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May 2020Corporate Presentation

2TSX-V: NRNwww.northern-shield.com

Forward Looking StatementThis document contains statements concerning the potential gold, silver and other mineralization at Shot Rock and Root &Cellar geological, geophysical, geochemical and geometrical analyses at Shot Rock and Root & Cellar and comparisons ofthe properties to known epithermal gold deposits, and other expectations, plans, goals, objectives, assumptions, informationor statements about future events, conditions, results of operations or performance that may constitute forward-lookingstatements or information under applicable securities legislation. Such forward-looking statements or information are basedon a number of assumptions which may prove to be incorrect, and such possible comparisons are provided for illustrative oranalogical purposes only.

Although Northern Shield believes that the expectations reflected in such forward-looking statements or information arereasonable, undue reliance should not be placed on forward-looking statements because Northern Shield can give noassurance that such expectations will prove to be correct. Forward-looking statements or information are based on currentexpectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results todiffer materially from those anticipated by Northern Shield and described in the forward-looking statements or information.These risks and uncertainties include but are not limited to geological, geophysical, geochemical and geometricalinterpretation, the ability of Northern Shield to obtain equipment, supplies and qualified personnel necessary to carry on itsexploration and operations, the general risks and uncertainties involved in mineral exploration and those other risks anduncertainties set forth in Northern Shield's management's discussion and analysis filed on SEDAR at www.sedar.com under itsprofile.

The forward-looking statements or information contained in this document are made as of the date hereof and NorthernShield undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a resultof new information, future events or otherwise, unless so required by applicable securities laws.


Value Driven Approach New Discovery Resource Definition Ready

Generator of high quality, very early stage exploration targets through a model driven approach

New ideas, large terranes, large targets

First known occurrence of epithermal gold in the Nova Scotia

Shot Rock was advanced from an “idea” to high grade-intersection within 24 monthsMaiden drill program in February 2020 intersected high-grade gold

Shot Rock is at the exciting resource definition stage of the Lassonde curve (page 5)

Executive Summary


Flagship Properties

The Avalon Terrane of Nova Scotia and Newfoundland is vastly underexplored, yet easily accessible.

SHOT ROCK

Halifax

ROOT & CELLAR

xx AnacondaAvalon TerraneAtlantic Gold

St. John’s


Lifecycle of a Mineral Discovery

Source: Visual Capitalist

A Shot Rock

B Root & Cellar

AB


Shot Rock

• First known occurrence of epithermal gold in the Province

• Maiden drill program in February 2020 intersected high–grade gold

• Northern Shield acquired the right to an 80% interest in Shot Rock in late 2017 from a prospector

• Discovered gold-bearing LSE quartz veins in outcrop at Shot Rock within a year


Shot Rock• The gold is hosted in four

fluid cells (epithermal systems) that have been identified by alteration, geophysics and geochemistry

• Three other cells are interpreted

• The system is located between the Trans-Canada Highway and a railway line

• Year-round access

Epithermal Gold Mineralization

Indications of additional gold systems

intrusion

intrusion

WindmillZone Middle

Zone

Crystal Hill

Highway Zone


Shot Rock - DrillingInaugural Drill Program

• Eight drill-holes totaling 2,189 metres with the purpose of

• determining the geometry of the system,

• identifying which structures are gold bearing and

• validating the LSE model that gold grades increase significantly as a function of depth in the boiling zone.

• All drilling conducted on Highway Zone• Four of 8 drill-holes intersected anomalous

to significant gold

Next slide viewpoint

DDH 20SR-04


Shot Rock

From To Interval* Au g/t Ag g/t

1.35 41.5 40.15 0.09 2.5

136.6 140 3.15 4.2 2.4including

136.6 137.5 0.90 1.7 1.5137.75 138.7 0.95 1.3 1.3138.7 139.1 0.40 22.1 8.8139.1 140 0.90 2.0 1.8

163.2 165.65 2.45 12.6 9.1including

163.2 164.2 1.00 8.1 8.1164.2 165.2 1.00 17.3 17.3165.2 165.65 0.45 12.0 5.4

High grade intercept only 112 metres from surface

shows the boiling zone has been reached much

shallower than original thought

High-Grade Intersections from DDH 20SR-04


Shot Rock - New Geological KnowledgeGabbroic Intrusion• Drill core shows that the alteration associated with

the mineralisation has reduced the magnetic signature of the hosts rocks

Next phase of drilling will target areas of reduced magnetic signature

• Orientation of the gold-bearing structures is now better understood.

• Five other structures similar to the one hosting the high-grade mineralization have been identified as shown by the dashed black lines.


Shot Rock - New Geological Knowledge (cont’d)• Certain elements form

distinct halos surrounding the gold mineralization.

• These “pathfinders” can be used as a vectoring tool during drilling.

Pathfinders

• Pathfinders in surface samples point to other target areas and validate the Highway Zone as the “place to be.”


Shot Rock - New Geological Knowledge (cont’d)Pull-Apart Structure

• What appears to be the geometry of a classic pull-apart structure is most apparent in the 3D magnetic inversion model

• Such features can not only create a complex nature of faults but results in zones of dilatancy where rising fluids can easily infiltrate.

