Corporate Presentation March 2021

TSX: BNAU | OTCQX: BNAUF

RED LAKE’S NEXT GOLD PRODUCER CORPORATE PRESENTATION MARCH 2021

WWW.BATTLENORTHGOLD.COM

1

Cautionary Statements Regarding Forward-Looking Statements and Other Cautionary Notes TSX: BNAU | OTCQX: BNAUF

All statements, other than statements of historical fact, contained or incorporated by reference in, or made during the presentation or discussion of, this presentation and its subject matter, including any information as to the future performance of the Company or the Project, constitute “forward-looking statements” and “forward looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate”, “aspiring”, “assumption”, “believes”, “conceptual”, “contemplate”, “contingency”, “could”, “demonstrate”, “development”, “emerging”, “economics”, “enhance”, “estimates”, “evaluating”, “expected”, “expedited”, “exploration”, “feasibility”, “Feasibility Study” (or “FS”), “forecast”, “forward”, “future”, “goal”, “growth”, “indication”, “initiatives”, “may”, “manageable”, “measures”, “metric”, “mineable”, “model”, “ongoing”, “opportunity”, “optimization”, “path”, “plan”, “potential”, “preliminary”, “Preliminary Economic Assessment” (or “PEA”), “profile”, “project”, “projected”, ”priority”, “risk”, “proposition”, “scenarios”,“sensitivities”, “should”, “shovel-ready”, “strategies”, “study”, “target”, “task”, “timelines”, “translates”, “uncertainties”, “upgrades”, “upside”, “viability”, “view” and “will”, or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be achieved or occur in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include, but not limited to statements regarding 2021 budgets, goals, plans and tasks; value proposition; Red Lake’s next gold producer; Mineral Reserve and Mineral Resource estimates (or “MRE”) and other mineralization including Explore Targets, Pen, CARZ and Island Zones (or “String of Pearls”) (including any future MRE therefor, incremental mill feed therefrom or other organic growth); the details of the Feasibility Study (including any financial and/or economic metrics and results, such as return on capital (including internal rate of return or IRR), payback period, NPV, free cash flow (or FCF), cut-off grade, production and head grade profile, gold production (payable or otherwise), impact of tax loss pools, capital and operating costs, life of mine (or LOM), mine plans and life, estimated tonnes and grade, mineable inventory, underground development, plans (including any implementation plans for the Feasibility Study), timelines (including first gold pour, completion of camp upgrades, ammonia reactor construction design and construction, tailings management facility (or TMF) upgrades and construction, preCommercial Production and Commercial Production periods), additional permitting, the Project Funding Requirement, the Macquarie Bank Limited Credit Facility including its terms and conditions, the anticipated timing for negotiation and execution of definitive documentation and resulting closing; the Project including its development, construction, operation and production and funding requirements (including ability satisfy such), and the details (including plans and budget) and timing thereof; future availability of the Company’s cash balances; the sufficiency of the proceeds of the Macquarie Bank Limited Credit Facility, together with cash currently on the Company’s balance sheet, to fund the Project to Commercial Production (including development and construction) and the ability to otherwise do so; closure costs, net salvage value and other results of the Feasibility Study (all of which are estimates only) and impact thereon of existing infrastructure and planned and historical activities (including the implications of the 2018 test trial mining and bulk sampling), future infill and step-out drilling of the F2 Gold Deposit and exploration drilling at Explore Targets, the String of Pearls and regional exploration properties (including incremental tonnes or mill feed therefrom), optimization and expansion opportunities (including mill capacity) and risk mitigation factors and strategies; planned exploration and development activities and any impact of such activities; geological and structural modelling; future gold price and USD/CAD exchange (or FX) rates; feasibility and viability of the Project statements regarding the impact of health, safety and security measures or protections, and other protocols, implemented by the Company’s in response to COVID-19, and the Company’s ability to respond in the future to that situation, including the implementation any new such or other measures or protections and the impact thereof. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made at www.sedar.com and on its website at www.battlenorthgold.com. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statement. Such risks, uncertainties, contingencies and other factors include, among others, the “Risk Factors” in the Company’s annual information form dated March 27, 2020 (the “2020 AIF”), available under the Company’s profile at www.sedar.com and on its website at www.battlenorthgold.com, as well as the risks, uncertainties, contingencies and other factors identified in the Cautionary Statement at the end of the Company’s news release dated February 9, 2021 (the “February 9, 2021 News Release”), the Company’s Management’s Discussion and Analysis for the three quarters ended in 2020 (collectively “2020 MD&A”), including the accompanying financial statements, and the Technical Report for the Bateman Gold Project Feasibility Study dated on January 27, 2021 (the “Project Technical Report”). The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company’s business, financial condition and prospects that is provided in the 2020 AIF. The forward-looking statements contained or incorporated by reference herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the February 9, 2021 News Release, the 2020 MD&A, the 2020 AIF and the Project Technical Report. Forward-looking statements contained herein are made as of the date of this presentation (or as otherwise expressly specified) and Battle North disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.

Qualified Person The content of this presentation has been read, verified and approved by Michael Willett, P.Eng., Director of Projects for Battle North, who is a Qualified Person as defined by NI 43-101.

Cautionary Statement regarding Mineral Reserve and Mineral Resource Estimates See endnote 4 to this presentation.

Cautionary Note to U.S. Readers See endnote 5 to this presentation.

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2

BATTLE NORTH GOLD VALUE PROPOSITION

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Ingredients in place for a successful emerging gold producer

•

PROVEN MANAGEMENT TEAM WITH MINE CONSTRUCTION AND OPERATION EXPERIENCE

•

ROBUST BATEMAN GOLD PROJECT FEASIBILITY STUDY ECONOMICS1

•

SIGNIFICANT INFRASTRUCTURE, SHOVEL-READY PROJECT & EXPECTED TO BE FULLY-FUNDED TO COMMERCIAL PRODUCTION26

•

2021 BATEMAN PROJECT CONSTRUCTION PLAN27 • ESTIMATED FIRST GOLD POUR – END OF 2021 • ESTIMATED COMMERCIAL PRODUCTION – END OF 2022

•

Red Lake, Ontario

EXPLORATION UPSIDE IN RED LAKE GOLD CAMP – TIER 1 GOLD MINING JURISDICTION

(1) Refer to endnote #1 for further details (26) Refer to endnote #26 for further details (27) Refer to endnote #27 for further details

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TSX: BNAU | OTCQX: BNAUF

STRONG BALANCE SHEET AND SHAREHOLDER SUPPORT Well-funded to support Project construction and exploration initiatives

Equity ownership breakdown

Balance Sheet and Capital Structure (Dec 31/20) Cash balance (unaudited): Macquarie Credit Facility agreement26 (subject to completion) Shares outstanding

~C$47 M US$40 M 129,255,879

Options outstanding

10,351,267

Expected Warrants

2,500,000

Market Data* (February 25/21)

BNAU share price: Market capitalization: Avg. 30-day daily trading volume (TSX & OTC markets)

Management & Board 0.60% President and CEO George Ogilvie, P.Eng.: 580,479 shares

