August 2016 Corporate Presentation Disclaimer NonCommercial Individual Reference

August 2016 – Corporate Presentation

Disclaimer Non-Commercial Individual Reference Use Only • The entire contents of this presentation are protected by copyright and may be used and copied for non-commercial, individual reference only. Any other use of the contents of this presentation is prohibited unless the user first obtains Golden Valley Mines Ltd. and its subsidiaries (collectively the “Company”) written permission. No Offer to Purchase Securities • The information in this presentation is intended for use only by persons resident in jurisdictions where such use is lawful. Nothing on this presentation constitutes, and under no circumstances is to be construed as, an offer or solicitation to purchase securities of, or advertisement for, securities of the Company. The securities of the Company have not been registered under the United States Securities Act of 1933, as amended or any state securities laws. No Warranties • The information in this presentation is provided “as is” and without warranty of any kind. Although it is believed to be accurate as of this date, the Company disclaims all liability for any failure to update it. This presentation could include inaccuracies, typographical errors, or out-of-date information, and changes to it may be made at any time without prior notice. You are therefore advised to use this presentation at your own risk. Forward Looking Statements • Certain statements contained in this presentation (including information incorporated by reference) are "forward looking statements". Our forward-looking statements include, without limitation: The sensitivity of earnings, cash flows and financing to gold and other metal prices; Statements as to the projected exploration and development of certain properties, including estimates of development and other capital costs and financing plans for these projects; Estimates of future production costs and other expenses; Estimates of future capital expenditures and other cash needs, and expectations as to the funding thereof; Estimates of future costs and other liabilities for environmental matters; Estimates of reserves, and statements regarding future exploration results and reserve replacement; Statements regarding future transactions relating to portfolio management or rationalization efforts; and Estimates regarding timing of future capital expenditures and exploration, development, production or closure activities. This list is not exhaustive of the factors that may affect our business, our value as a company, and our forward looking statements. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Such risks include, but are not limited to: the price of gold; currency fluctuations; geological and metallurgical assumptions; the results of exploration; operating performance of equipment, processes and facilities; labor relations; timing of receipt of necessary governmental permits or approvals; domestic and foreign laws or regulations, particularly relating to the environment and mining; domestic and international economic and political conditions; the ability of the Company to obtain or maintain necessary financing; and other risks and hazards associated with mining exploration, development and operations. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Use of Information • Any information communicated to the Company through this presentation becomes the Company’s exclusive property. the Company shall be entitled to use any such information for any purpose without restriction or compensation to any person. Such information provided by the user shall be deemed to be non-confidential. Technical Information • Unless otherwise indicated, the technical information presented herein has been reviewed by the Company’s Chief Executive Officer, Glenn J. Mullan, P. Geo, a qualified person in accordance with National instrument 43 -101 – Standards for Disclosure for Mineral Projects.

Holdings / Assets ($CAD) GZZ Market Cap $38. 2 MM Value of Other Share Holdings RZZ $45. 1 MM SOI $4. 3 MM VZZ. H $0. 6 MM KZZ $0. 9 MM $50. 9 MM Additional Assets 2. 5%-4% NSR Cheechoo Over 70 Grassroots Exploration Projects 15%FCI* 3% NSR* ? ? ? Lac Barry As at August 29, 2016 *Upon exercise, NSR subject to 1% buyback – see press release dated March 11, 2016 for further information USD/CAD Exchange Rate – 1. 3 (August 29, 2016) 3

Near-Term Catalysts - GZZ owns 5, 605, 246 shares of Abitibi Royalties (TSXV: RZZ) - RZZ owns royalties on parts of the Canadian Malartic Mine, including a 3% NSR on Odyssey North AEM and YRI have an exploration budget of C$13. 5 million for 2016 Resource on Odyssey expected by early 2017 - GZZ owns 4, 148, 374 shares of Sirios Resources Inc. (TSXV: SOI) - 2. 5 – 4% NSR on the Cheechoo Prospect - Active Joint Ventures - Lac Barry with Bon. Terra (TSXV: BTR) - Property Portfolio - - ~75 Properties in the AGB Share Ownerships - 49. 4% of RZZ 4. 1% of SOI 60% of KZZ 37% of VZZ. H 4

