T S X RM X O T CQ X RBY CF C a u t i o na r y S t a t e me nt s R e g a r d i n g F o r w a r d L o o k i ng S t a t e me nt s a n d C a ut i o n a r y No t e s 2 C a u t i on ar y S t a t emen t r e g ar d i n g F o rw a rd L o oki n g S t a te m e n ts a nd o th e r C au t i on ar y N o te s Al l s ta t e m e nts o t he r tha n s ta te m e nts of h i s t or i c al f a c t c on t a i n e d or i n c or p or at e d by r efe r e n c e in thi s pr e s e nta ti o n i nc l udi ng an y i n f or m at i on as to th e ou t l ook a n d f utur e p e r f or m an c e of the C om p an y c o ns t i tut e f o r wa r d l ooki n g s ta te m e nts a n d f o r wa r d l ooki n g i n f or m at i on c o l l e c t i v el y f o r wa r d l ooki n g s ta te m e nt s w i thi n th e m e a ni ng of a ppl i c a bl e C an a d i an a n d U ni te d S t a te s s e c u r i t i e s l eg is l a t io n G en er a l l y t he s e f or w ar d l ooki n g s ta te m e nts c a n be id en t i fi ed by t he u se of f or w ar d l ooki n g t e r m i n ol ogy s uc h as a nti c i pa te b e l i ev e s c o nc e pt ua l c o nte m pl a t e c o u l d de m o ns tr a t e s de v e l o pm e nt em er g in g es t im a t e e x p e c t e xp l o r a t i o n fea s ib i l it y f o c u s f utur e g oa l i nte nds m a y ou t l ook p l a n po te nti a l p r o fil e p r o j e c t Pre l i m i n a ry E c on om i c A sse ssm e n t or P E A r i s k s h o u l d s t r a t e g i c s tudy t a r g e t unc e r ta i nti e s upg r a de v i e w an d wi l l or v ar i at i on s of s uc h w o rd s a nd s im il a r s uc h w o rd s e x p re ssi o n s or s ta te m e nts tha t c er t a in a c t i on s ev e n t s or r e s ul ts c a n c o ul d m a y s ho ul d wi l l or no t be a c h iev ed or o ccu r in the f utur e In s om e c a se s f or w ar d l ooki n g i n f or m at i on m a y be s ta te d in the pr e s e nt t en s e s uc h as in r es p ec t of c ur r e nt m a t te r s tha t m ay be c o nti nui ng or tha t m ay h a v e a f utur e i mp a ct or e ffe c t F or w ar d l ooki n g s ta te m e nts i nc l ud e s ta t e m e nts r e ga r d i n g the u se of pr o c e e ds f r om t he F e br ua r y 2 0 2 0 f l ow thr o ug h co mmo n sh a re o ff er in g i nc l udi ng r eq u ir ed r e nunc i a ti o n of CE E po te nti a l f or f ut ur e e x p l or at i on su c c e ss at the Com p an y an d the P ho e ni x G o l d Pro j e c t M i n e r a l R e so u rc e es t im a t es i nc l udi ng the c ur r e nt 2 0 2 0 M i n e r al R e s o ur c e E s ti m a te c on v e r t i n g upg r a di ng or c o n ver t in g a n d or e x pa ndi ng or in c r ea s in g M i n e r a l R e s o ur c e e s t im a t es ex p ec t ed or p r op os e d e x p l or at i on an d de v e l o pm e nt a c t i vit i es at t he M cF i n le y an d Pe n Z on e s E xp l o r e T a r ge t a r e as an d o the r r e gi on a l e x p l or at i on t a r ge t s an d a n y i mp a ct of s uc h a c t ivit i es g e ol ogi c a l a n d s tr uc tur a l m o de l l i ng the de ta i l s of the 2 0 1 9 PEA i nc l udi ng e co n o mi cs s uc h a s r e tur n on c a p i t al i nc l udi ng I R R a nd N P V f r ee c a s h f l o w g ol d pr o d uc ti o n pa y a bl e or o the r w i s e c a p i t al a n d o pe r a ti ng c o st s l ife of m i ne or LO M an d an y c o nc e ptua l or c o nte m pl a t e d m i ne pl a ns es t i m a t ed to nne s a n d g r a d e m i ne a bl e in v en t o r y c o ns tr uc ti o n p er io d a n d o the r r e s ul ts of the 2 0 1 