Gold Standard Ventures : Corporate Presentation - January 2021

Corporate Presentation

January 2021

Cautionary Note

TERMS OF USE AND DISCLAIMER - This presentation is being provided for the sole purpose of providing the recipients with background information about Gold Standard Ventures Corp. ("Gold Standard"). Market data and certain industry forecasts in this presentation were obtained from market research, publicly available information and industry publications. Gold Standard has made reasonable efforts to ensure that the information contained in this presentation is accurate as of the date hereof, however, no representation, warranty or guarantee, express or implied, is made as to the fairness, accuracy, completeness or correctness of information contained in this presentation, including the accuracy or likelihood of achievement of any forecasts, prospects, results or statements in relation to future matters contained in this presentation. The views and information provided herein are based on a number of estimates and assumptions that are subject to significant exploration, business, economic, regulatory and competitive uncertainties. See "Forward-Looking Statements" below. Gold Standard is not liable to any recipient or third party for the use of or reliance on the information contained in this presentation.

This presentation provides information in summary form only, is not intended to be complete and does not constitute an offer to sell or the solicitation of an offer to buy any security. It is not intended to be relied upon as advice to investors or potential investors and does not constitute a personal recommendation or take into account the investment objectives, financial situation or needs of any particular investor. Gold Standard is not acting as agent or advisor and encourages the use of independent consultants, as necessary, prior to entering into transactions.

FORWARD-LOOKINGSTATEMENTS - Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of Canadian and United States securities and other laws. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "aims", "anticipates", "will", "projects", or "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events, results or conditions "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this presentation include, among other things, statements regarding estimates of mineral reserves and resources; the opportunities for exploration, development and expansion of the Railroad-Pinion Project, including the future organic growth of many favourable targets; advancing South Railroad toward a feasibility study by 2021; estimates of capital expenditures and operating costs related to South Railroad; future financial or operational performance, including the amount of future production at South Railroad and target share price; life of mine projections for South Railroad; the potential for production decisions; planned drilling and the potential for new discoveries within the Railroad-Pinion Project, including the potential for a multimillion-ounce deposit discovery; securing water rights and road access; planned metallurgical, hydrology and geotechnical studies on the Pinion deposit, including the proposed program for 2020; the potential to increase oxide reserves and resources at the Pinion and Dark Star deposits, including the potential to convert Inferred mineral resources to Measured and Indicated; the potential to add additional mine life to the operations proposed in the 2020 preliminary feasibility study for the Pinion and Dark Star deposits; the Dark Star deposit development targets, including the potential high-grade targets at North Dark Star; the potential to define mineral reserves and resources at Jasperoid Wash and Pod/Sweet Hollow, including opportunities to expand shallow oxide mineralization at Jasperoid Wash and to expand oxide resource potential at the Pod/Sweet Hollow deposit; the proposed drill programs at Jasperoid Wash and Pod/Sweet Hollow, including the potential to move Pod/Sweet Hollow forward as a future satellite deposit to extend project mine life; the oxide mineral resource mine development plan; and the expected exploration potential, value and operational synergies related to the Lewis Project.

These forward-looking statements and information reflect Gold Standard's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Gold Standard, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the expected results of proposed exploration programs; our mineral reserve and resource estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the PFS; success of Gold Standard's projects, including the Railroad- Pinion Project; prices for silver and gold remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Gold Standard's projects; capital, decommissioning and reclamation estimates, including the availability of financing to complete proposed drilling and work programs; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; potential director conflicts of interest not adversely affecting Gold Standard; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; all necessary drilling and mining equipment, energy and supplies being obtained in a timely and cost- efficient manner; Gold Standard's capital and operating costs will not increase significantly from current levels; key personnel will continue their employment with Gold Standard and Gold Standard's ability to recruit and retain additional qualified personnel; the ability to comply with environmental, health and safety laws; and the absence of any material adverse effects arising as a result of political instability, terrorism, sabotage, natural disasters, public health concerns, equipment failures or adverse changes in government legislation or the socio-economic conditions in Nevada and the surrounding area with respect to the Railroad-Pinion Project and operations. The foregoing list of assumptions is not exhaustive.

