Lowest Cost Gold Producer in the SectorCORPORATE PRESENTATION | SEPTEMBER 2018

Important Cautionary Statements

2

This presentation contains “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to theCompany’s current review of potential mineral project investments and/or acquisitions, the estimation of mineral resources, the timing and content ofupcoming programs, the realization of mineral resource or reserve estimates, the timing and amount of estimated future production, costs of production,capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations oninsurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”,“is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such wordsand phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievementsof the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-lookingstatements. Such factors include, among others, risks related to international operations; actual results of planned expansion activities; changes inproject parameters as plans continue to be refined; future prices of resources; exchange rates for Canadian and U.S. currencies; possible variations ingrade or recovery rates, accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or inthe completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actualactions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, eventsor results not to be as anticipated, estimated or intended. In making the forward-looking statements in this presentation, the Company has madecertain key assumptions, including, but not limited to, the assumptions that merited mineral assets or projects can be acquired and financings areavailable. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. TheCompany undertakes no obligation to update or revise any forward-looking statements or information made in this presentation, except as requiredunder applicable securities legislation. NI 43-101 QUALIFIED PERSON - Neil Schofield, MS Applied Earth Sciences, MAusIMM, MAIG, a QualifiedPerson as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this presentation.

NOTES ON RESOURCE AND RESERVE ESTIMATES PRESENTED THROUGHOUT PRESENTATION

Moose River Consolidated (MRC): Touquoy, Beaver Dam, Fifteen Mile Stream, Cochrane Hill – The Moose River Consolidated (MRC) Phase 2Life of Mine Expansion (Touquoy, Beaver Dam, Fifteen Mile Stream, and Cochrane Hill) Mineral Reserves are current reserve estimates that are inaccordance with the current Canadian Institute of Mining, Metallurgy and Petroleum Resources (CIM) Definition Standards on Mineral Resources andMineral Reserves as required by NI 43-101 - Standards of Disclosure for Mineral Projects. A Qualified Person has done sufficient work to classify thesereserve estimates to current mineral reserves prepared in accordance with NI 43-101.

Cochrane Hill - The Cochrane Hill Mineral Resource estimates have been prepared in accordance with the Canadian Institute of Mining, Metallurgyand Petroleum Resources (CIM) as required by NI 43-101.

Fifteen Mile Stream – The Fifteen Mile Stream Mineral Resource estimates have been prepared in accordance with the Canadian Institute of Mining,Metallurgy and Petroleum Resources (CIM) as required by NI 43-101.

Atlantic’s Key Differentiators

3

Best in sector shareholder alignment: Board & Management own + 35%

Track record of company builders

Focus on risk management

Time is money

Lowest decile for both cash costs and all-in sustaining costs

Phase 2 Life of Mine Expansion boosts annual gold production above

200,000 ounces

Demonstrable upside with “string of pearls” deposit strategy along the

+ 45 km un-tested host structure (The Corridor Regional Program)

Execution, Expansion, Growth, Exploration

4

Phase 2

Expansion

Staged Integration of 2

Additional Satellite Depositsinto production schedule (staged capex)

Annual gold

production increasing

to + 200,000 oz.*

Phase 3

GrowthResource Expansion

Drill Program

Identified

extensions to known

mineralization

Phase 4

Exploration

Corridor Regional

Program

Up to 100,000 meters of

drilling along the + 45km

un-tested host structure

Phase 1

Execution

2018 Production Guidance

Between 82,000-90,000

ounces at low AISC between

C$675-$735 / oz.

(US$513-558**)

Commercial Production

Declared March 2018

*Based on forecasted results from the January 29th, 2018 pre-feasibility study

**Based on current exchange rate of 0.76CAD/USD

Fifteen Mile Stream

Cochrane Hill

Phase 1 – Execution

5

Built on budget and schedule

Mill exceeding design throughput capacity

Recovery exceeding Feasibility Study assumptions

2018 production guidance (82,000-90,000 ounces)

AISC between $CAD675-$735/oz. for 2018 (US$513-558/oz.*)

Focus on improvements

*Exchange rate of 0.76 USD/CAD

Time is Money…..

