0001507964 Corvus Gold Inc. false --05-31 Q3 2021 10 5 5 10 10 10 3 7 12.6 10 10 4.98 0 North Bullfrog Project, Nevada The Company’s North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company. (i) Interests acquired from Redstar Gold Corp. On October 9, 2009, a US subsidiary of ITH at the time (Corvus Nevada) completed the acquisition of all of the interests of Redstar Gold Corp. (“Redstar”) and Redstar Gold U.S.A. Inc. (“Redstar US”) in the North Bullfrog project, which consisted of six leases covering 33 patented mining claims. The leases have an initial term of ten years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the Company. 9 The Company is required to pay annual advance minimum royalty payments (recoupable from production royalties) for as long as there are mining activities continuing on the claims or contiguous claims held by the Company. The required annual advance minimum royalty payments are: 39,800 USD 17,700 USD (adjusted annually for inflation) The lessor is entitled to receive a separate NSR royalty related to all production from the leased property of the various individual leases which may be purchased by the Company as follows: a 4% NSR royalty, which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). a 3% NSR royalty on all production, which may be purchased by the Company for USD 850,000 per 1% (USD 2,550,000 for the entire royalty). a 3% NSR royalty on all production which may be purchased by the Company for USD 770,000 per 1% (USD 2,310,000 for the entire royalty). a 4% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 4,000,000 for the entire royalty). a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). The various NSR royalties above relate only to the property covered by each specific lease and are not cumulative. The Company has an option to purchase a property related to twelve patented mining claims for USD 1,000,000 at any time during the life of the lease (subject to the net smelter return (“NSR”) royalty of 4% which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). (ii) Interests acquired directly by Corvus Nevada (1) Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm’s length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the “Mayflower” claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. Lease Payments: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH annually. Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, all future payments will be satisfied by the delivery of an additional ½ common shares of the Company for each of the ITH common shares due per the original agreement (25,000 common shares of the Company) annually. Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 – 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. 10 (2) Pursuant to a mining lease and option to purchase made effective March 1, 2011 between Corvus Nevada and an arm’s length individual, Corvus Nevada has leased, and has the option to purchase, two patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of ten years, subject to extension for an additional ten years (provided advance minimum royalties are timely paid), and for so long thereafter as mining activities continue on the claims. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties, but not applicable to the purchase price if the option to purchase is exercised) of USD 30,000 (paid to March 1, 2020), adjusted for inflation. The lessor is entitled to receive a 2% NSR royalty on all production. The lessee may purchase the NSR royalty for USD 1,000,000 per 1%. If the lessee purchases the entire NSR royalty (USD 2,000,000) the lessee will also acquire all interest of the lessor in the subject property. (3) Pursuant to a purchase agreement made effective March 28, 2013, Corvus Nevada agreed to purchase the surface rights of five patented mining claims owned by two arm’s length individuals for USD 160,000 paid on closing ( March 28, 2013). The terms include payment by Corvus Nevada of a fee of USD 0.02 per ton of overburden to be stored on the property, subject to payment for a minimum of 12 million short tons. The minimum tonnage fee (USD 240,000) bears interest at 4.77% per annum from closing and is evidenced by a promissory note due on the sooner of the commencing of use of the property for waste materials storage or December 31, 2015 (balance paid December 17, 2015). As a result, the Company recorded $406,240 (USD 400,000) in acquisition costs with $157,408 paid in cash and the remaining $248,832 (USD 240,000) in promissory note payable during the year ended May 31, 2013. (4) In December 2013, SoN completed the purchase of a parcel of land approximately 30 kilometres north of the North Bullfrog project which carries with it 1,600 acre feet of irrigation water rights. The cost of the land and associated water rights was cash payment of $1,100,118 (USD 1,034,626). (5) On March 30, 2015, Lunar Landing, LLC signed a lease agreement with Corvus Nevada to lease private property containing the three patented Sunflower claims to Corvus Nevada, which are adjacent to the Yellow Rose claims leased in 2014. The term of the lease is three years with provision to extend the lease for an additional seven years, and an advance minimum royalty payment of USD 5,000 per year with USD 5,000 paid upon signing (paid to March 2020). The lease includes a 4% NSR royalty on production, with an option to purchase the royalty for USD 500,000 per 1% or USD 2,000,000 for the entire 4% royalty. The lease also includes the option to purchase the property for USD 300,000. The Company's share trading policy (the "Policy") requires that all restricted persons and others who are subject to the Policy refrain from conducting any transactions involving the purchase or sale of the Company's securities, during the period in any quarter commencing 30 days prior to the scheduled issuance of the next quarter or year-end public disclosure of the financial results as well as when there is material data on hand. In accordance with the terms of the Amended 2010 Plan, if stock options are set to expire during a restricted period and are not exercised prior to any such restriction, they will not expire but instead will be available for exercise for ten days after such restrictions are lifted. These stock options were exercised during the period ended February 28, 2021 after the restrictions were lifted. Mother Lode Property, Nevada Pursuant to a purchase agreement made effective June 9, 2017 between Corvus Nevada and Goldcorp USA, Inc. ("Goldcorp USA"), Corvus Nevada has acquired 100% of the Mother Lode property (the "Mother Lode Property"). In addition, Corvus Nevada staked two additional adjacent claim blocks to the Mother Lode Property. In connection with the acquisition, the Company issued 1,000,000 common shares at a price of $0.81 per common share to Goldcorp USA. The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce. Alaskan Royalty Interest, Alaska On June 7, 2019, the Company completed the sale of the royalties where four non-core Alaskan royalty interests owned by Corvus were sold to EMX Royalty Corporation ("EMX") for a purchase price of $350,000. In connection with the Alaskan royalty package sale, the Company incurred $31,463 in legal fees, resulting in a total cost recovery for the Alaska Royalty Interest of $318,537. The general terms of the Alaskan royalty package sale include: Chisna project 1% NSR LMS project 3% NSR Goodpaster District 1% NSR West Pogo project 2% NSR. 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0001507964 Corvus Gold Inc. false --05-31 Q1 2022 66.67 10 12 5 5 10 10 10 5 3 7 0 5,000,000 5,000,000 10 10 0 0 66.67 1 2 66.67 Pursuant to a purchase agreement made effective June 9, 2017 between Corvus Nevada and Goldcorp USA, Inc. (“Goldcorp USA”), Corvus Nevada has acquired 100% of the Mother Lode property (the “Mother Lode Property”). In addition, Corvus Nevada staked two additional adjacent claim blocks to the Mother Lode Property. In connection with the acquisition, the Company issued 1,000,000 Common Shares at a price of $0.81 per Common Share to Goldcorp USA. The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce. On March 30, 2015, Lunar Landing, LLC signed a lease agreement with Corvus Nevada to lease private property containing the three patented Sunflower claims to Corvus Nevada, which are adjacent to the Yellow Rose claims leased in 2014. The term of the lease is three years with provision to extend the lease for an additional seven years, and an advance minimum royalty payment of USD 5,000 per year with USD 5,000 paid upon signing (paid to March 2021). The lease includes a 4% NSR royalty on production, with an option to purchase the royalty for USD 500,000 per 1% or USD 2,000,000 for the entire 4% royalty. The lease also includes the option to purchase the property for USD 300,000. The Company’s North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company. (i) Interests acquired from Redstar Gold Corp. On October 9, 2009, a US subsidiary of ITH at the time (Corvus Nevada) completed the acquisition of all of the interests of Redstar Gold Corp. (“Redstar”) and Redstar Gold U.S.A. Inc. (“Redstar US”) in the North Bullfrog project, which consisted of six leases covering 33 patented mining claims. The leases have an initial term of ten years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the Company: The Company is required to pay annual advance minimum royalty payments (recoupable from production royalties) for as long as there are mining activities continuing on the claims or contiguous claims held by the Company. The required annual advance minimum royalty payments are: - 39,800 USD - 17,700 USD (adjusted annually for inflation) The lessor is entitled to receive a separate NSR royalty related to all production from the leased property of the various individual leases which may be purchased by the Company as follows: - a 4% NSR royalty, which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). - a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). - a 3% NSR royalty on all production, which may be purchased by the Company for USD 850,000 per 1% (USD 2,550,000 for the entire royalty). - a 3% NSR royalty on all production which may be purchased by the Company for USD 770,000 per 1% (USD 2,310,000 for the entire royalty). - a 4% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 4,000,000 for the entire royalty). - a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). - a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). The various NSR royalties above relate only to the property covered by each specific lease and are not cumulative. The Company has an option to purchase a property related to twelve patented mining claims for USD 1,000,000 at any time during the life of the lease (subject to the net smelter return (“NSR”) royalty of 4% which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). (ii) Interests acquired directly by Corvus Nevada (1) Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm’s length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the “Mayflower” claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: - Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. - Lease Payments: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH annually (subject to the anti-dilution noted below). - Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company, all future payments will be satisfied by the delivery of an additional ½ Common Shares of the Company for each of the ITH common shares due per the original agreement (25,000 Common Shares of the Company) annually. Pursuant to the amendment to the lease entered into on September 12, 2021, dated effective August 12, 2021, upon an acquisition transaction of Corvus, the share payment of 25,000 Common Shares of the Company and the share payment of 50,000 common shares of ITH is automatically converted into a cash payment equal to the share value equivalent using the price per share in the acquisition transaction for the shares of the Company and a price per share equal to the 10-day volume weighted average price of the ITH common shares calculated as of the end of the last trading day immediately preceding the payment due date. If an acquisition transaction of ITH occurs, the share payment of 50,000 common shares of ITH is automatically converted into a cash payment equal to the share value equivalent using the price per share in the acquisition transaction for the shares of ITH. - Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 – 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. - Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. (2) Pursuant to a mining lease and option to purchase made effective March 1, 2011 between Corvus Nevada and an arm’s length individual, Corvus Nevada has leased, and has the option to purchase, two patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of ten years, subject to extension for an additional ten years (provided advance minimum royalties are timely paid), and for so long thereafter as mining activities continue on the claims. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties, but not applicable to the purchase price if the option to purchase is exercised) of USD 30,000 (paid to March 1, 2021), adjusted for inflation. The lessor is entitled to receive a 2% NSR royalty on all production. The lessee may purchase the NSR royalty for USD 1,000,000 per 1%. If the lessee purchases the entire NSR royalty (USD 2,000,000) the lessee will also acquire all interest of the lessor in the subject property. (3) Pursuant to a purchase agreement made effective March 28, 2013, Corvus Nevada agreed to purchase the surface rights of five patented mining claims owned by two arm’s length individuals for USD 160,000 paid on closing (March 28, 2013). The terms include payment by Corvus Nevada of a fee of USD 0.02 per ton of overburden to be stored on the property, subject to payment for a minimum of 12 million short tons. The minimum tonnage fee (USD 240,000) bears interest at 4.77% per annum from closing and is evidenced by a promissory note due on the sooner of the commencing of use of the property for waste materials storage or December 31, 2015 (balance paid December 17, 2015). As a result, the Company recorded $406,240 (USD 400,000) in acquisition costs with $157,408 paid in cash and the remaining $248,832 (USD 240,000) in promissory note payable during the year ended May 31, 2013. (4) In December 2013, SoN completed the purchase of a parcel of land approximately 30 kilometres north of the North Bullfrog project which carries with it 1,600 acre feet of irrigation water rights. The cost of the land and associated water rights was cash payment of $1,100,118 (USD 1,034,626). (5) On March 30, 2015, Lunar Landing, LLC signed a lease agreement with Corvus Nevada to lease private property containing the three patented Sunflower claims to Corvus Nevada, which are adjacent to the Yellow Rose claims leased in 2014. The term of the lease is three years with provision to extend the lease for an additional seven years, and an advance minimum royalty payment of USD 5,000 per year with USD 5,000 paid upon signing (paid to March 2021). The lease includes a 4% NSR royalty on production, with an option to purchase the royalty for USD 500,000 per 1% or USD 2,000,000 for the entire 4% royalty. The lease also includes the option to purchase the property for USD 300,000. Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm’s length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the “Mayflower” claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: - Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. - Lease Payments: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH annually (subject to the anti-dilution noted below). - Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company, all future payments will be satisfied by the delivery of an additional ½ Common Shares of the Company for each of the ITH common shares due per the original agreement (25,000 Common Shares of the Company) annually. Pursuant to the amendment to the lease entered into on September 12, 2021, dated effective August 12, 2021, upon an acquisition transaction of Corvus, the share payment of 25,000 Common Shares of the Company and the share payment of 50,000 common shares of ITH is automatically converted into a cash payment equal to the share value equivalent using the price per share in the acquisition transaction for the shares of the Company and a price per share equal to the 10-day volume weighted average price of the ITH common shares calculated as of the end of the last trading day immediately preceding the payment due date. If an acquisition transaction of ITH occurs, the share payment of 50,000 common shares of ITH is automatically converted into a cash payment equal to the share value equivalent using the price per share in the acquisition transaction for the shares of ITH. - Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 – 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. - Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. The Company’s share trading policy (the “Policy”) requires that all restricted persons and others who are subject to the Policy refrain from conducting any transactions involving the purchase or sale of the Company’s securities, during the period in any quarter commencing 30 days prior to the scheduled issuance of the next quarter or year-end public disclosure of the financial results as well as when there is material data on hand. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 2021
For the quarterly period ended August 31, 2021
OR
☐		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-39437

