Rubicon Minerals : Bateman Gold Project Feasibility Study Presentation

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BATEMAN GOLD PROJECT FEASIBILITY STUDY

PRESENTATION

OCTOBER 21, 2020

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Cautionary Statements Regarding Forward-Looking Statements and Other Cautionary Notes

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Cautionary Statement regarding Forward-Looking Statements and other Cautionary Notes

All statements, other than statements of historical fact, contained or incorporated by reference in, or made during the presentation or discussion of, this presentation and its subject matter, including any information as to the future performance of the Company or the Project, constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "aspiring", "assumption", "believes", "conceptual", "contemplate", "contingency", "could", "demonstrate", "development", "economics", "enhance", "estimates", "evaluating", "expected", "expedited", "exploration", "feasibility", "Feasibility Study" (or "FS"), "forecast", "forward", "future", "growth", "indication", "initiatives", "may", "manageable", "metric", "mineable", "model", "ongoing", "opportunity", "optimization", "path", "plan", "potential", "preliminary", "Preliminary Economic Assessment" (or "PEA"), "profile", "project", "projected", "priority", "risk", "proposition", "scenarios","sensitivities", "should", "shovel-ready", "strategies", "study", "target", "timelines", "translates", "uncertainties", "upgrades", "upside", "viability", "view" and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be achieved or occur in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include, but not limited to statements regarding value-creation proposition; Mineral Reserve and Mineral Resource estimates (or "MRE") and other mineralization including Explore Targets and the McFinley, Pen, CARZ and Island Zones (or String of Pearls) (including any future MRE therefor, incremental mill feed therefrom or other organic growth); timing of the delivery and details of an updated NI 43-101 technical report for the Project; the details of the Feasibility Study (including any financial and/or economic metrics and results, such as return on capital (including internal rate of return or IRR), payback period, NPV, free cash flow (or FCF), cut-off grade, production and head grade profile, gold production (payable or otherwise), impact of tax loss pools, capital and operating costs, life of mine (or LOM), mine plans and life, estimated tonnes and grade, mineable inventory, underground development, plans (including any implementation plans for the Feasibility Study), timelines (including pre-Commercial Production and Commercial Production periods), additional permitting; Project Funding Requirement (including funding thereof and potential debt financing therefor), closure costs, net salvage value and other results of the Feasibility Study (all of which are estimates only) and impact thereon of existing infrastructure and planned and historical activities (including the implications of the 2018 test trial mining and bulk sampling), future infill and step-out drilling of the F2 Gold Deposit and exploration drilling at Explore Targets, the String of Pearls and regional exploration properties (including incremental tonnes or mill feed therefrom), optimization and expansion opportunities (including mill capacity) and risk mitigation factors and strategies; planned exploration and development activities and any impact of such activities; geological and structural modelling; future gold price and USD/CAD exchange (or FX) rates; feasibility and viability of the Project statements regarding the impact of health, safety and security measures or protections, and other protocols, implemented by the Company's in response to COVID-19, and the Company's ability to respond in the future to that situation, including the implementation any new such or other measures or protections and the impact thereof. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this presentation which may prove to be incorrect include those set forth herein, and in the Cautionary Statement at the end of the Company's news release dated October 21, 2020 (the "FS News Release"), the Company's Management's Discussion and Analysis for the fiscal year-ended December 31, 2019 ("2019 MD&A") and quarters ended March 31 and June 30, 2020 (together, the "2020 MD&A"), including the accompanying financial statements, and the Technical Report filed on July 27, 2020 (the "July 2020 Technical Report"), all available under the Company's profile at www.sedar.comand on its website at www.battlenorthgold.com. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the "Risk Factors" in the Company's annual information form dated March 27, 2020 (the "2020 AIF"), available under the Company's profile at www.sedar.comand on its website at www.battlenorthgold.com, as well as the risks, uncertainties, contingencies and other factors identified in the Cautionary Statement at the end of the FS News Release, the July 2020 Technical Report, and the 2019 MD&A and the 2020 MD&A (including the accompanying financial statements). The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the 2020 AIF. The forward-looking statements contained or incorporated by reference herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the FS News Release, the 2019 MD&A, the 2020 MD&A, the 2020 AIF and the July 2020 Technical Report. Forward-looking statements contained herein are made as of the date of this presentation (or as otherwise expressly specified) and Battle North disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.

Qualified Person

The content of this presentation has been read, verified and approved by Michael Willett, P.Eng., Director of Projects and Isaac Oduro, P.Geo., Manager of Technical Services for Battle North, as well as Andrew Mackenzie, P.Eng. and Tim Maunula, P.Geo. for TMAC, both of whom are independent from the Company. All are Qualified Persons as defined by NI 43-101.

Cautionary Statement regarding Mineral Reserve and Mineral Resource Estimates

See endnote 4 to this presentation.

Cautionary Note to U.S. Readers

See endnote 5 to this presentation.

2

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BATTLE NORTH GOLD VALUE-CREATION PROPOSITION

Several metrics that distinguish Battle North Gold from its development-stage peers

1. ACCOMPLISHED MANAGEMENT TEAM
2. STRONG BALANCE SHEET AND INSTITUTIONAL SHAREHOLDER SUPPORT
3. RED LAKE GOLD CAMP - TIER 1 MINING JURISDICTION
4. ROBUST BATEMAN GOLD PROJECT FEASIBILITY STUDY ("FS") ECONOMICS1
5. SIGNIFICANT INFRASTRUCTURE, SHOVEL-READY PROJECT
6. SUBSTANTIAL TAX LOSS POOLS
7. ORGANIC GROWTH POTENTIAL FROM STRING OF PEARLS

8. EXPLORATION UPSIDE WITH LARGE RED LAKE LAND PACKAGE

Red Lake, Ontario

(1) Refer to endnote #1 for further details

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MANAGEMENT

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ACCOMPLISHED MANAGEMENT TEAM

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Extensive underground mine construction, turnaround, operating, and financing experience

Management

George Ogilvie, P.Eng.

