The following discussion and analysis should be read in conjunction with our
condensed interim consolidated financial statements for the six months ended
November 30, 2019, and the related notes thereto, which have been prepared in
accordance with generally accepted accounting principles in the United States
("U.S. GAAP"). This discussion and analysis contains forward-looking statements
and forward-looking information that involve risks, uncertainties and
assumptions. Our actual results may differ materially from those anticipated in
these forward-looking statements and information as a result of many factors.
See section heading "Note Regarding Forward-Looking Statements" below. All
currency amounts are stated in Canadian dollars unless noted otherwise.

CAUTIONARY NOTE TO U.S. INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES AND PROVEN AND PROBABLE RESERVES

Corvus Gold Inc. ("we", "us", "our," "Corvus" or the "Company") is a mineral
exploration company engaged in the acquisition and exploration of mineral
properties. The mineral estimates in the technical report entitled "Technical
Report and Preliminary Economic Assessment for the Integrated Mother Lode and
North Bullfrog Projects, Bullfrog Mining District, Nye County, Nevada", dated
November 1, 2018 and amended on November 8, 2018, with an effective date of
September 18, 2018 (the "Technical Report") referenced in this Quarterly Report
on Form 10-Q have been prepared in accordance with the requirements of the
securities laws in effect in Canada, which differ from the requirements of
United States securities laws. As used in the Technical Report referenced in
this Quarterly Report on Form 10-Q, the terms "Mineral Reserve", "Proven Mineral
Reserve" and "Probable Mineral Reserve" are Canadian mining terms as defined in
accordance with Canadian National Instrument 43-101 "Standards of Disclosure for
Mineral Projects" ("NI 43-101") and the Canadian Institute of Mining, Metallurgy
and Petroleum (the "CIM") Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended.



These definitions differ materially from the definitions in the United States
Securities and Exchange Commission ("SEC") Industry Guide 7 ("SEC Industry Guide
7"). Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility
study is required to report reserves, the three-year historical average price is
used in any reserve or cash flow analysis to designate reserves, and the primary
environmental analysis or report must be filed with the appropriate governmental
authority.



In addition, the terms "Mineral Resource", "Measured Mineral Resource",
"Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in and
required to be disclosed by NI 43-101; however, these terms are not defined
terms under SEC Industry Guide 7 and are normally not permitted to be used in
reports and registration statements filed with the SEC. Investors are cautioned
not to assume that all or any part of a mineral deposit in these categories will
ever be converted into reserves. "Inferred Mineral Resources" have a great
amount of uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all, or any part, of
an Inferred Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form the basis
of feasibility or pre-feasibility studies, except in rare cases. Investors are
cautioned not to assume that all or any part of an Inferred Mineral Resource
exists or is economically or legally mineable. Disclosure of "contained ounces"
in a resource is permitted disclosure under Canadian regulations; however, the
SEC normally only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and grade without
reference to unit measures.




Accordingly, information contained in this report and the Technical Report
referenced in this report contain descriptions of our mineral deposits that may
not be comparable to similar information made public by U.S. companies reporting
under SEC Industry Guide 7 requirements.



The SEC has adopted amendments to its disclosure rules to modernize the mineral
property disclosure requirements for issuers whose securities are registered
with the SEC. These amendments became effective February 25, 2019 (the "SEC
Modernization Rules") and, following a two-year transition period, the SEC
Modernization Rules will replace the historical property disclosure requirements
for mining registrants that are included in SEC Industry Guide 7. The Company is
not required to provide disclosure on its mineral properties under the SEC
Modernization Rules until its fiscal year beginning May 31, 2021. Under the SEC
Modernization Rules, the definitions of "Proven Mineral Reserves" and "Probable
Mineral Reserves" have been amended to be substantially similar to the
corresponding CIM Definition Standards and the SEC has added definitions to
recognize "Measured Mineral Resources", "Indicated Mineral Resources" and
"Inferred Mineral Resources" which are also substantially similar to the
corresponding CIM Definition Standards; however there are differences in the
definitions under the SEC Modernization Rules and the CIM Definition Standards
and therefore once the Company begins reporting under the SEC Modernization
Rules there is no assurance that the Company's Mineral Reserve and Mineral
Resource estimates will be the same as those reported under CIM Definition
Standards as contained in this report.



  18

CAUTIONARY NOTE TO ALL INVESTORS CONCERNING ECONOMIC ASSESSMENTS THAT INCLUDE INFERRED RESOURCES





The Company currently holds or has the right to acquire interests in an advanced
stage exploration project in Nye County, Nevada referred to as the North
Bullfrog Project (the "NBP") and the Mother Lode Project ("MLP" or "Mother
Lode"). Mineral resources that are not mineral reserves have no demonstrated
economic viability. The preliminary economic assessment included in the
Technical Report on the NBP-MLP is preliminary in nature and includes Inferred
Mineral Resources that have a great amount of uncertainty as to their existence,
and are considered too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as Mineral Reserves. It
cannot be assumed that all, or any part, of an Inferred Mineral Resource will
ever be upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
pre-feasibility studies. There is no certainty that such Inferred Mineral
Resources at the NBP and MLP will ever be realized. Mineral Resources that are
not Mineral Reserves do not have demonstrated economic viability. Investors are
cautioned not to assume that all or any part of an Inferred Mineral Resource
exists or is economically or legally mineable. Readers should refer to the
Technical Report for additional information.

