HIGH TIDE Resources Corp September 2019

Labrador West Iron Ore Property , Canada A High-Quality Iron Ore Deposit Close to Producers and Infrastructure HIGH TIDE Cautionary Statement Resources Corp

All statements included in this presentation, other than statements of historical fact, including, without limitation, statements regarding mineralization and resources, exploration results, and future plans and objectives are forward-looking statements (as used in applicable securities law) that involve various risks and uncertainties. We shall not be liable or responsible for any claim or damage, direct or indirect, special or consequential, incurred by the user arising out of the interpretation, reliance upon or other use of the information. Users should not rely on information for any purpose other than for gaining general knowledge of the Project.

Although we believe that our expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, may it be as a result of new information, future events or otherwise.

2 HIGH TIDE Company Snapshot Resources Corp

• Private company, 84% owned by Avidian Gold & • 3 projects in pro-mining Newfoundland & Labrador, FERRUMcorp Canada

• Veteran team of career explorationists • Labrador West Iron Ore • Market savvy & proven value creators • Black Raven High-Grade Gold & Base Metals VMS • Strickland Lead-Zinc-Silver & Copper-Gold-Silver Share Structure (August 26, 2019)

Avidian Gold 10.00M F/T Shareholders FERRUMcorp 9.25M 16% F/T Shareholders 3.62M Shares Outstanding 22.87M Avidian Gold 44%

Balance Sheet (August 26, 2019)

Cash $290,000 FERRUMcorp Debt Nil 40%

3 HIGH TIDE Management & Directors – Disciplined, Focused & Committed Resources Corp

• Professional Geophysicist with over 35 years experience in mining sector in management and consulting roles David Anderson, BSc, PGeo • Founding shareholder in QGX Ltd. and Antares Gold which were sold for $910 MM to major mining companies after Chairman, Director successfully discovering economic mineral deposits of gold, copper and coal

• Professional Geologist with over 25 years experience in the mining and exploration industry including open-pit and Steve Roebuck, BSc, PGeo underground mine operations, PEA and feasibility studies, exploration programs and mine development President & VP, Exploration • Drill-defined over 1 billion tonnes of iron ore at the Tuktu and Roche Bay iron ore deposits in , Canada for Advanced Explorations Inc.

• Over 25 years of experience specializing in the areas of financial reporting, controls and administration Donna R. McLean, BA • Has held the positions of CFO and Controller for several mineral exploration companies including Intrepid Mines, CFO Metalla Royalty & Streaming (formerly Excalibur Resources), Firestone Ventures and Aurania Resources

Dino Titaro, MSc, PGeo • Professional Geologist with over 35 years experience in exploration and mining operations Director • Co-discoverer of 2 major gold-copper and gold-sliver deposits totalling 8.4 million oz of Au and 1.4 billion pounds of Cu

• Over 45 years experience in exploration and mining industry; senior positions with Anglo American, Amax, Indochina Douglas Kirwin, MSc Goldfields and Ivanhoe Mines Director • Involved in several major gold discoveries, including the Hugo Dummett deposit at Oyu Tolgoi in Mongolia

James Polson, MBA • Over 20 years in the mining service industry; former CEO of a Hong Kong based construction and mining services Director company

4 HIGH TIDE Iron Ore (62% Fe) – Prices soar in Mid-2019 Resources Corp

Resumption of exports from Australia and partial resumption of production by Vale leads to a price correction

Vale’s Jan 2019 tailings dam collapse in Brazil halts 93 mt of iron ore production capacity

Tropical cyclone disrupts iron ore shipments by major Australian producers

Effects of the supply squeeze are expected to continue into 2021 Economic stimulus in China drives increased steel output, further pressuring supply

5 HIGH TIDE Changing Market Demand – A Flight to Quality Fe Products Resources Corp

• High-grade +65% Fe products are now selling at a ~$20/t - $30/t premium over Fe 62% • Premiums for +65% Fe products are supported by the environmental policies of the Chinese governments: since 2017 Chinese steel producers have favoured the usage of higher value-in-use iron ore such as the concentrate and pellets produced by iron ore miners in Canada

Producers in the Labrador Trough are ramping up production to take advantage of the shifting demand to higher-quality iron ore products

6 HIGH TIDE Labrador West – Infrastructure Advantage Resources Corp

The Labrador West Property is located within 20 kilometres of the modern mining centres of and , providing: • Year round access by road, rail and air • Attractive wages and lowest cost of living in Canada • Highly-skilled workforce in construction and mining • Ample water and reliable sources of low-cost hydro- electric power • Common carrier rail to deep water Port of Sept Isles with excess capacity available • Entry point into the seaborne market in Europe, Asia, the Middle East and North America