CORVUS GOLD INC.

(Exact Name of Registrant as Specified in its Charter)

British Columbia, Canada	~~98-0668473~~	98-0668473
(State or other jurisdiction of incorporation or organization)	~~(I.R.S. Employer Identification No.)~~	(I.R.S. Employer Identification No.)
1750-700 West Pender Street
1750-700 West Pender Street Vancouver, British Columbia, Canada		V6C 1G8
Vancouver, British Columbia, Canada,	V6C 1G8
(Address of Principal Executive Offices)		(Zip code)
(Address of Principal Executive Offices)	(Zip code)

Registrant’s telephone number, including area code: (604) 638-3246

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:		Trading Symbol		Name of each exchange on which registered:
Common Shares, no par value		KOR		Nasdaq Capital Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Small reporting company ☒

	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒

As of ~~April~~October 76, 2021, the registrant had ~~126~~127,~~811~~003,~~970~~470 Common Shares outstanding.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
ITEM 1	FINANCIAL STATEMENTS	3
ITEM 2	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	1618
ITEM 3	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	2826
ITEM 4	CONTROLS AND PROCEDURES	2826
PART II	OTHER INFORMATION
ITEM 1	LEGAL PROCEEDINGS	2927
ITEM 1A	RISK FACTORS	2927
ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	2927
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	2927
ITEM 4	MINE SAFETY DISCLOSURES	2927
ITEM 5	OTHER INFORMATION	2927
ITEM 6	EXHIBITS	3028
SIGNATURES

PART I

ITEM 1. FINANCIAL STATEMENTS

CORVUS GOLD INC.

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS

(Expressed in Canadian dollars)

	February 28, 2021			May 31, 2020
	August 31, 2021			May 31, 2021
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	35,~~507~~227,~~432~~145		$	145,~~913~~121,~~158~~495
Accounts receivable		2157,~~366~~670			~~161~~11,~~305~~741
Prepaid expenses		~~677~~359,~~066~~139			~~389~~499,~~433~~747
Total current assets		45,~~205~~643,~~864~~954			155,~~463~~632,~~896~~983
Property and equipment		79175,~~355~~477			3873,~~630~~457
Right-of-use assets		7175,~~096~~052			4888,~~978~~996
Capitalized acquisition costs (note 3)		5,~~536~~686,~~324~~525			5,~~831~~268,~~924~~783
Total assets	$	911,~~892~~581,~~639~~008		$	2111,~~383~~064,~~428~~219
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued liabilities (note 5)	$	548,897		$	895,848
Accounts payable and accrued liabilities (note 6)	$	2,445,033		$	1,835,240
Lease liabilities		4772,~~297~~296			-67,287
Total current liabilities		596,194			895,848
Note payable (note 4)		12,109,072			5,742,007
Asset retirement obligations (note 3)		343,280			373,103
Total current liabilities		14,626,401			7,644,534
Lease liabilities		29,362			52,475
Asset retirement obligations (note 3)		341,440			326,691
Total liabilities		968,836			1,321,426
Lease liabilities		13,937			32,600
Shareholders’ equity
Total liabilities		14,981,778			8,003,825
Share capital (note 4)		124,321,558			120,960,869
Shareholders’ equity (deficit)
Contributed surplus (note 4)		16,508,138			14,857,390
Share capital (note 5)		125,012,369			124,919,558
Accumulated other comprehensive income - cumulative translation differences		1,030,957			1,578,326
Contributed surplus (note 4)		19,312,157			17,769,880
Deficit accumulated during the exploration stage		(132,936,850	)		(117,334,583	)
Accumulated other comprehensive income - cumulative translation differences		849,061			826,016
Total shareholders’ equity		8,923,803			20,062,002
Deficit accumulated during the exploration stage		(148,574,357	)		(140,455,060	)
Total liabilities and shareholders’ equity	$	9,892,639		$	21,383,428
Total shareholders’ equity (deficit)		(3,400,770	)		3,060,394
Total liabilities and shareholders’ equity (deficit)	$	11,581,008		$	11,064,219

Nature and continuance of operations (note 1)

Approved on behalf of the Directors:

“Jeffrey Pontius” Director “Anton Drescher” Director

“Anton Drescher” Director

These accompanying notes form an integral part of these condensed interim consolidated financial statements

CORVUS GOLD INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(Expressed in Canadian dollars)

	Three months ended						Nine months ended
	February 28, 2021			February 29, 2020			February 28, 2021			February 29, 2020
Operating Expenses
Administration	$	110		$	108		$	322		$	322
Consulting fees (notes 4 and 5)		556,218			465,021			1,595,264			1,400,180
Depreciation		18,431			19,258			51,390			47,005
Exploration expenditures (notes 3 and 4)		2,151,997			2,174,346			9,297,666			4,769,292
Insurance		163,754			62,284			287,185			172,440
Investor relations (notes 4 and 5)		304,459			405,756			1,360,864			1,309,806
Office and miscellaneous		34,222			38,820			100,792			92,140
Professional fees (note 4)		107,916			119,325			383,730			269,942
Regulatory		78,025			60,989			290,917			173,948
Rent		1,813			1,706			10,567			17,612
Travel		3,646			55,469			57,258			224,065
Wages and benefits (notes 4 and 5)		563,083			475,314			1,942,784			1,756,541
Total operating expenses		(3,983,674	)		(3,878,396	)		(15,378,739	)		(10,233,293	)
Other income (expense)
Interest income		3,394			103,598			58,824			181,556
Foreign exchange gain (loss)		14,644			131,822			(282,352	)		26,436
Total other income (expense)		18,038			235,420			(223,528	)		207,992
Net loss for the period		(3,965,636	)		(3,642,976	)		(15,602,267	)		(10,025,301	)
Other comprehensive loss
Exchange difference on translating foreign operations		(144,350	)		61,492			(547,369	)		(29,453	)
Comprehensive loss for the period	$	(4,109,986	)	$	(3,581,484	)	$	(16,149,636	)	$	(10,054,754	)
Basic and diluted loss per share	$	(0.03	)	$	(0.03	)	$	(0.12	)	$	(0.08	)
Weighted average number of shares outstanding		126,557,815			123,987,845			125,264,850			118,325,527

THREE MONTHS ENDED AUGUST 31,

	2021			2020

Operating expenses
Administration	$	-		$	106
Consulting fees (notes 5 and 6)		812,162			502,964
Depreciation		17,501			14,281
Exploration expenditures (notes 3 and 5)		4,426,263			4,433,234
Insurance		168,519			62,559
Investor relations (notes 5 and 6)		458,449			316,426
Office and miscellaneous		28,569			37,933
Professional fees (note 5)		302,344			158,185
Regulatory		82,460			154,312
Rent		1,130			7,403
Travel		85,530			15,476
Wages and benefits (notes 5 and 6)		1,553,967			506,453

Total operating expenses		(7,936,894	)		(6,209,332	)

Other income (expenses)
Interest income		1,383			41,699
Interest expense (note 4)		(182,190	)		(2,795	)
Foreign exchange loss		(1,596	)		(340,176	)

Total other expenses		(182,403	)		(301,272	)

Net loss for the period		(8,119,297	)		(6,510,604	)

Other comprehensive loss
Exchange difference on translating foreign operations		23,045			(358,482	)

Comprehensive loss for the period	$	(8,096,252	)	$	(6,869,086	)

Basic and diluted net loss per share	$	(0.06	)	$	(0.05	)

Weighted average number of shares outstanding		126,980,916			123,987,845

These accompanying notes form an integral part of these condensed interim consolidated financial statements

CORVUS GOLD INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Expressed in Canadian dollars)

~~NINE~~THREE MONTHS ENDED AUGUST 31,

	February 28, 2021			February 29, 2020
	2021			2020
Operating activities
Net loss for the period	$	(158,~~602~~119,~~267~~297	)	$	(106,~~025~~510,~~301~~604	)
Add items not affecting cash:
Depreciation		5117,~~390~~501			4714,~~005~~281
Stock-based compensation (note 4)		2,775,312			2,445,697
Stock-based compensation (note 5)		1,171,147			917,040
Foreign exchange loss		282,352			(26,436	)
Interest expense (note 4)		182,190			2,795
Foreign exchange loss		1,596			340,176
Changes in non-cash items:
Accounts receivable		~~139~~(45,~~939~~929	)		~~(152~~36,~~606~~325	)
Prepaid expenses		~~(287~~140,~~633~~608	)		(92118,~~477~~520	)
Accounts payable and accrued liabilities		~~(346~~609,~~951~~793	)		~~152~~32,~~332~~992
Cash used in operating activities		(126,~~987~~042,~~858~~391	)		(75,~~651~~285,~~786~~515	)
Financing activities
Cash received from issuance of shares		2,354,612			25,200,000
Share issuance costs		(6,589	)		-
Share issuance costs		(194,237	)		(2,014,653	)
Lease liabilities payments		(19,228	)		(13,677	)
Lease liabilities payments		(41,747	)		(35,433	)
Note payable (note 4)		6,167,500			-
Cash provided by financing activities		2,118,628			23,149,914
Cash provided by (used in) financing activities		6,141,683			(13,677	)
Investing activities
Expenditures on property and equipment		(5099,~~625~~176	)		-
Capitalized acquisition costs		(~~103~~80,~~819~~589	)		~~(51,705~~-	)
Cash used in investing activities		(~~154~~179,~~444~~765	)		~~(51,705~~-	)
Effect of foreign exchange on cash		~~(382~~186,~~052~~123	)		40(402,~~844~~149	)
Increase (decrease) in cash and cash equivalents		~~(11~~105,~~405,726~~650	)		15(5,~~487~~701,~~267~~341	)
Cash and cash equivalents, beginning of the period		145,~~913~~121,~~158~~495			414,~~145~~913,~~085~~158
Cash and cash equivalents, end of the period	$	35,~~507~~227,~~432~~145		$	199,~~632~~211,~~352~~817

Supplemental cash flow information (note 89)

