Will Randall, president and chief executive officer, commented: “We are delighted to welcome Yamana as a 5-per-cent strategic shareholder. Having a major gold producer with Yamana’s calibre take a significant position in our company is a major vote of confidence in the project and the team we have assembled. We hope to work together over the coming months and years. The transaction removes the existing back-in agreement on five of our patented claims which is a major step in derisking the Lemhi project. The project is now free of all back-in rights.”

Details of the transaction

Freeman and Yamana have entered into a purchase agreement under which Yamana has agreed to the transfer, termination and extinguishment of the back-in right. In consideration, Freeman has issued to Yamana 4,035,273 common shares of Freeman, representing 5 per cent of Freeman’s issued and outstanding shares. The consideration shares are subject to a four-month hold period under applicable securities laws. In addition, in order to better ensure an orderly market in the Freeman shares, Yamana has agreed that for a period expiring on the earlier of: (a) one year; and (b) the date on which Yamana holds less than 2 per cent of the outstanding Freeman shares, Yamana will not sell or transfer within a 30-day period shares presenting more than 1 per cent of the outstanding Freeman shares without first providing Freeman with notice and five business days in which to identify a buyer for those shares.

Following the closing of the transaction, the company will issue finders’ fees in the amount of 260,000 common shares of the company.

A second drill rig has arrived on the property to prioritize discovery-focused exploration drilling along a previously untested trend of alteration and mineralization that strikes north from the high-grade Torbrit silver deposit.

Additional drilling is also being planned to expand and upgrade the current resources and for future engineering studies. Analytical results from the 2020 Dolly Varden property drilling program are pending. The company is continuing with surface exploration work, including mapping and soil sampling, which has already generated additional potential drill targets.

“Dolly’s geological team is very excited about the prospects along the Torbrit mine trend. Torbrit hosts our highest-grade area of the current mineral resource with overlapping styles of high-grade silver mineralization,” said Shawn Khunkhun, president and chief executive officer of Dolly Varden Silver. “We look forward to updating our shareholders with the assays for our drilling completed to date and we are prepared to continue exploring through the fall season with the purpose of maximizing the results of our drill plan and budget.”

The plus-4,500-metre-long trend hosting the Torbrit deposit exhibits two significant styles of high-grade silver mineralization: 1) stratiform exhalative-style silver mineralization and overprinted by 2) epithermal banded-vein mineralization, with associated lead and zinc sulphides. Additional technical information on Torbrit can be reviewed at the company’s website.

Rob van Egmond, PGeo, chief geologist for Dolly Varden Silver, is the qualified person as defined by National Instrument 43-101. He has reviewed and approved the scientific and technical information contained in this news release and is supervising the continuing exploration program and quality assurance/quality control procedures on the property.

The Meeting will be held at the offices of the Company. However, due to health concerns relating to the novel coronavirus pandemic and to comply with government and public health directives, the Company is urging all Shareholders to vote by proxy in advance of the Meeting and is discouraging physical attendance in person at the Meeting. The Meeting will not be open to the general public and will be limited to registered Shareholders and duly appointed proxyholders only. Shareholders who wish to access and ask questions at the Meeting can do so by phone or audio-only webcast using the details provided below. An audio replay of the Meeting will also be available until October 13, 2020.

Zoom Meeting

Register in advance for this meeting:

https://zoom.us/meeting/register/tJ0tf-mgrTsuGNJp6QyP0TlrIvBVKZCE7VIT

After registering, you will receive a confirmation email containing information about joining the meeting.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District, Sinaloa, Mexico.

PLOMOSAS SILVER PROJECT

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated from 1986 to 2001. The Project has an 8,515-hectare property position and is strategically located within 5 km of the San Marcial Silver Project in the southeast of Sinaloa State, Mexico. The Plomosas Project comprises six areas with an average of 100 surface and underground drill holes in each area, geophysical and geochemical data covering most of the concession, and 16 new exploration targets from which 11 have high priority for future exploration programs. This extensive database allows the Company to advance towards resource estimation and potential project development in the near future.

