G T R : T S X . V G A T G F : O T C Q B G 2 8 : F S E

G T R : T S X . VG A T G F : O T C Q BG 2 8 : F S E

w w w . g a t l i n g e x p l o r a t i o n . c o m

Corporate Presenta t ionQ 1 2 0 2 2

2

GA

TL

IN

G

EX

PL

OR

AT

IO

N

GTR:TSX.V GATGF:OTCQB G28:FSE

Robust Premium - All-share consideration of C$0.40 per share which represents a strong premium of approximately 49.1% relative to the closing price of Gatling common shares on the TSXV on March 10, 2022, and a 47.4% premium relative to the Company’s 5-day VWAP;

Board and Shareholder Support - Strong shareholder support via voting support agreements from Sprott Asset Management and the officers and directors of Gatling, for the common shares, options and warrants held by such parties which collectively represent approximately 15.19% of Gatling’s issued and outstanding common shares.

Re-rate Potential - Exposure to MAG Silver and its world-class, 44%-owned Juanicipio project in Mexico which is scheduled to reach 85 – 90% design capacity by YE2022, as well as retaining optionality to further growth at the Larder project;

Tier I Miner – MAG Silver is run by an exceptional, technically-inclined team, with a strong balance sheet and access to capital, providing our shareholders with increased liquidity and asset diversification; and

Crystallization of Value - The Transaction provides certainty of value while limiting future dilution risk.

2

M A G S i l v e r t o A c q u i r e G a t l i n g E x p l o r a t i o n i n A l l - S h a r e A c q u i s i t i o n

Strategic Rationale for the Transaction and Benefits to Gatling’s Shareholders

3

GA

TL

IN

G

EX

PL

OR

AT

IO

N


This presentation contains certain statements that may be deemed “forward-looking statements”. All statements, other than statements of historical fact, that address events or developments that Gatling Exploration Inc. expects to occur, are forward-looking statements.

Forward-looking statements are statements that are not historical facts and are generally, but not always identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.

Although Gatling Exploration Inc. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future

performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploration and production successes or failures, continued availability of capital and financing, inability to obtain required shareholder or regulatory approvals, and general economic market or business conditions.

Forward-looking statements are based on the beliefs, estimates and opinions of Gatling’s management on the date the statements are made.

Nathan Tribble, P.Geo. has approved the information contained in this presentation. Mr. Tribble is the Vice President Exploration with the Company and is a Qualified Person as defined by NI 43-101.

3

F O R W A R D - L O O K I N G S T A T E M E N T S

4

GA

TL

IN

G

EX

PL

OR

AT

IO

N


M A N A G E M E N T A N D D I R E C T O R S

S E N I O R M A N A G E M E N T T E A M

Jason Billan President/CEO and DirectorMr. Billan is a seasoned strategy, corporate development andvaluation professional with a strong track record in the preciousmetals sector. He holds an MBA from the Richard Ivey School ofBusiness at the University of Western Ontario.

Joseph Meagher CFO and Corporate SecretaryMr. Meagher is a Chartered Professional Accountant (CPA, CA) andserves as CFO and Director for several listed companies. He alsopossesses the Chartered Director (C.Dir.) designation from TheDirectors College (a joint venture between McMaster University andThe Conference Board of Canada).

Nathan Tribble, P.Geo. VP ExplorationMr. Tribble has over 14 years of experience in exploration andmining, with a particular focus on gold and base metals. Pastexperience includes Senior Principal Geologist for Sprott Mining,Senior Geologist for Bonterra Resources, Jerritt Canyon Gold, KerrMines, Northern Gold and Lake Shore Gold.

B O A R D O F D I R E C T O R S

Nav Dhaliwal Executive ChairmanMr. Dhaliwal was the founder and CEO of Bonterra Resources andhas a strong track record of success in the mining sector. He is anexperienced leader and team builder and has an invaluable networkof relationships with international analysts, brokers and investmentbankers.

