Golden Arrow Resources : Corporate Presentation - February 2021

Technical Update

PDAC 2021

www.goldenarrowresources.com

GROSSO GROUP MEMBER COMPANY

Cautionary Notes

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This presentation includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of Golden Arrow Resources Corp. (the "Company").Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events,

results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

Readers are further cautioned that results from other companies, including properties proximal to those controlled by Golden Arrow, are not necessarily indicative of expected Golden Arrow results.

The contents of this presentation have been reviewed and approved Mr. Brian McEwen, P.Geol., VP Exploration and Development of the Company and a Qualified Person as defined in National Instrument 43-101.

Investment Highlights

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Proven Management	Experience and success in: • Asset transactions • Corporate finance & capital markets • Government & Community relations
Undervalued: Strong Treasury with Equity Upside	• ~$26M in cash & equivalents* including a large equity holding in SSR Mining - a leading producer with strong upside potential, high liquidity and leverage to gold & silver • Market cap significantly undervalued
Gold-focused Portfolio With Growth & Discovery Potential	• District-scale, frontier gold opportunity in Paraguay with analogies to major orogenic gold districts • New epithermal gold project in Argentina with analogies to nearby gold-producing district • New copper project in established district in Chile; Additional gold & copper project generation on-going

*@ Sept 30, 2020

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A Grosso Group Member Company

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• • Pioneers of Exploration in Argentinasince 1993

• • Involved with four major discoveries

• • A strong focus on community relations, social responsibility and environmental protection.

Leadership

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Joseph Grosso

EXECUTIVE CHAIRMAN, CEO & PRESIDENT

David Terry, Ph.D., P.Geo.

DIRECTOR

Nikolaos Cacos, M.I.M.

DIRECTOR & VP, CORPORATE DEVELOPMENT

John Gammon, Ph.D.

DIRECTOR

Darren Urquhart, C.A.

CHIEF FINANCIAL OFFICER

Brian McEwen, P.Geol.

VP, EXPLORATION & DEVELOPMENT

Connie Norman

CORPORATE SECRETARY

Louis Salley

DIRECTOR

Alf Hills, P.Eng.

DIRECTOR

The Chinchillas Success Story

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First Resource Estimate

Chinchillas DiscoveryPositive PFS; Puna Operations

JV Formed $17.5M JV cash payment received

First PEABusiness Combination with Pirquitas Mine $2M cash received

Commercial Production

SEPTEMBER 2019

Sale of Interest to SSR Mining ("SSRM"), for CAD$44M, including:

• • $3M Cash

• • 1.245M common shares of SSRM

• • Cancellation of $1.0M in GRG shares held by SSRM

Equity in SSRM already shown considerable upside growth.

Project Pipeline

• • Precious and base metals, with strong gold focus

• • Multiple jurisdictions - diversified risk profile

• • Projects span the value stages

  • • Large, early-stage projects provide "blue-sky" discovery potential, including

    • • New district-scale, frontier opportunity for gold discovery in Paraguay

    • • New epithermal gold project in Argentina

  • • Projects in established mining districts of Chile, targeting near-term Cu+Au resources, with exploration upside

TSX-V: GRG

FSE: G6A OTC:GARWF 9

Moving Forward in Today's Reality - COVID 19

In response to the constantly shifting landscape of COVID-19, management has been regularly reassessing priorities, taking opportunities when presented & capitalizing on strengths:

• • Diverse locations: different countries with varying protocols provided continued opportunities to keep staff working throughout 2020 by shifting some focus

• • Nimble & experienced team: sourced additional local staff and contractors for existing projects; sought opportunities where staff exists

• • Strong knowledge of government landscapes: facilitated creation & approval of new work safety plans

This resulted in Golden Arrow advancing on all three major projects in 3 countries in 2020, with work continuing in Q1 2021

ARGENTINA: A History of Success

• • Grosso Group has had a history of success for 27 years; office in Mendoza provides exploration, logistics and environmental & community management within Argentina, and supports these functions in Chile & Paraguay

• • 100% owned properties, +185,000 hectares proximal to operating mines or known mineralized trends in Argentina

• • Gold, copper & silver; porphyry and epithermal mineralization styles

• • Current focus on new Flecha de Oro epithermal gold project in Rio Negro province

RIO NEGRO, ARGENTINA: Flecha de Oro Gold Project

• • Options to earn 100% of ~140 km2 in 3 properties

  • • Puzzle property: 1,952 hectares

  • • La Esperanza property: 9,968 hectares

  • • Maquinchao property: 2,000 hectares

•	High and low sulphidation epithermal gold targets
•	High-grade gold in surface samples
•	Numerous trends of quartz veins and stockworks at surface with
high-grade gold and extensive epithermal signatures
•	Similarities to major gold-producing district
•	Initiated program of mapping, sampling, ground mag geophysics and
trenching to define targets for drilling
TERMS
•	Puzzle & Esperanza: staged payments over 7 years totaling US$2,093,000 & 1%
NSR that can be reduced to 0.25% for US$1M
•	Maquinchao: US$630K over 4 years, 1% NSR

Flecha de Oro - La Esperanza Property

• • Esperanza property shows similarities in size and style to Cerro Vanguardia gold district1 :

  • - 100 km2 with 100 gold and silver-bearing epithermal veins

  • - Cumulative exposed vein strike extent of more than 240 km

  • - Has produced more than 4.5 Moz of gold over 20 years

- On-going sampling of quartz veins, boulders and floats returning high-grade gold samples, and identifying vein corridors.

