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DEVELOPING A LEADING GOLD PROJECT IN AFRICA

May 2020 CORPORATE PRESENTATION

| TSX-V: ORG

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Forward-looking Disclaimer

Any statements that express or involve discussions with respect to predictions,expectations, beliefs, plans, projections, objectives, assumptions or futureevents or performance (often, but not always, identified by words or phrasessuch as “expects”, “anticipates”, “believes”, “plans”, “projects”, “estimates”,“assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible”or variations thereof or stating that certain actions, events, conditions or results“may”, “could”, “would”, “should”, “might” or “will” be taken, occur or beachieved, or the negative of any of these terms and similar expressions) are notstatements of historical fact and may be forward-looking statements. Forward-looking statements in this press release include, but are not limited to,statements with respect to the Mineral Reserves and Resources at Block 14 andthe grade of mineralization and production at Block 14; projected production,recovery rates and strip ratios at Block 14; the life of mine of Block 14; cost, taxand economic estimates in respect of Block 14 (including estimates of netpresent value, rate of return, revenues, profit and cash flow); metal prices; thereceipt of necessary permits in respect of Block 14 and the expected timingthereof; the expected timing for and the nature of the development of Block 14;expected mining and processing methods to be employed at Block 14 and thetiming and rate thereof; estimates of waste stripping and stockpiling; andestimates of the location and extent of the Company’s mining activities.

Forward-looking statements and forward-looking information (collectively,“forward-looking statements”) are not guarantees of future performance and arebased upon a number of estimates and assumptions of management at the datethe statements are made, including, without limitation, assumptions about thefollowing (the “Forward-Looking Factors”): that the Feasibility Study representsan accurate and viable development option for Block 14; the amount and gradeof Mineral Resources and Mineral Reserves at Block 14; future production fromBlock 14, including recovered and produced gold and the grade thereof; the lifeof mine of Block 14; the capital costs of

constructing the mine and developing it to production; sustaining capital and theduration of financing payback periods; operating costs and total costs; net cashflow; net present value; the economic returns that may be derived by theCompany from Block 14; obtaining licenses and permits; government regulationof the Company’s mining activities; that the development and mining of Block 14will proceed as expected in the manner set out in the Feasibility Study; futureprices of gold and other metals; performance of contractual obligations bycounterparties; operating conditions; political stability; obtaining governmentalapprovals and financing on time; financial projections and budgets;environmental risks and expenses; market conditions; the securities market;price volatility of the Company’s securities; currency exchange rates; foreignmining tax regimes; insurance and uninsured risks; financial projections andresults; and competition and reclamation obligations.

While we consider these assumptions to be reasonable, the assumptions areinherently subject to significant business, social, economic, political, regulatory,competitive and other risks and uncertainties and contingencies, many of whichare based on factors and events that are not within the control of the Companyand there is no assurance they will prove to be correct. As such, the forward-looking statements are subject to a variety of known and unknown risks,uncertainties and other factors that could cause actual events or results to differmaterially from those reflected in the forward-looking statements, including,without limitation, that the Feasibility Study may not represent a viabledevelopment option for Block 14 and that the assumptions set out therein(particularly with respect to the economics of Block 14) may prove to be untrue orinaccurate; that actual Mineral Reserves and Resources at Block 14 and thegrades thereof may be less or different in nature than those contained in theFeasibility Study; that the Company may not meet the production estimates setout in the Feasibility Study; that the life of mine at Block 14 may be shorter thananticipated; that the Company may not receive the necessary permits on time, orat all; risks related to cost overruns and the changes of the cost of inputs; that

the development and mining of Block 14 may experience delays and may notproceed on the expected timeline, or at all; that the Company may develop Block14 in a different manner than is set forth in the Feasibility Study; risks relating toour dependence on key personnel; risks related to our dependence on outsideparties; risks related to conflicts of interest involving our directors and officers;risks related to litigation; that the Company may encounter land title issues andlocal community issues; and other known and unknown risks, uncertainties andother factors relating to the Forward-Looking Factors above, and those risksdisclosed under the heading “Risk Factors” in the Company’s annual informationform on file with the Canadian securities regulatory authorities and availableelectronically on the SEDAR website at www.sedar.com.