Near-Term Catalysts – Malartic CHL Property - GZZ owns 49. 4% of Abitibi Royalties (RZZ-TSXV); RZZ owns royalties on parts of the Canadian Malartic Mine; NSR and royalty payments commenced to RZZ in 2015 - RZZ has 3% NSR in Malartic CHL Property, located contiguous and immediately East of the producing Canadian Malartic Mine and main open pit; NSR royalties include the Odyssey North Zone, Jeffrey Zone and portions of Barnat East Zone - RZZ also has 2% NSR in portions of the Gouldie Zone and Charlie Zone - AEM / YRI have disclosed C$13. 5 million exploration program on Odyssey for 2016 (recently increased from C$8 million) - A total of 57 holes (53, 417 metres) was completed from January 1 - June 30, 2016 by Agnico-Eagle and Yamana - An additional exploration update for Canadian Malartic is anticipated to be provided by Yamana during the current quarter, possibly in August* - An initial inferred mineral resource estimate for the Odyssey is expected early in 2017 5 *As stated on Yamana’s Q 2 2016 conference call

Prospect Generator – Business Model Advanced Exploration Early Stage Exploration Mining Operations Development Idea 7

Abitibi Greenstone Belt AGB Properties by Commodities (Property size - hectares) AGB Properties by Province Gold Mo Ni-Cu-PGM VMS Co-Ag-Ni ON As at June 9, 2016 QC 8

Near-Term Catalysts – Cheechoo (James Bay) - GZZ owns approx. 4% of SOI (4, 148, 374 million shares) - GZZ holds a 4% NSR on Cheechoo on all commodities, except gold, which is GZZ holds a 2. 5 – 4% NSR based on gold prices - Goldcorp recently additional shares of SOI and now owns 14% of SOI / 19. 9% (partially diluted basis) - Recent drilling at Cheechoo Prospect intersected 12. 08 g/t Au over 20. 3 metres* - 2016 Cheechoo program consists of 26 drill holes, totaling 4, 179 m (assays pending) - SOI recently raised C$5. 5 million for anticipated drill program at Cheechoo of 10, 000 m SOI 12 Month Share Price $1. 40 $1. 20 $1. 00 $0. 80 $0. 60 $0. 40 $0. 20 6 6 g 1 Au l-1 Ju 6 6 -1 Ju n -1 ay 6 6 M r-1 Ap -1 ar 16 M b. Fe 16 n. Ja 15 c- De 15 v- 5 No t-1 Oc 15 p. Se Au g 1 5 $0. 00 9 *See Golden Valley Mines press release dated March 29, 2016 for further disclosure

Longer-Term Catalysts – Bon. Terra Option Agreement - GZZ currently owns 100% of Lac Barry Prospect - GZZ granted an option to Bon. Terra Resources Inc. (TSXV: BTR) to acquire an 85% interest in the Lac Berry Prospect - To earn 85%, Bon. Terra must complete the following: - Issue to GZZ a value of. C $200, 000 of BTR common shares (issued) - Incur expenditures of C$2 million over 3 year period - Upon exercise, GZZ will retain a 15% free carried interest (“FCI”) and a 3% NSR, with 1% of the NSR being subject to a buyback for C$1 million Work Program - BTR’s strategy is to perform detailed evaluation of all existing technical work - Fulfill the first year work commitment of C$250, 000 13

Projects Overview (cont’d) Baden (Baden Township, Ontario) 17

GZZ Company Public Trading Information Share Structure Ticker Symbol TSXV: GZZ $0. 40 Price C$0. 33 $0. 35 52 Week Range C$0. 07 - $0. 35 Shares Outstanding 115, 834, 972 Options 8, 679, 025 Warrants 14, 900, 000 $0. 05 Market Cap C$38, 225, 541 $0. 00 Insiders ~18. 5% Au GZZ 12 Month Share Price USD/CAD Exchange Rate – 1. 3 (August 29, 2016) $0. 30 $0. 25 $0. 20 $0. 15 6 6 6 g 1 Au l-1 Ju n 6 -1 ay 6 6 M r-1 Ap -1 ar 16 16 M b. Fe n. Ja 15 c- 5 15 De v. No 15 t-1 Oc p. Se g 1 5 $0. 10 19