The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30m of previous capital investments. The previous owners invested approximately US$18 million in exploration.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remains under-explored.

To solidify this interest and achieve the best outcome for shareholders, Black Iron has kicked off a formal two stage competitive process with bid submission deadline dates to obtain definitive investment proposals from qualified companies which are seeking a guaranteed share of production from the Shymanivske project in exchange for making an investment towards construction of the project. This process will complement advanced ongoing discussions with debt providers, royalty funds, and construction companies, flagged in previous media releases, aimed at raising all necessary capital for construction to commence post securing necessary land and permits.

Further updates on the results of this process will be announced once all proposals have been assessed.

To help mitigate COVID-19 travel limitations for interested groups seeking Ukraine site visits as part of their due diligence, Black Iron is proposing to conduct virtual site tours in real time and access to an independent engineering firm that has conducted a site visit.

In advance of listing on the NYSE American, Excellon has filed a Form 40-F registration statement with the United States Securities and Exchange Commission. Subject to the approval of the NYSE American and the satisfaction of all applicable listing and regulatory requirements, the Company expects its Common Shares to commence trading on the NYSE American by late-September.

Excellon’s Common Shares would trade on the NYSE American under the ticker symbol EXN. A trading date will be announced once all regulatory requirements are satisfied. Trading on the OTC under the ticker symbol EXLLF will cease concurrent with the NYSE American listing.

“Listing on the NYSE American provides enhanced access to the world’s largest and most liquid equity markets, which we believe will deliver exceptional value for our shareholders,” stated Brendan Cahill, President and CEO. “Both institutional and retail investors based in the United States will have significantly greater ability to invest in Excellon through more familiar platforms. With our Platosa operation offering direct exposure to ongoing increases in the silver price, our Kilgore project offering growth potential and leverage to gold in the excellent jurisdiction of Idaho and Silver City offering a near-term, high-grade silver discovery opportunity, we believe that Excellon will be a compelling story for American investors in this rising precious metals market.”

Share Consolidation

In connection with the planned listing on the NYSE American and pursuant to shareholder approval received on April 17, 2020, the Company will consolidate all of its Common Shares on the basis of one new post consolidation Common Share for every five existing pre-consolidation Common Shares.

The Board of Directors of the Company has approved the Consolidation ratio, which will be effective as of September 10, 2020. The Consolidation reduces the number of issued and outstanding Common Shares from 159,907,215 to approximately 31,981,443. Proportionate adjustments will be made to the Company’s outstanding stock options, warrants, restricted share units, deferred share units and convertible debentures. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional Common Shares that would have otherwise been issued will be rounded to the nearest whole Common Share.

A letter of transmittal with respect to the Consolidation will be mailed to the Company’s registered shareholders. All registered shareholders will be required to send their certificate(s) representing pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company’s registrar and transfer agent, TSX Trust Company, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for their post-Consolidation positions. A copy of the letter of transmittal is posted on the Company’s issuer profile on SEDAR. It is anticipated that the post-Consolidation Common Shares will commence trading on the Toronto Stock Exchange under CUSIP No. 30069C801 on September 10, 2020. The Company’s ticker symbol EXN will remain unchanged.

As part of the drilling program, Fenixoro will also be providing data and geotechnical information to assist with the construction of upgraded roads for local use. Under the umbrella of its ongoing local initiatives, the Company is very pleased be in a position to provide these benefits at no cost to the community.

With the permit in hand the contract with Colombia veteran Logan Drilling has been finalized. The surface owners in all areas to be drilled are members of the local, legal small miner’s cooperative that is Fenixoro’s partner in the venture. Access arrangements have also been finalized. Creating access to the drill pads will not require the felling of any trees and only short intervals of non-mechanized trail preparation. The water used in the drilling will be recycled and the operation will be conducted in a manner that will generate zero fluid discharge. Post-drilling pad and trail reclamation will be closely monitored and approved by environmental authorities.