6

Consolidated

Ownership of NS

Deposits

Q3 2014

Q4 2014 Q4 2017

Q4 2017

Ramp Up

to Full

Production

Q2 2016

Execute

EPC Contract

Feasibility Study work on

MRC underway – target

completion mid 2015

Q2 2015

Q2 2016

Debt Financing

• Macquarie / CAT Debt

Commitment C$115M

• CAT finance lease facility for

mining fleet

• MOU with Ausenco October 2015

• LSTK (Lump Sum Turn Key)

Price agreed

Q1 2016Acquisition Feasibility Study

• Touquoy already has all

major permits in place

• Beaver Dam expected to

be straightforward given

it is a satellite deposit

Commence

Construction

H1 2015Drilling

Program

Environmental

and Permitting

Completed infill

drilling program

for Beaver Dam

JULY 2017

Updated

Resource

Estimate

FMS + CH

Jan 20182018

Production

Guidance

JAN 2018

Phase 2

LOM

Expansion

Study

2014

Phase 3 Expansion

Mine and Plant

Commissioning

20172016 20182015

Mar 2018Declared

Commercial

Production

Phase 4

Corridor

Regional

Program

Q2 2018 Financial Highlights

On track to meet annual production

and cost guidance

7

*Please refer to the Aug 15th, 2018 news release / Financial Statements and Q2 2018 operating / financial results tables and noted disclosures to the tables

CASH COSTS CAD $569/OZ

(USD $432/OZ @0.76 USD/CAD)

AISC

CAD $743/OZ

(USD $565/OZ @0.76 USD/CAD)

22,269 ounces of

production for Second Quarter

Cash Generated from Operating Activities

$19.4 million for Q2 and Operating cash flow per

share of $0.10

Mill throughput and recoveries exceeding

design criteria

Gold recovery of 95%

for Q2

CAD $35.8 million

in revenue and

$8.3 million

net income

8

Sectors Lowest Cost Gold ProducerRelative AISC – Global Junior & Intermediate Producers

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Orv

ana

(TS

X)

TM

AC

(T

SX

)

Det

our

(TS

X)

Man

dala

y (T

SX

)

McE

wen

(N

YS

E)

New

Gol

d (T

SX

)

Asa

nko

(TS

X)

Wes

dom

e (T

SX

)

Tah

oe (

TS

X)

Bea

dell

(AS

X)

Alio

(T

SX

)

Eld

orad

o (T

SX

)

IAM

GO

LD (

TS

X)

Per

seus

(A

SX

)

Sup

erio

r (T

SX

-V)

Jagu

ar (

TS

X)

Guy

ana

Gol

dfie

lds

(TS

X)

Res

olut

e (A

SX

)

Leag

old

(TS

X)

Tor

ex (

TS

X)

Ala

mos

(T

SX

)

Gra

n C

olom

bia

(TS

X)

Ter

anga

(T

SX

)

Ave

soro

(T

SX

)

SE

MA

FO

(T

SX

)

Red

Eag

le (

TS

X)

Gol

den

Sta

r (T

SX

)

Arg

onau

t (T

SX

)

Cen

terr

a (T

SX

)

Gol

dgro

up (

TS

X)

Sar

acen

(A

SX

)

B2G

old

(TS

X)

End

eavo

ur (

TS

X)

Kirk

land

Lak

e (T

SX

)

Ala

cer

(TS

X)

Nor

ther

n S

tar

(AS

X)

Pre

tium

(T

SX

)

Rox

gold

(T

SX

)

Oce

anaG

old

(TS

X)

K92

(T

SX

-V)

Dun

dee

Pre

ciou

s (T

SX

)

St B

arba

ra (

AS

X)

Reg

is (

AS

X)

Evo

lutio

n (A

SX

)

Atla

ntic

(T

SX

-V)

2018E AISC(1)(2)

(US$/oz)

Source: Company Reports, Equity Research Note: Costs have been calendarized to CY2018 for Australian producers with a June 30 financial year-end

1. AISC are based on company guidance or consensus equity research estimates

2. When applicable, costs are shown net of by-product credits (K92, McEwen, and Mandalay are gold equivalent)

3. Using Q1 company guidance before F2018 guidance was removed

Intermediate Producers

Junior Producers

9

Mitigating gold price risk – CAD vs. USD gold price

Hedge Facility: CAD $1,550 / oz.

