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TSX-V: NXN

High Grade Gold in World Class DistrictsInvestor PresentationMay 2020

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Information Contained In This Presentation

This presentation is a summary description of NxGold Ltd. (“NxGold” or the “Company”) and its business and does not purport to be complete. This presentation is not, and in no circumstances is it tobe construed as, a prospectus, an advertisement, or a public offering of securities. No securities regulatory authority or similar authority has reviewed or in any way passed comment upon thedocument or the merits of the Company’s securities and any representation to the contrary is an offence. Except where otherwise indicated, the information contained in this presentation has beenprepared by NxGold and there is no representation or warranty by NxGold or any other person as to the accuracy or completeness of the information set forth herein. Except as otherwise stated,information included in this presentation is given as of the date hereof. The delivery of this presentation shall not imply that the information herein is correct as of any date after the date hereof.

All dollar amounts referenced herein, unless otherwise indicated, are expressed in Canadian dollars.

Cautionary Note Regarding Forward-looking Information

This presentation contains "forward-looking information" and “forward looking statements” within the meaning of applicable Canadian securities laws. Forward-looking information and statementsinclude, but are not limited to, statements with respect to, planned exploration activities, the future interpretation of geological information and cost of such exploration activities, future financings,the future price of gold, and requirements for additional capital. Generally, but not always, forward looking information and statements can be identified by the use of words such as “plans”,“expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases orstatement that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof.

Forward-looking information and statements are based on our current expectations, beliefs, assumptions, estimates and forecasts about the Company’s business and the industry and markets inwhich it operates. Such forward information and statements are based on numerous assumptions, including among others, the availability of financing, the accuracy of previous exploration recordsand results, that the results of planned exploration activities are as anticipated, the price of gold, the cost of planned exploration activities, that third party contractors, equipment and supplies andgovernmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business andeconomic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward-looking statementsare considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NxGold todiffer materially from any projections of results, performances and achievements of NxGold expressed or implied by such forward-looking information or statements, including, among others: limitedoperating history, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, delays or failure to obtain required permits and regulatory approvals, noknown mineral resources/reserves, reliance on a single project, aboriginal title and consultation issues, reliance on key management and other personnel; potential downturns in economic conditions;availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risksassociated with the mineral exploration industry; changes in laws and regulation, competition, and uninsurable risks.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information orimplied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information andstatements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance onforward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required byapplicable securities laws.

The footnotes, endnotes and appendices to this presentation contain important information. The endnotes and appendices are found at the end of the presentation.

Technical Information

The scientific and technical information in this presentation has been prepared or approved by Darren Lindsay, Vice President of Exploration and Development of the Company, a “qualified person”within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. For details of the Kuluu Project including the sampling procedures, quality assurance program andquality control measures, analytical or testing procedures applied during the execution of the work reported on in this presentation please refer to the “Technical Report on the Kuluu Project” bearingan effective date of January 10, 2017 and available on the Company’s profile at www.sedar.com.

This presentation contains information regarding Agnico Eagle’s Meliadine Gold Project. Mr. Lindsay has been unable to verify the information contained herein regarding Agnico Eagle’s MeliadineGold Project and such information is not necessarily indicative of the mineralization on the Kuulu project in which the Company has an exclusive right to earn up to a 70% interest in.

Disclaimer

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People, Process and Projects• Founded by the team behind NexGen Energy Ltd. (TSX: NXE, NYSE: NXE)

• NexGen’s team delineated and developed the Arrow Deposit at an unprecedented pace and low cost due to a disciplined, process-oriented approach to exploration and development. Now NexGen is moving towards becoming the World’s largest uranium producer

• NxGold employs the same approach but with its own dedicated executive and technical team

• Holds an 80% interest in the Mt. Roe Gold Project which is located in the Pilbara region in Western Australia, immediately adjacent toNovo Resources' Karratha Gold Project