The principal target of the ongoing and future drill program is a series of over 80 “Buritica-style” high-grade gold veins which are present in northwest and east-west trending corridors up to 400 meters wide and up to 1200 meters in strike length. Each corridor contains numerous semi-parallel, sub-vertical veins and each inclined drill hole will test several veins. The veins crop out over more than 800 vertical meters on the property with high grades (20+ g/t gold) throughout that vertical interval.

In the press release dated August 19, 2020 Fenixoro reported broad zones of high quality soil anomalies situated between the outcropping vein sets in many areas. These could represent additional non-outcropping veins and/or areas of interstitial lower grade stockwork type mineralization which has been seen in several areas on the property. This latter is reminiscent of the situation at the nearby, 11+ million ounce Buritica deposit where four “Broad Mineral Zones” (BMZs) consisting of veins plus stockwork mineralization have been modelled for future underground bulk mining (see Continental Gold press release dated May 16, 2019). Phase one drilling at Abriaqui will test several of these anomalous areas.

An additional phase one drill target is the large magnetic anomaly described in the Press Release dated August 27, 2020. The data from a recently completed ground magnetometry survey define a strong, near-surface magnetic anomaly of about one square kilometer to a depth of at least 700 meters. At least one hole will test the idea that it represents the depth continuation of a small area of gold-bearing, porphyry style magnetic, potassic alteration seen on surface. The surface outcrop area of mineralized alteration appears to be in a fault block at the northern end of the body and assays of samples taken returned up to 1.1 g/t gold. This is representative of the better porphyry systems in Colombia and around the world.

Fenixoro’s vice-president of exploration, Stuart Moller, commented, “The similarities between Abriaqui and Buritica in terms of number of veins, close spacing, and vertical continuity of high-grade gold are striking, and the possibility of a gold porphyry target at a reasonable drill depth is an added bonus.”

“We’re very excited to resume drilling at Castelo de Sonhos, to complete the pre-feasibility study (PFS) drilling and to test opportunities we’ve recently recognized for additional gold mineralization outside our current mineral resources,” says Nick Appleyard, TriStar’s President and CEO. “The two virtual conferences this month provide us with a tremendous platform to discuss our drilling and associated site activities with the investing community.”

Drilling

An initial contract has been signed for 10,000m of reverse circulation drilling and 2,500m of core drilling. The optical televiewer (OTV) will also be back at site this month and will be used on drilling completed earlier this year and in much of the upcoming planned drilling. The drill rigs have multiple high priority targets to drill in the coming months including:

CDS Deeps

CDS Deeps represents an untested target related to gold deposition and possible remobilization from its original location in the conglomerates by the intrusion of younger granitic rocks. Several sites have been identified where the granitic rocks are close to both the surface and the gold-bearing conglomerate horizon.

Untested shallow and outcropping conglomerates

Both TriStar mapping and the artificial intelligence algorithms of GoldSpot Discoveries have identified multiple areas which appear to have potentially gold-bearing conglomerates at or near surface. These can be tested with the cost-effective combination of shallow reverse circulation drilling and OTV.

Infill and step-out drilling

There is still about 2,000m of in-fill drilling to be completed for the PFS, as well as geotechnical drilling to define pit wall stability parameters. Additionally, there are opportunities for step-out drilling in areas where good results were reported earlier this year.

Other activities at CDS for September

New topography and air photos

A Lidar (Light Detection and Ranging) survey has been flown. This will provide high-precision topography across the entire project area and the transportation corridor to BR163, the major north-south highway to the west of the project, and provides high-resolution air photos that will be used extensively in the PFS as well as in environmental and social permitting activities.

Weather Station

A meteorological station has now been installed to gather site-specific data for use in generating engineering design parameters and environmental controls.

Conferences

On September 10th TriStar will be presenting at the Virtual Metals Investor Forum at the invitation of Gwen Preston. TriStar’s presentation will be in session 3 starting at 1pm (PDT), and can be accessed via https://webcast.fmav.ca/mifsept2020/.

