AuMEGA Metals Limited — AGM Information 2021

Nov 11, 2021

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EXPLORING IN A PROVEN MULTI-MILLION OUNCE GOLD SYSTEM IN NEWFOUNDLAND, CANADA

CAPE RAY GOLD PROJECT AGM – 12 November 2021

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ASX: MZZ OTCQX: MZZMF FSE: MA3

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Disclaimer and Forward LookingStatements

This presentation is not a prospectus nor an offer of securities for subscription or sale in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions, investors should rely on their own examination of Matador Mining Limited (Matador or the Company) and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities or interest in the Company. The information contained in this presentation has been prepared in good faith by the Company. However, no representation or warranty, express or implied, is made as to the completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, the Company, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use of, or reliance on, anything contained in or omitted from this presentation. Certain information in this presentation refers to the intentions of the Company, but these are not intended to be forecasts, forward looking statements, or statements about future matters for the purposes of the Corporations Act 2001 (Cth) or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may alter the Company’s actual results, performance or achievements to differ from those referred to in this presentation to occur as contemplated. The presentation contains only a synopsis of more detailed information available in relation to the matters described in this document and accordingly no reliance may be placed for any purpose whatsoever on the sufficiency or completeness of such information and to do so could potentially expose you to a significant risk of losing any of the property invested by you or incurring by you of additional liability. Recipients of this presentation should conduct their own investigation, evaluation and analysis of the business, data and property described in this presentation. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and you should satisfy yourself in relation to such matters.

Mineral Resources

The information in this Presentation that relates to the Mineral Resource estimate for the Cape Ray Gold Project was announced on 6 May 2020. Matador confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 6 May 2020 and that all material assumptions and technical parameters underpinning the Mineral Resource estimate in that announcement continue to apply and have not materially changed.

Scoping Study

The information in this Presentation that relates to the Scoping Study on the Cape Ray Gold Project was announced on 6 May 2020. Matador confirms that all material assumptions underpinning the production target and forecast financial information included in that announcement continue to apply and have not materially changed.

Exploration Results

The information in this Presentation that relates to exploration results at the Cape Ray Gold Project was announced on 6 October 2020, 29 October 2020, 11 November 2020, 16 December 2020, 1 February 2021, 9 February 2021, 17 February 2021, 17 17 March 2021,12 May 2021, 3 June 2021, 11 August 2021 and 26 August 2021. Matador confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

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ONE OF THE WORLD’S HIGHEST-GRADE OPEN PIT PROJECTS WITH MAJOR EXPLORATION UPSIDE

Established Platform

CAPITAL STRUCTURE

One of the highest-grade undeveloped open pit projects in a first world jurisdiction[1,2]

• Resource – 837,000oz Au at 2g/t (96% < 200m from surface)[3]

• Permitting, licensing and development work - advanced and ongoing

World Class Location and Infrastructure

Newfoundland, Canada - 25km from an established town and deep-water port

~A$80M ~A$17M US$60m US$13m

Market Cap Cash atA$0.37 30 Sept. 2021

• Low-cost grid power, drive-in drive-out workforce, government support

Major Exploration Upside

• 120km of continuous strike along proven multi-million oz gold structure

• ~ 88% of strike (105km) with only 20 historical drill holes

• No effective exploration under “till” covered areas – 90% of the total project area

• 2021/2022 Exploration program – 45,000m diamond drill program & 5 power auger rigs

Strong Financial Position

~ A$17M (Sept. ‘21) – Fully funded through 2021/22 exploration seasons

• Capital raising completed in July ‘21 – A$16M at A$0.56 / share (Charity Flow through)

• • Franklin and CI Global Asset Management cornerstoned the placement

27M

214M

Shares on Options (A$0.23 – 0.63) Issue

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Franklin , 5%
CI Financial,
7%
Australian
Insto, 15%
European
Insto, 6%
Retail, 56%
Directors &
Management, 3%
Vendor, 8%
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1 – Average head grade Yr 1 – 4 – 2.6g/t Au (Scoping Study – May 2020); 2 – Developed nations (Australia, Canada, USA); ASX:MZZ | OTCQX:MZZMF | FSE: MA3

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BOARD AND MANAGEMENT

Strong team with significant experience in gold exploration and development

MANAGEMENT

DIRECTORS

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Ian Murray FCA and MAICD EXECUTIVE CHAIRMAN

Over 25 years’ mining industry experience in senior leadership positions Past - Executive Chairman and Managing Director of Gold Road Resources Ltd (ASX: GOR) and DRDGold Ltd (NYSE & JSE: DRD)

Warren Potma MSc, MAIG, M AusIMM

EXPLORATION MANAGER

Over 25 years’ international experience specializing in structural geology, geochemistry and geometallurgy. Broad experience across exploration, feasibility and mining functions

Crispin Pike MSc

PRINCIPAL GEOLOGIST & COUNTRY MANAGER

Over 17 years’ international experience in structural geology and geophysics applied to mineral exploration.

