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<tr>
<td valign="top" width="5%"><b>1.</b></td>
<td>
<p align="justify"><b>NATURE OF OPERATIONS</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company"), incorporated in Canada, is a precious metals royalty and streaming company, who engages in the acquisition and management of precious metal royalties, streams, and similar production- based interests. The Company’s common shares are listed on the TSX Venture Exchange (“TSX-V”) under the symbol “MTA”. The head office and principal address is 501 - 543 Granville Street, Vancouver, British Columbia, Canada.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company has incurred a cumulative deficit to date of $31,285,237 as at May 31, 2019 (2018 - $27,028,010) and has had losses from operations for multiple years. Continued operations of the Company are dependent on the Company’s ability to generate profitable earnings in the future, receive continued financial support, and/or complete external financing. Management expects that its cash balance and cash flows from operating activities will be sufficient to fund the operations of the Company for fiscal 2020.</p>
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</tr>
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<tr>
<td valign="top" width="5%"><b>2.</b></td>
<td>
<p align="justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Basis of preparation and measurement</b></p>
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<tr>
<td width="5%"> </td>
<td> </td>
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<td width="5%"></td>
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<p align="justify">The consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Accounting standards adopted during the year</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><i>Revenue recognition</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Effective June 1, 2018, the Company has adopted IFRS 15 Revenue from Contracts with Customers (“IFRS 15”). The Company elected to apply IFRS 15 using a modified retroactive approach by recognizing the cumulative effect of initially adopting this standard at the date of initial recognition. Comparative information has not been restated and continues to be reported under IAS 18 Revenue (“IAS 18”). The Company has concluded that there was no cumulative effect adjustment required to be recognized at June 1, 2018. The details of the accounting policy changes are described below.</p>
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<td width="5%"> </td>
<td> </td>
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<td width="5%"></td>
<td>
<p align="justify">Revenue is comprised of revenue earned in the period from royalty and mineral stream interests. In accordance with IFRS 15, the Company recognizes revenue to depict the transfer of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities. For the Company’s royalty and stream interests, revenue recognition occurs when the relevant commodity is transferred to the end customer by the operator of the related property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty or stream agreement.</p>
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<tr>
<td width="5%"> </td>
<td> </td>
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<tr>
<td width="5%"></td>
<td>
<p align="justify">In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. Under the terms of certain royalty and stream agreements, revenue may be subject to adjustment upon final settlement of estimated metal prices, weights, and assays. Provisionally-priced revenues are initially recognized based on forward prices. Adjustments to revenue from metal prices are recorded at each reporting period and other adjustments are recorded on final settlement and are offset against revenue when incurred.</p>
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<td align="left"></td>
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<div> </div>
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<td>
<p align="justify"><i>Financial instruments</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Effective June 1, 2018, the Company has adopted IFRS 9 Financial Instruments (“IFRS 9”). Prior periods were not restated, and no material changes resulted from adopting this new standard. IFRS 9 introduced a revised model for classification and measurement, and while this has resulted in several financial instrument classification changes, as presented in Note 12, there were no quantitative impacts from adoption. The details of the accounting policy changes are described below.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">IFRS 9 largely retains the existing requirements in IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”) for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables, and available for sale.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Under IFRS 9, on initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at amortized cost, fair value through other comprehensive income (“FVOCI”), or fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are measured at FVTPL.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated, and instead the hybrid financial instrument as a whole is assessed for classification. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (“OCI”). This election is made on an investment-by-investment basis.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The classification determines the method by which the financial assets are carried on the consolidated statement of financial position subsequent to initial recognition and how changes in value are recorded. The following accounting policies apply to the subsequent measurement of financial assets.</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">
<p align="justify">Financial assets at FVTPL - These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.</p>
</td>
</tr>
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">
<p align="justify">Financial assets at amortized cost - These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.</p>
</td>
</tr>
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">
<p align="justify">Equity investments at FVOCI - These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Gains or losses recognized on the sale of the equity investment are recognized in OCI and are never reclassified to profit or loss.</p>
</td>
</tr>
</table>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </div>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">Financial liabilities are designated as either fair value through profit or loss, or other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the consolidated statement of financial position subsequent to inception and how changes in value are recorded. Other financial liabilities are carried on the consolidated statement of financial position at amortized cost. The Company completed an assessment of its financial instruments as at June 1, 2018.</div>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify">The following table shows the original measurement under IAS 39 and the new categories under IFRS 9:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="15%">IAS 39</td>
<td align="right" style="border-bottom: #000000 1px solid;" width="15%">IFRS 9</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Financial assets</td>
<td align="left" bgcolor="#e6efff" width="15%"> </td>
<td align="left" bgcolor="#e6efff" width="15%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Cash</td>
<td align="right" width="15%">Loans and receivables</td>
<td align="right" width="15%">Amortized costs</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Receviables from provisional sales</td>
<td align="right" bgcolor="#e6efff" width="15%">FVTPL</td>
<td align="right" bgcolor="#e6efff" width="15%">FVTPL</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Financial liabilities</td>
<td align="left" width="15%"> </td>
<td align="left" width="15%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Trade payable and accrued liabilities</td>
<td align="right" bgcolor="#e6efff" width="15%">Loans and receivables</td>
<td align="right" bgcolor="#e6efff" width="15%">Amortized costs</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Loan payable</td>
<td align="right" style="border-bottom: #000000 3px double;" width="15%">Loans and receivables</td>
<td align="right" style="border-bottom: #000000 3px double;" width="15%">Amortized costs</td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">IFRS 9 introduces a new three-stage expected credit loss model for calculating impairment for financial assets. IFRS 9 no longer requires a triggering event to have occurred before credit losses are recognized. An entity is required to recognize expected credit losses when financial instruments are initially recognized and to update the amount of expected credit losses recognized at each reporting date to reflect changes in the credit risk of the financial instruments. In addition, IFRS 9 requires additional disclosure requirements about expected credit losses and credit risk. For its trade receivables from provisional sales, the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision. There was no adjustment relating to the implementation of the expected credit loss model for the Company’s trade receivables from provisional sales.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><b>Principles of consolidation</b></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">These consolidated financial statements include the accounts of the parent company and its subsidiaries after eliminating intercompany balances and transactions.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><i>Subsidiaries</i></p>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases. The Company’s wholly-owned subsidiaries include MTA Royalty & Streaming Pty Ltd. (Australia), Metalla SA (Argentina), ValGold Resources Ltd. (Canada), Royalty & Streaming Mexico SA de CV Pty Ltd. (Mexico), High Stream Corp. (USA), MTA Canada Royalty Corp. (Canada), and Metalla SEZC (Cayman Islands).</div>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Foreign currency translation</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">These consolidated financial statements are expressed in Canadian dollars. The functional currency of the Company and each of its subsidiaries is the Canadian dollar, which is the currency of the primary economic environment in which the entity operates, with the exception of MTA Royalty & Streaming Pty Ltd., being the United States (“US”) dollar. Determination of functional currency may involve certain judgements to determine the primary economic environment. These consolidated financial statements are presented in Canadian dollars, unless otherwise noted.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Transactions in currencies other than the functional currency are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the reporting date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the consolidated statement of loss and comprehensive loss.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">On translation of the entity whose functional currency is the US dollars, revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Assets and liabilities are translated at the rate of exchange at the reporting date. Exchange gains and losses, including results of re-translation, are recorded in the foreign currency translation reserve.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Royalty, stream, and other interests</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Royalty, stream, and other interests consist of acquired royalty, stream, and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">On acquisition of a royalty or stream interest, an allocation of its fair value may be attributed to the exploration potential of the interest and is recorded as an exploration asset on the acquisition date. The carrying value of the exploration potential is accounted for in accordance with IFRS 6 Exploration and Evaluation of Mineral Resources (“IFRS 6”) and is not depleted until such time as the technical feasibility and commercial viability have been established, at which point the value of the asset is accounted for in accordance with IAS 16 Property, Plant and Equipment (“IAS 16”). Upon demonstration of the technical and commercial feasibility of a project and a development decision, the carrying value related to that project is subject to an impairment test and is reclassified in accordance with IAS 16.</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Investments in associates</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Companies over which the Company has significant influence are determined to be associates and accounted for using the equity basis of accounting, whereby the investment is initially recorded at cost, adjusted to recognize the Company’s share of earnings or losses and reduced by dividends received. The Company assesses its equity investments for impairment if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and if the event or events have an impact on the estimated future cash flow of the investment that can be estimated. Objective evidence of impairment of an equity investment includes:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">Significant financial difficulty of the associated companies;</td>
</tr>
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">Becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or</td>
</tr>
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">National or local economic conditions that correlate with defaults of the associated companies.</td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><b>Impairment of non-financial assets</b></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">The carrying amounts of non-financial assets, excluding deferred income tax assets, are reviewed for impairment at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. If there are indicators of impairment, a review is undertaken to determine whether the carrying amounts are in excess of their recoverable amounts. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the cash-generating unit (“CGU”) level.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">On an annual basis, the Company evaluates the carrying amounts of CGUs to determine whether such carrying amount may be impaired. To accomplish this, the Company compares the recoverable amount of a CGU to its carrying amount. This evaluation is performed more frequently if there is an indication that a CGU may be impaired.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs to sell and its value-in-use, an impairment loss is recognized in net loss as the excess of the carrying amount over the recoverable amount. With respect to GCUs, impairment loses are allocated to reduce the carrying amounts of the assets of the GCU on a pro-rata basis. The future cash flow expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the Company’s royalty, stream, and other production-based interests, respectively, that could affect the future recoverability of the Company’s interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (a) net present value of estimated future cash flows; (b) dollar value per ounce or pound of reserve/resource; (c) cash-flow multiples; and/or (d) market capitalization of comparable assets.</p>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized.</div>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Share capital</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Common shares issued for non-monetary consideration are recorded at their fair value based on closing price on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty’s performance is complete.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The proceeds from the issue of units are allocated between common shares and share purchase warrants on a pro-rata basis based on the relative fair values. The fair value of the common shares is based on the market closing price on the date of issuance and the fair value of the share purchase warrants is determined using the Black-Scholes option pricing model.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Earnings (loss) per share</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Income taxes</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous periods.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.</p>
</td>
</tr>
<tr>
<td width="5%"></td>
<td></td>
</tr>
<tr>
<td></td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Share-based payments</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company grants stock options and restricted share units (“RSUs”) to directors, officers, employees and consultants to acquire common shares of the Company. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods or services received.</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify">The fair value method of accounting is used for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Segment reporting</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer (“CEO”).</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company operates in a single segment, the acquisition and management of precious metal royalties, streams, and similar production-based interests. In addition, the Company has corporate activities, which include the evaluation and acquisition of new precious metal royalties, streams, and similar production-based interests, treasury and finance, regulatory reporting, and corporate administration.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Critical accounting estimates and judgments</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. The preparation of consolidated financial statements in conformance with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"> </td>
<td valign="top" width="5%"><i>a)</i></td>
<td>
<p align="justify"><i>Royalty interests</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"></td>
<td>
<p align="justify">The Company holds royalty interests in production stage mineral properties. The royalty interests are recorded initially at their costs and are being depleted using the units of production basis over the expected life of the related mineral property, which is determined using available estimates of future metal prices and future production. Proven and probable reserves and future production plans associated with the royalty interests as determined by the operators impact the measurement of the respective assets. These estimates affect the depletion of the royalty interests and the assessment of the recoverability of the carrying value of the royalty interests.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"></td>
<td>
<p align="justify">Management considers both external and internal sources of information in assessing whether there are any indications that the Company’s royalty interests are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its royalty interests. Internal sources of information that management considers include the indications of economic performance of the assets.</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"> </td>
<td width="5%"></td>
<td>