Retail 16.70%

Institutional Investors 82.70%

C$1.63 C$211 M 214,222

Analyst Coverage

(Target price range: C$3.10-C$5.10) Andrew Mikitchook BMO Arun Lamba TD Securities Ryan Hanley Laurentian Bank Stuart McDougall Mackie Research George Topping Industrial Alliance Tom Gallo Canaccord Genuity Brock Colterjohn Cormark Alex Terentiew Stifel GMP (15) Refer to endnote #15 for further details (26) Refer to endnote #26 for further details *Source: TSX

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Institutional shareholders

Sun Valley Gold Fidelity Invesco BMO Donald Smith & Co. Mackenzie Financial Ruffer Ixios Libra K2

Franklin Templeton RBIM Sprott/Ninepoints SSI Asset Management Greywolf Royal Gold Earth Resources Millpond Commodity Capital AG Intact

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PROVEN MANAGEMENT TEAM

TSX: BNAU | OTCQX: BNAUF

Extensive underground mine construction, operating, exploration, financing and legal experience Management

George Ogilvie, P.Eng.

• +30 years of management, operating, technical, M&A, and restructuring • Former CEO of Kirkland Lake Gold; led the successful turnaround of the Macassa Mine and acquisition of St. Andrew Goldfields • Experience in deep, underground narrow-vein gold deposits in South Africa with AngloGold • Grew Rambler Metals from grassroots exploration to profitable junior producer

Mike Willett, P.Eng.

• +37 years of management, operating, technical, consulting and contracting experience • Held senior roles with Hudbay • Led the increase in mineral resources and permitting as CEO of Tamerlane Ventures Inc.

Eric Setchell

• +30 years of U/G and open pit operations experience in a management and technical capacity • Managerial roles at Red Lake Gold Mines, Musselwhite, Mount Milligan, Lupin, Kapan, Bissett, Kapuskasing Phosphate Mine (Agrium),

Nick Nikolakakis, MBA

• +25 years of corporate finance and management experience; +US$2 billion financings • Former CFO of Rainy River; led the sale to New Gold • Former VP Finance of Barrick – led the C$1.5 Billion financing of Pueblo Viejo in Dominican Republic

Nick Hayduk, LLB, MBA

• +20 years as a corporate lawyer; +15 years of legal and management experience in the mining sector • Former SVP, Chief Legal Officer of Lundin Mining Corporation • Former SVP, General Counsel of Kinross Gold Corporation

Rachel Pineault, CHRE

• 25 years in senior management experience in strategic human resources • Former Director of HR (Canadian Operations) at Kirkland Lake Gold; Former VP HR and Aboriginal Affairs for Detour Gold • Involved in building 5 mines in Canada

Maura Kolb, MSc., P.Geo.

• 10 years in gold exploration and mineral resource estimation; 7 years of extensive experience in Red Lake • Former Exploration Manager at Evolution Mining in Red Lake; various roles with Goldcorp Inc. WWW.BATTLENORTHGOLD.COM • At Goldcorp, primary focus was on grassroots exploration; experience with IBM Watson (AI platform)

President and CEO

VP Operations & Projects

Mine General Manager

VP & CFO

VP General Counsel & Corporate Secretary

VP Human Resources

Director, Regional Exploration

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TSX: BNAU | OTCQX: BNAUF

BATEMAN GOLD PROJECT FEASIBILITY STUDY1 LOM Project economics, annual and cumulative free cash flow estimates LOM Project Economics Metrics (estimates) After-tax IRR After-tax NPV5% After-tax Cumulative LOM FCF, Net of Initial Capital Base case FX rate (US$/C$) NPV5% /Initial Capital ratio Payback period Remaining tax loss pools after LOM Fully-funded Initial Capital to Commercial Production (CP)

Gold Price Assumption (oz) US$1,525 (Base Case)

US$1,730 (Spot)

50%

70%

C$305 million

C$435 million

C$419 million

C$581 million

0.7407

0.7407

2.8

4.0

3.6 years

3.0 years

C$407 million

C$232 million

(C$ millions)

C$M

$150

C$M

CP

Pre-CP

$581 Average FCF @ US$1,730/oz:

C$81 M/CP year

$100

$550

$419

Average FCF @ US$1,525/oz:

$350

C$70M/CP Year

$50 $150

$0

-$50

-$50

-$100

C$109 million

SIGNIFICANT FREE CASH FLOW GENERATION FORECAST DURING COMMERCIAL PRODUCTION (CP) (1) Refer to endnote #1 for further details

Bateman Gold Project LOM Free Cash Flow Profile

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-$250

-2

-1

1

2

3

4

5

6

7

8

-$450

Cumulative FCF @ US$1525/oz

Cumulative FCF @ US$1730/oz

Annual FCF @ US$1525/oz

Annual FCF @ US$1730/oz

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TSX: BNAU | OTCQX: BNAUF

BATEMAN GOLD PROJECT FEASIBILITY STUDY1 LOM production and operating cost profile

LOM Annual Production and Mill Head Grade Profile

•

•

Koz

Estimated 8.2 year mine life

100

•

603Koz LOM payable ounces

90

•

48Koz of Pre-CP production

80

•

Avg. 80Koz/year of CP

Expected fully-funded Initial Capital to CP: C$109M

Avg. LOM Mill Head Grade: 5.54 g/t Au 5.70

5.40

5.05

5.10

5.18

5.39

7.09

8.00 7.00 6.00

60

5.00

50

4.00

40

3.00

All-in sustaining costs (AISC): US$865/oz

30

•

All-in costs (AIC): US$1,010/oz

20

•

1,800 tpd mill with excess capacity for potential incremental tonnes from F2, McFinley and Pen Zones8,9,12,19,22 Potential to extend mine life through conversion of Mineral Resource estimates at depth and along strike

6.31

70

•

•

6.27

g/t Au

Commercial Production (CP)

Pre-CP

10 0 Throughput (tpd) Cash Costs (US$/oz) AISC (US$/oz) AIC(US$/oz) Init. Capex (C$M) Sust. Capex (C$M) FCF (C$M)

2.00

2

46

64

75

81

82

83

89

81

-2

-1

1

2

3

4

5

6

7

180

660

$62.0

$1,880 $47.3

$(68.7)

$(6.4)

1,029 $677 $1,161 $1,340

1,270 $648 $949 $1,102

1,467 $632 $863 $1,005

1,457 $661 $947 $1,088

1,451 $636 $1,006 $1,146

1,495 563 698 $828

1,038 $495 $531 $652

$42.1 $31.6

$30.7 $58.5

$25.3 $72.6

$31.6 $63.7

$41.2 $57.8

$16.1 $98.8

$1.8 $110.6

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1.00 0.00

(1) Refer to endnote #1 for further details; (8) Refer to endnote #8 for further details (9) Refer to endnote #9 for further details; (12) Refer to endnote #12 for further detail (19) Refer to endnote #19 for further details; (22) Refer to endnote #22 for further details

