Battery and Precious Metals in a Premier US Mining District - TSX.V: PGE | OTC: PGEZF - Group Ten Metals
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TSX.V: PGE | OTC: PGEZF March 4, 2021 Battery and Precious Metals in a Premier US Mining District Platreef-Style PGE-Ni-Cu-Co + Au High-Grade Au TSX: PGE.V Stillwater District, USA 1 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Forward-Looking Statements Forward-Looking Information This presentation contains certain forward-looking statements that reflect the current views and/or expectations of Group Ten Metals Inc. (the “Company” or “Group Ten Metals”) with respect to its business and future events including statements regarding its exploration plans and the Company’s expectations respecting future exploration results, the markets for the minerals underlying the Company’ projects, and growth strategies. Forward-looking statements are based on the then- current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which the Company operates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the uncertainties respecting historical resource estimates, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and regulatory restrictions, including environmental regulatory restrictions. These risks, as well as others, including those set forth in the Company’s filings with Canadian securities regulators, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law. Technical Information The scientific and technical information in this presentation has been reviewed by the following non-independent qualified persons (as defined in NI 43-101): (a) in respect of the Stillwater West Project, Mike Ostensen, P. Geo., who is a Project Geologist of the Company; and (b) all other projects of Group Ten Metals, Debbie James, P. Geo, who is an independent consultant to the Company. Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “indicated mineral resource” and “inferred mineral resource”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a “measured mineral resource”, “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category. Cautionary Note to US Investors Regarding Resource Estimates The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, “inferred mineral resource” used herein are Canadian mining terms used in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining and Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time. These definitions differ from the definitions in the United States Securities & Exchange Commission (“SEC”) Industry Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made. While the terms “mineral resource”, “measured mineral resource,” “indicated mineral resource”, and “inferred mineral resource” are recognized and required by Canadian regulations, they are not defined terms under standards in the United States and normally are not permitted to be used in reports and registration statements filed with the SEC. As such, information contained herein concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S. companies in SEC filings. Accordingly, information herein containing descriptions of our mineral deposits may not be comparable to similar information made public by US companies subject to the reporting and disclosure requirements under US federal securities laws and the rules and regulations thereunder. Third-Party Information Where this presentation quotes any information or statistics from any external source, it should not be interpreted that the Company has adopted or endorsed such information or statistics as being accurate. Some of the information presented herein, including scientific and technical information on third-party projects, is based on or derived from statements by third parties, has not been independently verified by or on behalf of the Company and the Company makes no representation or warranty, express or implied, respecting the accuracy or completeness of such information or any other information or opinions contained herein, for any purpose whatsoever. References to third-party projects herein are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization, or potential future results of the Company’s projects. TSX: PGE.V 2 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 THE METALLIC GROUP OF COMPANIES A Collaboration of Leading, Independent Exploration Companies The Metallic Group Strategy and Approach to Business Highly Identify and Make acquisitions Focus on under- Apply our Create long-term experienced acquire district- during the lows in explored systematic value for leadership scale, brownfields metal price cycle brownfields areas exploration shareholders A track record of major properties Aggregation of high- Existing infrastructure approach Resource development discoveries and project Consolidating districts potential holdings allows for rapid Exploration utilizing followed by expansion advancement along adjacent to some of during bear market development timelines new technologies and and advancement with significant share the industry’s highest- creates fundamental, and reduced capital exploration models towards production ownership in the grade mines, where counter-cycle strategic requirements focused on large-scale companies potential exists to host value for shareholders compared to remote discoveries world-class deposits greenfields deposits TSX: PGE.V 3 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Project Portfolio and Kluane PGE-Ni-Cu Project Strategy • Adjoins Nickel