Stuve Gold Corp. — Capital/Financing Update 2021

Aug 17, 2021

155 Wellington Street West Toronto, ON M5V 3J7 Canada

File 278247

dwpv.com

August 3, 2021

BY SEDAR

British Columbia Securities Commission Alberta Securities Commission Financial and Consumer Affairs Authority of Saskatchewan The Manitoba Securities Commission Ontario Securities Commission Autorité des marchés financiers Financial and Consumer Services Commission, New Brunswick Nova Scotia Securities Commission Superintendent of Securities, Prince Edward Island Superintendent of Securities, Service Newfoundland and Labrador Superintendent of Securities, Northwest Territories Securities Office Superintendent of Securities, Nunavut Superintendent of Securities, Yukon

Dear Sirs/Mesdames:

Royal Bank of Canada

We refer to the pricing supplement of the Royal Bank of Canada (the “Bank”) dated August 3, 2021 (the “Pricing Supplement”) relating to the short form base shelf prospectus of the Bank dated February 27, 2020, and to the senior note program supplement dated February 27, 2020 and the index linked securities product supplement dated February 27, 2020, incorporated by reference therein, which relate to a proposed issue of up to $20,000,000 RBC LiONS™ Solactive Canada Bank 30 AR Index Fixed 4.10% Securities (CAD), Series 11 due September 2, 2027.

We hereby consent to the use of our firm name and the reference to our opinion under the heading “Appendix C – Certain Canadian Tax Considerations” in the Pricing Supplement.

We confirm that we have read the Pricing Supplement and have no reason to believe that there is any misrepresentation in the information contained in the Pricing Supplement that is derived from our opinion referred to above or that is within our knowledge as a result of the services we performed in connection with such opinion.

Yours very truly,

(signed) Davies Ward Phillips & Vineberg LLP