LOM

1,315 $613 $865 $1,010 $109.3 $188.8 $418.5

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FULLY-FUNDED BATEMAN GOLD PROJECT

TSX: BNAU | OTCQX: BNAUF

US$40 million Credit Facility + Cash expected to cover the Project Funding Requirement1 Macquarie Bank Credit Facility Amount Term and payment Annual interest rate

Fees

Underground development and infrastructure Equipment lease Surface and mill BNAU EPCM Team Closure costs Salvage Contingency (10%) Total Initial Capital* (A)

• US$40 M 5 years, ending Mar 31/26 Quarterly beginning Mar 31/23 24-month grace period until completion Before completion: US$ LIBOR + 5.25% After completion: US$ LIBOR + 4.25% 2.0% arranging fees 1.5% commitment fees, per annum, on amount undrawn and committed • 2.5 million BNAU warrants (2 year expiry), 30% premium

• • • • • • •

Mandatory equity contribution

• Prior to any drawdown above the first US$5 million, the company will have to spend C$50 million on the Project

Gold hedge

• 45,000 oz of production hedged over LOM • Minimum US$1,750/oz maturing pro-rata to repayment schedule; • Ability to reduce hedge book on pro-rata basis if voluntary prepayments on the Credit Facility are made • Hedges will be placed and priced following the initial US$5 million drawdown

(1) Refer to endnote #1 for further details (26) Refer to endnote #26 for further details

Feasibility Study1: Initial Capital & Pre-CP Production

Agreement26

Pre-CP Production: 47,829 oz Proceeds from sale of Pre-CP oz (@ US$1,525/oz) Pre-CP operating costs Royalties and other production taxes Net Pre-CP operating cash flow (B) Net Pre-CP Initial Capital: (A) – (B) Projected Funding Requirement (@US$1,525/oz)

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Factoring working capital adjustments and corporate G&A

Pre-CP 21-months (millions) C$55.7 C$5.4 C$34.1 C$3.6 C$10.5 C$109.3 C$98.4 C$62.5 C$1.7 C$34.2 C$75.1 C$93.2

*Initial Capital expenditures have commenced

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BATEMAN GOLD PROJECT CONSTRUCTION

TSX: BNAU | OTCQX: BNAUF

2021 Construction Plans and Budget27 BOARD OF DIRECTORS APPROVED BATEMAN GOLD PROJECT CONSTRUCTION CONSTRUCTION ON CRITICAL PATH ITEMS HAS COMMENCED • Critical work areas include U/G development, wastewater treatment (ammonia reactor, TMF), and camp upgrades •

Other key construction items include: •

The purchase and mobilization of equipment including 30- and 50-tonne trucks, LHDs (various sizes between 2.5 to 6 yard), 1- and 2-boom jumbo drills, scissor lifts, rock bolters, jacklegs and stopers;

•

Minor upgrades to the mill;

•

Minor upgrades to the underground infrastructure (shaft, pumping, loading systems, etc.)

•

Upgrade of sewage treatment for the site infrastructure; and

•

Additional office buildings and a dry facility.

INITIAL CAPITAL C$59.1 MILLION; CAPITALIZED OPERATING COST C$17.8 MILLION FIRST GOLD POUR END OF 2021; COMMERCIAL PRODUCTION END OF 2022

(1) Refer to endnote #1 for further details (27) Refer to endnote #27 for further details

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TSX: BNAU | OTCQX: BNAUF

BATEMAN GOLD PROJECT CONSTRUCTION Critical Path Item - Underground development1,27

LOM Development & Mine Plan 1,27 (looking north) Ramp from Surface

8,600 M OF U/G DEVELOPMENT TO COMMERCIAL PRODUCTION • • • • •

122 m Level

3,300 m planned for 2021; 100 m of development completed to-date Surface Portal completed. Ramp decline and ramp incline (between 244 and 183 metrel Levels) underway Provides 9 to 12 months of development ahead of mining Access to 40-50 stops at CP Stope definition drilling at 10 m drill centres or less

183 m Level 244 m Level 305 m Level Shaft

610 m Level

36,700 M OF LOM UNDERGROUND DEVELOPMENT • •

685 m Level 100 m

Manageable average estimated development rates of 18.2 m (5 rounds) per day and opportunity to improve rates Estimated cost of C$5,000-6,000 per metre for lateral and ramp development

(1) Refer to endnote #1 for further details (27) Refer to endnote #27 for further details

Surface

Existing U/G development Pre-CP U/G development Sustaining (CP) U/G development

LOM Mine Plan

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Pre-CP Year 1 Year 2 Year 3

Year 4 Year 5 Year 6 Year 7

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BATEMAN GOLD PROJECT CONSTRUCTION

TSX: BNAU | OTCQX: BNAUF

Other critical path items1,27 – Camp construction, ammonia reactor installation & TMF upgrades Camp: Operational by Q1/21

(1) Refer to endnote #1 for further details (27) Refer to endnote #27 for further details

Ammonia Reactor: Completion in Q4/21

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TMF: Construction to start Spring 2021

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BATEMAN GOLD PROJECT INFRASTRUCTURE

TSX: BNAU | OTCQX: BNAUF

Significant benefit from existing, operational infrastructure Red Lake Gold Mines (Evolution)

242-person camp

Head frame and hoist commissioned 14 km of U/G development; Shaft completed to 730 m below surface

1,800 tpd mill; permitted to 1,250 tpd

Cochenour (Evolution)

Tailings management facility substantially completed

Power, roads, earth and civil works in place

Sunk Capital (C$ millions)

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Mill construction

+$150

Surface construction

+$95

U/G exploration, development, etc.

+$525

Total

+$770 M

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IMPACT OF C$704 MILLION OF TAX LOSS POOLS

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Tax loss pools significantly enhances projected Free Cash Flow Profile1 AFTER-TAX IRR (%)/NPV5% (C$ MILLIONS) – SENSITIVITIES TO GOLD PRICE AND CAD$/USD$ FX RATE

• •

Battle North Gold has C$704M of tax loss pools at the present time The Feasibility Study (FS) LOM plan utilizes approximately C$297M of tax loss pools, with C$407M of remaining1

•

FS estimates tax loss pools to contribute C$132 M LOM or US$162/oz of FCF1

•

At US$1,900/oz gold, the FS LOM plan projects depletion of the entire C$704M of tax loss pools; tax strategies become more relevant at the current elevated gold price environment1.