NOTE REGARDING FORWARD-LOOKING STATEMENTS


This Quarterly Report on Form 10-Q and the exhibits attached hereto contain
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995, as amended, and "forward-looking
information" within the meaning of applicable Canadian securities legislation,
collectively "forward-looking statements". Such forward-looking statements
concern our anticipated results and developments in the operations of the
Company in future periods, planned exploration activities, the adequacy of the
Company's financial resources and other events or conditions that may occur in
the future. Forward-looking statements are frequently, but not always,
identified by words such as "expects," "anticipates," "believes," "intends,"
"estimates," "potential," "possible" and similar expressions, or statements that
events, conditions or results "will," "may," "could" or "should" (or the
negative and grammatical variations of any of these terms) occur or be achieved.
These forward-looking statements may include, but are not limited to, statements
concerning:

· the Company's strategies and objectives, both generally and in respect of its

specific mineral properties;

· the results of the preliminary economic assessment;

· the timing of decisions regarding the timing and costs of exploration programs

with respect to, and the issuance of the necessary permits and authorizations

required for, the Company's exploration programs, including for the NBP and the

MLP;

· the Company's estimates of the quality and quantity of the Mineral Resources at

its mineral properties;

· the timing and cost of planned exploration programs of the Company, and the

timing of the receipt of results therefrom;

· the Company's future cash requirements and use of proceeds of sales;

· general business and economic conditions;

· the Company's ability to meet its financial obligations as they come due, and

the ability to raise the necessary funds to continue operations;

· the Company's expectation that it will be able to add additional mineral

projects of merit to its assets;

· the potential for the existence or location of additional high-grade veins at

the NBP, or high-grade mineralization at the MLP;

· the potential to expand Company's existing deposits and discover new deposits;

· the potential for any delineation of higher grade mineralization at the NBP or

MLP;

· the potential for there to be one or more additional vein zones;

· the potential discovery and delineation of mineral deposits/resources/reserves

and any expansion thereof beyond the current estimate;

· the potential for the NBP or the MLP mineralization systems to continue to grow

and/or to develop into a major new higher-grade, bulk tonnage, Nevada gold

discovery;

· the Company's expectation that it will be able to build itself into a

non-operator gold producer with significant carried interests and royalty

exposure;

· that the Company will operate at a loss;

· that the Company will need to scale back anticipated costs and activities or

raise additional funds;

· that the Company will have to raise substantial additional capital to

accomplish its business plan over the next couple of years;

· the estimated reclamation and asset retirement costs;

· the plans related to the potential development of the MLP and the NBP; and

· the NBP and MLP work plans and mine development plan/programs.






  19






Such forward-looking statements reflect the Company's current views with respect
to future events and are subject to certain known and unknown risks,
uncertainties and assumptions. Many factors could cause actual results,
performance or achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements, including, among others, risks related to:

· our requirement of significant additional capital;

· our limited operating history;

· our history of losses;

· cost increases for our exploration and, if warranted, development projects;

· our properties being in the exploration stage;

· mineral exploration and production activities;

· our lack of mineral production from our properties;

· estimates of Mineral Resources;

· changes in Mineral Resource estimates;

· differences in United States and Canadian Mineral Reserve and Mineral Resource

reporting;

· our exploration activities being unsuccessful;

· fluctuations in gold, silver and other metal prices;

· our ability to obtain permits and licenses for production;

· government and environmental regulations that may increase our costs of doing

business or restrict our operations;

· proposed legislation that may significantly affect the mining industry;

· land reclamation requirements;

· competition in the mining industry;

· equipment and supply shortages;

· tax issues;

· current and future joint ventures and partnerships;

· our ability to attract qualified management;

· the ability to enforce judgment against certain of our directors;

· currency fluctuations;

· claims on the title to our properties;

· surface access on our properties;

· potential future litigation;

· our lack of insurance covering all our operations;

· our status as a "passive foreign investment company" under US federal tax code;


   and


 · the common shares.




Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described herein. This list is not exhaustive of the factors that may
affect any of the Company's forward-looking statements. Forward-looking
statements are statements about the future and are inherently uncertain, and
actual achievements of the Company or other future events or conditions may
differ materially from those reflected in the forward-looking statements due to
a variety of risks, uncertainties and other factors, including without
limitation those discussed in Part I, Item 1A, Risk Factors, of our Annual
Report on Form 10-K, as filed with the SEC on August 8, 2019, which are
incorporated herein by reference, as well as other factors described elsewhere
in this report and the Company's other reports filed with the SEC.



The Company's forward-looking statements contained in this Quarterly Report on
Form 10-Q are based on the beliefs, expectations and opinions of management as
of the date of this report. The Company does not assume any obligation to update
forward-looking statements if circumstances or management's beliefs,
expectations or opinions should change, except as required by law. For the
reasons set forth above, investors should not attribute undue certainty to or
place undue reliance on forward-looking statements.



