Fast Track to Production
CORPORATE PRESENTATIONAugust 10, 2020
TSX-V: GLDX OTCQX: SSPXF
With One of the Largest Undeveloped Gold
Deposits in the Americas
TSX-V: SSP | OTC: SSPXF2
TSX-V: GLDX | OTCQX: SSPXF
CAUTIONARY NOTESForward-looking Statements and Cautionary Notes
Forward-looking StatementsCautionary Note Regarding Forward-Looking Information: Except for statements of historical fact relating to Gold X Mining Corp. (the “Company” or “Gold X”), certain information
contained in this presentation constitutes “forward-looking information” under Canadian and U.S. securities legislation. Forward-looking information includes, but is not limited to,
statements with respect to the potential of the Company’s properties; the future price of gold; success of exploration activities; costs and timing of future exploration and
development; the estimation of mineral resources; conclusions of economic evaluations; requirements for additional capital; and other statements relating to the financial and
business prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “expects,” or “does not
expect,” “is expected”, “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not anticipate,” “believes,” or variations of such words and phrases. Forward-
looking information is based on the reasonable assumptions, estimates, analysis and opinions of the management of the Company made in light of its experience and its perception
of trends, current conditions and expected developments, as well as other factors that the management of the Company believes to be relevant and reasonable in the circumstances
at the date that such statements are made. Forward-looking information is inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but
not limited to risks related to: the Company’s goal of creating shareholder value by concentrating on the development of the Toroparu Gold Project, believing that it has the potential
to contain economic gold deposits; the Company’s assessment of future plans for the Upper Puruni property; managements’ economic outlook regarding future trends; the
Company’s exploration budget for the Upper Puruni property, and in particular, the availability of skilled labor, timing and the amount of the expected budget; the Company’s ability
to meet its working capital needs at the current level in the short term; expectations with respect to raising capital; sensitivity analysis on financial instruments may vary from the
amounts disclosed; and government regulation and environmental liability, as well as those risk factors discussed or referred to in the Company’s continuous disclosure filings with
the securities regulatory authorities in Canada available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking information, other factors could also cause materially different results. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the
Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not
undertake to update any forward-looking information, except in accordance with applicable securities laws.
Preliminary Economic Assessment Report
The Preliminary Economic Assessment, prepared by SRK Consulting (U.S.) Inc. with an effective date of June 11, 2019, is entitled “Preliminary Economic Assessment Report, Toroparu
Gold Project, Upper Puruni River Area, Guyana”. PEA economics were calculated using a base case of US$1,300/oz gold, US$16/oz silver and US$3.00/lb. copper. The PEA Study has
been filed on SEDAR at www.sedar.com. The scientific and technical data pertaining to disclosure of the mineral resource estimates or economic information contained in the PEA has
been reviewed and approved by Fernando Rodrigues, MMSAQ, a Qualified Persons under NI 43-101 who consents to the inclusion of his name in this presentation.
Resource Estimates
This document uses the terms “resources”, “measured resources”, “indicated resources” and “inferred resources”. United States investors are advised that, while measured resources,
indicated resources and inferred resources are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not
recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be
economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or
indicated resources 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 category. Therefore, United States investors are also
cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of “contained ounces” is permitted disclosure
under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures. Accordingly,
information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject
to the reporting and disclosure requirements of the SEC. National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) is a rule developed by the Canadian
Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. All resource
estimates contained in this circular have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.
