SOAR FINANCIAL ONLINE SERIES · 56.00m @ 13.49 gpt Au (2019) 52.00m @ 7.78 gpt Au (2014) 235.05m @0.99 gpt Au (2017) 110.50m @1.8 9gpt Au (2019) 105.00m @ 1.35 gpt Au (2019) 0 1000

TSX: NHKOTCQX: MIMZF

1


Developing Canada’s NEXT GOLD CAMP

September 9, 2020


SOAR FINANCIAL ONLINE SERIES

TSX: NHKOTCQX: MIMZFForward-Looking Statement

2

FORWARD-LOOKING INFORMATIONThis presentation contains “forward-looking statements” within the meaning of applicable United States securities legislation and “forward-lookinginformation” within the meaning of applicable Canadian securities legislation, together “forward-looking information”. This forward-looking informationis made as of the date of this presentation and Nighthawk Gold Corp. (“Nighthawk”, or “NHK”) does not intend, and does not assume any obligation, toupdate the forward-looking information.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptionsor future events or performance are not statements of historical fact and may be “forward-looking information”. Forward looking information inthis presentation includes, but is not limited to, statements with respect to: the Company’s ongoing exploration programs at Colomac, includingthe ability to add upwards of 1.5 Moz of additional resources grading anywhere from 1.8 to 2.0 gpt Au with an estimated 50,000 to 75,000 metresof drilling and the timing surrounding such an endeavour; any ability to convert Indicated Resources to Measured Resources or into MineralReserves, and the timing and results thereof; the timing and resources required to advance the project towards the development stage; theability to grow ounces quickly given the widening of the mineralized portion of the sill at depth, and the timing surrounding such an endeavour;continued exploration at the Company’s various high-priority satellite targets and their ability to become stand alone deposits in their own right;and access to available capital to complete all work necessary to achieve the Company’s stated goals and objectives. Forward-looking informationinvolves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of theCompany to be materially different from any future results, performance or achievements expressed or implied by the forward-lookinginformation. Such factors include, among others, risks related to government regulation; actual results and success of exploration, developmentand production decision if any; changes in project parameters as to plans continue to be refined; the ability to enter into joint venture or toacquire or dispose of property interests; fluctuations in the price of gold; accidents and other risks of the mining industry; ability to obtainfinancing; and delays in obtaining governmental approvals or financing.

Although Nighthawk has attempted to identify important factors in its Annual Information Form for the year ended December 31, 2018 (which isavailable under the Company’s profile on SEDAR at www.sedar.com), that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that suchinformation will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly,readers should not place undue reliance on forward-looking information. Nighthawk does not undertake to update any forward-looking information,except in accordance with applicable securities laws. Nighthawk does not intend, and does not assume any obligation, to update this forward-lookinginformation except as otherwise required by applicable law.

GENERAL AND ADDITIONAL INFORMATIONAdditional information regarding Nighthawk is filed under the profile of Nighthawk on the SEDAR website at www.sedar.com, and readers are advised to refer to such documents for further information. All dollar amounts are in Canadian dollars unless otherwise denoted.

http://www.sedar.com/

TSX: NHKOTCQX: MIMZFCautionary Note Regarding Estimates of Resources

Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of mineral resources that are notmineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting,legal, title, socio-political, marketing or other relevant issues. The 2020 MRE is classified in accordance with the Canadian Institute of Mining,Metallurgy and Petroleum’s “2014 CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies or economicstudies except for Preliminary Economic Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on thestated resources will lead to mineral reserves that can be mined economically.

The Company has defined inferred mineral resources in accordance with National Instrument 43-101 - Standard of Disclosure for MineralProjects (“NI 43-101”) in respect of the Colomac Gold Project and Damoti Lake Gold Project.

An Inferred Mineral Resource as defined by the CIM Standing Committee is “that part of a Mineral Resource for which quantity and grade orquality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geologicaland grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resourceand must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded toIndicated Mineral Resources with continued exploration.”

Cautionary Note to US InvestorsThis presentation uses the term “inferred” mineral resources. United States investors are advised that while such term is recognized andrequired by Canadian regulations, the United States Securities and Exchange Commission does not recognize it. “Inferred mineral resources”have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or anypart of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resourcesmay not form the basis of feasibility or other economic studies, except in limited circumstances. United States investors are also cautionednot to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable.

QUALIFIED PERSONSTechnical information related to the mineral resource estimate contained in this presentation has been reviewed and approved by LeonMcGarry, B.Sc., a Senior Resource Geologist with CSA Global Canada Geosciences Ltd., who is an independent Qualified Person as defined byNI 43-101, with the ability and authority to verify the authenticity and validity of this data. Please refer to the technical report entitled “NI 43-101 Technical Report on the Indin Lake Property – Colomac Project”, dated July 26, 2018, for supporting information, as filed on SEDAR atwww.sedar.com.

All scientific and technical information in this presentation has been reviewed and approved by Dr. Michael Byron, Ph.D., P.Geo., theCompany’s President & CEO, who is the 'qualified person' for the purpose of NI 43-101.