7 HIGH TIDE Labrador Trough – Canada’s Premier Iron Ore District Resources Corp

• World-class iron ore district with over 60 years of profitable operations; over 2 billion tonnes Fe produced

• > 80 billion tonnes of known iron ore resources • High-quality ores: Low phosphorous, alumina, sulphur and Map alkalies Extent • High-Fe content concentrate and pellets • Superior quality relative to Australian and Brazilian product offsets freight disadvantage for Chinese markets High quality provides for a wide range in product diversity: Labrador West • Property Lump, premium fines, concentrate and pellet grades • Government support at municipal, provincial and federal levels

• Stable taxation and regulatory environments • Clear guidelines for Aboriginal consultation • Vastly underexplored on a district scale 8 HIGH TIDE Labrador West Property – Iron Bull Deposit Resources Corp

• >1 billion tonne (“Bt”) iron resource potential @ ~ 30% Fe • Labrador West Property (formerly Goethite Bay) hosts the Iron Bull Deposit • Current extent of mineralization is 1,800m by 2,500m and to a depth of up to 420m (open):

• Back-of-the-envelope: 1,200m x 1,200m x 200m x SG 3.5 = 1 Bt Iron Bull Deposit • Rio Tinto Exploration drilled 18 holes (4,227m) from 2010 to 2012 …a rare opportunity to ‘daylight’ a high-quality • Best intersection: 279.7m grading 29.7% Fe in hole 11LB0027; hole iron deposit in an bottomed in iron mineralization established mining camp • Rio unintentionally dropped the project in 2018; property was re-staked by Altius Minerals Corporation

• Located proximal to Rio Tinto IOC’s Carol Lake Mine, Champion Iron Ore’s Bloom Lake Mine, Arcelor Mittal’s Mont-Wright Mine, Tacora Resources’ Scully Mine and Alderon’s shovel-ready Kami Deposit. • Option to earn 100% from Altius Minerals

9 HIGH TIDE Labrador West Property – Rio Tinto Exploration (RTX) Resources Corp

RTX 2008-2012 Exploration: 2008: Altius JV, compilation of publicly existing data, prospecting. • RTX Internal Notes: 2009: Prospecting, LiDAR digital elevation • “Two types of mineralization survey. intercepted over long 2010: Airborne magnetic survey, ground intervals including strongly gravity, prospecting, diamond drilling. weathered iron formation containing hematite + 2011: Airborne RESOLVE EM Survey, ground goethite +/- limonite and gravity, prospecting, diamond drilling. “fresh” iron formation 2012: Airborne HeliFALCON Gravity containing magnetite”. Gradiometer survey, additional LiDAR • “Preliminary metallurgy digital elevation surveying, Pleiades suggests that it should be Satellite true color and infrared false possible to produce a high- color images acquired, diamond quality, low-impurity drilling, preliminary metallurgical concentrate at reasonable testwork. grind sizes”.

10 HIGH TIDE Iron Bull Deposit – 2011 RTX Drill Results Resources Corp

Azimuth Dip From To Interval Fe HOLE ID deg deg m m m % 11LB0026 350 -80 25.5 118 92.5 29.6

and 185.1 223.7 38.6 29.7 11LB0027 360 -80 56.3 336 279.7 29.8

and 246 336 90 31.9 11LB0029 355 -80 114 234 120 29.4 11LB0030 006 -80 16.5 231 214.5 26.4

and 61.6 108 46.4 28.2 11LB0031 005 -80 25.5 125.9 100.4 28.1 11LB0032 357 -80 77 124 47 28.4 12LB0045 003 -85 56.9 248 191.1 30.0 12LB0048 019 -80 10.7 81.3 70.6 32.8 12LB0051 015 -80 192 225.7 33.7 28.1 12LB0055 340 -80 11.5 244.3 254 27.1

11 HIGH TIDE Labrador West Property – Land Package Resources Corp

• Currently 2,475 hectares; 99 claims • Recently increased land position adds buffer to the main exploration area near the Iron Bull Deposit and encompasses multiple untested geophysical anomalies Iron Bull Deposit that will require follow-up exploration

• Proximal to the Julienne Lake Deposit and IOC’s Carol Lake Mine, which produces 23 MTPA of iron ore products

12 HIGH TIDE Iron Bull Deposit – Strategy Resources Corp

• High-quality +65% Fe products are highly sought after and renewed interest in exploration will soon follow

• Opportunity to be a first mover in a major iron ore mining camp and hit the ground running in 2019; no other exploration company is known to be active this camp

• Potential to build a large iron resource/reserve at Iron Bull Deposit and Potential to build a multi- surrounding areas billion tonne iron ore portfolio within 8 km of the • Julienne Lake Deposit with 867 Mt @33.7% Fe Measured + Indicated and 299 Mt @34.1% Fe Inferred resources only 8 km away Julienne Lake Iron Deposit • Use Alderon’s Kami model as a template – 15 km south of Labrador City with FS study updated in 2018