As of June 30, 2018, there were 189,473 ounces committed to the gold forward contracts for delivery

between July 2018 and February 2021.

CAD $1,550 Hedge

Phase 2 - Expansion

10

Central Processing

Facility

MRC

760,000 oz Au

P&P Reserves

MRC Phase 2 (Fifteen Mile Stream and

Cochrane Hill)

825,000 oz Au*

P&P Reserves

*Touquoy @ 0.40 g/t cut-off grade – 119,000 oz. (Proven), 306,000 oz. (Probable) , Beaver Dam: 191,000 oz. (Proven), 144,000 oz. , Cochrane Hill @ 0.30 g/t cut-off grade – 240,000 oz. (Proven), 153,000 oz. (Probable),

Fifteen Mile Stream: 115,000 oz. (Proven), 316,000 oz. (Probable)*

Phase 2 Expansion Life of Mine Production Schedule

11

AISC of CAD$692 / oz. Au (USD$555 / oz. Au)

-

50

100

150

200

250

300

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

73.5

96.2 93.5

171.5

230.5

254.3 244.9

202.4

80.3

13.1

Life Of Mine (years)

Moose River Consolidated LOM Production ('000 ounces)

Touquoy* Beaver Dam* Fifteen Mile Stream Cochrane Hill

Phase 4

Corridor Regional

Program

Phase 3

Resource Expansion Drilling

Fifteen Mile Stream & Cochrane Hill

• Feasibility Study Projections for Touquoy vary from 2018 guidance

Based on forecasted results from the January 29th, 2018 pre-feasibility study

12

Atlantic Peer Benchmarking

Source: Capital IQ, S&P Global Market Intelligence, NBF estimates

Note: Atlantic production figures represent NBF estimates; Operating cash flow based on street consensus

1. Analyst consensus estimates

2. Aurelia production based on FY’19 company guidance; Operating cash flow represents FY’19 figure; Implied mine life based on average FY’19-FY’21 production divided by Hera and Peak reserves

3. Dacian production based on 2019 research estimate; Operating cash flow represents ‘19 figure; Implied mine life based on average ’19-’20 production divided by Mt Morgans reserves

4. Geopolitical risk ratings calculated based on weighted score of S&P Global Market Intelligence country risks (Political, Operational, Security, Terrorism) by asset, whereby weights for each risk are ascribed as follows: Insignificant = 0, Low = 2, Medium = 8, High = 10, Extreme = 12. Risk ratings for portfolios of assets calculated using production-weighted average of all assets

5. Average ‘18-’20 production divided by attributable reserves from mines currently in production

6. Based on LOM average annual gold production and total resource, incorporates FMS and Cochrane Hill

1.5

1.5

1.5 2.0

2.0

2.0

3.5

3.5 3.8

4.5 5.0

7.0

8.0

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Wes

tgol

d

Aur

elia

Dac

ian

Atla

ntic

TM

AC

Wes

dom

e

Ter

anga

Gol

den

Sta

r

Pre

mie

r

DP

M

Arg

onau

t

Ave

soro

Rox

gold

GEOPOLITICAL RISK RATINGS (1=LOW, 10=HIGH)(4)

Low geopolitical risk

in Canada

69

86 103 12

4

125

177 19

5

198

229

234

243 25

4

254 27

0

-

50

100

150

200

250

300

Wes

dom

e

Atla

ntic

('1

8)

Pre

mie

r

TM

AC

Rox

gold

Arg

onau

t

Dac

ian

Aur

elia

Ter

anga

Gol

den

Sta

r

Ave

soro

Wes

tgol

d

Atla

ntic

('2

3)