3


Well Funded

$16.6MMCash on hand2

Aggressive Drill Program3

25k metres - 202075k metres - 2021

Colomac Resources1

1.67 Moz Indicated0.37 koz Inferred

Partnership & Support

Northfield Capital – Kinross – Osisko Royalties

✓ Centered Around a Growing, Multi Million-Ounce Gold Deposit

✓ A Robust Asset Base for a Discovery Challenged Industry

4

1. Refer to appendix for NI 43-101 mineral resource statement and notes; 2. Cash balance as at August 20, 2020; 3. Budgeted drill program for 2021 subject to future financing capabilities

NIGHTHAWK…

A Compelling Investment Opportunity Providing Tremendous Growth Potential

✓ District-Scale Land Position

✓ Tier 1 Jurisdiction

✓ 95% Control of a Fertile and Underexplored Archean Gold Camp


5


Northwest Territories (NWT)A Tier 1 Jurisdiction for Gold Exploration

Alaska

Yukon

Nunavut

NORTHWESTTERRITORIES

Remarkable metal endowment with extensive mining history:Known for its wealth of diamonds, NWT has mining potential that includes gold, lead, zinc, copper and iron ore.

In 2017, resources accounted for approximately 31% of the territories GDP. The NWT government is proactive in supporting the advancement of future projects and development of the region.

Property Location and Access

• Located approx. 200km north of Yellowknife

• The Indin Lake Gold Property is accessed by a 5,000 ft airstrip year-round, and by ice road during the winter

• Supportive Governments: Northwest Territory (newly elected government supportive of the industry and infrastructure development) and First Nations

• Well established support services, with a timely and efficient permitting process

Indin Lake Gold Property

Approved all-season road – construction commenced Aug/2019

5

Eagle Gold

TSX: NHKOTCQX: MIMZFFlagship Asset - Colomac Gold Project

• 5 deposits (Colomac, Goldcrest, Grizzly Bear, 24 & 27)

• Wide zones of near surface mineralization

• No royalties

Considerable Growth Potential• ~16 km long underexplored host rock

• Growing, multi-million-ounce deposit

• Exploring for additional high-grade gold zones

• Newly discovered Nice Lake sill yet to be drilled

Excellent Preliminary Metallurgy1

• High recoveries of 96.3% to 98.0%, where flotation alone illustrated recoveries of 90.7% to 98.1%

• Amenable to standard gold recovery techniques

• No adverse materials detected

• Cyanide heap leach results varied between 34.3% up to 81.8% gold recovery – additional testing required

> 97% of Drill Holes Intersected Gold Mineralization

1. See appendix for Metallurgical comparisons on the lower grade and higher-grade material.

Colomac is a past producing open pit project that ceased operations in 1997. Historic production of ~0.5Mozs

6

TSX: NHKOTCQX: MIMZFDiscrete High-Grade Zone 1.5

C Zone 1.5 discovery hole

Drill Hole Assay Results

C14-061 52.50 m @ 7.78 gpt

Including 21.0 m @ 16.73 gpt

1. See press release dated Dec/03/14

7

Looking West

C14-06 Discovery HoleC19-08


C19-082 56.00 metres of 13.49 gpt Au

Including 30.50 metres of 22.12 gpt Au

Including 10.00 metres of 53.57 gpt Au

2. See press release dated May/28/19

Best Gold Intercept To-Date

TSX: NHKOTCQX: MIMZFWidening of the Mineralized Portion of the Sill at Zone 1.5

C Zone 1.5 additional drilling

*See press releases dated Oct/26/2015; Sept/13/2016; and Oct/12/2016


C15-06 31.20 m @ 3.89 gpt, incl. 22.50m @ 5.03 gpt

C16-03 52.07 m @ 7.72 gpt, incl. 25.47 m @ 14.25 gpt

C16-03B 72.65 m @ 5.58 gpt, incl. 17.80 m @17.72 gpt* See press release Sept/18/2017

Drilling tested Zone 1.5 to a vertical depth of ~850 mMineralized top of sill widens 3X to depth to 155 m true width

8

TSX: NHKOTCQX: MIMZFColomac Main Sill – 2020 MRE Longitudinal Section

9

Historic (1997) 1

4.75 m @7.63 gpt Au12.19 m @3.24 gpt Au

56.00m @ 13.49 gpt Au (2019) 52.00m @ 7.78 gpt Au (2014)

235.05m @0.99 gpt Au (2017)

110.50m @1.8 9gpt Au (2019)

105.00m @ 1.35 gpt Au (2019)

0 1000

metres

POTENTIAL FOR RESOURCE EXPANSION



OPEN OPEN OPEN OPEN

Longitudinal Section – Looking West

• Upgraded and constrained resource provides higher confidence with reasonable prospect for eventual economic extraction1

• Higher in-situ value for Indicated Resources

• Updated discovery cost of US$11/oz - well below industry average

• Defined underground Indicated Resource with grade of 2.21 gpt Au, allowing for expansion of resources to depth

• Contemplates a bulk mining approach given the style of mineralization and distribution of gold within the quartz diorite

1. This Mineral Resource Estimate has been prepared using reasonable cut-off grades for pit constrained, bulk underground and selective underground extraction mining methods.

TSX: NHKOTCQX: MIMZFCOLOMAC – A Strong Foundation For Growth

• Conversion to Indicated Resources with the possibility to be converted to Measured Resources and eventually Mineral Reserves1

• Exploration Target outlines near-term addition of up to 1.5 Moz ranging from 1.8 gpt Au to 2.0 gpt Au, with anywhere from 50,000 – 75,000 metres of drilling

• Opening up the depth potential at Colomac has provided a tremendous opportunity for growth beyond the Exploration Target

• Colomac Main is +7km strike length X 30 – 50 m true width near surface and upwards of 155 m true width at depth and remains open in all dimensions

1. An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficientconfidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. An Indicated MineralResource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.