On September 15th at TriStar will be presenting at the Precious Metals Summit Beaver Creek – VIRTUAL conference at 1:45pm (PDT) and the conference website can be accessed via https://www.precioussummit.com/event/2020-summit-colorado.

The LOI contemplates that Sinomine will finance Power’s further exploration, either through a potential direct investment or joint venture, for the development of its mineral properties, on terms to be negotiated, along with (i) establishing an operating committee to set work programs and budgets, (ii) the right for Sinomine to have representation on Power’s board, (iii) the right for Sinomine to participate in any future financings undertaken by Power and (iv) a right of first refusal to match any unsolicited third party offer to acquire the shares of Power. The company is also discussing the possibility of Power working jointly with Sinomine to explore and develop some of Sinomine’s mineral properties in Canada.

Johnathan More, chairman of Power Metals, states: “Every shareholder should share in our excitement on this major development for Power Metals. Sinomine are industry giants for producing and processing cesium, lithium and tantalum. We now look forward to the next steps in developing our assets jointly with Sinomine and also the potential joint development of Sinomine’s Canadian assets. I want to thank our team for this significant accomplishment as well as the opportunity presented by Sinomine.”

Wang Pingwei, chairman and president of Sinomine, said: “We are pleased to sign this LOI with PWM. Sinomine’s goal is to find further mineral resources for commercial mining other than Tanco, such as cesium, lithium, et cetera, through this strategic partnership with PWM. We Look forward to seeing the results of our co-operation soon.”

On June 28, 2019, Cabot Corp. sold its specialty fluids business including the Tanco lithium, cesium, tantalum mine, Manitoba, to Sinomine (Hong Kong) Rare Metals Resources Co. Ltd., a wholly owned subsidiary of Sinomine. The Tanco mine is located about 180 kilometres east-northeast of Winnipeg, close to the Manitoba-Ontario border. The Tanco pegmatite has been mined for tantalum ore concentrates, pyroceramic spodumene, pollucite and rubidium since the late 1960s.

In January, 2020, Power Metals’ strategic review committee decided to focus on its cesium mineralization in the spodumene pegmatites at Case Lake. Cesium is valuable as there are only three cesium mines in the world and Power Metals owns three of the five cesium occurrences in Ontario: West Joe, Tot Lake and Marko’s pegmatites. Power Metals’ West Joe dike at Case Lake was discovered in August, 2018, at the end of a drill program. The 2018 drill program intersected high-grade cesium mineralization in six drill holes at West Joe: PWM-18-111, 112, 116, 123, 124 and 126, with up to 14.7 per cent cesium oxide over one metre in drill hole PWM-18-126 (Power Metals press release dated Oct. 9, 2018, and Nov. 13, 2018). Case Lake has a 12 km long lithium mineralization trend from West Joe pegmatite to main dike pegmatite to northeast dike to Dome 9 to the newly acquired Abbotsford dome. Cesium mineralization has been identified in drill core at West Joe dike, new dike below main dike and northeast dike. Elevated Cs contents have also been identified in surface samples on Dome 9.

Dr. Julie Selway stated: “I am pleased with Power Metals’ upcoming co-operation with Sinomine. There is a lot of potential for synergy between the two companies.”

All terms are subject to negotiation and due diligence investigations by Sinomine. There is no assurance a definitive agreement will be reached on the terms outlined herein, or at all.

Quality control

The drill core was sampled so that one m of the Case batholith tonalite host rock was sampled followed by one m long samples of the pegmatite dike and one m of the Case batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the less-than-20-centimetre pegmatite veins in tonalite, which were merged into one sample. The drill core samples were delivered to SGS preparation lab in Cochrane by Power Metals’ geologists. The core was then shipped to SGS analytical lab in Lakefield, Ont., which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore grade Li2O per cent was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.002 per cent Li2O. A quality assurance/quality control review of the standards and blanks for this drill program indicate that they passed, and the drill core assays are accurate and not contaminated.