<p align="justify">In determining the recoverable amounts of the Company’s royalty interests, management makes estimates of the discounted net cash flows expected to be derived from the Company’s royalty interests, costs of disposal, and the appropriate discount rates and discount multiples that apply to the specific asset. Reductions in metal price forecasts, increases in estimated future costs of production for the mine operators, reductions in the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company’s royalty interests.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%"><i>b)</i></td>
<td>
<p align="justify"><i>Estimation of depletion</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"></td>
<td>
<p align="justify">The Company’s royalty, stream, and other production-based interests that generate economic benefits are considered depletable and are depleted on a unit-of-production basis over the ounces of production that are expected to generate the cash flows that will be attributable to the Company. These calculations require the use of estimates and assumptions, including the amount of contained metals, the recovery rates, and payable rates for the contained metals being treated through a milling or refining process. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Accounting pronouncements not yet effective</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In January 2016, the IASB issued IFRS 16 Leases (“IFRS 16”), which requires lessees to recognize assets and liabilities for most leases. IFRS 16 becomes effective for annual periods beginning on or after January 1, 2019 and the Company has elected to apply the standard retrospectively. The Company is currently completing its assessment of the new standard, but it is not expected to have a material impact on the Company’s consolidated financial statements.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In June 2017, the IASB issued IFRS Interpretations Committee Interpretation 23 Uncertainty over Income Tax Treatments (“IFRIC 23”), which is applied to the determination of taxable profit or loss, unused tax losses, unused tax credits, tax rates and tax bases, when there is uncertainty about income tax treatment under IAS 12 Income Taxes. IFRIC 23 becomes effective June 1, 2019 and is to be applied retrospectively. The Company is currently assessing the impact on its consolidated financial statements.</p>
</td>
</tr>
</table>
<div >
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" width="5%"><b>3.</b></td>
<td>
<p align="justify"><b>TRADE RECEIVABLES AND OTHER</b></p>
</td>
</tr>
</table>
<br style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;" />
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Trade receivables</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 129,960</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 217,054</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">GST recoverable</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">195,350</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">35,648</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Prepaid expenses and deposits</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">343,864</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">127,719</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 669,174</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 380,421</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"></td>
<td align="left" colspan="7">As at May 31, 2019 and 2018, the Company did not have any trade receivables that were past due. The Company’s allowance for doubtful accounts as at May 31, 2019 and 2018 was $Nil.      </td>
</tr>
</table>
</div>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"><b>4.</b></td>
<td>
<p align="justify"><b>ROYALTY, STREAM, AND OTHER INTERESTS</b></p>
</td>
</tr>
</table>
<div> </div>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" nowrap="nowrap" style="border-top: #000000 3px double;">Coeur</td>
<td align="left" width="2%" nowrap="nowrap" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" nowrap="nowrap" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" nowrap="nowrap" style="border-top: #000000 3px double;">Alamos</td>
<td align="left" width="2%" nowrap="nowrap" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" nowrap="nowrap" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" nowrap="nowrap" style="border-top: #000000 3px double;">Other</td>
<td align="left" width="2%" nowrap="nowrap" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" nowrap="nowrap" style="border-top: #000000 3px double;"> </td>
<td align="left" width="12%" nowrap="nowrap" style="border-top: #000000 3px double;"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%" nowrap="nowrap">stream and</td>
<td align="left" width="2%" nowrap="nowrap"> </td>
<td align="left" width="1%" nowrap="nowrap"> </td>
<td align="right" width="12%" nowrap="nowrap">royalty</td>
<td align="left" width="2%" nowrap="nowrap"> </td>
<td align="left" width="1%" nowrap="nowrap"> </td>
<td align="right" width="12%" nowrap="nowrap">royalty</td>
<td align="left" width="2%" nowrap="nowrap"> </td>
<td align="left" width="1%" nowrap="nowrap"> </td>
<td align="left" width="12%" nowrap="nowrap"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" nowrap="nowrap" style="border-bottom: #000000 1px solid;">royalty interests</td>
<td align="left" width="2%" nowrap="nowrap" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" nowrap="nowrap" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" nowrap="nowrap" style="border-bottom: #000000 1px solid;">interests</td>
<td align="left" width="2%" nowrap="nowrap" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" nowrap="nowrap" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" nowrap="nowrap" style="border-bottom: #000000 1px solid;">interests</td>
<td align="left" width="2%" nowrap="nowrap" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" nowrap="nowrap" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" nowrap="nowrap" style="border-bottom: #000000 1px solid;"><b>Total</b></td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>As at May 31, 2017</b></td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> -</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> -</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 2,759,645</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 2,759,645</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Matamec acquisitions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1,513,728</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1,513,728</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Coeur acquisitions</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">15,965,335</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">15,965,335</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Akasaba West acquisition</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">261,753</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">261,753</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Other acquisition costs</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">13,203</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">6,059</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">19,262</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Depletion</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(3,689,838</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(3,689,838</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Recoveries</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(240,296</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(240,296</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Currency translation adjustments</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">441,374</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">441,374</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>As at May 31, 2018</b></td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">12,489,778</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">4,541,185</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">17,030,963</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Alamos acquisitions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">9,960,221</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">9,960,221</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">ValGold acquisitions</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">8,217,300</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">8,217,300</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Santa Gertrudis acquisitons</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">15,108,224</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">15,108,224</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">COSE acquisitions</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">2,093,218</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">2,093,218</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">15 Mile Stream acquisitions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5,691,629</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5,691,629</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Other additions</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">107,998</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">351,818</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">459,816</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Depletion</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(2,415,942</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(2,415,942</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Recoveries</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(105,273</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(105,273</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Currency translation adjustments</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">220,227</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">220,227</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"><b>As at May 31, 2019</b></td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> 10,296,788</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> 9,960,221</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> 36,003,374</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> 56,260,383</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Historical costs</td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 16,402,568</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 9,960,221</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 36,003,374</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 62,366,163</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Accumulated depletion</td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> (6,105,780</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;">)</td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> (6,105,780</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;">)</td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">For transactions prior to the comparative reporting period, please refer to the Company’s past audited financial statements on SEDAR at www.sedar.com. </p>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Alamos acquisitions</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In April 2019, the Company entered into a purchase and sale agreement to acquire a portfolio eighteen of net smelter return (“NSR”) royalties and options to acquire NSR royalties from Alamos Gold Inc. and its affiliates (collectively, “Alamos”) for total consideration of US$8,240,000 payable in common shares of the Company. As at the reporting date, the Company completed the acquisition and issued 8,219,009 common shares (valued at $1.16 per share on April 16, 2019). The Company incurred $426,171 of acquisition costs. The aggregate purchase price of $9,960,221 is allocated to each component based on its proportionate fair value within the portfolio of assets acquired. The Company acquired the following key non-current assets:</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><i>Wasamac</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">A 1.5% NSR royalty payable by Monarch Gold Corp. (“Monarch Gold”) on the claims for the Wasamac gold project located in Quebec, Canada.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><i>El Realito</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company acquired a 2.0% NSR royalty payable by Agnico Eagle on the claims for the El Realito mineralized system located in Sonora, Mexico. The NSR royalty is subject to a buy back option where the operator may purchase half of the NSR royalty (being 1%) for US$4,000,000. In addition, the operator had a right of first refusal (“ROFR”) to purchase the entire NSR royalty for US$5,000,000 during the ROFR period, which expired subsequent to year-end.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><i>La Fortuna option</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company was granted a two-year option to acquire a 1.0% NSR royalty payable by Minera Alamos Inc. (“Minera Alamos”) on the La Fortuna project located in Durango, Mexico for US$1,000,000. The upfront option payment of US$400,000 was paid by common shares of the Company, with an additional US$600,000 due upon the exercising of the option. The upfront option payment made is fully refundable if the Company does not exercise within two years.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Subsequent to May 31, 2019, the Company and Alamos amended the purchase and sale agreement to remove one NSR royalty and include the purchase of an additional NSR royalty for common shares of the Company.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>15 Mile Stream acquisition</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In February 2019, the Company entered into a purchase and sale agreement to acquire a 1.0% NSR royalty on Atlantic Gold Corporation’s 15 Mile Stream project for US$4,000,000, which included $2,920,720 or US$2,200,000 in cash and 2,619,000 common shares (valued at $1.04 per share on February 12, 2019). The Company incurred $53,309 in acquisition costs. This NSR royalty is in connection with two claims which covers the Egerton-Maclean, Hudson, 149 East Zone, and the majority of the Plenty deposit, which collectively comprise the 15 Mile Stream project located in Nova Scotia, Canada. This NSR royalty covers all metals minded or otherwise recovered from the 15 Mile Stream project. Atlantic Gold was subsequently acquired by St. Barbara Ltd. (“St. Barbara”).</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Dufferin East acquisition</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In January 2019, the Company acquired a 1.0% NSR royalty for $315,000 in cash on the Dufferin East project located in Nova Scotia, Canada, which is operated by Resource Capital Gold Corp. The Company incurred $24,246 of acquisition costs.</p>
</td>
</tr>
</table>
<p align="center" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </p>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Cap-Oeste Sur East acquisition</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In December 2018, the Company entered into a definitive agreement to acquire a 1.5% NSR royalty for $2,014,065 or US$1,500,000 in cash from Patagonia Gold S.A. (“Patagonia Gold”). The Company incurred $79,153 of acquisition costs. This NSR royalty is in connection with certain mining rights located on the Cap-Oeste Sur East (the “COSE”) property located in the province of Santa Cruz, Argentina and includes a NSR on all products mined or otherwise recovered from the COSE property, which is a gold and silver project that is 100%-owned by Minera Triton Argentina S.A., a wholly-owned subsidiary of Pan American Silver Corp. This agreement also includes a right of first refusal in favour of Metalla to acquire a future NSR royalty that may be granted by, or received by, the Patagonia Gold (or its affiliate) on its Cap-Oeste mine.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Santa Gertrudis acquisitions</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In November 2018, the Company entered into a purchase and sale agreement to acquire a 2.0% NSR royalty payable by Agnico Eagle Mines Limited (“Agnico”) on the Santa Gertrudis gold property in Sonora, Mexico from GoGold Resources Inc. (“GoGold”) for $15,108,224 or US$12,000,000. Agnico has a right to repurchase 1% portion of this NSR royalty for US$7,500,000. The Company paid $7,863,540 or US$6,000,000 in cash and GoGold exercised its right to take half of the purchase price in 10,123,077 common shares of the Company (valued at $0.71 per share on November 7, 2018). The Company incurred $63,240 of acquisition costs.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>ValGold acquisition</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In July 2018, the Company completed its plan of arrangement to acquire all outstanding common shares of ValGold Resources Ltd. (“ValGold”), who held two NSR royalties and an exploration and evaluation project. Under the terms of arrangement, shareholders of ValGold received 0.1667 common shares of the Company for each ValGold common share held (the “Exchange Ratio”). On the closing date:</p>
</td>
</tr>
</table>
<div> </div>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="10%"> </td>
<td align="left">
<p align="justify">•</p>
</td>
<td align="left" width="85%">
<p align="justify">the Company issued 9,659,926 common shares (valued at $0.79 per share on July 31, 2018) in exchange for common shares and in-the-money stock options of ValGold; and</p>
</td>
</tr>
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">
<p align="justify">share purchase warrants of ValGold outstanding remained exercisable to acquire up to 2,616,831 common shares of the Company at $0.60 (Note 9).</p>
</td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">The purchase price allocation for the ValGold acquisitions is as follow:</p>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff"><b>Considerations paid:</b></td>
<td align="left" width="1%" style="border-top: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Common shares issued</td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> 7,631,342</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Reserve for ValGold share purchase warrants</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">801,345</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Acquisition costs</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">167,157</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">8,599,844</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"><b>Net asset acquired:</b></td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Cash</td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 588,533</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Trade receivables and other</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">39,673</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">ValGold royalty interests</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">8,217,300</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Trade and other payables</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">(245,662</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> 8,599,844</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
</tr>
</table>