Current Business Activities



General




The Company's material mineral properties are the NBP and the MLP, advanced
exploration stage projects in Nevada which have a number of high-priority, bulk
tonnage and high-grade vein targets (held through Corvus Nevada, a Nevada
subsidiary). While exploring the NBP, the Company acquired the MLP in June 2017,
which is located approximately 12 miles to the south east of the NBP. The MLP
was mined in the late 1980s and has substantial gold mineralization remaining
unexploited extending to the north of the existing open pit mine.



  20






The primary focus of the Company will be to leverage its exploration expertise
to expand its existing deposits and discover major new gold deposits. Other than
with respect to the ongoing exploration of the MLP and NBP, the Company's
strategy is to leverage its other non-core assets by maintaining a retained
royalty.

Highlights of activities during the period and to the date of this MD&A include:

· The NBP drilling program completed 2,650 m of drilling in 13 holes between

September 1, 2019 and October 20, 2019.

· The drilling rig was moved to the Mother Project at the end of October and had

completed 2,965 m of drilling in 11 holes to the end of Q4 2019.

· Metallurgical test work on MLP sulphide composites was performed to test

bioxidation processing of whole mineralization without concentration. Gold

recovery ranged between 91% and 92.6%, with 100% of the sulphide minerals being

oxidized.

· A bulk sample of mineralized Sierra Blanca tuff was collected from surface

outcrops and shipped to the Resource Development laboratory in Denver.

· A vein and vein stockwork sample from YellowJacket core materials at NBP was

created and shipped to Resource Development Labs in Denver.

· Metallurgical testing was designed to evaluate agglomeration of a gravity tail

material from YellowJacket core on to Sierra Blanca mineralization for column

leaching.

· The Mother Lode Environmental Assessment ("EA") document was finalized and

submitted to the Bureau of Land Management ("BLM").

· Revision #7 of the Mother Lode Notice of Intent was submitted to BLM.

· Baseline characterization activities at the NBP continued with the water

quality sampling of the active water quality monitoring wells. The

meteorological monitoring report was submitted to the Nevada Department of

Environmental Protection ("NDEP") for calendar Q3 2019.

· Pump tests were performed on the Mother Lode water wells (MW-4 and MW-3) and on


   the Sarcobatus and NB-WW-14 water wells at the NBP. The calendar Q4 2019
   production volumes were reported to the NDWR.

Corporate Financial Activities


On October 10, 2019, the Company announced the completion of a $23,000,000
public bought deal financing, where the Company issued 11,500,000 common shares
at a price of $2.00 per common share (the "Offering"). No warrants were issued
in relation to this financing. The Offering was arranged by the sole
underwriter, BMO Capital Markets. AngloGold Ashanti (USA) Inc. participated in
the Offering on a pro-rata basis to maintain ownership of 19.9 percent of the
issued and outstanding shares of Corvus. The Company intends to use the net
proceeds of the Offering (i) for exploration expenditures at the Company's NBP
and MLP and (ii) for corporate general and administrative expenses, land and
permits.



Nevada Properties



NBP and MLP



Our principal mineral properties are the NBP and the MLP, which form a unified
gold exploration project (the "NBP-MLP") located in northwestern Nye County,
Nevada, in the Northern Bullfrog Hills and Bare Mountains to the east, north and
west of the town of Beatty. The NBP-MLP does not have any known proven or
probable reserves under SEC Industry Guide 7 and the project is exploratory in
nature. The Technical Report is available under Corvus' SEDAR profile at
www.sedar.com and EDGAR profile at www.sec.gov, which describes the integration
of the two properties into a single mining operation. The Technical Report is
referred to herein for informational purposes only and is not incorporated
herein by reference. The Technical Report contains disclosure regarding Mineral
Resources that are not SEC Industry Guide 7 compliant proven or probable
reserves. See "Cautionary Note to U.S. Investors Regarding Estimates of
Measured, Indicated and Inferred Resources and Proven and Probable Reserves"
above.

The following disclosure is derived, in part, and supported by the Technical Report.





The NBP-MLP is located in the Bullfrog Hills and Bare Mountains of northwestern
Nye County, Nevada (Figure 1). The NBP covers about 12,707 hectares of patented
and unpatented mining claims in Sections 19, 20, 21, 22, 23, 24, 25, 26, 27, 28,
29, 30, 31, 32, 33, 34, 35, and 36 of T10S, R46E; sections 1, 2, 3, 4, 5, 6, 10,
11, 12, 13, 14, 15, 23, 24, 25, 26, 34 and 35 of T11S, R46E; section 30, 31, and
32 of T10S, R47E; and sections 4, 5, 6, 7, 8, 9, 10, 11, 14, 15, 16, 17, 18, 22,
23, 26, 27, 34, 35 and 36 of T11S, R47E, sections 1, 2, 3, 9, 10, 11, 12 and 13
of T12S 47E , sections 2, 3, 4, 5, 6,7, 8, 9, 10, and18 of T12S R46E, sections
7, 8, 9, 16, 17 and 18 of T12S R48E, MDBM. We have a total of nine option/lease
agreements in place that give us control of an aggregate of 51 patented lode
claims (see Private Lands in Figure 1). Corvus Nevada owns an additional five
patented claims (the Millman claims) and a 430 acre property with 1600 acre-feet
of water rights located north of NBP in the Sarcobatus hydrographic basin (Basin
146). During 2018, the NBP property was extended to the south by locating the
GAP claims, which consist of 190 Federal Lode mining claims extending south from
the previous southwest boundary of the NBP, and an additional 65 claims were
added to the GAP claims in 2019.