Case Lake

The Case Lake property is located in Steele and Case townships, 80 km east of Cochrane, Northeast Ontario, close to the Ontario-Quebec border. The property is 10 km by 9.5 km in size with 14 identified tonalite domes. The Case Lake pegmatite swarm consists of six spodumene dikes: north, main, south, east and northeast dikes on the Henry Dome and the West Joe dike on a new tonalite dome. The Case Lake property consists of 556 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake mining division. The Case Lake property is owned 100 per cent by Power Metals. The claims have enough available exploration reserve to keep them in good standing for the next four years.

Paterson Lake

The Paterson Lake property is located in Paterson Lake and Treelined Lake areas, 60 km north of Kenora, Northwest Ontario, close to the Ontario-Manitoba border. The Paterson Lake property is located within the Separation Rapids greenstone belt and hosts multiple petalite-bearing pegmatite dikes. The property was optioned from Exiro Minerals Corp. in 2017 (Power Metals press release dated April 20, 2017).

Gullwing-Tot Lakes

The Gullwing-Tot Lakes property is located in Drope and Webb townships, 30 km northeast of Dryden, Northwest Ontario, with excellent road access. Gullwing and Tot Lakes’ pegmatites contain spodumene. The property was optioned from Exiro Minerals Corp. in 2017 (Power Metals press release dated April 20, 2017). The property is located 5.5 km northeast of Pioneer Resources’ Mavis Lake spodumene pegmatite field.

Qualified person

Dr. Selway, PhD, PGeo, supervised the preparation of the scientific and technical disclosure in this news release. Dr. Selway has verified the data included in this news release. Dr. Selway is the vice-president of exploration for Power Metals and the qualified person as defined by National Instrument 43-101. Dr. Selway is supervising the exploration program at Case Lake. Dr. Selway completed a PhD on granitic pegmatites in 1999 and worked for three years as a pegmatite geoscientist for the Ontario Geological Survey. Dr. Selway also has 23 scientific journal articles on pegmatites. A National Instrument 43-101 report has been prepared on the Case Lake property and filed on July 18, 2017.

The Reorganization and Eastmain Acquisition Transactions

Auryn entered into a definitive agreement (the “Agreement”) with Eastmain pursuant to which Auryn will acquire all of the securities of Eastmain immediately following a spin-out of Auryn’s Peruvian projects to Auryn shareholders of record on the closing date, currently scheduled for October 9, 2020 (see July 29, 2020 press release). Prior to completion of the Transactions, the Company will complete a C$22.5 to C$23 million equity financing (the “Financing”) (see August 31, 2020 press release). The purpose of the Transactions is to combine Auryn’s Canadian assets and operations with Eastmain to create Fury Gold Mines Limited (“Fury Gold”), a well-financed, Canadian-focused gold exploration and development company. Pursuant to the terms of the Agreement, the Transactions will be implemented by way of two statutory plans of arrangement, one involving Auryn under the Business Corporations Act (British Columbia) (the “Reorganization Arrangement”) and one involving Eastmain under the Business Corporations Act (Ontario), which will result in the acquisition of Eastmain (the “Eastmain Acquisition”). A plan of arrangement is a Canadian court-supervised restructuring and business combination process. Interim Court Orders were issued by the British Columbia Supreme Court and the Ontario Superior Court on September 1 and 3, 2020 respectively authorizing the securityholders meetings for each of Auryn and Eastmain.

Securityholder Approvals Sought

At the Meeting, in addition to routine annual matters, Auryn shareholders will be asked to consider resolutions to approve the Reorganization Arrangement, the Eastmain Acquisition and the Financing. Each of these resolutions must be passed in order for Auryn to complete the Transactions. In order to be passed, the resolution on the Reorganization Arrangement must be approved by a special majority consisting of two thirds of the votes cast by Auryn shareholders at the Meeting, the resolution on the Eastmain Acquisition must be approved by a simple majority of the votes cast by Auryn shareholders at the Meeting, and the resolution on the Financing must be approved by a simple majority of the disinterested shareholders of Auryn cast at the Meeting (in this case, excluding the votes of shareholders who participate in the Financing). In addition, the Reorganization Arrangement is subject to a separate vote of all Auryn securityholders (being holders of common shares, warrants and options of Auryn) which, in order to be passed, must be approved by a special majority of two thirds of the votes cast by the Auryn securityholders at the Meeting voting as a single class.