These accompanying notes form an integral part of these condensed interim consolidated financial statements

CORVUS GOLD INC.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (DEFICIT)

(Unaudited)

(Expressed in Canadian dollars)

~~NINE~~THREE MONTHS ENDED ~~FEBRUARY~~AUGUST 2831, 2021

	Number of shares		Amount			Contributed Surplus			Accumulated Other Comprehensive Income – Cumulative Translation Differences			Deficit			Total
Balance, May 31, 2019		111,462,845	$	97,726,772		$	11,467,753		$	1,382,223		$	(101,127,931	)	$	9,448,817
Net loss for the period		-		-			-			-			(10,025,301	)		(10,025,301	)
Shares issued for cash		12,500,000		25,200,000			-			-			-			25,200,000
Share issued for capitalized acquisition costs		25,000		48,750			-			-			-			48,750
Other comprehensive income
Exchange difference on translating foreign operations		-		-			-			(29,453	)		-			(29,453	)
Share issuance costs		-		(2,014,653	)		-			-			-			(2,014,653	)
Stock-based compensation		-		-			2,445,697			-			-			2,445,697
Balance, February 29, 2020		123,987,845	$	120,960,869		$	13,913,450		$	1,352,770		$	(111,153,232	)	$	25,073,857
Net loss for the period		-		-			-			-			(6,181,351	)		(6,181,351	)
Other comprehensive income
Exchange difference on translating foreign operations		-		-			-			225,556			-			225,556
Stock-based compensation		-		-			943,940			-			-			943,940
Balance, May 31, 2020		123,987,845	$	120,960,869		$	14,857,390		$	1,578,326		$	(117,334,583	)	$	20,062,002
Net loss for the period		-		-			-			-			(156,~~602~~510,~~267~~604	)		(156,~~602~~510,~~267~~604	)
Shares issued for cash
Other comprehensive income
Exchange difference on translating foreign operations		-		-			-			(358,482	)		-			(358,482	)
Stock-based compensation		-		-			917,040			-			-			917,040
Balance, August 31, 2020		123,987,845	$	120,960,869		$	15,774,430		$	1,219,844		$	(123,845,187	)	$	14,109,956
Net loss for the period		-		-			-			-			(16,609,873	)		(16,609,873	)
Shares issued
At-the-market offering		119,125		340,762			-			-			-			340,762
Exercise of stock options		2,~~680~~846,~~000~~500		2,~~013~~356,~~850~~840			-			-			-			2,~~013~~356,~~850~~840
Share issued for capitalized acquisition costs		25,000		75,750			-			-			-			75,750
Other comprehensive income
Exchange difference on translating foreign operations		-		-			-			(~~547~~393,~~369~~828	)		-			(~~547~~393,~~369~~828	)
Share issuance costs		-		(194,~~237~~869	)		-			-			-			(194,~~237~~869	)
Reclassification of contributed surplus on exercise of stock options		-		1,~~124~~380,~~564~~206			(1,~~124~~380,~~564~~206	)		-			-			-
Stock-based compensation		-		-			2,775,312			-			-			2,775,312
Contributed surplus on note payable (note 4)		-		-			314,016			-			-			314,016
Balance, February 28, 2021		126,811,970	$	124,321,558		$	16,508,138		$	1,030,957		$	(132,936,850	)	$	8,923,803
Stock-based compensation		-		-			3,061,640			-			-			3,061,640
Balance, May 31, 2021		126,978,470	$	124,919,558		$	17,769,880		$	826,016		$	(140,455,060	)	$	3,060,394
Net loss for the period		-		-			-			-			(8,119,297	)		(8,119,297	)
Other comprehensive income
Exchange difference on translating foreign operations		-		-			-			23,045			-			23,045
Share issued for capitalized acquisition costs		25,000		99,400			-			-			-			99,400
Share issuance costs		-		(6,589	)		-			-			-			(6,589	)
Contributed surplus on note payable (note 4)		-		-			371,130			-			-			371,130
Stock-based compensation		-		-			1,171,147			-			-			1,171,147
Balance, August 31, 2021		127,003,470	$	125,012,369		$	19,312,157		$	849,061		$	(148,574,357	)	$	(3,400,770	)

These accompanying notes form an integral part of these condensed interim consolidated financial statements

1.	NATURE AND CONTINUANCE OF OPERATIONS

On August 25, 2010, International Tower Hill Mines Ltd. (“ITH”) completed a Plan of Arrangement (the “Arrangement”) whereby its existing Alaska mineral properties (other than the Livengood project) and related assets and the North Bullfrog mineral property and related assets in Nevada (collectively, the “Nevada and Other Alaska Business”) were indirectly spun out into a new public company, being Corvus Gold Inc. (“Corvus” or the “Company”). As part of the Arrangement, ITH transferred its wholly-owned subsidiary Corvus Gold Nevada Inc. (“Corvus Nevada”) (which held the North Bullfrog property), to Corvus and a wholly-owned Alaskan subsidiary of ITH, Talon Gold Alaska, Inc. sold to Raven Gold Alaska Inc. (“Raven Gold”), the Terra, Chisna, LMS and West Pogo properties. As a consequence of the completion of the Arrangement, the Terra, Chisna, LMS, West Pogo and North Bullfrog properties were transferred to Corvus.

The Company was incorporated on April 13, 2010 under the Business Corporations Act (British Columbia). These condensed interim consolidated financial statements reflect the cumulative operating results of the predecessor, as related to the mineral properties that were transferred to the Company from June 1, 2006.

The Company is engaged in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At ~~February~~August 2831, 2021, the Company had interests in properties in Nevada, U.S.A.

The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no source of revenue, and has significant cash requirements to meet its administrative overhead and maintain its mineral property interests. The recoverability of amounts shown for mineral properties is dependent on several factors. These include the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of mineral properties. The carrying value of the Company’s mineral properties does not reflect current or future values.

These condensed interim consolidated financial statements have been prepared on a going concern basis, which presume the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The Company’s ability to continue as a going concern is dependent upon achieving profitable operations and/or obtaining additional financing.

In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future within one year from the date the condensed interim consolidated financial statements are issued. There is substantial doubt upon the Company’s ability to continue as going concern, as explained in the following paragraphs.

The Company has sustained significant losses from operations, has negative cash flows, and has an ongoing requirement for capital investment to explore its mineral properties. As at ~~February~~August 2831, 2021, the Company had working capital deficit of $38,~~609~~982,~~670~~447 compared to working capital deficit of $142,~~568~~011,~~048~~551 as at May 31, ~~2020~~2021. The Company entered into a loan agreement with AngloGold Ashanti North America Inc. (“AngloGold North America”) to fund up to USD 20,000,000 towards the ongoing permitting and pre-development work at the Company’s properties (note 4). As at August 31, 2021, the Company has drawn $12,215,500 (USD 10,000,000) from the loan agreement. On September 13, 2021, the Company announced that the Company and AngloGold Ashanti Limited (“AngloGold Ashanti”) have entered into a definitive arrangement agreement pursuant to which AngloGold Ashanti has agreed to acquire the remaining 80.5% of common shares of the Company (“Common Shares”) not already owned by AngloGold Ashanti at a price of $4.10 per Common Share (the “Consideration”) in cash (note 10) (the “Transaction”). As part of the Transaction, each option to purchase a Common Share (a “Corvus Option”) that is outstanding immediately prior to the effective time of the arrangement, not withstanding the terms of such Corvus Option, that is vested or unvested, will be deemed to be unconditionally vested and exercisable, and will be immediately cancelled in exchange for a cash payment from the Company equal to the amount by which the Consideration exceeds the exercise price of each such Corvus Option, subject to withholding taxes where applicable. The Transaction will be subject to the approval of: (a) 66 2/3% of the votes cast by (i) the holders of Common Shares, including votes attached to Common Shares held by AngloGold Ashanti, present in person or represented by proxy at the special meeting relating to the Transaction; and (ii) the Shareholders and the holders of options, voting together as a single class, present in person or represented by proxy at the special meeting relating to the Transaction; and (b) a simple majority of the votes cast by the Shareholders present in person or represented by proxy at the special meeting relating to the Transaction, excluding votes attached to Common Shares held by AngloGold Ashanti and its affiliates and any other person as required to be excluded under section 8.1(2) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. In addition to securityholder approval, the Transaction is subject to the receipt of court approval and other customary closing conditions for transactions of this nature. Based on its current plans, budgeted expenditures, and cash requirements, the Company does not have sufficient cash to finance its current plans for at least 12 months from the date the condensed interim consolidated financial statements are issued.

The Company expects that it will need to raise substantial additional capital to accomplish its business plan over the next several years. There is no assurance that additional capital or other types of financing will be available if needed or that these financings will be on terms at least as favourable to the Company as those previously obtained, or at all. As well, there can be no assurance that the Company will not be impacted by adverse consequences that impact the global financial markets as a whole, including any adverse consequences that may be brought about by pandemics, or increased severity of existing pandemics, which may reduce resources, share prices and financial liquidity and which may severely limit the financing capital available in the mineral exploration sector. Should such financing not be available in that time-frame, the Company will be required to reduce its activities and will not be able to carry out all of its presently planned exploration and development activities on its currently anticipated scheduling.

These condensed interim consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue in business.

All currency amounts are stated in Canadian dollars unless noted otherwise.

2.	SIGNIFICANT ACCOUNTING POLICIES

These condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended May 31, ~~2020~~2021 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management these condensed interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at ~~February~~August 2831, 2021 and the results of its operations for the ~~nine~~three months then ended. Operating results for the ~~nine~~three months ended ~~February~~August 2831, 2021 are not necessarily indicative of the results that may be expected for the year ending May 31, ~~2021~~2022. The ~~2020~~2021 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.

The preparation of these condensed interim consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these condensed interim consolidated financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows.

Basis of consolidation

These condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively, the “Group”), Corvus Gold (USA) Inc. (“Corvus USA”) (a Nevada corporation), Corvus Nevada (a Nevada corporation), Raven Gold (an Alaska corporation), SoN Land and Water LLC (“SoN”) (a Nevada limited liability company) and Mother Lode Mining Company LLC (a Nevada limited liability company). All intercompany transactions and balances were eliminated upon consolidation.

~~Loss~~Earnings (loss) per share

Basic loss per share is calculated using the weighted average number of ~~common~~Common ~~shares~~Shares outstanding during the period. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings (loss) per share is calculated presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase ~~common~~Common ~~shares~~Shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. For the period ended ~~February~~August 2831, 2021, 12,~~255~~005,000 outstanding stock options (2020 – 12,345,000) were not included in the calculation of diluted earnings (loss) per share as their inclusion was anti-dilutive.