<div> </div>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The share purchase warrants of ValGold outstanding on the closing date remained exercisable for common shares of the Company at $0.60 per share until October 6, 2019 (Note 9). The fair value of these share purchase was estimated at $0.31 per share or $801,345 using the Black-Scholes option pricing model with assumptions as follows: risk-free interest rate of 2.07%, expected annual dividend yield of 2.07%, expected stock price volatility of 73%, expected life of 1.1 years, and forfeiture rate of 0%. The Company acquired the following non-current assets:</p>
</td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><i>Garrison</i></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">A 2.0% NSR royalty payable by O3 Mining Inc. (“O3”) on the claims for (a) the Garrcon and Jonpol zones and (b) the eastern portion of the 903 Zone, both within its wholly-owned Garrison Project, which consists of a portfolio of properties spanning along the Destor-Porcupine Fault Zone in Ontario, Canada.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><i>Los Platos</i></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">A 1.5% NSR royalty on the Los Platos exploration project located in Venezuela.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><i>Tower Mountain project</i></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">The Tower Mountain project located in Ontario, Canada is wholly-owned by ValGold, who has completed an Independent Mineral Resource Estimation report in February 2006 indicating inferred resource of 151,000 ounces in a bulk tonnage model within 7,150,000 tonnes at an average grade of 0.66 grams per tonne gold. The Company entered into a sale agreement to sell the Tower Mountain project to the original owner for $150,000 (offset against pre-production royalty payable to the original owner) and a 2.0% NSR royalty on the property (Note 14).</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><b>Akasaba West acquisition</b></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">In May 2018, the Company completed the acquisition of a 2.0% NSR royalty payable by Agnico Eagle Mines Limited (“Agnico”) on its Akasaba West Mine for $250,000. There is an exemption on the first 210,000 ounces of gold produced and Agnico maintains its buy-back right of 1.0% for US$7,500,000. The Company incurred $12,572 of acquisition costs. </p>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Coeur acquisitions</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In July 2017, the Company completed the acquisition of three royalty and one silver stream interests from Coeur Mining Inc. (“Coeur”) for the following consideration: (a) 14,546,597 common shares of the Company, valued at $0.54 per share on July 31, 2017 or $7,855,161, and (b) an unsecured convertible debenture in the principal amount of $8,332,041 or US$6,677,476 (Note 7).</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In addition to the three NSRs on the Joaquin project, Zaruma gold mine, and the Puchuldiza project (2.0%, 1.5%, and 1.5%, respectively), the Company acquired a silver stream interest, which is related to contained silver within the metals concentrate produced at the Endeavor mine in Australia. Under terms of the stream arrangement, the Company will have operating cost contribution of US$1.00 for each ounce (“oz.”) of payable silver, indexed annually for inflation (currently at US$1.35), plus a further increment of 50% of the amount by which silver price exceeds US$7.00 per ounce. In accordance with the agreement, Metalla will have the right to buy 100% of the silver production up to 20,000,000 oz. The purchase price allocation for the Coeur acquisitions is as follow:</p>
</td>
</tr>
</table>
<div> </div>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff"><b>Considerations paid:</b></td>
<td align="left" width="1%" style="border-top: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Common shares issued</td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> 7,855,161</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Convertible debenture payable</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">8,332,041</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Acquisition costs</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">110,321</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">16,297,523</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"><b>Net asset acquired</b></td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Receivables</td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 563,882</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Endeavor stream interest</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">9,061,929</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Coeur royalty interests</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">6,903,406</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Accounts payable and accrued liabilities</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">(231,693</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> 16,297,523</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
</tr>
</table>
<div> </div>
<table style="border-color: black; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify">During the year ended May 31, 2019, the Company received $105,273 (2018 - $240,296) related to one of the royalty interests acquired due to the reactivation of Core Gold Inc.’s subsidiary. The payments received have been recognized against the carrying amount.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Matamec acquisitions</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In June 2017, the Company completed the acquisition of an additional 1% net smelter return (“NSR”) royalty interest (totaling 2%) on the Holye Pond extension property and a 1% NSR royalty interest on the Montclerg property located northeast of Goldcorp’s Hoyle Pond mine from Matamec Exploration Inc. (“Matamec”). for the following consideration: (a) $500,000 and (b) 2,000,000 units (valued at $0.50 per share on May 30, 2017 or $1,000,000), where each unit consists of one common share of the Company and one-half share purchase warrant; and each full share purchase warrant is exercisable at $0.75 for two years. The Company incurred $13,728 of acquisition costs.</p>
</td>
</tr>
</table>
<table style="border: 0px solid black; border-image: none; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%" valign="top"><b>5.</b></td>
<td>
<p align="justify"><b>INVESTMENT IN SILVERBACK</b></p>
</td>
</tr>
</table>
<div> </div>
<table style="border: 0px solid black; border-image: none; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" style="border-top: #000000 3px double;">May 31</td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" style="border-top: #000000 3px double;">May 31</td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">2019</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">2018</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Opening balance</td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 2,412,873</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 2,558,528</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Income in Silverback for the period/year</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">92,843</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">168,778</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Distribution</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">(314,285</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">)</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">(314,433</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Ending balance</td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> 2,191,431</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> 2,412,873</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">The Company, through its wholly-owned subsidiary, holds 15% interest in Silverback Ltd. (“Silverback”), who is a privately held company, whose sole business is the receipt and distribution of the net earnings of the New Luika Gold Mine (“NLGM”) silver stream. Distributions to the shareholders are completed on an annual basis at minimum. Given terms of the shareholders’ agreement governing the policies over operations and distributions to shareholders, the Company’s judgment is that it has significant influence over Silverback, but not control and therefore equity accounting is appropriate.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">Summarized financial information for the years ended May 31, 2019 and 2018 of Silverback is as follow:</p>
<table style="border: 0px solid black; border-image: none; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" style="border-top: #000000 3px double;">Year ended</td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" style="border-top: #000000 3px double;">Year ended</td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">May 31</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">May 31</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">2019</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">2018</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Current assets</td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 545,114</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 516,810</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Non-current assets</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">4,374,903</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5,473,564</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Total assets</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">4,920,017</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">5,990,373</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Total liabilities</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(216,535</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(103,242</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Revenue from stream interest</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">2,092,308</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">2,509,082</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Depletion</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(1,365,079</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(1,282,191</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Net income and comprehensive income for the year</td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> 618,953</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> 1,125,187</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
</tr>
</table>
<table style="border: 0px solid black; border-image: none; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%" valign="top"><b>7.</b></td>
<td>
<p align="justify"><b>LOANS PAYABLE</b></p>
</td>
</tr>
</table>
<div> </div>
<table style="border: 0px solid black; border-image: none; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" style="border-top: #000000 3px double;">Coeur</td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">As at May 31, 2019</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">debenture</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">Other</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">Total</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Opening balance</td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 8,831,653</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> -</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 8,831,653</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Additions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2,633,733</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2,633,733</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Inducements</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(182,971</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(182,971</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Interest expense</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">210,712</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">278,746</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">489,458</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Repayments</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(1,944,775</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(1,944,775</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Settlements</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(7,199,123</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(7,199,123</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Currency translation adjustments</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">101,533</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">69,467</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">171,000</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Ending balance</td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> -</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> 2,798,975</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2,798,975</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Less: current portion</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">2,798,975</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">2,798,975</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Long term portion</td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
</tr>
</table>
<div> </div>
<table style="border: 0px solid black; border-image: none; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" style="border-top: #000000 3px double;">Coeur</td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">As at May 31, 2018</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">debenture</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">Other</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">Total</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Opening balance</td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> -</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 15,067</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 15,067</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Additions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">8,332,041</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">8,332,041</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Interest expense</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">356,798</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">356,798</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Repayments</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(173,695</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(15,067</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(188,762</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Currency translation adjustments</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">316,509</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">316,509</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Ending balance</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">8,831,653</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">8,831,653</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Less: current portion</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">178,980</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">178,980</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Long term portion</td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> 8,652,673</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> 8,652,673</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">In March 2019, the Company entered into a convertible loan facility of $12,000,000 with Beedie Capital (“Beedie”) to fund acquisitions of new royalties and streams. The facility consists an initial advance of $7,000,000, with the remaining $5,000,000 available for subsequent advances in minimum tranches of $1,250,000. The facility carries an interest rate of 8.0% on amount advanced and 2.5% on standby funds available, with the principal payment due 48 months after the date the financing is completed. At the option of Beedie, principal outstanding can be convertible into common shares of the Company at a conversion price of $1.39 per share. The Company drew down the initial advance of $7,000,000 subsequently (Note 14).</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">In October and December 2018, the Company entered into four loan arrangements for aggregate proceeds of $2,623,733 or US$2,000,000, where each has a stated rate of 5% per annum and a term of one year. The Company provided the lenders in aggregate an origination discount of $79,012 or US$60,000 and 600,000 share purchase warrants exercisable at $0.85 per share for two years, valued at $103,959. The principal and interest balance were repaid in full subsequently (Note 14).</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">In July 2017, the Company entered into a convertible debenture agreement for $8,332,041 or US$6,677,476 with Coeur Mining, Inc. (“Coeur”), in connection with the acquisition of certain royalty and stream interests from Coeur, which has a stated rate of 5% per annum payable every six months and a term of ten years. The principal balance of the convertible debenture will automatically be converted into common shares of the Company at the time of future equity financings or future asset acquisitions and enables Coeur to maintain a 19.9% interest in the Company until the outstanding principal balance is either converted in full or otherwise repaid. During the year ended May 31, 2019, the Company issued 9,229,644 (2018 - Nil) common shares, valued at $0.78 or $7,199,123 (2018 - $Nil), on conversion of the debenture owed to Coeur.</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" width="5%"><b>8.</b></td>
<td>
<p align="justify"><b>INCOME TAXES</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Income tax expense differs from the amount that would result from applying Canadian income tax rates to earnings before income taxes. These differences result from the following items:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"><b>For the years ended</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Loss before income taxes</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> (2,087,058</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> (2,364,442</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Canadian federal and provincial income tax rates</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">27.00%</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">26.41%</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Expected income tax recovery at statutory income tax rate</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(538,035</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(624,537</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Difference between Canadian and foreign tax rate</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(14,573</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(36,345</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Permanent differences</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">246,212</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(69,865</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Changes in unrecognized deferred tax assets</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">721,316</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">266,868</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Other adjustments</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">(58,489</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">661,193</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Total income tax expense</td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 356,431</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 197,314</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td bgcolor="#e6efff"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="12%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="12%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Current income tax expense</td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> 408,524</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> -</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Deferred income tax expense (recovery)</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> (52,093</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%">)</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 197,314</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" colspan="7">The composition of the Company’s net deferred income tax asset (liability) that has been recognized is as follows:      </td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="13%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="13%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"><b>Deferred income tax assets (liabilities)</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="13%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="13%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Deferred tax assets:</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="13%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="13%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> Mineral expenditures and capital assets</td>
