Antler Gold (TSXV:ANTL) Investor Overview

Overview

It’s no secret that rare earth elements (REEs) are an incredibly hot commodity these days. Not only are they critical for multiple industries, but they also play a pivotal role in our transition to a more sustainable economy. What many don’t realize, however, is that gold is also experiencing a significant upturn.

Driven by momentum from the central bank, slow ETF flows and a vigorous retail investment market, annual demand for gold has reached an 11-year high.

Antler Gold (TSXV:ANTL) intends to take full advantage of this market growth. A project generation and exploration company focused on Southern Africa, Antler’s strategy is shaped around several key trends. The first, as already discussed, is the increasing demand for specialty minerals.

Antler is also focused on sustainability and on tapping into the cyclical nature of commodity markets. Its approach to generating and increasing shareholder value is unique amongst mining and exploration companies. The company focuses on attracting joint venture partners to fund what it considers to be the highest-risk phases of exploration.

In exchange for the acquisition of these new projects and opportunities Antler will receive milestone-based equity and cash payments, production royalty on each asset and equity interest in individual projects. This strategy allows the company to generate both short-term and long-term value for investors, particularly coupled with the company’s aptitude for identifying and rapidly advancing early-stage, high-value potential assets.

The company plans to leverage its in-house technical capabilities for collaborative exploration throughout Southern Africa. Its end goal is to become the preferred partner for junior exploration companies and major mining firms that seek to acquire quality mineral projects whilst simultaneously unlocking the region’s full potential.

Antler takes a disciplined approach to mineral property acquisitions, strategically capitalizing on low valuations and preserving capital during periods of market volatility. Through this approach, the company retains exposure to potential multiples in the event of a mineral discovery. It also thrives on a diversified portfolio, giving it even more potential to attract reputable and robust strategic partnerships.

The coming year is poised to be quite eventful for Antler, with several exciting catalysts including exploration program results, new acquisitions through project generation, advancements on existing projects, and milestones in strategic partnerships. As the company moves forward, it remains committed to delivering on these catalysts and providing the market with an ongoing news flow.

Company Highlights

• Antler Gold is a project generation and exploration company focused on discovering economically viable deposits in Southern Africa.
• The company holds several gold projects in Namibia, REE assets in Zambia and a growing strategic exploration portfolio.
• This portfolio contains multiple highly prospective tenures situated in a fertile gold belt.
• Antler’s Onkoshi and Erongo gold projects are both high-quality and drill-ready with significant new discovery potential.
• The company’s Kesya REE project has the potential to host a significant high-value rare earth deposit.
• Antler employs an experienced management team with a track record of significant discoveries in Africa.
• The company also displays an attractive valuation with considerable opportunity for re-rating and multiple potential catalysts from exploration activities.
• With continued growth through its unique project generation and exploration strategy, the market can expect a strong news flow that seeks to:
  • Provide insights into responsible resource extraction processes and sustainable mining practices.
  • Convey the value of projects that are economically viable.
  • Educate the market about the importance of balancing short-term returns with long-term success.
  • Foster a greater appreciation for opportunities in the mining sector.

Covering highly prospective areas of the Damara Mobile Belt, Onkoshi is regarded as one of the best gold targets in Namibia alongside B2Gold’s (TSE:BTO) Otjikoto deposit. Historic magnetic and induced polarization surveys show that mineralization in the project area is possibly highly magnetic and conductive. Historic drill testing, meanwhile, has returned encouraging gold results, including platinum group element (PGE) credits.

With historical drill-testing to date of less than 500 meters of the strike length extent delineated by the magnetic anomaly on the Onkoshi project presents a significant upside exploration potential.