3.	MINERAL PROPERTIES

The Company had the following activity related to capitalized acquisition costs:

	North Bullfrog			Mother Lode			Total
	(note 3(a))			(note 3(b))
Balance, May 31, 2020	$	4,957,690		$	874,234		$	5,831,924
Balance, May 31, 2021	$	4,503,297		$	765,486		$	5,268,783
Cash payments (note 3(a)(ii)(1))		103,819			-			103,819
Acquisition costs
Shares issued (note 3(a)(ii)(1))		75,750			-			75,750
Cash payments (note 3(a)(ii)(1))		80,589			-			80,589
Currency translation adjustments		(405,291	)		(69,878	)		(475,169	)
Shares issued (notes 3(a)(ii)(1) and 5)		99,400			-			99,400
Balance, February 28, 2021	$	4,731,968		$	804,356		$	5,536,324
Currency translation adjustments		203,195			34,558			237,753
Balance, August 31, 2021	$	4,886,481		$	800,044		$	5,686,525

8 The following table presents costs incurred for exploration and evaluation activities for the three months ended August 31, 2021:

The following table presents costs incurred for exploration and evaluation activities for the nine months ended February 28, 2021:

	North Bullfrog		Mother Lode			Total
	(note 3(a))		(note 3(b))

Exploration costs:
Assay	$	64,235	$	164,896		$	229,131
Drilling		1,230,974		519,491			1,750,465
Equipment rental		39,121		33,774			72,895
Field costs		80,600		9,035			89,635
Geological/ Geophysical		256,767		213,992			470,759
Land maintenance & tenure		278,325		112,501			390,826
Permits		650,544		157,836			808,380
Studies		327,917		344,712			672,629
Travel		23,591		14,655			38,246

		2,952,074		1,570,892			4,522,966
Cost recovery		-		(96,703	)		(96,703	)

Total expenditures (recovery) for the period	$	2,952,074	$	1,474,189		$	4,426,263

	North Bullfrog		Mother Lode			Total
	(note 3(a))		(note 3(b))
Exploration costs:
Assay	$	152,205	$	671,633		$	823,838
Drilling		237,931		4,226,184			4,464,115
Equipment rental		17,398		155,610			173,008
Field costs		20,539		588,244			608,783
Geological/ Geophysical		472,273		937,691			1,409,964
Land maintenance & tenure		352,179		140,819			492,998
Permits		120,194		35,115			155,309
Studies		717,197		387,201			1,104,398
Travel		10,331		94,380			104,711
		2,100,247		7,236,877			9,337,124
Cost recovery		-		(39,458	)		(39,458	)
Total expenditures (recovery) for the period	$	2,100,247	$	7,197,419		$	9,297,666

The following table presents costs incurred for exploration and evaluation activities for the ~~nine~~three months ended ~~February~~August 2931, 2020:

	North Bullfrog		Mother Lode			~~Alaskan royalty interest~~Total			~~Total~~
	(note 3(a))		(note 3(b))			~~(note 3(c))~~
Exploration costs:
Assay	$	~~346~~127,~~438~~998	$	~~162~~263,~~243~~504		$	-391,502		$	~~508,681~~
Asset retirement obligations		13,913		753			-			14,666
Drilling		236,471		1,887,281			2,123,752
Drilling		739,660		28,595			-			768,255
Equipment rental		17,398		61,909			79,307
Equipment rental		41,868		1,190,625			-			1,232,493
Field costs		6,887		307,336			314,223
Field costs		188,477		313,622			-			502,099
Geological/ Geophysical		172,275		450,368			622,643
Geological/ Geophysical		363,521		436,604			-			800,125
Land maintenance & tenure		275,839		124,103			399,942
Land maintenance & tenure		390,412		115,985			-			506,397
Permits		9,403		13,947			23,350
Permits		6,769		56,733			-			63,502
Studies		343,844		109,469			453,313
Studies		234,934		325,417			-			560,351
Travel		5,179		35,361			40,540
Travel		50,934		80,326			-			131,260
		1,195,294		3,253,278			4,448,572
		2,376,926		2,710,903			-			5,087,829
Cost recovery		-		(15,338	)		(15,338	)
Cost recovery		-		-			(318,537	)		(318,537	)
Total expenditures (recovery) for the period	$	1,195,294	$	3,237,940		$	4,433,234
Total expenditures (recovery) for the period	$	2,376,926	$	2,710,903		$	(318,537	)	$	4,769,292

(a)

North Bullfrog Project, Nevada

The Company’s North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company.

(i)

Interests acquired from Redstar Gold Corp.

On October 9, 2009, a US subsidiary of ITH at the time (Corvus Nevada) completed the acquisition of all of the interests of Redstar Gold Corp. (“Redstar”) and Redstar Gold U.S.A. Inc. (“Redstar US”) in the North Bullfrog project, which consisted of six leases covering 33 patented mining claims. The leases have an initial term of ten years, and for so long thereafter as mining activities continue on the claims or contiguous claims held by the Company.:

The Company is required to pay annual advance minimum royalty payments (recoupable from production royalties) for as long as there are mining activities continuing on the claims or contiguous claims held by the Company. The required annual advance minimum royalty payments are:

● 39,800 USD

	●	39,800 USD
	●	17,700 USD (adjusted annually for inflation)

● 17,700 USD (adjusted annually for inflation)

The lessor is entitled to receive a separate NSR royalty related to all production from the leased property of the various individual leases which may be purchased by the Company as follows:

● a 4% NSR royalty, which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty). ● a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). ● a 3% NSR royalty on all production, which may be purchased by the Company for USD 850,000 per 1% (USD 2,550,000 for the entire royalty). ● a 3% NSR royalty on all production which may be purchased by the Company for USD 770,000 per 1% (USD 2,310,000 for the entire royalty). ● a 4% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 4,000,000 for the entire royalty). ● a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty). ● a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty).

● a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty).

● a 3% NSR royalty on all production, which may be purchased by the Company for USD 850,000 per 1% (USD 2,550,000 for the entire royalty).

● a 3% NSR royalty on all production which may be purchased by the Company for USD 770,000 per 1% (USD 2,310,000 for the entire royalty).

● a 4% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 4,000,000 for the entire royalty).

● a 2% NSR royalty on all production, which may be purchased by the Company for USD 1,000,000 per 1% (USD 2,000,000 for the entire royalty).

The various NSR royalties above relate only to the property covered by each specific lease and are not cumulative.

The Company has an option to purchase a property related to twelve patented mining claims for USD 1,000,000 at any time during the life of the lease (subject to the net smelter return (“NSR”) royalty of 4% which may be purchased by the Company for USD 1,250,000 per 1% (USD 5,000,000 for the entire royalty).

(ii)

Interests acquired directly by Corvus Nevada

(1)

Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm’s length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the “Mayflower” claims which form part of the North Bullfrog project. The terms of the lease/option are as follows:

● Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. ● Lease Payments: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH annually (subject to the anti-dilution noted below). ● Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company, all future payments will be satisfied by the delivery of an additional ½ Common Shares of the Company for each of the ITH common shares due per the original agreement (25,000 Common Shares of the Company) annually. Pursuant to the amendment to the lease entered into on September 12, 2021, dated effective August 12, 2021, upon an acquisition transaction of Corvus, the share payment of 25,000 Common Shares of the Company and the share payment of 50,000 common shares of ITH is automatically converted into a cash payment equal to the share value equivalent using the price per share in the acquisition transaction for the shares of the Company and a price per share equal to the 10-day volume weighted average price of the ITH common shares calculated as of the end of the last trading day immediately preceding the payment due date. If an acquisition transaction of ITH occurs, the share payment of 50,000 common shares of ITH is automatically converted into a cash payment equal to the share value equivalent using the price per share in the acquisition transaction for the shares of ITH. ● Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 – 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. ● Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce.

●(2) ~~Lease~~Pursuant ~~Payments:~~to a mining lease and option to purchase made effective March 1, 2011 between Corvus Nevada ~~will~~and an arm’s length individual, Corvus Nevada has leased, and has the option to purchase, two patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of ten years, subject to extension for an additional ten years (provided advance minimum royalties are timely paid), and for so long thereafter as mining activities continue on the claims. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties, but not applicable to the purchase price if the option to purchase is exercised) of USD 1030,000 ~~and~~(paid ~~deliver~~to 50March 1, 2021), adjusted for inflation. The lessor is entitled to receive a 2% NSR royalty on all production. The lessee may purchase the NSR royalty for USD 1,000,000 ~~common~~per ~~shares~~1%. If the lessee purchases the entire NSR royalty (USD 2,000,000) the lessee will also acquire all interest of ~~ITH~~the ~~annually~~lessor in the subject property.

● Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, all future payments will be satisfied by the delivery of an additional ½ common shares of the Company for each of the ITH common shares due per the original agreement (25,000 common shares of the Company) annually. 11

● Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 – 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors.

	(3)	Pursuant to a purchase agreement made effective March 28, 2013, Corvus Nevada agreed to purchase the surface rights of five patented mining claims owned by two arm’s length individuals for USD 160,000 paid on closing ( March 28, 2013). The terms include payment by Corvus Nevada of a fee of USD 0.02 per ton of overburden to be stored on the property, subject to payment for a minimum of 12 million short tons. The minimum tonnage fee (USD 240,000) bears interest at 4.77% per annum from closing and is evidenced by a promissory note due on the sooner of the commencing of use of the property for waste materials storage or December 31, 2015 (balance paid December 17, 2015). As a result, the Company recorded $406,240 (USD 400,000) in acquisition costs with $157,408 paid in cash and the remaining $248,832 (USD 240,000) in promissory note payable during the year ended May 31, 2013.

	(4)	In December 2013, SoN completed the purchase of a parcel of land approximately 30 kilometres north of the North Bullfrog project which carries with it 1,600 acre feet of irrigation water rights. The cost of the land and associated water rights was cash payment of $1,100,118 (USD 1,034,626).

	(5)	On March 30, 2015, Lunar Landing, LLC signed a lease agreement with Corvus Nevada to lease private property containing the three patented Sunflower claims to Corvus Nevada, which are adjacent to the Yellow Rose claims leased in 2014. The term of the lease is three years with provision to extend the lease for an additional seven years, and an advance minimum royalty payment of USD 5,000 per year with USD 5,000 paid upon signing (paid to March 2021). The lease includes a 4% NSR royalty on production, with an option to purchase the royalty for USD 500,000 per 1% or USD 2,000,000 for the entire 4% royalty. The lease also includes the option to purchase the property for USD 300,000.

● Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce.

(2) Pursuant to a mining lease and option to purchase made effective March 1, 2011 between Corvus Nevada and an arm’s length individual, Corvus Nevada has leased, and has the option to purchase, two patented mineral claims which form part of the North Bullfrog project holdings. The lease is for an initial term of ten years, subject to extension for an additional ten years (provided advance minimum royalties are timely paid), and for so long thereafter as mining activities continue on the claims. The lessee is required to pay advance minimum royalty payments (recoupable from production royalties, but not applicable to the purchase price if the option to purchase is exercised) of USD 30,000 (paid to March 1, 2020), adjusted for inflation. The lessor is entitled to receive a 2% NSR royalty on all production. The lessee may purchase the NSR royalty for USD 1,000,000 per 1%. If the lessee purchases the entire NSR royalty (USD 2,000,000) the lessee will also acquire all interest of the lessor in the subject property.

(3) Pursuant to a purchase agreement made effective March 28, 2013, Corvus Nevada agreed to purchase the surface rights of five patented mining claims owned by two arm’s length individuals for USD 160,000 paid on closing ( March 28, 2013). The terms include payment by Corvus Nevada of a fee of USD 0.02 per ton of overburden to be stored on the property, subject to payment for a minimum of 12 million short tons. The minimum tonnage fee (USD 240,000) bears interest at 4.77% per annum from closing and is evidenced by a promissory note due on the sooner of the commencing of use of the property for waste materials storage or December 31, 2015 (balance paid December 17, 2015). As a result, the Company recorded $406,240 (USD 400,000) in acquisition costs with $157,408 paid in cash and the remaining $248,832 (USD 240,000) in promissory note payable during the year ended May 31, 2013.

(4) In December 2013, SoN completed the purchase of a parcel of land approximately 30 kilometres north of the North Bullfrog project which carries with it 1,600 acre feet of irrigation water rights. The cost of the land and associated water rights was cash payment of $1,100,118 (USD 1,034,626).