Carrie Cesarone Director30+ years in the public markets sector, including 11 years withVancouver securities lawyers and 13 years as a contractor for publicand private companies.

Peter Damouni Director17+ years of senior roles in investment banking and capital markets.Has worked on and led $5+ billion of equity and debt financings, aswell as equity financing, restructuring and M&A.

Richard Boulay DirectorOver 40 years of experience in the exploration and miningindustries, including 15 years of mining and infrastructure financingwith BMO, RBC and Bank of Tokyo.

T E C H N I C A L A D V I S O R Y B O A R D

Darin Wagner, P.Geo. Technical AdvisorProfessional geologist with an impressive track record of management, corporate development and M&A spanning 30 years. Played a key role in the success of West Timmins, Balmoral, Falco and NewCastle Gold.

Gil Lawson, P.Eng. Technical AdvisorRegistered professional mining engineer with a strong backgroundin Canadian gold operations. Over 34 years of experience in goldmining operations management, engineering and technical studies,project management and exploration. Recently joined the board ofGreat Bear Resources in March 2021.

5

GA

TL

IN

G

EX

PL

OR

AT

IO

N


H I G H - G R A D EG O L D P R O J E C T

P R I M E J U R I S D I C T I O NA C C E L E R A T E D G R O W T H P A T H

Larder Gold Project, Ontario Prolific gold camp in a stable jurisdiction

Hosts 3 high-grade gold deposits over 4.5km

2019-2021 drilling connected all 3 deposits for 4.5km strike

2021 MRE of 388,000 Indicated oz Au plus 933,000 Inferred oz Au between In-Pit and Underground Resources across all 3 deposits

Significant near-term exploration upside at all 3 deposits, satellite prospects Kir Vit and the Swansea Zone

6

GA

TL

IN

G

EX

PL

OR

AT

IO

N


P R O L I F I C A B I T I B I G R E E N S T O N E B E L T

• > 170 Million Oz of gold discovered• Multiple recent acquisitions in the region• Numerous mills within 150 km • Excellent access and infrastructure to site

YOUNG-DAVIDSON 4.5 Moz Au

7

GA

TL

IN

G

EX

PL

OR

AT

IO

NU N I Q U E P O S I T I O N I NP R I M E J U R I S D I C T I O N

F L A G S H I P P R O J E C TLarder includes 9km strike length along the Cadillac-Larder Break, which has seen 70 Moz Au produced

F A V O R A B L E G E O L O G YGatling’s deposits on trend with large deposits and past-producing Kerr Addison mine. New discovery at Kir Vit is on trend with Agnico Eagle’s Upper Beaver deposit

R E G I O N A L D E V E L O P M E N TUpper Beaver is a top-ranked growth project for Agnico Eagle with initial production targeted for 2027, while Yamana has recently made a positive development decision on the Wasamac project ~40km to the East.

~ 50 km to Rouyn-Noranda Mill ~ 150 km to Val d’Or Mills

8

GA

TL

IN

G

EX

PL

OR

AT

IO

N


Gatling’s Detailed Approach and Analysis of Large Datasets

• > 345,000 meters drilled property-wide

• Property-wide sampling and geophysical surveys

• LiDAR and AI surveys completed to generate new regional targets

• Accurate sampling and mapping delivers robust surface exploration results

• Gatling’s consolidation of all datasets allows for long term strategic planning for all exploration

• Multiple milestones achieved since 2019 over continuous drilling and surface exploration including a new 2021 MRE and extending Bear up plunge from the core of the deposit

E X T E N S I V E D A T A B A N K F A S T - T R A C K I N G G A T L I N G S U C C E S S

9

GA

TL

IN

G

EX

PL

OR

AT

IO

N


4 . 5 K M M I N E R A L I Z E D T R E N D R E C E N T D R I L L I N G R E S U L T S


10

GA

TL

IN

G

EX

PL

OR

AT

IO

N

3 deposits connected along unbroken 4.5km

trend

Footprint expanded for all

3 deposits

388,000 Indicated oz Au and 933,000 Inferred oz

Au (2021 MRE)