President and CEO

• +30 years of management, operating, technical, M&A, and restructuring
• Former CEO of Kirkland Lake Gold; led the successful turnaround of the Macassa Mine and acquisition of St. Andrew Goldfields
• Experience in deep, underground narrow-vein gold deposits in South Africa with AngloGold
• Grew Rambler Metals from grassroots exploration to profitable junior producer

Mike Willett, P.Eng.	•	+37 years of management, operating, technical, consulting and contracting experience
Director of Projects	•	Held senior roles with Hudbay
	•	Led the increase in mineral resources and permitting as CEO of Tamerlane Ventures Inc.
Eric Setchell	•	+30 years of U/G and open pit operations experience in a management and technical capacity
Mine General Manager	•	Managerial roles at Red Lake Gold Mines, Musselwhite, Mount Milligan, Lupin, Kapan, Bissett, Kapuskasing
		Phosphate Mine (Agrium),
Nick Nikolakakis, MBA	•	+25 years of corporate finance and management experience; +US$2 billion financings
CFO	•	Former CFO of Rainy River; led the sale to New Gold
	• Former VP Finance of Barrick - led the C$1.5 Billion financing of Pueblo Viejo in Dominican Republic
Nick Hayduk, LLB, MBA	•	+20 years as a corporate lawyer; +15 years of legal and management experience in the mining sector
General Counsel	•	Former SVP, Chief Legal Officer of Lundin Mining Corporation
	•	Former SVP, General Counsel of Kinross Gold Corporation

OTHER TEAM UNDERGROUND MINE EXPERIENCE:

• Dome Mine, Kensington Mine, Ming Mine, McCreedy West, Ruttan Mine, Snow Lake/Lalor, etc.

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BALANCE SHEET

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STRONG BALANCE SHEET AND SHAREHOLDER SUPPORT

Well-funded to support Project construction and exploration initiatives

	Equity ownership breakdown
Balance Sheet and Capital Structure (Sep 30/20)

Cash balance (unaudited):

Sprott Loan Facility15 (Dec 31/21) @ 9% avg. int. Lease liabilities

Shares outstanding

Options/Warrants outstanding

Market Data* (Oct 20/20)

BNAU share price: Market capitalization:

Avg. 30-day daily trading volume (TSX & OTC markets)

C$67 M	Management &
C$14.4 M
Board
C$0.4 M	0.60%	Retail
President and CEO
129,225,775	16.70%
George Ogilvie, P.Eng.:
7,234,654	580,479 shares

C$1.67	Institutional
C$215.8 M
Investors
405,336	82.70%

Analyst Coverage

(Target price range: C$2.75-C$5.50)

	BMO	Andrew Mikitchook
	TD Securities	Arun Lamba
	Laurentian Bank	Ryan Hanley
	Mackie Research	Stuart McDougall
	Industrial Alliance	George Topping
	Canaccord Genuity	Tom Gallo
	Cormark	Brock Colterjohn
	Stifel GMP	TBD
(15) Refer to endnote #15 for further details	WWW.BATTLENORTHGOLD.COM
*Source: TSX

Institutional shareholders

Sun Valley Gold	Franklin Templeton
Fidelity	RBIM
Invesco	Sprott/Ninepoints
BMO	SSI Asset Management
Donald Smith & Co.	Greywolf
Mackenzie Financial	Royal Gold
Ruffer	Earth Resources
Ixios	Millpond
Libra	K2	7

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RED LAKE GOLD CAMP

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PRESTIGIOUS RED LAKE GOLD MINING CAMP

Tier 1 mining jurisdiction located in Northern, Ontario, Canada

Gold Production within the Red Lake Greenstone Belt24

(to December 31, 2018)

Mine	Years of Production	Tonnes Milled	Ounces	g/t Au
Red Lake Gold Mines	2006-December 2018	8,977,311	6,443,300	22.32
Campbell Mine	1949-2006	18,093,133	11,216,443	19.33
Goldcorp (Dickenson)	1948-2006	8,715,238	5,962,948	21.29
Madsen (Historic)	1938-1976;1977-1999	7,872,688	2,452,388	9.70
Cochenour-Willans	1939-1971	2,096,656	1,244,279	18.44
McKenzie Red Lake	1935-1966	2,135,364	651,156	9.5
Howey	1930-1941; 1957	4,200,977	421,592	3.12
Hasaga (Historic)	1938-1952	1,374,642	218,213	4.94
Starratt Olsen	1948-1956	823,555	163,990	6.21
H.G. Young (Historic)	1960-1963	261,432	55,244	6.58
McMarmac	1940-1948	138,779	45,246	10.15
Gold Eagle	1937-1941	163,380	40,204	7.64
Red Lake Gold Shore	1936-1938	78,320	21,100	8.36
Buffalo	1981-1982	29,017	1,656	1.78
Abino	1985-1986	2,479	1,397	17.52
Lake Rowan	1986-1988	11,814	1,298	3.43
Mount Jamie	1976	882	377	13.3
Red Summit	1935-1936	536	277	16.08
McFinley (Historic)9	1987		N/A
Total		54,976,204	28,159,325	15.93
Battle North Gold	2018	35,629	4,907*	4.51**
Project Test Mining6

*Payable ounces, after mill recovery

**Mill head grade after external dilution and mining loss

(6) Refer to endnote #6 for further details	WWW.BATTLENORTHGOLD.COM	9
(9) Refer to endnote #9 for further details
(24) Refer to endnote #24 for further details

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BATEMAN GOLD PROJECT

FEASIBILITY STUDY

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BATEMAN GOLD PROJECT FEASIBILITY STUDY1

KEY HIGHLIGHTS AND ESTIMATES

ROBUST ECONOMICS

• Base Case estimates of 50.3% After-tax IRR, C$305.0 million After-tax NPV, and C$418.5 million Life of Mine ("LOM") Free Cash Flow ("FCF") at US$1,525/oz gold

MANAGEABLE INITIAL CAPITAL AND PROJECTED FUNDING

REQUIREMENT ESTIMATES

• Initial capital estimate of C$109.3 million (including 10% contingency) with Projected Funding Requirement estimate of C$93.2 million (including corporate G&A)

EXPEDITED TIMELINE TO INITIAL PRODUCTION

• Estimated 7 months to Initial Production from construction start; gradual estimated 21-monthramp-up to Commercial Production ("CP")

8.2 YEAR ESTIMATED MINE LIFE WITH THE POTENTIAL TO INCREASE MINE LIFE AND ANNUAL PRODUCTION ESTIMATES

• Estimated 80,000 oz/year of average annual Commercial Production (with

the potential to augment production from incremental mill feed from F2 Zone as well as the McFinley and Pen Zones8,9,12,19,22)

(1)	Refer to endnote #1 for further details	(12)	Refer to endnote #12 for further detail
(8)	Refer to endnote #8 for further details	(19)	Refer to endnote #19 for further details
(9)	Refer to endnote #9 for further details	(22)	Refer to endnote #22 for further details	WWW.BATTLENORTHGOLD.COM	11

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BATEMAN GOLD PROJECT FEASIBILITY STUDY1

LOM Project economics, annual and cumulative free cash flow estimates

LOM Project Economics

Bateman Gold Project LOM Free Cash Flow Profile

(C$ millions)

Metrics

(estimates)

After-tax IRR

After-tax NPV5%

After-tax Cumulative LOM

FCF, Net of Initial Capital

Base case FX rate (C$/US$)