Kerry Sparkes

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Justin Osborne FAIMM and Bachelor of Science, Honours (First Class) NON-EXECUTIVE DIRECTOR

Over 30 years’ experience as an exploration geologist Past – Executive Director at Gold Road Resources (GOR.ASX) Current - Non-Executive Director of Hamelin Gold

Mick Wilkes Bachelor’s degree in mining engineering and an MBA NON-EXECUTIVE DIRECTOR

Successful career in mining company leadership spanning over 35 years Past – CEO and President of dual listed (ASX/TSX) OceanaGold Current – Non-Executive Chairman of Kingston Resources Ltd

Dr Nicole Adshead-Bell Ph.D., Structural/Economic

NON-EXECUTIVE DIRECTOR

Over 24 years experience in technical, corporate, institutional investor and investment banking segments of the mining sector.

Current – President of Cupel Advisory Corp and Non-Executive Director of Altius Minerals Corp. (TSX)

TECHNICAL ADVISOR TO THE BOARD

Over 30 years’ international experience in the mineral exploration business as both an exploration geologist and executive. Past - VP Geology for Franco-Nevada Corp.

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GLOBAL HOT SPOT FOR GOLD EXPLORATION

Limited gold exploration compared to the rest of Canada Total historical gold production – 2.3Moz Au

• 2016 drilling < 70,000m

• 2021 Forecast +400,000m

Gold renaissance underway

New, SHALLOW, high-grade discoveries = increased investor awareness and increased exploration activities Newfound Gold (NFG.TSXV) ~C$1.2BN market cap

• Greenfield project – 19m @ 92.9 g/t Au & 25.6 @ 146.2g/t Au

• Marathon Gold (MOZ.TSXV) ~C$770M market cap

• Valentine Lake – 4.8Moz @ 1.72g/t Au and growing

• Other Newfoundland Gold Explorers:

• Multiple TSXV Newfoundland explorers A$50M - A$250M market capitalisation

Matador Mining - ASX

Significant discount to Newfoundland Gold peers

• OTCQX – Listing on North American exchange

• Only stock on the ASX with exposure to Newfoundland

ASX:MZZ | OTCQX:MZZMF | FSE: MA3

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PROJECT LOCATION & RESOURCES

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PERMITTING, LICENCING AND INFRASTRUCTURE Major advantage compared to peers

Permitting and Licensing

• Canada has extremely structured licensing and permitting process

• Typically +5 years from Guidelines being received

• Cape Ray received guidelines[1] in 2017, which allowed for environmental assessment[2] to begin

• Environmental Impact Statement (EIS) • Targeting submission in 2H-CY22

Port Aux Basques

• 25km from Cape Ray Gold Project

• Main and closest port to mainland

• World-class road and transport

• Drive-in drive-out / local workforce options

• –

• Newfoundland #8 Fraser Institute

• 11 operating mines in Newfoundland and Labrador

Power

• Low cost grid power access

• Hydro-power

Government

     - Strong support from both the Provincial Government and local communities

• Following EIS approval, permitting for mining licence, construction and operation can commence

  • Time for EIS permitting and approval – 12 to 24 months

• 1 – The Project received the Provincial and Federal Guidelines in December 2016 and April 2017;

2 – Environmental assessment and study work typically takes between 2-3 years to collect the required information

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MAJOR EXPLORATION POTENTIAL ALONG A PROVEN MULTI-MILLION OUNCE STRUCTURE

Platform for exploration success established

• 837koz at 2g/t Au within 7.5km radius[1]

• All deposits outcropping and 96% of the resource within <200m from surface

Largest holder along Cape Ray shear

• First group to consolidate total package – 120km of strike

• Largest continuous holder along this known multi million-ounce gold structure

• No systematic approach to exploration historically

• Only 20 holes drilled outside of “Resource Areas“ – 105km of strike

2021/2022 exploration program underway

• 45,000m diamond drill program

• Largest program ever undertaken

• Average drill hole depth in 2020 – 120m from surface

• 80% of gold mineralisation < 80m from surface (2020 program)