TSX-V: SSP | OTC: SSPXF
INVESTMENT HIGHLIGHTS5 Pillars in a Rising Gold Environment
3
“The [Reunion JV] agreement
expands Barrick’s exploration
footprint in the Guiana
Shield, a significantly
underexplored region and one
of the most prospective in the
world for large scale gold
discoveries”
Mark Bristow, CEO Barrick
Feb 4, 2019
TEAM
The Gold X team and strategic
shareholders have created billions of
dollars of shareholder value, responsible for
numerous successful sales
One of the largest gold deposits in the
Americas with 7.35 million ounces
Measured & Indicated
Advanced development stage project with
key permits in place trading at explorer
valuations of US$27 / M&I ounce
Toroparu is located in Guyana, poised to be
world’s fastest growing economy according
to the IMF
Significant potential to upgrade inferred
resources and classify additional resources
in proximal targets within 53,800-hectare
mineral concession
SIZE
LEVERAGE
LOCATION
UPSIDE
TSX-V: GLDX | OTCQX: SSPXF
TSX-V: SSP | OTC: SSPXF
UNPARALLELED TRANSACTION PEDIGREE
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C$3.14B of shareholder value created over the last 13 years
TSX-V: SSP | OTC: SSPXF
CORPORATE SNAPSHOT
Share Structure
Common Shares 47.5M
Options 7.2M
$1.30 Warrants Expiring Apr 9, 2023
$1.32 Warrants Expiring Jun 12, 2024
$2.40 Warrants Expiring Sep 11, 2020
$2.80 Warrants Expiring Aug 27, 2024
$3.20 Warrants Expiring Jul 20, 2023
$3.36 Warrants Expiring May 6, 2021
$4.00 Warrants Expiring Oct 12, 2022
2.63M
3.48M
1.78M
4.65M
5.08M
2.47M
2.30M
Fully Diluted Shares 77.1M
Total Insider Holdings (I/O) 49.7%
Top Shareholders:
Gran Colombia Gold
Wheaton Precious Metals
Insiders/Associates/Families
20.2%
9.5%
20.0%
Cash on Hand
Potential Warrant Exercise
C$4.7M
C$59.0M
Trailing 3 Month Average Daily Volume 243,624 Shares
MANAGEMENT
Paul Matysek, CEO & DirectorDeveloped and sold 5 public companies creating over $2.8 billion in
shareholder value, most recently as Executive Chairman of Lithium X
Energy
Richard Munson, President+35 years experience; Advancing Toroparu since 1999
Bassam Moubarak, CFO & DirectorSeasoned executive who, as CFO, was instrumental in the sale of Lithium
X Energy, Goldrock Mines and Petaquilla Copper
Greg Barnes, Executive Vice PresidentSpecialist in trading, production and commodity investment in
developing countries
INDEPENDENT DIRECTORS
Robert Friedland, Chairman of the BoardLed some of the world’s largest mineral discoveries including Oyu Tolgoi,
Voisey’s, Fort Knox and Kamoa-Kakula and was inducted into the
prestigious Canadian Hall of Fame in 2016
Lombardo Paredes, Independent Director
CEO of Gran Colombia Gold
Suresh Beharry, Independent DirectorCo-Chairman, Beharry Group of Companies (one of the largest
conglomerates operating in Guyana)
Federico Restrepo-Solana, Independent DirectorPartner & Corporate Director of Quartz Capital Partners
Brian O’Neill, Independent DirectorVice President, Merchant Banking at SAF Group
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SIZE MATTERSOne of the Largest Undeveloped Gold Deposits in the Americas (Open Pit & Underground)
6
Open Pit
Underground
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M O
z M
&I
-
2
4
6
8
10
12
Acquired by Artemis Gold for ~US$36 / PnP Oz
Acquired by Zijin Mining for
~US$280 / PnP Oz
Acquired by Zijin Mining for ~US$107 / PnP Oz
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SIZE MATTERSOpen Pit Comparables
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M O
z M
&I
0.73 0.73 0.81 0.91
1.63
0.38
0.98 0.65
1.85
0.50 0.82
0.50 -
2
4
6
8
10
12
M&I (moz) M&I (g/t)
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PRODUCTION COMPARABLESOpen Pit CIL / CIP Operations
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AISC $1,108 $983 $626 $780 $707 $1,248 $1,033 $952
* Gold X Mining based on “Potentially Mineable Resource” from its 2019 PEA
