Signal Gold Inc T.SGNL

Merger DD : Data Comparison Between NexGold And Signal Gold

[DoumDiDoum]

I'm still digging and doing some due diligence in order to evaluate the merge deal proposed between NEXG and SGNL. I know the debate will eventually be more "emotional" when we will approach the voting date, so I decided to post the DD I have done and present facts in a side-by-side table, trying to compare apples with apples. Please feel free to comment if info is not accurate or if you think other facts could be added to this sheet.

If those facts are generally accepted, then we can "debate" which side has the better deal and if everybody gets their fair share of the deal. Hopefully that will help shareholders in their decision process.

	NexGold	Signal Gold
NI-43-101	PFS (2023)	FS (January 2022 - Phase 1 Only)
	• $336M NPV5% and 25.4% after-tax IRR at US$1,750/oz Au • $652M NPV5% and 41.4% after-tax IRR at US$2,150/oz Au • 1.2Moz extracted gold for a 13 years mine life with first 9 years averaging 109Koz • AISC estimated at US$1037/oz • C$335M initial capex, 2.8yr payback	• $442M NPV5% and 31.7% after-tax IRR at US$1,760/oz Au • $556M NPV5% and 37.5% after-tax IRR at US$1,936/oz Au • 1.1Moz extracted gold for a 10.9 years mine life averaging 100Koz/year • AISC estimated at US$849/oz • C$271M initial capex, 2.9yr payback
Mineral Reserves	1.46Moz Au equivalent	1.15Moz Au (Phase 1 only)
Mineral resources	Goliath complex (US$1700 GP; US23$ SP): • OP: 1.8Moz M+I and 756koz Inf. Au equivalent (Au cut-off at 0.3g/t Goliath and 0.25g/t Miller)   • UG: 362koz M+I and 28koz Inf. Au equivalent (Au cut-off at 2.20g/t)   Total: 2.95Moz	Goldboro RE (US$1600 GP): • OP: 1.42Moz M+I and 66koz Inf. Au (Cut-off at 0.45g/t)   • UG: 1.16Moz M+I and 478koz Inf. Au (Cut-off at 2.40g/t)   Total: 3,124Moz *underestimated: lot of drilling done after FS (which suggests a third pit west)
Financials As Of June 30 2024	• $114.1M assets • $5.8M cash and cash equivalent • $18M in liabilities (in which $8.14M convertible debenture maturing on June 30 2026)	$68.5M assets $6.6M cash and cash equivalent $27.7M in liabilities (in which $19.7M Nebari credit facility maturing on February 25 2025)
Other deposits/ targets in the area	•  Testing the 25kms strike between Goliath and Goldlund deposits	• Western extension toward Dolliver Mountain: latest 5,179-metre diamond drilling campaign's high grade results not compiled yet (but promising). • Goldboro gold district: several targets around the designed Goldboro open pits: Fowler (east) and Stewart (north) were targeted for exploration this summer.
Other properties	Niblack: VMS type deposit in Alaska with around 800koz-900koz Au equivalent	Tilt Cove in Newfoundland: exploration-stage gold-copper with 11,000 hectares of prospective mineral lands including a significant property package covering 35 kilometres of high-potential strike length including the Nugget Pond Horizon ("NPH")

[shiftyone]

DDD,  apples to apples is not necessarily comparing a 2023 NI-43-101 to a 2022 FS. Comparing the value of assets is a little difficult... that is what the company has on the books as the value of it's projects, etc..  That can change rapidly, as we seen with SGNL's last financials where they wrote down $25 million of the value of their properties. You put an asterick by the

[GoldNHill]

Shiftyone....the most recent drilling to the west is targeting a possible 3rd pit...Yes...more holes required to prove that...nobody knows for sure yet. It is obvious simply by the 250m deep drill holes that they are looking at Open Pit resources....thus far IMHO they for sure are on track for a pit #3 being defined.  If the holes drilled were deeper like 500+ meters then the would be

[shiftyone]

GNH, I am confident that they are hoping to define a pit 3.  There is nothing to indicate yet that is there.  There is nothing to suggest that a couple of good veins several hundred feet deep are worthy of the costs associated.  There may be.  But DDD makes statements without validating.  I could say that SGNL needs to make a deal or they will likely go bust.  And he

[GoldNHill]

Regarding infill and updated FStudy...I am just stating what Signal has relayed to me when I asked...that is their plan....just ask. Was also told a while back that if they drill more shallow holes to the West of the West Pit again (or out by Dolliver Mountain), internal SGNL modeling suggests the possibility of a Pit 3...they drilled 5000 more meters after the first block of holes to the West of

[wearethebest]

There is more holes in that ground than Hynes  got pickles . My didn't they hit China yet.