<td align="left" width="1%">$</td>
<td align="right" width="13%"> 1,519,734</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%">$</td>
<td align="right" width="13%"> 1,486,243</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"> Share issue costs</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="13%">182,079</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="13%">76,109</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> Non-capital losses and others</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="13%">3,437,319</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="13%">2,668,970</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="13%">5,139,132</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="13%">4,231,322</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Unrecognized deferred tax assets</td>
<td align="left" width="1%"> </td>
<td align="right" width="13%">(5,139,132</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="13%">(4,231,322</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Deferred tax liabilities</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="13%">(145,221</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="13%">(197,314</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"><b>Net deferred income t ax asset (liability)</b></td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="13%"> (145,221</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%">)</td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="13%"> (197,314</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"></td>
<td align="left"><b> </b></td>
<td align="left" width="1%"> </td>
<td align="right" width="13%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="13%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" colspan="7"> The Company’s significant temporary differences, unused tax credits, and unused tax losses that have not been recognized as deferred income tax assets are as follows:</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Expiry</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Expiry</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">date range</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">date range</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Mineral expenditures and capital assets</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 5,752,246</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">No expiry date</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 5,628,645</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">No expiry date</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Share issue costs</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">674,367</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2022 to 2024</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">281,884</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2021</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Non-capital losses and other</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">15,487,395</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">2026 to 2039</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">12,383,172</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">2026 to 2038</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" colspan="6">Tax attributes are subject to review, and potential adjustments, by tax authorities.     </td>
<td align="left" width="2%" colspan="7"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" width="5%"><b>9.</b></td>
<td>
<p align="justify"><b>SHARE CAPITAL</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Authorized share capital consists of an unlimited number of common shares without par value.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Issued share capital</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In December 2018 and January 2019, the Company completed a non-brokered private placement for $6,824,070 by issuing 8,748,808 units at $0.78 per unit. Each unit consisted of one common share and one-half share purchase warrant, where each full warrant is exercisable at $1.17 per share for two years, subject to acceleration if the share price is at or above $1.50 per share for ten consecutive trading days. Under the relative fair value method, the warrants were assigned a fair value of $400,137. The Company paid and/or accrued share issue costs of $442,143 and issued 441,240 underwriter’s warrants (valued at $90,769) exercisable at $0.78 per share for two years.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">During the year ended May 31, 2019, the Company issued 48,366,090 (2018 - 18,552,764) common shares pursuant to the acquisitions of royalty interests, conversion on loan payable, vesting of RSUs, and exercise of share purchase warrants and options.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Restricted share units</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company has adopted a restricted share unit (“RSU”) plan approved by the Company’s shareholders. The maximum number of RSUs that may be reserved for issuance under the plan is limited to 2% of the issued common shares of the Company updated annually. The vesting terms, if any, are determined by the Company’s Board of Directors at the time of issuance. During the year ended May 31, 2019, the Company granted 214,000 (2018 - 48,000) RSUs, which vested immediately.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Stock options</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company has adopted a stock option plan approved by the Company’s shareholders. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time, less the amount reserved for RSUs. The vesting terms, if any, are determined by the Company’s Board of Directors at the time of the grant.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The continuity of stock options for the years ended May 31, 2019 and 2018 are as follows:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Weighted average</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">Outstanding</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">exercise price</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Balance at May 31, 2017</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">4,100,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 0.32</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Granted</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">3,400,000</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.58</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Exercised</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(1,333,333</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.29</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Expired/cancelled</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">(395,833</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">0.55</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Balance at May 31, 2018</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">5,770,834</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.47</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Granted</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">3,050,000</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.77</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Exercised</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">(133,333</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">0.36</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"><b>Balance at May 31, 2019</b></td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%">8,687,501</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 0.57</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
</table>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"> </div>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">As at May 31, 2019, the weighted average remaining life of the stock options outstanding was 3.50 (2018 - 3.92) years.</div>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company’s outstanding stock options as at May 31, 2019 are as follows:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Exercise</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Expiry date</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">price</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">Outstanding</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">Exercisable</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Jul 15, 2021</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 0.21</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,333,334</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,333,334</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Nov 15, 2021</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.30</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">100,000</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">100,000</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Nov 30, 2021</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.33</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">466,667</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">466,667</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Mar 06, 2022</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.58</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">412,500</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">412,500</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Jul 31, 2022</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.54</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,825,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,825,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Mar 01, 2023</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.64</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1,500,000</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1,000,000</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Sep 18, 2023</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.73</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,550,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">387,500</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Jan 04, 2024</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">0.81</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">1,500,000</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">-</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">8,687,501</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">5,525,001</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><b>Share purchase warrants</b></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">The continuity of share purchase warrants for the years ended May 31, 2019 and 2018 are as follows:</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="14%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="14%">Weighted average</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">Outstanding</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">exercise price</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Balance at May 31, 2017</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">10,514,168</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="14%"> 0.60</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Exercised</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">(2,624,834</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">0.49</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Balance at May 31, 2018</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">7,889,334</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">0.64</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Issued</td>
<td align="left" width="1%"> </td>
<td align="right" width="14%">8,032,467</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="14%">0.94</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Exercised</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">(8,168,011</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">0.64</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Expired/cancelled</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">(990,167</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">0.67</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"><b>Balance at May 31, 2019</b></td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="14%">6,763,623</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="14%"> 0.99</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">The Company’s outstanding share purchase warrants as at May 31, 2019 are as follows:</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Exercise</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Expiry date</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">price</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">Outstanding</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Oct 06, 2019</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 0.60</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,055,760</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Nov 08, 2020</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.85</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">525,000</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Dec 05, 2020</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.85</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">75,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Dec 21, 2020</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1.17</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2,397,675</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Jan 04, 2021</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1.17</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">2,243,522</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Aug 11, 2021</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.45</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">383,333</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Aug 30, 2021</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">0.45</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">83,333</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%">6,763,623</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Share-based payments</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">During the year ended May 31, 2019, the Company granted 3,050,000 (2018 - 3,400,000) stock options to employees, directors, officers, and consultants of the Company. For the fair value method for share-based payments, the Company determined the fair value of the options granted to be $1,132,624 or $0.37 per option (2018 - $1,211,939 or $0.36). The fair value of the stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Weighted average:</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Risk free interest rate</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">2.05%</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1.65%</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Expected dividend yield</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2.35%</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.00%</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Expected stock price volatility</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">67%</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">74%</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Expected life in years</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Forfeiture rate</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">0%</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">0%</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify">In accordance with the vesting terms of the stock options granted, the Company recorded a charge to share-based payments expense of $917,571 (2018 - $803,946) with offsetting credit to reserve for the year ended May 31, 2019.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">During the year ended May 31, 2019, the Company issued 214,000 (2018 - 48,000) RSUs to directors and officers of the Company. For the fair value method for share-based payments, the Company determined the fair value of the RSUs issued to be $166,900 or $0.78 per share (2018 - $28,800 or $0.60 per share).</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" width="5%"><b>10.</b></td>
<td>
<p align="justify"><b>RELATED PARTY TRANSACTIONS AND BALANCES</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="11%">Salary</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="11%">Share-based</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="11%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"><b>Year ended May 31, 2019</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">or fees</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">payments</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Management</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%">907,230</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%"> 386,013</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%"> 1,293,243</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Directors</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">160,066</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">517,430</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">677,496</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%">1,067,296</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%"> 903,442</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%"> 1,970,739</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="11%">Salary</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="11%">Share-based</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="11%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"><b>Year ended May 31, 2018</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">or fees</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">payments</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Management</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%">356,143</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%"> 398,933</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%"> 755,076</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Directors</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">95,833</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">375,094</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">470,927</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%">451,976</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%"> 774,027</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%"> 1,226,003</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="11%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="11%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="11%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"></td>