E

G

Highly Prospective Satellite Targets

1. Refer to appendix for NI 43-101 mineral resource statement and notes.2. These results are historical in nature and Nighthawk has not independently verified the results3. These results are historical in nature and Nighthawk has not independently verified the results

• 26.0 m of 6.86 gpt Au• 11.75 m of 7.23 gpt Au• 17.5 m of 5.81 gpt Au

• 46.25 m of 3.31 gpt Au - Incl. 21.75 m of 6.23 gpt Au

• 18.50 m of 7.37 gpt Au – incl. 8.00 m of 16.14 gpt Au

• Great prospecting results

• Never drilled

• 8.6 m of 14.21 gpt Au• 13.55 m of 7.36 gpt Au• 12.92 m of 5.44 gpt Au

• 3.50 m of 9.00 gpt Au

• 7.00 m of 2.77 gpt Au

C

D

F

A

Leta Arm

Treasure Island

JPK

Fishhook2 Echo-Indin

11

F

B

D E

G A

H

I

H IAndy Lake Swamp

• Grab samples ranged from 0.50 gpt Au to 42.10 gpt Au

• Never drilled

• Upgraded target with surface samples up to 43.60 gpt Au

• Initial drilling confirms mineralization continues to depth

C

B0.12 Moz @ 4.97 gpt Au Inferred1

Damoti Lake

Colomac Gold Project

1.67Moz @ 2.01 gpt Au Indicated + 0.37 Moz @ 2.03 gpt Au1

TSX: NHKOTCQX: MIMZFDamoti MRE

• Based on 266 drill holes totaling 33,433 metres (256 historical drill holes totaling 30,157 metres, and 10 drillholes totaling 3,276 metres), completed by Nighthawk between 2012 and 2019

• Mineral resources for Damoti were compiled using a minimum cut-off grade of 2.00 gpt for an undergroundselective extraction method scenario.

• Drilling at Damoti since 2018 by Nighthawk has confirmed geological and grade continuity of the mineralizedzones supporting the initial mineral resource estimate for the project of 0.74 Mt at an average grade of 4.97gpt Au for 0.12 Mozs

Damoti Inferred

Resource

117,800 ounces (0.74 Mt at 4.97 gpt

AU)1

oblique view looking northwest

121. Refer to appendix for NI 43-101 mineral resource statement and notes.

TSX: NHKOTCQX: MIMZFLeta Arm – 2018 Drilling at North Inca & Diversified


NI18-03B 25.50 m (13.00 m true width) @2.68 gpt Au

Including 9.95 m @4.90 gpt Au

And 4.60 m @6.60 gpt Au

DV18-08 17.50 m (14.00 m true width) @5.81 gpt Au


And 4.75 m @18.12 gpt Au

Drilling in 2018 focused on:

• Extending the deposits and exploring for a potential connection along strike

• Actively searching for new deposits along the LAFZ

Selected Highlights from 2018 Drilling

*See press release dated Jul/05/18 13

2018: 33 holes 7,683 m total


14


Treasure Island 2017 & 2018 Surface Sampling

*See press release dated Apr/12/18 14

Drill Hole Assay Results – Main Zone

T19-11 12.70 m @ 8.51 gpt Au

Including 7.30 m @ 14.06 gpt Au

TI18-03B 18.50 m @7.37 gpt Au


And 5.25 m @22.00 gpt Au

TI18-04B 46.25 m @3.31 gpt Au


And 7.75 m @14.20 gpt Au

Drill Hole Assay Results – East Zone

TI18-08B 11.75 m @10.78 gpt Au


*See press release dated February 4, 2020 and October 22, 2018.

Selected Highlights from 2019/2018 Drill Program

• 4 km exploration gap between Treasure Island from Laurie Lake to the west

• >95% of mineralized corridor yet to be explored.

TSX: NHKOTCQX: MIMZFNext Steps

Drill to Advance Resource Growth Potential

• Realize Exploration Target & Test Blue Sky Potential➢ ~20,000 metres of drilling focused at Colomac this

year➢ Approved drilling budget for 2021 of +50,000 metres

of drilling at Colomac

Advance ColomacTowards a PEA Stage Project

Advance Regional Exploration Efforts to Support Colomac Storyline

• Internal Scoping Study will Assist with Future Exploration Efforts➢ Data from the 2020 Colomac MRE will be utilized by

JDS Mining and Energy to produce a preliminaryinternal scoping study to assess the economicviability of the project based on known informationto date

• Focus Drilling at two Priority Areas, Leta Arm and TreasureIsland➢ Continue drilling 4 known deposits within southern

2.5km section of 20km long unexplored mineralizedcorridor

➢ Step-out drilling to test the western projection ofmineralization 1km west of Main Zone with potentialto double target strike length from 7km to 14km

15


TSX: NHKOTCQX: MIMZFShare Structure & Cash On Hand

Issued & Outstanding (basic) (Sept 3, 2020)

50.9

Options outstanding (avg. strike price - $2.30) 2.7

Restricted Share Units 0.3

Warrants 1.3

Closing share price (C$) (Sept 3, 2020)

$1.58

Market capitalization (C$) (basic) $80

52 Week Low: $0.97 52 Week High: $3.65

Cash On Hand (C$) (Aug 20, 2020) $16.6

Hard Dollars $5.7

Flow-through Dollars $10.9

16

Ownership & Share Structure

19.8%

9.9%

9.3%

6%

50%

5%


Appendix


18

TSX: NHKOTCQX: MIMZFDirectors & Officers

MANAGEMENT

Dr. Michael ByronPresident & CEO, Director• 30+ years experience in mineral exploration and senior

management

• Former VP Exploration for Lake Shore Gold Corp., Falco Resources Ltd., and Aurora Platinum Corp.