• • Highlights of quartz veins, boulders and float sampling by GRG at Esperanza includes:

  • • 18.0 g/t Au over 0.7 m including visible gold

  • • 24.0 g/t Au over 2 m

  • • 13.09 g/t Au over 5 m

  • • 4.16 g/t Au over 2 m

1http://panorama-minero.com/noticias/cerro-vanguardia-ha-sido-y-sigue-siendo-escuela/ (112119) See Disclaimers p2 for additional information

Flecha de Oro - Puzzle Property

• • Ground mag & geochem sampling at Puzzle property delineated a corridor 6.5 km long y +150 m wide with a main mineralized quartz vein and adjacent quartz stockwork zone.

  • • Open in both directions

  • • New trenching program initiated in December 2020

Flecha de Oro - Maquinchao Property

• • Newly acquired Maquinchao property has indications of a gold-copper-silver high- sulphidation epithermal system

• • Silicified breccia outcrop over 1 km striking structure with strong alteration returned coincident gold, copper, silver anomalies from due diligence sampling

CHILE - Advanced Opportunities

• • Supportive Mining Jurisdiction with Advanced Project Opportunities

• • New Rosales Copper Project 100% Held

• • Additional projects under review in close proximity to maximize synergy potential

CHILE: Rosales Copper Project

• • 100% control of 800 hectares with additional 2920 hectares under sole application

• • ~90 km from Copiapo by road with excellent mining infrastructure

• • Priority target areas with near-surface copper stockwork, potentially related to larger systems at depth

• • Reconnaissance program outlined 3 targets, with samples up to 5.74% Copper

• • First detailed mapping and sampling program underway

PARAGUAY - A New Frontier

• • One of the last under-explored jurisdictions in South America

• • Geologic potential for significant mineral resources but limited modern exploration

• • Excellent Infrastructure: flat topography, road access; power lines

• • GRG partnered with local expertise to acquire a district-scale landing holding with potential for orogenic (high-grade vein-hosted) deposits

• • Strong local team including in-country manager

PARAGUAY: Tierra Dorada Gold Project

• • 64,000 hectares optioned for US$2M over 6 years + US$2M at production

• • Pre-Cambrian aged rocks prospective for orogenic gold

• • Multiple gold targets identified

• • Trenching, mapping & surface sampling program

• • 550 m, shallow-hole, diamond drill program completed at Alvaro target in Q3-Q4 by sourcing local drill company

  • • Characterized veins with high-grade gold below surface

• • IP survey completed over 4.2km2 of Alvaro target using Chilean team after border crossing reopened in Q4

  • • Delineate veins, alteration and structures

TERMS

• • staged escalating payments over 6 years totaling US$2M

• • an additional payment of US$2M on start of commencement production

Tierra Dorada Surface Exploration - Alvaro Target Highlights

• • Mapping to date has identified 4 Showings with quartz vein boulders & sub-outcropping structures within several kilometres

• • Showing 1 averaged 59.2 g/t Au from chip sampling in one structure and 34.6 g/t Au in another; Showing 4 returned a chip sample with over 47 g/t Au

• • Results from trenching highlighted by: 89.5 g/t Au & 61 g/t Ag over 0.93 m, 143.40 g/t Au and 95.8 g/t Ag over 0.58 m in trench T-1

Tierra Dorada - Alvaro Target Delineation Program

• • 550 m of diamond drilling completed in 41 shallow holes testing showings 1, 2 and 4

• • ~50% of the holes had intervals >0.5g/t gold*, including:

  • • 143.5 g/t gold over 0.5m, within 6m

    averaging 14.53 g/t gold at 3-9m

    depth (DHTD18, Showing 1)

  • • 11.8 g/t gold over 3.16m, within 7.75m

    averaging 6.09 g/t gold at 1.70-9.35m

    depth (DHTD35, Showing 2)

*see news release dated January 19, 2021 for full details

Tierra Dorada - Alvaro IP Survey

• • 4.2 km2 IP survey covered Showings 1-4 and surroundings; multiple new targets identified, including:

  • • 1700 m anomalous trend including Showing 1, open to the NE & SW; SW extent connects to broad higher chargeability anomaly

  • • A strong coincident chargeability and resistivity anomaly identified 250m SW of Showing 2

  • • A higher chargeability zone coincident with sub-outcrops of ferriferous gneiss northwest of Showing 3

Q1 2021 Project Catalysts

• 1. Tierra Dorada (Paraguay)

  • • New drill targets from compilation & interpretation of drill and IP data

  • • 2,000 m diamond drill program commencing by end of Q1

• 2. Rosales (Chile)

  • • Phase 1 surface program for target delineation

• 3. Flecha de Oro (Argentina)

  • • Continued drill target generation program

    • • Trenching at Puzzle

• 4. Additional Project Acquisitions

Capital Structure & Equity
116,358,239
Shares Issued (@Feb 25, 2021)
Warrants (avg price $0.37)	22,048,683
Options (avg price $0.45)	11,220,000
Fully Diluted	149,626,922
Recent Market Cap	~$20M
Cash & Equivalents (@Sept 30, 2020)	~$26M

Equity Holdings in SSRM ~675,580 common shares (~30% share price increase since acquisition)

Solid Value & a Path to Growth

[e-mail]

www.goldenarrowresources.com

Suite 312, 837 W Hastings St Vancouver, BC, Canada V6C 3N6

Telephone: [phone]

Toll free: 1 800 901 0058