NPV5%/Initial Capital ratio

Payback period

Remaining tax loss pools after LOM

Gold Price Assumption (oz)

US$1,525	US$1,900
(Base Case)
50.3%	86.4%
C$305.0 million	C$531.4 million
C$418.5 million	C$698.3 million
0.7407	0.7407
2.8	4.9
3.6 years	2.6 years
C$406.7 million	C$143.1 million

$200							$698	$800
$150																							$600
Average FCF @ US$1,900/oz:
															$419
C$106M/CP year												$400
Average FCF @ US$1,525/oz:
C$70M/CP Year																			$200
$50
$0																							$0
-$50																							-$200
-$100	Pre-CP		Commercial Production (CP)	-$400

SIGNIFICANT FREE CASH FLOW GENERATION FORECAST DURING COMMERCIAL PRODUCTION

-2-1	1	2	3	4	5	6	7	8
Cumulative FCF @ US$1525/oz		Cumulative FCF @ US$1900/oz
Annual FCF @ US$1525/oz			Annual FCF @ US$1900/oz

(1) Refer to endnote #1 for further details	WWW.BATTLENORTHGOLD.COM	12

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BATEMAN GOLD PROJECT FEASIBILITY STUDY1

Manageable Initial and Sustaining Capital Forecasts

Item

Underground development and infrastructure Equipment lease Surface and mill BNAU EPCM Team Closure costs

Salvage

Contingency (10%)

	Pre-CP	Sustaining
(millions)	(millions)
	C$55.7	C$124.7
$5.4	C$50.3
	C$34.1	C$13.7
	C$3.6	-

• C$7.7
• (C$7.6)

C$10.5 -

Estimated LOM U/G development metres are a function of more tonnes and geo-mechanical and geo-technical engineering applied to stope designs requiring more development. Infrastructure upgrades

related to the shaft, ventilation system, loading pocket, electrical work.

Primary infrastructure expenditure estimates include expansion of the TMF, installation of an ammonia reactor to the current wastewater treatment plant, and adding a surface crusher before the existing mill

Total Initial Capital

Total Sustaining Capital

Total LOM capital expenditures

Pre-CP Production: 47,829 oz

Pre-CP operating costs + royalties Royalties and other production taxes Proceeds from sale of Pre-CP oz (@ US$1,525/oz) Net Pre-CP operating cash flow Net Pre-CP Capital

Projected Funding Requirement (@US$1,525/oz)

C$109.3 -

• C$188.8C$298.1

C$62.5 - C$1.7

C$98.4 -

C$34.2 -

C$75.1 -

C$93.2 -

Contractor rates assumed during Pre-CP with planned switch to owner-operator rates when Commercial Production is potentially achieved. Initial Capital and Sustaining Capital estimates (C$27 million/CP year) are comparable to 2019 Preliminary Economic Assessment ("2019 PEA")20

Up to C$55 million cash from the balance sheet currently available for Project Funding Requirement (including Corporate G&A).

1. Refer to endnote #1 for further details

1. Refer to endnote #20 for further details

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BATEMAN GOLD PROJECT FEASIBILITY STUDY1

Underground development plan: The key to successful mining

36.7 KM OF LOM UNDERGROUND DEVELOPMENT	LOM Development Plan
(looking north)

• Manageable average estimated development rates of 18.2 m (5 rounds) per day and opportunity to improve rates
• Estimated cost of C$5,000-6,000 per metre for lateral and ramp development

8.6 KM OF PRE-CP U/G DEVELOPMENT - CRITICAL PATH TO ACHIEVING COMMERCIAL PRODUCTION

• Ramp to surface creates second access to U/G

• Access to 40 to 50 stopes at CP

• Up to 9 months of development ahead of mining

• Gradual 21-monthramp-up plan to Commercial Production (average 70% of 1,250 tpd permitted capacity, over 90 consecutive days)

SURFACE PORTAL CONSTRUCTION CAN COMMENCE Q1/2021

• Assuming project financing has been secured and construction decision is made before the end of 2020

(1) Refer to endnote #1 for further details	WWW.BATTLENORTHGOLD	14

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BATEMAN GOLD PROJECT FEASIBILITY STUDY1

LOM production and operating cost profile

• Estimated 8.2 year mine life, with 603koz LOM payable ounces, with potential to extend longer
• Gradual 21-monthramp-up plan to Commercial Production; ~48Koz of Pre-CP production
• Avg. ~80Koz/year of estimated Commercial Production
• AISC and AIC per ounce estimates demonstrate high margin potential at Base Case and spot gold prices
• Estimated average throughput below 1,800 tpd mill capacity with room for potential incremental tonnes from F2, McFinley and
  Pen Zones8,9,12,19,22

1. Refer to endnote #1 for further details

1. Refer to endnote #8 for further details
2. Refer to endnote #9 for further details

(12) Refer to endnote #12 for further detail

(19) Refer to endnote #19 for further details

Koz 100

Avg. CP Production 90

~80koz/year 80

Avg. LOM Mill Head 70

Grade: 5.54 g/t Au 60

50

40

30

20

10

0

Throughput (tpd)

Cash Costs (US$/oz)

AISC (US$/oz)

AIC(US$/oz)

Init. Capex (C$M)

Sust. Capex (C$M)

FCF (C$M)

LOM Annual Production and Mill Head Grade Profile

		Commercial Production (CP)				g/t Au
					5.39	7.09	8.00
			5.10	5.18	7.00
5.70	5.40	5.05
					6.00
							5.00
							4.00
							3.00
							2.00
64	75	81	82	83	89	81	1.00
0.00
1	2	3	4	5	6	7
LOM
1,029	1,270	1,467	1,457	1,451	1,495	1,038	1,315
$677	$648	$632	$661	$636	563	$495	$613
$1,161	$949	$863	$947	$1,006	698	$531	$865
$1,340	$1,102	$1,005	$1,088	$1,146	$828	$652	$1,010
							$109.3
$42.1	$30.7	$25.3	$31.6	$41.2	$16.1	$1.8	$188.8
$31.6	$58.5	$72.6	$63.7	$57.8	$98.8	$110.6	$418.5

(22) Refer to endnote #22 for further details

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BATEMAN GOLD PROJECT FEASIBILITY STUDY1

Mine plan predominantly uses bulk mining methods translating to a low operating cost operation

• Sub-LevelLonghole and Uppers methods represent 80% of LOM tonnes and were successfully tested during 2018 test trial mining6
• Most of the mine plan is within the competent High-Ti Basalt Unit rock package. Small portion mined in the Ultramafic ("UM")/Ultramafic Talc Units
• Upside potential of increased usage of MBRM expected to lower mining costs and to mine narrow stopes (1.2 m minimum width)

Metrics	Sub-Level	Uppers	MBRM	Cut-and-Fill
(estimates)	Longhole	(UM Talc)

