Growing Gold Production in Nova Scotia CORPORATE PRESENTATION | - PowerPoint PPT Presentation

Growing Gold Production in Nova Scotia CORPORATE PRESENTATION | AUGUST 2018

Important Cautionary Statements This presentation contains “forward -looking statements” . Forward-looking statements include, but are not limited to, statements with respect to the Company’s current review of potential mineral project investments and/or acquisitions, the estimation of mineral resources, the timing and content of upcoming programs, the realization of mineral resource or reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” . Forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; actual results of planned expansion activities; changes in project parameters as plans continue to be refined; future prices of resources; exchange rates for Canadian and U.S. currencies; possible variations in grade or recovery rates, accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this presentation, the Company has made certain key assumptions, including, but not limited to, the assumptions that merited mineral assets or projects can be acquired and financings are available. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements or information made in this presentation, except as required under applicable securities legislation. NI 43-101 QUALIFIED PERSON - Neil Schofield, MS Applied Earth Sciences, MAusIMM, MAIG, a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this presentation. NOTES ON RESOURCE AND RESERVE ESTIMATES PRESENTED THROUGHOUT PRESENTATION Moose River Consolidated (MRC): Touquoy, Beaver Dam, Fifteen Mile Stream, Cochrane Hill – The Moose River Consolidated (MRC) Phase 2 Life of Mine Expansion (Touquoy, Beaver Dam, Fifteen Mile Stream, and Cochrane Hill) Mineral Reserves are current reserve estimates that are in accordance with the current Canadian Institute of Mining, Metallurgy and Petroleum Resources (CIM) Definition Standards on Mineral Resources and Mineral Reserves as required by NI 43-101 - Standards of Disclosure for Mineral Projects. A Qualified Person has done sufficient work to classify these reserve estimates to current mineral reserves prepared in accordance with NI 43-101. Cochrane Hill - The Cochrane Hill Mineral Resource estimates have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Resources (CIM) as required by NI 43-101. Fifteen Mile Stream – The Fifteen Mile Stream Mineral Resource estimates have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Resources (CIM) as required by NI 43-101. 2

Atlantic’s Key Differentiators Shareholder alignment: Board & Management own + 35% Track record of company builders Focus on risk management We recognize that time is money Lowest quartile for both cash costs and all-in sustaining costs Demonstrable upside with “string of pearls” deposit strategy along the + 45 km un-tested host structure (The Corridor Regional Program) Phase 2 Life of Mine Expansion boosts annual gold production above 200,000 ounces 3

Four Phase Approach (Execution, Expansion, Growth, Exploration) Phase 1 Phase 2 Execution Expansion Commercial Production Declared March 2018 Staged Integration of 2 Additional Satellite Deposits 2018 Production Guidance into production schedule (staged capex) Between 82,000-90,000 ounces at low AISC between Annual gold C$675-$735 / oz. production increasing (US$506-551**) to + 200,000 oz.* Phase 3 Phase 4 Growth Exploration Resource Expansion Corridor Regional Drill Program Program Fifteen Mile Stream Cochrane Hill Up to 100,000 meters of drilling along the + 45km Identified extensions to known un-tested host structure mineralization *Based on forecasted results from the January 29 th , 2018 pre-feasibility study 4 **Based on current exchange rate of 0.75CAD/USD

Phase 2 Expansion Life of Mine Production Schedule AISC of CAD$692 / oz. Au (USD$555 / oz. Au) Moose River Consolidated LOM Production ('000 ounces) 300 Phase 3 Resource Expansion Drilling 254.3 244.9 Fifteen Mile Stream & Cochrane Hill 250 230.5 Phase 4 202.4 Corridor Regional 200 171.5 Program 150 96.2 93.5 100 73.5 80.3 50 13.1 - 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Life Of Mine (years) Touquoy* Beaver Dam* Fifteen Mile Stream Cochrane Hill • Feasibility Study Projections for Touquoy vary from 2018 guidance Based on forecasted results from the January 29 th , 2018 pre-feasibility study 5