0.920.4
3.44
1.01 1.06 0.77 0.45
1.46
-
2
4
6
8
10
12
14
16
Detour Lake(KL)
Paracatu (K) Pueblo Viejo(ABX)
Toroparu(GLDX)
Merian (NEM) Rosebel (IMG) New Afton(NGD)
Aurizona(EQX)
M A
u O
zs
Prod. Estimate (Ozs) * Prod. Grade (g/t)
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ECONOMIC HIGHLIGHTS2019 PEA (based on $1,500 Au w/ PMPA)
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* Resource estimate based on 675 DDH – 202,250 meters
*
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Phased Development: PEA Production Schedule
LEVERAGE
Phase I – Y1-2411.5kt/d Gold Leach (CIL) Plant
Phase II - Year 11 -2411.5 kt/d Copper Concentrator Expansion23 kt/d total ore throughput
Production Metrics
($1,300/oz)
Time Avg. Prod Grade Rec AISC
Pay 179k oz/y 1.48 g/t 93.2% $658/oz
1-8 161k oz/y 1.31 g/t 92.4% $790/oz
9-24 202k oz/y 0.93 g/t 87.0% $769/oz
LOM 188k oz/y 1.01 g/t 88.6% $780/oz
Financial Metrics
(US$ M)
Gold FCF NPV5%* IRR Payback
$1250 $1,121 $428 18% 3.27
$1300 $1,251 $519 20% 2.92
$1400 $1,511 $628 24% 2.34
$1500 $1,771 $760 28% 2.02
$1750 $2,421 $1,087 36% 1.66
* After Tax
Phased Project Development
(w/ WPM PMPA)
Phase I Lower Project Finance $272m
- 161k ozs/y prod. (8-yr)
Phase II Internally Financed ($1,300/oz)
- 217k ozs/y Au prod.
- Copper & Silver by-prod.
- Reduced Cost (hydro)
LOM Production:
- 3.64 m-oz gold dore + 876 k-oz in
concentrate
- $342.5 million by-product Cu & Ag
- 5.95 m-oz AuEq. contained
- 1.18 g/t AuEq. mill head grade
413,000 ozs
775,000 ozs
1.234M ozs
1.722M ozs
2.859M ozs
3.702M ozs
4.454M ozs
5.095M ozs
Year 2
Year 4
Year 7
Year 11*
Year 15
Year 18
Year 21
Year 24
1.63 g/t
1.44 g/t
1.33 g/t
1.16 g/t
1.07 g/t
1.06 g/t
1.04 g/t
1.01 g/t
$615/oz
$697/oz
$769/oz
$1,022/oz*
$897/oz
$851/oz
$831/oz
$798/oz
Toroparu Open Pit Cumulative Gold Production Profile
Mill Feed Gold Grade All-In Sustaining CostsContained oz
* Addition of 11,500 tpd flotation circuit
Cumulative
Through
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• Mine Designs
• Mine Geotechnical and Hydrology
• Metallurgical Test Work
• Waste Rock ML & ARD Studies
• Tailings Geochem & Geotech Studies
• 23 Kt/d Process Plant Design
• Site & Off-Site LIDAR Surveys
• Site Water Balance, Water Mgmt. Structures
• Tailings Management Facility Design
• Site Infrastructure Designs
• Site Geotechnical and Condemnation Drilling
• Construction Cost Estimate
• Project Cost Estimate Review
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US$150M spent on project to date
ADVANCED STAGE PROJECTCompleted Feasibility Level Engineering Studies
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Technical and Permitting Timelines
PRODUCTION DECISION TIMELINE
2011 2013
2019 2020
• Mineral
Development
Agreement (MDA)
executed 2011
• Environmental
Authorization (EA)
approved
• EA renewed
• Large-Scale Mining License
Application (MLA)
reactivated
2015
• Economic Viability
acknowledged by
GGMC
• EA and MLA updated to
include Sona Hill and
Northern Access Road –
review process underway
2012 2014
Discovery PFS FS* PEA Updated FS**
Resource
Expansion
* Was not published ** Pending outcome of next steps
TECHNICAL
PERMITTING
TSX-V: SSP | OTC: SSPXF
WHEATON PRECIOUS METALS AGREEMENTSSignificantly De-Risks Project Finance Requirements
13
Precious Metals Purchase Agreement (PMPA) with
Wheaton Precious Metals 1
KEY TRANSACTION TERMS:
– 10% of LoM gold production at US$400/oz Au
– 50% of LoM silver production at US$3.90/oz Ag
– US$15.5M early deposit received
– US$138M project installments for royalty stream
– Total contribution toward PFS project capex: US$153.5M
– Estimated contribution toward PEA project capex:
US$106M
1 PMPA currently requires completion of a Feasibility Study by December 31, 2020. After reviewing the feasibility, Wheaton Precious Metals (WPM) has the option to continue or
opt out of the PMPA.