Tonnes	2,270,291	584,990	465,805	227,212
LOM tonnes (%)	63.7%	16.4%	13.1%	6.4%
Total stopes	141	141	52	63
Average stope size (tonnes)	16,101	4,149	8,958	3,607
Average dimensions	40m/5m/24m	16m/5m/19m	42m/4m/22m	16m/4m/16m
(height/width/strike)
External dilution	17%	15%	16%	20%
Average diluted grade	5.45 g/t Au	5.40 g/t Au	5.30 g/t Au	7.24 g/t Au
(after dilution and mining-loss)
Mining cost per tonne	$79	$88	$111	$234
(including indirect costs)
Typical productivity rates for these	510	260	600	140
mining methods (tpd)

Cut-and-Fill

(High-Ti Basalts,

Felsics, UM)

14,266

0.4%

6

2,378

10mx5mx16m

14%

6.92 g/t Au $139

140

(1) Refer to endnote #1 for further details	WWW.BATTLENORTHGOLD.COM
(6) Refer to endnote #6 for further details	16

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BATEMAN GOLD PROJECT FEASIBILITY STUDY SENSITIVITIES1

Estimated after-tax IRR and NPV5% are sensitive to gold price, grade, throughput and FX rates

AFTER-TAX IRR (%)/NPV5% (C$ MILLIONS) - SENSITIVITIES TO GOLD PRICE AND CAD$/USD$ FX RATE

1. Refer to endnote #1 for further details

CAD$/USD$					Gold Price (US$/oz)
			US$1,525
FX Rate	US$1,200	US$1,325	US$1,400	US$1,600	US$1,700	US$1,900	US$2100
Base Case
0.84	6%/$9	17%/$19	23%/$121	34%/$191	40%/$233	48%/ $289	64%/ $400	82%/ $510*
0.80	12%/42	23%/$116	29%/$160	40%/$233	46%/$277	55%/ $336	73%/ $454	91%/ $552*
0.7407	20%/$100	32%/$178	39%/$226	50%/$305	57%/$352	67%/ $416	86%/ $531*	107%/ $622*
Base Case
0.70	27%/$143	39%/$227	46%/$278	59%/$361	66%/$412	76%/ $479	98%/ $582*	120%/ $677*
0.66	34%/$192	47%/$281	55%/$335	68%/$423	76%/$477	87%/ $535*	110%/ $637*	135%/ $737*
					*Scenarios where entire the C$704 million tax loss pools are exhausted

	Project After-Tax IRR (%)			Project After-Tax NPV5% (C$000)
IRR		Feasibility Study		NPV5%	Feasibility Study
80%		Base Case			$500,000	Base Case
70%
60%					$400,000
50%					$300,000
40%
30%					$200,000
20%					$100,000
10%
0%					$0
80%	90%	100%	110%	120%	80%	90%	100%	110%	120%
		Flex Factor				Flex Factor
LOM Operating Cost	LOM Capital Cost	Throughput (tpd)	Grade (g/t Au)	LOM Operating Cost	LOM Capital Cost	Throughput (tpd)	Grade (g/t Au)	17

BATEMAN GOLD PROJECT FEASIBILITY STUDY1

Project optimization opportunities

EVALUATE COST/BENEFIT OF LOWER MINING CUT-OFF

GRADE (BASED ON A HIGHER GOLD PRICE ASSUMPTION)

• Potential to add profitable stopes into the LOM mine plan

CONTINUED EXPLORATION ON NEAR-MINE TARGETS

• Infill and step-out drilling of the F2 Gold Deposit Inferred Mineral Resource estimates1,4,5 and Explore Target7 areas, and McFinley9,12,19,22 and Pen Zones8,22 could potentially provide future incremental mill feed for the Project

EXPANDED USE OF ELECTRIC/BATTERY-OPERATED MOBILE EQUIPMENT

• Potential to reduce emissions and ventilation requirements long-term

EXPANDED USE OF MBRM

• More productive mining method that can potentially reduce stope cycle time translating to lower mining costs per tonne

(1)	Refer to endnote #1 for further details	(9)	Refer to endnote #9 for further details
(4)	Refer to endnote #4 for further details
(12)	Refer to endnote #12 for further details	WWW.BATTLENORTHGOLD.COM
(5)	Refer to endnote #5 for further detail
(19)	Refer to endnote #13 for further details
(7)	Refer to endnote #7 for further details	(22)	Refer to endnote #20 for further details
(8)	Refer to endnote #8 for further details

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FEASIBILITY STUDY MINERAL RESERVE AND RESOURCE ESTIMATE1,4,5

Maiden Mineral Reserve Estimate for the F2 Gold Deposit1,4,5

• Mineral Reserve estimates @ 3.41 g/t Au mining cut-off grade based on a US$1,375/oz gold price assumption1,4,5
• Average drill density of July 2020 Mineral Resource estimate2,4,5: 8 m (Measured), 19 m (Indicated) and 26 m (Inferred)
• ~70% conversion of July 2020 M+I Mineral Resource estimate2,4,5 (@ 3.41 g/t Au cut-off) to FS Proven + Probable Mineral Reserve estimates1,4,5
• >90% conversion from January 2020 Inferred Mineral Resource estimates3,4,5 to July 2020 M+I Mineral Resource estimate2,4,5
• F2 Explore Target7 at depth: 1.0-1.3M tonnes between 5.0-7.0g/t Au2

FS Mineral Reserves and Resources Estimate1,4,5 - F2 Gold Zone

Category	Quantity	Grade	Contained Gold
(tonnes)	(g/t Au)		(oz)
Proven Reserve	339,227	5.76		62,830
Probable Reserve	3,223,337	5.52		572,009
Total Reserves		3,562,565	5.54	634,838
Measured Resource (M)		391,000	6.50	81,700
Indicated Resource (I)		1,115,000	7.49	268,600
M + I Resource		1,506,000	7.24	350,300
Inferred Resource		1,303,000	6.50	272,200

• Effective date is September 7, 2020;
• FS Mineral Reserve estimates use a break-even blended economic mining cut-off grade of 3.41 g/t Au based on assumptions of a gold price of US$1,375/oz, an exchange rate of US$/C$0.76, mining cash costs of $98/t, processing costs of $25/t, G&A and other (including exploration, refining, transport, and royalty costs) of $30/t, and mining recovery of 95%;
• FS M+I and Inferred Mineral Resource Estimates use a break-even economic cut-off grade of 3.0 g/t Au based on assumptions of a gold price of US$1,400/oz, an exchange rate of US$/C$ 0.74, mining cash costs of C$97/t, processing costs of C$33/t, G&A of C$18/t, sustaining capital C$20/t, refining, transport and royalty costs of C$59/oz, and average gold recoverability of 95%.
• Reported from within an envelope accounting for mineral continuity.
• All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.

