Rediscovering Gold in Atlantic Canada · events could differ materially from those anticipated in such statements. Osprey disclaims any intention or obligation to update or revise

TSX.V: OS OTCQB: OSSPF WWW.OSPREYGOLD.COM

December 2018 TSX.V: OS OTCQB: OSSPF

Rediscovering Gold in Atlantic Canada

TSX.V: OS OTCQB: OSSPF WWW.OSPREYGOLD.COM 2

Forward-Looking Statements

All statements in this presentation, other than statements of historical fact, are "forward-looking information" with respect to Osprey within the meaning of applicable securities laws including, without limitation economic estimates and statements related to estimated mining costs.. Osprey provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in Osprey’s public filings under Osprey’s SEDAR profile at www.sedar.com. Although Osprey has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Osprey disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law. All historic production, drill or sample figures quoted herein are based on prior data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify results. The historical figures should not be relied upon and have not been verified by a Qualified Person. Technical aspects of this presentation have been reviewed and approved by the Qualified Person, Perry MacKinnon,P.Geo., hereby designated as a QP under National Instrument 43-101. Dave Thomas, M.Sc., P.Geo. and Neil Pettigrew, M.Sc. P.Geo, are both a 'Qualified Person' for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators ("NI 43-101"). They have both approved the disclosure of, and are the 'Qualified Persons' responsible for the scientific and technical information of the resource estimate information.

http://www.sedar.com/


• Projects located in Nova Scotia, a safe, politically stable jurisdiction home to 3 historic gold rushes

• Attractive value proposition; Osprey is exploring five past producing gold projects: Goldenville, Caribou, Lower Seal Harbour, Miller Lake, and Gold Lake

• Goldenville, Osprey’s most advanced project, has a current gold resource, excellent existing infrastructure; 5 minutes by paved highway from Sherbrooke, residential power, and an on-site office

• Proximity to other projects: Caribou is 8 kilometers by road from Atlantic Gold's Touquoy mill site, Goldenville is 17 kilometers by highway from Cochrane Hill

• Osprey is actively working to expand its gold resources at Goldenville, and add significant near-surface gold resources in additional deposits

Company Overview

Share Structure- TSX.V: 0S OTCQB: OSSPF

Shares Issued 45,856,832

Options 2,965,000

Warrants (Price $0.40) 806,230

Warrants (Price $0.12) 18,854,321

Fully Diluted 68,482,383


Management & Advisors Directors and Management Cooper Quinn, President & Director - Mr. Quinn has worked in mining and exploration since he graduated from Simon Fraser University with a degree in Earth Science. He has worked for a variety of exploration and development companies with projects in North America, Greenland, Europe, and the South Pacific Islands. Mr. Quinn was a Senior Geologist with Underworld Resources and most recently, Lion One Metals. His experience ranges from project management to acquisitions and DD for private equity. Jeffrey R. Wilson, CEO & Director - Mr. Wilson has 20 years of experience in the mineral exploration and mining investment industry. He has raised $50m through his contacts in the investment community including institutional investors, retail brokers, investment bankers, mining analysts and private investors. During his career, Mr. Wilson has been involved with multiple junior resource companies that have seen profitable take overs by mid-tier mining companies. Mr. Wilson is currently President & CEO of Precipitate Gold Corp. Perry MacKinnon, P.Geo, Vice President of Exploration - Mr. MacKinnon is an experienced geologist and prospector in Nova Scotia and New Brunswick. He has over 30 years’ experience in the mining industry, having worked continent wide on a variety of projects and large number of mineralized environments. Adrian Fleming, Chairman & Director - Mr. Fleming has over 35 years experience in the mining industry, most significantly President of Underworld Resources and their White Gold Project, which was acquired by Kinross Gold for $139M. He has been a part of numerous significant discoveries, including Porgera and Hope Bay John Wenger, CPA, Director - From 2011 to 2017, Mr. Wenger served as Chief Financial Officer and Corporate Secretary of Pilot Gold, where he was part of a management team that raised over $100 million, and successfully completed multiple property transaction deals and acquisitions. Mr. Wenger worked for Ernst & Young LLP from 2001 to 2011 where he acquired considerable experience in financial reporting for both Canadian and U.S. publicly listed companies, primarily in the mining industry. Mr. Wenger has been a Chartered Professional Accountant with the Chartered Professional Accountants of British Columbia since 2006. Greg Beischer, P.Geo, Director - Mr. Beischer currently serves as President and CEO of Millrock Resources, a successful project generator and has been involved in mining and exploration for 30 years.