• 5 Power Auger Rigs with multi-element geochemistry

• 80km Heli-mag program

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ASX announcement – 29 April 20211 – ASX announcement 6 May 2020 2 – ASX announcement 29 October 2020

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HELI-MAGNETICS SURVEY IDENTIFIES MULTIPLE NEW STRUCTURES IN NEW REGIONS

Heli-Mag survey

• 30m line-spaced heli-magnetic survey

• 80km of strike targeted

• Phase One – completed (40km)

• Phase Two – Q2 CY22

• Support building a pipeline of future ready drill targets

Multiple structures identified Phase One Heli-Mag Program

• Multiple second and third order structures identified

• Increased landholding following identification of cross structures

• Three priority target areas identified for additional work

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• Target Area One – 855 Auger holes completed with assays pending, diamond drilling underway

• Target Area Two – Three Auger rigs and one diamond rig active in the region

• Target Area Three – Soils program to be completed (late ‘21)

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ASX announcement – 11 August 2021

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POWER AUGER DRILL PROGRAM Using pathfinder elements to unlock the vast greenfield potential

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Historical rock chips provide only part of the story

• 90% of the project is covered by till (0.5m–5m depth)

• No historical testing of the basement rock in these areas

Auger drill rigs and multi-element geochemistry

• Sampling through shallow till cover to detect basement gold pathfinder elements

• • “Halo” extends up to 100m from mineralised gold intercepts

• WGHG and Big Pond targets drilled – multiple Diamond Drill targets identified

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&

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WINDOW GLASS HILL GRANITE GROWS FURTHER Structured approach already achieving exploration success

Gold materialisation extensive across WGHG

• Systematic auger drilling indicates gold mineralisation is more extensive than previously identified at WGHG

• WGHG - 3 kilometre long by 0.5 kilometre wide

• 50% has never been tested with diamond drilling

• Five new high priority drill targets

Diamond drilling delivers immediate success

• Priority target identified at the previously untested granite margin

• Multiple high-grade, shallow lodes intersected (image)

• Structural position similar Valentine Lake (Newfoundland)and the granite-hosted portions of Tarmoola (King of the Hill) (Western Australia)

• Assays are pending for an additional 13 diamond holes

• Diamond drilling to continuing through 4Q CY21 at WGHG

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2021 STRATEGY - DELIVERING ON BOTH GREENFIELD AND BROWNFIELD EXPLORATION

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HERMITAGE PROJECT – BUILDING A PIPELINE OF NEW PROJECTS ACROSS NEWFOUNDLAND

Hermitage Project

• 27km of continuous strike length along the Hermitage Flexure, a large crustal scale structure which is a splay off the main CRSZ

• Similar structural setting to Queensway Project (TSXV: NFG) and Kingsway Project (TSXV: LAB)

• Largest antimony anomaly on Newfoundland

• Key pathfinder for gold

• Limited previous exploration by Teck, Falconbridge and INCO

• Historical work includes geochemistry, airborne magnetics and electromagnetics - review underway

• Historical uranium work done in this area

• No historical drilling

• No outcropping and thicker till cover (10m – 20m)

• Initial work program planned for 2022

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ASX announcement – 3 June 2021

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WORK PROGRAMS PLANNED THROUGH 2021 TO DRIVE FUTURE DEVELOPMENT

			STUDIES and PERMITTING		BROWNFIELDS		GREENFIELDS	GREENFIELDS		CORPORATE	CORPORATE
	•	Technical studies to support		•	Diamond drilling – 45,000m	•	Aero-Mag – Phase One:		•	International listings - USA
		future PFS underway:			commenced 2QCY21		•	Completed – July ‘21		•	Completed - May
		•	Metallurgical test work	•	Targeting Resource expansion		•	30m line spaced heli-		•	OTCQX: MZZMF
		•	Geotechnical drilling		around current deposits:			magnetic survey		•	North American
		•	Groundwater assessment		• WGH			encompassing the central			marketing strategy
		•	Tailings Storage Facility		• WGH Deeps			45km of the Project			underway
			conceptual design		• Isle Aux Morts		•	Phase Two – Q2 ‘22	•	International listings – Europe
		•	Surface Water	•	Dedicated Mobile Sample	•	Auger	geochemistry drilling -		•	Complete April ‘21
			management (including		Preparation Unit (MSPU), run		commenced 2Q21			•	FSE: MA3
			water treatment options		by SGS Canada, installed		•	4 power auger rigs		•	6% of the current share
			for any discharge)		• Accelerated assay			operating			register is European
	•	EIS	Submission:		turnaround		•	Initial assay results			investors
		•	Environmental baseline	•	Anticipated inaugural winter			received	•	Commenced Environmental,
			studies		drilling program	•	Diamond Drilling – 3Q21:			Social	and Governance (ESG)
		•	Impact assessments and				•	Commenced		considerations
			identification of valued				•	Refined targets following
			environmental components					Auger and heli-mag
								results