Widespread, shallow gold mineralization included in 2021 open pit resources

12

3

4.5 km

2 0 1 9 - 2 0 2 1 L A R D E R P R O J E C T H I G H L I G H T S

500 m below surface

11

GA

TL

IN

G

EX

PL

OR

AT

IO

N


• Drilling has validated that all three deposits are connected along 4.5 km strike and mineralization starts from surface down to 1.5 km

• Two main gold zones are modelled: the North and South zones• All three deposits are open at depth and along strike• 2022 Drilling will focus Fernland/Cheminis pit connections, plunge extensions across all 3 deposits and

step-out/expansion targets GTR:TSX.V GATGF:OTCQB G28:FSE

F A R L A R G E R S Y S T E M T H A N P R E V I O U S L Y U N D E R S T O O D

4.5 km

Drill Target

12

GA

TL

IN

G

EX

PL

OR

AT

IO

N


• Resource domains were modeled to capture gold mineralization above 0.2 g/t Au and 1.0 g/t Au for open pit and underground estimates, respectively

• Minimum thickness modeled was 1.0 m to reflect the narrow vein geometry of the deposits• Modelling respects geological contacts between mafic volcanics, sediments and ultramafics and

utilizes structural controls including faulting and foldingGTR:TSX.V GATGF:OTCQB G28:FSE

N E W M I N E R A L R E S O U R C E E S T I M A T E M O D E L L I N G P A R A M E T E R S

4.5 km

13

GA

TL

IN

G

EX

PL

OR

AT

IO

N


Zone 1 Zone 2

Zone 3

200 m

1.1 g/t Au101.3 m

1.5 g/t Au170.0 m

2.0 g/t Au35.0 m

1.3 g/t Au30.2 m

1.3 g/t Au20.2 m

1.3 g/t Au17.0 m

1.1 g/t Au30.2 m

1.7 g/t Au17.4 m

1.1 g/t Au17.0 m

F E R N L A N D & C H E M I N I S S T A R T E R P I T P O T E N T I A L

• Level plan showing gold mineralization in multiple zones captured by potential open pits between Fernland and Cheminis• Fernland has three distinct zones with Zones 1 and 2 constrained by the largest pit: 650 m by 250 m and to a depth of 185 m• Follow-up exploration to expand beyond pit limits, which already exhibits thicknesses up to 30 m per lens

0.8 g/t Au114.3 m

0.4 g/t Au23.0 m

4.4 g/t Au1.5 m

1.5 g/t Au200.7 m

Au g/t> 5.0

2.0 – 5.0

0.5 – 2.0

0.2 – 0.5

Modelled Zones >1 g/t Au

Interpreted Faults

200 m thickness from surface

Fernland Deposit

Cheminis Deposit

14

GA

TL

IN

G

EX

PL

OR

AT

IO

N

GTR:TSX.V GATGF:OTCQB G28:FSEGTR:TSX.V GATGF:OTCQB G28:FSE

K I R V I T

Channel Sample Highlights• 16.2 g/t Au over 1.0 m in a shear zone• 2.8 g/t Au over 7.0 m including 8.2 g/t Au and 4.4 g/t Au

2019 Drill hole highlights• 13 of 16 holes intersected mineralization >1.0 g/t Au; 500 m strike

discovered• 5.9 g/t Au over 3.0 m – Intrusion related• 5.1 g/t Au over 3.0 m – Intrusion related• 4.0 g/t Au over 2.0 m – Intrusion related

2021 Drill program• 5,300 m drill program confirms gold is found in 3 difference

mineralization styles• 4.9 g/t Au over 4.0 m – Shear hosted• 1.4 g/t Au over 26.0 m – Conglomerate hosted