Gold Price (US$/oz)

US$/C$ FX Rate

US$1,700

US1,800

US$1,900

US$2,000

US$2100

0.84

48%/ $289

56%/$344

64%/ $400

73%/$456

82%/ $510*

0.80

55%/ $336

64%/$395

73%/ $454

82%/$510*

91%/ $552*

0.7407 Base Case

67%/ $416

77%/$480

86%/ $531*

97%/$577*

107%/ $622*

0.70

76%/ $479

87%/$534*

98%/ $582*

109%/$630*

120%/ $677*

0.66

87%/ $535*

99%/587*

110%/ $637*

123%/$688*

135%/ $737*

*Scenarios where entire the C$704 million tax loss pools are exhausted

(1) Refer to endnote #1 for further details

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STRING OF PEARLS: PEN8,22, McFINLEY9,12,19,22,25, CARZ10, ISLAND11 ZONES Potential organic growth and incremental mill feed for the Bateman Gold Project 4 km

Camp

McFinley

Plan view Pen Zone

CARZ

Island

244-metre level exploration drift F2 Gold Deposit Shaft bottom 1000 m

Long section looking north west

• The String of Pearls are potentially accessible from underground • Historical high-grade intersections encountered at Pen, McFinley, CARZ, and Island zones9,10,11,12,13,21,25 • Drilling has commenced to evaluating the Mineral Resource potential of the McFinley and Pen Zones (8) Refer to endnote #8 for further details (9) Refer to endnote #9 for further details (10) Refer to endnote #10 for further details (11) Refer to endnote #11 for further details

(12) Refer to endnote #12 for further details (19) Refer to endnote #19 for further details (22) Refer to endnote #22 for further details (25) Refer to endnote #25 for further details

McFinley

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F2 Gold Zone

14

McFINLEY ZONE MINERAL RESOURCE ESTIMATE25

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Outlines potential for incremental mill feed for the Bateman mill McFinley Mineralized Domains – Plan View

McFinley Zone Mineral Resource Estimate25 Category

Quantity (tonnes)

Grade (g/t Au)

Contained Gold (oz)

45,300 160,400 205,700 259,300

5.40 6.22 6.04 8.53

7,900 32,100 40,000 71,100

3.0 g/t Au cut-off grade based on US$1,400/oz gold price

Measured Resource (M) Indicated Resource (I) M + I Resource Inferred Resource

Longitudinal Section Looking West

WWW.BATTLENORTHGOLD.COM (25) Refer to endnote #25 for further details

15

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McFINLEY ZONE MINERAL RESOURCE ESTIMATE25 Outlines potential for incremental mill feed for the Bateman mill

Isometric view looking northwest

McFinley Zone 46-metre level

•

•

2017 drilling encountered mineralization more than 500 m below the McFinley Zone Mineral Resource estimate Opportunity to test the depth extension of the McFinley Zone with further drilling

Bateman Gold Project U/G development

84-metre level 122-metre level

183-metre level 244-metre level

305-metre level

~500 m of untested, downplunge area below the bottom of the McFinley MRE

F2 Gold Deposit Shaft 610-metre level

685-metre level

685-17-C0412:

3.66 g/t Au over 0.4 m 2.93 g/t Au over 0.7 m 3.48 g/t Au over 1.0 m 5.55 g/t Au over 0.7 m (12) Refer to endnote #12 for further details (25) Refer to endnote #25 for further details

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Drill hole U/G development Scale: 200 m

16

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PEN ZONE8,22

Within 550 m of the Bateman Gold Project; Maiden Mineral Resource Estimate Q1/21

Pen Zone (not true widths) Recent drill assays22: • 244L-20-02: 34.01 g/t Au over 2.37 m (incl.

136.00 g/Au over 0.50 m) • 244L-20-04: 6.88 g/t Au over 2.50 m (incl. 24.10 g/t Au over 0.50 m) Historical drill assays8: • MF-03-16: 46.00 g/t Au over 1.0 m • MF-03-30: 13.13 g/t Au over 1.7 m (incl. 66.1 g/t Au over 0.3 m) • MF-07-203: 17.95 g/t Au over 0.7 m • MF-07-209: 9.68 g/t Au over 1.6 m & 21.83 g/t Au over 1.0 m • MF-08-224: 11.9 g/t Au over 0.9 m • PR-10-04: 10.4 g/t Au over 1.0 m & 14.48 g/t Au over 1.0 m

Section looking north

(8) Refer to endnote #8 for further details (22) Refer to endnote #22 for further details

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RED LAKE PROPERTIES – 15,600 M OF DRILLING PLANNED IN 2021 More than 28Moz historical gold production in the Red Lake Gold District24 RED LAKE CLAIMS MAP BATTLE NORTH OWNS 2ND LARGEST LAND PACKAGE IN RED LAKE

• Claims overlay on most of the major gold deformation zones in the Red Lake camp

HIGH-PRIORITY REGIONAL EXPLORATION TARGETS INCLUDE28

10 km radius from the Bateman Gold Project infrastructure

• McCuaig

• Humlin South • East Bay • Slate Bay/DMC • Advance-Wolf Bay

(24) Refer to endnote #24 for further details (28) Refer to endnote #28 for further details

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RED LAKE PROPERTIES – McCUAIG AND EAST BAY28

TSX: BNAU | OTCQX: BNAUF

Top exploration targets; 6,000 m of drilling planned for McCuaig and East Bay in 2021 McCUAIG • Historical drilling at McCauig demonstrated signatures of highgrade mineralization.

• Favourable host rocks similar to Red Lake, Campbell and Cochenour mines (collectively, the “Red Lake Operations”) at both McCuaig and Humlin South

McCUAIG TARGET

EAST BAY TARGET N

Bateman Gold Project Battle North Target Competitor Mine Competitor mineralized zone

McCuaig

Claim boundary

• Promising structural setting at McCuaig, with the Mine Trend and Post Narrows Trend intersecting EAST BAY • Geological setting analogous to the Project’s F2 Gold Deposit and the String of Pearls (including the McFinley and Pen Zones) located along the East Bay Trend.

• Testing down-dip and lateral extension of a known neighbouring mineralized zone (the GAZ zone).

• Mineralization is open at depth and on strike.

(28) Refer to endnote #28 for further details

Huston Conglomerate

Western Discovery Cochenour

Iron Formation Sediments Ultramafic Mafic Extrusive Felsic Extrusive Intermediate Extrusive Intermediate Intrusive Felsic Intrusion

Geological Maps

WWW.BATTLENORTHGOLD.COM (28) Refer to endnote #28 for further details

19

RED LAKE’S NEXT GOLD PRODUCER

TSX: BNAU | OTCQX: BNAUF

Exciting 2021 Ahead •

BATEMENT GOLD PROJECT CONSTRUCTION HAS COMMENCED

•

STRONG BALANCE SHEET AND INSTITUTIONAL SHAREHOLDER SUPPORT

•

ROBUST BATEMAN GOLD PROJECT FEASIBILITY STUDY ECONOMICS

•

SIGNIFICANT INFRASTRUCTURE, SHOVEL-READY & FULLY-FUNDED PROJECT

•

C$704 M IN TAX LOSS POOLS

•

ORGANIC GROWTH POTENTIAL FROM STRING OF PEARLS

•

EXPLORATION UPSIDE IN RED LAKE GOLD CAMP – TIER 1 MINING JURISDICTION

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20

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CONTACT US

Allan Candelario, CFA Vice President, Investor Relations 416-766-2804 acandelario@battlenorthgold.com www.battlenorthgold.com

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21

TSX: BNAU | OTCQX: BNAUF

APPENDICES

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22

TSX: BNAU | OTCQX: BNAUF

FEASIBILITY STUDY MINERAL RESERVE AND RESOURCE ESTIMATE1,4,5 Maiden Mineral Reserve Estimate for the F2 Gold Deposit1,4,5 FS Mineral Reserves and Resources Estimate1,4,5 – F2 Gold Zone •