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ASX:MZZ | OTCQX:MZZMF | FSE: MA3

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MAJOR VALUATION DISCOUNT TO ALL PEERS*

Company information - General	(MZZ.ASX)	(AUT.ASX)	(BNZ.ASX)	(ASO.ASX)	(LAB.TSXV)	(NFG.TSXV)
Market Capitalisation	A$80M	A$118M	A$72M	A$110M	A$157M	$A1,600M
Project Name / Province	Cape Ray, Newfoundland	Pickle Crow, Ontario	Eastmain, Quebec	Edleston Gold Project, Ontario	Kingsway, Newfoundland	Queensway, Newfoundland
Stage of development	Scoping Study	Exploration	Exploration	Greenfield	Greenfield	Greenfield
Ownership – Target	100%	80%2	100%3	100%	100%	100%
Total Resource (k oz Au1)	837	1,710	376	No resource	No resource	No resource
EV/Resource oz	A$75	A$97	A$154	NA	NA	NA

*See Appendix 3 – ASX listed companies with gold projects in Canada or TSX companies in Newfoundland with significant exploration programs; 1 – Attributable based on target ownership; 2 – Current ownership is 70%; 3 – Current ownership – 0%

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NEWFOUNDLAND'S GOLDEN CAPE

Matador’s de-risked Cape Ray Project provides value opportunity

CAPITAL STRUCTURE

STRONG NEWS FLOW THROUGH 2021 AND BEYOND

214M ~A$80M Shares on Market Cap Issue atA$0.37

A$17M 27M Cash Options 30 Sept. ‘21 (A$0.23 – 0.63)

LOCATION First world infrastructure

STRONG FUNDING Fully funded for 2021/22 exploration seasons

EXPLORATION UNDERWAY Multiple Brownfield and Greenfield Targets

VALUATION METRICS EV/Resource – A$79/oz P/NAV – 0.3X

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APPENDIX 1 APPENDIX 3 Mineral ResourceMINERAL RESOURCE[1][1]

Applied Cut-off Grade (g/t)	Deposit	Indicated			Inferred			Total
		Mt	Au (g/t)	Koz (Au)	Mt	Au (g/t)	Koz (Au)	Mt	Au (g/t)	Koz (Au)
Open Pit 0.251 /0.52 g/t Au	Central	3.1	3.1	302	3.5	1.3	141	6.6	2.1	443
	Isle Aux Mort	-	-	-	0.8	2.4	60	0.8	2.4	60
	Big Pond	-	-	-	0.1	5.3	19	0.1	5.3	19
	WGH	-	-	-	4.7	1.6	232	4.7	1.6	232
	Total	3.1	3.1	302	9.1	1.55	452	12.1	1.93	754
Underground 2.0g/t Au	Central	0.5	3.8	54	0.3	2.8	29	0.8	3.3	83
	Isle Aux Mort				-	-	-	-	-	-
	Big Pond				-	-	-	-	-	-
	WGH				-	-	-	-	-	-
	Total	0.45	3.75	54	0.32	2.77	29	0.77	3.34	83
Total Combined 0.5 / 2.0 g/t Au	Central	3.5	3.2	356	3.8	1.4	170	7.4	2.2	526
	Isle Aux Mort	-	-	-	0.8	2.4	60	0.8	2.4	60
	Big Pond	-	-	-	0.1	5.3	19	0.1	5.3	19
	WGH	-	-	-	4.7	1.6	232	4.7	1.6	232
	Total	3.5	3.15	356	9.4	1.60	481	12.9	2.02	837

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1- ASX Announcement 6 May 2020

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APPENDIX 2

SCOPING STUDY – CAPE RAY GOLD PROJECT One of the highest-grade open pit projects globally underpins the asset

Highlights

• High-grade, shallow open pit mineralisation drives strong production and robust economic returns[1]

• Average production (1 – 4yrs) – 88,000oz Au at 2.6g/t Au

• LOM Production – 484,000oz at 2.0g/t Au (7 yr. LOM)