(1)	Refer to endnote #1 for further details
(2)	Refer to endnote #2 for further details
(3)	Refer to endnote #3 for further details	WWW.BATTLENORTHGOLD.COM
(4)	Refer to endnote #4 for further details	19
(5)	Refer to endnote #5 for further detail
(7)	Refer to endnote #7 for further details

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BATEMAN GOLD PROJECT FEASIBILITY STUDY1

Permitting, consultation, closure and rehabilitation

SUBSTANTIALLY PERMITTED FOR 1,250 TPD

• The successful implementation of an ammonia treatment upgrade to the Project's water treatment system and installation of sceptic field bed systems throughout the site required to qualify for the material permits

POTENTIAL PERMIT AMENDMENT TO 1,800 TPD

• The Company will evaluate the permit amendments required for the increased projected production rate at a future juncture

ONGOING CONSULTATIONS WITH LOCAL FIRST NATIONS

• Battle North currently has exploration agreements with local First Nations communities and expects to commence IBA discussions soon

CLOSURE AND REHABILITATION COSTS C$7.7 MILLION

• Closure and rehabilitation costs are expected to be substantially offset by the estimated salvage value of C$7.6 million of the material site assets at closure

(1) Refer to End Note #1 for further details	WWW.BATTLENORTHGOLD.COM	20

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BATEMAN GOLD PROJECT

INFRASTRUCTURE

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BATEMAN GOLD PROJECT INFRASTRUCTURE

Significant benefit from existing, operational infrastructure

Red Lake Gold Mines (Evolution)	Cochenour (Evolution)

200-person camp

Head frame and hoist commissioned	Tailings management
14 km of U/G development;	facility substantially
Shaft completed to 730 m below surface	completed

1,800 tpd mill; permitted to 1,250 tpd

Power, roads, earth and civil works in place

Sunk Capital (C$ millions)

Mill construction	+$150
Surface construction	+$95
U/G exploration, development, etc.	+$525
Total	+$770 M	22

BATEMAN GOLD PROJECT 1,800 TPD MILL

State-of-the-art facility constructed in 2015

• Current configuration has name plate capacity throughput of 1,800 tpd with minor modifications
• SAG and ball mill configuration; third pedestal for a 2nd ball mill for potential further expansion to 2,500 tpd
• 2 Knelson concentrators
• Carbon-in-Leachextraction
• Surface crusher reduces mill feed to 150 mm (or 6-inch minus) prior to processing
• 95% recoveries (43% from gravity) operating at an average throughput rate of 1,540 tpd achieved during 2018 bulk sample processing6
• 1. Refer to endnote #6 for further details

(17) Refer to endnote #17 for further details	23

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TAX LOSS POOLS

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IMPACT OF C$704 MILLION OF TAX LOSS POOLS

Tax loss pools significantly enhances projected Free Cash Flow Profile1

• Battle North Gold has C$704M of tax loss pools
• The Feasibility Study (FS) LOM plan utilizes approximately C$297M of tax loss pools, with C$407M of remaining1
• FS estimates tax loss pools to contribute C$132 M LOM or US$162/oz of FCF1
• At US$1,900/oz gold, the FS LOM plan projects depletion of the entire C$704M of tax loss pools; tax strategies become more relevant at the current elevated gold price environment1.

CAD$/USD$

FX Rate

0.84

0.80

0.7407

Base Case

0.70

0.66

AFTER-TAX IRR (%)/NPV5% (C$ MILLIONS) - SENSITIVITIES TO

GOLD PRICE AND CAD$/USD$ FX RATE

Gold Price (US$/oz)

US$1,700	US1,800	US$1,900	US$2,000	US$2100
48%/ $289	56%/$344	64%/ $400	73%/$456	82%/ $510*
55%/ $336	64%/$395	73%/ $454	82%/$510*	91%/ $552*
67%/ $416	77%/$480	86%/ $531*	97%/$577*	107%/ $622*
76%/ $479	87%/$534*	98%/ $582*	109%/$630*	120%/ $677*
87%/ $535*	99%/587*	110%/ $637*	123%/$688*	135%/ $737*

*Scenarios where entire the C$704 million tax loss pools are exhausted

(1) Refer to endnote #1 for further details

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"STRING OF PEARLS"

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STRING OF PEARLS: PEN8,22, MCFINLEY9,12,19,22, CARZ10, ISLAND11 ZONES

Potential organic growth and incremental mill feed for the Bateman Gold Project

				4 km			Plan view
		McFinley
Camp				Pen Zone	CARZ	Island

244-metre level exploration drift

F2 Gold Deposit

Shaft bottom

1000 m

Long section looking north west

• The String of Pearls are potentially accessible from underground
• Historical high-grade intersections encountered at Pen, McFinley, CARZ, and Island

zones9,10,11,12,13,21,25

• Drilling has commenced to evaluating the Mineral Resource potential of the McFinley and Pen Zones

(8) Refer to endnote #8 for further details	(12) Refer to endnote #12 for further details		McFinley
(9) Refer to endnote #9 for further details	(19)	Refer to endnote #19 for further details		F2 Gold Zone
(10) Refer to endnote #10 for further details	(22)	Refer to endnote #22 for further details	WWW.BATTLENORTHGOLD.COM
(11) Refer to endnote #11 for further details			27

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STRING OF PEARLS: MCFINLEY9,12,19,22

Historic mineral resource estimate9 with existing U/G development near Bateman infrastructure

Highlights from 2020 McFinley Zone Exploration Program19,22

Historic McFinley Deposit (2002)9,12

Inferred: 66,801 oz Au

(303,000 tonnes grading 6.86 g/t Au)

Isometric view looking northwest

Drill hole

number

122L-20-09

84L-20-05

84L-20-02

84L-20-07

122L-20-04

84L-20-01

Intercept	Notes
191.00 g/t Au over 0.20 m	Banded iron formation
134.00 g/t Au over 0.27 m	Banded iron formation
84.90 g/t Au over 0.27 m & 6.31 g/t Au over 1.20 m	Banded iron formation;
(including 14.40 g/t Au over 0.30 m)	See Picture 1
20.50 g/t Au over 0.31 m	Banded iron formation
11.00 g/t Au over 0.63 m	Banded iron formation
7.36 g/t Au over 1.61 m (including 15.50 g/t Au over 0.40 m)	Banded iron formation