•

Average drill density of July 2020 Mineral Resource estimate2,4,5: 8 m (Measured), 19 m (Indicated) and 26 m (Inferred) 70% conversion of July 2020 M+I Mineral Resource estimate2,4,5 to FS Proven + Probable Mineral Reserve estimates1,4,5

•

>90% conversion from January 2020 Inferred Mineral Resource estimates3,4,5 to July 2020 M+I Mineral Resource estimate2,4,5

•

F2 Explore Target7 at depth: 1.0-1.3M tonnes between 5.0-7.0 g/t Au2

Category Proven Reserve Probable Reserve Total Reserves

details details details details detail details

Contained Gold (oz)

339,227 3,223,337 3,562,565

5.76 5.52 5.54

62,830 572,009 634,838 81,700 268,600 350,300 272,200

3.0 g/t Au cut-off grade based on US$1,400/oz gold price

Measured Resource (M) Indicated Resource (I) M + I Resource Inferred Resource

391,000 1,115,000 1,506,000 1,303,000

6.50 7.49 7.24 6.50

Explore Target7

1,000,000 – 1,300,000

5.0 – 7.0

•

#1 for further #2 for further #3 for further #4 for further #5 for further #7 for further

Grade (g/t Au)

3.41 g/t Au mining cut-off grade based on US$1,375/oz gold price

• •

(1) Refer to endnote (2) Refer to endnote (3) Refer to endnote (4) Refer to endnote (5) Refer to endnote (7) Refer to endnote

Quantity (tonnes)

• •

Effective date is September 7, 2020; FS Mineral Reserve estimates use a break-even blended economic mining cut-off grade of 3.41 g/t Au based on assumptions of a gold price of US$1,375/oz, an exchange rate of US$/C$0.76, mining cash costs of $98/t, processing costs of $25/t, G&A and other (including exploration, refining, transport, and royalty costs) of $30/t, and mining recovery of 95%; FS M+I and Inferred Mineral Resource Estimates use a break-even economic cut-off grade of 3.0 g/t Au based on assumptions of a gold price of US$1,400/oz, an exchange rate of US$/C$ 0.74, mining cash costs of C$97/t, processing costs of C$33/t, G&A of C$18/t, sustaining capital C$20/t, refining, transport and royalty costs of C$59/oz, and average gold recoverability of 95%. External unplanned dilution not applied.

Reported from within an envelope accounting for mineral continuity.

All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.

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TSX: BNAU | OTCQX: BNAUF

BATEMAN GOLD PROJECT FEASIBILITY STUDY SENSITIVITIES1

Estimated after-tax IRR and NPV5% are sensitive to gold price, grade, throughput and FX rates AFTER-TAX IRR (%)/NPV5% (C$ MILLIONS) – SENSITIVITIES TO GOLD PRICE AND CAD$/USD$ FX RATE Gold Price (US$/oz)

US$/C$ FX Rate

US$1,200

US$1,325

US$1,400

0.84

6%/$9

17%/$19

23%/$121

0.80 0.7407 Base Case

12%/42

23%/$116

20%/$100

0.70 0.66

US$1,525 Base Case

US$1,600

US$1,700

US$1,900

US$2,100

34%/$191

40%/$233

48%/ $289

64%/ $400

82%/ $510*

29%/$160

40%/$233

46%/$277

55%/ $336

73%/ $454

91%/ $552*

32%/$178

39%/$226

50%/$305

57%/$352

67%/ $416

86%/ $531*

107%/ $622*

27%/$143

39%/$227

46%/$278

59%/$361

66%/$412

76%/ $479

98%/ $582*

120%/ $677*

34%/$192

47%/$281

55%/$335

68%/$423

76%/$477

87%/ $535*

110%/ $637*

135%/ $737*

*Scenarios where entire the C$704 million tax loss pools are exhausted

Project After-Tax NPV5% (C$000)

Project After-Tax IRR (%) IRR

Feasibility Study Base Case

80%

NPV5%

Feasibility Study Base Case

$500,000

70% $400,000

60% 50%

$300,000

40%

$200,000

30% 20%

$100,000

10% 0%

(1)

Refer to endnote #1 for further details

80%

LOM Operating Cost

90%

100% Flex Factor

LOM Capital Cost

110%

120%

$0

80%

Throughput (tpd) Grade (g/t Au) WWW.BATTLENORTHGOLD.COM LOM Operating Cost

90%

100% Flex Factor

LOM Capital Cost

110%

Throughput (tpd)

120%

Grade (g/t Au)

24

BATEMAN GOLD PROJECT 1,800 TPD MILL

TSX: BNAU | OTCQX: BNAUF

State-of-the-art facility constructed in 2015 • Current configuration has name plate capacity throughput of 1,800 tpd with minor modifications • SAG and ball mill configuration; third pedestal for a 2nd ball mill for potential further expansion to 2,500 tpd • 2 Knelson concentrators • Carbon-in-Leach extraction • Surface crusher reduces mill feed to 150 mm (or 6-inch minus) prior to processing • 95% recoveries (43% from gravity) operating at an average throughput rate of 1,540 tpd achieved during the 2018 35kt bulk sample processing program6 (6) Refer to endnote #6 for further details

WWW.BATTLENORTHGOLD.COM

25

BATEMAN GOLD PROJECT FEASIBILITY STUDY1

TSX: BNAU | OTCQX: BNAUF

Project optimization opportunities EVALUATE COST/BENEFIT OF LOWER MINING CUT-OFF GRADE •

Potential to add profitable stopes into the LOM mine plan

CONTINUED EXPLORATION ON NEAR-MINE TARGETS •

Infill and step-out drilling of the F2 Gold Deposit Inferred Mineral Resource estimates1,4,5 and Explore Target7 areas below the 1,098 m level, and McFinley9,12,19,22 and Pen Zones8,22 could potentially provide future incremental mill feed for the Project

EXPANDED USE OF ELECTRIC/BATTERY-OPERATED MOBILE EQUIPMENT •

Potential to reduce emissions and ventilation requirements long-term

EXPANDED USE OF MASS BLAST RAISE MINING (MBRM) •

(1) (4) (5) (7) (8)

More productive mining method that can potentially reduce stope cycle time translating to lower mining costs per tonne

Refer to endnote Refer to endnote Refer to endnote Refer to endnote Refer to endnote

#1 for further #4 for further #5 for further #7 for further #8 for further

details details detail details details

(9) (12) (19) (22)

Refer to endnote Refer to endnote Refer to endnote Refer to endnote

#9 for further details #12 for further details #13 for further details #20 for further details

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26

TSX: BNAU | OTCQX: BNAUF

BATEMAN GOLD PROJECT FEASIBILITY STUDY1

Mine plan predominantly uses bulk mining methods translating to a low operating cost operation