Project Highlights:

• Historic Exploration: Onkoshi has been the target of extensive historic soil sampling alongside limited drilling, which returned the following results.
  • Non-compliant Resource Estimates:
    • 8.19 million tons (Mt) @ 0.65 grams per ton (g/t) gold for 170,800 oz @ 0.25 g/t gold cut-off
    • 4.77 Mt @ 0.80 g/t gold for 122,887 oz @ 0.50 g/t gold cut-off
    • 2.65 Mt @ 1.02 g/t gold for 87,184 oz @ 0.75 g/t gold cut-off

By Peter Karelse on behalf of BAFEX (subsidiary of Helio Capital Corporation), non-compliant resource, “potential”/unclassified resource (2004, Helio Capital Corporation NI 43-101*)

• Historic Drill Intercepts:
  • 9.53 g/t over 11 meters (ERRC 18)
  • 5.54 g/t over 12.35 meters (ERD 2)

• A Promising Anomaly: Antler has defined a 5.5-kilometer open-ended gold anomaly, supported by coincidental EM and IP results. It has also identified numerous gold-in-soil and gold-in-rock anomalies based on available historical exploration data.
• Exploration Potential: As there has been limited historic work carried out over the magnetic anomalies strike (Only 500 meters of the 5.5 kilometers) this target represents several immediate exploration targets for the company. Numerous significant gold-in-soil anomalies that were not followed up on represent additional targets.
• Survey-friendly Mineralization: Because mineralization at Onkoshi could be both conductive and magnetic, it’s well suited for multiple geophysical surveying techniques for target definition.

• Covering 18,534.59 hectares across five exclusive prospecting licenses in Central Namibia, the Erongo gold project overlies similar lithologies and structures to several highly successful Namibian projects, such as Navachab and the recently discovered Twin Hills project. The regional-scale Fault Zones (Karibib and Kranzberg) have played a substantial role in gold mineralization and Antler intends to further investigate these features for additional sites of mineralization.

Antler has completed a helimag survey assessment covering 4,956 line kilometers with which it has identified several gold targets. It has already completed extensive assessment work on these targets, most of which are currently drill-ready. The company has also identified several gold-in-soil anomalies for follow-up work.

Project Highlights:

• Promising Geology: The regional-scale Karibib and Kranzberg fault zones are believed to have played a substantial role in gold mineralization in the area. Furthermore, the Karibib-Kuisib lithological contact represents an important regional target for mineralization. .
• Significant Untested Potential: Antler has identified multiple high-priority, drill-ready targets from anomalous gold results obtained from soil and calcrete sampling campaigns it has carried out over the licenses.

• Work Done to Date: Antler has completed significant work on the seven gold targets identified via its helimag survey, including:
  • A heliborne rad and mag geophysics survey with complete coverage of EPL-6408, EPL 7960, EPL 7854 and EPL8010 and partial coverage of EPL-7261 and EPL-6162.
  • Induced polarization testing on EPL-7261, EPL-6162 and EPL-6408.
  • Geological mapping of EPL-7261, EPL-6162 and EPL-6408.
  • A total of 4,380 soil and calcrete samples taken from EPL-7261, EPL-6408 and EPL-7960.
  • 2,861-meter RC drilling and sampling on EPL-7261 and EPL-6162.
• Historic Survey Results: The gold anomalies hosted along the Kranzberg Fault Zone within EPLs 7261, 6162 and 6550 display the following mineralization, according to historic results:
  • Up to 7,000 parts per billion (ppb) gold in soil.
  • Up to 80 g/t gold in rock.
  • A background of less than 5 ppb gold.
• Current Drilling Results: Thus far, Antler’s drilling on Erongo has returned the following:
  • Four holes intersecting significant copper-silver-gold mineralization, including:
    • 1.2 percent copper over 40 meters
    • 11.2 g/t silver over 42 meters
    • 1.5 g/t gold over 11 meters

Paresis

Paresis is an early-stage greenfields gold project situated in a complex geologic setting near several key regional structures in Namibia. Based on an initial assessment of the project site, it shares considerable similarities to the Karibib syncline. The project is also considerably underexplored — no historical work has been done on the Kuiseb formation in this area.

Antler has approached surrounding EPL holders to secure tenement expansion and has a large exploration program planned for this year.

Project Highlights:

• Strategically Located: The area is known for significant gold mineralization. The project is proximal to the Otjikoto mine along with several other known gold deposits such as Ondundu.
• Commanding Ground Position: Paresis currently consists of roughly 2,300 square kilometers within Namibia’s prospective Damara Belt.