Gold Standard cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this presentation and Gold Standard has made assumptions and estimates based on or related to many of these factors. Such risk factors include, without limitation: Gold Standard's limited operating history; Gold Standard's history of losses and expectation of future losses; uncertainty as to Gold Standard's ability to continue as a going concern; the existence of mineral resources and mineral reserves on the Company's mineral properties; Gold Standard's ability to obtain adequate financing for exploration and development; Gold Standard's ability to carry out operations in accordance with plans in the face of significant disruptions, including the COVID-19 pandemic; Gold Standard's ability to convert mineral resource estimates previously classified as Inferred to Indicated or Measured; the uncertain nature of estimating mineral resources and mineral reserves; the involvement by some of Gold Standard's directors and officers with other natural resource companies; uncertainty surrounding the Company's ability to successfully develop its mineral properties; fluctuations in silver and gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the United States, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters; risks related to natural disasters, climate change, terrorism, civil unrest, public health concerns (including health epidemics or pandemics or outbreaks of communicable diseases such as COVID-19) and other geopolitical uncertainties; decreased spending as a result of the COVID-19 pandemic which could adversely affect and harm Gold Standard's business and results of operations; and the additional risks identified in the sections "Cautionary Statement Regarding Forward Looking Statements and Forward Looking Information", "Risk Factors" and elsewhere in Gold Standard's Annual Information Form dated March 27, 2020, available on SEDAR at www.sedar.comand Form 40-F dated March 27, 2020 available on EDGAR at www.sec.gov/edgar.shtml.

Although Gold Standard has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, Gold Standard does not assume any obligation to update or revise them to reflect new events or circumstances.

CAUTIONARY NOTE FOR U.S. INVESTORS REGARDING RESERVE AND RESOURCE ESTIMATES - Canadian public disclosure standards, including National Instrument 43-101Standards of Disclosure for Mineral Projects ("NI 43-101"), differ significantly from the requirements of the Securities and Exchange Commission set forth in Industry Guide 7 ("Industry Guide 7"), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies in accordance with Industry Guide 7. In particular, and without limiting the generality of the foregoing, this presentation uses the terms "proven mineral reserves," "probable mineral reserves," "measured mineral resources," ''indicated mineral resources'' and ''inferred mineral resources''. U.S. investors are advised that, while such terms are recognized and required by Canadian securities laws, Industry Guide 7 does not recognize them. The requirements of NI 43-101 for identification of ''reserves'' are not the same as those of Industry Guide 7, and reserves reported by the Gold Standard in compliance with NI 43-101 may not qualify as ''reserves'' under Industry Guide 7. Under 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. U.S. investors are cautioned not to assume that any part of a "measured mineral resource" or "indicated mineral resource" will ever be converted into a "reserve". U.S. investors should also understand that "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 "inferred mineral resources" exist, are economically or legally mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of "contained ounces" in a mineral resource is permitted disclosure under Canadian securities laws. However, Industry Guide 7 normally only permits issuers to report mineralization that does not constitute "reserves" by Industry Guide 7 standards as in place tonnage and grade, without reference to unit measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with Industry Guide 7.

All scientific and technical information contained within this presentation has been prepared by, or under the supervision of, Steve R. Koehler, Gold Standard's manager of projects, BSc Geology, and CPG-10216, a qualified person as defined by NI43-101 standards for Disclosure for Mineral Projects.

Information in this presentation contains descriptions of our mineral deposits that may not be comparable to similar information made public by US companies subject to the reporting and disclosure requirements under US federal securities laws and regulations. See "Cautionary Note Regarding Mineral Resource Estimates" in the AIF.

All references to "$" in this presentation are to U.S. dollars unless otherwise stated.

CAUTIONARY NOTE REGARDING NON-GAAPFINANCIAL MEASURES - The Company has included certain non-GAAP financial measures in this presentation, including all-in sustaining costs (AISC) per ounce of gold sold and average annual free cash flow. These non-GAAP financial measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Accordingly, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards ("IFRS"). This presentation refers to expected AISC per ounce which is a non-GAAP measure however is a measure the Company believes more fully-defines the total costs associated with producing gold. AISC reported by Gold Standard includes mine cash costs, land access payments, royalties, and sustaining capital expenditures, but excludes non-sustaining capitalized stripping and end of life reclamation costs. The life of mine AISC of $707/oz USD increases to $719/oz USD if end of mine life reclamation costs is included in accordance with the World Gold Council guidance on AISC. Average annual free cash flow is also a non-GAAP measure; however the Company believes that in addition to conventional IFRS measures, certain investors and analysts use this information to evaluate mine performance with respect to a mine's operating cash flow capacity to meet non-discretionary outflows of cash. Free cash flow is calculated as cash flows from operating activities adjusted for cash flows associated with sustaining and non-sustaining capital expenditures.