<td align="left" colspan="10">As at May 31, 2019, the Company had $407,284 (2018 - $70,833) due to directors and management related to salary or fees, which have been included in accounts payable and accrued liabilities.         </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" width="5%"><b>11.</b></td>
<td>
<p align="justify"><b>SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS</b></p>
<p align="justify"><b>Significant non-cash investing and financing activities</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">During the year ended May 31, 2019, the Company:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">a)</td>
<td>
<p align="justify">issued 10,123,077 common shares, valued at $7,181,444 for the acquisition of the Santa Gertrudis NSR (Note 4);</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">b)</td>
<td>
<p align="justify">issued 9,659,926 common shares and reserved 2,616,831 common shares for outstanding share purchase warrants of ValGold with an aggregate value of $8,432,687, for net assets acquired form ValGold (Note 4);</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">c)</td>
<td>
<p align="justify">issued 2,619,000 common shares, valued at $2,717,600, for the acquisition of the 15 Mile Stream NSR (Note 4);</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">d)</td>
<td>
<p align="justify">issued 8,219,099 common shares, valued at $9,534,050, for the acquisition of the Alamos NSRs, options, and other (Note 4);</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">e)</td>
<td>
<p align="justify">issued 9,229,644 common shares, valued at $7,199,122, on conversion of the debenture owed to Coeur (Note 7);</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">f)</td>
<td>
<p align="justify">issued 600,000 share purchase warrants, valued at $103,959, as loan inducements (Note 7);</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">g)</td>
<td>
<p align="justify">issued 441,240 underwriter’s warrants, valued at $90,769, as share issue costs (Note 9);</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">h)</td>
<td>
<p align="justify">reallocated $26,892 from reserves for 133,333 stock options exercised; and</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">i)</td>
<td>
<p align="justify">reallocated $1,598,377 from reserves for 8,168,011 share purchase warrants exercised.</p>
</td>
</tr>
<tr>
<td width="5%"></td>
<td valign="top" width="5%" colspan="2">
<p align="justify"> </p>
</td>
</tr>
<tr>
<td width="5%"></td>
<td valign="top" width="5%" colspan="2">
<p align="justify">During the year ended May 31, 2018, the Company:</p>
</td>
</tr>
<tr>
<td width="5%"></td>
<td valign="top" width="5%" colspan="2">
<p align="justify"> </p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">a)</td>
<td>
<p align="justify">issued 14,546,597 common shares and a convertible debenture, with aggregate value of $16,187,203, for net assets acquired form Coeur (Note 4);</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">b)</td>
<td>
<p align="justify">reallocated $1,035,820 of deferred acquisition costs to royalty and stream interests on the closing of the Matamec acquisition (Note 4);</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">c)</td>
<td>
<p align="justify">reallocated $406,841 from reserves for 1,333,333 stock options exercised; and</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">d)</td>
<td>
<p align="justify">reallocated $353,097 from reserves for 2,624,834 share purchase warrants exercised.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" width="5%"><b>12.</b></td>
<td>
<p align="justify"><b>FINANCIAL INSTRUMENTS</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company classified its financial instruments as follows:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Financial assets</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="12%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="12%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Amortized cost:</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"> Cash</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 4,603,062</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 4,817,357</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Fair value through profit or loss:</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> Receivables from provisional sales</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">129,960</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">217,054</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 4,733,022</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 5,034,411</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Financial liabilities</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="12%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="12%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Amortized cost:</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"> Accounts payable and accrued liabilities</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 1,126,982</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 333,705</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> Loans payable</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2,798,975</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">8,831,653</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 3,925,957</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 9,165,358</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Fair value</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Financial instruments recorded at fair value on the consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">a)</td>
<td>
<p align="justify">Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">b)</td>
<td>
<p align="justify">Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">c)</td>
<td>
<p align="justify">Level 3 - Inputs for assets and liabilities that are not based on observable market data.</p>
</td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. As at May 31, 2019, the Company’s financial instruments measured at fair value are as follows:</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="12%">Level 1</td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="12%">Level 2</td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="12%">Level 3</td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="12%"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"><b>Financial assets</b></td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Receivables from provisional sales</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> -</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 129,960</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> -</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 129,960</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">The carrying value of cash, receivables, and accounts payable and accrued liabilities approximated their fair value because of the short-term nature of these instruments. Receivable from provisional sales includes provisional pricing, and final price and assay adjustments and is valued using observable market commodity forward prices and thereby classified within Level 2 of the fair value hierarchy. The fair value of the Company’s loans payable is approximated by its carrying value as its interest rates are comparable to market interest rates.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><b>Capital risk management</b></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">The Company’s objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company’s ability to continue as a going concern. The capital of the Company consists of share capital. The Board of Directors does not establish a quantitative return on capital criteria for management. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Company may issue new shares in order to meet its financial obligations. The management of the Company believes that the capital resources of the Company as at May 31, 2019 are sufficient for its present needs for at least the next twelve months. The Company is not subject to externally imposed capital requirements.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><b>Credit risk</b></p>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">Credit risk arises from cash deposits, as well as credit exposures to counterparties of outstanding receivables and committed transactions. There is no significant concentration of credit risk other than cash deposits. The Company’s cash deposits are primarily held with a Canadian chartered bank. Receivables include value added tax due from the Canadian government. The carrying amount of financial assets recorded in the financial statements represents the Company’s maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company’s credit risk has not declined significantly from the prior year.</div>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Liquidity risk</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings of cash, and its committed liabilities. The maturities of the Company’s non-current liability are disclosed in Note 7. All current liabilities are settled within one year.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Currency risk</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company primarily operates in Canada and Australia and incurs expenditures in currencies other than the Canadian dollars. Thereby, the Company is exposed to foreign exchange risk arising from currency exposure. The Company has not hedged its exposure to currency fluctuations. Based on the above net exposure, as at May 31, 2019, and assuming that all other variables remain constant, a 1% depreciation or appreciation of the Canadian dollar against the US dollar would result in an increase/decrease of approximately $8,100 in the Company’s pre-tax income or loss.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td valign="top" width="5%"><b>13.</b></td>
<td>
<p align="justify"><b>COMMITMENTS</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company may be required to make payments in cash and/or common shares related to its royalty interests (Note 4), including milestone payments subject to certain triggers being met related to the IEPI royalty portfolio acquisition (please refer to the Company’s audited consolidated financial statements for the year ended May 31, 2018).</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Basis of preparation and measurement</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<div align="justify">The consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.</div>
</td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>Principles of consolidation</b></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">These consolidated financial statements include the accounts of the parent company and its subsidiaries after eliminating intercompany balances and transactions.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Subsidiaries</i></p>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases. The Company’s wholly-owned subsidiaries include MTA Royalty & Streaming Pty Ltd. (Australia), Metalla SA (Argentina), ValGold Resources Ltd. (Canada), Royalty & Streaming Mexico SA de CV Pty Ltd. (Mexico), High Stream Corp. (USA), MTA Canada Royalty Corp. (Canada), and Metalla SEZC (Cayman Islands).</div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Foreign currency translation</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">These consolidated financial statements are expressed in Canadian dollars. The functional currency of the Company and each of its subsidiaries is the Canadian dollar, which is the currency of the primary economic environment in which the entity operates, with the exception of MTA Royalty & Streaming Pty Ltd., being the United States (“US”) dollar. Determination of functional currency may involve certain judgements to determine the primary economic environment. These consolidated financial statements are presented in Canadian dollars, unless otherwise noted.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Transactions in currencies other than the functional currency are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the reporting date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the consolidated statement of loss and comprehensive loss.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">On translation of the entity whose functional currency is the US dollars, revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Assets and liabilities are translated at the rate of exchange at the reporting date. Exchange gains and losses, including results of re-translation, are recorded in the foreign currency translation reserve.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Investments in associates</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Companies over which the Company has significant influence are determined to be associates and accounted for using the equity basis of accounting, whereby the investment is initially recorded at cost, adjusted to recognize the Company’s share of earnings or losses and reduced by dividends received. The Company assesses its equity investments for impairment if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and if the event or events have an impact on the estimated future cash flow of the investment that can be estimated. Objective evidence of impairment of an equity investment includes:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">Significant financial difficulty of the associated companies;</td>
</tr>
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">Becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or</td>
</tr>
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">National or local economic conditions that correlate with defaults of the associated companies.</td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>Impairment of non-financial assets</b></p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The carrying amounts of non-financial assets, excluding deferred income tax assets, are reviewed for impairment at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. If there are indicators of impairment, a review is undertaken to determine whether the carrying amounts are in excess of their recoverable amounts. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the cash-generating unit (“CGU”) level.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On an annual basis, the Company evaluates the carrying amounts of CGUs to determine whether such carrying amount may be impaired. To accomplish this, the Company compares the recoverable amount of a CGU to its carrying amount. This evaluation is performed more frequently if there is an indication that a CGU may be impaired.</p>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs to sell and its value-in-use, an impairment loss is recognized in net loss as the excess of the carrying amount over the recoverable amount. With respect to GCUs, impairment loses are allocated to reduce the carrying amounts of the assets of the GCU on a pro-rata basis. The future cash flow expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the Company’s royalty, stream, and other production-based interests, respectively, that could affect the future recoverability of the Company’s interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (a) net present value of estimated future cash flows; (b) dollar value per ounce or pound of reserve/resource; (c) cash-flow multiples; and/or (d) market capitalization of comparable assets.</p>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized.</div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Share capital</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Common shares issued for non-monetary consideration are recorded at their fair value based on closing price on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty’s performance is complete.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The proceeds from the issue of units are allocated between common shares and share purchase warrants on a pro-rata basis based on the relative fair values. The fair value of the common shares is based on the market closing price on the date of issuance and the fair value of the share purchase warrants is determined using the Black-Scholes option pricing model.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Earnings (loss) per share</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Income taxes</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous periods.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Share-based payments</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company grants stock options and restricted share units (“RSUs”) to directors, officers, employees and consultants to acquire common shares of the Company. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods or services received.</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify">The fair value method of accounting is used for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Segment reporting</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer (“CEO”).</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The Company operates in a single segment, the acquisition and management of precious metal royalties, streams, and similar production-based interests. In addition, the Company has corporate activities, which include the evaluation and acquisition of new precious metal royalties, streams, and similar production-based interests, treasury and finance, regulatory reporting, and corporate administration.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Critical accounting estimates and judgments</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. The preparation of consolidated financial statements in conformance with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"> </td>
<td valign="top" width="5%"><i>a)</i></td>
<td>
<p align="justify"><i>Royalty interests</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"></td>
<td>