DP

M

(2%

)

3% 4% 5% 7%

11%

11%

12%

13% 19

%

22%

23%

24%

35%

(20%)

(10%)

-

10%

20%

30%

40%

50%

Ave

soro

Pre

mie

r

Atla

ntic

('1

8-'2

0)

Gol

den

Sta

r

Rox

gold

Dac

ian

Aur

elia

Arg

onau

t

DP

M

Ter

anga

Wes

dom

e

Wes

tgol

d

Atla

ntic

('1

8-'2

3)

TM

AC

PRODUCTION CAGR (’18-’20)(1)

0.9

3.5

5.7

5.9

6.2

6.3

6.4

6.6 7.1 9.

1 9.9 10

.9 13.3

19.6

-

5.0

10.0

15.0

20.0

25.0

Ter

anga

Aur

elia

Ave

soro

Rox

gold

Gol

den

Sta

r

Wes

dom

e

Dac

ian

Atla

ntic

Pre

mie

r

DP

M

Wes

tgol

d

Arg

onau

t

Atla

ntic

*

TM

AC

Atlantic has healthy and growing reserve

base to support increased production

Atlantic’s growth profile

among strongest relative to peers

Atlantic on track to rise

to the top of the junior

ranks by 2023

Incl. FMS & CH

2018E PRODUCTION (KOZ AUEQ)(1)

IMPLIED MINE LIFE – PRODUCING ASSET RESERVES (YEARS)(5)

Backyard Canada

13

Location advantages

Low geopolitical risk

Cost advantages

1 hour from provincial capital of Halifax

Close proximity workforce and university research facilities

Phase 3 - Expansion

14

Phase 3: Resource Expansion and Definition Program:

Targeting extensions to FMS and CH deposits

Infilling existing resources to M&I categories

Phase 3 Expansion Drill ProgramFifteen Mile Stream Gold Deposit

15

Phase 3 Expansion Drill ProgramCochrane Hill Gold Deposit

16

New High-Grade Zone at Cochrane Hill

17

Long Section

Phase 4 - Corridor Exploration Targeting

18

Geological maps and

historical data

Lithogeochemistry,

alteration mapping +

gold in till sampling

Filtered geophysics for

structural analysis

Targeted drill traverses

across prospective

stratigraphy

19

Meguma vein-hosted vs argillite –hosted gold

New model

OLD MODEL

Gold-bearing quartz veins – Mainly parallel to

bedding in argillite; some cross-cut the bedding

NEW MODEL

Gold-bearing quartz veins plus additional

dispersed gold mineralization within

argillite units – e.g. Touquoy Pit

Strong

greywacke

Weak

argillite

Corridor Regional Program

20

Next Intermediate Gold Producer

21

Companies built on successful development from operations

Atlantic’s internal growth options together

with strategic and timely acquisitions of new

development properties will provide the

platform to build the next intermediate gold

producer.

OR

Be acquired at a premium?

Macraes (New Zealand): 183koz pa

Didipio (Philippines): 122koz pa

Waihi (New Zealand): 117koz pa

Haile (United States): 144koz pa

2018 Consensus Guidance: 566koz Au @ US$728 AISC**

El Limon (Nicaragua): 56koz pa

La Libertad (Nicaragua): 129koz pa

Masbate (Philippines): 176koz pa

Otjikoto (Namibia): 166koz pa

Fekola (Mali): 399koz pa (LoM Avg)

2018 Consensus Guidance: 926koz Au @ US$769 AISC**

OceanaGold

$2.2B Mkt Cap

B2Gold

$2.8B Mkt Cap

Atlantic Gold Corporation

$402M Mkt Cap

Touquoy

Beaver Dam

Cochrane

Fifteen Mile

2018 Guidance: 82-90kozpa Au @ US$513-558/oz* AISC

*Based on current exchange rate of 0.76 CAD/USD & Company 2018 Guidance

**Based on analyst consensus production guidance and provided by BMO Capital Markets

591.7%

12.8%

(34.8%)