PAGE 2

Why Gold Standard Ventures ("GSV")?

1. • 'Tier 1' Jurisdiction
   • • Nevada consistently ranked as a top jurisdiction in the world for mining
     • Operations on the Carlin Trend have produced +85Moz of gold (1)
   • Large, Prospective Land Position
   • • +20,000 ha land package on the Carlin Trend (2nd largest land holder on Carlin Trend behind Nevada Gold Mines)
     • Numerous oxide targets that are underexplored
   • Open Pit, Heap Leach Project
   • • South Railroad Project ("SRP") Pre-Feasibility Study outlined a low capital intensity, high return project
     • Technically straightforward operation with planned open pit mining and heap leach processing
   • Experienced Leadership Team
   • • Proven track record of leadership team in financing and developing projects
     • Nevada technical team led by Larry Radford as Chief Operating Officer
   • Compelling Valuation
   • • Trading at 0.4x P/NAV, a discount to developer peer group
     • Well-financed,development stage companies have experienced valuation re-rates
2. Nevada Bureau of Mines and Geology Special Publication MI-2017.

PAGE 3

Corporate Overview

Top 10 Institutional Shareholders	% of Shares Outstanding
FCMI Financial	9.6%
Orion Mine Finance	8.0% (1)
Fidelity Management & Research	7.1%
Newmont Corp	5.6%
Sun Valley Gold	5.5%
Van Eck Associates	4.8%
CI Investments	4.3%
Sprott Asset Management	2.5%
Franklin Advisers	1.7%
Loews Corporation	1.0%

Brokerage	Analyst
	Michael Gray
	Andrew Mikitchook
	Chris Thompson

Holdings by Investor Class

53% 47%

Institutional / Insider Retail and Other

Leadership team alignment

Jason Attew purchased 1.0M shares on appointment

(as of September 30, 2020)	millions
Basic Shares Outstanding	315.2
Options	11.0
RSU's	1.7
FD Shares Outstanding	328.0
Market Capitalization (as at Jan 18, 2021)	C$268
Cash (as at Sept 30, 2020)	C$26

Note: Shareholder data as of September 30, 2020.

(1) Based on shares purchased from the July 16, 2020 Gold Standard Ventures press release.

PAGE 4

Nevada Carlin Trend

N

Carlin Complex

21Moz P&P Reserves

RAILROAD-PINION

1.25Moz P&P Reserves

1.56Moz M&I Resources

1.20Moz Inf Resources

5km

• Carlin Trend hosts numerous gold projects with reported Mineral Resources
• Gold production from operations on the Carlin Trend has recently averaged over 1.5Moz per annum (1)
• Majority of land holdings on the trend are controlled by the Barrick-Newmont joint venture, Nevada Gold Mines
• • Nevada Gold Mines Carlin Complex hosts Mineral Reserves of 21Moz contained gold
• GSV's Railroad-Pinion project is a 208 km2 land package on the southern portion of the mineral belt
• • 2nd largest land holding on the Carlin Trend

Note: M&I Resources are inclusive of P&P Reserves. Railroad-Pinion Mineral Reserves and Resources as of February 13, 2020. See Appendix for additional information. Carlin Complex Mineral Reserves as of December 31, 2019. For further details of Carlin Complex Mineral Reserves see Endnote 1.

(1) Nevada Bureau of Mines and Geology Special Publications MI-2015,MI-2016,MI-2017.

PAGE 5

GSV Land Package

N

NORTH BULLION

Sulphide mineralization

POD / SWEET HOLLOW

90koz Ind Resources 47koz Inf Resources

PINION

364koz P&P Reserves

544koz M&I Resources

224koz Inf Resources

JASPEROID WASH

111koz Inf Resources

EMIGRANT /

RAIN

DARK STAR
883koz P&P Reserves	RAILROAD-PINION
921koz M&I Resources
56koz Inf Resources
	PoO AOI

1km

Note: M&I Resources are inclusive of P&P Reserves. Mineral Reserves and Resources as of February 13, 2020. See Appendix for further information.