  21












                                [[Image Removed]]

Figure 1. Property Map showing the Location of the NBP and the MLP with respect


                           to the town of Beatty, NV.



Studies at the NBP have been focused on the integration of the NBP and the newly
acquired MLP into a single mining operation. The Technical Report describing the
integrated NBP-MLP dated November 1, 2018 and amended November 8, 2018 is
available on SEDAR.



NBP Drilling Activities




The most recent phase of drilling at NBP was completed on October 20, 2019 with
a total of 11,630 m drilled in 47 holes from the April 10, 2019 startup of
drilling. These holes tested early stage targets at Cat Hill, the YellowJacket
North Extension, North Jolly Jane and the West Sierra Blanca ("WSB") targets.
Results of this work are reported in NR19-10 (August 6, 2019), NR19-13
(September 23. 2019) and NR19-17 (October 23, 2019).

Promising results were obtained from Cat Hill, where the assays indicated gold associated with stockwork quartz veins and associated high silver and gold grades in multiple holes.

Drilling at WSB revealed expanding mineralization to the southwest of the main Sierra Blanca zone and the extension of a new higher-grade "NW Structural Target" in the northwest part of the WSB area. These results are being incorporated into a new Sierra Blanca/YellowJacket resource model.





  22






Two of the four new holes drilled at North Jolly Jane were lost prior to hitting
the target zones, however, the holes successfully drilled to depth suggest that
the Jolly Jane system is large, approximately 2 km by 0.5 km of drill defined
mineralization with good potential for a high grade feeder zone like the nearby
Sierra Blanca/YellowJacket system.



MLP Drilling Activities




Phase 4 drilling a Mother Lode began October 21, 2019 in the southwest part of
the deposit. The first two holes indicated that the Main Zone mineralization
extends to the southwest part of the resource area. The holes also indicated
that the higher grade (+2 g/t) part of the Mother Lode system extends farther to
west than previously modeled. A new deep intrusive related gold zone was
intersected in hole ML 19-119 (NR19-19; December 5, 2019), below the main Mother
Lode deposit in Paleozoic carbonates.

Phase 4 has produced 2,965 meters of drilling, with results for 9 of the holes pending.





Corvus performed a preliminary geophysical study with a deep penetrating Induced
Polarization ("IP") survey over the Mother Lode deposit. The survey may have
outlined a deep target with high conductivity and high resistivity (NR19-18;
November 7, 2019).

Mother Lode Metallurgical Test Program


Further metallurgical test work was performed during the period to test the
performance of biological oxidation on Mother Lode whole mineralization. This
work was performed to compare to previously successful testwork on bioxidation
of concentrate, and indicated 100% oxidation of the sulphide minerals and
91-92.6% recovery of the contained gold.



NBP-MLP Project Activities



NBP Activities



A bulk sample of Sierra Blanca heap leach mineralization was collected during
the period. The sample will be used in conjunction with the tail material from
gravity processed vein and vein stockwork mineralization from the YellowJacket
zone, to test gold recovery from leach columns of agglomerated tail material and
Sierra Blanca mineralization.

Monitoring programs to develop baseline characterization data for support of future permitting activities continued during the period.

The Company operated a meteorological monitoring station at NBP and submitted the report for calendar Q3 2019 to the NDEP in October of 2019.


Quarterly pump tests of the Sarcobatus water well and the water production well
(NB-WW-14) were performed in June 2019 and the production volumes reported to
NDWR. Drill water at the NBP is being produced from NB-WW-14 in the NW corner of
NBP, and production volumes are being reported monthly to NDWR. The extraction
point for the entire Sarcobatus water resource has been transferred to the NBP
on a temporary basis to support the mining project.

A completion report for NB-WW-14 was filed with NDWR during this reporting period.





MLP Activities



A Right-of-Way documents were submitted to BLM and processing fees were paid to
acquire access permission for use of the Fluorspar Canyon Road from Highway 95
east to the MLP project site and to the water production wells, MW-3, MW-4

and
PW-2.

Quarterly pump tests were conducted at wells MW-3 and MW-4, and the production volumes were reported to NDWR in June 2019.





Use of Proceeds



The net proceeds to the Company from the Offering was $21,020,000 after
deducting the Underwriter's Fee in the amount of $1,380,000, and the estimated
expenses of the Offering of $600,000, which was paid out of the proceeds of

the
Offering.