If WPM elects not to proceed, Gold X can choose to return US$11.5 million to WPM and terminate the PMPA or can reduce the gold stream from 10% to 0.909% and the silver
stream from 50% to nil.
TSX-V: GLDX | OTCQX: SSPXF
Wheaton Precious Metals early
deposit agreement originally
signed in 2013
Agreement expanded in 2015
after 2014 final feasibility work
Provided US$10M in 2019 for
convertible debenture financing
to exercise purchase option for
Toroparu
Converted debentures to equity at
$3.20/share twenty-eight months
before maturity
TSX-V: SSP | OTC: SSPXF
GUYANAThe World’s Fastest Growing Economy According to the IMF
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English speaking democratic
republic
Member of Commonwealth of
Nations, World Trade
Organization, and CARICOM
headquarters located in
Georgetown
Courts governed by British
Common Law
Financing supported by
- International Finance
Corporation (IFC)
- Overseas Private
Investment Corp (OPIC)
- Export Development
Bank of Canada
- US Import-Export Bank
(EXIM)
RESOURCE ENDOWMENT
Oil – 8 bn barrel gross recoverable resource from ExxonMobil’s 16 discoveries in the Stabroek Block (25% explored).
3 Production Projects w/ 120 mbo/d production in 2020 growing to 560 mbo/d by 2023
Gold – Omai, Aurora, Karouni, Toroparu, Aremu, Peters Mine
Bauxite – Guyana’s 350 M-ton bauxite reserve is one of the world’s largest deposits with current projects belonging to First Bauxite (US), Rusal (RUS), Bosai (CHN)
Manganese – 30 M-ton reserve being developed by Bosai (CHN) with 600kt/y expected to begin in 2021
Hydro – GLDX MoU with Gov’t of Guyana for 80 MW RoR Hydro project 50 mi SW of Toroparu
“The IMF has
considered the change
in the price of oil due to
the price war between
Saudi Arabia and
Russia as well as
COVID-19’s effects on
the overall global
demand for oil and
revised Guyana’s
growth projection to
52.8 %.”
IMF World Economic
Outlook, April 2020
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INFRASTRUCTURE
15
120-person camp & all-weather airfield at
Toroparu
AURORA- BUCKHALL LANDING
BARAMA - BUCKHALL
LANDING
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“The Guiana shield is 50 years behind in
everything related to geologic knowledge. In
2018, 12% of the gold in South America was
produced out of Guyana and Suriname, but
only 9% of the exploration budgets went to
that area”
- Marc Bardoux, Chief Geologist Barrick, April
2020
Sandspring Resources Ltd.