251.5%

(100%)

0%

100%

200%

300%

400%

500%

600%

700%

800%

Ind

exed

Ret

urn

Atlantic Gold Corp Spot Gold (C$/oz)

VanEck Vectors Junior Gold Miners ETF FAANG

ETF’s vs. FAANG vs. Atlantic Team Value Add

22

Consolidated ownership

of Nova Scotia deposits

and gold camp

Debt Financing for Moose

River Consolidated Phase

1 Project

Executed EPC fixed price

contract with Ausenco

Mine and Plant

Commissioning

Production

guidance for 2018

Phase 2

expansion study

Declaration of

commercial production

Phase 1 MRC

Feasibility Study

Commenced Phase 1

Construction

Q1 2018

Financial

Results

The result of applying discipline and risk management to the gold business

Q2 2018

Financial

Results

Compelling value opportunity – Canadian single-asset gold company with

lowest decile AISC

1. Implied P/NAV multiples for acquired companies calculated based on acquisition price and forward-curve based NAV (based on prevailing Canaccord Genuity forecasts) prior to announcement of transaction. Latest trading P/NAV

multiple for AGB

2. Implied P/NAV multiples for acquired companies normalized to reflect changes in precious metal producer sector valuations since the date of acquisition.

3. Size of bubbles represents the average annual AISC margin (US$ M) assuming a gold price of $1,250/oz Au, average annual production and average AISC (based on prevailing CG estimates for three-year period following the

acquisition).

4. Average annual AISC margin (US$ M) for AGB reflects average CG forecasts for the first three years following completion of the MRC Phase 2 expansion (2022E-24E)

Source: Company Reports, Canaccord Genuity estimates

Atlantic Gold vs Past acquisitions of Canadian single-asset companies

(P/NAV multiple vs average annual AISC)

23

Richmont Mines

Lakeshore GoldBrigus Gold

Northgate MineralsClaude Resources

AuRico Gold

Osisko Mining

Atlantic Gold

$500

$600

$700

$800

$900

$1,000

$1,100

0.40x 0.50x 0.60x 0.70x 0.80x 0.90x 1.00x 1.10x 1.20x 1.30x

Ave

rag

e an

nu

al A

ISC

(U

S$/

oz)

Implied P/NAV multiple (based on acquisition price)

(Malarctic)

Share Structure

$106 million partial drawdown from the

Revolving Credit Facility

CAT Finance Lease Mining Fleet facility of

$13m

24

Atlantic Pro-Forma Capitalization

Shares Outstanding 236,547,724

Options 15.3 million

FD S/O 251.8 million

Ticker TSXV: AGB

Recent Share Price $1.70

Market Cap ($M) $402-million (undiluted)

Major Shareholders • Insiders & associates ~ 35%

• Sprott Group of Companies ~ 10%

• Other Institutional ~ 25%

*Canadian Dollars unless otherwise indicated

As of Sept 2018

Closed $150m Revolving Credit Facility and

refinanced project loan facility - ***Refer to News

Release Sept 20, 2018

Liquidity: Total Cash as at Sept 20, 2018: ~$40m

Current Balance Sheet

25

Operating and Financial

Resource Expansion & Exploration

Upcoming Catalysts

Q1 2018

Financial Results

2018

Declared Commercial Production

March 2018

Closed $150m Revolving Credit Facility

Aug 2018

Q2 2018

Financial Results

Oct 2018

Q3 2018

Production Results

Nov 2018

Q3 2018

Financial Results

Sept 2018

Q1 2019

Updated Resource /

Reserve Estimate

2018

Corridor Regional Program - Up to 100,000 meters of drilling

along + 45 km of untested host structure

2019Incorporating Phase 3 Resource

expansion drill results plus additional

2018 drilling at Cochrane Hill, Fifteen

Mile Stream, and 149 Prospect

Q3 & Q4 2018Continuation of Resource Expansion drill programs

at Fifteen Mile Stream and Cochrane Hill

Q3 & Q4 2018

Drill Results Ongoing

Environmental Impact Statements

H2 2018Progressing approval of the EIS for Beaver DamPreparation of the FMS and CH projects EIS

submission expected Q1 2019 Q1 2019

May 2018

Board and Management Strength

26

Management Team

Steven Dean

Chairman & Chief Executive

Officer

30+ year mining career with proven successes in the junior and senior mining space. Former