(5) On March 30, 2015, Lunar Landing, LLC signed a lease agreement with Corvus Nevada to lease private property containing the three patented Sunflower claims to Corvus Nevada, which are adjacent to the Yellow Rose claims leased in 2014. The term of the lease is three years with provision to extend the lease for an additional seven years, and an advance minimum royalty payment of USD 5,000 per year with USD 5,000 paid upon signing (paid to March 2020). The lease includes a 4% NSR royalty on production, with an option to purchase the royalty for USD 500,000 per 1% or USD 2,000,000 for the entire 4% royalty. The lease also includes the option to purchase the property for USD 300,000.

(b)

Mother Lode Property, Nevada

Pursuant to a purchase agreement made effective June 9, 2017 between Corvus Nevada and Goldcorp USA, Inc. (“Goldcorp USA”), Corvus Nevada has acquired 100% of the Mother Lode property (the “Mother Lode Property”). In addition, Corvus Nevada staked two additional adjacent claim blocks to the Mother Lode Property. In connection with the acquisition, the Company issued 1,000,000 ~~common~~Common ~~shares~~Shares at a price of $0.81 per ~~common~~Common ~~share~~Share to Goldcorp USA. The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce.

(c)

Alaskan Royalty Interest, Alaska

On June 7, 2019, the Company completed the sale of the royalties where four non-core Alaskan royalty interests owned by Corvus were sold to EMX Royalty Corporation (“EMX”) for a purchase price of $350,000. In connection with the Alaskan royalty package sale, the Company incurred $31,463 in legal fees, resulting in a total cost recovery for the Alaska Royalty Interest of $318,537.

The general terms of the Alaskan royalty package sale include:

● Chisna project 1% NSR ● LMS project 3% NSR ● Goodpaster District 1% NSR ● West Pogo project 2% NSR. The Company has retained a 1% NSR in the West Pogo project which is immediately west of the operating Pogo mine in the Goodpaster District of Alaska.

● LMS project 3% NSR

● Goodpaster District 1% NSR

● West Pogo project 2% NSR. The Company has retained a 1% NSR in the West Pogo project which is immediately west of the operating Pogo mine in the Goodpaster District of Alaska.

Acquisitions

The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps, in accordance with industry norms, to verify title to mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company (or, in the case of an option, in the name of the relevant optionor), there can be no assurance that such title will ultimately be secured.

Environmental Expenditures

The operations of the Company may in the future be affected from time to time in varying degrees by changes in environmental regulations, including those for future removal and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future removal and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

The Company has estimated the fair value of the liability for asset retirement that arose as a result of exploration activities to be $~~343~~341,~~280~~440 (USD 270,000) ( May 31, ~~2020~~2021 - $~~373~~326,~~103~~691 (USD 270,000)). The fair value of the liability was determined to be equal to the estimated remediation costs. Due to the early stages of the project, and that extractive activities have not yet begun, the Company is unable to predict with any precision the timing of the cash flow related to the reclamation activities.

4. ~~SHARE~~NOTE ~~CAPITAL~~PAYABLE

On May 4, 2021, the Company entered into a loan agreement with AngloGold North America to fund up to USD 20,000,000 towards the ongoing permitting and pre-development work at the Company’s North Bullfrog project as well as ongoing exploration at its Mother Lode property. Highlights of the agreement for the USD 20,000,000 unsecured loan (the “Loan”) included:

	●	A fixed interest rate of 1.107025% with interest beginning 180 days after Loan signing
	●	Repayment of Loan will be the lesser of 12 months after Loan origination date, or after all North Bullfrog project mine construction permits are obtained by Corvus
	●	A minimum of 70% of the Loan amount to be spent on project work
	●	AngloGold North America is granted an exclusivity period of 90 days from May 4, 2021 where Corvus will abstain from all discussions or actions related material transactions involving Company assets or change in share structure, which can be extended to 120 days under certain circumstances. On July 13, 2021, the exclusivity was extended in accordance with the terms of the Loan Agreement.

On May 11, 2021, the Company drew $6,048,000 (USD 5,000,000) from the Loan. On June 28, 2021, the Company further drew $6,167,500 (USD 5,000,000) from the Loan. The amount available to the Company under the Loan as at August 31, 2021 was USD 10,000,000. The Company has estimated the fair value of the Loan to be $11,530,354 at an effective interest rate of 8.10% which was recorded in note payable. As a result, the recorded note payable is lower than its face value, the difference of $685,146 was recorded to contributed surplus.

During the period ended August 31, 2021, the Company recognized accretion by recording $178,754 (2020 - $nil) in interest expense. As at August 31, 2021, the note payable amounted to $12,109,072 (USD 9,597,426) ( May 31, 2021 - $5,742,007 (USD 4,756,467).

A summary of the note payable activity is as follows:

Balance, May 31, 2021	$	5,742,007

Proceeds from Loan (USD 5,000,000)		6,167,500
Allocated to contributed surplus		(371,130	)
Accretion expense		178,754
Foreign exchange		391,941

Balance, August 31, 2021	$	12,109,072

On September 15, 2021, the Company had further drawn USD 5,000,000 from the Loan. The amount available to the Company under the Loan was reduced to USD 5,000,000.

5.	SHARE CAPITAL

Authorized

Unlimited ~~common~~Common ~~shares~~Shares without par value.

Share issuances

During the ~~nine-month~~ period ended ~~February~~August 2831, 2021:

~~a) An aggregate of 2,680,000 common shares were issued on exercise of 2,680,000 stock options for gross proceeds of $2,013,850.~~ 13

b) On August ~~October 29~~23, ~~2020~~2021, the Company issued 25,000 ~~common~~Common ~~shares~~Shares in connection with the lease on the Mayflower property (note 3(a)(ii)(1)), with a fair value of $7599,~~750~~400.

c) The Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright dated January 29, 2021, pursuant to which the Company may offer and sell at its discretion only through the Nasdaq Capital Market, its common shares at market prices up to an aggregate gross sales value of US$12.6 million in an at-the-market offering over a period up to 12 months. The Company pays H.C. Wainwright a commission of approximately 3.0% of the aggregate gross proceeds the Company received from all sales of the Company's common shares under the ATM Agreement. From January 29, 2021 to the date hereof, an aggregate of 119,125 common shares were sold under the ATM Agreement for gross proceeds of $340,762 at a weighted average price of $2.86, and from the gross proceeds a commission of $10,223 was paid to H.C. Wainwright.

Stock options

Stock options awarded to employees and non-employees by the Company are measured and recognized in the Condensed Interim Consolidated Statement of Operations and Comprehensive Loss over the vesting period.

The Company has adopted an incentive stock option plan, first adopted in 2010 and then most recently amended in 2019 (the “Amended 2010 Plan”). The essential elements of the Amended 2010 Plan provide that the aggregate number of ~~common~~Common ~~shares~~Shares of the Company’s share capital that may be made issuable pursuant to options granted under the Amended 2010 Plan (together with any other shares which may be issued under other share compensation plans of the Company) may not exceed 10% of the number of issued shares of the Company at the time of the granting of the options. Options granted under the Amended 2010 Plan will have a maximum term of ten years. The exercise price of options granted under the Amended 2010 Plan will not be less than the greater of the market price of the ~~common~~Common ~~shares~~Shares (as defined by TSX, currently defined as the five day volume weighted average price for the five trading days immediately preceding the date of grant) or the closing market price of the Company’s ~~common~~Common ~~shares~~Shares for the trading day immediately preceding the date of grant), or such other price as may be agreed to by the Company and accepted by the TSX. Options granted under the Amended 2010 Plan vest immediately, unless otherwise determined by the directors at the date of grant.

12 A summary of the status of the stock option plan as of August 31, 2021, and May 31, 2021, and changes during the periods are presented below:

A summary of the status of the stock option plan as of February 28, 2021, and May 31, 2020, and changes during the periods are presented below:

	Three months ended August 31, 2021						Year ended May 31, 2021
	Number of Options			Weighted Average Exercise Price			Number of Options			Weighted Average Exercise Price

Balance, beginning of the period		12,088,500		$	2.03			12,345,000		$	1.54
Granted		-			-			2,590,000			3.05
Exercised		-			-			(2,846,500	)		(0.83	)
Expired		(83,500	)		(2.06	)		-			-

Balance, end of the period		12,005,000		$	2.03			12,088,500		$	2.03

	Nine months ended February 28, 2021						Year ended May 31, 2020
	Number of Options			Weighted Average Exercise Price			Number of Options		Weighted Average Exercise Price
Balance, beginning of the period		12,345,000		$	1.54			10,000,000	$	1.40
Granted		2,590,000			3.05			2,345,000		2.13
Exercised		(2,680,000	)		(0.76	)		-		-
Balance, end of the period		12,255,000		$	2.03			12,345,000	$	1.54

The weighted average remaining contractual life of options outstanding at August 31, 2021 was 2.52 years ( May 31, 2021 – 2.77 years).

The weighted average remaining contractual life of options outstanding at February 28, 2021 was 3.02 years ( May 31, 2020 – 2.68 years).

Stock options outstanding are as follows:

	February 28, 2021						May 31, 2020
	August 31, 2021						May 31, 2021
Expiry Date	Exercise Price		Number of Options		Exercisable at Period- End		Exercise Price		Number of Options		Exercisable at Period- End
September 8, 2019*	$	1.40		-		-	$	1.40		635,000		635,000
September 15, 2021*	$	0.91		925,000		925,000	$	0.91		925,000		925,000
September 9, 2020*	$	0.46		-		-	$	0.46		620,000		620,000
July 31, 2022	$	0.77		1,575,000		1,575,000	$	0.77		1,575,000		1,575,000
November 13, 2020*	$	0.49		-		-	$	0.49		1,000,000		1,000,000
October 11, 2022	$	2.00		20,000		20,000	$	2.00		20,000		20,000
September 15, 2021	$	0.91		925,000		925,000	$	0.91		1,085,000		1,085,000
November 19, 2023	$	2.06		4,170,000		2,777,220	$	2.06		4,253,500		2,777,220
July 31, 2022	$	0.77		1,575,000		1,575,000	$	0.77		1,840,000		1,225,440
April 9, 2024	$	2.04		400,000		266,400	$	2.04		400,000		266,400
October 11, 2022	$	2.00		20,000		20,000	$	2.00		20,000		13,322
June 13, 2024	$	2.18		1,115,000		742,590	$	2.18		1,115,000		371,295
November 19, 2023	$	2.06		4,420,000		2,943,720	$	2.06		4,420,000		1,471,860
February 3, 2025	$	2.09		1,210,000		402,930	$	2.09		1,210,000		402,930
April 9, 2024	$	2.04		400,000		133,200	$	2.04		400,000		133,200
January 15, 2026	$	3.05		2,590,000		-	$	3.05		2,590,000		-
June 13, 2024	$	2.18		1,115,000		371,295	$	2.18		1,115,000		-
				12,005,000		6,709,140				12,088,500		6,337,845
February 3, 2025	$	2.09		1,210,000		402,930	$	2.09		1,210,000		-
January 15, 2026	$	3.05		2,590,000		-	$	-		-		-
				12,255,000		6,371,145				12,345,000		6,183,822

*The Company’s share trading policy (the “Policy”) requires that all restricted persons and others who are subject to the Policy refrain from conducting any transactions involving the purchase or sale of the Company’s securities, during the period in any quarter commencing 30 days prior to the scheduled issuance of the next quarter or year-end public disclosure of the financial results as well as when there is material data on hand. In accordance with the terms of the Amended 2010 Plan, if stock options are set to expire during a restricted period and are not exercised prior to any such restriction, they will not expire but instead will be available for exercise for ten days after such restrictions are lifted. These stock options were exercised during the period ended February 28, 2021 after the restrictions were lifted. 14

13 *The Company’s share trading policy (the “Policy”) requires that all restricted persons and others who are subject to the Policy refrain from conducting any transactions involving the purchase or sale of the Company’s securities, during the period in any quarter commencing 30 days prior to the scheduled issuance of the next quarter or year-end public disclosure of the financial results as well as when there is material data on hand. In accordance with the terms of the Amended 2010 Plan, if stock options are set to expire during a restricted period and are not exercised prior to any such restriction, they will not expire but instead will be available for exercise for ten days after such restrictions are lifted.

