Post-Transaction Outlook and Value Proposition:Gold Resources:

Magino M+I*:453,190 + Hercules M+I**:111,450 = TOTAL:564,640 ounces Au

Magino Inf*:1,178,120 + Hercules Inf**:101,150 = TOTAL:1,279,270 ounces Au

Exploration Upside: Milestone: ????? + Magino Q4 Resource estimate: ?????

Current average market valuation for gold resources: $78 EV/Ounce

Kodiak possible future valuation range: $144M to ??? EV, plus cash

Fully diluted share price (194.4M shares FD): $0.75 to ???