President of Teck Cominco. Co-founder and former Chairman of Amerigo Resources Ltd., former

Chairman of Sierra Metals Inc., Chairman of Oceanic Iron Ore. Founding management of

Normandy Mining and Pacific Mining Corporation in Australia.

Maryse Belanger

President, Chief Operating

Officer & Director

Over 30 years of experience with senior gold companies globally. Former Senior Vice President,

Technical Services for Goldcorp. Director, Technical Services for Kinross Gold Corporation for

Brazil and Chile.

Wally Bucknell

Director of Exploration &

Director

Geologist with over 44 years experience in the mining industry. Former Managing Director and

CEO of Atlantic Gold NL, and General Manager, Exploration, of Plutonic Resources Ltd. Awarded

AMEC’s ‘Prospector of the Year’ award.

Chris Batalha

Chief Financial Officer

Chartered Accountant with experience in accounting, finance, corporate governance and M&A

with a number of mining exploration and development companies. Spent 5 years with

PricewaterhouseCoopers in the Audit and Assurance Group in Vancouver.

Alastair Tiver

VP Mine Development

Mining engineer with 27 years of international mining experience involved in all phases of mine

operation, planning, permitting and mine development. Held senior management roles in many

companies including BCMetals Corporation, Copper Mountain Mining Corporation and

Yellowhead Mining Inc

Neil Schofield

Consulting Resource

Geologist

25+ year career as a mineral resource consultant. Developed resource models and grade control

systems experience with the Sunrise Dam, Hemlo, Kevitsa, Ernest Henry and Cannington

mines. Mr. Schofield has co-authored several technical papers on sampling and mineral resource

estimation, published mainly by the Australian Institute of Mining and Metallurgy.

Tony Woodfine

General Manager

21 years experience in open pit mining with 3 previous successful startup operations. Former

Mine Manager at Voisey’s Bay Nickel and former General Manager at Baffinland Iron Ore. Held

positions as Head of Technical Services, Mine Planner, General Foreman and Grade Control.

Sally Goodman

Chief Geoscientist

Structural geologist with over 30 years international experience in academia, consultancy and

industry, including 12 years as Principal Structural geologist with SRK Consulting, and most

recently five years in Corporate Technical Services and Exploration with Goldcorp Inc.

Tom Ellard

VP Business Integration &

People

Extensive experience working as a management consultant with clients in the mining sector

including Mirabela Nickel and Barrick Gold as well as clients in executive education. Tom’s

experience in gold mining includes time spent as the Director, Project Management – Technical

Services for Goldcorp where he was focused on strategic projects and initiatives to improve health

and safety, geology, metallurgy and operational excellence.

Board of Directors

Ryan Beedie

Director

President of Beedie Development Group, a leader in

industrial and residential real estate development in

BC. Recipient the 2004 Business in Vancouver's '40

under 40', the Ernst & Young 2009 BC Entrepreneur

of the Year Award, the Queen Elizabeth II Diamond

Jubilee Medal in 2013 and Simon Fraser

University's Corporate Impact Award in 2015.

Robert

Atkinson

Vice Chairman

& Director

Over 30 years in the investment industry. Former

President & CEO of Loewen Ondaatje McCutcheon

& Co Ltd. Currently serves on the board of

numerous junior resource companies.

David Black

Director

Retired corporate and securities lawyer and former

partner with DuMoulin Black LLP. Currently serves

on the board of numerous junior resource

companies.

Donald

Siemens

Director

CA and former Partner-in-Charge of Thorne Ernst &

Whinney’s (now KPMG) Vancouver office Financial

Advisory Services Group. Currently an independent

financial advisor, specializing in Corporate Finance

and M&A, and serves on the board of numerous

junior resource companies.