The Company uses the fair value method for determining stock-based compensation for all options granted during the periods. ~~The~~There ~~fair~~were ~~value~~no ofstock options granted ~~was~~during ~~$4,083,771~~the ~~(2020~~period -ended August $231,~~974,411),~~ ~~determined~~2021 ~~using~~and ~~the Black-Scholes option pricing model based on the following weighted average assumptions:~~2020.

For the period ended	February 28, 2021			February 29, 2020
Risk-free interest rate		0.42	%		1.32	%
Expected life of options (years)	5			4.98
Annualized volatility		67.23	%		72.09	%
Dividend yield		0	%		0	%
Exercise price	$	3.05		$	2.13
Fair value per share	$	1.58		$	1.27

Annualized volatility was determined by reference to historic volatility of the Company.

Stock-based compensation has been allocated to the same expenses as cash compensation paid to the same employees or consultants, as follows:

For the nine months ended	February 28, 2021		February 29, 2020
For the three months ended August 31,	2021		2020
Consulting fees	$	1542,~~315,829~~985	$	1432,~~146,231~~741
Exploration expenditures – Geological/geophysical		~~254~~117,~~851~~767		~~210~~82,~~228~~340
Investor relations		~~384~~153,~~957~~211		~~336~~131,~~122~~133
Professional fees		2311,~~328~~049		187,~~534~~506
Wages and benefits		~~796~~346,~~347~~135		~~734~~263,~~582~~320
	$	21,~~775~~171,~~312~~147	$	2917,~~445,697~~040

56. RELATED PARTY TRANSACTIONS

The Company entered into the following transactions with related parties:

For the nine months ended	February 28, 2021		February 29, 2020
For the three months ended August 31,	2021		2020
Consulting fees to CFO	$	~~132~~162,500	$	~~107~~22,500
Wages and benefits to CEO and COO		~~813~~715,~~146~~138		~~842~~184,~~744~~575
Geological consulting fees to a company owned by a director in common		73,023		-
Geological consulting fees, wages and benefits to a company owned by a director in common		296,729		6,504
Directors fees (included in consulting fees)		~~114~~61,~~935~~677		~~114~~38,~~449~~723
Stock-based compensation to related parties		1763,~~890,955~~790		1634,~~708,490~~877
	$	31,~~024~~999,~~559~~834	$	2887,~~773,183~~179

As at ~~February~~August 2831, 2021, included in accounts payable and accrued liabilities was $~~nil~~954,595 ( May 31, ~~2020~~2021 – $130,~~274~~025) in expenses owing to companies related to officers, directors and officers of the Company.

These amounts were unsecured, non-interest bearing and had no fixed terms or terms of repayment. Accordingly, fair value could not be readily determined.

The Company has also entered into change of control agreements with officers of the Company. In the case of termination, the officers are entitled to an amount equal to a multiple (ranging from two times to three times) of the sum of the annual base salary or fees then payable to the officer, the aggregate amount of bonus(es) (if any) paid to the officer within the calendar year immediately preceding the Effective Date of Termination, and an amount equal to the vacation pay which would otherwise be payable for the one year period next following the Effective Date of Termination.

14 AngloGold Ashanti

6As of August 31, 2021, AngloGold Ashanti, through AngloGold Ashanti (USA) Exploration Inc. ~~GEOGRAPHIC~~(“AngloGold ~~SEGMENTED~~(USA) ~~INFORMATION~~Exploration”) owned 24,774,949 Common Shares representing approximately 19.5% of the total issued and outstanding Common Shares.

On May 4, 2021, the Company entered into a Loan with AngloGold North America (note 4). As at August 31, 2021, the note payable to AngloGold North America amounted to $12,109,072 (USD 9,597,426) ( May 31, 2021 $5,742,007 (USD 4,756,467)).

As at August 31, 2021, included in accounts receivable was $36,589 ( May 31, 2021 – $nil) in expense recoveries from AngloGold North America.

On September 13, 2021, the Company announced that the Company and AngloGold Ashanti have entered into a definitive arrangement agreement in connection with the Transaction. The Transaction will be subject to the approval of: (a) 66 2/3% of the votes cast by (i) the holders of Common Shares, including votes attached to Common Shares held by AngloGold Ashanti, present in person or represented by proxy at the special meeting relating to the Transaction; and (ii) the Shareholders and the holders of options, voting together as a single class, present in person or represented by proxy at the special meeting relating to the Transaction; and (b) a simple majority of the votes cast by the Shareholders present in person or represented by proxy at the special meeting relating to the Transaction, excluding votes attached to Common Shares held by AngloGold Ashanti and its affiliates and any other person as required to be excluded under section 8.1(2) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. In addition to securityholder approval, the Transaction is subject to the receipt of court approval and other customary closing conditions for transactions of this nature.

7.	GEOGRAPHIC SEGMENTED INFORMATION

The Company operates in one industry segment, the mineral resources industry, and in two geographical segments, Canada and the United States. All current exploration activities are conducted in the United States and Canada. The significant asset categories identifiable with these geographical areas are as follows:

	Canada		United States		Total
February 28, 2021
August 31, 2021
Capitalized acquisition costs	$	-	$	5,~~536~~686,~~324~~525	$	5,~~536~~686,~~324~~525
Property and equipment	$	43,~~253~~554	$	75171,~~102~~923	$	79175,~~355~~477
Right-of-use assets	$	5339,~~071~~227	$	1835,~~025~~825	$	7175,~~096~~052
May 31, 2020
May 31, 2021
Capitalized acquisition costs	$	-	$	5,~~831~~268,~~924~~783	$	5,~~831~~268,~~924~~783
Property and equipment	$	53,~~488~~842	$	3369,~~142~~615	$	3873,~~630~~457
Right-of-use assets	$	-46,149	$	4842,~~978~~847	$	4888,~~978~~996

For the nine months ended	February 28, 2021			February 29, 2020
For the three months ended August 31,	2021			2020
Net loss for the period – Canada	$	(52,~~246~~340,~~063~~159	)	$	(41,~~184~~835,~~870~~334	)
Net loss for the period – United States		(105,~~356~~779,~~204~~138	)		(54,~~840~~675,~~431~~270	)
Net loss for the period	$	(158,~~602~~119,~~267~~297	)	$	(106,~~025~~510,~~301~~604	)

78. SUBSIDIARIES

Significant subsidiaries for the periods ended ~~February~~August 2831, 2021 and ~~February~~ ~~29,~~ 2020 are:

	Country of Incorporation	Principal Activity	The Company’s effective interest for 2021	The Company’s effective interest for 2020

Corvus Gold (USA) Inc.	USA	Holding company	100%	100%
Raven Gold Alaska Inc.	USA	Exploration company	100%	100%
Corvus Gold Nevada Inc.	USA	Exploration company	100%	100%
SoN Land & Water LLC	USA	Exploration company	100%	100%
Mother Lode Mining Company LLC	USA	Exploration company	100%	100%

~~8. SUPPLEMENTAL CASH FLOW INFORMATION~~ 16

For the nine months ended	February 28, 2021		February 29, 2020
Supplemental cash flow information
Interest paid	$	-	$	-
Income taxes paid (received)	$	-	$	-
Non-cash financing and investing transactions
Shares issued to acquire mineral properties	$	75,750	$	48,750
Reclassification of contributed surplus on exercise of stock options	$	1,124,564	$	-

9.	SUPPLEMENTAL CASH FLOW INFORMATION

For the three months ended August 31,	2021			2020

Supplemental cash flow information
Interest paid (received)	$	(1,383	)	$	(41,699	)
Income taxes paid (received)	$	-		$	-
Non-cash financing and investing transactions
Shares issued to acquire mineral properties	$	99,400		$	-
Contributed surplus on issuance of note payable	$	371,130		$	-

10.

SUBSEQUENT EVENT

On September 13, 2021, the Company announced that the Company and AngloGold Ashanti entered into a definitive arrangement agreement in connection with the Transaction. The Transaction will be subject to the approval of: (a) 66 2/3% of the votes cast by (i) the holders of Common Shares, including votes attached to Common Shares held by AngloGold Ashanti, present in person or represented by proxy at the special meeting relating to the Transaction; and (ii) the Shareholders and the holders of options, voting together as a single class, present in person or represented by proxy at the special meeting relating to the Transaction; and (b) a simple majority of the votes cast by the Shareholders present in person or represented by proxy at the special meeting relating to the Transaction, excluding votes attached to Common Shares held by AngloGold Ashanti and its affiliates and any other person as required to be excluded under section 8.1(2) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. In addition to securityholder approval, the Transaction is subject to the receipt of court approval and other customary closing conditions for transactions of this nature.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with our condensed interim consolidated financial statements for the three ~~and nine~~ months ended ~~February~~August 2831, 2021, and the related notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). This discussion and analysis contains forward-looking statements and forward-looking information that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements and information as a result of many factors. See section heading “Note Regarding Forward-Looking Statements” below. All currency amounts are stated in Canadian dollars unless noted otherwise.

CAUTIONARY NOTE TO U.S. INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES AND PROVEN AND PROBABLE RESERVES

Corvus Gold Inc. (“we”, “us”, “our,” “Corvus” or the “Company”) is a mineral exploration company engaged in the acquisition and exploration of mineral properties. The mineral estimates in the two technical reports entitled “Technical Report and Preliminary Economic Assessment for Gravity Milling and Heap Leach Processing at the North Bullfrog Project, Bullfrog Mining District, Nye County, Nevada”, dated November 21, 2020 with an effective date of October 7, 2020 (the “NBP Technical Report”), and “Technical Report and Preliminary Economic Assessment for BIOX Mill and Heap Leach Processing at the Mother Lode Project, Bullfrog Mining District, Nye County, Nevada” dated November 21, 2020 with an effective date of October 7, 2020 (the “ML Technical Report” and together with the NBP Technical Report, the “Technical Reports”) referenced in this Quarterly Report on Form 10-Q have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. As used in the Technical Reports referenced in this Quarterly Report on Form 10-Q, the terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended.

These definitions differ materially from the definitions in the United States Securities and Exchange Commission (“SEC”) Industry Guide 7 (“SEC Industry Guide 7”). Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves, and the primary environmental analysis or report must be filed with the appropriate governmental authority.

In addition, the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of a mineral deposit in these categories will ever be converted into reserves. Under Canadian rules, Inferred Mineral Resources can only be used in economic studies as provided under CIM Standards. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource is economically or legally mineable. An “Inferred Mineral Resource” is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

Accordingly, information contained in this report and the Technical Reports referenced in this report contain descriptions of our mineral deposits that may not be comparable to similar information made public by U.S. companies reporting under SEC Industry Guide 7 requirements.

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) and, following a two-year transition period, the SEC Modernization Rules will replace the historical property disclosure requirements for mining registrants that are included in SEC Industry Guide 7. The Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules until its annual report for the fiscal year ~~beginning~~ending ~~June~~May 131, ~~2021~~2022. Under the SEC Modernization Rules, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” which are also substantially similar to the corresponding CIM Definition Standards; however there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s Mineral Reserve and Mineral Resource estimates will be the same as those reported under CIM Definition Standards as contained in this report.