<p align="justify">The Company holds royalty interests in production stage mineral properties. The royalty interests are recorded initially at their costs and are being depleted using the units of production basis over the expected life of the related mineral property, which is determined using available estimates of future metal prices and future production. Proven and probable reserves and future production plans associated with the royalty interests as determined by the operators impact the measurement of the respective assets. These estimates affect the depletion of the royalty interests and the assessment of the recoverability of the carrying value of the royalty interests.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"></td>
<td>
<p align="justify">Management considers both external and internal sources of information in assessing whether there are any indications that the Company’s royalty interests are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its royalty interests. Internal sources of information that management considers include the indications of economic performance of the assets.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"></td>
<td>
<p align="justify">In determining the recoverable amounts of the Company’s royalty interests, management makes estimates of the discounted net cash flows expected to be derived from the Company’s royalty interests, costs of disposal, and the appropriate discount rates and discount multiples that apply to the specific asset. Reductions in metal price forecasts, increases in estimated future costs of production for the mine operators, reductions in the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company’s royalty interests.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%"><i>b)</i></td>
<td>
<p align="justify"><i>Estimation of depletion</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"></td>
<td>
<p align="justify">The Company’s royalty, stream, and other production-based interests that generate economic benefits are considered depletable and are depleted on a unit-of-production basis over the ounces of production that are expected to generate the cash flows that will be attributable to the Company. These calculations require the use of estimates and assumptions, including the amount of contained metals, the recovery rates, and payable rates for the contained metals being treated through a milling or refining process. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Accounting pronouncements not yet effective</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In January 2016, the IASB issued IFRS 16 Leases (“IFRS 16”), which requires lessees to recognize assets and liabilities for most leases. IFRS 16 becomes effective for annual periods beginning on or after January 1, 2019 and the Company has elected to apply the standard retrospectively. The Company is currently completing its assessment of the new standard, but it is not expected to have a material impact on the Company’s consolidated financial statements.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In June 2017, the IASB issued IFRS Interpretations Committee Interpretation 23 Uncertainty over Income Tax Treatments (“IFRIC 23”), which is applied to the determination of taxable profit or loss, unused tax losses, unused tax credits, tax rates and tax bases, when there is uncertainty about income tax treatment under IAS 12 Income Taxes. IFRIC 23 becomes effective June 1, 2019 and is to be applied retrospectively. The Company is currently assessing the impact on its consolidated financial statements.</p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Trade receivables</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 129,960</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 217,054</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">GST recoverable</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">195,350</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">35,648</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Prepaid expenses and deposits</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">343,864</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">127,719</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 669,174</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 380,421</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%" nowrap="nowrap">Coeur</td>
<td align="left" style="border-top: #000000 3px double;" width="2%" nowrap="nowrap"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%" nowrap="nowrap"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%" nowrap="nowrap">Alamos</td>
<td align="left" style="border-top: #000000 3px double;" width="2%" nowrap="nowrap"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%" nowrap="nowrap"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%" nowrap="nowrap">Other</td>
<td align="left" style="border-top: #000000 3px double;" width="2%" nowrap="nowrap"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%" nowrap="nowrap"> </td>
<td align="left" style="border-top: #000000 3px double;" width="12%" nowrap="nowrap"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%" nowrap="nowrap">stream and</td>
<td align="left" width="2%" nowrap="nowrap"> </td>
<td align="left" width="1%" nowrap="nowrap"> </td>
<td align="right" width="12%" nowrap="nowrap">royalty</td>
<td align="left" width="2%" nowrap="nowrap"> </td>
<td align="left" width="1%" nowrap="nowrap"> </td>
<td align="right" width="12%" nowrap="nowrap">royalty</td>
<td align="left" width="2%" nowrap="nowrap"> </td>
<td align="left" width="1%" nowrap="nowrap"> </td>
<td align="left" width="12%" nowrap="nowrap"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%" nowrap="nowrap">royalty interests</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%" nowrap="nowrap"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%" nowrap="nowrap"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%" nowrap="nowrap">interests</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%" nowrap="nowrap"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%" nowrap="nowrap"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%" nowrap="nowrap">interests</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%" nowrap="nowrap"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%" nowrap="nowrap"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%" nowrap="nowrap"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>As at May 31, 2017</b></td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> -</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> -</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 2,759,645</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 2,759,645</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Matamec acquisitions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1,513,728</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1,513,728</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Coeur acquisitions</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">15,965,335</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">15,965,335</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Akasaba West acquisition</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">261,753</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">261,753</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Other acquisition costs</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">13,203</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">6,059</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">19,262</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Depletion</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(3,689,838</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(3,689,838</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Recoveries</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(240,296</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(240,296</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Currency translation adjustments</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">441,374</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">-</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">-</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">441,374</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>As at May 31, 2018</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">12,489,778</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">4,541,185</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">17,030,963</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Alamos acquisitions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">9,960,221</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">9,960,221</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">ValGold acquisitions</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">8,217,300</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">8,217,300</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Santa Gertrudis acquisitons</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">15,108,224</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">15,108,224</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">COSE acquisitions</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">2,093,218</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">2,093,218</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">15 Mile Stream acquisitions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5,691,629</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5,691,629</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Other additions</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">107,998</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">351,818</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">459,816</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Depletion</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(2,415,942</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(2,415,942</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Recoveries</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(105,273</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">-</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(105,273</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Currency translation adjustments</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">220,227</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">-</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">-</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">220,227</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"><b>As at May 31, 2019</b></td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 10,296,788</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 9,960,221</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 36,003,374</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 56,260,383</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Historical costs</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 16,402,568</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 9,960,221</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 36,003,374</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 62,366,163</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Accumulated depletion</td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> (6,105,780</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%">)</td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> -</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> -</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> (6,105,780</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%">)</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Opening balance</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 2,412,873</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 2,558,528</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Income in Silverback for the period/year</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">92,843</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">168,778</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Distribution</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">(314,285</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">(314,433</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Ending balance</td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 2,191,431</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 2,412,873</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Year ended</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Year ended</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">May 31</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">May 31</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Current assets</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 545,114</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 516,810</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Non-current assets</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">4,374,903</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5,473,564</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Total assets</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">4,920,017</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">5,990,373</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Total liabilities</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(216,535</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(103,242</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Revenue from stream interest</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">2,092,308</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">2,509,082</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Depletion</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(1,365,079</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(1,282,191</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Net income and comprehensive income for the year</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 618,953</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 1,125,187</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="border: 0px solid black; border-image: none; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" style="border-top: #000000 3px double;">Coeur</td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">As at May 31, 2019</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">debenture</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">Other</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">Total</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Opening balance</td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 8,831,653</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> -</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 8,831,653</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Additions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2,633,733</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2,633,733</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Inducements</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(182,971</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(182,971</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Interest expense</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">210,712</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">278,746</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">489,458</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Repayments</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(1,944,775</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">(1,944,775</td>
<td align="left" width="2%" bgcolor="#e6efff">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Settlements</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(7,199,123</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(7,199,123</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Currency translation adjustments</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">101,533</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">69,467</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">171,000</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Ending balance</td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> -</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> 2,798,975</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2,798,975</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Less: current portion</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">2,798,975</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">2,798,975</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Long term portion</td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
</tr>
</table>
<div> </div>
<table style="border: 0px solid black; border-image: none; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman'; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="right" width="12%" style="border-top: #000000 3px double;">Coeur</td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="12%" style="border-top: #000000 3px double;"> </td>
<td align="left" width="2%" style="border-top: #000000 3px double;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">As at May 31, 2018</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">debenture</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">Other</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;">Total</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Opening balance</td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> -</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 15,067</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff">$</td>
<td align="right" width="12%" bgcolor="#e6efff"> 15,067</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Additions</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">8,332,041</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">8,332,041</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Interest expense</td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">356,798</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">-</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
<td align="left" width="1%" bgcolor="#e6efff"> </td>
<td align="right" width="12%" bgcolor="#e6efff">356,798</td>
<td align="left" width="2%" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Repayments</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(173,695</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(15,067</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(188,762</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Currency translation adjustments</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">316,509</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px;" bgcolor="#e6efff">316,509</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Ending balance</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">8,831,653</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">-</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">8,831,653</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Less: current portion</td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">178,980</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">-</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" width="1%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="right" width="12%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">178,980</td>
<td align="left" width="2%" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Long term portion</td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> 8,652,673</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> -</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