Creek Platinum • district-scale assets • adjacent to world-class mines/deposits Black Lake-Drayton Project • Adjoins Treasury Metals • 100% ownership on all projects • substantial databases, new geologic Yukon models, world-class teams ➢ Potential for world-class discoveries CANADA ➢ Focus on advancing Stillwater West Ontario Montana Stillwater West Project USA • Large position in the highest-grade major PGE district in the world • Adjacent to Sibanye-Stillwater’s three palladium-platinum mines • Drill-defined “Platreef-style” mineralized zones advancing to inferred resources • Objective of becoming a primary US-based source of battery metals, PGEs, and gold TSX: PGE.V 4 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Management Team Greg Johnson Executive Chairman Veteran Management with Proven • 30 years experience in exploration, development and financing of large-scale mining projects • Broad capital markets experience, raising over $650 million in project financing Track Record in Exploration and • • Co-founder of NovaGold, former President & CEO of Wellgreen Platinum and South American Silver Exploration Manager Placer Dome (now Barrick Gold) • Mine Development Co-credited with discovery or expansion and advancement of major precious and base metal deposits Michael Rowley President & CEO, Director • 25+ years executive experience in the exploration, mineral processing, and mine environmental industries • Expertise in capital markets, acquisitions, project development, management and exploration operations • Co-founder of Group Ten, active in other listed exploration companies including Granite Creek Copper Strong Corporate & Technical Gregor Hamilton Director Management • 24 years of experience in the mining sector as a geologist, investment banker and entrepreneur • Capital markets expertise and global experience in M&A and structured finance Group Ten has attracted a highly qualified team with • Since 2010, involved in the acquisition and development of mineral properties within both public global experience in: and private resource companies in the Americas Financing & Markets • Over $650M raised Rebecca Moriarty Chief Financial Officer • Global banking, evaluation and M&A expertise • Chartered Professional Account with over 20 years experience in mining industry • Formerly Manager with PriceWaterhouse Coopers, focused on mineral resource sector Management • Combined 100+ years of corporate and exploration Alicia Milne Corporate Secretary management, with juniors and majors • 20+ years of corporate secretarial & securities compliance experience with NYSE, TSX & TSX Venture listed Exploration and Development companies, including Pretium Resources • Member of the Governance Professionals of Canada • Extensive, first-hand experience in the Stillwater and Bushveld districts, including the Platreef, among other top-tier districts and producers Brian Cloney Advisor, Finance • Over 35 years experience in public accounting and financial consulting experience with a particular focus on the mining sector • Past CFO of a number of publicly-traded resource companies, and former Director of Group Ten Metals TSX: PGE.V 5 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Technical Team World-Class Team with Experience at Stillwater, Bushveld, Platreef Craig Bow, Ph.D. Senior Geological Advisor Harry Burgess, P.Eng. Advisor, Mining & Mine Engineering • 40+ years experience in global exploration, mine geology, & project • 40+ years of mine engineering and management experience including senior positions management, including exploration of the J-M Reef & advancement of the with Anglo-American and others in Zambia and South Africa initial Stillwater Pd-Pt mine to production • Co-founder of Micon International Limited • Recognized expert on global PGE-Ni-Cu systems, part of the team responsible for multi-million-ounce Arctic Platinum partnership (Gold Fields/Outokumpu), Garth Kirkham, P.Geo. P.Geoph. Advisor, Geology & Mining former Exploration Mgr for Gold Fields, Sr. Technical positions for Cyprus Amax, Newcrest & AngloGold Ashanti • 34+ years experience in the mineral exploration industry as a board member, leader, and geoscientist Michael Johnson, P.Geo. Exploration Mgr, Stillwater West • Founder of Kirkham Geosystems Ltd and was a founding director of Group Ten Metals • 40+ years of professional geological and executive experience, including 18 years • Numerous professional designations and awards in senior management positions with global public mining companies, including work in the Stillwater district as President and CEO of Beartooth Platinum Corp. Doug Warkentin, P.Eng. Advisor, Processing & Metallurgy Mike Ostenson, P.Geo. Project Geologist • 30+ years of experience in the mining and mineral processing industries • 20 years experience in the Stillwater district including former VP Exploration for • Currently Senior Metallurgist at Kemetco Research Inc. Premium Exploration and Senior Technical roles for Beartooth Platinum, • Co-founder of Group Ten Metals and former Director Stillwater Mining Co. and AngloGold Justin Modroo, P.Geo. Project Geophysicist Bill Harris Technical Advisor • 20 years industry experience, including work in the Stillwater Complex with • Founder, former Executive of Triumph Gold, and President and CEO of Midnight Mining Premium Exploration and Beartooth Platinum • Highly experienced prospector, mining entrepreneur “The recognition of a Platreef setting in the Stillwater district