Kesya

Situated close to the Zamibian capital of Lusaka, Kesya is a greenfields carbonatite project, which was identified in 1961 by renowned geologist and explorer D.K. Bailey, and has been confirmed to be rich in REE by a grab sample campaign completed by Antler Gold.

Project Highlights:

• Promising Mineralogy: The 3.5-kilometer-wide carbonatite displays proven REE enrichment alongside the following characteristics:
  • Rock chip samples are enriched in Neodymium (Nd) and Praseodymium (Pr) oxides which average 29 percent of the TREO content and makes this a very encouraging basket distribution.
  • Simple mineralogy with low radiation with mineralization predominantly hosted in monazite and bastnaesite with low thorium and uranium (less than 100 ppm thorium or uranium in REE mineralized samples)
• Current Status: Antler recently completed a grab sampling campaign with 55 grab samples taken over the carbonatite.
  • Rock chip samples reveal highly anomalous surface values, with the highest grab sample assaying 6,559 ppm (0.66 percent) TREO, and an average grade of 1,280 ppm (0.13 percent) TREO content.
  • A follow-up program has been planned which will involve systematic channel sampling and scout drilling for depth extent once the license has been granted.

Management Team

Christopher Drysdale — CEO

Christopher Drysdale has international experience in the mineral and exploration industry. He currently serves as a director on E-Tech Resources Inc., (TSXV:REE) a rare earth elements (REE) exploration company focused on the exploration of the Eureka REE project in Namibia. He previously served as the Kenyan Country Manager for Stockport Exploration overseeing the operations for all aspects of its gold exploration and production activities throughout East Africa.

Prior to that, Drysdale worked as an exploration geologist for Remote Exploration Services, a geological consulting firm based in South Africa servicing all aspects of the mineral industry. He has a progressive and diverse background with extensive work experience in Namibia and has been involved in various mineral projects throughout Africa.

Rob Randall — CFO

Rob Randall has served as a contract CFO for a number of TSXV-listed companies over the past five years and has extensive public company financial experience. In addition to Northwest, Randall also currently serves as the chief financial officer of Metallum Resources, Stockport Exploration and Canabo Medical. He was the corporate controller of Etruscan Resources from 1997 to 2011, overseeing the financial operations for all aspects of its gold exploration and production activities throughout West Africa as well as its diamond operations in South Africa.

Randall also served as controller of NovaGold Resources from 1997 to 2001.

Randall graduated with a commerce degree from St. Mary’s University in Halifax, and obtained his CA designation in 1987 with Coopers and Lybrand Chartered Accountants, where he was appointed as a principal in 1995. He is a member of the Institutes of Chartered Accountants of Canada and Nova Scotia.

Oliver Tors — Exploration Manager (Africa)

Oliver Tors is a Namibian geologist who is registered as a professional natural scientist with the South African Council for Natural Scientific Professions. He graduated from Stellenbosch University with an honors degree in geology. After his studies, he worked at the Langer Heinrich Uranium mine as a mine and exploration geologist. Tors has been working as an exploration geologist for numerous private and publicly listed companies over the past few years and has been fortunate enough to have worked in Australia, Zambia, Portugal, Botswana, DRC and on a variety of projects in Namibia giving him exposure to different commodities. He has been involved in greenfields exploration projects right through to brownfields and active mine production.

Tolene Kruger — Senior Geologist

Tolene Kruger is a Namibian geologist passionate about mineral exploration. She completed her studies at the University of Stellenbosch South Africa and holds an MSc in geology with research focus on structural controls on uriniferous alaskites in the uranium mineral province/corridor of Namibia. Prior to joining Antler Gold in 2021, she worked as a geologist at the Geological Survey of Namibia.

Kruger has gained experience working as a project geologist in Namibia and Zambia for Rio Tinto Exploration (RTX) exploring copper and for Desert Lion Energy (now Lepidico) exploring lithium (LCT) pegmatites. In her role as a senior geologist at Antler Gold, she does target generation focused on rare, base and precious metal projects; project design, management and implementation of field exploration programs; and results interpretation and collaboration with external subject matter experts.