February 25, 2021

Wealth Letter
Analyst Report

Goliath
Resources Ltd.
TSX-V: GOT| OTCQB : GOTRF |FSE:B4IF
www.goliathresourcesltd.com
 TSX-V: GOT| OTCQB : GOTRF |FSE:B4IF

Company Description
Goliath Resources Limited is a junior explorer of precious metals projects in the prolific Golden
Triangle of Northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects
are in world class geological settings and geopolitical safe jurisdictions amenable to mining in
Canada.

British Columbia (BC) - Golden Triangle: Two BC properties (Golddigger and Lucky Strike) with
widespread mineralization of high-grade gold-silver exposed bedrock on-site. The current focus is
on their new Surebet discovery of high-grade gold-silver that has 1000 metres of strike exposed at
surface that has 500 metres of height with an average width of 9.84m and 10.68 g/t AuEq (7.59 g/t
Au) with 1000 metres of inferred down dip extent. Link to 3D model: (Click Here)

The Surebet discovery has caught the attention of institutions, senior miners, and the technical
community with the of addition of world renowned Dr. Quinton Hennigh as its technical advisor.
Dr. Hennigh believes Surebet has the potential to host a 2 million ounces AuEq plus resource (Click
Here)

The Company is fully funded for its 2021 inaugural drill program at Surebet.

Financial Highlights

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 TSX-V: GOT| OTCQB : GOTRF |FSE:B4IF

Highlights
Experienced Team with Proven Track Record
Extensive experience in corporate strategy, operations, finance, exploration and the sale of projects.

Strong Financing Ability

Operations are sustainable and well-funded, and supported by strategic investors.

Exploration Discoveries and Opportunities

Significant opportunities with exploration in BC and QC, with historical records of mining success. The
Golden Triangle in BC has a significant past with the Stikine, Cassiar and Atlin Gold Rushes. With new
infrastructure for power, labour and logistics, the region can now again be explored and mined - as
only an estimated 0.0006% of the Golden Triangle has been mined to date, according to a report by the
BC Government. Goliath is already seeing discovery success in the area. Similarly, the Abitibi Greenstone
Belt in QC has seen around 200 million oz of gold historically, with much area unexplored.

Opportunity
BC – Golddigger: Option to acquire 100%, covers
23,858.51 hectares (59,646 acres);
Near Fury Gold Mines’ Homestake Ridge, only
8 km away, which contains an estimated
0.98M oz of gold @4.99 g/t and 19.6M oz of
silver @ 97.7 g/t; drill intercepts of up to 73m
of 21 g/t Ag & 12 g/t Au

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 TSX-V: GOT| OTCQB : GOTRF |FSE:B4IF

BC - Lucky Strike: Option to acquire 100%, covers 31,511 ha, cost-effective with logging road access.
Within a few kilometres to a major highway, power, rail, only 40 km north of major infrastructure in
Terrace BC. Located south of the Golden Triangle and in Skeena Arch, a belt-scale structural
corridor with significant porphyry and related mineralization.

BC - DSM Syndicate: 10% interest in exploration.

QC - Nelligan Project: Stage 1, Q3 2020 - digital

compilation/synthesis of historical work, with field
reconnaissance/prospecting. Stage 2, Q4 2020 -
may need reconnaissance diamond drilling.
East: 8 km E of Joe Mann Mine (1956 - 2007,
extracted 1.2M oz Au, 8.26 gpt; 0.6M oz Ag, 5
gpt; 28.7M oz Cu, 0.25%). West: Inferred 3.2M oz
Au, 1.02 gpt.

Business Model
Goliath is a mining exploration company of gold and silver, with multiple saleable opportunities in
selling or joint venturing with senior mining companies.

Progress and Roadmap

Gold and silver exploration, with diamond drilling, lidar/drone imagery, field observations. New
discovery in Golddigger asset, and continued progress in the other BC and QC sites.