• Proven track record building gold and base metal resources

Michael LeskovecCFO• CPA with 15+ years of financial experience within public practice and

the mining industry

• VP, Northfield Capital

• Former Officer of Gold Eagle Mines Ltd

Suzette N. RamcharanVP, Corporate Development• 18+ years of experience with exploration, development and

producing companies in the precious metals space

• Previously worked with Kirkland Lake Gold Inc., St Andrew Goldfields Ltd., Gold Eagle Mines Ltd., and Gabriel Resources Ltd.

Luc Lessard• Mining engineer with

+25 years experience, including building the Canadian Malartic Mine

• Sr. VP, Technical Services of Osisko Gold Royalties and President & CEO of Falco Resources Ltd

Morris Prychidny• 35+years experience in

the mining and real-estate industries

• Board member of numerous investment and mining companies

Brian Howlett• CPA with 25+ years of

experience in senior financial roles

• Proven track record of adding value to clients and employers

• Officer/Director experience with junior exploration companies

Brent Peters• 15+ years of experience

in the mineral exploration business

• VP, Finance of Northfield Capital, former CFO of Gold Eagle Mines Ltd

Ernie Eves• Former Premier of Ontario

• Former Ontario Minister of Finance

DIRECTORS

18

TSX: NHKOTCQX: MIMZFColomac - Development Since 2012 Acquisition

2012 2013 2014 2015

• Acquired Colomac• Initial Resource Estimate

outlined 1.45Moz of Inferred Resources (42.65 Mt at an average grade of 1.05 gpt Au)

• Drilled 11,235 metres, verified historic drill holes

• Resource Estimate outlined 2.10 Moz of Inferred Resources (outlined 39.82 Mt at 1.64 grade for )

• 9,673 metres of drilling


2016 2017 2018 2019



• Resource Update outlined 2.6Mozs of Inferred Resources (50.31 Mt at an average grade of 1.62 gpt Au)

• Drilled 17, 319 metres


19

TSX: NHKOTCQX: MIMZFColomac - Drilling History

The 2020 Colomac MRE incorporates 924 drill holes totaling 177,598 metres

Historical Drilling 608 drill holes totaling 72,521 metres

Nighthawk Drilling (2012 – 2017)

174 drill holes totaling 55,529 metres

Nighthawk Drilling Since 2018 MRE (2018-2019)

142 drill holes totaling 49,547

• Drilling in 2018 and 2019 were focused mainly at the Colomac Main sill (where 84% of the resources are located), Goldcrest, and to a lesser degree, Grizzly Bear.

• The 24 and 27 deposits have never been drilled by Nighthawk, and are based on historical drilling.

20


Colomac2020 MRE Deposits

South

Grizzly Bear

24

21


Colomac Main - 2020 MRE Model

22

TSX: NHKOTCQX: MIMZF2020 Colomac MRE Improvements

UPGRADED & CONSTRAINED RESOURCE1,2

Deposits are constrained based on economic and technical parameters that are relevant, reliable and in accordance with industry standards providing higher confidence in possible future economic viability of the deposit as an open pit and underground bulk mining operation.

UNDERGROUND RESOURCES DEFINED2

This advancement supports continued drilling to depth where the deposit is known to expand significantly in true width, thus improving the potential for future resource expansion.

Opens up the deposit well below the constraints of an open pit project.

82% CONVERTED TO INDICATED RESOURCES3

Excellent conversion ratio of Inferred to Indicated resources (which carry a higher level of confidence and value).

Indicated Resources have the potential to be converted into Mineral Reserves down the road.

INCREASED GRADEThe average grade increased by 24% to 2.01 gpt Au, which is a key improvement for a project in the north and positively impacts future project economics especially in-light of the underground potential.

The high conversion ratio from Inferred to Indicated Resources combined with the updated litho-structural model and pit constrained resources, have greatly improved project robustness, overall estimate confidence, and elevated the potential in situ value of the 2020 Colomac MRE.

1. This Mineral Resource Estimate has been prepared using reasonable cut-off grades for pit constrained, bulk underground and selective underground extraction mining methods.2. Specific extraction methods are used only to establish reasonable cut-off grades for various portions of the deposit. No Preliminary Economic Analysis, Pre-Feasibility Study or Feasibility Study

has been completed to support economic viability and technical feasibility of exploiting any portion of the mineral resource, by any specific mining method.3. An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to

allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. An Indicated Mineral Resource has a lower levelof confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

2020 Colomac MRE Improvements

23

TSX: NHKOTCQX: MIMZF82% Conversion Rate To Indicated Resources

• Drilling data collected in 2018 and 2019, combined with a better understanding of structural controls and upgraded structural and geological models based on the Drone LIDAR survey of pit walls and oriented drilling results, gave the resource authors comfort to upgrade 82% of the resources to Indicated

Results from Converting Inferred to Indicated Resources: • Some loss in total resource ounces due to conversion of an Inferred to an Indicated Resource

(the industry standard is typically between 20% to 50% as a generally accepted range for drop in ounces due to the conversion process)