  23







The net proceeds of the Offering are anticipated to be applied as follows:



Use of Net Proceeds

Amount

Exploration Expenditures at the North Bullfrog and Mother Lode Properties Resource Expansion Drilling (42,000 m)

                                $

10,000,000


New Discovery Drilling (7,000 m)                                      $

2,300,000


Metallurgical Studies                                                 $

1,500,000


Mining and Development Studies                                        $

600,000


Corporate general and administration, land and permits                $  6,620,000
TOTAL                                                                 $ 21,020,000
The Company expects to use the net proceeds over a period of approximately 20
months to accelerate resource expansion at both the MLP and NBP, by spending
approximately $10,000,000 on drilling activities. This work includes
approximately 12,000 m of core and 30,000 m of RC drilling, taking place over
approximately a 12 to 15 month period of time. In addition, the Company will
spend approximately $2,300,000 on its ongoing "New Discovery" drilling program
that is testing a series of high priority surface targets for the discovery of
new ore deposits. This drilling program includes approximately 1,000 m of core
and 6,000 m of RC drilling taking place over a period of approximately 12 to 15
months. The Company will also use the funding to advance the MLP and NBP
processing and mining characterization to define an optimized development plan
with approximately $1,500,000 of spending on advance metallurgical testing and
design work for both the sulfide and oxide mineralization to more accurately
define the process flow sheet and facility design criteria and approximately
$600,000 on mining studies to further advance the overall project development
design and financial requirements.



Working capital and general corporate expenditures cover costs over a period of
approximately 20 months for land payments (approximately $1,000,000), personnel
(approximately $2,800,000) and the office, general corporate, land and
permitting operating expenses ($2,820,000).



Progress accounting of expenditures against the use of proceeds on a quarterly
basis is listed as follows:



                                                                            Expended            Cumulative
                                                                              ($ M)            Expenditure

(October 1, 2019 ($ M)


                                                      Total Proceeds     -

November 30, (October 1, 2019 -


               Company Cost Center                        ($ M)               2019)         November 30, 2019)
Exploration Expenditures at the North Bullfrog and
Mother Lode Properties
Resource Expansion Drilling                          $       10.00      $  

       0.73     $        0.73
New Discovery Drilling                               $        2.30      $          0.00     $        0.00
Metallurgical Studies                                $        1.50      $          0.03     $        0.03

Mining and Development Studies                       $        0.60      $          0.01     $        0.01
Corporate general and administration, land &
permits                                              $        6.60      $          1.46     $        1.46
TOTAL                                                $       21.02      $          2.23     $        2.23
Expenditures correlate with progress and time for the budgeted amounts for the
period October 1, 2019 - November 30, 2019. Corporate general and
administration, land and permits expenditures were impacted by scheduled timing
of expenditures and financial fees due to the offering.

Qualified Person and Quality Control/Quality Assurance

Jeffrey A. Pontius (CPG 11044), a qualified person as defined by NI 43-101, has
supervised the preparation of the scientific and technical information that
forms the basis for the disclosure in this Report on Form 10-Q (other than the
Mother Lode Mineral Resource estimate) and has reviewed and approved the
disclosure herein. Mr. Pontius is not independent of the Company, as he is the
Chief Executive Officer and President and holds common shares and incentive
stock options in Corvus.



Carl E. Brechtel (Colorado PE 23212, Nevada PE 008744 and Registered Member
353000 of SME), a qualified person as defined by NI 43-101, has coordinated
execution of the technical work and has reviewed and approved the disclosure in
this Report on Form 10-Q related thereto. Mr. Brechtel is not independent of the
Company, as he is the Chief Operating Officer and holds Common Shares and
incentive stock options in Corvus.



The work program at the NBP and the MLP was designed and supervised by Mark
Reischman, Corvus' Nevada Exploration Manager, who is responsible for all
aspects of the work, including the quality control/quality assurance program.
On-site personnel at the project log and track all samples prior to sealing and
shipping. Quality control is monitored by the insertion of blind certified
standard reference materials and blanks into each sample shipment. All resource
sample shipments are sealed and shipped to American Assay Laboratories in Reno,
Nevada, for preparation and assaying.



  24







Assaying for the NBP and the MLP holes has been performed by American Assay
Laboratories ("AAL") in Sparks, Nevada. Corvus has no business relationship with
AAL beyond being a customer for analytical services. The Sparks laboratory is
Standards Council of Canada, Ottawa, Ontario Accredited Laboratory No. 536 and
conforms with requirements of CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005).



Check assaying has been performed by Bureau Veritas North America ("BV",
formerly Inspectorate America Corporation), in Sparks Nevada and Vancouver,
Canada, and ALS Minerals Laboratories ("ALS Minerals"), in Sparks, Nevada.
Corvus has no business relationship with BV or ALS Minerals beyond being a
customer for analytical services. The BV laboratory is Accredited Laboratory No.
720 and conforms to requirements of CAN-P-1579, CAN-P-4E (ISO 9001:2008) and ALS
is Accredited Laboratory No. 660 and conforms to requirements of CAN-P-1579,
CAN-P-4E (ISO/IEC 17025:2005).



Mr. Scott E. Wilson, CPG (10965), Registered Member of SME (4025107) and
President of Resource Development Associates Inc., is an independent consulting
geologist specializing in Mineral Reserve and Mineral Resource calculation
reporting, mining project analysis and due diligence evaluations. He has acted
as the Qualified Person, as defined in NI 43-101, for the Mineral Resource
estimate and the Technical Report. Mr. Wilson has over 29 years of experience in
surface mining, resource estimation and strategic mine planning. Mr. Wilson and
Resource Development Associates Inc. are independent of the Company under NI
43-101. Mr. Wilson, a Qualified Person, has verified the data underlying the
information disclosed herein by reviewing the reports of AAL and all procedures
undertaken for QA/QC. All matters were consistent and accurate accordingly to
his professional judgment. There were no limitations on the verification
process.