Why Invest in Nova Scotia?

• District-scale potential in an underexplored area – Excellent access and infrastructure province wide

• Home to Canada’s newest open pit gold mine – Multiple other operators and explorers in the region

• Extensive history of high grade production indicates large mineralizing events – The province has supported three major gold rushes producing approximately one million ounces

Chart Source: Virtual Museum

Gold Ounces Produced in Nova Scotia between 1812 and 2011

https://www.fraserinstitute.org/sites/default/files/survey-of-mining-companies-2015.pdf

http://www.virtualmuseum.ca/edu/ViewLoitDa.do;jsessionid=CE375E6120AE8E2EAA5263ADC19EEA57?method=preview&lang=EN&id=26154


Project Map & District Gold


Meguma Terrane - Geology and Mineralization

• Structurally controlled slate belt hosted gold systems

• Large, thick sedimentary sequences, well bedded, fine grained argillites and coarser greywackes dominate

• Classic Meguma Terrane deposits, similar to the Bendigo camp in Australia

– Potential for veining to continue at depth, – similar to Australian deposits

• Large, district scale (50-100km) anticlines

generally strike NE/SW

• Vein hosted mineralization controlled by folded bedding planes, and cross cutting structures

• Disseminated mineralization within

slates/argillite


Proximity To Recent Success

Atlantic Gold’s Moose River Consolidated Project is an open pit bulk tonnage operation. Quoted reserves are from Atlantic Gold’s NI 43-101 Technical Report on Moose River Consolidated Phase 1 and Phase 2 Expansion, with an effective date of January 24th, 2018. http://www.atlanticgoldcorporation.com/_resources/reports/Moose-River-Consolidated-Technical-Report_reduced.pdf Goldenville is at an earlier stage than Atlantic’s MRCM; there are no guarantees that the project will achieve a positive Preliminary Economic Assessment or eventual Pre-Feasibility, Feasibility or production status.

Atlantic Gold (TSX-V:AGB)

• Completed construction of Canada’s newest open pit gold project

• Exploring near known historic deposits and finding significant resources and reserves

• First gold pour achieved in October, 2017 – currently in first year of commercial production

Osprey Gold

• Actively exploring historic producing districts for near surface and disseminated mineralization in the same rock formation and district as Atlantic Gold

• Well situated, with excellent project geology, similar historic production, and geographically well located with existing infrastructure

Moose River Consolidated Reserves

Classification Mt Diluted Grade (g/t Au)

Mined Au oz's (000)

Proven Reserves 16.01 1.29 665

Probable Reserves 22.40 1.28 920

Total 38.41 1.29 1,585

http://www.atlanticgoldcorporation.com/_resources/reports/Moose-River-Consolidated-Technical-Report_reduced.pdf

http://www.atlanticgoldcorporation.com/_resources/reports/Moose-River-Consolidated-Technical-Report_reduced.pdf


Caribou - Project Overview

• 8 kilometers north of Atlantic Gold’s Moose River Consolidated mill site

• Historic NI43-101 resource* from 2008 of 94,762 oz at 8.41 g/t gold

• Reported past production of over 100,000 gold ounces between 1869 and 1955

• Located on the Caribou-Cochrane Hill Anticline, host to several significant current resources

• 256 hectare claim group, surrounded by Atlantic Gold claim holdings

• Multiple styles of mineralization evident on the property; vein hosted, stockwork zones, and disseminated within host rocks

* The reader is cautioned that a qualified person has not done sufficient work to classify this Historical Estimate as current resources and Osprey is not treating this Historical Estimate as a current mineral resource. While this estimate was prepared in accordance with National Instrument 43-101 and the “Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves Definition Guidelines” in effect at the time, there is no guarantee that it would be consistent with current standards and it should not be regarded as consistent with current standards. The Historical Estimate is relevant to obtain a reference to mineral potential present on the property. The Company has not undertaken any verification of the historical data upon which the historical estimates are based on.


• Past exploration and reports show evidence of mineralization with host slates and argillites

• 2018 exploration work will focus in areas with evidence of mineralized argillites, and stockwork zones

– Trenching in the Elk and Dixon zones where past exploration indicates the best disseminated mineralization grades

– A follow up drill program is planned, pending successful trenching results.