122-metre level

More than 550 m deep from the bottom of the

183-metre level

244-metre level

Picture 1: 2020 McFinley Zone Exploration Program19 - Hole 84L-20-

02 Core Section with visible gold (circled in blue)

historic McFinley Deposit mineral resource9

305-metre level

Main F2

Gold Zone

Shaft

610-metre level

	685-17-C0412:
	3.66 g/t Au over 0.4 m
	2.93 g/t Au over 0.7 m
	3.48 g/t Au over 1.0 m
	5.55 g/t Au over 0.7 m
(9) Refer to endnote #9 for further details
(12) Refer to endnote #12 for further details	WWW.BATTLENORTHGOLD.COM
(19) Refer to endnote #19 for further details
(22) Refer to endnote #22 for further details

685-metre level

Drill hole

U/G development

Scale: 200 m

28

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STRING OF PEARLS: PEN ZONE8,22

Within 550 m of the Bateman Gold Project; Maiden Mineral Resource Estimate Q1/21

Pen Zone (not true widths)

Recent drill assays22:

• 244L-20-02:34.01 g/t Au over 2.37 m (incl. 136.00 g/Au over 0.50 m)
• 244L-20-04:6.88 g/t Au over 2.50 m (incl. 24.10 g/t Au over 0.50 m)

Historical drill assays8:

• MF-03-16:46.00 g/t Au over 1.0 m
• MF-03-30:13.13 g/t Au over 1.7 m (incl. 66.1 g/t Au over 0.3 m)
• MF-07-203:17.95 g/t Au over 0.7 m
• MF-07-209:9.68 g/t Au over 1.6 m & 21.83 g/t Au over 1.0 m
• MF-08-224:11.9 g/t Au over 0.9 m
• PR-10-04:10.4 g/t Au over 1.0 m & 14.48 g/t Au over 1.0 m

Section looking north

(8) Refer to endnote #8 for further details	WWW.BATTLENORTHGOLD.COM
(22) Refer to endnote #22 for further details	29

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RED LAKE PROPERTIES

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RED LAKE GOLD CAMP

More than 28Moz historic gold production24

BATTLE NORTH OWNS 2ND LARGEST LAND PACKAGE IN RED LAKE

• Claims overlay on most of the major gold deformation zones in the Red Lake camp

HIGH-PRIORITY REGIONAL EXPLORATION TARGETS INCLUDE

• McCuaig: located on the intersection of the Mine Trend and the East Bay Deformation Zone; Historical high-grade assay results13:

1. MC-07-01AW: 15.65 g/t Au over 1.55 m

• 1. MC-02-32:22.83 g/t Au over 3.10 m (incl. 75.91 g/t Au, 0.70 m) o MC-02-27:25.48 g/t Au over 1.1 m & 18.08 g/t Au over 0.45 m
• East Bay: Potential down-dip extension of known NI 43-101 gold deposit
• Slate Bay: Intriguing copper- porphyry-style mineralization along the "Mine Trend" gold deformation zone
• Sidace Lake: located adjacent to known NI 43-101 gold deposit

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10 km radius from the Bateman Gold Project infrastructure

(13) Refer to endnote #13 for further details	WWW.BATTLENORTHGOLD.COM	31

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BATTLE NORTH GOLD

An aspiring gold producer in Red Lake, Ontario

1. ACCOMPLISHED MANAGEMENT TEAM
2. STRONG BALANCE SHEET AND INSTITUTIONAL SHAREHOLDER SUPPORT
3. RED LAKE GOLD CAMP - TIER 1 MINING JURISDICTION
4. ROBUST BATEMAN GOLD PROJECT FEASIBILITY STUDY ECONOMICS
5. SIGNIFICANT INFRASTRUCTURE, SHOVEL-READY PROJECT
6. SUBSTANTIAL TAX LOSS POOLS
7. ORGANIC GROWTH POTENTIAL FROM STRING OF PEARLS
8. EXPLORATION UPSIDE WITH LARGE RED LAKE PROPERTIES

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CONTACT US

Allan Candelario, CFA

Director, Investor Relations and Corporate Development

416-766-2804

[e-mail]

www.battlenorthgold.com

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APPENDICES

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BATEMAN GOLD PROJECT FEASIBILITY STUDY1

A substantial amount of work went into turning around the Project

Positive 35kt bulk sample reconciliation6 validating the 2018 MRE and new geological model

Robust Maiden Feasibility Study1 for the Bateman Gold Project:

Turnaround plan implemented.
Golder/TMAC hired as consultants;		Mill re-commissioned;
oriented drilling, relogging, mapping	Test trial mining re-
commences to better understand	bulk sampling
commences at the
complex geology	commences6
Bateman Gold Project

Robust 2019 PEA20 delivered: After-tax IRR 40.2%, After-tax NPV5% C$135.2M, 6.2 year LOM, ~80koz/year production

After-tax IRR and NPV5% 50% and $305 million, respectively.

8.2 year LOM, Avg. 80koz/year of Commercial Production

2016

2017

2018

2019

2020

George Ogilvie, P.Eng., appointed
		2019 MRE4,5,18 demonstrated 346%
New structural and geological model17 completed;
President and CEO. The Company	increase in M+I MRE compared to
2018 MRE4,5,17 showed +113% and +81%
launches successful Restructuring	2016 MRE4,5,16.
Transaction and a C$45 million	increase in M+I and Inferred MRE, respectively,
compared to the 2016 MRE4,5,16.
equity financing to advance the
Batman Gold Project21

January 2020 MRE3,4,5, and July 2020 MRE2,4,5, demonstrate substantial increases in M+I MRE, respectively, compared to 2016

MRE4,5,16.

"MRE" means Mineral Resource estimate
(1) Refer to endnote #1 for further details	(16) Refer to endnote #16 for further details
(2) Refer to endnote #2 for further details	(17) Refer to endnote #17 for further details
(3) Refer to endnote #3 for further details	(18) Refer to endnote #18 for further details
(4) Refer to endnote #4 for further details	(20) Refer to endnote #20 for further details	WWW.BATTLENORTHGOLD.COM
(5) Refer to endnote #5 for further details	(21) Refer to endnote #21 for further details	35
(6) Refer to endnote #6 for further details

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BATEMAN GOLD PROJECT FEASIBILITY STUDY	1	(2)	Refer to endnote #2 for further details
	(1)	Refer to endnote #1 for further details
		(4)	Refer to endnote #4 for further details
Implementation Plan and measures taken to mitigate risk during construction phase	(5)	Refer to endnote #5 for further details
(6)	Refer to endnote #6 for further details