For additional information on the NBP-MLP, including information relating to
exploration, data verification and the Mineral Resource estimates, see the
Technical Report, which is available under Corvus' SEDAR profile at
www.sedar.com and EDGAR profile at www.sec.gov. The Technical Report is referred
to herein for informational purposes only and is not incorporated herein by
reference. The Technical Report contains disclosure regarding Mineral Resources
that are not Guide 7 compliant proven or probable reserves, see "Cautionary Note
to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred
Resources and Proven and Probable Reserves" above.



Results of Operations

Six months ended November 30, 2019 Compared to Six months ended November 30, 2018





For the six months ended November 30, 2019, the Company had a net loss of
$6,382,325 compared to a net loss of $5,109,226 in the comparative period of the
prior year. Included in net loss was $1,601,894 (2018 - $309,369) in stock-based
compensation charges which is a result of stock options granted during the
current period and previously granted stock options which vested during the
period. The increase in loss of $1,273,099 in the six month period of the
current year was due to a combination of factors discussed below.



The exploration expenditures decreased to $2,594,946 (2018 - $3,146,799) mainly
due to decrease in exploration in the current period while the Company worked on
securing additional financing. This was offset by an increase in stock-based
compensation charges of $137,018 during the current period compared to $27,661
in the comparative period of the prior year. Management expects increases in
exploration costs over prior periods are likely to continue in the immediate
future periods as the Company secured further financing in October 2019.



Consulting expenses increased to $935,159 (2018 - $270,689) mainly due to an
increase in stock-based compensation charges of $750,840 during the current
period compared to $140,189 in the comparative period of the prior year, and an
increase in consultant fees due to additional services provided in relation to
the final prospectus filed in October 2019.

Depreciation expenses increased to $27,747 (2018 - $7,475) mainly due to depreciation of ROU assets after the adoption of Topic 842 - Leases.


Investor relations expenses increased to $904,050 (2018 - $687,725) mainly due
to an increase in stock-based compensation charges of $217,654 during the
current period compared to $42,106 in the comparative period of the prior year,
an increase in advertising and marketing, and an increase in investor
relations-related travels during the current period as part of the Company's
efforts to secure additional financing and financial advisory fees. The increase
was offset by a decrease in investor fees during the current period as compared
to the comparative period of the prior year.



Professional fees decreased to $150,617 (2018 - $157,432) due to the
professional fees incurred for updating the tax model for the Technical Report
and the adjustment of prior years' audit overaccrual during the comparative
period of the prior year. The decrease was offset by an increase in stock-based
compensation charges of $12,003 during the current period compared to $3,000 in
the comparative period of the prior year.



  25

Regulatory expenses increased to $112,959 (2018 - $69,451) mainly due to an increase in the base and variable fee paid to the TSX in the current period which was based on the Company's market capitalization.





Rent expenses decreased to $15,906 (2018 - $36,686) mainly due to the adoption
of Topic 842 - Leases. Rent was classified as lease payment which was applied to
lease liabilities and interest expenses.

Travel expenses increased to $168,596 (2018 - $137,975) mainly due to more attendances in conference to secure additional financing.


Wages and benefits increased to $1,281,227 (2018 - $547,036) mainly due to an
increase in stock-based compensation charges of $484,379 during the current
period compared to $96,413 in the comparative period of the prior year, an
increase of $374,304 in wages and benefits in the current period as the 2018
bonus was paid in the third quarter of the prior year whereas the 2019 bonus was
paid in the second quarter of the current year. This increase was offset by a
decrease of $28,079 in employee expenses due to expenses associated with stock
option exercises in the comparative period of the prior year.

Other expense categories that reflected only moderate changes period over period were administration expenses of $214 (2018 - $215), insurance expenses of $110,156 (2018 - $102,226), and office expenses of $53,320 (2018 - $60,255).


Other items amounted to a loss of $27,428 compared to a gain of $114,738 in the
comparative period of the prior year. There was an increase in foreign exchange
loss to $105,386 (2018 - gain of $86,134), which is the result of factors
outside of the Company's control and an increase in interest income to $77,958
(2018 - $28,604) as a result of more investment in cashable GIC's as a result of
proceeds from the October 2019 financing during the current period.

Three months ended November 30, 2019 Compared to Three months ended November 30, 2018


For the three months ended November 30, 2019, the Company had a net loss of
$3,446,919 compared to a net loss of $2,666,778 in the comparative period of the
prior year. Included in net loss was $806,137 (2018 - $145,001) in stock-based
compensation charges which is a result of stock options granted during the
period and previously granted stock options which vested during the period.
Stock-based compensation in the current period comprised of stock options
granted on July 31, 2017, November 19, 2018, April 9, 2019, June 13, 2019 and
October 11, 2019 which vested during the period. The prior period comparative
had stock-based compensation arising from stock options granted on September 15,
2016, July 31, 2017, and November 19, 2018 which vested during the comparative
period of the prior year. The increase in loss of $780,141 in the three month
period of the current year was due to a combination of factors discussed below.