Backyard Canada Phase 1 LOM 2018 production guidance between 82,000-90,000 ounces of gold at All-In-Sustaining Costs between CAD$675-$735 / oz. (US$506-551/oz.*). Declared commercial production March 2018. Phase 2 Life of Mine Expansion** will boost annual gold production above 200,000 oz. gold with an average of 162,000 oz. gold / year produced over a minimum 10 year mine life** at All-in Sustaining Costs of CAD$692 / oz. (US$555/oz.**) Phase 3 Resource Expansion Drill Program - Mineralized extensions and definition at FMS and CH deposits Phase 4 Corridor Regional Program - systematically testing along the + 45km Corridor of prospective un-tested structure hosting all existing deposits *Exchange rate of 0.75 USD/CAD **Based on pre-feasibility study completed in 2018 using a gold price of US$1300/oz. and a USD/CAD exchange rate of $0.80 6

Time is Money….. • Macquarie / CAT Debt Commitment C$115M • CAT finance lease facility for Consolidated Feasibility Study work on mining fleet Ownership of NS MRC underway – target • MOU with Ausenco October 2015 Deposits completion mid 2015 Phase 2 Updated • LSTK (Lump Sum Turn Key) Ramp Up LOM Resource Price agreed to Full Expansion Estimate Commence Production Study FMS + CH Acquisition Feasibility Study Debt Financing Construction Q3 2014 Q2 2015 Q1 2016 Q2 2016 JULY 2017 Q4 2017 JAN 2018 2016 2014 2015 2017 2018 Q4 2014 Q4 2017 Jan 2018 Mar 2018 H1 2015 Q2 2016 2018 Environmental Mine and Plant Drilling Execute Declared Production and Permitting Commissioning Program EPC Contract Commercial Guidance Production Completed infill • Touquoy already has all drilling program major permits in place for Beaver Dam • Beaver Dam expected to be straightforward given Phase 3 Expansion and Phase 4 it is a satellite deposit Corridor Regional Program 7

Best in Class Margin and Cash Flow Generation Margin (CAD) $1,700 $1,600 Low AISC drivers: $1,500 Low Strip Ratio $1,400 $1,300 Gold Margin Location $1,200 CAD 1000 per oz. ** $1,100 Medium Grade $1,000 Open Pit $900 $800 $700 $600 All-in Sustaining $500 Cash Costs* $400 CAD 692 per oz. $300 (USD 555 per oz.)*** $200 $100 $0 **Based on assumed Canadian gold price of $1692/oz. *Based on forecast results from the January 29th, 2018 pre-feasibility study – Phase 2 Life of Mine Expansion ***Based on exchange rate of 0.80 CAD/USD 8

Lowest Quartile for both Cash and AISC Costs Atlantic leads peers in both total cash costs and all-in sustaining costs 2018E CO-PDT Total Cash Costs (US$/OZ AU EQ.) $864 $789 $788 $768 $770 $715 (1) $630 $588 (1) $502 (2) Atlantic Guyana Torex Premier Argonaut Wesdome Beadell TMAC Leagold Goldfields 2018E CO-PDT All-In Sustaining Costs (US$/OZ AU EQ.) $1,108 $1,013 $990 $993 $997 $936 $873 $825 (3) $555 Atlantic Premier Guyana Torex TMAC Leagold Beadell Wesdome Argonaut Goldfields Source: BMO Capital Markets Equity Research at street consensus pricing, company filings, street research 1. Atlantic’s Phase 2 Expansion LOM cash costs of US$502/oz Au Eq. (C$627/oz Au Eq.). Assumes FX of US$0.80 per C$. 2. Premier co-product cash cost and AISC shown based on mid-range of public guidance for 2018E. 3. Atlantic’s Phase 2 Expansion LOM AISC of US$555/oz Au Eq. (C$692/oz Au Eq.) 9