• Attract a major investor and develop/sell assets

13 HIGH TIDE Labrador West Property Area – Two Nearby Projects Under Development Resources Corp

Alderon Iron Ore Corp. (TSX.V: IRON) – Kami Project Iron Bull Deposit • P&P Reserves – 517.2 Mt @28.8% Fe 279.7m @ 29.8% Fe • 75% owned by Alderon – 25% owned HBIS (2nd largest Chinese Steelmaker) • HBIS has invested C$182M to date and will further invest C$220M towards build out Alderon Iron Ore Corp. HBIS will purchase 60% of production; Glencore 40% Kami Project • P&P 517.2 Mt @28.8% Fe Tacora Resources (Private US) – Scully Mine • Scully Mine purchased out of CCAA in 2017 (after Cliffs Natural Tacora Resources Scully Mine Resources closure in 2014) P&P 443.7 Mt @34.8% Fe • P&P Reserves of 443.7 Mt @ 34.8% Fe and M&I Resources of 6 Mtpa – Restart 2019 773 Mt @ 34.6% Fe • Secured US$212M private equity and senior secured debt financing in late 2018 • Signed off-take agreement with Cargill Metals through 2033 • Production to restart in summer 2019; 26 year mine life with Mtpy @ +65% Fe

14 HIGH TIDE Alderon’s Kami Project – Our Closest Measuring Stick Resources Corp

Alderon Iron Ore Corp. (TSX.V: IRON) Iron Bull Deposit • “Shovel Ready’ Kami Project located 15 km south of Labrador City 279.7m @ 29.8% Fe • 75/25 JV with China’s second largest steel-maker HBIS • ~170 drill holes; ~54,000m of core • P&P Mineral Reserve of 517.2 MT @ 28.8% Fe (@15% Fe cut-off) • Feasibility study updated November 2018 • $1.7B NPV8% – 24.6% IRR – 4 year payback • CAPEX $985M • Annual production 7.84 Mt concentrate @ 65.2% Fe; 23 year mine life • 139M shares o/s (59% insiders & strategic partners; 41% open market • $34.8M market cap (@$0.25 share price) Kami Project • Market cap/reserve tonnes (*0.75) = $0.09/t P&P 517.2 Mt @28.8% Fe • January 2019 – Scotiabank appointed financial advisor for build-out financing • February 2019 – Partnered with Envest Corp for power infrastructure

15 HIGH TIDE Labrador West Property – Can Lightning Strike Twice? Resources Corp

Similarities between Labrador West Property and Alderon’s Kami Project

• As recently as 2006 the Kami Project was a raw prospect with limited exploration • IOC* held an interest in Kami and completed an airborne survey but dropped the claims in 2003 • Altius staked the area in 2004 • In 2007 Altius conducted prospecting and geophysical surveys • In 2008 Altius drilled 24 holes (6,008m), highlights include: • 30.10% Fe /108.50m, 29.07% Fe /75.85m and 31.80% Fe /61.37m • In 2009 Altius signed deal with Alderon • Very similar pattern being followed at Iron Bull Deposit • Both projects: • Are in same mining camp with same distance to infrastructure • Have the same geological domain with similar tonnes and grade • Were explored by the same major • Have the potential to be large producing mines

* IOC is a JV between Rio Tinto (operator), Mitsubishi and the Labrador Iron Ore Royalty Income Corporation 16 HIGH TIDE Labrador West Property – A Comparable Project that Sold for US$115M Resources Corp

Putu Iron Ore Project, Liberia • In 2012 Afferro Mining (TSX.V:AFF) sold it’s 38.5% stake in the Putu project for US$115M to partner and Russian steel producer, Severstal • The deposit had 75,000 m of drilling an Indicated & Inferred Resource of 1.25 BT @ 34% Fe • 4.5% Royalty Price of Iron Ore • No infrastructure – closest airport 320 km, no town, labour or electricity nearby, required a 120 km railway be built to When Putu Sold tidewater and then a port to be built at one of 2 locations being investigated • Price per tonne iron ore sold was US$0.09 • 62% Fe at the time of the sale was under US$140 /t • In 2013, along with its remaining iron ore assets in Cameroon and US$85M in treasury, Afferro was sold to International Mining & Infrastructure Corporation for US$190M

