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 feasibility stage South Railroad Project (“South Railroad”).
• 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 Form 43-101F1 Technical Report on March 14, 2022, which indicates a total resource of 98Mt @ 0.02 oz/t for 1.948Moz Au at the Dark Star, Pinion and Jasperoid Wash deposits and outlines Proven & Probable Consolidated Gold Reserves at the Dark Star & Pinion deposits of 71.8Mt @ 0.022 oz Au/ton for 1.604Moz Au¹
• GSV released a Feasibility Study on the Dark Star and Pinion deposits at South Railroad on February 22, 2022, which envisages a 10.5-year open pit, heap leach mine life producing over 1Moz, with 152Koz per annum expected to be produced in the first 4 years of operation at an all-in sustaining cost (“AISC”) of US$1,021/ounce and initial capex of US$190M.²
• 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.²
• GSV and Orla Mining Ltd. On June 13, 2022, announced that they have entered into a definitive agreement whereby Orla will acquire all of the issued and outstanding shares of GSV by way of a court-approved plan of arrangement. The transaction is scheduled for completion in August 2022.
  1. Resource Estimate sourced from Form 43-101F1 Technical Report “Feasibility Study” on South Railroad Project dated March 14, 2022.
     https://goldstandardv.com/site/assets/files/6182/south_railroad_43-101f1_tr_feasibility_study.pdf?v=0.392
  2. News Release dated February 23,2022 titled: Gold Standard Ventures Reports Robust Feasibility Study For South Railroad Project With A Peer Leading 62% After-Tax IRR and 1.6 Year Payback At Spot Gold Prices.
     https://goldstandardv.com/news-releases/gold-standard-ventures-reports-robust-feasibility-4080/