•

•

•

Sub-Level Longhole and Uppers methods represent 80% of LOM tonnes and were successfully tested during 2018 test trial mining6 Most of the mine plan is within the competent High-Ti Basalt Unit rock package. Small portion mined in the Ultramafic (“UM”)/Ultramafic Talc Units Upside potential of increased usage of MBRM expected to lower mining costs and to mine narrow stopes (1.2 m minimum width) (1) Refer to endnote #1 for further details (6) Refer to endnote #6 for further details

Sub-Level Longhole

Uppers

MBRM

Cut-and-Fill (UM Talc)

Cut-and-Fill (High-Ti Basalts, Felsics, UM)

2,270,291 63.7% 141

584,990 16.4% 141

465,805 13.1% 52

227,212 6.4% 63

14,266 0.4% 6

16,101

4,149

8,958

3,607

2,378

40m/5m/24m

16m/5m/19m

42m/4m/22m

16m/4m/16m

10mx5mx16m

17%

15%

16%

20%

14%

5.45 g/t Au

5.40 g/t Au

5.30 g/t Au

7.24 g/t Au

6.92 g/t Au

Mining cost per tonne (including indirect costs)

$79

$88

$111

$234

$139

Typical productivity rates for these mining methods (tpd)

510

260

600

140

140

Metrics (estimates) Tonnes LOM tonnes (%) Total stopes Average stope size (tonnes) Average dimensions (height/width/strike) External dilution Average diluted grade (after dilution and mining-loss)

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BATEMAN GOLD PROJECT FEASIBILITY STUDY1

TSX: BNAU | OTCQX: BNAUF

Permitting, consultation, closure and rehabilitation SUBSTANTIALLY PERMITTED FOR 1,250 TPD • The successful implementation of an ammonia treatment upgrade to the Project’s water treatment system and installation of sceptic field bed systems throughout the site required to qualify for the material permits POTENTIAL PERMIT AMENDMENT TO 1,800 TPD • The Company will evaluate the permit amendments required for the increased projected production rate at a future juncture ONGOING CONSULTATIONS WITH LOCAL FIRST NATIONS • Battle North currently has exploration agreements with local First Nations communities and expects to commence IBA discussions soon CLOSURE AND REHABILITATION COSTS C$7.7 MILLION • Closure and rehabilitation costs are expected to be substantially offset by the estimated salvage value of C$7.6 million of the material site assets at closure (1) Refer to End Note #1 for further details

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28

BATEMAN GOLD PROJECT FEASIBILITY STUDY1

TSX: BNAU | OTCQX: BNAUF

A substantial amount of work went into turning around the Project Positive 35kt bulk sample reconciliation6 validating the 2018 MRE and new geological model Turnaround plan implemented.

Golder/TMAC hired as consultants; oriented drilling, relogging, mapping commences to better understand complex geology

Test trial mining recommences at the Bateman Gold Project

2017

2016

George Ogilvie, P.Eng., appointed President and CEO. The Company launches successful Restructuring Transaction and a C$45 million equity financing to advance the Batman Gold Project21

Robust Maiden Feasibility Study1 for the Bateman Gold Project: After-tax IRR and NPV5% 50% Robust 2019 PEA20 delivered: and $305 million, respectively.

8.2 year LOM, Avg. 80koz/year of After-tax IRR 40.2%, After-tax NPV5% C$135.2M, 6.2 year LOM, Commercial Production

Mill re-commissioned; bulk sampling commences6

~80koz/year production

2019

2018

New structural and geological model17 completed; 2018 MRE4,5,17 showed +113% and +81% increase in M+I and Inferred MRE, respectively, compared to the 2016 MRE4,5,16.

2019 MRE4,5,18 demonstrated 346% increase in M+I MRE compared to 2016 MRE4,5,16.

2020

January 2020 MRE3,4,5, and July 2020 MRE2,4,5, demonstrate substantial increases in M+I MRE, respectively, compared to 2016 MRE4,5,16.

“MRE” means Mineral Resource estimate (1) Refer to endnote (2) Refer to endnote (3) Refer to endnote (4) Refer to endnote (5) Refer to endnote (6) Refer to endnote

#1 for further #2 for further #3 for further #4 for further #5 for further #6 for further

details details details details details details

(16) Refer to endnote (17) Refer to endnote (18) Refer to endnote (20) Refer to endnote (21) Refer to endnote

#16 #17 #18 #20 #21

for further for further for further for further for further

details details details details details

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29

BATEMAN GOLD PROJECT FEASIBILITY STUDY1

TSX: BNAU | OTCQX: BNAUF

Implementation Plan and measures taken to mitigate risk during construction phase

(1) (2) (4) (5) (6)

Refer to endnote #1 for further details Refer to endnote #2 for further details Refer to endnote #4 for further details Refer to endnote #5 for further details Refer to endnote #6 for further details

Battle North Gold Measures • Grade control & mine plan execution

Capex and scheduling

Mill recovery rates & TMF management

COVID Measures

Management & Project Team Experience

• • • • • • • • •

Positive 2018 Bulk Sample Reconciliation6: Sizable 35,000-tonne bulk sample processing program in 2018 demonstrated positive reconciliation in terms of grades (+6.1%), tonnes (+7.2%) and ounces (+13.8%) validating the geological model and parameters used; lower-grade pre-developed stopes utilized (no “cherry picking” stopes) Well-drilled July 2020 M+I Mineral Resource estimates2,4,5 and FS Mineral Reserve estimates1,4,5: Average 18 m drill centre spacing Estimated planned U/G development up to 9 months ahead of mining prior to CP Materials handling: Reducing ore-rehandling, comingling ore and waste, and incentives for miners to achieving grade targets Reasonable external dilution estimates: 16.6% external dilution + 5% ore-loss Significant infrastructure already in place Realistic C$5000-6000 U/G cost per metre and advance rates (peak 14 m development/day) estimate; opportunity to increase advancement rates with additional crews as mining horizons are opened up 21-month ramp-up to CP is a relatively gradual time frame and provides buffer for any unforeseen events >100,000 tonnes of material processed: The Bateman Project mill has operated optimally since 2015. Achieved 1,540 tpd run-rate and 95% recovery (43% from gravity) during 2018 bulk sample processing program6 FS contemplates installation of an ammonia reactor at the Project’s existing wastewater treatment plant to treat ammonia in the effluent during operations. The FS contemplates installation early on during the construction period prior to operating the mill.

• • •

Continuing to practice social distancing and supplying employees with additional PPE, sanitizers, and cleaners Pre-Screening measures before visiting site, no flying/drive only policy, crew segregations within the camp Conducting temperature checks and rapid COVID testing

•

The Battle North team has significant construction, operating and turnaround experience in challenging underground mines around the world including the Witwatersrand basin in South Africa, Northern Ontario mining camps (Sudbury, Timmins, Kirkland Lake, and Red Lake), Northern Manitoba, Val d’Or mining camp in Quebec,WWW.BATTLENORTHGOLD.COM Northern New Brunswick, Northern Saskatchewan, and in Newfoundland.