Grade control

• mine plan execution

Capex and scheduling

Mill recovery rates & TMF management

COVID

Measures

Battle North Gold Measures

• Positive 2018 Bulk Sample Reconciliation6: Sizable 35,000-tonne bulk sample processing program in 2018 demonstrated positive reconciliation in terms of grades (+6.1%), tonnes (+7.2%) and ounces (+13.8%) validating the geological model and parameters used; lower-gradepre-developed stopes utilized (no "cherry picking" stopes)
• Well-drilledJuly 2020 M+I Mineral Resource estimates2,4,5 and FS Mineral Reserve estimates1,4,5: Average 18 m drill centre spacing
• Estimated planned U/G development up to 9 months ahead of mining prior to CP
• Materials handling: Reducing ore-rehandling, comingling ore and waste, and incentives for miners to achieving grade targets
• Reasonable external dilution estimates: 16.6% external dilution + 5% ore-loss
• Significant infrastructure already in place
• Realistic C$5000-6000U/G cost per metre and advance rates (peak 14 m development/day) estimate; opportunity to increase advancement rates with additional crews as mining horizons are opened up
• 21-monthramp-up to CP is a relatively gradual time frame and provides buffer for any unforeseen events
• >100,000 tonnes of material processed: The Bateman Project mill has operated optimally since 2015. Achieved 1,540 tpd run-rate and 95% recovery (43% from gravity) during 2018 bulk sample processing program6
• FS contemplates installation of an ammonia reactor at the Project's existing wastewater treatment plant to treat ammonia in the effluent during operations. The FS contemplates installation early on during the construction period prior to operating the mill.
• Continuing to practice social distancing and supplying employees with additional PPE, sanitizers, and cleaners
• Pre-Screeningmeasures before visiting site, no flying/drive only policy, crew segregations within the camp
• Conducting temperature checks and rapid COVID testing

Management &	•	The Battle North team has significant construction, operating and turnaround experience in challenging underground mines around the world
Project Team		including the Witwatersrand basin in South Africa, Northern Ontario mining camps (Sudbury, Timmins, Kirkland Lake, and Red Lake), Northern
Experience		Manitoba, Val d'Or mining camp in Quebec, Northern New Brunswick, Northern Saskatchewan, and in Newfoundland.		36

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2018 TEST MINING AND BULK SAMPLE PROCESSING PROGRAM6

Positive reconciliation to the block model estimates and 95% mill recovery

2018 Bulk Sample Reconciliation Results6

(before external mining dilution)

Stope Information and Mill Results

	Bulk sample	Block model6,17	Difference
	results	(%)
Tonnes (t)	32,551	30,360	+7.2%
Grade (g/t Au)	4.93	4.65	+6.1%
Ounces (oz)	5,165	4,539	+13.8%
External dilution	8.7%	10.0%	-13.0%

• >10,000 samples taken from chips and mucks
• Drilling at 5-metrecentres for stope shaped design and grade confirmation
• 3 Test stopes mined sequentially to avoid comingling of material; Stockpiled separately and batched sequentially to the mill separately
• Sublevel longhole and uppers methods: Successfully demonstrated the amenability of bulk mining methods
• External dilution was minimized due to near-vertical orientation of the stopes and mining within High-Ti Basalts (and not to the contacts)

Categories

Average stope height (m)

Average stope strike length (m)

Average stope width (m)

External mining dilution (% )

Achieved throughput

Mill recovery (%)

Recovery from gravity circuit (%)

Approximate silver (Ag) ounces recovered

Result

1. m

1. m 6 m

8.7%

70 tph

1,540 tpd

95.1%

43.2%

1,043 oz Ag

Potential to operate at 1,800 tpd in current configuration with minor modifications

1. Refer to endnote #6 for further details

1. Refer to endnote #17 for further details

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STRUCTURAL INTERPRETATION16,17,23

Plan view comparison of structural interpretations of the F2 Gold Zone

• Riedel vein system: System of mineralized quartz- actinolite veins that appear to be primary structural controls on gold mineralization at the F2 Gold Deposit
• More continuity of gold mineralization within the HiTi Basalt Units (main host rock) compared to the 2016 geological model16
• Successful bulk mining6: new model amenable to bulk mining

2013 Structural Interpretation23

(1.1Moz Indicated;

2.2Moz Inferred)

2016 Structural Interpretation16

(0.1Moz Indicated;

0.3Moz Inferred)

2018 Structural
Interpretation17
(0.28Moz M+I; 0.75Moz
Inferred)	Picture example of drill core
	displaying the Riedel veins*
	(horizontal dimension of image 80 cm)
	*Not taken from Bateman Gold Project
	North
	(mine-grid)

		Historical drill holes		D1 N-S structures		D2 dextral transpresion
(6) Refer to endnote #6 for further details
	HiTi Basalt Units
(17) Refer to endnote #17 for further details		Ultramafic Flow Units		D2 E-W structures	Mineralized	R' veins
(18) Refer to endnote #18 for further details
				R veins
(25) Refer to endnote #25 for further details		High-grade domain		Quartz-Breccia Zones	Riedel veins
				(higher grade)	(orientations):	P veins
						T veins (not shown)

38

38

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SUBLEVEL LONGHOLE AND UPPERS MINING METHOD

Conceptual diagram20

Section view	"Uppers" 18m up-holes
looking north
Longitudinal view looking east (mine grid)
(mine grid)

Section Ring 33
"Sub-Level Longhole"	Cross cut
•	28m down-holes
•	18m up-holes
•	sub-levels20-30m apart

U/G development		Longhole
Planned stope shape		Drill holes

(20) Refer to endnote #20 for further details

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MASS-BLAST RAISE MINING

Conceptual diagram (courtesy of ManRoc Developments)20

				Longhole drilling:
				Holes ~10 m in
							Backfilled
				length		Charging and		30-60 m
Driving		Cable
the raise		bolting				blasting longholes		stope	avg. stope
									heights

1-3 m avg. stope widths

(20) Refer to endnote #20 for further details

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ENDNOTES

All prior news releases and Technical Reports of Battle North Gold Corporation (the "Company") referenced in this Presentation, including in these End Notes, are available under the Company's profile at www.sedar.comand on its website (www.battlenorthgold.com). Prior to July 7, 2020, the Company was known as Rubicon Minerals Corporation and the Bateman Gold Project was known as the Phoenix Gold Project.