A number of factors could cause the actual results, performance or achievementsof the Company to differ materially from any future results, performance orachievements expressed or implied by the forward-looking statements, andthere is no assurance that the actual results, performance or achievements of theCompany will be consistent with them. Although the Company has attempted toidentify important factors that could cause actual actions, events, results,performance or achievements to differ materially from those described inforward-looking statements, there may be other factors that cause actions,events, results, performance or achievements not to be as anticipated,estimated or intended. There can be no assurance that forward-lookingstatements will prove to be accurate, as actual results and future events coulddiffer materially from those anticipated in such statements. Such forward-looking statements are made or given as at the date of this press release andthe Company disclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information, futureevents or otherwise, except as required under applicable securities law. Thereader is cautioned not to place undue reliance on forward-looking statements.

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Highlights

Management with extensive experience in discovery, financing, development & M&A in Africa

Sudan poised to be removed from SSTL

3.3+Moz Au Indicated Resources:Indicated: 79.9Mt at 1.30 g/t Au for 3.34 Moz of AuInferred: 18.5Mt at 1.2 g/t Au for 0.71 Moz of Au

Feasibility Study on Block 14: $403M NPV @ US$1,250 Au

13.6 years mine life

228Koz/year production first 7 years

45% interest in Montage Gold Corp.

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CorporateOverview

SHARESTRUCTURE

MAJORSTOCKHOLDERS

Issued & Outstanding Shares 212M Zebra Holdings/Lorito 16.6%

OptionsAvg. Strike Price: $0.41 13M Resolute Mining Limited 15.3%

MCapas at May 14, 2020 $67M Ross Beaty 10.6%

Kinross Gold 5.0%

Management & Board 6.1%

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CEO

RICK CLARKB.A., LLB

President

HUGH STUARTB.Sc (Hons), M.Sc, FGS

COO

KEVIN ROSSEur Ing, MBA, MIMMM

CFO

GLENN KONDOB,Comm., CA

Chief Strategist, African Affairs

KARAMO SONKOM.Phil., Ph.D

Management

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Directors

Strong development-focused board with extensive construction and operating experience.

PresidentHUGH STUART B.Sc, M.Sc, FGS

CEORICK CLARK B.A., LLB

Chairman

ALEX DAVIDSONM.Sc(Econ. Geol.), B.SC, P.Geo

Non-Exec

BOB CHASECPA, CA

Non-Exec

DAVID FIELDBec(H)/BSc ANU

Non-Exec

DEREK WHITEB.Eng, CA

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AboutSudan

100km

Block 14 Gold Project

N

• Highly prospective geology – under explored

• Largest gold rush in the last century – +100t producedannually

• 2nd largest gold producing country in Africa

• Commercial mining is a priority

• Secure & safe operating environment

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Political Development in Sudan

APRIL 11, 2019 Sudanese dictator Omar al-Bashir was removed from power by the Sudanese Armed Forces amid ongoing protests after holding the office for nearly 30 years

JULY 17, 2019 Transitional power-sharing agreement signed between the Transitional Military Council (TMC) and the opposition alliance, Forces for Freedom and Change (FFC), for a period of three years

AUGUST 4, 2019 The TMC and FFC sign constitutional declaration

AUGUST 21, 2019 A Sovereign Council, including 2 women, declared to lead the Sudan for 39 months

AUGUST 21, 2019 Mr. Adballa Hamdokappointed Prime Minister by the Sovereign Council

SEPTEMBER 5, 2019 18 Ministers, including 4 women appointed by Prime Minister Hamdok