<td align="left" width="1%" style="border-bottom: #000000 3px double;">$</td>
<td align="right" width="12%" style="border-bottom: #000000 3px double;"> 8,652,673</td>
<td align="left" width="2%" style="border-bottom: #000000 3px double;"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"><b>For the years ended</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Loss before income taxes</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> (2,087,058</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> (2,364,442</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Canadian federal and provincial income tax rates</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">27.00%</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">26.41%</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Expected income tax recovery at statutory income tax rate</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(538,035</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(624,537</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Difference between Canadian and foreign tax rate</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(14,573</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">(36,345</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Permanent differences</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">246,212</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(69,865</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Changes in unrecognized deferred tax assets</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">721,316</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">266,868</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Other adjustments</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">(58,489</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">661,193</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Total income tax expense</td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 356,431</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 197,314</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td bgcolor="#e6efff"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="12%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="12%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Current income tax expense</td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> 408,524</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> -</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Deferred income tax expense (recovery)</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> (52,093</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%">)</td>
<td align="left"
style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 197,314</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="13%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="13%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"><b>Deferred income tax assets (liabilities)</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="13%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="13%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Deferred tax assets:</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="13%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="13%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> Mineral expenditures and capital assets</td>
<td align="left" width="1%">$</td>
<td align="right" width="13%"> 1,519,734</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%">$</td>
<td align="right" width="13%"> 1,486,243</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"> Share issue costs</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="13%">182,079</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="13%">76,109</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> Non-capital losses and others</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="13%">3,437,319</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="13%">2,668,970</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="13%">5,139,132</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="13%">4,231,322</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Unrecognized deferred tax assets</td>
<td align="left" width="1%"> </td>
<td align="right" width="13%">(5,139,132</td>
<td align="left" width="2%">)</td>
<td align="left" width="1%"> </td>
<td align="right" width="13%">(4,231,322</td>
<td align="left" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Deferred tax liabilities</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="13%">(145,221</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="13%">(197,314</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"><b>Net deferred income t ax asset (liability)</b></td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="13%"> (145,221</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%">)</td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="13%"> (197,314</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%">)</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Expiry</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Expiry</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">date range</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">date range</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Mineral expenditures and capital assets</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 5,752,246</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">No expiry date</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 5,628,645</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">No expiry date</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Share issue costs</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">674,367</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2022 to 2024</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">281,884</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2021</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Non-capital losses and other</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">15,487,395</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">2026 to 2039</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">12,383,172</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">2026 to 2038</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Weighted average</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">Outstanding</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">exercise price</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Balance at May 31, 2017</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">4,100,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 0.32</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Granted</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">3,400,000</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.58</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Exercised</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">(1,333,333</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.29</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Expired/cancelled</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">(395,833</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">0.55</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Balance at May 31, 2018</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">5,770,834</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.47</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Granted</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">3,050,000</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.77</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Exercised</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">(133,333</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">0.36</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"><b>Balance at May 31, 2019</b></td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%">8,687,501</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 0.57</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="14%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="14%">Weighted average</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">Outstanding</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">exercise price</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Balance at May 31, 2017</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">10,514,168</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="14%"> 0.60</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Exercised</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">(2,624,834</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">0.49</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Balance at May 31, 2018</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">7,889,334</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">0.64</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Issued</td>
<td align="left" width="1%"> </td>
<td align="right" width="14%">8,032,467</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="14%">0.94</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Exercised</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">(8,168,011</td>
<td align="left" bgcolor="#e6efff" width="2%">)</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="14%">0.64</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Expired/cancelled</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">(990,167</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%">)</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="14%">0.67</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"><b>Balance at May 31, 2019</b></td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="14%">6,763,623</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="14%"> 0.99</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Weighted average:</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Risk free interest rate</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">2.05%</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1.65%</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Expected dividend yield</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2.35%</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.00%</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Expected stock price volatility</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">67%</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">74%</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Expected life in years</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">5</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Forfeiture rate</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">0%</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">0%</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="11%">Salary</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="11%">Share-based</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="11%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"><b>Year ended May 31, 2019</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">or fees</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">payments</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Management</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%">907,230</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%"> 386,013</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%"> 1,293,243</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Directors</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">160,066</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">517,430</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">677,496</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%">1,067,296</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%"> 903,442</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%"> 1,970,739</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="11%">Salary</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="11%">Share-based</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="11%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"><b>Year ended May 31, 2018</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">or fees</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">payments</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Management</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td
align="right" bgcolor="#e6efff" width="11%">356,143</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%"> 398,933</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="11%"> 755,076</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Directors</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">95,833</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">375,094</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="11%">470,927</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%">451,976</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%"> 774,027</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="11%"> 1,226,003</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Financial assets</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="12%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="12%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Amortized cost:</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"> Cash</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 4,603,062</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 4,817,357</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Fair value through profit or loss:</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> Receivables from provisional sales</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">129,960</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">217,054</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 4,733,022</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%"> 5,034,411</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"><b>Financial liabilities</b></td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="12%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="12%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Amortized cost:</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff"> Accounts payable and accrued liabilities</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 1,126,982</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 333,705</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> Loans payable</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2,798,975</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">8,831,653</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 3,925,957</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td
align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 9,165,358</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="12%">Level 1</td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="12%">Level 2</td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="12%">Level 3</td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="12%"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 1px solid; border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"><b>Financial assets</b></td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff">Receivables from provisional sales</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> -</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 129,960</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> -</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 129,960</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
563882
217054
129960
0
129960
0
35648
195350
1513728
15965335
0
15965335
1513728
0
261753
261753
0
0
0
0
0
0
0
0
9960221
0
0
0
0
0
8217300
15108224
2093218
5691629
9960221
8217300
15108224
2093218
5691629
19262
13203
6059
0
441374
441374
0
0
220227
220227
0
0
62366163
16402568
36003374
9960221
6105780
6105780
0
0
7855161
8332041
6677476
110321
16297523
9061929
231693
16297523
0.02
0.01
0.01
0.020
0.020
0.015
0.020
0.020
0.015
0.010
0.010
0.015
0.020
0.010
210000
0.010
0.01
7500000
7500000
4000000
13728
12572
63240
79153
24246
53309
3
1
0.50
0.54
0.79
0.71
1.04
1.16
0.015
0.015
0.020
1.00
0.50
1.00
7.00
20000000
1.17
0.94
P2Y
314433
314285
1.00
0.15
8831653
8831653
0
2798975
0
2798975
15067
0
15067
8332041
8332041
0
2633733
0
2633733
188762
173695
15067
1944775
1944775
0
7199123
7199123
0
316509
316509
0
171000
101533
69467
0.1990
0.05
0.05
0.080
P10Y
P1Y
-2364442
-2087058
0.2641
0.2700
-624537
-538035
-36345
-14573
-69865
246212
0
408524
4231322
1486243
76109
2668970
5139132
1519734
182079
3437319
4231322
5628645
281884
12383172
5139132
5752246
674367
15487395
197314
145221
0.21
0.30
0.33
0.58
0.54
0.64
0.73
0.81
5770834
8687501
1333334
100000
466667
412500
1825000
1500000
1550000
1500000
4100000
3400000
3050000
1333333
133333
395833
0.47
0.57
0.32
0.58
0.77
0.29
0.36
0.55
48000
214000
0.45
0.45
0.60
0.85
0.85
1.17
1.17
7889334
6763623
383333
83333
1055760
525000
75000
2397675
2243522
10514168
8032467
2624834
8168011
990167
0.64
0.99
0.60
0.49
0.64
0.67
0.0165
0.0207
0.0205
0.00
0.0207
0.0235
0.74
0.73
0.67
1.1
0.00
0.00
0.00
18552764
48366090
6824070
8748808
0.78
400137
441240
0.10
5525001
1333334
100000
466667
412500
1825000
1000000
387500
0
3.92
3.50
1211939
1132624
0.36
0.37
28800
166900
0.60
0.78
Subject to acceleration if the share price is at or above $1.50 per share for ten consecutive trading days
451976
356143
95833
1067296
907230
160066
774027
398933
375094
903442
386013
517430
1226003
755076
470927
1970739
1293243
677496
70833
407284
14546597
9229644
16187203
7199122
1035820
406841
26892
353097
1598377
2624834
8168011
600000
2616831
600000
8100
0.0100
5034411
4733022
1000000
400000
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" width="5%"><b>14.</b></td>
<td>
<p align="justify"><b>EVENTS AFTER THE REPORTING DATE</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Subsequent to May 31, 2019, the Company:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="10%"> </td>
<td valign="top" width="5%">a)</td>
<td>
<p align="justify">amended the terms of the purchase and sale agreement of the Alamos acquisitions to acquire the Orion NSR royalty (Note 4);</p>
</td>
</tr>
<tr>
<td width="10%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="10%"> </td>
<td valign="top" width="5%">b)</td>
<td>
<p align="justify">acquired an additional 3.0% NSR royalty on St. Barbara’s 15 Mile Stream project for $2,000,000; $500,000 of which was paid on signing of the agreement and $1,500,000 which is conditional upon the achievement of certain milestones (Note 4);</p>
</td>
</tr>
<tr>
<td width="10%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="10%"> </td>
<td valign="top" width="5%">c)</td>
<td>
<p align="justify">entered into a sale agreement to sell the Tower Mountain project (Note 4);</p>
</td>
</tr>
<tr>
<td width="10%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="10%"> </td>
<td valign="top" width="5%">d)</td>
<td>
<p align="justify">drew down the initial advance of $7,000,000 on its facility with Beedie (Note 6); and</p>
</td>
</tr>
<tr>
<td width="10%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="10%"> </td>
<td valign="top" width="5%">e)</td>
<td>
<p align="justify">repaid in full the third-party loans with an aggregate principal balance of US$2,000,000 (Note 6).</p>
</td>
</tr>
