South Railroad

Asset Summary

Asset	South Railroad
Interest	0.633% NSR + advance royalty payments
Commodity	Gold
Location	USA
Stage	Development
Counterparty	Gold Standard Ventures

Asset Highlights

• Acquisition provides exposure to one of Nevada’s most rapidly advancing gold development projects at the pre-feasibility stage South Railroad Project (“South Railroad”) that hosts a total resource estimate of 85Mt @ 0.7g/t Au, 4.1g/t Ag for 1.856Moz Au, 5.251Moz Ag⁽²⁾.
• The Royalty covers large portions of the Dark Star, Pinion and Jasperoid Wash deposits at South Railroad as well as portions of the POD and Bald Mountain zones in the North Railroad portion of Railroad Pinion. 
• GSV released an updated Pre-Feasibility Study on the Dark Star and Pinion deposits at South Railroad on March 24, 2020 (“PFS”)⁽¹⁾ , which envisaged an 8-year open pit, heap leach mine life producing a total of 923Koz, with 146Koz per annum expected to be produced in the first 5 years of operation at an all-in sustaining cost (“AISC”) of US$707/ounce and initial capex of US$133M.
• GSV is expecting to release a feasibility study on South Railroad by 2021 year-end.
• Orion Mine Finance , a global alternative investment management firm with approximately US$6.3 billion under management as of 31 December 2020, has agreed to provide GSV with a term sheet to provide up to US$200 million of financing support to GSV, following the satisfaction of mutually agreed milestones, to help finance the construction of South Railroad.
  1. Form 43-101F1 Technical Report “Updated Preliminary Feasibility Study” on South Railroad Project dated March 23, 2020, with an effective date of February 13, 2020.
     1. News Release summary: https://goldstandardv.com/news/gold-standard-files-updated-south-railroad-pre-fea-1302
     2. Full technical report:https://goldstandardv.com/site/assets/files/4408/m3_gsv_revised_pfs_23_03_2020.pdf?v=0.570
  2. Resource Estimate sourced from Form 43-101F1 Technical Report “Updated Preliminary Feasibility Study” on South Railroad Project dated March 23, 2020, with an effective date of February 13, 2020. https://goldstandardv.com/site/assets/files/4408/m3_gsv_revised_pfs_23_03_2020.pdf?v=0.570
     1. The statistical analysis, geological modeling, and mineral resource estimation were performed under the supervision of Mr. Steven J. Ristorcelli, C.P.G. and Principal Geologist for Mine Development Associates, Inc. (“MDA”) in Reno Nevada (Pinion and Jasperoid Wash deposits), Mr. Michael Lindholm C.P.G. Senior Geologist of MDA (Dark Star deposit), and Mr. Michael Dufresne M.Sc., P.Geol. of APEX Geoscience Ltd. in Edmonton, Alberta (North Bullion deposits). 
     2. These estimated mineral resources were classified in order of increasing geological and quantitative confidence into inferred, indicated, and measured mineral resource categories to be in accordance with the “CIM Definition Standards - For Mineral Resources and Mineral Reserves” (2014) and therefore Canadian National Instrument 43-101.