30

TSX: BNAU | OTCQX: BNAUF

2018 TEST MINING AND BULK SAMPLE PROCESSING PROGRAM6 Positive reconciliation to the block model estimates and 95% mill recovery 2018 Bulk Sample Reconciliation Results6 (before external mining dilution)

Bulk sample results

Block model6,17

32,551

30,360

+7.2%

4.93

4.65

+6.1%

Ounces (oz)

5,165

4,539

+13.8%

External dilution

8.7%

10.0%

-13.0%

Tonnes (t) Grade (g/t Au)

Difference (%)

Stope Information and Mill Results Categories Average stope height (m)

21 m

Average stope strike length (m)

27 m

Average stope width (m) External mining dilution (% )

Achieved throughput • >10,000 samples taken from chips and mucks • Drilling at 5-metre centres for stope shaped design and grade confirmation • 3 Test stopes mined sequentially to avoid comingling of material; Stockpiled separately and batched sequentially to the mill separately • Sublevel longhole and uppers methods: Successfully demonstrated the amenability of bulk mining methods

Result

6m 8.7% 70 tph 1,540 tpd

Mill recovery (%)

95.1%

Recovery from gravity circuit (%)

43.2%

Approximate silver (Ag) ounces recovered

Potential to operate at 1,800 tpd in current configuration with minor modifications

1,043 oz Ag

• External dilution was minimized due to near-vertical orientation of the stopes and mining within High-Ti Basalts (and not to the contacts) (6) Refer to endnote #6 for further details (17) Refer to endnote #17 for further details

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31

STRING OF PEARLS: MCFINLEY9,12,19,22

TSX: BNAU | OTCQX: BNAUF

Historic mineral resource estimate9 with existing U/G development near Bateman infrastructure Highlights from 2020 McFinley Zone Exploration Program19,22 Drill hole number

Intercept

Notes

122L-20-09

191.00 g/t Au over 0.20 m

Banded iron formation

84L-20-05

134.00 g/t Au over 0.27 m 84.90 g/t Au over 0.27 m & 6.31 g/t Au over 1.20 m (including 14.40 g/t Au over 0.30 m)

84L-20-07

20.50 g/t Au over 0.31 m

122L-20-04

11.00 g/t Au over 0.63 m

Banded iron formation Banded iron formation; See Picture 1 Banded iron formation See Picture 2 Banded iron formation

84L-20-01

7.36 g/t Au over 1.61 m (including 15.50 g/t Au over 0.40 m)

Banded iron formation

84L-20-02

Picture 2: 2020 McFinley Zone Exploration Program – Hole 84L-20-07 – Core Section with visible gold (circled in blue)

Picture 1: 2020 McFinley Zone Exploration Program19 – Hole 84L-2002 Core Section with visible gold (circled in blue)

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(9) Refer to endnote #9 for further details (12) Refer to endnote #12 for further details (19) Refer to endnote #19 for further details (22) Refer to endnote #22 for further details

32

TSX: BNAU | OTCQX: BNAUF

STRUCTURAL INTERPRETATION16,17,23 Plan view comparison of structural interpretations of the F2 Gold Zone 2013 Structural Interpretation23

• Riedel vein system: System of mineralized quartzactinolite veins that appear to be primary structural controls on gold mineralization at the F2 Gold Deposit

(1.1Moz Indicated; 2.2Moz Inferred)

2016 Structural Interpretation16 (0.1Moz Indicated; 0.3Moz Inferred)

2018 Structural Interpretation17

(0.28Moz M+I; 0.75Moz Inferred)

Picture example of drill core displaying the Riedel veins*

(horizontal dimension of image 80 cm)

• More continuity of gold mineralization within the HiTi Basalt Units (main host rock) compared to the 2016 geological model16 *Not taken from Bateman Gold Project

• Successful bulk mining6: new model amenable to bulk mining North (mine-grid) (6) Refer to endnote #6 for further details (17) Refer to endnote #17 for further details (18) Refer to endnote #18 for further details (25) Refer to endnote #25 for further details

Historical drill holes HiTi Basalt Units Ultramafic Flow Units High-grade domain

D1 N-S structures

D2 dextral transpresion

D2 E-W structures

R’ veins Mineralized Riedel veins R veins Quartz-Breccia Zones (orientations): P veins (higherWWW.BATTLENORTHGOLD.COM grade) T veins (not shown)

33

33

SUBLEVEL LONGHOLE AND UPPERS MINING METHOD

TSX: BNAU | OTCQX: BNAUF

Conceptual diagram20 Section view looking north (mine grid)

“Uppers” 18m up-holes Longitudinal view looking east (mine grid)

Section Ring 33

“Sub-Level Longhole” • 28m down-holes • 18m up-holes • sub-levels 20-30m apart

Cross cut

U/G development Planned stope shape (20) Refer to endnote #20 for further details

Longhole Drill holes

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34

TSX: BNAU | OTCQX: BNAUF

MASS-BLAST RAISE MINING Conceptual diagram (courtesy of ManRoc Developments)20

Driving the raise

Cable bolting

Longhole drilling: Holes ~10 m in length

Charging and blasting longholes

Backfilled stope

30-60 m avg. stope heights

1-3 m avg. stope widths (20) Refer to endnote #20 for further details

WWW.BATTLENORTHGOLD.COM

35

TSX: BNAU | OTCQX: BNAUF

ENDNOTES

All prior news releases and Technical Reports of Battle North Gold Corporation (the “Company”) referenced in this Presentation, including in these End Notes, are available under the Company’s profile at www.sedar.com and on its website (www.battlenorthgold.com). Prior to July 7, 2020, the Company was known as Rubicon Minerals Corporation and the Bateman Gold Project was known as the Phoenix Gold Project.

1. For more information on the Feasibility Study and the FS Mineral Reserve and Mineral Resource Estimates refer to the Company’s news release dated October 21, 2020 and the Project Technical Report filed on January 27, 2021 on www.sedar.com and available on the Company’s website www.battlenorthgold.com.

2. For more information on the July 2020 Mineral Resource estimate refer to the Battle North Gold news release dated July 8, 2020 and the corresponding updated Technical Report filed on July 27, 2020. The July 2020 Mineral Resource estimate is not current and should not be relied upon.

3. For more information on the January 2020 Mineral Resource estimate refer to the Company’s news release dated January 7, 2020 and the corresponding updated Technical Report filed on January 16, 2020. The January 2020 Mineral Resource estimate is not current and should not be relied upon.

4. Until mineral deposits are actually mined and processed, Mineral Reserves and Mineral Resources must be considered as estimates only. Mineral Resource estimates that are not Mineral Reserves do not have demonstrated economic viability. The estimation of Mineral Reserves and Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the foregoing Cautionary Statements, as well as those described in the 2019 MD&A and 2020 MD&A (and accompanying financial statements), the 2020 AIF and the July 2020 Technical Report. The quantity and grade of reported “Inferred” Mineral Resource estimates are uncertain in nature and there has been insufficient exploration to define “Inferred” Mineral Resource estimates as an “Indicated” or “Measured” Mineral Resource and it is uncertain if further exploration will result in upgrading “Inferred” Mineral Resource estimates to an “Indicated” or “Measured” Mineral Resource category. The accuracy of any Mineral Reserve and Mineral Resource estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral reserve and Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of test stoping and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including stope design; (vi) proposed mining operations, including dilution; (vii) the evaluation of mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. It cannot be assumed that all or any part of an “Inferred”, “Indicated” or “Measured” Mineral Resource estimate will ever be upgraded to a higher category. The Mineral Reserve and Mineral Resources estimates referenced herein were reported using Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (the “CIM Standards”) in accordance with National Instrument 43-101 of the Canadian Securities Administrators (“NI 43-101”).