Benefits to Auryn Securityholders of the TransactionsAcquiring “Eau Claire”, a high-grade gold near-term development project: Fury Gold will have a diversified development platform comprised of three Canadian gold projects, with the Eau Claire project being a leading near-term development project. Fury Gold will be well-financed as a stand-alone company, which will serve to unlock value that may otherwise go unrecognized within the multiple South American and North American assets held by Auryn.Unlocking the Value of the Peruvian Projects: The spin-out of the Peruvian projects into stand-alone operating entities will provide discrete market opportunities and same-jurisdiction synergies.

With an all-Canadian portfolio of projects Fury Gold is expected to benefit from synergies with regards to its general and administrative expenses.Robust Growth Pipeline: Fury Gold will benefit from strong internal growth potential and additional long-term development optionality from the Homestake Ridge and Committee Bay projects in Canada.Improved Capital Markets Scale: The Reorganization Arrangement is expected to elevate Fury Gold within its peer group as a result of an expanded asset portfolio and an increased market presence, which should result in a broader appeal to the institutional shareholder base, increased research coverage and improved trading liquidity.

Strong Financial Position: Fury Gold will be well-financed with pro forma cash of approximately C$20 million.Unanimous Board Approval: The Auryn Board of Directors (the “Auryn Board”) has unanimously recommended support for the Reorganization Arrangement, Eastmain Acquisition and Financing.Key Shareholder Support: Directors and officers of Auryn holding an aggregate of 13,222,116 Auryn shares (17,097,116 including options which vote on the Reorganization Arrangement) representing approximately 12.21 % of the issued and outstanding Auryn Shares and 14.81% of the outstanding Auryn securities as of August 24, 2020 have entered into Support Agreements pursuant to which they have agreed, among other things, to vote in favour of the Reorganization Arrangement.

Receipt by the Auryn Board of Stifel Fairness Opinion: The Auryn Board has received a fairness opinion from Stifel Nicolaus Canada Inc. (“Stifel GMP”) concluding that the consideration for the Reorganization Arrangement and Eastmain Acquisition is fair, from a financial point of view, to Auryn.Alternatives to the Transaction: Auryn regularly evaluated business and strategic opportunities with the objective of maximizing shareholder value in a manner consistent with the best interests of Auryn. The Auryn Board, with the assistance of financial and legal advisors, assessed the alternatives reasonably and determined the Reorganization Arrangement represents the best prospect for maximizing shareholder value.

Special Majority Shareholder Approval: The Reorganization Arrangement must be approved by at least a two-thirds majority of the votes cast by Auryn shareholders as well as a separate approval of at least a two thirds majority of the votes cast by Auryn securityholders at the Auryn Meeting. The Financing must be approved by the disinterested Auryn shareholders, providing additional protection for Auryn shareholders and Auryn securityholders.

Board Recommendation

The Auryn Board, based in part on the recommendation of a special committee of independent directors and the fairness opinion from Stifel GMP, has unanimously determined that the Transactions are fair to Auryn securityholders and is in the best interest of Auryn, and unanimously recommends that Auryn securityholders vote FOR of the Reorganization Arrangement, Eastmain Acquisition and Financing.

The Meeting

The Meeting will be held virtually on October 5, 2020 at 10:00 a.m. PDT and can be accessed using the following link: https://web.lumiagm.com/481668070. At the Meeting, securityholders (holders of Auryn shares, options and warrants) will be asked to consider and vote upon the resolutions needed to complete the Transactions as well as vote upon annual meeting matters such as the election of directors and appointment of auditors.

