mineralization in the YellowJacket Zone was modelled separately in several geologically defined domains to prevent smearing of high-grade mineralization into the surrounding blocks. For the purposes of estimating the mineral resource, the different YellowJacket domains have been combined because of the geological similarities. Based on the current metallurgical data on YellowJacket mineralization, it has been assumed that this material will be processed through a separate milling circuit and thus carries different processing costs and recoveries resulting in cut-off grades different than the heap leach processing. These additional costs and recoveries have been accounted for in the Whittle TM pit analysis. The disseminated mineralization at Sierra Blanca was modeled in a series of discrete volumes to prevent grade smearing across certain important grade-controlling faults. The disseminated oxide mineralization has been modeled based on Corvus current metallurgy for heap leach processing with each block having an estimated heap leach recovery. The heap leach feed then carries the costs associated with heap leach processing as reflected by the cut-off grade. The Resource estimation is based on 766 drill holes with 27,729 gold composites. Geologic volumes were defined by geologic interpretations and used to constrain the estimation. Heap leach resources were estimated by Ordinary Kriging. The YellowJacket vein and stockworks were estimated using Inverse Distance estimations. To estimate the reasonable prospects of eventual economic extraction, Metal Mining Consultants Inc. confined the resources to mining volumes defined by Whittle TM analysis using the input parameters defined in Table 4. There are no known legal, political or environmental risks that could materially affect the potential development of the mineral resources. The Independent Qualified Person, Scott E. Wilson, visited the North Bullfrog site during 2014, 2015 and Mr. Wilson has performed data verification by examining core materials at the site, and has selected check samples to develop independent verifying assays of intervals by the Inspectorate laboratory in Reno, NV. Geologic data development processes were reviewed and observed during a site visit. All drilling geologic description, assaying data and geochemical data have been provided in a database format to Metal Mining Consultants Inc. for the purpose of estimating the resource. 27 Sept 2018 Corporate Presentation TSX: KOR OTCQX: CORVF

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