• Executed agreement to earn up to a 70% interest in the Kuluu Project which is located immediately adjacent and northwest alongtrend from Agnico Eagle’s multi-million ounce Meliadine Gold project, Nunavut

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Track Record of Creating Shareholder ValueNexGen Case Study

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Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18

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Announced positive PFS results for the Arrow Project: AT NPV8% of C$3.7B AT IRR of 56.8% AT average annual net

cash flow of C$909M

Announced intersection of widespread mineralization

at Arrow

Announced updated mineral resource estimate for the

Arrow deposit

Announced best assay results to date at Arrow

Zone

+750% return1

1 Calculated from January 1, 2015 to November 5, 2018

January 1, 2015: C$75 million market valueo Uranium spot price = ~US$40/lb

November 5, 2018: C$1.1 billion market valueo Uranium spot price = ~US$25/lb

Announced maiden PEA results for the Arrow Project: AT NPV8% of C$3.5B AT IRR of 56.7% AT average annual net

cash flow of C$553M

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Philip WilliamsPresident, CEO & Director

• Chartered Financial Analyst with over 15 years of mining and finance industry experience

• Former roles in corporate development, as a sell-side research analyst, in fund management and most recently as managing director of investment banking focused on the metals and mining sector

Darren LindsayVP Exploration & Development

• Professional Geologist with over 20 years of experience in mineral exploration across four continents

• Worked for both junior and senior companies, including Newmont Mining Corporation, Miramar Mining Corporation, BHP Minerals Canada Ltd., InmetMining Corporation, and Kodiak Exploration Limited

Janine RichardsonChief Financial Officer

• Chartered Professional Accountant with over +30 years experience in the mining industry

• CFO of IsoEnergy Ltd. and Financial Consultant to Atlantic Gold Corporation• Former CFO of Hillsborough Resources Ltd., former senior finance specialist of Rio

Alto Mining and former Director Group Accounting with Placer Dome Inc.

Travis McPherson VP, Corporate Development

• Co-founder of NxGold, VP Corporate Development for NexGen Energy and senior advisor to IsoEnergy

• Ex-Head Corporate Development for TSX-listed gold producer• M&A, debt and equity, permitting, budgeting and corporate strategy experience

Management

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Leigh CuryerChairman

• CEO of NexGen Energy• Chartered Accountant with +20 years experience and ex-CFO of Southern Cross

Resources (now Uranium One)• Ex-Head Corporate Development at Accord Nuclear Resources Management

assessing global uranium assets for First Reserve International

Philip WilliamsPresident, CEO & Director

• Chartered Financial Analyst with over 15 years of mining and finance industry experience

• Former roles in corporate development, as a sell-side research analyst, in fund management and most recently as managing director of investment banking focused on the metals and mining sector

Anthony MilewskiDirector

• Distinguished leader in the metals & mining industry, having been a director, advisor, founder, or investor in multiple mining companies.

• Current Chairman of Conic Metals, Former Chairman & CEO of Cobalt 27 Capital Corp.

Trevor J. ThieleDirector

• Chartered Accountant with +30 years experience in capital markets including CFO of major Australian Agribusinesses (Elders and Viterra)

• Experience with initial public offerings, capital raisings, corporate reorganizations, mergers and acquisitions and joint ventures

Karl LaufmannDirector

• Over 25 years of experience in financial markets focusing on capital raising, portfolio management and corporate advisory mandates

• Previously held positions with Salomon Smith Barney Inc., Citigroup Inc. and HSBC• Has advised and funded several ASX resource companies from early stage venture

capital, through to IPO, and discovery

Board of Directors

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Projects Overview: World-Class Districts

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Mt. Roe Gold Project Western Australia

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• Western Australia ranked 5th best mining jurisdiction in the world by Fraser Institute for 2017

• Mt. Roe Project is 30 km South of Karratha, and the Port of Dampier in the Pilbara region of Western Australia