Strong Management Team and Advisory Board

Roger Rosmus, MBA: President, CEO, Director,
25+ years of investment banking experience in
the public and private sectors.
Graham C. Warren, CPA, CMA: CFO, Director,
Senior financial executive with 30+ years
experience in the technology, mining, and oil
and gas sectors.
Wayne Isaacs: Director (Ind), 30+ years
investment banking experience in the resource
sector.
Jean Lafleur, B. Sc., M. Sc. Geology, P. Geo.:
Director (Ind), 45+ years experience in the
mining industry.
Dr. Quinton Hennigh: Technical Advisor, World
renowned exploration geologist with 30+ years
of experience with major miners Homestake,
Newcrest and Newmont. CHM & President of
Novo TSX.V: NVO
Bill Chornobay: Program Manager, 30+ years
proven track record; discoveries resulting in ~1
billion dollars in value.
Leon Daniels, Ph.D, B.Sc. Honours: Advisor,
35+ years exploration and production
experience.

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 TSX-V: GOT| OTCQB : GOTRF |FSE:B4IF

Breaking release: ERIC SPROTT TAKES 8.5% STAKE IN GOLIATH RESOURCES

LIMITED
February 10, 2021

The company has announced a strategic investment by Mr Eric Sprott for a total of
$2,000,000 representing an 8.5% stake in the Company post financing. Crescat Capital LLC
will be participating in this offering to maintain its 9.9% interest.

The offering will consist of 4,189,090 units priced at $0.55 for gross proceeds of $2,304,000.
Each unit will include a common share and a warrant for buying an additional share at $0.86
for a twenty-four month period and subject to an accelerator clause.

The company’s statement is as follows: “We are extremely pleased to welcome Mr. Eric Sprott
as a new and significant shareholder in Goliath. We appreciate Eric recognizing the potential
upside for the Company and we look forward to his continued support as well as Crescat. This
investment is a strong testament to all the hard work and dedication in the field that has
led us from a concept to the new Surebet high-grade gold-silver discovery in the Golden
Triangle, BC. Goliath has caught the attention of institutions, senior miners, and the
technical community with the of addition of Dr. Quinton Hennigh as its technical advisor.
We are fully funded for the 2021 inaugural drill program at Surebet and look forward to
kicking off our program in Q2.”

About Sprott

Sprott is a global asset manager providing investors with access to highly-differentiated

precious metals strategies. They are specialists.

Their in-depth knowledge, experience and relationships separate them from the
generalists. Sprott’s specialized investment products include innovative physical bullion trusts,
managed equities, mining ETFs, as well as private equity and debt strategies.

They also partner with natural resource companies to help them meet capital needs through
his brokerage and resource lending activities. Sprott is based in Toronto and has offices in New
York, San Diego and Vancouver.

Sprott today serves over 200,000 global clients and has approximately $16.3 billion in assets
under management.
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 TSX-V: GOT| OTCQB : GOTRF |FSE:B4IF

About Crescat Capital LLC

Crescat is a global macro asset management firm headquartered in Denver, Colorado.

Crescat’s mission is to grow and protect wealth over the long term by deploying tactical
investment themes based on proprietary value-driven equity and macro models.
Crescat’s goal is industry leading absolute and risk-adjusted returns over complete
business cycles with low correlation to common benchmarks. Crescat’s investment process
involves a mix of asset classes and strategies to assist with each client’s unique needs and
objectives and includes Global Macro, Long/Short, Large Cap and Precious Metals funds.

Crescat is advised by its technical consultant Dr. Quinton Hennigh on investments in gold and
silver resource companies. Dr. Hennigh became an economic geologist after obtaining his PhD
in Geology/Geochemistry from the Colorado School of Mines. He has more than 30 years of
exploration experience with major gold mining firms that include Homestake Mining, Newcrest
Mining and Newmont Mining. Recently, Dr. Hennigh founded Novo Resources Corp (TSXV:
NVO) and serving as Chairman. Among his notable project involvements are First Mining Gold’s
Springpole gold deposit in Ontario, Kirkland Lake Gold’s acquisition of the Fosterville gold mine
in Australia, the Rattlesnake Hills gold deposit in Wyoming, and Lion One’s Tuvatu gold project
on Fiji, among many others.

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