The exploration expenditures decreased to $1,200,791 (2018 - $1,493,699) mainly
due to decrease in exploration in the current period while the Company worked on
securing additional financing. This was offset by an increase in stock-based
compensation charges of $69,051 during the current period compared to $13,363 in
the comparative period of the prior year. Management expects increases in
exploration costs over prior periods are likely to continue in the immediate
future periods as the Company secured further financing in October 2019.

Consulting fees increased to $492,052 (2018 - $129,994) mainly due to an increase in stock-based compensation charges of $377,416 during the current period compared to $64,744 in the comparative period of the prior year and an increase in consultant fees and directors' fees.

Depreciation expenses increased to $18,716 (2018 - $3,802) mainly due to depreciation of ROU assets after the adoption of Topic 842 - Leases.

Investor relations expenses increased to $569,537 (2018 - $470,054) mainly due to an increase in stock-based compensation charges of $110,811 during the current period compared to $19,572 in the comparative period of the prior year.

Office expenses decreased to $26,588 (2018 - $36,847) mainly due to the software acquisition in comparative period of the prior year.





Professional fees decreased to $73,528 (2018 - $101,269) mainly due the
professional fees incurred for updating the tax model for the Technical Report
and the adjustment of prior years' audit overaccrual during the comparative
period of the prior year. This was offset by an increase in stock-based
compensation charges of $6,084 during the current period compared to $1,179 in
the comparative period of the prior year.



  26

Regulatory expenses increased to $51,872 (2018 - $27,163) mainly due to an increase in the base and variable fee paid to the TSX in the current period which was based on the Company's market capitalization.





Rent expenses decreased to $1,765 (2018 - $18,479) mainly due to the adoption of
Topic 842 - Leases. Rent was classified as lease payment which was applied to
lease liabilities and interest expenses.

Travel expenses increased to $125,205 (2018 - $99,746) mainly due to more attendances in conference to secure additional financing.


Wages and benefits increased to $831,420 (2018 - $289,817) mainly due to an
increase in stock-based compensation charges of $242,775 during the current
period compared to $46,143 in the comparative period of the prior year, an
increase of $370,692 in wages and benefits in the current period as the 2018
bonus was paid in the third quarter of the prior year whereas the 2019 bonus was
paid in the second quarter of the current year. This increase was offset by a
decrease of $27,662 in employee expenses due to expenses associated with stock
option exercises in the comparative period of the prior year.



Other expense categories that reflected only moderate change period over period
were administration expenses of $107 (2018 - $109) and insurance expenses of
$54,458 (2018 - $50,597).




Other items amounted to a loss of $880 compared to an income of $54,798 in the
prior period. There was an increase in foreign exchange loss of $62,772 (2018 -
gain of $41,494), which was the result of factors outside of the Company's
control and an increase in interest income and expenses of $61,892 (2018 -
$13,304) as a result of more investment in cashable GIC's during the current
period net of interest expenses.

Liquidity and Capital Resources





The Company has no revenue generating operations from which it can internally
generate funds. To date, the Company's ongoing operations have been financed by
the sale of its equity securities by way of public offerings, private placements
and the exercise of incentive stock options and share purchase warrants. The
Company believes that it will be able to secure additional private placements
and public financings in the future, although it cannot predict the size or
pricing of any such financings. In addition, the Company can raise funds through
the sale of interests in its mineral properties, although current market
conditions have substantially reduced the number of potential buyers/acquirers
of any such interest(s). This situation is unlikely to change until such time as
the Company can develop a bankable feasibility study on one of its projects.
When acquiring an interest in mineral properties through purchase or option, the
Company will sometimes issue Common Shares to the vendor or optionee of the
property as partial or full consideration for the property interest in order to
conserve its cash.




The condensed interim consolidated financial statements have been prepared on a
going concern basis, which presume the realization of assets and discharge of
liabilities in the normal course of business for the foreseeable future. The
Company's ability to continue as a going concern is dependent upon achieving
profitable operations and/or obtaining additional financing.



In assessing whether the going concern assumption is appropriate, management
takes into account all available information about the future within one year
from the date the condensed interim consolidated financial statements are
issued.  There is substantial doubt upon the Company's ability to continue as
going concern, as explained below and in the condensed interim consolidated
financial statements.



The Company has sustained significant losses from operations, has negative cash
flows and has an ongoing requirement for capital investment to explore its
mineral properties.  Based on its current plans, budgeted expenditures, and cash
requirements, the Company does have sufficient cash to finance its current plans
for the 12 months from the date the condensed interim consolidated financial
statement are issued.



The Company reported cash and cash equivalents of $22,585,039 as at November 30,
2019 compared to $4,145,085 as at May 31, 2019. The change in cash position was
the net result of $4,611,626 used for operating activities, $19,916 used for
lease liabilities payments, and $23,221,316 received from the private placements
of common shares in June 2019, August 2019 and October 2019 (net of share issue
costs) during the period ended November 30, 2019.