• Pilbara region is well known for its gold potential and of reported ‘Witwatersrand-style’ gold bearing conglomerate discoveries

• Number of ‘melon-seed’ style gold nuggets discovered with metal detectors at surface

• Excellent infrastructure with major roads, railways, ports and power

• Click here to see more

Melon-seed Nugget From Mt. Roe Project

Project Location: Western Australia

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• Located approximately 30 km south of Karratha, Western Australia

• 1,232 ha land package

• Land package immediately adjacent to Novo Resource’s Karratha Gold Project

• Gold nuggets found at Mt. Roe show similar characteristics to the recent gold discoveries by Novo Resources, Artemis Resources and De Grey Mining, in the same region

• Novo Resources bulk samples at Purdy’s Reward and Comet Well range from 2.16 to 6.1 g/t gold (see news release dated October 26, 2018

• Artemis Resource’s Silica Hills gold project, a coarse gold quartz vein stockwork system, is within 600m of the Mt. Roe Property.

Project Location: Mt. Roe

Photo: pan-sized nuggets

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• A new source of coarse gold nuggets was discovered in late 2016 by prospectors

• Gold is from conglomerates belonging to the Fortescue Group which has the potential for Pilbara-wide mineralization

• Conglomerate-hosted deposits in Pilbara considered similar to those of Nome, Alaska; South Island, New Zealand; and Witwatersrand, South Africa

• Multiple layers of gold-bearing conglomerate are possible in the contemplated transgression-regression geological model

The Pilbara Discoveries

Source: Novo Resources Corporate Presentation August 8, 2018

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Mt. Roe Gold Nuggets

“Melon Seed” nugget from Novo Resources. (Image source Novo Resources Corp.)

“Melon Seed” nugget from NxGold Mt Roe Project

Mt. Roe Gold Nuggets

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Mt. Roe Geology Overview

• Topography at Mt. Roe consists of a broad flat northeasterly trending valley with rolling hills on either side

• Sedimentary gold likely to occur below the base of the younger Basalts in preserved in marine basins

• Multiple varieties of gold nuggets discovered at surface including ‘melon-seed’ as well as more coarse nuggets. Additionally, fine gold has been discovered at surface

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Mt. Roe Gold Footprint

• +1.2 km long gold in stream anomaly coincident with magnetic-high shedding on both sides of the Mt Sholl ridge defined by visible gold grains and BLEG assays up to 156ppb gold (Kangaroo-Eagle-Bulldog)

• Stream anomaly on SE side of ridge maybe partially related to a mineralised pinch and swell quartz vein up to 0.5m traceable for 50m; similar to Silica Hills and large historical eluvial patch located to the SE of the property boundary (Sun)

• High value stream sample results (470, 411ppb Au) from a 400m x 400m area south of the known 80oz nugget patch (Hawk)

• Four new areas identified for potential detrital or primary mineralisation (Cat , Crow and unnamed)

• Anomalous rock samples and stream samples expand historical dry blower area (Swan)

Image: inferred geology based on geophysics by GeoMagik

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Kuulu ProjectNunavut, Canada

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The Big Picture

Positive Till Sampling Results Quartz Carbonate Gold in BouldersLocation

1 2 3

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Kuulu Project Location

• Kuulu (formally known as Peter Lake Project) is 20 km NW and immediately along trend of Agnico Eagle's Meliadine gold development project

• Meliadine deposits (3.7 Mozproven and probable 16.1 Mt at 7.12 g/t Au as of December 31, 2017) (www.agnicoeagle.com). Agnico Eagle is set to start up process plant in Q2 2019

• Kuulu is 40 km NW of Rankin Inlet

• Kuulu Project covers 4,174 ha within the Meliadine gold belt in Nunavut, Canada

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• Multiple clusters of quartz carbonate boulders containing high-grade gold have been discovered on the Property with strong evidence that the bedrock source is also within the Property