• Higher in-situ value for Indicated Resources

• With additional infill drilling, Indicated Resources (which carry a higher level of resource confidence and value), have the possibility to be upgraded to Measured Resources and eventually Mineral Reserves if proven to be economical to extract

The excellent conversion ratio from Inferred to Indicated Resources substantiates the geological and grade continuities of the 2020 Colomac MRE deposits

24


2020 Colomac MRE - Underground Resources Defined For The First Time At Colomac

TOTAL UNDERGROUND INDICATED RESOURCES:

67% or 1.12 Moz with an average grade of 2.20 gpt Au is contained within the Underground Resource

TOTAL UNDERGROUND INFERRED RESOURCES:

91% or 0.34 Moz with an average grade of 2.06 gpt Au is contained within the Underground Resource

COLOMAC MAIN

Colomac Main accounts for 85% of the total resources 1.10 Moz at 2.21 gpt Au of Indicated Resources and 0.32 Moz at 2.08 gpt Au of Inferred Resources

defined within the underground resource

25

TSX: NHKOTCQX: MIMZFColomac Main - Search Ellipsoid Orientations

26

TSX: NHKOTCQX: MIMZFColomac Main - Whittle Pit Shells

Based on the level of exploration achieved to date and in accordance with the CIM best practice guidelines, open pit resources are constrained by pit shells using GEOVIA WhittleTM, and underground resources optimized (manually constrained)

27

TSX: NHKOTCQX: MIMZFColomac Main – Comparison to 2018 MRE

28


TSX: NHKOTCQX: MIMZFColomac Updated NI 43-101 Resource Estimate

Effective at July 28, 2020 (broken down by deposits for combined open pit and underground bulk mining method scenarios)

29*Refer to press release dated July 28, 2020

DepositMining Method

Cut-off (gpt Au)

Indicated Resources Inferred Resources

Tonnes(000’s)

Grade (gpt Au)

OuncesTonnes(000’s)

Grade(gpt Au)

Ounces

ColomacMain

Open pit 0.60 7,996 1.73 443,800 159 1.46 7,500

UG Bulk 1.30 14,922 2.21 1,058,800 4,740 2.08 316,500

GoldcrestOpen pit 0.60 1,362 1.56 68,100 8 1.00 300

UG Bulk 1.30 780 2.08 52,200 217 1.79 12,500

Grizzly BearOpen pit 0.60 628 1.62 32,800 12 1.52 600

UG Bulk 1.30 202 1.89 12,300 30 1.80 1,700

24/27Open pit 0.60 - - - 375 1.89 22,800

UG Bulk 1.30 - - - 171 1.92 10,600

Sub-total Open pit 0.6 9,986 1.70 544,700 554 1.75 31,200

Sub-total UG Bulk 1.3 15,904 2.20 1,123,300 5,158 2.06 341,300

TOTAL 25,890 2.01 1,668,000 5,712 2.03 372,500


All Deposits, by mining method Cut-off (gpt Au)

Indicated Resources Inferred Resources

Tonnes (000’s)Grade

(gpt Au)Ounces Tonnes (000’s)

Grade (gpt Au)

Ounces

Open pit

>3.00 982 4.46 141,088 47 3.70 5,623

>2.00 2,573 3.20 264,927 197 2.69 17,024

>1.50 4,228 2.62 356,840 296 2.39 22,705

>1.30 5,206 2.39 400,709 334 2.27 24,445

>1.20 5,754 2.28 422,658 366 2.18 25,690

>1.00 7,112 2.06 470,517 432 2.02 28,030

>0.80 8,520 1.86 511,239 479 1.91 29,388

>0.70 9,368 1.77 531,730 528 1.80 30,562

>0.60 9,986 1.70 544,662 554 1.75 31,124

>0.50 10,650 1.62 556,348 596 1.66 31,873

3.00 2,275 4.44 324,877 534 4.47 76,937

>2.00 6,326 3.14 637,297 1,758 2.99 169,154

>1.50 11,814 2.48 940,467 3,661 2.33 274,285

>1.30 15,904 2.20 1,123,367 5,158 2.06 341,364

>1.20 18,656 2.06 1,233,798 6,048 1.94 377,103

>1.00 25,818 1.79 1,485,717 8,215 1.72 453,410

>0.80 35,460 1.54 1,763,607 11,568 1.48 549,910

>0.70 41,076 1.44 1,898,769 13,709 1.36 601,018

>0.60 47,181 1.33 2,026,142 16,089 1.26 650,773

>0.50 53,694 1.24 2,141,106 18,664 1.16 696,225


Gold price (USD/oz) DepositArea (mining

method)Cut-off (g/t)