As at November 30, 2019, the Company had working capital of $22,608,364 compared
to working capital of $4,204,082 as at May 31, 2019. On June 5, 2019, the
Company closed a non-brokered private placement equity financing and issued
500,000 common shares at a price of $1.80 per share for gross proceeds of
$900,000 and sold its non-core Alaskan royalty interests for a purchase price of
$350,000, before legal fees. On August 19, 2019, the Company closed a private
placement equity financing and issued 500,000 common shares at a price of $2.60
per common share for gross proceeds of $1,300,000. On October 10, 2019, the
Company closed a public bought deal equity financing and issued 11,500,000
common shares at a price of $2.00 per common share for gross proceeds of
$23,000,000.



  27






The Company expects that it will operate at a loss for the foreseeable future
and believes the current cash and cash equivalents will be sufficient for it to
maintain its currently held properties, and fund its currently anticipated
general and administrative costs until May 2021. Following May 2021, the Company
will need to scale back anticipated activities and costs or raise additional
financing to fund operations through the year ending May 31, 2022. The Company's
current anticipated operating expenses are $7,790,000 until May 31, 2020 and
$19,160,000 until May 31, 2021. The Company's anticipated monthly burn rate
averages approximately $1,298,000 for December 2019 to May 2020, where
approximately $446,000 is budgeted for administrative purposes and approximately
$852,000 is for planned exploration expenditures and holding costs for the NBP
and the MLP. From December 2019 to May 2021, the Company's anticipated monthly
burn rate averages approximately $1,064,000, of which $321,000 is budgeted for
administrative purposes and approximately $743,000 is for planned exploration
expenditures and holding costs for the NBP and the MLP. In any event, the
Company will be required to raise additional funds, again through public or
private equity financings, prior to the end of May 2021 in order to continue in
business. Should such financing not be available in that time-frame, the Company
will be required to reduce its activities and will not be able to carry out all
of its presently planned exploration and, if warranted, development activities
at the NBP and the MLP on its currently anticipated scheduling.



Despite the Company's success to date in raising significant equity financing to
fund its operations, there is significant uncertainty that the Company will be
able to secure any additional financing in the current or future equity markets.
See "Risk Factors - We will require additional financing to fund exploration
and, if warranted, development and production". Failure to obtain additional
financing could have a material adverse effect on our financial condition and
results of operation and could cast uncertainty on our ability to continue as a
going concern. The quantity of funds to be raised and the terms of any proposed
equity financing that may be undertaken will be negotiated by management as
opportunities to raise funds arise. Specific plans related to the use of
proceeds will be devised once financing has been completed and management knows
what funds will be available for these purposes. Due to this uncertainty, if the
Company is unable to secure additional financing, it may be required to reduce
all discretionary activities at the NBP and the Mother Lode Property to preserve
its working capital to fund anticipated non-discretionary expenditures beyond
the 2021 fiscal year.



The Company has no exposure to any asset-backed commercial paper. Other than
cash held by its subsidiaries for their immediate operating needs in Alaska and
Nevada, all of the Company's cash reserves are on deposit with a major Canadian
chartered bank. The Company does not believe that the credit, liquidity or
market risks with respect thereto have increased as a result of the current
market conditions. However, in order to achieve greater security for the
preservation of its capital, the Company has, of necessity, been required to
accept lower rates of interest, which has also lowered its potential interest
income.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.





Environmental Regulations



The operations of the Company may in the future be affected from time to time in
varying degrees by changes in environmental regulations, including those for
future removal and site restoration costs. Both the likelihood of new
regulations and their overall effect upon the Company vary greatly and are not
predictable. The Company's policy is to meet or, if possible, surpass standards
set by relevant legislation by application of technically proven and
economically feasible measures.

Certain U.S. Federal Income Tax Considerations for U.S. Holders





The Company has been a "passive foreign investment company" ("PFIC") for U.S.
federal income tax purposes in recent years and expects to continue to be a PFIC
in the future. Current and prospective U.S. shareholders should consult their
tax advisors as to the tax consequences of PFIC classification and the U.S.
federal tax treatment of PFICs. Additional information on this matter is
included in the Company's Annual Report on Form 10-K as filed with the SEC on
August 8, 2019, under "Certain United States Federal Income Tax Considerations".

Emerging Growth Company Status


We qualify as an "emerging growth company" as defined in Section 101 of the
Jumpstart our Business Startups Act ("JOBS Act") as we do not have more than
$1,000,000,000 in annual gross revenue and did not have such amount as of May
31, 2019, being the last day of our last fiscal year.



We will lose our status as an emerging growth company on May 31, 2020, the last
day of our fiscal year following the fifth anniversary of the date of the first
sale of common equity securities pursuant to an effective registration
statement.



  28

As an emerging growth company, we are exempt from Section 404(b) of the Sarbanes-Oxley Act of 2002 and Section 14A (a) and (b) of the Exchange Act. Such sections are provided below:

· Section 404(b) of the Sarbanes-Oxley Act of 2002 requires a public company's

auditor to attest to, and report on, management's assessment of its internal


   controls.

· Sections 14A(a) and (b) of the Exchange Act, implemented by Section 951 of the


   Dodd-Frank Act, require companies to hold shareholder advisory votes on
   executive compensation and golden parachute compensation.




As long as we qualify as an emerging growth company, we will not be required to
comply with the requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002
and Section 14A(a) and (b) of the Exchange Act, we may however determine to
voluntarily comply with such requirements in our discretion.

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