• Favorable geophysical anomalies located on the property, and up ice from high-grade gold boulders

• Till samples range from 0 to 317 gold grains and rock samples within the till anomalies returned values ranging from detection limit to 451 g/t

• Targeted anomalies defined by clusters of rock samples returning in excess of 1 g/t Au with local highs of 17 and 38 g/t (eastern fold structure) and 65, 282, 451 g/t Au (western magnetic linears)

Prospectivity

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• 3.7 Moz of gold in Proven & Probable Reserves (16.1 million tonnes grading 7.12g/t)*

• 20km SE of NxGold's Kuulu Property

• Under construction- Mine expected to begin operations in Q2 2019 up to average mining rate of 400,000 oz per year*

• $740 million capital budget (2017 & 2018)*

• High-grade producing mine (largest gold mine by annual production)

• Agnico Eagle's Amaruq Exploration Project*• 2.1 Moz Indicated (16.9 million tonnes grading 3.88 g/t)• 1.4Moz Inferred (6.8 million tonnes grading 6.22 g/t)

*Source: Agnico Eagle Mines Limited, News Release dated February 15, 2017Image Source: Agnico Eagle Mines Limited

Agnico Eagle’s Meliadine Gold Project

Agnico Eagle’s Meadowbank/Amaruq Gold Mine

Nunavut Neighborhood-Kivalliq Region

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Interest TermsInitial 50% interest • Incurring aggregate of $10-million in expenditures by 3rd anniversary ($1 million 1st

anniversary, $4 million 2nd anniversary and $5 million 3rd anniversary• Annual $75,000 cash payments• NxGold appointed exclusive operator

Additional 20% interest (up to 70%)

• Incurring aggregate of $25-million in additional expenditures on the property, as follows:• $2-million in expenditures on 4th anniversary• $3-million in expenditures on 5th anniversary• $5-million in expenditures on 6th anniversary• $15-million in expenditures on 7th anniversary• Preparing and delivering a bankable feasibility study (“BFS”) by 7th anniversary• Annual $75,000 cash payments

Extension • NxGold can extend delivery of BFS for maximum of 3 years by paying $2.5 million per year for each extended year

• NxGold granted one-year ‘grace’ period where no payment required to extend

Misc. • NxGold can meet required expenditures by paying in cash or shares instead of expenditures• 2% NSR

Kuulu Earn-In Terms

Note• On November 28, 2017 NxGold delivered a notice of force majeure to the property vendors and on September 25,

2018 NxGold delivered a notice of force majeure to Nunavut Tunngavik Incorporated (NTI) due to the continueddelay in the renewal of the existing Land Use Licenses, KVL311B01 and KVRW12E01 pertaining to the Kuulu project.This action enables NxGold to maintain its rights under the Earn-In Agreement and under the Mineral ExplorationAgreement without having to incur the spending obligations.

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Capital Structure (as of March 2020)

SHARE STRUCTURE / BALANCE SHEETBasic 81,632,286

Warrants 35,301,499

Options 6,850,000

Fully Diluted 123,783,785

Cash & Securities ~C$2.15 million

Debt $Nil

WARRANT / OPTION SUMMARY

Instrument Number Strike Price Expiration

Warrants 23,725,143 C$0.27 June 16, 2021

Warrants 1,186,356 C$0.18 June 16, 2021

Warrants 2,000,000 C$0.07 October 15, 2020

Warrants 4,890,000 C$0.05 October 5, 2020

Warrants 3,500,000 C$0.05 July 28, 2020

Options 2,400,000 C$0.52 February 1, 2022

Options 250,000 C$0.45 April 25, 2022

Options 4,200,000 C$0.20 August 8, 2023

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Travis McPherson

Vice President, Corporate Development

Email: tmcpherson@nxgold.ca

Direct: +1.604.816.2686

TSX-V: NXNnxgold.ca

Phil Williams

Chief Executive Officer

Email: pwilliams@nxgold.ca