Caribou- Mineralization and Targets

• Prior drill results in stockwork zones include 11.2 metres at 10.86 grams per tonne (“g/t”) gold in Hole CM-98-01 and 9.8 metres at 12.2 g/t gold in Hole SB-88-11


2018 Current Exploration

• Current work at Caribou is focused on disseminated mineralization targets at surface (Elk, Caffery, and Dixon zones), and defining drill targets through sampling historic unsampled zones, and trenching


• Channel sampling from trench 18ELK-01 at the Elk Zone, in the northwest portion of the property, has returned 8.0 m of 1.2 g/t Au within a broader intercept of 24.7 m of 0.7 g/t Au

• Previously unsampled core returned 70.57 m of 1.58 g/t Au, or 0.80 g/t Au with a 70 g/t Au grade cap

• Additional trenching is ongoing, with results reported as they become available

Caribou Initial Results


Goldenville- Infrastructure & Location

• Excellent existing infrastructure with provincial highway access, power availability, and close to a nearby town

• Goldenville is hosted in the Goldenville Group of the Meguma Terrane, the same rock formation as Atlantic Gold Corp’s MRC deposits

• Proximity to other projects: Goldenville is 17 kilometers by highway from Atlantic’s Cochrane Hill Project

• 2017 drilling successfully expanded known mineralization at Goldenville Main Zone, and evidenced disseminated mineralization at Mitchell Lake


Goldenville-Inferred Resource Estimate (2017)

Goldenville Mineral Resource and Sensitivities, Near Surface

Cut-Off Tonnes Capped Au (g/t)

Capped Au (Oz)

Uncapped Au (g/t)

Uncapped Au (Oz)

0.50 1,370,000 2.79 123,000 4.66 206,000

0.75 1,240,000 3.02 120,000 5.08 203,000

1.00 1,125,000 3.24 117,000 5.49 199,000

Cut-Off Tonnes Capped Au (g/t)

Capped Au (Oz)

Uncapped Au (g/t)

Uncapped Au (Oz)

2.00 1,560,000 3.35 168,000 4.87 244,000

2.25 1,310,000 3.58 151,000 5.21 220,000

2.50 1,030,000 3.91 130,000 5.68 189,000

Goldenville Mineral Resource and Sensitivities, Underground

Please refer to Appendix A for Notes to the March 2, 2017 NI 43-101 Inferred Mineral Resource. Mineral resources are not mineral reserves and do not have demonstrated economic viability. No mineral reserves have as yet been defined. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be considered for estimation of mineral reserves, and there is no certainty that the inferred mineral resources will be realized. 2017 inferred resource includes a near surface and an underground resource with a cut-off of 0.75 g/t and 2.0 g/t respectively.


Goldenville - 2017 Exploration

• 3,044m program focused on – Near surface resource expansion in areas of sparse drilling, and along strike – Geophysical argillite targets, targeting zones of intense veining, and potential

disseminated mineralization – Results from 2017 show significant areas for resource expansion – Exploration holes at Mitchell Lake Zone intersected disseminated mineralization


Goldenville - Mitchell Lake Drilling

• Exploration target on a parallel structure 3.5km to west of the current Goldenville Resource with very little historic exploration

• Osprey drilled 3 holes in the Mitchell Lake Zone in 2017 – Results show broad zones of disseminated gold mineralization, as well as high

grade veins over 150 meters of strike – Open in all directions and at depth, 2018 drilling planned to test strike extent


• Approximately 35 kilometers by road from Goldenville

• Production records indicate gold is found both in the high grade veins and disseminated within host argillites

• Mineralization outcrops at surface

• Veins are reported from 1.4m to greater than 10m in width, and were commonly mined as a 50m wide “mine structure”

• Adjacent to Anaconda Mining’s Goldboro Project; known host to disseminated mineralization

Between 1894-1942, Lower Seal Harbour reportedly produced 39,654 ounces from 53,534 tons mined (0.74 oz/t), according to historic production records

Lower Seal Harbour - Project Overview


Other Projects - Overview

Miller Lake • Approximately 14 kilometers from

Goldenville with historic production, and limited recent exploration

• Along strike from Dufferin Mine, currently in production (Resource Capital Gold, TSX.V:RCG)

• Two historic shafts, with strike length over 1km, mineralization starts at surface

• Historic high grade production from veins, as well as recent surface sampling indicating disseminated mineralization

Gold Lake • Approximately 7 kilometers from Atlantic

Gold’s Touqouy mine, and 9 kilometers from the Moose River Consolidated mill

• Along strike from Goldenville, on the same anticline

• Evidence of disseminated mineralization in the host rocks from 2012 exploration work, as well as historic data


Acquisition Terms

Caribou – $900k over three years

• $200k upon signing definitive agreement (paid)