Indicated resource Inferred resource

Tonnage (T*1000) AU (g/t) Ounces Tonnage (T*1000) AU (g/t) Ounces

$1,350

ColomacOpen pit 0.65 6,419 1.81 373,954 103 1.58 5,223

UG Bulk 1.4 13,238 2.36 1,003,142 4,015 2.21 285,620

GoldcrestOpen pit 0.65 564 1.55 28,205 3 0.99 86

UG Bulk 1.4 984 2.30 72,846 175 1.90 10,703


UG Bulk 1.4 166 2.02 10,772 26 1.88 1,548

24/27Open pit 0.65 - - - 351 1.93 21,820

UG Bulk 1.4 - - - 158 1.99 10,095

Sub-total 22,004 2.15 1,521,994 4,838 2.16 335,534

Damoti UG selective 2.1 - - - 710 5.09 116,016

TOTAL 22,004 2.15 1,521,994 5,548 2.53 451,550

$1,425

ColomacOpen pit 0.6 7,996 1.73 443,800 159 1.46 7,500

UG Bulk 1.3 14,922 2.21 1,058,800 4,740 2.08 316,500


UG Bulk 1.3 780 2.08 52,200 217 1.79 12,500


UG Bulk 1.3 202 1.89 12,300 30 1.80 1,700

24/27Open pit 0.6 - - - 375 1.89 22,800

UG Bulk 1.3 - - - 171 1.92 10,600

Sub-total 25,890 2.01 1,668,000 5,712 2.03 372,500


TOTAL 25,890 2.01 1,668,000 6,448 2.37 490,300

$1,500

ColomacOpen pit 0.6 8,937 1.72 493,101 190 1.38 8,468

UG Bulk 1.2 17,044 2.06 1,126,776 5,546 1.96 348,858


UG Bulk 1.2 873 1.96 55,014 275 1.68 14,838


UG Bulk 1.2 235 1.80 13,600 39 1.67 2,100

24/27Open pit 0.6 - - - 397 1.85 23,584

UG Bulk 1.2 - - - 175 1.88 10,613

Sub-total 29,222 1.91 1,794,714 6,650 1.92 409,508


TOTAL 29,222 1.91 1,794,714 7,413 2.22 529,008

Note: The reader is cautioned that the figures in this table are not a Mineral Resource Statement. The figures are only presented to show the sensitivity of the block model estimates to the selection of gold price.

Colomac Gold Price Sensitivity Table

31


TSX: NHKOTCQX: MIMZFDamoti Initial NI 43-101 Mineral Resource Estimate

Effective at July 28, 2020 (for an underground selective mining method scenario)

Mining Method Cut-off (gpt Au)Inferred Resources

Tonnes(000’s)

Grade(gpt Au)

Ounces

UG selective 2.00 736 4.97 117,800

Cut-off (g/t)Inferred Resources

Tonnes (000’s) Grade (gpt Au) Ounces

>7.00 108 12.57 43,560

>5.00 216 9.20 63,988

>4.00 321 7.65 79,039

>3.00 498 6.17 98,771

>2.00 736 4.97 117,781

>1.00 1,097 3.82 134,581

>0.50 1,507 2.97 143,962

TSX: NHKOTCQX: MIMZFNotes to the 2020 Colomac and Damoti MRE

1. The Independent and Qualified Persons for the Mineral Resource Estimate, as defined by NI 43-101, are Marina Lund P.Geo., and Carl Pelletier, P.Geo., bothfrom InnovExplo Inc., and the effective date is July 28, 2020.

2. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability.3. The mineral resource estimate follows current CIM definitions and guidelines for mineral resources.4. The results presented are undiluted and are considered to have reasonable prospects of economic viability.5. The estimates encompass six (6) gold deposits (Colomac Main, 24, 27, Goldcrest, Grizzly Bear, and Damoti), subdivided into 52 zones (6 for Colomac Main, 1 for

24, 1 for 27, 3 for Goldcrest, and 3 for Grizzly Bear, and 38 for Damoti) each defined by individual wireframes with a minimum true thickness of 3.0 m for theColomac Main, 24, 27, Goldcrest and Grizzly Bear deposits and a minimum true thickness of 2.0 m for the Damoti deposit, using the grade of the material whenassayed or a value of zero when not assayed. One (1) low grade envelope was create using the quartz diorite geological solid for the Colomac deposit and four(4) low grade envelopes were created using the BIF geological solid for the Damoti deposit. The resource was estimated using GEOVIA GEMS 6.8.2.

6. High-grade capping supported by statistical analysis was done on raw assay data before compositing and established on a per-zone basis. Colomac Maindeposit: all zones were capped at 50 g/t, except for the low-grade 1.0 zone and the low-grade envelop which were capped at 15.00 g/t; 24 and 27 deposits: notcapped; Goldcrest and Grizzly Bear deposits: all zones were capped at 30.00 g/t; Damoti deposit: all high grade zones were capped at 100.00 g/t, except zones2000, 2100 and 2200 capped at 45.00 g/t and zone 4300 capped at 40.00 g/t. The low-grade envelopes were capped at 20.00 g/t.

7. Grade interpolation was performed with the ID3 method on 1.5 m composites for the Colomac Main, Goldcrest and Grizzly Bear deposits, with the ID2 methodon 1.5 m composites for the 24 and 27 deposits and by Ordinary Kriging on 1.0 m composites for the Damoti deposit. The Colomac Main, 24 and 27, Goldcrest,Grizzly Bear block models have block size of 5.0 m by 10.0 m by 10.0 m and the Damoti block model has block size of 3.0 m by 3.0 m by 3.0 m.

8. Bedrock was assigned a density value of 3.20 g/cm3 for the Damoti deposit and a value of 2.70 g/cm3 for the Colomac Main, 24. 27, Goldcrest and Grizzly Beardeposits corresponding to the mean of SG measurements. A fixed density value of 2.00 g/cm3 was assigned to the overburden.

9. The Mineral Resource Estimate is classified as Indicated and Inferred. For the Colomac Main, 24 and 27, Goldcrest and Grizzly Bear deposits, the Inferredcategory is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 75 m and shows reasonable geological and gradecontinuity. The Indicated mineral resource category is defined with a minimum of three (3) drill holes within the areas where the drill spacing is less than 50.0m. For the Damoti deposit, the Inferred category is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 60.0 m andshows reasonable geological and grade continuity. Clipping boundaries were used for classification based on those criteria.