• NPV5% & IRR

• Pre-tax[1] – C$300M & 61% IRR (C$382M & 84% spot gold[2] )

• Post tax[1 ] – C$196M & 51% IRR (C$250M & 72% spot gold[2] )

• Low operating costs with scope for further reduction

• C1 – C$1,013 /oz Au (US$709 /oz Au)

• AISC – C$1,108 /oz Au (US$776/oz Au)

• Initial Capital Costs – C$137M[3] (Exc. C$9M Mine Development)

• Rapid Payback – 1.75yrs decreasing to 1.25yrs at US$1,800 oz Au

Future Targets

• Pre-Feasibility Study – potential to commence following 2021 exploration season

• EIS Approval – Work significantly advanced targeting completion 1H22 before submission (no red flags identified)

General	LOM total / Avg.
Mine Life (Yrs..)	7
Processing Facility Throughput (Mt)	1.2
Total Ore Mined (Mt)	7.8
Strip Ratio (Operational)	9.6
Production	LOM total / Avg.
Mill Head Grade (Au g/t)	2.0
Au Mill Recovery (%)	96%
Mill Head Grade (Ag g/t)	6.13
Ag Mill Recovery (%)	56%
Operating costs	LOM total / Avg.
Mining Costs OP ($CAD / t mined)	2.80
Mining Costs UG ($CAD / t mined)	90
Processing Costs ($CAD / t processed)	21.35
G&A Costs ($CAD / t processed)	4.94
Capital costs	LOM total / Avg.
Initial Capital (exc. Mine Development) ($CAD m)	136.7
Mine Development (Initial) ($CAD m)	8.7
Mine Development – OP (Sustaining) ($CAD m)	28.2
Mine Development – UG ($CAD m)	12.2
Other Sustaining Capital ($CAD m)	6.9

1 – ASX announcement 6 May 2020. 2 – Study gold price – US$1,550; Spot Gold Price –US$1,800

3 – The estimate cost accuracy is as per the AACE Class 5 definition (-35% to +35%)

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APPENDIX 3

PEERS COMPARISION

Significant discount on all metrics

Highlights

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Company information - General	(MZZ.ASX)	(AUT.ASX)	(BNZ.ASX)	(ASO.ASX)	(LAB.TSXV)	(NFG.TSX)
Market Cap	A$80M	A$118M	A$72M	A$110M	A$157M	$A1,600M
Project Name (Main project only) / Province	Cape Ray , Newfoundland	Pickle Crow, Ontario	Eastmain, Quebec	Edleston Gold Project, Ontario	Kingsway, Newfoundland	Queensway, Newfoundland
Stage of Development	Adv. Exp / Scoping Study	Adv. Exp	Adv. Exp	Exp.	Greenfield	Exp.
Historical Operation	No	Yes	Yes	No	No	No
Ownership – Target	100%	80%	100%	100%	100%	100%
Ownership – Current	100%	70%	0%	100%	100%	100%
Total - Resource (koz Au2)	837	1,710	376	NA	NA	NA
% of resource – M&I (koz Au)	42%	0%	63%	0%	NA	NA
EV/Resource oz	A$75	A$97	A$154	NA	NA	NA
Resource grade (g/t Au)	2.0	8.1	7.9	NA	NA	NA
Type of operation (OP / UG)1	OP	UG	UG	NA	NA	NA
Source (Resource and grade):	ASX Announcement: 6 May 2020	ASX Announcement: 17 July 2021	ASX Announcement: 31 May 2021	NA	NA	AN

ASX:MZZ | OTCQX:MZZMF | FSE: MA3

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See Appendix 1 for further information ; 1 – Based on depth of current resources;

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APPENDIX 4

NEWFOUNDLAND TEAM EXPERIENCED TEAM – MAXIMISING LOCAL KNOWLEDGE

Exploration Team

Warren Potma, Charles Gillman, Jordan Rogers – Perth Office

Crispin Pike, Giles Dodds, Spencer Vatcher, Tom Loader – Senior Geologists

Greg Soper – HSEC Superintendent

David Haines, David Sooley, Zach Drodge, Jaden Daley, Kiley Billard, Jacob Newman, Kayne Normore – Geologists Multiple (18) field technicians and support staff – 15 are local to the project

Environmental Assessment Team John Sferrazza, Meghan Milloy, Andrew Rees, Darryl Boyd, Monica Chant, Wade Mullins and sub-consultants

First Nation Communities Other Project Stakeholders