is an exciting development” Dr. David Broughton, former Chief Geologist for Ivanhoe Mines and co-recipient of AME BC’s 2016 Colin Spence Award for Excellence in Global Mineral Exploration for Ivanhoes’ Flatreef discovery, September 2018 TSX: PGE.V 6 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 High-Demand Commodities Platinum Group Elements (PGEs) • Primary palladium and rhodium use in catalysts (auto and industrial), driven by tightening emissions standards • Growing platinum demand from hydrogen fuel cells, investment demand, and catalytic convertors • Listed as ‘critical minerals’ by the US Interior Department, with the objective of advancing domestic supplies • Majority of supply from high-risk countries (South Africa, Russia) • Palladium and rhodium currently at sustained, elevated prices on multi-year supply deficits, platinum price projected to follow → Demonstrated palladium, platinum and rhodium at Stillwater West Battery Metals • Surging demand for nickel sulphide (‘battery-grade’) from energy storage uses, especially electric vehicles • Nickel and cobalt both listed as ‘critical’ in the American Mineral Security Act, with the intent of advancing US supplies • Majority of cobalt supply is high-risk (Congo) • Diminishing copper resources/grades (‘peak copper’) • Positive price projections based on infrastructure and energy storage demands → Now modeling drill-defined battery-grade nickel sulphide, with copper, cobalt, PGEs, gold, at Stillwater West primary value drivers at Stillwater West • Objective to become a primary US-based source of battery and precious metals to meet surging demand from green energy and transportation needs • Historic store of value, also jewelry, industrial Gold • Hedge against political uncertainty, currency risks • Projected basket value about 33% Ni, 33% Pd, and 33% Pt/Rh/Au/Cu/Co across • Diminishing resources/grades (‘peak gold’), need for three most advanced (drill-defined) mineralized zones new resources/mines • Five target commodities identified as ‘critical’ by the US Government, with the → Drill-defined high-grade gold at the Pine target at objective of securing domestic supplies Stillwater West, also as potential co-product, and • Located in a famously productive and metal-rich US mining district, which hosts in Ontario at Black Lake – Drayton project three world-class mines and a smelter-refinery complex TSX: PGE.V 7 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West PGE-Ni-Cu Project Montana, USA District – Mines, Infrastructure and Land Status Stillwater District • Stillwater Igneous Complex is: • A layered magmatic system, similar to South 100% Stillwater West Africa’s Bushveld Complex • Acquired 2017-2019 • 40km x 8km on surface, open at depth Smelter & Refinery Complex owned • Reef and Platreef-style targets, also high-grade gold • Highly prospective for Ni, Cu, Pd, Pt, Au, Cr, Rh Columbus, MT (60 km) Large 54 km2 • Five target areas feature thick intervals of drill-defined claim block Platreef-style PGE-Ni-Cu-Co + Au mineralization J-M Reef Deposit (Sibanye-Stillwater) Reserves1: 25.6 Moz Pd+Pt at 17.2 g/t P&P Resources1: 31.3 Moz Pd+Pt at 17.0 g/t M&I and Blitz Extension (2017) 49.4 Moz Pd+Pt at 16.6 g/t Inf. Past Production2: over 14 Moz at +16 g/t Pd+Pt Stillwater Mine (1986) MAGMATIC 7 KM LAYERS REEFS (8KM) Stillwater East • Announced January 2021 East Boulder Mine (2002) • 7 km2 claim block, 100% owned PLATREEF • Reef and Platreef-style targets SETTING STILLWATER WEST (25 KM) SIMPLIFIED CROSS-SECTION OF THE STILLWATER IGNEOUS COMPLEX 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects. 2: Based on publicly disclosed production statistics of Sibanye-Stillwater including most recent CPR. TSX: PGE.V 8 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater and Bushveld Comparison Comparative Mineralization Type West & East Limbs Stillwater North Limb Bushveld Stratigraphy High-Grade Reef Deposits Bushveld Complex Complex Complex • Merensky Reef (Sibanye, Anglo and others) and Main PGE • J-M Reef (Sibanye) 6 km • Picket Pin Reef (Group Ten) Occurrences in PGE-Enriched Chromitites the Stillwater • UG-2 (Sibanye, Anglo and others) 5 • A-B Chromitite (Group Ten) Picket Pin and Bushveld Disseminated PGE-Ni-Cu Reef BANDED 4 Complexes Bulk Tonnage Sulphide-Type Deposits SERIES • Platreef (Anglo, Ivanhoe) Similarities • Sheba’s Ridge (Anglo) • HGR (Group Ten) 3 The Bushveld and Stillwater Igneous Complexes are similar • Camp Zone (Group Ten) Merensky Reef J-M Reef layered magmatic intrusions • Hybrid Unit (Group Ten) UG-2 Reef Sibanye-Stillwater 2 Opportunity Lithology Stillwater’s J-M Reef was Gabbro, Anorthosite Platiniferous Dunite Pipes Discovery discovered in the 1970s based on Gabbronorite, Anorthosite, Troctolite (poC) - Mooihoek (Hybrid Unit) parallels with reef deposits at Pyroxenite (bC) - Driekop A-B Chromitite BASAL & 1 Peridotite LOWER Platreef Bushveld, yet exploration at HGR Norite (pbC), Pyroxenite (bC) SERIES Stillwater lagged during discovery Basement Metasediment and development of the massive, polymetallic Platreef mines in the Basement Granite 0 Sheba’s Ridge Camp lower stratigraphy in the 1990s. Anglo American Platreef Mine Mogalakwena Ivanhoe Anglo American References to third-party owned / operated projects are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects. The Company does not have access to such project or underlying information and has not independently verified any of the scientific, technical