10. The Mineral Resource Estimate is locally pit-constrained using GEOVIA Whittle™ with a bedrock slope angle of 50° and an overburden slope angle of 30°. It isreported at a rounded cut-off grade of 0.60 gpt Au (in pit), 1.30 gpt Au (bulk underground), and 2.00 gpt Au (selective underground). The cut-off grades werecalculated using the following parameters: mining cost = 4.79 to CA$ 65.00; processing cost = 22.50 to CA$ 25.00; G&A = 8.00 to CA$ 18.00; refining and sellingcosts = CA$ 5.00; gold price = US$ 1,425.00/oz; US$:CA$ exchange rate = 1.33; and mill recovery = 97.0%. The cut-off grades should be re-evaluated in light offuture prevailing market conditions (metal prices, exchange rates, mining costs etc.).

11. The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43-101 and any discrepancies in the totals are due torounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348).

12. InnovExplo Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevantissue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.

33

TSX: NHKOTCQX: MIMZFOngoing Metallurgical Testwork Results

• No adverse materials detected

• Variation in rock hardness of all test samples is minimal indicating a relatively homogeneous host rock

• Gold extraction by flotation ranged from 94.1% - 95.5% on the lower-grade, with maximum recoveries achieved at F80 151 microns, and between 90.7 – 94.6% on the higher-grade, with maximum recoveries achieved at F80 75 microns

• Cyanidation of ground rock increased gold recovery significantly up to 96.5% on the lower-grade and 98.0% on the higher-grade.

1. The gold recovery shown is the pan (cleaner) concentrate after panning of the gravity rougher concentrate. Average gold rougher recovery was 70.5% to gravity rougher concentrates in 3.4% of feed mass for 2018 samples.

*Refer to press releases dated April 19, 2017, February 21, May 22, 2018 and March 19, 2019.

34

Test Description

Particle Au Recovery (%)

Size Samples Tested

~P802016 2017 2018

Master

Composite

High Zone Zone ZoneGoldcrest

NorthAverage

(Microns) Grade 1.0 2.0-2.5 3.0-3.5

Flotation

Fine 75 94.9 94.6 94.9 94.8 92.1 98.1 95.0

Medium 106 94.1 93.5 94.5 94.5 88.6 94.9 93.1

Coarse 150 95.5 90.7 92.8 94.2 84.8 95.5 91.9

Gravity Pan Cl.

Conc.1

Fine 75 33.3 54.3 53.0 42.0 27.2 58.3 45.1

Medium 106 45.0 40.5 48.2 48.8 24.5 44.4 41.5

Coarse 150 25.9 42.8 34.4 34.1 20.4 52.0 35.2

Ground LeachWhole Ore 150 96.5 96.4 97.1 96.8 96.7 96.8 96.9

Gravity + Leach 106 96.4 98.0 98.0 97.3 96.3 97.2 97.2

The master composite sample, having a head grade of 1.81 grams per tonne gold measured by fire assay, generated favourable recoveries for all process options, including

heap leaching, flotation, and gravity separation. On the higher grade material, head grades varied significantly between the fire assay and screened metallic assays due to the

nugget effect of gold within the deposit.

TSX: NHKOTCQX: MIMZFHeap Leach Opportunity – Preliminary Testwork

Initial testwork on cyanide heap leaching of minus 12,700 micron material reported up to 81.8% gold recoveries, perhaps an option for lower grade material which would otherwise be considered waste – Thus prompted additional testwork

• Current column leach tests on the four 2018 samples posted gold recoveries that varied from 54.9% to 69.7% and averaging 59.4% for the 206 day run, representing an average increase of 9.6% in recoveries when the leach time was extended for an additional 3 months (~100 additional days)(Table 2).

• Current bottle roll leach tests on four samples (minus half (½) inch crushed material ran for 10 days) posted gold recoveriesbetween 31.5% and 49.6% with an average gold recovery of 44.3%. Samples of lower-grade and higher-grade material collected in 2016 and 2017 returned recoveries of 81.8% and 57.5% respectively (see press release dated May 22, 2018).

• Cyanide heap leach results show considerable variability between testing methods and grade of material processed but fall within an expected performance range for crushed material (recoveries between 31.5% up to 81.8% in all samples tested to-date).

1. Standard testing to determine preliminary heap leach amenability, follow up testing required. 2. Low recovery after 107 days probably due to low cyanide (high grade sample). 1.3 kg/t Vs 4.06 kg/t for the bottle roll test.3. Column leach time was extended after 107 days for the 2018 samples to study effect on recovery of longer leach times.*Refer to press releases dated April 23, 2020

35

Test Description

Particle

Size ~P80(microns)

Au Recovery (%)

Sample Generation2016 2017 2018

Master Comp.