PAGE 6

Numerous Prospective Oxide Deposits

1. Mineral Reserves		Pinion	Mine Plan
Ongoing drilling intended to expand defined Mineral Reserves for inclusion in		Dark Star	Update
Feasibility Study
		Jasperoid Wash
2. Mineral Resources		Resource
	POD /
Defined Mineral Resources; continued exploration and studies		Update
required to progress to Mineral Reserves		Sweet Hollow
		SB Target (Pinion)
3. Advanced Exploration
East/South Dark Star (Dark Star)
Opportunities to grow existing defined Mineral Resources	Step-Out Drilling (Jasperoid Wash,

POD / Sweet Hollow)

Feasibility

Study

Focus

4. High-Quality Exploration

Opportunities to define a resource base with additional metallurgical and resource estimation work

5. Early-Stage Exploration

Drill intercepts and / or surface samples indicating potential to define mineral resources

LT

Central Bullion

South Dome

6. Generative ExplorationRanch

Other Opportunities

PAGE 7

SRP Pre-Feasibility Study Summary

SRP Pre-Feasibility Study Stats

+8 years Mine Life at an average grade of 0.82 g Au/t

923koz LOM Gold Production; 146koz/yr first 5 years

AISC of $707/oz over LOM

Initial Capex: $133M | Expansion Capex: $65M

$1,400/oz Au	After-Tax NPV (5%)
		$265M
		After-Tax IRR
		40%
		Payback Period
		3.3 Years
		Average Annual FCF
		(excluding initial capital)
		$61M

$1,600/oz Au	After-Tax NPV (5%)
		$387M
		After-Tax IRR
		53%
		Payback Period
		1.9 Years
		Average Annual FCF
		(excluding initial capital)
		$80M

Source: NI 43-101 Technical Report "Updated Preliminary Feasibility Study" on South Railroad Project dated March 23, 2020, with an effective date of February 13, 2020.

Note: AISC and Average Annual FCF are non-GAAP financial measures. Please see "Cautionary Note Regarding Non-GAAP Financial Measures" in this presentation. See Endnote 2. for description of Average Annual FCF.

PAGE 8

Feasibility Study Additions / Optimizations

• In-FillDrilling at Pinion
• • Tighter drill spacing at Pinion intended to convert Inferred Resources to Measured & Indicated Resources for inclusion in Feasibility Study
  • Goal of program to add +300,000 ounces of contained gold to Mineral Reserves to be included in mine plan ("Pinion Phase 4")
• Trade-OffStudies
• • In Progress: owner operated vs. contract mining, ROM vs. ROM/crush processing, HPGR vs. conventional crushing, purchase vs. lease of equipment, site power options
  • Future: crusher implementation timing, mine plan flexibility, cut-off grade optimization
• Metallurgical Test Work
• • Metallurgical test work at Dark Star and majority of Pinion has been completed to Feasibility Study level
  • Ongoing metallurgical work focused on Pinion Inferred Resources that could be converted to Mineral Reserves based on results of the in-fill drill program

PAGE 9

Pinion Phase 4 Drilling

Pinion Phase 4	25.9m at 3.66 g Au/t
Drilling Program
from 91.5m
Select H2 2020 Drillholes	(PR20-60)
Pinion Phase 4 Resource Pit	42.7m at 0.92 g Au/t
Outline ($1,500 Au)	from 147.9m
N60W Trending Zone of	(PR20-14)
Indicated Higher-Grade Oxide
200 meters	38.1m at 4.37 g Au/t
from 239.3m
			(PR20-34)

Pinion

Phase 1

Pit Outline

Pinion

Phases 2 & 3

Pit Outline

77.7m at 2.24 g Au/t

from 187.5m

(PR20-26)

48.8m at 0.50 g Au/t

from 39.6m

(PR20-11)

N

Successful In-Fill Drilling at Pinion

Phase 4 drilling results exceeded expectations with thicker and higher-grade intervals;

Goal of program to add +300,000 ounces of contained gold to Mineral Reserves

Note: See our news releases dated October 20, 2020 and November 12, 2020 for further details regarding data verification and drilling results.