Discovered 3 new gold trends since 2019Intrusion related, conglomerate and shear hosted

15

GA

TL

IN

G

EX

PL

OR

AT

IO

N


F I R S T N A T I O N S C O M M U N I T I E S C O N S U L T A T I O N

• Exploration Agreement signed in July 2021

• Establishing a cooperative and collaborative working arrangement between Gatling and the First Nations Communities

• Promoting timely dialogue and communication to foster an open, direct and respectful relationship among the parties

• Building a relationship through which the First Nations Communities can identify opportunities for their businesses and citizens to participate in the Gatling’s activities

• Enhancing the First Nations Communities capacity to participate in opportunities related to the exploration activities, which may include training during the life of the project

M E M O R A N D U M O F U N D E R S T A N D I N G

W I T H M A T A C H E W A N A N D W A H G O S H I G F I R S T N A T I O N S

16

GA

TL

IN

G

EX

PL

OR

AT

IO

N

K e y C a t a l y s t s & Ta r g e t s

Q4 2021

• Continue Drilling at Bear Deposit East/West Extensions along strike and at depth

• Permit Swansea Zone

2022

• Surface and Drill Exploration at Swansea

• Expand/extend newly defined zones from 2021 Mineral Resource Estimate at all 3 deposits

• Compile and interpret new data from 2021 Kir Vit program for 2022 exploration

• Strip newly defined Conglomerate zone at Kir Vit

• Test New AI/Regional Targets

W H A T T O E X P E C T

F R O M G A T L I N G I N Q 4 2 0 2 1 - 2 0 2 2

17

GA

TL

IN

G

EX

PL

OR

AT

IO

N

TYPICAL PRICE CYCLE FOR JUNIOR RESOURCE COMPANY

U P C O M I N G R E S O U R C E E X P A N S I O N P H A S E

ENTERING PERIOD OF STRONG VALUE CREATION

Discovery Phase

3 high-grade gold deposits

confirmed

Growth Phase

All 3 deposits expanded and

connected +

Continuous 4.5 km strike

+Shallow

mineralization discovered

Resource Phase

> 308,000 m to be included Gatling’s Global Resource

Update+

Resource expansion post new NI 43-101

MRE

Study Phase

Preliminary Economic

Assessment+

PrefeasibilityStudy

+Feasibility

Study

Construction Phase

Construction Decision

Mine Construction

Production commences

Production Phase

18

GA

TL

IN

G

EX

PL

OR

AT

IO

NP E E R C O M P A R I S O N S

Materially Undervalued Relative to Regional Peers

0

20

40

60

80

100

120

140

160

180

RDS GBAR TML BTR MIS ECR ME GTR BNAU QMX MQR

EV per oz of Resource (US$/oz)1,2

Flagship Project O’Brien Beauford Goliath Gladiator Omega Chimo

Golden Hwy /

GarrisonLarder Bateman Bonnefond Wasamac

Total Resource

0.7M 0.9 M 2.5 M 3.0 M 0.6 M 2.4 M 8.4 M 1.3 M 1.4 M 0.7 M 2.9 M

StageResource Development PFS PEA Resource PEA Resource Resource Const. Resource Permitting

1 Source: EV based on share price (as of Dec.10 2021) and fully diluted shares outstanding (per latest corporation presentation)2 Source: Ozs based on most recent company corporation presentation and/or technical reports (as of Dec.10 2021); resource rounded to nearest tenth of decimal

Trading Multiple Avg: $29 per oz

Precedent Transaction Avg: $121 per oz

GTR Multiple: $7 per oz

Recent peer acquisitions

+1 604 678 5308+1 855 678 5308

1680 – 200 Burrard StreetVancouver, BC V6C 3L6

[email protected]

GTR:TSX-V GATGF:OTCQB G28:FSE

G T R : T S X . V G A T G F : O T C Q B G 2 8 : F S E

Documents