High Grade

Zone 1.0Zone

2.0/2.5Zone 3.0/3.5

Goldcrest North

Average

Crushed Leach (1/2”)1

Bottle Roll(10 days)

-12,700 81.8 57.5 31.5 49.1 47.1 49.6 44.3

Column(~107 days)

-12,700 - 34.32 45.6 46.4 46.1 61.1 49.8

Column(~210 days)3

-12,700 - - 57.4 55.5 54.9 69.7 59.4

TSX: NHKOTCQX: MIMZFA Growing, Multi-Million Ounce Deposit

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2013 2013 2014 2015 2016 2017 2018 2019

Colomac Main Goldcrest

85,178 metres of Historical Drilling

2013 Resource: 11,235 m of drilling in 2012, plus verification of historic holes

2018 Updated Resource: 44,600 m of drilling between 2013 up to the end of 2017

2019 EXPLORATION FOCUS AT COLOMAC:

• Exploration for additional high-grade zones

• Infill drilling in gap areas in the current resource in preparation for a future resource update

• Anticipated that with additional drilling, next resource update will include indicated resources for higher-grade Zones 1.5 and possibly 3.5

• Updated Resource Estimate in 2020, will include approximately 50,000 metres of drilling completed in 2018 and 2019

2013 Resource2.1Mozs

2018 Updated Resource2.6Mozs

24.4% increase over 2013

36


Zone 1.5 Drill Hole Density


C14-06* 52.5 m @7.78 gpt Au

C15-04B 32.9 m @ 4.19 gpt Au

C15-06 22.50 m @5.03 gpt Au

C16-01 31.5 m @ 4.14 gpt Au

C16-03 52.07 m @7.72 gpt Au

C16-03B 72.65 m @5.58 gpt Au

C17-02B 33.45 m @ 2.40 gpt Au

C17-02C 24.3 m @ 4.19 gpt Au

C17-04B 24.3 m @ 4.48 gpt Au

C17-08 19.5 m @ 5.58 gpt Au

C17-08B 10.40 m @ 7.48 gpt Au

C17-12B 145.75 m @ 3.33 gpt Au


C18-04 84.30 m @ 2.91 gpt Au


C19-08 56.00 m @ 13.49 gpt Au


C19-17 58.50 m @ 1.93 gpt Au



Higher grade intersections to-date

LONG SECTION (looking west)

37* See press release dated December 3, 2019

TSX: NHKOTCQX: MIMZF2019 Drilling at Zone 1.5 Extends Mineralization

Since its discovery in 2014 Zone

1.5 has been drilled to 300

metres in strike, to a vertical

depth of 660 metres, and a true

width of 30 to 60 metres in the

near surface, but upwards of

155 metres at depth.

2019 drilling is looking at

refining these dimensions,

particularly to depth where it is

largely open. Updated zone

dimensions will be determined

once the results from the

remainder of the 2019 drilling is

available.

* See press release dated September 5,, 2019 38

TSX: NHKOTCQX: MIMZF2019 Colomac Drilling - Zones 1.5 – 2.0 Boundary Fault

• Drilling provided additional evidence for the merger of high-grade Zone 1.5 with the northern part of Zone 2.0

• All holes intersected extensive mineralization

• The panel of mineralization that spans Zone 1.5 and 2.0 extends upwards of 500 metres in strike, to a depth of 600 metres, and remains open in both dimensions

• Drilling of the Colomac Main Sill continues to document cohesive zones of mineralization uninterrupted to depth with relatively uniform distribution.

*see press release dated Oct/31/2019

39

TSX: NHKOTCQX: MIMZFZone 2.0 Highlighted Intercepts From 2019 Drilling


C19-19 60.75 m @ 2.61 gpt Au





C19-24 56.25 m @ 2.76 gpt Au




41

2019 Drilling Results – Zone 3.0


C19-07 34.45 m @ 2.14 gpt Au


Including 2.75m @ 8.17 gpt Au

C19-07B 35.10 @ 1.32 gpt Au


Including 5.55m @ 4.43 gpt Au


New higher-grade domain at

Zone 3.0 traced for 125 metres

along strike to a depth of 250

metres and remains open

* See press release dated May 28, 2019


42

TSX: NHKOTCQX: MIMZFColomac Zone 3.5 – 2018 Drilling

HIGHLIGHTS OF DRILLING:

• Confirmation of the steep northern plunge to high-grade Zone 3.5;

• Zone appears to widen at depth to upwards of 80.00 metres true width; and

• Mineralization remains open down plunge, with resource expansion potential to depth

Drill Hole Assay Results (gpt Au)

Hole C18-09 68.00 m @ 2.24 gpt

including 32.00 m @ 3.59 gpt

And 6.40 m @ 5.70 gpt

*See press release dated Sept 11, 2018

Drill Hole Selected Results (gpt Au)

Hole C18-04 41.85 m @ 2.81 gpt


And 6.15 m @ 5.60 gpt

Hole C18-06 71.50 m @ 1.53 gpt


And 9.65 m @ 3.58 gpt

Hole C18-07 36.50 m @ 1.84 gpt


And 16.75 m @2.55 gpt

42

TSX: NHKOTCQX: MIMZFLeta Arm – Diversified Drilling

43




And 4.75 m @18.12 gpt Au

DV8-08B 7.75 m (5.00 m true width) @3.66 gpt Au


And 2.50 m @10.65 gpt Au



And 2.35 m @18.50 gpt Au



And 4.25 m @8.07 gpt Au


2018 Drill Program• New gold zones discovered at Diversified

and Lexindin;• Drilling continued to validate the northerly

steep plunging mineralization model as being a common feature to the four Leta Arm prospects.



NIGHTHAWKGOLD.COM

Investor [email protected]

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SOAR FINANCIAL ONLINE SERIES · 56.00m @ 13.49 gpt Au (2019) 52.00m @ 7.78 gpt Au (2014) 235.05m @0.99 gpt Au (2017) 110.50m @1.8 9gpt Au (2019) 105.00m @ 1.35 gpt Au (2019) 0 1000