MAY 4, 2020U.S. approves appointment of first ambassador from Sudan in 20+ years

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15%CORPORATE

TAX

7%ROYALTIES

Sukari15Moz

TaheO.5Moz

Managem3.9Moz

HassaiVMS

Zara0.84Moz

Bulghah2.01Moz

Mahd Ad’Dahab0.77Moz

Masarrah1.57Moz

Ad Duwayhi2.4Moz

Mansourah3.05Moz

Al Amar1.12Moz

BishaVMS

Sukhaybarat0.89Moz

Miskah2.70Moz

ArRjum2.63Moz

400 Kilometres

N

Gold Project

OWNERSHIP INTERESTAFTER DEVDECISION

Orca 70%

Local Partner 10%

Government 20%

Block 14

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Water Pipeline

Water Extraction Permit

980km2

Wadi Doum Mining Lease

B14 Exploration Licence Extension Area

Water Resource

& Borefield

AREA 5 – Fresh Water Resource

100M m3

Galat SufarSouth (GSS)Probable Reserves: 2.657 Moz

Wadi DoumProbable Reserves: 0.197Moz Au

20 km

Egyptian Border 80km

Abu Hamad

Reserve

Targets

Block 14 Tenement

N

Access Road

GSSMining Lease

Concession1,000Km2

Block 14

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10 km

Water Resource 135km2

Water Extraction Permit 980km2

• Measured Water Resource of 80-100Mm3

• Water Extraction Permit = 980km2

• Supports 12,500m3/day for Life of Mine

• Water is Fresh

• Only 20% of Aquifer Drilled to Date

*As defined by GCS Water and Environmental Consultants Ltd

562km2

135km2

825km2

Supports MillThroughput:

6.0Mtpa

Geophysical Survey Aquifer TargetDrilled Resource

PermittedWater Source

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Resources& Reserves

Block 14

1.CIM Definition Standards were followed for the classification of Mineral Resources2.Mineral Resources are inclusive of Mineral Reserves3. Mineral Resources are reported above a cut-off grade of 0.6g/t4. Mineral Reserves were optimized at at $1,100/oz Au

RESOURCES Mt Au g/t Koz

Indicated 79.9 1.30 3,342

Inferred 18.5 1.2 711

RESERVES CATEGORY Mt Au g/t Koz

GSS Probable 77.4 1.07 2,657

Wadi Doum Probable 2.5 2.36 197

3.3MozIndicated Resource

2.8MozReserves

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Deposit Cut Off

INDICATED INFERRED

Mt Au g/t Ag g/t Au Koz Ag Koz Mt Au g/t Ag g/t Au Koz Ag Koz

Combined

0.3 136.8 0.94 1.40 4,133 6,137 40.3 0.8 1.4 1,007 1,76 60.4 113.2 1.06 1.50 3,868 5,451 30.3 0.9 1.4 896 1,3950.5 94.6 1.18 1.60 3,603 4,864 23.4 1.1 1.5 797 1,1230.6 79.9 1.30 1.70 3,342 4,358 18.5 1.2 1.6 711 9360.7 67.7 1.42 1.80 3,088 3,913 14.9 1.3 1.6 636 7890.8 57.7 1.53 1.90 2,847 3,519 12.2 1.5 1.7 571 6770.9 49.3 1.65 2.00 2,619 3,169 10.1 1.6 1.8 512 5841.0 42.3 1.77 2.10 2,405 2,853 8.4 1.7 1.9 461 5081.1 36.4 1.88 2.20 2,204 2,570 7.1 1.8 1.9 415 4441.2 31.4 2.00 2.29 2,017 2,315 6.0 1.9 2.0 375 390

Resources Estimate at Various Cut-OffsSignificant higher-grade component to resource – at 1.2 g/t cut-off, there is 2Moz of indicated resource at 2 g/t Au

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METRICS DETAILS

Production

Year 1-7: 5.8Mtpa at 1.5g/t for 228,000oz Au per year

LOM: 5.9Mtpa at 1.1g/t for 172,000oz Au per year

Mine Life: 13.6 years

Strip Ratio: 1.49:1

Recoveries: 82%

Reserves 79.9 Mt at 1.11 g/t Au for 2.854 Moz

Costs

Initial CapEx: US$328M

Sustaining CapEx: US$181M

AISC: US$783/oz (LOM)

Economics

Pre-tax NPV5%: US$484M; IRR: 28.0%

After-tax NPV5%: US$403M; IRR: 24.2%

Payback Period: 3.9 years

Assumptions$1,250/oz Au for Financial Model

$1,100/oz Au for Reserve Optimization

Fiscal Regime 7% Royalty; 15% Corporate Tax

FeasibilityStudyHighlights

*For Details, Please See Feasibility Study Presentation on Orca’s Website

Block 14

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Au Price

Sensitivity Analysis

AU PRICE AFTER TAX NPV5% IRR

$/oz in millions %

$1,200 $333 21.2

$1,250 $403 24.2

$1,350 $543 30.0

$1,450 $682 35.7

$1,550 $822 41.1

$1,650 $962 46.5

$1,750 $1,101 51.8

$1,850 $1,241 57.0

Project demonstrates robust upside with rising gold price.