Your vote is important regardless of the number of Auryn securities you own. As a securityholder, it is very important that you carefully read the Proxy Circular and then vote your Auryn securities. You are eligible to vote your Auryn shares, options and warrants if you were a holder of record on August 24, 2020. Securityholders should carefully follow the voting instructions provided in the Meeting materials. Registered securityholders should submit proxies no later than 10:00 a.m. PDT on October 1, 2020 (or two business days prior to any adjournment of the Meeting). Beneficial shareholders should contact the intermediary through which they hold their Auryn shares to determine their cut-off time for voting.

The mailing of the Proxy Circular has commenced and securityholders should receive them shortly. The Proxy Circular is also available on SEDAR under the Company’s profile at http://www.sedar.com and on the Company’s website at http://www.aurynresources.com.

Securityholder Questions and Assistance

If you have questions or need assistance in your consideration of the Transactions, or with the completion and delivery of your proxy, please contact Auryn’s shareholder communications advisor and proxy solicitation agent, Laurel Hill Advisory Group, by telephone at 1.877.452.7184 toll-free in Canada (+1.416.304.0211 for international calls) or by e-mail at assistance@laurelhill.com.

In Phase one, Gold Terra can earn a 30% interest by spending a minimum of CDN$3 million in exploration expenditures over a period of three (3) years on the Newmont Exploration Property. Gold Terra will manage, fund and operate the program. Upon completing Phase one earn-in, the parties will form a joint venture.

In Phase two, Gold Terra can earn an additional 30% interest, for a 60% cumulative interest in the joint venture, by sole funding all expenditures and completing a prefeasibility study outlining a mineral resource containing at least 750,000 ounces of gold on the Newmont Exploration Property itself, and a combined 1.5 million ounces of gold on both the Newmont Exploration Property and the mineral claims in the immediate area which are already owned by Gold Terra. Gold Terra has a period of up to four (4) additional years to complete Phase two earn-in and will also manage and operate the Phase two program.

Provided that Gold Terra completes Phase two earn-in, Newmont has a one time, back-in right to earn back a 20% interest in the joint venture, such that Newmont would then hold a 60% interest and Gold Terra would hold a 40% interest. The back-in right is triggered if a discovery of at least five (5) million ounces of gold in all mineral resource categories is made within the Newmont Exploration Property and is exercisable by Newmont by providing certain cash reimbursements and payment to Gold Terra.

Gerald Panneton, Executive Chairman of Gold Terra, stated, “We are very pleased today to announce the beginning of an excellent relationship with Newmont. The achievement of this Agreement reflects the shared vision of two companies with the same goal, find more gold. Our Agreement allows Gold Terra to better explore the southern extension of the prolific Con mine, where approximately 5.1 million ounces of gold was produced from the Campbell Shear between 1946 and 2005 at a grade of 15 g/t, and over widths of up to 100 metres. With this transaction, Gold Terra secures the immediate southern extension of the Campbell Shear mineralization, which is immediately north of our 100% owned South Belt property.”

The former Con Mine is a world-class gold deposit, and is part of the prolific Yellowknife mining camp, where 85% of the Con Mine production came from the Campbell Shear, which was discovered by Cominco Geologist Neil Campbell in 1946.

Gold Terra intends to initiate a drilling program by year-end on the Newmont Exploration Property.

Kodiak is considered at arm’s length to Brixton. In connection with this transaction, Brixton entered into an agreement with C.J. Greig Holdings Inc. (Charles Greig) to terminate his net smelter royalties on the property in return for $90,000 satisfied by a $45,000 cash payment and by issuing 113,924 common shares of the company. The company will also be providing a $20,000 cash payment to Constantine Metals Resources Ltd. which has agreed to terminate its right of first refusal on a 0.5-per-cent net smelter royalty previously issued on the property.
As consideration for the property, the company will provide $910,000 to be satisfied by an initial cash payment of $100,000 and by issuing 2,324,393 common shares at a deemed value of 39.15 cents per common share on the closing date.