9 P E A a l l of wh i c h a r e es t im a t es on l y f ea s ib il it y an d po te nti a l co mme r c i a l v i a b i l i t y of the P ho e ni x G o l d Pro j e c t c om p l e t i on of the a nti c i pa te d fea s ib il i t y s tudy i nc l udi ng i ts d el i v er y an d e x p l or at i on p r og r a m s i nc l udi ng c o nti nua ti o n of r el a t ed wo r k a n d the s u ffic i en c y of the f undi ng the r e o f s t a te m e n ts r e ga r d i n g t he i mp a ct of h e a l th s a f e ty an d s ec u r it y m ea s u r es or pr o t e c ti o ns an d o the r p r ot oc ol s i m p l em en t ed by t he Com p an y s in r e s po ns e to t he qui c k l y e vo l vin g C or on a v i r u s or C O VID 1 9 s i tua ti o n a n d the C om p an y s a b il it y to r e s po nd in the f utur e to tha t s i tua ti o n i nc l udi ng t he i m pl e m e nta ti o n a n y ne w s uc h or o the r m ea s u r es or pr o t e c ti o ns an d the i mp a ct the r e o f F or w a r d l ooki n g s t a te m e n ts ar e b a se d on the a s s um pti o ns es t im a t es ex p ec t a t io n s a n d o pi ni o ns of m a n ag e m e n t wh i c h m a n ag e m e n t c o n s id er s r e a s on ab l e a n d r ep r es en t i t s b e st j u dg m e nt b a s e d on a v a i l ab l e f a c t s as of t he d a te s uc h s ta t e m e nts a r e m a d e If s uc h a s s um pti o ns es t i m a t es e x pe c ta ti o ns an d o pi ni o ns p r o v e to be i nc o r r e c t ac t u al an d f utur e r e s u l ts m ay be m a t e r i al l y d iff er en t tha n ex p r es s ed or i m p l i e d in the f or w ar d l ooki n g s ta te m e nts T he a s s um pti o ns es t im a t es e x pe c ta t i o ns a n d o pi ni o ns r ef er en c ed c on t a i n e d or i nc o r po r a te d by r efe r e n c e in thi s pr e s e nta ti o n wh i c h m a y p r ov e to be i n c o rre c t i nc l ude tho s e se t f or t h h er ein a n d in the C om p an y s M an a ge m e n t s D i sc u ssi o n a n d Ana l y s i s f or the ye a r e nde d D ec em b er 3 1 2 0 1 9 the 2 0 1 9 M D A a n d the a cco mp a n y i n g fin a n c ia l s ta t e m e nts t he 2 0 1 9 PEA an d the 2 0 2 0 Tec h n ic a l R e po r t as w e ll as 1 pe r m i tti ng e x p l or at i on an d de v e l o pm e nt at the P h o en ix G o l d Pro j e c t be i ng c o ns i s t e nt wi t h the Com p an y s c ur r e nt e x pe c ta t i o ns i nc l udi ng w i tho ut l im it a t io n the m a i nt e na nc e of e x i s ti ng pe r m i ts l ic en s es a n d o the r ap p r ov a l s a n d the t im el y r ec e ip t of ot h e r pe r m i ts l ic en s es an d o the r ap p r ov al s n e c e s sa ry f r om t i me to ti m e 2 p ol i t i c a l an d l e g a l de v e l o pm e nt s in an y j u r is d ic t io n in w hi c h the C om p an y o p er a t es be i ng c o ns i s te nt wi t h i ts c ur r e nt e x pe c ta ti o ns 3 the c om p l e t i on of e x p l or at i on p r og r a m s an d s tudi e s i nc l udi ng the a nti c i pa te d fea s ib il it y s tudy on the P ho e ni x G o l d Pro j e c t on the t im el in es c ur r e nt l y ex p ec t ed no tw i ths ta ndi ng t he ri sk s unc e r ta i nti e s c o nti ng e nc i e s an d o the r f a c t or s de s c r i be d b e l ow i nc l udi ng the qui c k l y evo l vi n g C O V ID 1 9 c or o n a v i r u s C O VID 1 9 s i tua ti o n an d the r e s ul ts be i ng c o ns i s te nt wi t h the Com p an y s c ur r e nt e x p e c ta ti o ns 4 the e x c h an g e r at e be tw e e n the Ca n a d i an d ol l ar a n d the