PAGE 10

SRP: Nevada Permitting

Current
	Baseline/Technical Studies
	2020 to 2021
Plan of Operations	Public Scoping Period &
Complete	Meetings

Q4 2020

Submit Plan of	Hire 3rd Party
Operations	NEPA Contractor,
	Notice of Intent

Draft EIS Development

Final EIS Development

Record of

Decision

Public Draft EIS,

Comment Period &

Meetings

Agency, Public, NGO Engagement

PAGE 11

Additional Oxide Target Initiatives

POD / Sweet Hollow (3. Advanced Exploration Target)

• In-fill& step out drilling to expand oxide resource

Jasperoid Wash (3. Advanced Exploration Target)

• Existing near-surface oxide resource
• Step-outdrilling to expand oxide resource and test new targets

LT (4. High-Quality Exploration Target)

• New oxide discovery hole (1.58 g Au/t over 12.2m near-surface)
• Step-outdrilling to test strike length and down-dip extent

Central Bullion (5. Early-Stage Exploration Target)

• Precious and base metal occurrences
• Test near-surface oxide gold targets based on compilation of historic drilling information

Ranch (6. Generative Target)

• North of Dark Star deposit, within Plan of Operations boundary
• Best drill hole geochemistry on property

South Dome (6. Generative Target)

• Unexplored area (3,200 ha) in the SW portion of property
• Favorable geologic features, west and south of Jasperoid Wash

Note: See our news release dated November 12, 2019 for further details on LT discovery hole.

N

POD /

SWEET HOLLOW

CENTRAL

BULLION

LT

RANCH

JASPEROID

SOUTHWASH

DOME

1km

PAGE 12

Strong Management & Board

	Management
Jason Attew	+25 years of financial and corporate experience. CFO of Goldcorp through the merger with Newmont.
President, CEO, Director	Extensive capital markets experience in investment banking at BMO Capital Markets.
Larry Radford	+35 years of operational experience. Most recently COO of Hecla Mining, overseeing five precious metal
operations in North America. Operational and technical services roles at Kinross and Barrick. Experience
Chief Operating Officer
includes managing construction of Fort Knox heap leach operation in Alaska.
Jordan Neeser (March 2021)	+15 years of financial experience. Most recently CFO of Conifex Timber. Key member of finance team at
Chief Financial Officer	First Quantum Minerals through growth phase.
Don Harris	+30 years of mine development experience in Nevada. 17 years with Newmont, including contributions
General Manager	to resource and reserve growth at Gold Quarry and Emigrant on the Carlin Trend.
Mark Laffoon	+40 years of engineering, development and construction experience in Nevada. Open pit and
Project Manager	underground operating skill set across numerous operations with Newmont and Barrick.
Michael McDonald	+15 years of corporate experience. Corporate development, investor relations, metal sales roles at
VP, Corp Dev & IR	SSR Mining and Goldcorp.

Board of Directors

Bruce	Jonathan	Jamie	Robert	William	Alex	Zara	Ron
McLeod	Awde	Strauss	McLeod	Threlkeld	Morrison	Boldt	Clayton
							PAGE 13

Value Proposition

88	83	83			88
		79		77	77	77
					73
						72
			61						63	65
										1.02x
	36
									0.74x	0.75x
									0.65x
			0.47x	0.49x	0.50x	0.50x	0.51x	0.54x
		0.45x

0.37x	0.39x	0.41x

Gold

Bluestone

Liberty

Integra

Orezone

Battle

Corvus

Osisko

Ascot

Skeena

Sabina

Belo Sun Marathon Orla Mining

Standard

Gold

Resources

North

Mining

Gold

P/NAV

Fraser Institute Investment Attractiveness (2019)

Re-Rate Opportunity

Gold Standard is trading at a valuation discount to its

precious metal development peers

Source: Capital IQ, Fraser Institute.

Note: P/NAV as of January 18, 2021. Investment Attractiveness Index based on 2019 survey of mining companies. Investment attractiveness score based on jurisdiction for each companies' main asset.