REGIONAL GEOLOGY SKETCH
L.W.Claessens
AirborneMagnetics
High
Low
0 5 10 15km
680000
690000
700000
710000
720000
730000
740000
680000
690000
700000
710000
720000
730000
740000
790000 800000 810000 820000 830000 840000 850000 860000 870000
790000 800000 810000 820000 830000 840000 850000 860000 870000
UTM PSAD56 zone 20N
UPPER PURUNIGEOLOGICAL SKETCH
81
0,0
00
82
0,0
00 UTM PSAD Zone 20N
Toroparu Au-Cu-Ag Deposit
Upper PuruniConcession
Interpreted Restraining Bending Zone in Puruni Shear Corridor
WYNAMU
TIMMERMANS
AMEEBA
RED DRAGON
Otom
ung
Concession
SONA HILL
5 km
REPROCESSED AIRBORNE MAGNETIC DATA
Toro S
Toro NW
Toroparu Main
SE
Inferred Conversion Potential within Toroparu Resource Pit (0.3 g/t CoG)
53,800 Hectares in Elephant Country
- Puruni Shear zone is regional structure extending 100 km into Venezuela
- Several exploration targets within the 20km x 7km hydrothermal alteration halo surrounding Toroparu
1 km
RESOURCE POTENTIALReclassification of 3.15M Inferred Ounces and Exploration
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Next Steps
RACE TO PRODUCTION
MINE DEVELOPMENT
• Capacity trade-offs
• Equipment leasing / financing
• Feasibility / FEED studies
• Production decision
• Project finance
• Access road & port construction
PERMITTING
• Final review / assessment (GGMC*)
• License approval (GGMC / MNR**)
• Mining Permit conversion to Large Scale License
• Notification to commence construction
MERGERS & ACQUISITIONS
• Joint venture
• Merge / sale
* Guyana Geology and Mines commission
** Ministry of Natural Resources
PROJECT OPTIONALITY
1. JUNIOR OPPORTUNITY
• 2-phased development plan (PEA)
• 11.5k t/d expanding to 23k t/d capacity
• 188k oz/y over 24-yr mine life
• $378 M pre-prod CAPEX (PEA est.)
• $272 M (non optimized) financing
estimate with WPM
2. MID-TIER OPPORTUNITY
• Feasibility level engineering
• 23k t/d capacity
• 232k oz/y over 17-yr mine life
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FLYING UNDER THE RADAR
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Source: Comparable company data taken from BMO Capital Markets Precious Metals & Minerals Report (August 4, 2020)
Enterprise Value per Ounce of M&I Resource Price to NPV5% at $1,975 / Oz Au
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
AVERAGE = 0.44X
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
AVERAGE = $138/OZ
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FLYING UNDER THE RADAR
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0
2
4
6
8
10
12
14
M&I Resource TR LOM Prod. Est. Mill Head grade(O/P Only)
Free Cash Flow(a/tax)
All In Cost (AIC) CAPEX % of NPV5%(a/tax @ $1500/oz)
Market Cap perM&I oz
Market Cap perNPV5% (a/tax@$1500/oz)
Project Metrics Valuation Metrics Toroparu (GLDX) Rank
Overvalu
ed ---------------------------
Un
dervalu
edW
ors
t --
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-B
est
Source: Company filings and technical reports
Open Pit Project & Financial Comparables
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RESOLVING THE TOP 10 VALUE MISCONCEPTIONS
20
Misconception
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Significant Leverage and Robust Economics
Transformational Shift in Country
Ready Access to Infrastructure
Competitive Open-Pit Grade
US$150M Spent and Significant Work Completed
CAPEX Reduction Strategy in Place
OPEX In Line With Peers
Feasible and Optimizable Metallurgy
Significant Track-Record of Success
Reengineered Capital Market Approach
Gold Price Requirement
Country Risk
Project Remoteness
Low Grade
Early Development Stage
High CAPEX
High OPEX
Poor Metallurgical Recovery
Tired Management
Lacking Capital Market Strategy
Correction
THANK YOU
TSX-V: GLDX OTCQX: SSPXF
Gold X Mining Corp.
3123 – 595 Burrard Street
Vancouver, BC V7X 1J1
Canada
IR phone: +1 (604) 609-6132
www.goldxmining.com