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MineSite

1717

DESCRIPTIONLOM

($/oz)

LOM

($/t processed)

Silver Credit (9) (0.26)

Mining 237 6.94

Stock Pile Rehandle 15 0.44

Processing 311 9.12

G&A 59 1.72

Refining 6 0.18

Royalties 88 2.57

Total Cash Cost 707 20.69

Sustaining Capital 72 2.11

Closure 5 0.14

All-in Sustaining Costs 783 22.94

OperatingCosts

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EG2.2:3m at 8.73g/t

LiseiwiGSRC595: 24m at 3.89g/tGSRC596: 10m at 15.32g/tGSRC599: 8m at 12.80g/t

Wadi DoumResource

GSSResource

Azurag: 20m at 1.53g/t

Priority Target20km Target

B14 Exploration Licence Extension Area

1,000km2

GSN: 20m at 9.90g/t

10km

Area 3A: 20m at 9.90g/t

ExplorationUpside

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Investment Summary

• Government in Sudan with priority to build a mining industry

• Block 14 Gold Project is ready for construction – 228,000oz annual production for the first 7 years

• US$822M NPV at US$1,500 Au

• Montage Gold investment provides additional upside exposure for shareholders

DEVELOPMENT-READY GOLD PROJECT WITH ROBUST ECONOMICS

EXPLORATION UPSIDE

POSITIVE POLITICAL DEVELOPMENTS IN SUDAN

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Appendix

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1.2 Moz inferred mineral resources at Koné depositPoised to grow

Drilling recommenced May 2020

C$8 Millionin cash

Well-capitalizedsignificant treasury and quality shareholders

Strong track recordof discovering mines that get built

4,243 km2

Portfolio of gold properties in Côte d’Ivoire

is a new private West African-focused mineral exploration company formed by combining assets of Orca Gold and Avant Minerals.

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GSS Main & East Zones

GSS: Main Zone

GSS: East Zone

GSS Section

500mN

GSS Main &East Zones

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207m at 1.00g/tIncluding

26m at 1.20g/t13m at 1.54g/t9m at 1.60g/t

28m at 3.21g/t

173m at 1.30g/tIncluding

14m at 0.67g/t10.3m at 7.73g/t11.3m at 1.26g/t14m at 1.10g/t

9.4m at 4.36g/t27.6m at 1.01gt

14m at 1.18g/t

13m at 0.77g/t

40m at 2.14g/t

34m at 1.02g/t

54m at 3.04g/t

0.20 to 0.50g/t0.50 to 1.00g/t1.00 to 3.00g/t+3.00/t

Indicated Resources

Inferred Resources

2017 Revised PEAPit Design

2018 Revised FSPit Design

Top of fresh rock9m at 1.47g/t

10m at 1.58g/t14m at 4.32g/t

ResourceModel forGSS

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WD Section

High-Grade

Satellite Deposit: Wadi Doum

• High-grade intercepts untested at depth: 30m at 5.03g/t incl. 14m at 8.56g/t

• Satellite deposit with higher grades can dramatically improve economics in the early years of production

• Drilling ongoing

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13m at 13.88g/tIncl. 5m at 36.77g/t

18m at 5.04g/tIncl. 7m at 10.44g/t

31m at 6.08g/tIncl. 12m at 11.53g/t

61m at 1.12g/t

30m at 5.03g/tIncl. 14m at 8.56g/t

17m at 12.19g/tIncl. 5m at 38.86g/t

20m at 1.09g/t

0.20 to 0.50g/t0.50 to 1.00g/t1.00 to 3.00g/t+3.00/t

Indicated Resources

Inferred Resources

2017 Revised PEAPit Design

29m at 1.53g/t

24m at 3.85g/tIncl. 5m at 10.45g/t

2018 Revised FSPit Design

ResourceModel forWadi Doum

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TSX-V: ORG

Elina Chow | Investor RelationsCatch Advisory Group Inc.

+1 416 845 8495info@orcagold.com

2000-885 West Georgia St.Vancouver BC V6C 3E8

ORCAGOLD.COM