PAGE 14

APPENDIX

PAGE 15

Railroad-Pinion Mineral Reserves

	Tonnes	Gold	Silver	Gold	Silver
	'000	g Au/t	g Ag/t	koz	koz
Proven Mineral Reserves
Dark Star	5,430	1.39		243
Pinion	1,073	0.66	5.52	23	191
Total	6,503	1.27		266	191
Probable Mineral Reserves
Dark Star	23,881	0.83		640
Pinion	16,814	0.63	4.65	341	2,515
Total	40,695	0.75		980	2,515
Total Proven and Probable Mineral Reserves
Dark Star	29,311	0.94		883
Pinion	17,887	0.63	4.70	364	2,705
Total Proven and Probable	47,198	0.82		1,246	2,705

PAGE 16

Railroad-Pinion M&I Mineral Resources

	Tonnes	Gold	Silver	Gold	Silver
	'000	g Au/t	g Ag/t	koz	koz
Measured Mineral Resources
Dark Star	5,857	1.31		246
Pinion	1,304	0.64	5.15	27	216
Total	7,161	1.19		273	216
Indicated Mineral Resources
Dark Star	26,860	0.78		675
Pinion	27,621	0.58	4.18	517	3,713
North Bullion	2,920	0.96		90
Total	57,401	0.69		1,282	3,713
Total Measured & Indicated Mineral Resources
Dark Star	32,717	0.88		921
Pinion	28,925	0.58	4.22	544	3,929
North Bullion	2,920	0.96		90
Total Measured & Indicated	64,562	0.75		1,555	3,929

Note: Measured and Indicated Mineral Resources are inclusive of Mineral Reserves.

PAGE 17

Railroad-Pinion Inferred Mineral Resources

	Tonnes	Gold	Silver	Gold	Silver
	'000	g Au/t	g Ag/t	koz	koz
Inferred Mineral Resources
Dark Star	2,479	0.70		56
Pinion	10,810	0.64	3.80	224	1,322
Jasperoid Wash	10,569	0.33		111
North Bullion - Oxide	3,363	0.43		47
North Bullion - Sulphide	7,607	3.10		759
Total Inferred	34,828	1.07		1,197	1,322

PAGE 18

Notes to Reserves and Resources Tables

All estimates set forth in the Mineral Reserves and Mineral Resources table have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The estimates of Mineral Reserves and Mineral Resources have been reviewed and approved by Don Harris, SME Registered Member, our General Manager; Steven Koehler, P.Geo., our Manager of Projects; and Mark Laffoon, P.Eng., our Project Director, each of whom is a qualified person.

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Mineral Reserves and Mineral Resources figures have some rounding applied, and thus totals may not sum exactly. All ounces reported herein represent troy ounces, "g Au/t" represents grams of gold per tonne, and "g Ag/t" represents grams of silver per tonne. All $ references are in U.S. dollars. All Mineral Reserves and Mineral Resources estimates are as at February 13, 2020. Metal prices utilized for Mineral Reserves estimates are $1,275 per ounce of gold. Metal prices utilized for Mineral Resources estimates are $1,500 per ounce of gold. All technical reports for the properties are available under our profile on the SEDAR website at www.sedar.com or on our website at www.goldstandardv.com.

All key assumptions, parameters and methods used to estimate Mineral Reserves and Mineral Resources and the data verification procedures followed are set out in the technical report entitled "NI 43-101 Technical Report Update Preliminary Feasibility Study on the South Railroad Project, Elko County, Nevada" dated March 23, 2020 (the "South Railroad Technical Report"). For additional information about the South Railroad Project, readers are encouraged to review the South Railroad Technical Report.

PAGE 19

Endnotes

1. Carlin Complex contains Proven Mineral Reserves of 13Moz gold (91Mt @ 4.37 g Au/t) and Probable Mineral Reserves of 8.3Moz gold (110Mt @ 2.42 g Au/t) as of December 31, 2019, as disclosed in "NI 43-101 Technical Report on the Carlin Complex, Eureka and Elko Counties, State of Nevada, USA" dated March 25, 2020.
2. "Average Annual FCF" defined as After-tax Cash Flow less Initial Capital Expenditures divided by Mine Life as per Table
   1-1: Key Project Data from NI 43-101 Technical Report "Updated Preliminary Feasibility Study" on South Railroad Project dated March 23, 2020.

PAGE 20