or exploration information related to such third-party project. TSX: PGE.V 9 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater Complex LAYERED MAGMATIC COMPLEX (8KM THICK X 40KM LONG) Target km GROUP TEN METALS SIBANYE-STILLWATER GROUP TEN METALS 0 Schematic South HGR Discovery (Hybrid Section & Camp Unit) North Current Mining Geologic 1 DRILL-DEFINED Operations (up to 2.2 km depth) Picket Pin Reef MINERALIZATION Models LOWER (Group Ten) Simplified BANDED 2 SERIES Cross-Section of the MIDDLE UPPER Stillwater Igneous Complex J-M Reef Deposit BANDED BANDED (Sibanye-Stillwater) SERIES SERIES 3 INTRUSIVE DUNITE TARGET BASAL AND LOWER STRATIGRAPHY UPPER STRATIGRAPHY Opportunity • Stillwater’s J-M Reef was discovered in the 1970s based on parallels with similar Platreef-Style Deposits Reef-Type Deposits deposits at the Bushveld Complex • Lower in the layered stratigraphy • Higher in the layered stratigraphy • Bushveld continued to move ahead with • Wide mineralized widths, 10 to 200 meters thick • Typically narrow, 0.5 to 2 meters thick the discovery and development of • Ni-Cu sulphide mineralization, enriched in PGEs, Au, Co, others • High to very high-grade at 3 to 17 g/t PGE, in Ni-Cu sulphides massive, polymetallic Platreef mines in • Typically low-cost bulk tonnage mining methods • Typically higher cost, selective underground mining methods the 1990s • Comparables include the Platreef deposits, in South Africa: • Comparable deposits include: • Group Ten is uniquely positioned to ‒ AngloAmerican’s Mogalakwena Mine ‒ J-M Reef (Stillwater) advance the “Platreef-in-Montana” ‒ Ivanhoe’s Platreef Mine ‒ Merensky Reef (Bushveld) model, with demonstrated “Platreef- ‒ Platinum Group Metals’ Waterberg project ‒ UG2 Reef (Bushveld) style” mineralization → Eight “Platreef-style” target areas at Stillwater West → Six “Reef-type” target areas at Stillwater West TSX: PGE.V 10 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West PGE-Ni-Cu Project Soil Geochemistry Highly anomalous precious and SOIL GEOCHEMISTRY Pt + Pd + Au (ppb) 2019 survey 2006 survey PRECIOUS METALS (Pt, Pd, Au) base metal values cover 21 km >200 strike in lower Stillwater 75 – 200 50 – 75 BAN 25 – 50 stratigraphy 15 – 25 BZ 5 – 15 IRON MOUNTAIN PZ • High levels of platinum, palladium, gold, HF nickel, copper and other metals in soil CHROME MOUNTAIN 2 km geochemistry across very large areas • Gold, cobalt, chromium and other metals also highly anomalous across large areas GEOLOGIC BOUNDARIES High levels of Au, Pd, and Pt in soils at Pine BAN – Banded Series BZ – Bronzitite Zone target, and up to 2km west, identified 2019 • Strong soil response proximal to drill- PZ – Peridotite Zone HF - Hornfels defined mineralization in priority target areas demonstrates the effectiveness of soils as an exploration tool at Stillwater, SOIL GEOCHEMISTRY BASE METALS Ni + Cu (ppm) Drill-defined mineralization at the Discovery target presents very (Ni, Cu) especially in the Peridotite Zone (PZ) >1,000 high Ni, Cu in soils, as do the Bald Hills and Tarantula targets • Four new kilometer-scale soil anomalies 650 – 1,000 350 - 650 identified (untested to date) in 2019, 250 – 350 BAN 150 – 250 including expansion of highly anomalous 75 – 150 BZ gold in soils at Pine target area IRON MOUNTAIN PZ • Strong spatial correlation with broad, high-level electro-magnetic conductor CHROME MOUNTAIN HF anomalies 2 km TSX: PGE.V 11 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West Conductivity (EM) Survey With Select Drill Results 14 large-scale (multi-kilometer) exploration target areas identified across 25-km long property Drilled 2020 14 target areas defined by major Drilled 2019 conductive high anomalies with Past core assayed in 2019 broad, coincident soil geochemical anomalies: Picket Pin • Eight large-scale, bulk tonnage PGE-Ni-Cu-Co + Au sulphide target areas with potential to host multiple 8 Large-scale, bulk tonnage PGE-Ni-Cu-Co target areas with demonstrated ‘Platreef-Style’ mineralization Platreef-Style deposits, each one 2 to 4 km long 6 Higher-grade ‘Reef- type’ target areas • Six higher-grade PGE ‘Reef- J-M REEF DEPOSIT (SIBANYE-STILLWATER) CATHEDRAL East Boulder type’ target areas that are 3 to 8 km long with potential to host multiple ‘Reef-type’ CRESCENT deposits Five mineralized zones identified at IRON MOUNTAIN the most advanced target areas BOULDER CAMP EAST based on data from more than 215 WILD WEST CHROME BOULDER drill holes totaling 31,000 meters MOUNTAIN 25 kilometers across the property See News Release “Group Ten Metals Identifies 12 Major Geophysical Conductor Anomalies at Stillwater West Project, Montana, USA” dated Feb. 26, 2018. Grade thickness values for drill holes are shown for comparative purposes by multiplying mineralized intercepts times drilled width that are believed to be representative of true widths. Platinum equivalent (Pt Eq. g/t) calculations reflect total gross metal content using $6/lb Ni, $3.00/lb Cu, $20.00/lb Co, $1,000/oz Pt, $1,000/oz Pd and $1,250/oz Au and have not been adjusted to reflect metallurgical recoveries. TSX: PGE.V 12 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West Exploration Strategy: • Deliver maiden resources in most advanced Five Priority Target Areas areas (Chrome Mountain, Camp, HGR) Crescent • 250m x 500m area, open for expansion • Rapidly expand mineralization by off-setting • 5 holes at over 100 g-m Pine – High-Grade Gold existing drill-defined mineralization and drill • 150m