U S d ol l ar be i ng a p p r ox i m at e l y c o ns i s te nt wi t h c ur r e nt l ev el s 5 c e r t ai n pr i c e a s s um pti o ns f or g ol d 6 p r ic es f or d ies e l na tur a l g as el ec t r ic i t y an d o the r ke y s uppl i e s be i ng ap p r ox i m at e l y c o ns i s t e nt wi t h c ur r e nt l ev e l s 7 t he ac c u r ac y of t he 2 0 2 0 Mi n e r a l R e so u rc e Est i m a t e i nc l udi ng but n ot l im i t ed to or e t on n age an d or e g r a d e es t im a t es t he 2 0 1 9 PEA an d 2 0 1 9 Mi n e r al R e so u rc e Est i m a t e r el i e d upo n t h er ein a n d the C om p an y s i nt e r na l m od e l s 8 l a b ou r an d m a t e r i a l s c os t s be i ng c o ns i s t e nt wi t h the Com p an y s c ur r e nt e x pe c ta t i o ns a n d 9 the Com p a n y s a b il it y to m eet c ur r e nt an d f utur e de bt ob l i g at i on s or to co mp le t e f utur e f i na nc i ng s to ra i se a ddi ti o na l c a p i t al a s a n d wh e n n eed ed F or w a r d l ooki n g s ta te m e nts ar e i nhe r e ntl y s ubj e c t to s ig n ific a n t kn ow n a nd unk no w n bus i ne s s e co n o mi c c o m p e t i t i v e an d o the r r i sk s unc e r ta i nti e s a n d o the r f a c t or s wh i c h m ay c au s e t he ac t u al re s u l t s p e r f or m an c e or a c hi e v e m e nts of R ubi c o n to be m a t e r i al l y d if f er en t f r om a n y f utur e re s u l t s p e r f or m an c e or a c h i ev e m e n t s ex p r es s ed or im p l i ed by t he f or w ar d l ooki n g s ta te m e nts Su ch f a c t or s i nc l ud e am on g o the r s gol d pr i c e f l uc tua ti o ns po s s i bl e va r ia t io n s in m in er a l iz a t io n gr a d e or r ec o v er y or thr o ug hput r a te s unc e r ta i nt y of Mi n e r a l R e s o ur c e es t im a t es i na bi l i t y to r ea l iz e e x p l or at i on po te nti a l mi n e r a l g r a d e s a n d m in er a l r ec o v er y es t im a t es a c t u al r e s ul ts of e x p l or a t i on a c t i vit i es d el a ys in c om p l e t i on of e x p l or at i on pl a ns f or an y r e as on i nc l udi ng in s u ff ic i en t c a pi ta l l a b ou r i ssu e s s uppl i e r s an d s er v ic e p ro v i d e rs i nc l udi ng l a b ou r s h or t a ge s an d or wo r k c ur ta i l m e nts or s t op p a ge s a s m a y re s u l t f r om t he Cor on a v i r u s or C O VID 1 9 c o nc l us i o ns of e c on om i c or g e ol ogi c al e v al u at i on s i nc l udi ng the 2 0 1 9 PEA a n d the a nti c i pa te d F ea s ib il it y S tudy i nc l udi ng the ti m i ng of i ts d el i v er y c h a n ge s in p r o je c t p a r am e t e r s as pl a ns c o nti nue to be r ef in ed fa il u r e of e qui pm e nt or p ro c e ss e s to op e r a t e a s a nti c i pa t e d a c c i d e nts a n d o the r ri sk s of the m i ni ng i ndus tr y d e l ay s a n d o the r ri sk s r el a t ed to op e r a t i on s the a b il it y to ob t a i n an d m a i n t ai n pe r m i ts an d o the r r e gu l a t or y ap p r ov a l s a s we l l as the t im in g a n d te r m s t h er eo f a n d to co mp ly wi t h s uc h pe r m i ts a p p r ov a l s a n d o the r a ppl i c a bl e r e gu l at or y r e qui r e m e nts the a b il it y of R ubi c o n to co mp ly wi t h i ts ob l i g at i on s unde r m a t er ia l ag r e e m e n t s i nc l udi ng the L oan Fa c i l i t y an d o the r f i na nc i ng a g r eem en t s the av a i l ab i l i t y of f i na nc i ng f or pr o po s e d p r og r a m s a n d w or ki n g c a p i