Zone of Dilatancy

Pull-apart structure superimposed on Shot Rock Total Magnetic Intensity and DEM.

White shaded area represents area of maximum dilatancy


Shot Rock Reduced magnetic signature

DDH 20SR-04

Model

Alteration and Gold Mineralization

Focus of Phase 2 Drilling


Root & Cellar


Root & Cellar• Northern Shield can earn a 100%

interest in the Root & Cellar Property

• Located on the Burin Peninsula of Newfoundland, a 3-hour drive from St. John’s

• Hosts several recently discovered, high grade epithermal gold occurrences

• Also hosts several copper discoveries with grades up to 10.4% copper

• All season access

Property sits within a distinct belt that cross-cuts the Burin suggesting

something geologically unique is occurring here


Root & Cellar• The Property hosts four

distinct epithermal gold showings over a 5 kilometer trend

• Significant copper mineralization has also been found in a gravel quarry

• The copper mineralization appears to be of copper porphyry affinity

• Copper porphyry and epithermal deposits are end members of the same system


Drop Zone

Rock sample from Drop Zone containing hessite (silver telluride)

Drop Zone Discovery OutcropUp to 45 g/t Au, 1,365 g/t Ag

• Drop Zone soil survey shows four parallel silver-gold-tellurium zones up to 500 meters long

• The mineral hessite, a silver telluride has been identified in the Drop Zone

• Tellurides are often associated with large epithermal systems and is commonly seen at the Cripple Creek Mine


47.9 g/t GoldConquest Zone• The Conquest Zone is

remarkable not only for its high grades, but for the extensive areas of low to moderate gold grade

• Gold mineralization appears to follow linear magnetic features

• 1.4 kilometer-long gold soil anomaly overlies similar magnetic features

Rhyolite Dome

Rhyolite Boulder Field

Up to 0.8 g/t Gold

0.1-2.0 g/t Gold

1.4 km long gold anomaly


Creston Copper Showing• 70 samples collected from Root & Cellar

assayed > 0.1% Cu

• 9 samples > 1%• 3 samples > 5%• The mineralization appears to be of copper

porphyry affinity

• Alteration and recently completed airborne magnetics strongly supports this possibility

High-grade copper sample from Root & Cellar

Copper Porphyry

Copper porphyry and epithermal deposits are end members of the same system


Root & Cellar Summary

Could Root & Cellar host both an epithermal gold system AND a copper porphyry?

Epidote alteration and acid leaching is a characteristic feature of copper porphyries and commonly seen at Root & Cellar


Next Phases of ExplorationSHOT ROCK• 8-10 holes (~3,000 m) drill program• Further surface sampling/mapping

ROOT & CELLAR• Extensive Soil Sampling (1,000-1,500 samples)• Mapping

• Rock sampling with focus on copper porphyry

• Further geophysics (CSAMT, MT, IP)• Drill ready by Q4/20


Other PropertiesIDEFIX – Ni-CU-PGE

• Northern Shield discovered PGE reef in 2016 over 7 km strike-length hosted associated with disseminated sulphides.

• Reef grades ~ 0.2 to 4/g/t PGE over 16-34m thickness

• Large bubbles of sulphide grading 1-4% Ni, 2-5% Cu and 11-53 g/t Pd suggestive of massive sulphidesnearby

HUCKLEBERRY NI-CU-PGE

• Drilling and surface sample defined Ni-Cu-PGE horizon over a 3,000 m strike-length and a down-dip extension of over 1,200 metres

• Grade and thickness increasing at depth

GRANDE PABOS –Epithermal Gold

• Highly anomalous stream sediment samples (up to 100 ppm) and till samples (up to 14 ppm)

10 g/t 4 g/t

14 g/t

7 g/t

16 g/t 8 g/t

4 g/t 4 g/t

7 g/t 7 g/t

10 g/t 5 g/t

5 g/t 16 g/t

11 g/t

16 m averaging2 g/t

0.38% Cu0.13 Ni

IDEFIX PROPERTYPt+Pd+Au


Corporate CAPITAL STRUCTURE

Common Shares O/S 255M

Fully Diluted 287M

Stock Price C$0.09

Market Capitalization C$22

Treasury C$700,000

Debt Nil

MANAGEMENT

Ian Bliss CEO/President/Director

Samuel Legg CFO

Christine Vaillancourt M.Sc., P. Geo., FGC(Fellow of Geoscientists Canada)

Chief Geologist

Directors

Russ Richards(Chairman)

Private wealth manger in Atlanta, Georgia

Don Bubar CEO of Avalon Advanced Materials Inc.

Marcus Archer Partner with Norton Rose Fulbright LLP

Dr. Scott Jobin-Bevans Past President of PDAC; founder and director of CCIC,


Corporate

Northern Shield represents A Unique Opportunity to be involved early in the advancement of a new discovery in a developing and under-explored gold district.”“


THANK YOU

NORTHERN SHIELD RESOURCES INC.55 Metcalfe StreetSuite 500Ottawa, ON Canada K1P 6L5

Ian Bliss, President & CEO+1.613.232.0459 x 1001 [email protected]

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