William

Armstrong

Director

Geological Engineer with over 45 years experience

in the mining sector. Recently retired from Teck, as

General Manager, Resource Evaluations, and

responsible for evaluation of potential acquisitions

and divestitures, as well as involvement in feasibility

studies, construction and operations.

Analyst Target price

27

As at Aug, 2018

Source(s): S&P Global Market Intelligence. based on Analyst consensus estimates.

BrokerReport

Date

Discount

Rate

Target price

/ share (C$)Analyst Email

Haywood Securities Feb-18 6.0% $1.80 Geordie Mark gmark@haywood.com

GMP Securities 15-Feb-18 5.0% $2.65 Ian Parkinson iparkinson@gmpsecurities.com

Raymond James Financial 4-Apr-18 5.0% $2.50 Tara Hassan tara.hassan@raymondjames.ca

Beacon Securities 16-Aug-18 5.0% $4.00 Michael Curran mcurran@beaconsecurities.ca

BMO Capital Markets 24-May-18 5.0% $2.75 Andrew Mikitchook andrew.mikitchook@bmo.com

Canaccord Genuity 22-Apr-18 5.0% $3.50 Rahul Paul rpaul@canaccordgenuity.com

PI Financial 23-Jul-18 5.0% $2.60 Chris Thompson cthompson@pifinancial.com

National Bank Financial 25-Apr-18 5.0% $3.00 Don DeMarco don.demarco@nbc.ca

Desjardins Capital Markets 4-Jul-18 5.0 - 6.0% $2.75 Raj Ray raj.ray@desjardins.com

Consensus Average $2.84

Appendices

29

AGB Liquidity Analysis – Jr. Producer

As at August 31, 2018

Source(s): Bloomberg, S&P Global Market Intelligence.

0.29%

0.36%

0.23%0.20%

0.37%

0.29%

0.38% 0.37%0.40% 0.41%

0.46%0.40%

0.44%

0.34%

0.41%0.38%

0.36%0.38%

0.55%

0.40% 0.38%0.44%

0.36% 0.34%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018

Avg. Daily Volume as a % of Free Float

AGB Peers

-0.15%

0.01%

-0.18% -0.18%

0.02%

-0.09%

-0.17%

-0.04%

0.01%

-0.03%

0.10%

0.05%

-0.20%

-0.15%

-0.10%

-0.05%

0.00%

0.05%

0.10%

0.15%

Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018

Avg. Daily Volume as a % of Free Float (Delta: AGB - Peers)

AGB: Liquidity levels

higher compared to

junior producing peers

Peer group includes: Mandalay, TMAC, Teranga, Guyana, Beadell, Ramelius, McEwen, Golden Star, Alacer,

Wesdome, Roxgold, DPM, Argonaut, Alio, Premier

Pre-Concentration Flowsheet for FMS and CH

30

Q2 and YTD 2018 Operating Results

31

Disclosure of operating results does not present comparative statistics for the prior year as MRC began producing gold in Q4 2017 and commenced commercial production effective March 1, 2018.

Three months ended June

30,2018

Six months ended June

30,2018

Operating data

Ore mined Tonnes 757,865 1,852,353

Strip ratio (waste to ore) 1.39 0.85

Mining rate (Total Material) Tonnes per day 19,921 18,903

Ore milled Tonnes 567,238 986,388

Head grade g/t Au 1.28 1.35

Recovery % 95.2 94.7

Mill throughput Tonnes per day 6,233 5,450

Gold ounce produced ozs. 22,269 40,452

Gold ounces sold ozs. 22,728 39,915

Milled head grade for Q2 2018 was 11% below life of mine reserve grade due to constraints in the pit where historical

tailings had to be removed and prevented access to higher grade ore for more than 6 weeks. Access to the higher grade

mining blocks was achieved by the end of June

Continue to see good reconciliation between the resource model grade and milled grade

Steady-state mill operations with throughput and recoveries that continue to exceed design criteria

Q2 production above guidance and supporting full year production guidance of 82,000-90,000 ounces as announced on

January 19, 2018

Q2 2018 Financial Results

32

(1) MRC commenced commercial production effective March 1, 2018. As such, only financial operating results from this date are recognized in the Company’s Statement of Income (Loss) and Other Comprehensive Income (Loss) for the

three and six months ended June 30, 2018. Financial operating results prior to that were capitalized to mine development within property, plant and equipment.