17 HIGH TIDE Labrador West Property – Deal Structure with Altius Minerals Resources Corp

• Altius Minerals Corp is a recognized leader in the royalty and project generation space with a very high level of expertise in iron ore and working in Newfoundland & Labrador • May 2019: Confidentiality Agreement signed between Altius and FERRUMcorp • June 2019: High Tide and FERRUMcorp arrange a deal whereby FERRUMcorp assigns the Goethite Bay Property Option to High Tide and brings a management team to High Tide • June 26, 2019: Altius accepts option terms as follows: • 100% option to be granted to High Tide Resources Corp. ("PrivateCo") • Minimum work expenditures of: • Year 1 ending Dec 31, 2019 - $200,000 – funding in place • Year 2 ending Dec 31, 2020 - $800,000 • Year 3 ending Dec 31, 2021 - $1,000,000 • Altius retains 19.9% of the equity of the Pubco post-IPO (or RTO) issued concurrently with public listing and a pro-rata participation right to maintain 19.9% • Public listing to occur within 24 months of closing with an IPO cash threshold of at least $5 M less any exploration expenditures incurred on the project by listing date • Altius retains a 2.75% GSR • Altius has right to assign a board member to Pubco and maintain pro-rata share of any future financing as long as Altius interest is >10% • Altius to provide support on the acquisition of additional lands, exploration programs, permitting, community relations, etc.

18 HIGH TIDE Labrador West Property – Geology & Mineralization Resources Corp

• Banded iron formation (BIF) at the Labrador West Property is hosted Banded Iron Formation in the Proterozoic-aged Sokoman Formation, a 30-170m thick sequence of cherty iron-rich sediments

• Labrador West Property geology is classified as a metataconite deposit, having been moderate to strongly metamorphosed and complexly folded during the Grenville Orogeny (ca 1.0 Ga)

• Based on drilling to date, the deposit presents a mix of weakly to strongly weathered and commonly banded quartz(+/-silicate, carbonate)-hematite-goethite + manganese oxide, limonite and locally magnetite mineralization

• Goethite is a secondary product formed during chemical weathering and replaces both hematite and magnetite

• The mineralization varies from hematite dominant to goethite dominant and locally magnetite dominant

19 HIGH TIDE Iron Ore Processing – Advances in Beneficiation Resources Corp

• Most iron ores mined today comprise the iron oxide minerals Hematite-Goethite Ore hematite (70% Fe); goethite (63% Fe); limonite (up to 60% Fe) and magnetite (72% Fe) • BIF deposits comprising hematite and hematite-goethite are the most important in regard to resources and production • Beneficiation methods vary from simple crushing and screening to complex concentration to improve product grade and physical properties (e.g. pelletizing and sintering) • Recent advances have been made in the understanding and treatment of goethite-bearing iron ores, specifically regarding the effect of textural composition and morphology on processing performance • Understanding the distribution of iron ore types in a deposit is key to effective mine and process planning • Through advanced beneficiation, even lower-grade (<30%) hematite-goethite iron mines in Australia successfully produce high- grade saleable products

20 HIGH TIDE Black Raven Project – High-Grade Gold & Base Metals VMS Resources Corp

• Option to earn 100% interest • Large 12.25 km2 project area • Significant underexplored gold and copper mineralization affiliated with Intrusion Related Gold Systems (IRGS) with a Black Raven possible porphyry style component Project • Analog is the Tintina Gold Belt (Alaska/) where Avidian has developed an expertise in this model type • High-grade gold up to 32 g/t Au + base metals in grab samples • Large target areas untested • Multiple copper-gold targets • No systematic exploration to date • Proposed exploration program: mapping, prospecting, trenching and sampling followed by drilling

21 HIGH TIDE Strickland Project – Lead-Zinc-Silver & Copper-Gold-Silver Resources Corp

• 100% owned • Historical resource estimate* by Falconbridge: • Main Zone: 260,000 t @ 5.25% Pb-Zn, 195 g/t Ag • North Extension: 750,000 t @ 2% Pb-Zn • Silver Hill: 15,000 t @ 2% Pb-Zn, 480 g/t Ag • Copper-gold stringer mineralization in multiple showings • Underlain by Paleozoic inter-layered volcanic and sedimentary targets in a precious metal VMS system • 3 km strike length of prospective tuff horizon that contains numerous showings and three known “deposits” • Channel sampling returned: • 4 m @ 0.3 g/t Au, 263 g/t Ag, 2.05% Pb & 3.96 % Zn Strickland • 8 m @ 1.37 g/t Au, 19.7 g/t Ag & 1.5% Cu Project • Proposed exploration includes a deep penetrating IP survey to produce new drill targets down-dip and/or along strike of known mineralized occurrences.

* This historical resource estimate has not been verified by High Tide and the details of its category designation or the input parameters used for the estimate is unknown and as such is not compliant under NI 43-101. This historical resource should not be relied upon as representative of the resource on the property and is being provided for informational purposes only. 22 HIGH TIDE Contact Resources Corp

Steve Roebuck, P.Geo President & VP Exploration C: +1 905-741-5458 E: [email protected]

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