1618

CAUTIONARY NOTE TO ALL INVESTORS CONCERNING ECONOMIC ASSESSMENTS THAT INCLUDE INFERRED RESOURCES

The Company currently holds or has the right to acquire interests in advanced stage exploration projects in Nye County, Nevada referred to as the North Bullfrog Project (the “NBP”) and the Mother Lode Project (“MLP” or “Mother Lode”). Mineral resources that are not mineral reserves have no demonstrated economic viability. The preliminary economic assessments included in the Technical Reports on the NBP and on the MLP are preliminary in nature and include Inferred Mineral Resources that have a great amount of uncertainty as to their existence, and are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. It cannot be assumed that all, or any part, of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. There is no certainty that such Inferred Mineral Resources at the NBP or at the MLP will ever be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Readers should refer to the Technical Reports for additional information.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q and the exhibits attached hereto contain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” within the meaning of applicable Canadian securities legislation, collectively “forward-looking statements”. Such forward-looking statements concern our anticipated results and developments in the operations of the Company in future periods, planned exploration activities, the adequacy of the Company’s financial resources and other events or conditions that may occur in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” (or the negative and grammatical variations of any of these terms) occur or be achieved. These forward-looking statements may include, but are not limited to, statements concerning:

● the Company’s strategies and objectives, both generally and in respect of its specific mineral properties; ● the results of the preliminary economic assessment (“PEA”) on each of NBP and MLP; ● the timing of decisions regarding the timing and costs of exploration programs with respect to, and the issuance of the necessary permits and authorizations required for, the Company’s exploration programs, including for the NBP and the MLP; ● the Company’s estimates of the quality and quantity of the Mineral Resources at its mineral properties; ● the timing and cost of planned exploration programs of the Company, and the timing of the receipt of results therefrom; ● the Company’s future cash requirements and use of proceeds of sales; ● general business and economic conditions; ● the Company’s ability to meet its financial obligations as they come due, and the ability to raise the necessary funds to continue operations; ● the Company’s expectation that it will be able to add additional mineral projects of merit to its assets; ● the potential for the existence or location of additional high-grade veins at the NBP, or high-grade mineralization at the MLP; ● the potential to expand Company’s existing deposits and discover new deposits; ● the potential for any delineation of higher grade mineralization at the NBP or MLP; ● the potential for there to be one or more additional vein zone(s); ● the potential discovery and delineation of mineral deposits/resources/reserves and any expansion thereof beyond the current estimate; ● the potential for the NBP or the MLP mineralization systems to continue to grow and/or to develop into a major new higher-grade, bulk tonnage, Nevada gold discovery; ● the Company’s expectation that it will be able to build itself into a non-operator gold producer with significant carried interests and royalty exposure; ● that the Company will operate at a loss; ● that the Company will need to scale back anticipated costs and activities or raise additional funds; ● that the Company will have to raise substantial additional capital to accomplish its business plan over the next couple of years;

~~● the results of the preliminary economic assessment (“PEA”) on each of NBP and MLP;~~ 19

● the ~~timing~~estimated ofreclamation ~~decisions~~and ~~regarding~~asset ~~the~~retirement ~~timing and~~ costs; of● ~~exploration~~the ~~programs~~plans ~~with~~related ~~respect~~ to, ~~and~~ the ~~issuance~~potential development of the ~~necessary~~MLP ~~permits~~ and ~~authorizations~~the ~~required~~NBP; ~~for,~~and ● the ~~Company’s~~NBP ~~exploration~~and ~~programs,~~MLP ~~including~~work ~~for~~plans ~~the NBP~~ and ~~the~~mine ~~MLP;~~development plans/programs.

● the Company’s estimates of the quality and quantity of the Mineral Resources at its mineral properties;

● the timing and cost of planned exploration programs of the Company, and the timing of the receipt of results therefrom;

● the Company’s future cash requirements and use of proceeds of sales;

● general business and economic conditions;

● the Company’s ability to meet its financial obligations as they come due, and the ability to raise the necessary funds to continue operations;

● the Company’s expectation that it will be able to add additional mineral projects of merit to its assets;

● the potential for the existence or location of additional high-grade veins at the NBP, or high-grade mineralization at the MLP;

● the potential to expand Company’s existing deposits and discover new deposits;

● the potential for any delineation of higher grade mineralization at the NBP or MLP;

● the potential for there to be one or more additional vein zones;

● the potential discovery and delineation of mineral deposits/resources/reserves and any expansion thereof beyond the current estimate;

● the potential for the NBP or the MLP mineralization systems to continue to grow and/or to develop into a major new higher-grade, bulk tonnage, Nevada gold discovery;

● the Company’s expectation that it will be able to build itself into a non-operator gold producer with significant carried interests and royalty exposure;

● that the Company will operate at a loss;

● that the Company will need to scale back anticipated costs and activities or raise additional funds;

● that the Company will have to raise substantial additional capital to accomplish its business plan over the next couple of years;

● the estimated reclamation and asset retirement costs;

● the plans related to the potential development of the MLP and the NBP; and

● the NBP and MLP work plans and mine development plans/programs.

Such forward-looking statements reflect the Company’s current views with respect to future events and are subject to certain known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, risks related to:

● risks related to the evolving novel coronavirus (“COVID-19”) pandemic and health crisis and the governmental and regulatory actions taken in response thereto; ● our requirement of significant additional capital and our ability to raise such additional capital on favourable terms; ● our limited operating history; ● our history of losses; ● cost increases for our exploration and, if warranted, development projects; ● our properties being in the exploration stage; ● mineral exploration and production activities; ● our lack of mineral production from our properties; ● estimates of Mineral Resources; ● changes in Mineral Resource estimates; ● differences in United States and Canadian Mineral Reserve and Mineral Resource reporting; ● our exploration activities being unsuccessful; ● fluctuations in gold, silver and other metal prices; ● our ability to obtain permits and licenses for production; ● government and environmental regulations that may increase our costs of doing business or restrict our operations; ● proposed legislation that may significantly affect the mining industry; ● land reclamation requirements; ● competition in the mining industry; ● equipment and supply shortages; ● tax issues; ● current and future joint ventures and partnerships; ● our ability to attract qualified management; ● the ability to enforce judgment against certain of our directors; ● currency fluctuations; ● claims on the title to our properties; ● surface access on our properties; ● potential future litigation; ● our lack of insurance covering all our operations; ● our status as a “passive foreign investment company” under US federal tax code; ● the common shares of the Company (the “Common Shares”); ● the arrangement transaction with AngloGold Ashanti Limited; and ● events such as war, terrorism, natural disaster or outbreaks of disease (including COVID-19).

●Should ~~our~~one ~~requirement~~or more of ~~significant~~these ~~additional~~risks ~~capital;~~or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including without limitation those discussed in Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K, as filed with the SEC on August 9, 2021, which are incorporated herein by reference, as well as other factors described elsewhere in this report and the Company’s other reports filed with the SEC.

● our limited operating history;

● our history of losses;

● cost increases for our exploration and, if warranted, development projects;

● our properties being in the exploration stage;

● mineral exploration and production activities;

● our lack of mineral production from our properties;

● estimates of Mineral Resources;

● changes in Mineral Resource estimates;

● differences in United States and Canadian Mineral Reserve and Mineral Resource reporting;

● our exploration activities being unsuccessful;

● fluctuations in gold, silver and other metal prices;

● our ability to obtain permits and licenses for production;

● government and environmental regulations that may increase our costs of doing business or restrict our operations;

● proposed legislation that may significantly affect the mining industry;

● land reclamation requirements;

● competition in the mining industry;

● equipment and supply shortages;

● tax issues;

● current and future joint ventures and partnerships;

● our ability to attract qualified management;

● the ability to enforce judgment against certain of our directors;

● currency fluctuations;

● claims on the title to our properties;

● surface access on our properties;

● potential future litigation;

● our lack of insurance covering all our operations;

● our status as a “passive foreign investment company” under US federal tax code;

● the common shares; and

● events such as war, terrorism, natural disaster or outbreaks of disease (including COVID-19).

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including without limitation those discussed in Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K, as filed with the SEC on August 13, 2020, which are incorporated herein by reference, as well as other factors described elsewhere in this report and the Company’s other reports filed with the SEC.

The Company’s forward-looking statements contained in this Quarterly Report on Form 10-Q are based on the beliefs, expectations and opinions of management as of the date of this report. The Company does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change, except as required by law. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements.

1820

Current Business Activities

General

The Company’s material mineral properties are the NBP and the MLP, advanced exploration stage projects in Nevada which have a number of high-priority, bulk tonnage and high-grade vein targets (held through Corvus Nevada, a Nevada subsidiary). While exploring the NBP, the Company acquired the MLP in June 2017, which is located approximately 19 km to the south east of the NBP. The MLP was mined in the late 1980s and has substantial gold mineralization remaining unexploited extending to the north of the existing open pit mine. Exploration drilling and surface mapping have revealed that other exploration targets on the Corvus property in the Mother Lode area contain gold mineralization and are therefore being actively explored.

The primary focus of the Company will be to leverage its exploration expertise to expand its existing deposits and discover major new gold deposits. Other than with respect to the ongoing exploration of the MLP and NBP, the Company’s strategy is to leverage its other non-core assets by maintaining a retained royalty.

Highlights of activities during the period and to the date of this MD&A include:

●AngloGold ~~All~~Ashanti drilling during the period was performed at Mother Lode and at the Lynnda Strip. A total of nine RC drill holes were completed during the period totaling 3,487 m. Casing was recovered from five of the previously drilled core-tail (CT) holes.Transaction

●On ~~Six~~September ~~core-tail~~13, ~~holes~~2021, ~~were~~the ~~cored~~Company ~~during~~announced that the ~~period~~Company ~~for~~and ~~952~~AngloGold m.Ashanti ~~Four~~Limited of(“AngloGold ~~the~~Ashanti”) ~~core-tail~~entered ~~holes~~into ~~were~~a ~~drilled~~definitive inarrangement ~~the~~agreement ~~Mother~~pursuant ~~Lode~~to ~~deposit,~~which ~~and~~AngloGold ~~two~~Ashanti ~~were~~has ~~drilled~~agreed into acquire the ~~Lynnda~~remaining ~~Strip~~80.5% ~~deposit~~of Common Shares not already owned by AngloGold Ashanti at a price of $4.10 per Common Share in cash (the “Transaction”).

●The ~~Corvus~~Transaction ~~NBP~~will ~~project~~be ~~management~~subject ~~team~~to ~~was~~the ~~established~~approval of: (a) 66 2/3% of the votes cast by (i) the holders of Common Shares, including votes attached to Common Shares held by AngloGold Ashanti, present in person or represented by proxy at the special meeting relating to the Transaction; and ~~all~~(ii) ~~contractors~~the Shareholders and the holders of options, voting together as a single class, present in person or represented by proxy at the special meeting relating to ~~support~~the ~~baseline~~Transaction; ~~studies~~and (b) a simple majority of the votes cast by the Shareholders present in person or represented by proxy at the special meeting relating to the Transaction, excluding votes attached to Common Shares held by AngloGold Ashanti and ~~prepare~~its ~~permit~~affiliates ~~applications~~and ~~are~~any other person as required to be excluded under ~~contract~~section 8.1(2) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. In addition to securityholder approval, the Transaction is subject to the receipt of court approval and other customary closing conditions for transactions of this nature.