(2) The Non-IFRS performance measures for the six months ended June 30, 2018 include pre-commercial production operating results from January 2018 and February 2018. For accounting purposes, pre-commercial production

financial operating results have been capitalized to property, plant and equipment (refer to note 9 of the interim financial statements for the three and six months ended June 30, 2018). Refer to the “Non IFRS Performance Measures”

section in this news release and in the Company’s Management and Discussion Analysis for the six months ended June 30, 2018.

(3) As at June 30, 2018 total cash as presented above represents the cash and cash equivalents balance on the Company’s Condensed Consolidated Interim Balance Sheet of $16,075,980 plus the restricted cash balance of

$17,040,432. As at December 31, 2017 total cash as presented above represents the cash and cash equivalents balance on the Company’s Condensed Consolidated Interim Balance Sheet of $22,093,914 plus the restricted cash

balance of $10,593,432.

For the three months

ended June 30, 2018

For the six months ended

June 30, 2018

IFRS Measures(1)

Revenue CAD $35,888,640 CAD $48,770,102

Mine operating earnings 15,483,426 21,373,169

Cash generated from operating activities 19,393,031 23,607,463

Net income and comprehensive income 8,342,731 11,653,286

Earnings per share - basic 0.04 0.06

Earnings per share – diluted 0.04 0.05

Operating cash flow per share – basic 0.10 0.12

Operating cash flow per share – diluted 0.09 0.11

Key Balance Sheet Items

Total cash(3) CAD $33,116,412 CAD $32,687,346

Total assets 264,828,828 258,565,362

Current portion of long-term debt 47,278,643 32,210,417

Long-term debt 71,150,511 105,617,533

Non IFRS Performance Measures(2)

Total cash cost per ounce CAD $569 CAD $560

AISC per ounce 743 746

Average realized price per ounce 1,583 1598

Average realized cash margin per ounce 1,014 1,038

Average realize AISC margin per ounce 840 852

Plant Site

33

Tailings Management Facility

Touquoy Pit

Coarse Ore Stockpile

Facility

Plant

Crushing Circuit

Truck Shop

Admin Building

Laboratory Mining Offices

Plant Site

34

Tailings Management Facility

35

Touquoy Open Pit

36

Grade controlled by lithology and structure

37

Current pit shell

Detailed knowledge of the Touquoy deposit has provided us with an understanding of how the mineralization is controlled by rock

type – here concentrated within the grey argillite – and also by structure – for example this blue fault is a sharp boundary between

ore and waste, and may represent part of the plumbing system that fed gold-bearing fluids into the argillites.

Greywacke

Argillite

3D Geology: Touquoy Pit

How Do We Approach The Business Differently?

38

The gold development business is really no different to other businesses – it's about risk management,

capital discipline and execution

There are more risk management tools in mining in the gold sector

• Grade control drilling in open pits provides higher data density for improved precision

for ore and waste definition in advance of mining and capital investment

• Open pit mining lower risk than underground

• Gold distribution in disseminated deposits is usually best modelled

with both geology AND modern statistical analysis

• EPC fixed price turn key contracts pass capex

over-run risk to contractor’s balance sheet

39

Corporate Head Office:Suite 3083, Three Bentall Centre, 595 Burrard Street,

Vancouver, BC, V7X 1L3 +1 604 689 5564

info@atlanticgoldcorporation.com

Sean Thompson, Director Investor Relations

Direct: +1 778 375 3125

Toll Free: 1 877 689 5599

sthompson@atlanticgoldcorporation.com