Developing Bellechasse-­Timmins Gold Deposit

New Discovery Resulting in a 20KM Mineralized Gold Belt

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Message: Osisko Benchmark

The objective way to look at a peer group is to look at market cap. I am not saying that these three companies are our exact peer group, but this is who GNH is being compared to by people at this moment.

Here is the "peer" group at the moment:

Canaco (CAN-V) $621MM

Detour (DGC-T) $2.68B

Osisko (OSK-T) $5.09B

Source: Bloomberg

However, it must be noted that these projects are at very different stages in their lives. I think GNH is far more like a CAN, a mid to advanced explorer, than a DGC or OSK who are going into production in the relative near term. But GNH will get extra credits for location over CAN.

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