t al r e qui r e m e nts on r e as on ab l e te r m s an d in a t im el y m a nne r t he a b il it y to m e e t r e p a y or r e f i na nc e c ur r e nt a n d f utur e de bt ob l i g at i on s on r e as on ab l e te r m s an d in a t im el y m a nne r ri sk s as s oc i a t e d wi t h the a bi l i ty to r et a in ke y ex ec u t i v es a n d ke y op e r a t i n g pe r s o nne l c os t of en vir o n m en t a l e x pe ndi tur e s an d po te nti a l e n v i r o nm e nta l l ia b il it i es r e l a t i on s wi t h l oc a l c o m m uni ti e s i nc l udi ng F i r st N a t i on s fa il u r e of pl a nt e qui pm e nt or p ro c e ss e s to o pe r a te a s a nti c i pa te d c os t of s uppl i e s m a r k e t c o ndi ti o ns an d g e n e r a l bus i ne s s e co n o mi c c o m p e t i t i v e p ol i t i c al a n d s oc i al c o ndi ti o ns ou r a b i l i ty to g e ne r a te s u ff ic i en t c a s h fl o w f r om op e r a t i on s or ob t a i n a d e qua te f i na nc i ng to f und ou r c a p i t al e x pe ndi tur e s a n d w or ki n g c a pi ta l n eed s an d m eet ou r o the r ob l i g at i on s the v ol a t i l i t y of ou r s t oc k p r ic e an d the a bi l i ty of ou r co mmo n s t oc k to r em a in l is t ed a n d tr a de d on the T SX ep id em ic s pa nde m i c s a n d o the r publ i c he a l th c ri se s i nc l udi ng C O VID 1 9 a n d s im il a r v ir u s es an d the R i s k F a c t or s in the Com p an y s a nnua l in fo r m a t io n f or m da te d M ar c h 2 7 2 0 2 0 2 0 2 0 A IF as we l l as the ri sk s unc e r ta i nti e s c o nti ng e nc i e s an d o the r f a c t o r s id en t if i ed in the 2 0 2 0 Tec h n ic a l R e po r t an d the 2 0 1 9 M D A a n d ac c om p an y i n g fin a n c ia l s ta te m e nts a l l of wh i c h ar e a v a i l ab l e unde r the C om p an y s p r o fil e at ww w s e d a r c om an d on i ts w e bs i te at ww w r ubi c o nm i ne r a l s c om T he f or e goi n g l i st of ri sk s unc e r ta i nt i e s c o nti ng e nc i e s an d o the r f a c t or s is n ot e x ha us ti v e re a d e rs s ho ul d c o ns ul t the m or e co mp le t e d i sc u ssi o n of R ubi c o n s b u si n e ss fin a n c ia l c o ndi ti o n a n d pr o s pe c ts tha t is p r o vid ed in the 2 0 2 0 A IF T he f or w ar d l ooki n g s ta te m e nts c o nta i ne d or i n c or p or at e d by r ef er en c e h er e in ar e e x p re ss l y q u a l ifi ed by t he s e Ca u t i on a r y S ta te m e nts a s w e ll a s the C au t i on a r y S ta t e m e nts in t he 2 0 1 9 M D A the 2 0 2 0 A IF a n d the 2 0 2 0 Tec h n ic a l R e po r t F or w ar d l ooki n g s ta te m e nt s c o nta i ne d h er ein a r e m a d e as of the s p ec ified a n d the Com p an y d i s cla i ms an y ob l i g at i on to upda te an y f or w ar d l ooki n g s ta te m e nts w he the r as a re su l t of ne w i n f or m at i on f utur e even t s or r e s ul ts or o t h er w is e ex c ep t as r eq u ir ed by a ppl i c a bl e l a ws Q u a l i f i ed P e rso n T he c o nte nt of thi s c or p or at e pr e s e nta ti o n r e l a ti ng to ge ol ogy a n d e x p l or at i on h a s b een r e ad an d ap p r ov e d by G e or g e Og il vie P E ng P r e s i de nt CE O an d D i re c t o r wh o is a Qu a l ified Pe rso n a s d efin ed by N I 4 3 1 0 1 C a u t i on a r y N o te to U S R e a d er s R e g a r di ng Est i m a t e s of M e a s ur e d I ndi c a t e d an d I n f er r ed R e so u rc e s S e e e ndno te 3 to thi s pr e s e nta ti o n