strike, average width 15m, tested to 90m depth • Open for expansion into coincident and gold-in-soil testing adjacent anomalies • anomalies reaching two kilometers to the west 7 holes with high-grade intercepts including: • Advance earlier-stage targets to drill status ‒ 8.0m at 16g/t Au, 0.24g/t Pt, 0.50 g/t Pd ‒ 3.2m at 23g/t Au, 0.89g/t Pt, 1.04g/t Pd East Boulder IM2019-03 2020 INDUCED POLARIZATION (IP) GEOPHYSICAL SURVEY LINES Drilled 2020 Drilled 2019 Past core assayed in 2019 Drill data reported in news releases from Jan 25, 2019 through Apr 16, 2020, and March 3, 2021. Chrome Mountain Camp HGR 2019 and 2020 drilling by Group Ten. Drilling completed from 2002 through 2011 was verified by Group Ten’s QP. Pre-2001 drill results are Chrome Mountain, Camp, HGR: • Thick intervals of continuous mineralization, usually starting at or near surface, considered historic and have not been independently verified. Grade-thickness values for • The three most advanced target areas defined by between 11 and 24 drill holes in each area drill holes are shown for comparative purposes by • Now converting drill-defined mineralized • Mineralized zones from 1 to 1.5 kilometers in strike length within each area multiplying mineralized intercepts times drilled width that are believed to be representative of zones to maiden resources – target mid-2021 • Significant expansion potential along trend and to depth based on multi-kilometer- true widths. Platinum equivalent (PtEq g/t) calculations reflect total gross metal content • Coincident anomalies, kilometer-scale targets scale metal-in-soil anomalies and geophysical anomalies from ground-based IP using $6/lb Ni, $3/lb Cu, $20/lb Co, $900/oz Pt, • Fully permitted • IM2019-03 (HGR): 272m of 1.9 g/t TotPtEq (0.42% TotNiEq) including $1,650/oz Pd and $1,500/oz Au. Equivalent values have not been adjusted to reflect potential 26.8m of 3.84 g/t TotPtEq (0.84% TotNiEq) – 7km east of Chrome Mountain metallurgical recoveries. TSX: PGE.V 13 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West CM2007-02: 388 m of 0.99 g/t TotPtEq (0.22% TotNiEq), including: • 30 m of 3.86 g/t TotPtEq (0.85% TotNiEq) as 0.60 g/t Pt, 1.25 g/t Pd, 0.19% Ni, 2020 Chrome Mtn Drill Results plus Au, Cu, Co values 1 km CM2020-01: Hybrid Unit, IP targets, stratigraphy BAN • 533 m of 0.76 g/t TotPtEq (0.17% TotNiEq) including CM2007-04: 243 m of 1.62 g/t TotPtEq (0.35% TotNiEq), including: 130 m of 0.96 g/t TotPtEq (0.21% TotNiEq) • 30 m of 3.07 g/t TotPtEq (0.67% TotNiEq) as 0.55 g/t Pt, 0.96 g/t Pd, BAN • Successfully expanded mineralized zone at Discovery 0.13 g/t Au, 0.13% Ni, plus Cu, Co values BAN • High-grade Pt and Au, Pt-rich Pt:Pd ratio BZ BZ EAST BOULDER CM2020-04: Offset of AMAX hole to test large IP CHROME CROSS anomaly identified in 2020 survey MOUNTAIN SECTION CM-17 • 455 m of 1.13 g/t TotPtEq (0.25% TotNiEq), including two new thick horizons of nickel sulphide: • 54 m of 2.58 g/t TotPtEq (0.57% TotNiEq) including CROSS PZ 8.5 m of 8.20 g/t TotPtEq (1.79% TotNiEq) SECTION DISCOVERY Peridotite Zone (PZ) CM-4 as 1.11% Ni, 0.19% Cu, 0.053% Co, plus 1.90 g/t PtEq (HYBRID UNIT) • 60 m of 2.22 g/t TotPtEq (0.48% TotNiEq) CONDUCTIVE HIGH BALD HILLS • High-grade, high-tenor nickel sulphide (3-10% Ni) CONDUCTIVE HIGH CM2020-05: Test of large IP anomaly CROSS SECTION • 149 m of 1.19 g/t TotPtEq (0.26% TotNiEq), including • Expansion of existing CM-6 11.6 m of 2.80 g/t TotPtEq (equals 0.61% TotNiEq) mineralization • Multiple nickel and high-PGE horizons including 0.083 g/t Rh HF • Discovery of multiple well- CM2020-02: Target Dunite pipes, test IP targets, stratigraphy Fugro DIGHEM EM Survey DRILL RESULTS (2020 and select 2007) ROCK SAMPLE RESULTS mineralized horizons of • 126 m of 1.33 g/t TotPtEq (0.29% TotNiEq), including: (Conductivity) Reported as Total Pt Equivalent Grade-Thickness as Total Pt Equivalent g/t 56kHz Apparent Resistivity and as Total Nickel Equivalent % battery metals, PGEs, gold 24 m of 2.76 g/t TotPtEq (0.60% TotNiEq) which includes: (ohm-meters) Full 3E Data Base Metal TotPtEq g-m Data Only Data Only TotPtEq g/t TotNiEq % 6.1 m of 4.50 g/t TotPtEq (0.98% TotNiEq) including 1.13 g/t Pd 100 g-m > 5 g/t > 1.22 % 2500 CM2020-03: Target Dunite pipes, test IP targets, stratigraphy >5000 GEOLOGIC BOUNDARIES: BAN – Banded Series; BZ – Bronzitite Zone; • 122 m of 1.27 g/t TotPtEq (0.28% TotNiEq), including: PZ – Peridotite Zone; HF - Hornfels 23 m of 1.64 g/t TotPtEq (0.36% TotNiEq) which includes: 6.1 m of 3.51 g/t TotPtEq (0.77% TotNiEq) including 0.97 g/t Pd TSX: PGE.V • >3.4% Ni in sulphides in multiple intervals in both 14 holes OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West Chrome Mountain Target Area Cross-Section CM-17 • Discovery of well-mineralized new nickel sulphide-PGE horizons that are over 1km from other drill-defined mineralization Nickel sulphides with high nickel tenor: 109 meters at 0.17% Ni, plus other values OPEN CM2020-05: • 149 m of 1.19 g/t TotPtEq (0.26% TotNiEq) • Strong nickel and PGE mineralization in multiple intercepts High-PGE interval: • 11.6 meters at 2.80 g/t TotPtEq (0.61% TotNiEq) Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent (TotNiEq %) calculations reflect total gross metal content using metals prices as follows (all as 0.41 g/t Pt, 0.54 g/t Pd, 0.083 g/t Rh, plus other values USD): $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $900/oz • At current spot prices 0.083 g/t Rh equals over 1.6 g/t Pt platinum (Pt), $1,650/oz palladium (Pd), $1,500/oz gold (Au), and $7,000/oz rhodium (Rh). Values have not been adjusted to reflect metallurgical • Pt:Pd ratio near 1:1 recoveries. Total metal equivalent values include both base and precious OPEN metals. Nickel equivalent values may be converted to copper equivalent values by multiplying the NiEq value by the price ratio of the two (ie times two per the above prices), such that 0.5% NiEq equates to 1.0% CuEq. Intervals are reported as drilled widths, and are believed to be representative of true widths. TSX: PGE.V 15 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West CM2020-01: 404.6 g-m TotPtEq / 88.5 %-m TotNiEq • 533 m of 0.76 g/t TotPtEq (0.17% TotNiEq) including Chrome Mountain Target Area 130 m of 0.96 g/t TotPtEq (0.21% TotNiEq) • Continuous nickel and copper sulphide mineralization Cross-Section CM-6 Selectively assayed for Ni, Cu • Expansion of drill-defined mineralization Not assayed for PGEs at the Discovery target in the Hybrid Unit Hybrid Unit (Priority Target) 2.4 m of 2.49 g/t Au Intrusive Dunite (Priority Target) 9.8 m of 0.51 g/t Pt OPEN CM2007-02: 388 m of 0.99 g/t TotPtEq (0.22% TotNiEq) Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent (TotNiEq %) starting at surface and including: calculations reflect total gross metal content using metals prices as follows (all • 50 m of 2.91 g/t TotPtEq (0.64% TotNiEq) as 0.49 g/t Pt, USD): $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $900/oz platinum (Pt), $1,650/oz palladium (Pd), $1,500/oz gold (Au), and $7,000/oz 0.91 g/t Pd, 0.14% Ni, plus Au, Cu, Co rhodium (Rh). Values have not been adjusted to reflect metallurgical • 30 m of 3.86 g/t TotPtEq (0.85% TotNiEq) as 0.60 g/t Pt, OPEN recoveries. Total metal equivalent values include both base and precious 1.25 g/t Pd, 0.19% Ni, plus Au, Cu, Co metals. Nickel equivalent values may be converted to copper equivalent values by multiplying the NiEq value by the price ratio of the two (ie times two per the above prices), such that 0.5% NiEq equates to 1.0% CuEq. Intervals are OPEN reported as drilled widths, and are believed to be representative of true widths. TSX: PGE.V 16 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West Shallow historic holes ending in CM2007-07: 226 m of 1.58 g/t TotPtEq (0.34% TotNiEq) including: Chrome Mountain Target Area Ni-Cu sulphide mineralization • 23.8 m of 2.69 g/t TotPtEq (0.59% TotNiEq) and • 9.2 m of 4.07 g/t TotPtEq (0.89% TotNiEq) Cross-Section CM-4 as 0.43 g/t Pt, 1.31 g/t Pd, 0.17% Ni plus Au, Cu, Co values • Discovery of new high-grade and high 8.5 meters at tenor nickel sulphide horizons Selectively assayed for Ni, Cu Selectively assayed for Ni, Cu 1.11% Ni plus Not assayed for PGEs Not assayed for PGEs strong co- product Au, Nickel sulphides PGEs, Cu, Co CM2020-02: with high nickel for 1.79% 126 m of 1.33 g/t TotPtEq (0.29% TotNiEq), including: tenor • 24 m of 2.76 g/t TotPtEq (0.60% TotNiEq) which includes: TotNiEq • 6.1 m of 4.50 g/t TotPtEq (0.98% TotNiEq) including 1.13 g/t Pd Hybrid Unit • 54m of 0.27% Ni, 1.01 g/t (Priority Target) CM2020-03: PtEq, plus Cu, Co for 122 m of 1.27 g/t TotPtEq (0.28% TotNiEq), including: 0.57% TotNiEq • 23 m of 1.64 g/t TotPtEq (0.36% TotNiEq) which includes: • Nickel sulphides with high • 6.1 m of 3.51 g/t TotPtEq (0.77% TotNiEq) including 0.97 g/t Pd nickel tenor CM2020-04: 515.4 g-m TotPtEq / 112.8 %-m TotNiEq Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent (TotNiEq %) 455 m of 1.13 g/t TotPtEq (0.25% TotNiEq), including calculations reflect total gross metal content using metals prices as follows (all two new thick horizons of nickel sulphide: USD): $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $900/oz platinum (Pt), $1,650/oz palladium (Pd), $1,500/oz gold (Au), and $7,000/oz • 54m of 2.58 g/t TotPtEq (0.57% TotNiEq) and rhodium (Rh). Values have not been adjusted to reflect metallurgical OPEN • 60 m of 2.22 g/t TotPtEq (0.48% TotNiEq) recoveries. Total metal equivalent values include both base and precious metals. Nickel equivalent values may be converted to copper equivalent values by multiplying the NiEq value by the price ratio of the two (ie times two per the OPEN above prices), such that 0.5% NiEq equates to 1.0% CuEq. Intervals are reported as drilled widths, and are believed to be representative of true widths. TSX: PGE.V 17 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West PGE-Ni-Cu Project Discovery Target at the Hybrid Unit, Chrome Mountain - Drill Results Multiple long drill intervals returned multi- gram-per-tonne precious metals (Pd, Pt, Au) Five holes at >300 gram-meter TotPtEq grade-thickness demonstrate significant metal content and some of the longest intervals of mineralization ever encountered in the Stillwater district Grade-Thickness: • Sibanye-Stillwater (J-M Reef): 2m @ 17 g/t Pd+Pt = 34 g-m • Group Ten: 50m @ 1.4 g/t Pd+Pt = 70 g-m (plus Ni, Cu, Co, Au, Rh values) Highlight intercepts with grade-thickness values over 25 gram-meter TotPtEq are presented above. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent (TotNiEq %) calculations reflect total gross metal content using metals prices as follows (all USD): $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $900/oz platinum (Pt), $1,400/oz palladium (Pd), and $1,400/oz gold (Au). Values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals. Total platinum equivalent grade-thickness was determined by multiplying the thickness (in meters) by the Total Platinum Equivalent grade (in grams/tonne) to provide gram-meter values (g-m) as shown. Total nickel equivalent grade-thickness was determined by multiplying the thickness (in meters) by the Total Nickel Equivalent grade (in percent) to provide percent-meter values as shown. Grade-thickness values have been determined across continuously mineralized intervals. Nickel equivalent values may be converted to copper equivalent values by multiplying the NiEq value by the price ratio of the two (ie times two per the above prices), such that 0.5% NiEq equates to 1.0% CuEq. Platinum equivalent has been used based on the historic values of platinum and palladium. Platinum equivalent values may be converted to palladium equivalent values by multiplying the PtEq value by the price ratio of the two (ie times 0.64 per the above prices), such that 1 g/t PtEq equates to 0.64 g/t PdEq. Intervals are reported as drilled widths and are believed to be representative of true widths. All holes were conducted by Group Ten’s QP and are not considered historic. TSX: PGE.V 18 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West PGE-Ni-Cu Project 2020 Chrome Mountain - Drill Results • The first drill program guided by the 2020 Induced Polarization (IP) geophysical survey • Multiple new well-mineralized horizons identified, including high-grade, and high-tenor, nickel sulphides • All five holes returned intervals from 120 to 530 meters of continuous nickel and copper sulphide mineralization, enriched in palladium, platinum, rhodium, gold, and cobalt, starting at or near surface • Each hole also returned higher-grade intervals over widths of 50 to 150 meters in addition to more selective high-grade intervals • Results indicate potential for both bulk and selective mining scenarios at 0.5 g/t PtEq cut-off and 1.5 g/t PtEq cut-off respectively Highlight intercepts with grade-thickness values over 25 gram-meter TotPtEq are presented above. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent (TotNiEq %) calculations reflect total gross metal content using metals prices as follows (all USD): $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $900/oz platinum (Pt), $1,650/oz palladium (Pd), $1,500/oz gold (Au), and $7,000 rhodium (Rh). Values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals. Total platinum equivalent grade-thickness was determined by multiplying the thickness (in meters) by the Total Platinum Equivalent grade (in grams/tonne) to provide gram-meter values (g-m) as shown. Total nickel equivalent grade-thickness was determined by multiplying the thickness (in meters) by the Total Nickel Equivalent grade (in percent) to provide percent-meter values as shown. Grade-thickness values have been determined across continuously mineralized intervals. Nickel equivalent values may be converted to copper equivalent values by multiplying the NiEq value by the price ratio of the two (ie times two per the above prices), such that 0.5% NiEq equates to 1.0% CuEq. Platinum equivalent has been used based on the historic values of platinum and palladium. Platinum equivalent values may be converted to palladium equivalent values by multiplying the PtEq value by the price ratio of the two (ie times 0.55 per the above prices), such that 1 g/t PtEq equates to 0.64 g/t PdEq. Intervals are reported as drilled widths and are believed to be representative of true widths. TSX: PGE.V 19 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West Iron Mountain Target Area Cross-Section IM-18 One of three target areas with demonstrated ‘Platreef-style’ bulk tonnage PGE-Ni-Cu-Co mineralization over hundreds of meters in thickness. 2019 programs: • returned some of the thickest mineralized intercepts ever recorded in the district • successfully advanced the HGR target towards delineation of a maiden resource with multiple very wide intervals of nickel and copper sulphide, enriched in palladium, platinum and gold, starting from surface • returned results that are comparable to the style of mineralization found in South Africa’s Platreef district, which hosts some of the world’s largest nickel-copper sulphide hosted PGE mines Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent (TotNiEq %) calculations reflect total gross metal content using metals prices as follows (all USD): $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $900/oz platinum (Pt), $1,400/oz palladium (Pd), and $1,400/oz gold (Au). Values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals. Nickel equivalent values may be converted to copper equivalent values by multiplying the NiEq value by the price ratio of the two (ie times two per the above prices), such that 0.5% NiEq equates to 1.0% CuEq. Intervals are reported as drilled widths, and are believed to be representative of true widths. TSX: PGE.V 20 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West HGR Zone at the Iron Mountain Target Area 2019 Drill Results 2019 results returned some of the thickest mineralized intercepts, and the highest grade-thickness values, ever recorded in the district, including potential bulk and selective mining scenarios Assuming a 0.5g/t PtEq cut-off grade: Assuming a 1.5g/t PtEq cut-off grade: Approximate Width of Grade-Thickness: 272m @ 1.90g/t PtEq, or 141m @ 2.59g/t PtEq, or Ivanhoe’s Flatreef Deposit • Sibanye-Stillwater (J-M Reef): “ 0.42% NiEq, or “ 0.57% NiEq, or 2m @ 17 g/t Pd+Pt = 34 g-m • Group Ten: “ 0.84% CuEq “ 1.14% CuEq 272.5m @ 1.90 TotPtEq = 518 g-m Highlight intercepts with grade-thickness values over 100 gram-meter TotPtEq are presented above, except as noted. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent (TotNiEq %) calculations reflect total gross metal content using metals prices as follows (all USD): $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $900/oz platinum (Pt), $1,400/oz palladium (Pd), and $1,400/oz gold (Au). Values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals. Total platinum equivalent grade-thickness was determined by multiplying the thickness (in meters) by the Total Platinum Equivalent grade (in grams/tonne) to provide gram-meter values (g-m) as shown. Total nickel equivalent grade-thickness was determined by multiplying the thickness (in meters) by the Total Nickel Equivalent grade (in percent) to provide percent-meter values as shown. Nickel equivalent values may be converted to copper equivalent values by multiplying the NiEq value by the price ratio of the two (ie times two per the above prices), such that 0.5% NiEq equates to 1.0% CuEq. Intervals are reported as drilled widths, and are believed to be representative of true widths. TSX: PGE.V 21 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West PGE-Ni-Cu Project Kilometer-Scale Magmatic Targets in a Famously Metal-Rich District J-M Reef Deposit (Sibanye-Stillwater) Cross-section CM-4 Cross-section CM-6 MVI Susceptibility Cross-section CM-17 Cross-section IM-18 Chrome Wild West Mountain Camp Iron Mountain Magmatic Targets Crescent Magmatic Targets 2 km depth Long-section through Stillwater West Magnetic Vector Inversion (MVI) results showing kilometer-scale exploration targets (pink areas) that continue below the five known mineralized zones at Stillwater West (yellow text). Potential for significant depth extension, including possible magmatic feeder zones. TSX: PGE.V 22 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Stillwater West PGE-Ni-Cu Project Progress and Next Steps 2020 • “Platreef-style” drill results from three target areas (Discovery, Camp, HGR) • Discovery of four new multi-kilometre-scale soil anomalies 2019 Milestones • High-grade gold and rhodium results • Chrome Mountain drill program, IP survey • Initial block modeling of most 2017 – 2018 advanced targets • Drill program, plus re- 2021 Priorities • Acquisition, expansion logging/re-assay of past core • Advance drill-defined mineralized zones to formal resources • Data compilation and modeling • Collaboration with GoldSpot (AI and machine-learning) • Expand known mineralization into untested areas • Initial field programs • Identify and prioritize new targets 2017 2018 2019 2020 2021 Upcoming News • IP results and 2021 exploration plans • Formal resource estimates (expected mid-2021) • Potential agreements on secondary assets: Black Lake-Drayton (gold), Kluane (PGE-Ni-Cu) TSX: PGE.V 23 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Black Lake – Drayton Gold Project Underexplored High-Grade Gold Prospect in Active Rainy River District Overview • 137 km2 land package adjoining Treasury Metals’ recently consolidated +3Moz Goliath Gold Complex • 30km of underexplored Archean greenstone strike GOLIATH GOLD COMPLEX +3Moz Au, permitted • High-grade gold demonstrated in 127 drill-hole database, historic bulk samples • 100%-owned, low carrying cost • Direct road access, close to rail and power • Discovery and development of Rainy River lead the district in the 1990s, which is now over 10Moz and growing Priorities for 2021 • Continue ongoing discussions re best avenue to monetize asset • Undertake modest surface exploration program to expand known mineralization, refine targets TSX: PGE.V 24 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Kluane PGE-Ni-Cu Project Overview Underexplored High-Grade Gold Prospect in Active Rainy River District Overview • Kluane Mafic-Ultramafic belt extends 600 km from northern British Columbia to central Alaska and hosts known PGE-Ni-Cu deposits • 100% ownership in four claim blocks • The multi-million-ounce Wellgreen PGE-Ni- Cu-Co deposit demonstrates the world-class potential of the belt • Similar geology to largest known PGE-Ni-Cu deposits including the Bushveld and Stillwater complexes Near-Term Priority • Continue ongoing discussions re best avenue to monetize asset • Undertake modest surface exploration program to expand known mineralization, refine targets TSX: PGE.V 25 OTCQB: PGEZF FSE: 5D32
TSX-V: PGE OTCQB: PGEZF FSE: 5D32 Capital Structure PGE.V - GROUP TEN METALS JJNTF - Nickel ETF CDNX - Index PPLT – Platinum ETF & Relative Share PALL – Palladium ETF Performance PGE.V - GROUP TEN METALS 50-day moving average PGE.V - GROUP TEN METALS 200-day moving average Share price (as of February 26, 2021) C$0.41 SHAREHOLDER Shares issued & outstanding 147M COMPOSITION Mgmt & Associates - 26% Options (average exercise price: $0.18) 12.4M Warrants (average exercise price: $0.27) 40.5M HNW - 21% Retail - 31% Fully diluted shares outstanding 199M Market capitalization (basic) C$60M Institutional 22% Cash & cash equivalents balance (no debt) ~C$3M In-the-money options & warrants ~C$13M As of January 10, 2021 TSX: PGE.V 26 OTCQB: PGEZF FSE: 5D32
Group Ten Metals Inc. Suite 904 - 409 Granville Street Vancouver, BC, Canada, V6C 1T2 Email: info@grouptenmetals.com Tel: 604.357.4790 Toll Free: 888.432.0075 www.grouptenmetals.com @grouptenmetals TSX: PGE.V | OTCQB: PGEZF | FSE: 5D32 TSX: PGE.V 27 OTCQB: PGEZF FSE: 5D32
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