Management GZZ Ownership (shares) Glenn J. Mullan Chairman, President/CEO Annie J. Karahissarian CFO, Corporate Secretary Michael P. Rosatelli VP Exploration Board of Directors Avril Cole Lawyer, BA, LLB Nil Joseph Groia Lawyer, BA, JD 1, 000, 182 Jimmy Lee Ba. Sc. 16, 880, 500 William Mc. Cartney CA Nil Glenn J. Mullan P. Geo, B. Sc. 4, 427, 122 Agents Transfer Agent Computershare Investor Services Counsel Getz Prince Wells, LLP; Lavery, de billy, LLP; Langlois Kronstrom Desjardins (LKD) Auditors MNP 20

Abitibi Royalties Inc. $12. 00 Ticker Symbol TSXV: RZZ Price C$8. 05 $8. 00 52 Week Range C$2. 20 - $9. 95 $6. 00 Shares Outstanding 11, 336, 243 $4. 00 Market Cap C$91, 256, 756 $2. 00 GZZ Ownership 49. 4% $0. 00 Rob Mc. Ewen 12. 3% Au USD/CAD Exchange Rate – 1. 3 (August 26, 2016) 6 g 1 6 6 6 Au l-1 Ju n -1 ay 6 6 M r-1 Ap -1 ar 16 M b. Fe 16 n. Ja 15 c- De 15 v- 5 No 15 t-1 Oc p- g 1 5 $10. 00 Se Share Structure RZZ 12 Month Share Price 21

Near Pit / Underground Opportunities

Canadian Malartic Mine (Long-Section) 25

Share Structure Ticker Symbol TSXV: KZZ Price C$0. 12 52 Week Range C$0. 035 - $0. 345 Shares Outstanding 12, 881, 994 Market Cap C$1, 545, 839 GZZ Ownership 60. 3% KZZ 12 Month Share Price $0. 25 $0. 20 $0. 15 $0. 10 $0. 05 6 6 g 1 Au l-1 Ju 6 6 -1 Ju n -1 ay 6 6 M r-1 Ap -1 ar 16 M b. Fe 16 n. Ja 15 c- De 15 v- 5 USD/CAD Exchange Rate – 1. 3 (August 29, 2016) No Oc t-1 15 p. Se Au g 1 5 $0. 00 27

Uranium Valley Mines Ltd. Assets • The Beartooth Island Property in Saskatchewan Share Structure • Option Agreement to acquire the Porcupine Miracle Prospect - 4 mining claims located in Langmuir Township, Ontario Ticker Symbol TSXV: VZZ. H Price C$0. 135 52 Week Range C$0. 035 - $0. 345 Shares Outstanding 11, 233, 331 Market Cap C$1516, 500 GZZ Ownership 37. 4% Lexam VG Ownership 36% • Evaluating new opportunities VZZ 12 Month Share Price $0. 35 $0. 30 $0. 25 $0. 20 $0. 15 $0. 10 $0. 05 USD/CAD Exchange Rate – 1. 3 (August 29, 2016) 6 6 g 1 Au l-1 Ju 6 6 -1 Ju n -1 ay 6 6 M r-1 Ap -1 ar 16 M b. Fe 16 n. Ja 15 c- 5 15 De v. No t-1 Oc 15 p. Se Au g 1 5 $0. 00 28

Why GZZ? GZZ Market Cap $38. 2 MM Value of Other Share Holdings RZZ $45. 1 MM SOI $4. 3 MM VZZ. H $0. 6 MM KZZ $0. 9 MM $50. 9 MM Additional Assets 2. 5%-4% NSR Cheechoo Over 70 Grassroots Exploration Projects 15%FCI* 3% NSR* ? ? ? Lac Barry As at August 29, 2016 *Upon exercise, NSR subject to 1% buyback – see press release dated March 11, 2016 for further information USD/CAD Exchange Rate – 1. 3 (August 29, 2016) 30

Contact Information Glenn J. Mullan Chariman, President & CEO Val-d’Or Office 2864, Chemin Sullivan Val-d’Or, Québec J 9 P 0 B 9 (819) 824 -2808 glenn. mullan@goldenvalleymines. com 31