</table>
127719
343864
0.030
333705
1126982
23301
483480
2000000
745732
2437772
-1838359
-1449255
3689838
3689838
0
0
2415942
2415942
0
0
2000000
240296
240296
0
0
105273
105273
0
0
3776
46396
-182971
0
-182971
447791
-249080
-124281
1007794
1566939
2000000
2623733
2554721
60000
79012
0.85
103959
P2Y
7199123
7199123
7000000
5000000
1250000
0.025
P48M
1.39
9229644
441240
90769
600000
7863540
6000000
1500000
2014065
2200000
2920720
0.1667
2616831
0.60
151000
7150000
0.66
150000
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" width="5%"><b>6.</b></td>
<td>
<p align="justify"><b>TRADE AND OTHER PAYABLES</b></p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Trade payables and accrued liabilities</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 1,126,982</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 333,705</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Income taxes payable</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">483,480</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">23,301</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 1,610,462</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 357,006</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">May 31</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2019</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">2018</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Trade payables and accrued liabilities</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 1,126,982</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 333,705</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Income taxes payable</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">483,480</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">23,301</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 1,610,462</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 357,006</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Accounting standards adopted during the year</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify"><i>Revenue recognition</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Effective June 1, 2018, the Company has adopted IFRS 15 Revenue from Contracts with Customers (“IFRS 15”). The Company elected to apply IFRS 15 using a modified retroactive approach by recognizing the cumulative effect of initially adopting this standard at the date of initial recognition. Comparative information has not been restated and continues to be reported under IAS 18 Revenue (“IAS 18”). The Company has concluded that there was no cumulative effect adjustment required to be recognized at June 1, 2018. The details of the accounting policy changes are described below.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Revenue is comprised of revenue earned in the period from royalty and mineral stream interests. In accordance with IFRS 15, the Company recognizes revenue to depict the transfer of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities. For the Company’s royalty and stream interests, revenue recognition occurs when the relevant commodity is transferred to the end customer by the operator of the related property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty or stream agreement.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. Under the terms of certain royalty and stream agreements, revenue may be subject to adjustment upon final settlement of estimated metal prices, weights, and assays. Provisionally-priced revenues are initially recognized based on forward prices. Adjustments to revenue from metal prices are recorded at each reporting period and other adjustments are recorded on final settlement and are offset against revenue when incurred.</p>
</td>
</tr>
</table>
<div><br style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;" /><br style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;" /></div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><i>Financial instruments</i></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Effective June 1, 2018, the Company has adopted IFRS 9 Financial Instruments (“IFRS 9”). Prior periods were not restated, and no material changes resulted from adopting this new standard. IFRS 9 introduced a revised model for classification and measurement, and while this has resulted in several financial instrument classification changes, as presented in Note 12, there were no quantitative impacts from adoption. The details of the accounting policy changes are described below.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">IFRS 9 largely retains the existing requirements in IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”) for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables, and available for sale.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Under IFRS 9, on initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at amortized cost, fair value through other comprehensive income (“FVOCI”), or fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are measured at FVTPL.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated, and instead the hybrid financial instrument as a whole is assessed for classification. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (“OCI”). This election is made on an investment-by-investment basis.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">The classification determines the method by which the financial assets are carried on the consolidated statement of financial position subsequent to initial recognition and how changes in value are recorded. The following accounting policies apply to the subsequent measurement of financial assets.</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">
<p align="justify">Financial assets at FVTPL - These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.</p>
</td>
</tr>
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">
<p align="justify">Financial assets at amortized cost - These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.</p>
</td>
</tr>
<tr valign="top">
<td width="10%"> </td>
<td align="left">•</td>
<td align="left" width="85%">
<p align="justify">Equity investments at FVOCI - These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Gains or losses recognized on the sale of the equity investment are recognized in OCI and are never reclassified to profit or loss.</p>
</td>
</tr>
</table>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">Financial liabilities are designated as either fair value through profit or loss, or other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the consolidated statement of financial position subsequent to inception and how changes in value are recorded. Other financial liabilities are carried on the consolidated statement of financial position at amortized cost. The Company completed an assessment of its financial instruments as at June 1, 2018.</div>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border-color: black;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify">The following table shows the original measurement under IAS 39 and the new categories under IFRS 9:</p>
</td>
</tr>
</table>
<div> </div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="right" style="border-top: #000000 3px double;" width="15%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="15%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="15%">IAS 39</td>
<td align="right" style="border-bottom: #000000 1px solid;" width="15%">IFRS 9</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Financial assets</td>
<td align="left" bgcolor="#e6efff" width="15%"> </td>
<td align="left" bgcolor="#e6efff" width="15%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Cash</td>
<td align="right" width="15%">Loans and receivables</td>
<td align="right" width="15%">Amortized costs</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Receviables from provisional sales</td>
<td align="right" bgcolor="#e6efff" width="15%">FVTPL</td>
<td align="right" bgcolor="#e6efff" width="15%">FVTPL</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Financial liabilities</td>
<td align="left" width="15%"> </td>
<td align="left" width="15%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Trade payable and accrued liabilities</td>
<td align="right" bgcolor="#e6efff" width="15%">Loans and receivables</td>
<td align="right" bgcolor="#e6efff" width="15%">Amortized costs</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;">Loan payable</td>
<td align="right" style="border-bottom: #000000 3px double;" width="15%">Loans and receivables</td>
<td align="right" style="border-bottom: #000000 3px double;" width="15%">Amortized costs</td>
</tr>
</table>
<p align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">IFRS 9 introduces a new three-stage expected credit loss model for calculating impairment for financial assets. IFRS 9 no longer requires a triggering event to have occurred before credit losses are recognized. An entity is required to recognize expected credit losses when financial instruments are initially recognized and to update the amount of expected credit losses recognized at each reporting date to reflect changes in the credit risk of the financial instruments. In addition, IFRS 9 requires additional disclosure requirements about expected credit losses and credit risk. For its trade receivables from provisional sales, the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision. There was no adjustment relating to the implementation of the expected credit loss model for the Company’s trade receivables from provisional sales.</p>
<div align="justify" style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; margin-left: 78px; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized.</div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0" >
<tr>
<td width="5%"></td>
<td>
<p align="justify"><b>Royalty, stream, and other interests</b></p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Royalty, stream, and other interests consist of acquired royalty, stream, and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"></td>
<td>
<p align="justify">On acquisition of a royalty or stream interest, an allocation of its fair value may be attributed to the exploration potential of the interest and is recorded as an exploration asset on the acquisition date. The carrying value of the exploration potential is accounted for in accordance with IFRS 6 Exploration and Evaluation of Mineral Resources (“IFRS 6”) and is not depleted until such time as the technical feasibility and commercial viability have been established, at which point the value of the asset is accounted for in accordance with IAS 16 Property, Plant and Equipment (“IAS 16”). Upon demonstration of the technical and commercial feasibility of a project and a development decision, the carrying value related to that project is subject to an impairment test and is reclassified in accordance with IAS 16.</p>
</td>
</tr>
</table>
6903406
9165358
3925957
P2Y
1527957
2495521
5
5
7855161
7855161
14546597
2616831
8432687
0.02
90769
0.78
167157
8599844
7631342
801345
588533
39673
8217300
8599844
459816
107998
351818
0
7000000
9229644
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff"><b>Considerations paid:</b></td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Common shares issued</td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> 7,855,161</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Convertible debenture payable</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">8,332,041</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Acquisition costs</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">110,321</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">16,297,523</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"><b>Net asset acquired</b></td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Receivables</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 563,882</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Endeavor stream interest</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">9,061,929</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Coeur royalty interests</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">6,903,406</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Accounts payable and accrued liabilities</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">(231,693</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 16,297,523</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff"><b>Considerations paid:</b></td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Common shares issued</td>
<td align="left" width="1%">$</td>
<td align="right" width="12%"> 7,631,342</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Reserve for ValGold share purchase warrants</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">801,345</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Acquisition costs</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">167,157</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">8,599,844</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"><b>Net asset acquired:</b></td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Cash</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 588,533</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Trade receivables and other</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">39,673</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">ValGold royalty interests</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">8,217,300</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Trade and other payables</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">(245,662</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%">)</td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%">$</td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> 8,599,844</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Exercise</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Expiry date</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">price</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">Outstanding</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">Exercisable</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Jul 15, 2021</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 0.21</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,333,334</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,333,334</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Nov 15, 2021</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.30</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">100,000</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">100,000</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Nov 30, 2021</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.33</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">466,667</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">466,667</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Mar 06, 2022</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.58</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">412,500</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">412,500</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Jul 31, 2022</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.54</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,825,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,825,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Mar 01, 2023</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.64</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1,500,000</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1,000,000</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Sep 18, 2023</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.73</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,550,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">387,500</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Jan 04, 2024</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">0.81</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">1,500,000</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">-</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">8,687,501</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="12%">5,525,001</td>
<td align="left" style="border-bottom: #000000 3px double;" bgcolor="#e6efff" width="2%"> </td>
</tr>
</table>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; orphans: 2; letter-spacing: normal; font-size: 10pt; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; border: black 0px solid;" border="0" cellspacing="0" cellpadding="0">
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-top: #000000 3px double;"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-top: #000000 3px double;" width="12%">Exercise</td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-top: #000000 3px double;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;">Expiry date</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">price</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" width="12%">Outstanding</td>
<td align="left" style="border-bottom: #000000 1px solid;" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Oct 06, 2019</td>
<td align="left" bgcolor="#e6efff" width="1%">$</td>
<td align="right" bgcolor="#e6efff" width="12%"> 0.60</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1,055,760</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Nov 08, 2020</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.85</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">525,000</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Dec 05, 2020</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">0.85</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">75,000</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Dec 21, 2020</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">1.17</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">2,397,675</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Jan 04, 2021</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">1.17</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="12%">2,243,522</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Aug 11, 2021</td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">0.45</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="12%">383,333</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff">Aug 30, 2021</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">0.45</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="1%"> </td>
<td align="right" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="12%">83,333</td>
<td align="left" style="border-bottom: #000000 1px solid;" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="border-bottom: #000000 3px double;"><b>Total</b></td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="12%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
<td align="left" style="border-bottom: #000000 3px double;" width="1%"> </td>
<td align="right" style="border-bottom: #000000 3px double;" width="12%">6,763,623</td>
<td align="left" style="border-bottom: #000000 3px double;" width="2%"> </td>
</tr>
</table>
2092308
2509082
1365079
1282191
721316
266868
-58489
661193
0.01
5000000
0001722606mtaff:CoeurAcquisitionsMember2019-01-012019-05-31
1.35
0.31
7199123
0.78
12000000
2717600
0001722606mtaff:SantaGertrudisAcquisitonsMember2018-11-012018-11-30
10123077
7181444
8332041
245662
500000
1500000
0.75
801345
132522877
8219009
8240000
9960221
426171
9534050