1. For more information on the Feasibility Study and the FS Mineral Reserve and Mineral Resource Estimates refer to the Company's news release dated October 21, 2020. An updated Technical Report for the Project will be filed in 45 days from the news release.
2. For more information on the July 2020 Mineral Resource estimate refer to the Battle North Gold news release dated July 8, 2020 and the corresponding updated Technical Report filed on July 27, 2020. The July 2020 Mineral
   Resource estimate is not current and should not be relied upon.
3. For more information on the January 2020 Mineral Resource estimate refer to the Company's news release dated January 7, 2020 and the corresponding updated Technical Report filed on January 16, 2020. The January 2020 Mineral Resource estimate is not current and should not be relied upon.
4. Until mineral deposits are actually mined and processed, Mineral Reserves and Mineral Resources must be considered as estimates only. Mineral Resource estimates that are not Mineral Reserves do not have demonstrated economic viability. The estimation of Mineral Reserves and Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the foregoing Cautionary Statements, as well as those described in the 2019 MD&A and 2020 MD&A (and accompanying financial statements), the 2020 AIF and the July 2020 Technical Report. The quantity and grade of reported "Inferred" Mineral Resource estimates are uncertain in nature and there has been insufficient exploration to define "Inferred" Mineral Resource estimates as an "Indicated" or "Measured" Mineral Resource and it is uncertain if further exploration will result in upgrading "Inferred" Mineral Resource estimates to an "Indicated" or "Measured" Mineral Resource category. The accuracy of any Mineral Reserve and Mineral Resource estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral reserve and Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of test stoping and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including stope design; (vi) proposed mining operations, including dilution; (vii) the evaluation of mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. It cannot be assumed that all or any part of an "Inferred", "Indicated" or "Measured" Mineral Resource estimate will ever be upgraded to a higher category. The Mineral Reserve and Mineral Resources estimates referenced herein were reported using Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (the "CIM Standards") in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101").
5. This presentation uses the terms "Mineral Reserve", "Proven Mineral Reserve", "Probable Mineral Reserve", "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" as defined in the CIM Standards (collectively, the "CIM Definitions") in accordance with NI 43-101. While these terms are recognized and required by the Canadian Securities Administrators in accordance with Canadian securities laws, they are not recognized by the United States Securities and Exchange Commission (the "SEC") and differ materially from the definitions in the SEC Industry Guide 7 under the United States Securities Act of 1933, as amended. Under SEC Industry Guide 7, 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" as defined in NI 43-101 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. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to SEC Industry Guide 7 "Reserves". The estimation of "Measured Mineral Resources" and "Indicated Mineral Resources" involves greater uncertainty as to their existence and economic and legal feasibility than the estimation of SEC industry Guide 7 "Reserves". Under SEC Industry Guide 7, 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. The estimation of "Inferred Mineral Resources" involves far greater uncertainty as to their existence and economic and legal viability than the estimation of other categories of "Mineral Resources". Under NI 43-101, estimates of "Inferred Mineral Resources" may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment (or PEA) under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute "Reserves" as in-place tonnage and grade without reference to unit measures. It cannot be assumed that any part or all of a "Inferred Mineral Resource", "Measured Mineral Resource" or "Indicated Mineral Resource" estimate exists or is economically or legally mineable.

(continued next page)
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ENDNOTES (continued)

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 under the United States Securities Exchange Act of 1934. These amendments became effective February 25, 2019 (the "SEC Modernization Rules") and, on January 1, 2021, will replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after such date. However, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101. The SEC Modernization Rules include the adoption of terms describing "mineral reserves" and "mineral resources" that are "substantially similar" to the corresponding terms under NI 43-101. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definitions. U.S. investors are cautioned that while the above terms are "substantially similar" to CIM Definitions, there are differences between the definitions ascribed to such terms under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance that any "Mineral Reserve" or "Mineral Resource" estimate that the Company may report as "Proven Mineral Reserves", "Probable Mineral Reserves", "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared such estimates under the standards adopted under the SEC Modernization Rules. For the above reasons, the "Mineral Reserve" and "Mineral Resource" estimates and related information in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

1. For more information on the 2018 bulk sample reconciliation results, please refer to the news release on November 29, 2018.
2. The potential quantity and grade of "Explore Target" areas is conceptual in nature. There has been insufficient exploration of "Explore Target" areas to define a mineral resource estimate and it is uncertain if further exploration will result in any part of "Explore Target" areas being delineated as a mineral resource.
3. For more information on the Pen Zone historical (pre-2020) and current drill results, please refer to the Company's news releases dated July 27, 2020 and September 24, 2020.
4. For more information on the Historic McFinley Deposit, please refer to the Mineral Deposit Inventory for Ontario, MENDM which is available athttp://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52N04SE00005.html. These estimates are historical, not NI 43-101compliant and should not be relied upon.
5. For more information on the CARZ drill results, please refer to the Company's news release dated June 17, 2015.
6. For more information on the Island Zone drill results, please refer to the Company's news release dated September 30, 2004.
7. For more information on the McFinley deep drilling, please refer to the Company's news release dated February 20, 2018.
8. For more information on the historical McCuaig drill results, please refer to the Company's news release dated April 18, 2002.
9. For more information on the amendment to the Sprott loan facility, please review the Company's news release dated June 1, 2020.
10. For more information, please refer to the Company's news release dated March 23, 2020.
11. For more information on the 2016 Mineral Resource Estimate refer to the Company's news release dated January 16, 2016 and the corresponding Technical Report filed on February 25, 2016. The 2016 Mineral Resource estimate and corresponding technical report are not current and should not be relied upon.
12. For more information on the 2018 Mineral Resource estimate refer to the Company's news release dated April 30, 2018 and the corresponding Technical Report filed on June 13, 2018. The 2018 Mineral Resource estimate and corresponding Technical Report are not current and should not be relied upon.

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TSX: BNAU | OTCQX: BNAUF

ENDNOTES (continued)

1. For more information on the 2019 Mineral Resource estimate refer to the Company's news release dated March 27, 2019 and the corresponding Technical Report filed on April 25, 2019. The 2019 Mineral Resource estimate and the corresponding Technical Report are not current and should not be relied upon.
2. For more information on the 2020 McFinley Exploration Program, please refer to the Company's news release dated August 11, 2020
3. For more details on the 2019 PEA, please refer to the Company's news release dated August 19, 2019 and the corresponding Technical Report filed on September 23, 2019. The 2019 PEA is only a conceptual study of the potential viability of the 2019 Mineral Resource estimate. The 2019 PEA is preliminary in nature and provides only an initial, high-level review of the Project's potential and design options; there is no certainty that the 2019 PEA will be realized. The 2019 PEA and corresponding Technical Report are not current and should not be relied upon.
4. For more information on the Restructuring Transaction, please refer to the Company's news release dated October 20, 2016.
5. For more information on the most recent 2020 exploration results at McFinley and Pen Zones please refer to the Company's news release dated September 24, 2020.
6. For more information on the 2013 Mineral Resource estimate refer to the Company's news release dated June 25, 2013 and the corresponding Technical Report filed on August 9, 2013. The 2013 Mineral Resource estimate and corresponding Technical Report are not current and should not be relied upon.
7. Please refer to MENDM "Ontario Geological Survey Open File Report 6301, Report of Activities, 2014 Resident Geologist Program, Red Lake Regional Resident Geologist Report: Red lake and Kenora Districts (2015)." report (modified to include production between 2015-2018) which is available at http://www.geologyontario.mndm.gov.on.ca/mndmfiles/pub/data/imaging/OFR6301/OFR6301.pdf.

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