5. This presentation uses the terms “Mineral Reserve”, “Proven Mineral Reserve”, “Probable Mineral Reserve”, “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral

Resource” as defined in the CIM Standards (collectively, the “CIM Definitions”) in accordance with NI 43-101. While these terms are recognized and required by the Canadian Securities Administrators in accordance with Canadian securities laws, they are not recognized by the United States Securities and Exchange Commission (the “SEC”) and differ materially from the definitions in the SEC Industry Guide 7 under the United States Securities Act of 1933, as amended. Under SEC Industry Guide 7, a “final” or “bankable” feasibility study is required to report “Reserves”, the three-year historical average price is used in any “Reserve” or cash flow analysis to designate “Reserves” and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” as defined in NI 43-101 are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to SEC Industry Guide 7 “Reserves”. The estimation of “Measured Mineral Resources” and “Indicated Mineral Resources” involves greater uncertainty as to their existence and economic and legal feasibility than the estimation of SEC industry Guide 7 “Reserves”. Under SEC Industry Guide 7, mineralization may not be classified as a “Reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the Reserve determination is made. The estimation of “Inferred Mineral Resources” involves far greater uncertainty as to their existence and economic and legal viability than the estimation of other categories of “Mineral Resources”. Under NI 43-101, estimates of “Inferred Mineral Resources” may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment (or PEA) under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute “Reserves” as in-place tonnage and grade without reference to unit measures. It cannot be assumed that any part or all of a “Inferred Mineral Resource”, “Measured Mineral Resource” or “Indicated Mineral Resource” estimate exists or is economically or legally mineable. (continued next page)

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36

TSX: BNAU | OTCQX: BNAUF

ENDNOTES (continued)

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) and, on January 1, 2021, will replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after such date. However, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101. The SEC Modernization Rules include the adoption of terms describing “mineral reserves” and “mineral resources” that are “substantially similar” to the corresponding terms under NI 43-101. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding CIM Definitions. U.S. investors are cautioned that while the above terms are “substantially similar” to CIM Definitions, there are differences between the definitions ascribed to such terms under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance that any “Mineral Reserve” or “Mineral Resource” estimate that the Company may report as “Proven Mineral Reserves”, “Probable Mineral Reserves”, “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared such estimates under the standards adopted under the SEC Modernization Rules. For the above reasons, the “Mineral Reserve” and “Mineral Resource” estimates and related information in this presentation may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

For more information on the 2018 bulk sample reconciliation results, please refer to the news release on November 29, 2018.

The potential quantity and grade of “Explore Target” areas is conceptual in nature. There has been insufficient exploration of “Explore Target” areas to define a mineral resource estimate and it is uncertain if further exploration will result in any part of “Explore Target” areas being delineated as a mineral resource.

For more information on the Pen Zone historical (pre-2020) and current drill results, please refer to the Company’s news releases dated July 27, 2020 and September 24, 2020.

For more information on the Historic McFinley Deposit, please refer to the Mineral Deposit Inventory for Ontario, MENDM which is available at http://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52N04SE00005.html. These estimates are historical, not NI 43-101 compliant and should not be relied upon.

For more information on the CARZ drill results, please refer to the Company’s news release dated June 17, 2015.

For more information on the Island Zone drill results, please refer to the Company’s news release dated September 30, 2004.

For more information on the McFinley deep drilling, please refer to the Company’s news release dated February 20, 2018.

For more information on the historical McCuaig drill results, please refer to the Company’s news release dated April 18, 2002.

For more information on the amendment to the Sprott loan facility, please review the Company’s news release dated June 1, 2020.

For more information, please refer to the Company’s news release dated March 23, 2020.

For more information on the 2016 Mineral Resource Estimate refer to the Company’s news release dated January 16, 2016 and the corresponding Technical Report filed on February 25, 2016. The 2016 Mineral Resource estimate and corresponding technical report are not current and should not be relied upon.

For more information on the 2018 Mineral Resource estimate refer to the Company’s news release dated April 30, 2018 and the corresponding Technical Report filed on June 13, 2018. The 2018 Mineral Resource estimate and corresponding Technical Report are not current and should not be relied upon. (continued next page)

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TSX: BNAU | OTCQX: BNAUF

ENDNOTES (continued)

18. For more information on the 2019 Mineral Resource estimate refer to the Company’s news release dated March 27, 2019 and the corresponding Technical Report filed on April 25, 2019. The 2019 Mineral Resource estimate and the corresponding Technical Report are not current and should not be relied upon.

19. For more information on the 2020 McFinley Exploration Program, please refer to the Company’s news release dated August 11, 2020 20. For more details on the 2019 PEA, please refer to the Company’s news release dated August 19, 2019 and the corresponding Technical Report filed on September 23, 2019. The 2019 PEA is only a conceptual study of the 21.

22.

23.

24.

25.

26.

27.

28.

potential viability of the 2019 Mineral Resource estimate. The 2019 PEA is preliminary in nature and provides only an initial, high-level review of the Project’s potential and design options; there is no certainty that the 2019 PEA will be realized. The 2019 PEA and corresponding Technical Report are not current and should not be relied upon.

For more information on the Restructuring Transaction, please refer to the Company’s news release dated October 20, 2016.

For more information on the most recent 2020 exploration results at McFinley and Pen Zones please refer to the Company’s news release dated September 24, 2020.

For more information on the 2013 Mineral Resource estimate refer to the Company’s news release dated June 25, 2013 and the corresponding Technical Report filed on August 9, 2013. The 2013 Mineral Resource estimate and corresponding Technical Report are not current and should not be relied upon.

Please refer to MENDM “Ontario Geological Survey Open File Report 6301, Report of Activities, 2014 Resident Geologist Program, Red Lake Regional Resident Geologist Report: Red lake and Kenora Districts (2015).” report (modified to include production between 2015-2018) which is available at http://www.geologyontario.mndm.gov.on.ca/mndmfiles/pub/data/imaging/OFR6301/OFR6301.pdf.

For more information on the McFinley Zone Mineral Resource Estimate please refer to the Company’s news release dated December 14, 2020 and the Project Technical Report filed on January 27, 2021 on www.sedar.com and available on the Company’s website www.battlenorthgold.com.

For more information on the Credit Facility please refer to the Company’s news release dated December 22, 2020.

For more information on the 2021 Construction Plans, please refer to the Company’s news release dated February 9, 2021.

For more information on the 2021 Exploration Plans, please refer to the Company’s news release dated February 16, 2021.

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