• $200k at year one and two • $300k at year three

– $100k/yr spending commitment during term of agreement

– 3% NSR • 1% buyback for $500k • Additional 1% buyback for $750k

19

Goldenville, Lower Seal Harbour, Gold Lake, Miller Lake

– $1M over three years • $150k upon signing definitive

agreement • $250k at year one (paid) and two • $350k at year three

– 2% GMR on Goldenville

• 1% buyback for $750k • Additional 0.5% buyback for $375k


Projects Snapshots


• Footnotes to mineral resource statement: • Mineral resources are not mineral reserves and do not have demonstrated economic viability. No mineral reserves have as

yet been defined. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be considered for estimation of mineral reserves, and there is no certainty that the inferred mineral resources will be realized.

• Fladgate undertook data verification, and reviewed historical quality assurance and quality control programs on the mineral resources data. Fladgate concluded that the collar, survey, assay, and lithology data were adequate to support mineral resources estimation.

• A dry bulk density value of 2.67 g/cm3 for all material was assigned from similar Meguma-type gold mineralization with similar rock types in Nova Scotia.

• Fladgate assumed a metallurgical recovery of 90% based on a qualitative assessment of the gold mineralogy and grain size.

• Near surface mineral resources are constrained within an open pit shell optimized with an L-G algorithm. A process and G&A cost of $25 and a mining cost of $3.00/tonne have been used.

• Underground resources have been constrained within a grade shell using a 2.0 g/t threshold, assuming a mining cost of $50/tonne in addition to the operating costs. Isolated blocks were removed from the grade shell. The mineral resources have been depleted using solids representing underground development and areas of stoping for post 1920’s historical mining for which technical drawings are available, however no records are available for the abundant, pre 1920’s mining development, which is known to have occurred throughout the property.

• Blocks were classified as inferred in accordance with CIM Definition Standards. • The contained metal figures shown are in situ. The resource estimation methodology incorporates a significant amount of

external and internal dilution due to the use of 2 meter composites, probabilistic domaining and the grade smoothing introduced by ordinary kriging with a variogram which has a short range of influence.

• No assurance can be given that the estimated quantities will be produced. All figures have been rounded to reflect accuracy and to comply with securities regulatory requirements. Summations within the tables may not agree due to rounding.

Appendix A: Notes to the March 2, 2017 NI 43-101 Resource


Appendix B - Past Drilling and Exploration at Goldenville

22

Year(s) Company Summary Drilling

1961 Denison Mines Ltd. 6 drill holes totalling to test for saddle reef style vein packages on the south limb of the anticline. 609 m

1974 - 1976 Alamo Petroleum Ltd. / Rosario Resources Corp

Ground VLF-EM survey, and 2 diamond drill holes in the Wellington Mine area. 436 m

1981 Northumberland Mines Ltd. / NovaGold Resources Inc

Airborne VLF-EM and magnetometer surveys. Ground VLF-EM. 6 BQ drill holes to test veins outlined by Faribault (1898)

1,038 m

1984 55 NQ drill holes. Excavation of small open cut on six veins; ~3,500 tonnes of vein and wall rock recovered. Collapse of the pit floor prevented selective mining and resulted in a high waste rock dilution.

6,143 m

1985 9 drill holes totalling 7,000 ft (2,134 m) along two section lines. Significant results were returned from 15 separate horizons.

2,134 m

1987 Phase 1 drilling consisted of 17 NQ holes. Phase 2 drilling consisted of extensions of 6 holes from Phase 1 and 24 new holes.

16,029 m

1988 Surface drilling of 10 NQ holes. Dewatering of Stuart shaft, rehabilitation of old workings, panel sampling, geological mapping and 8 AX underground holes.

2,068 m

1997 Gammon Lake Resources 2 NQ drill holes on Mitchell Lake claims located 3km west of old workings. 263 m

2003-2006 Acadian Resources 11 NQ drill holes. 1,439 m

2012 - 2014 Goldworx NS Initial evaluation and validation of NI 43-101 resource estimate produced by Mercator Geological Services Ltd. in 2005 and 1985 Seabright Resources tailings resource estimate (non NI 43-101 compliant). Comprehensive review and compilation of historic data. Preliminary digital model created in Datamine. Roughly 20 drill holes are completed, however they remain unlogged and unsampled.

?

Total Diamond Drilling: 30,159 m


Documents

Rediscovering Gold in Atlantic Canada · events could differ materially from those anticipated in such statements. Osprey disclaims any intention or obligation to update or revise