~~● The Desert Tortoise survey in the~~ NBP ~~facility~~and ~~area~~MLP ~~has~~Project ~~been completed, the Baseline Characterization Notice of Intent has been revised and resubmitted.~~Exploration

● ~~Water~~Drilling ~~quality~~during ~~sampling~~the ~~wells~~period was performed at Mother Lode and at the Lynnda Strip. A total of eight RC drill holes were completed during the period totaling 2,800 metres. ● Corvus NBP ~~have~~project ~~been~~continued ~~recompleted~~to ~~with~~conduct ~~electric~~baseline ~~pumps~~studies and ~~the~~prepare ~~initial~~permit applications. ● Water quality sampling ~~has~~continues ~~been~~at ~~performed~~the North Bullfrog project in support of ongoing mine permitting work. ● NBP hydrogeologic testing continues in support of ongoing mine permitting.

● Waste rock geochemistry static testing was completed.

● NBP hydrogeologic testing plans were completed and drilling of the instrumentation holes was begun.

● Plans for expansion of the Mother Lode exploration plan of operations and baseline characterization studies were finalized.

● The water production volumes for Corvus wells at MLP, were used for MLP exploration drilling and were reported monthly to the NDWR.

● A revision of the Lynnda Strip Notice of Intent was submitted and approved during December which allows expanded drilling in the area.

Nevada Properties

NBP and MLP

Our principal mineral properties are the NBP and the MLP, which form two separate gold exploration projects (the “NBP” and the “MLP”) located in northwestern Nye County, Nevada, in the Northern Bullfrog Hills and Bare Mountains to the east, north and west of the town of Beatty. Neither, the NBP nor the MLP have any known proven or probable reserves under SEC Industry Guide 7 or NI 43-101, and the projects are exploratory in nature. The Technical Reports are available under Corvus’ SEDAR profile at www.sedar.com and EDGAR profile at www.sec.gov, and describe the two properties as separate mining operations. The Technical Reports are referred to herein for informational purposes only and are not incorporated herein by reference. The Technical Reports contain disclosure regarding Mineral Resources at both projects that are not SEC Industry Guide 7 compliant proven or probable reserves. See “Cautionary Note to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred Resources and Proven and Probable Reserves” above.

The following disclosure is derived, in part, and supported by the Technical Reports and includes updates on the properties subsequent to the date of the Technical Reports.

The NBP and the MLP are located in the Bullfrog Hills and Bare Mountains of northwestern Nye County, Nevada (Figure 1). Together, the NBP and the MLP cover approximately 129 square kilometers (12,895 hectares) of patented and unpatented mining claims in sections 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, and 36 of T10S, R46E; sections 1, 2, 3, 4, 5, 6, 10, 11, 12, 13, 14, 15, 23, 24, 25, 26, 34 and 35 of T11S, R46E; sections 2, 3, 4, 5, 6, 7, 8, 9, 10, and 18 of T12S R46E; sections 19, 30, 31, and 32 of T10S, R47E; sections 4, 5, 6, 7, 8, 9, 10, 11, 14, 15, 16, 17, 18, 22, 23, 26, 27, 34, 35 and 36 of T11S, R47E; sections 1, 2, 3, 4, 8, 9, 10, 11, 12 and 13 of T12S R47E; sections 4, 9, 10, 15, 22, 27, 31, 32, 33 and 34 of T11S R48E; and sections 4, 5, 6, 7, 8, 9, 16, 17 and 18 of T12S R48E of MDBM. The total number of federal lode claims is 1601. Corvus has total of nine option/lease agreements in place that give us control of private land based on an aggregate of 51 historical patented lode claims (see Private Lands in Figure 1). Corvus Nevada owns an additional private land based on five historical patented claims (the Millman claims) and a 430 acre property with 1600 acre-feet of water rights located north of NBP in the Sarcobatus hydrographic basin (Basin 146).

1921

Figure 1 – Property Map showing the Location of the NBP and the MLP with respect to the town of Beatty, NV.

Studies at the NBP and MLP have been focused on the potential to develop separate mining and processing operations at each site. Technical Reports describing the conceptual mining and processing operations at each location were completed on November 21, 2020 and are available on SEDAR and EDGAR.

NBP Drilling Activities

No exploration drilling was performed at NBP during the period. The RC rig was moved to NBP on March 14th to drill the first of four test wells to be used to define the hydrogeology characteristics of the YellowJacket vein system for associated dewatering projections

~~MLP~~Lynnda Strip Drilling Activities

~~During~~Drilling ~~the period December 1, 2020 to date, nine RC drill holes were completed~~ at ~~Mother Lode deposit and in~~ the Lynnda Strip ~~for~~project aduring ~~total~~the ofquarter ~~3,487~~has mfocused ~~drilled.~~on Incompleting ~~addition,~~the ~~core-tail~~resource ~~drilling~~expansion ~~was~~program ~~performed~~targeting onthe ~~six~~east-west ~~holes~~extension ~~for a total~~ of ~~951~~the mmineralized ofzone. ~~core~~(Figure ~~drilled~~2). ~~Four~~Results offrom ~~the~~this ~~core-tail~~area ~~holes~~continue ~~were~~to ~~drilled~~outline ~~for~~a ~~definition~~large, ofrelatively ~~the~~high-grade, ~~Mother~~oxide ~~Lode~~ deposit, ~~and~~that ~~two~~now ~~core-tail~~extends ~~holes~~over ~~were~~800 ~~drilled~~metres atin ~~the~~width ~~Lynnda~~and ~~Strip~~remains open.

MLP Deposit

During the period, additional results were received for the new, northern high-grade feeder zone target in the Central Intrusive Zone at the Mother Lode deposit. The northern high-grade feeder zone occurs as a series of echelon structures along a north-northeast trend and likely has a corresponding deep-seated intrusive connection. The structures consist of broad zones of higher-grade material directly related to intrusive dikes and continue to confirm the genetic relationship of the gold deposit to a high-level magmatic system at depth (shallow porphyry environment). This configuration is illustrated by the map in Figure 2, with the structural relationships shown in the cross section in Figure 3.

Figure 2 – Map showing location of MLP drilling and New Northern Feeder Zone

Figure 3 – Cross Section along 4084640 N showing mineralization orientation at MLP

Lynnda Strip

Drilling at Lynnda Strip continued to define a large and continuous oxide gold system that now stretches for over 700 metres width. The drill intercepts indicate mineralization greater than 200 m in thickness, containing an upper, high-grade vein/stockwork zone returned gold grades of greater than 5 g/t over 37 m. Figure 4 is a map of the Lynnda Strip area showing the locations of Corvus drilling plus constructed drill sites by AngloGold Ashanti to the north and by Coeur Mining Inc. to the south of the Corvus drill locations.

A cross section along the E-W center line of the Corvus property at Lynnda Strip is shown in Figure 5. Corvus follow-up drilling at the South Merlin target, whose locations is shown to the east in Figure 5, suggests potential for major expansion of the deposit.

Figure 42 – ~~Location~~Map ~~map~~showing ~~for~~location ~~new~~of Lynnda Strip ~~drill~~drilling ~~holes~~completed ~~showing~~this ~~constructed AngloGold Ashanti and Coeur Mining Inc. drill pads to the north and south of the Corvus claims.~~quarter

Figure 5 – Cross section along Lynnda Strip oxide deposits showing large low-grade zone (shaded orange) and high-grade upper and lower vein zones

Mother Lode Project Development

~~Planning~~Corvus tois ~~increase~~progressing ~~the~~with ~~permitted~~its ~~area for Mother Lode~~ exploration ~~has~~permit ~~been~~expansion ~~completed and planning of baseline characterization work is underway. The raptor survey has been completed. The meeting to set the baseline characterization requirements~~ for the ~~expanded~~greater ~~area~~Mother isLode ~~scheduled~~and ~~for~~Lynnda ~~mid-March~~Strip projects.

Use of Proceeds

On October 10, 2019, the Company announced the completion of a $23,000,000 public bought deal financing, where the Company issued 11,500,000 common shares at a price of $2.00 per common share (the “Offering”). The net proceeds to the Company from the Offering was $21,020,000 after deducting the underwriter’s fee in the amount of $1,380,000, and the estimated expenses of the Offering of $600,000, which was paid out of the proceeds of the Offering.

The net proceeds of the Offering were anticipated to be applied as set out below. There are no material changes to the anticipated use of proceeds as described in the prospectus relating to the Offering.

Use of Net Proceeds	Amount
Exploration Expenditures at the North Bullfrog and Mother Lode Properties
Resource Expansion Drilling (42,000 m)	$	10,000,000
New Discovery Drilling (7,000 m)	$	2,300,000
Metallurgical Studies	$	1,500,000
Mining and Development Studies	$	600,000
Corporate general and administration, land and permits	$	6,620,000
TOTAL	$	21,020,000

Of the $21,020,000 in net proceeds received from the Offering, the net proceeds have been used as follows:

Company Cost Center	Total Proceeds ($ M)		Expended ($ M) (October 1, 2019 – May 31, 2020)		Expended ($ M) (June 1, 2020 – February 28, 2021*		Cumulative Expenditure ($ M) (October 1, 2019 – February 28, 2021
Exploration Expenditures at the North Bullfrog and Mother Lode Properties
Resource Expansion Drilling	$	10.00	$	4.05	$	3.39	$	7.44
New Discovery Drilling	$	2.30	$	2.10	$	2.60	$	4.70
Metallurgical Studies	$	1.50	$	0.80	$	0.85	$	1.65
Mining and Development Studies	$	0.60	$	0.26	$	0.23	$	0.49
Corporate general and administration, land & permits	$	6.62	$	3.43	$	3.31	$	6.74
TOTAL	$	21.02	$	10.64	$	10.38	$	21.02

*Unaudited Cost Reporting

Qualified Person and Quality Control/Quality Assurance

Jeffrey A. Pontius (CPG 11044), a qualified person as defined by NI 43-101, has supervised the preparation of the scientific and technical information that forms the basis for the disclosure in this Report on Form 10-Q (other than the Mother Lode Mineral Resource estimate) and has reviewed and approved the disclosure herein. Mr. Pontius is not independent of the Company, as he is the Chief Executive Officer and President and holds common shares and incentive stock options in Corvus.

Carl E. Brechtel (Colorado PE 23212, Nevada PE 008744 and Registered Member 353000 of SME), a qualified person as defined by NI 43-101, has coordinated execution of the technical work and has reviewed and approved the disclosure in this Report on Form 10-Q related thereto. Mr. Brechtel is not independent of the Company, as he is the Chief Administrative Officer and holds Common Shares and incentive stock options in Corvus.

The work program at the NBP and the MLP was designed and supervised by Mark Reischman, Corvus’ US Exploration Manager, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project log and track all samples prior to sealing and shipping. Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment. All resource sample shipments are sealed and shipped to American Assay Laboratories in Reno, Nevada, for preparation and assaying.

Assaying for the NBP and the MLP holes has been performed by American Assay Laboratories (“AAL”) in Sparks, Nevada. Corvus has no business relationship with AAL beyond being a customer for analytical services. The Sparks laboratory is Standards Council of Canada, Ottawa, Ontario Accredited Laboratory No. 536 and conforms with requirements of CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005).

Check assaying has been performed by Bureau Veritas North America (“BV”, formerly Inspectorate America Corporation), in Sparks Nevada and Vancouver, Canada, and ALS Minerals Laboratories (“ALS Minerals”), in Sparks, Nevada. Corvus has no business relationship with BV or ALS Minerals beyond being a customer for analytical services. The BV laboratory is Accredited Laboratory No. 720 and conforms to requirements of CAN-P-1579, CAN-P-4E (ISO 9001:2008) and ALS is Accredited Laboratory No. 660 and conforms to requirements of CAN-P-1579, CAN-P-4E (ISO/IEC 17025:2005).

Mr. Scott E. Wilson, CPG (10965), Registered Member of SME (4025107) and President of Resource Development Associates Inc., is an independent consulting geologist specializing in Mineral Reserve and Mineral Resource calculation reporting, mining project analysis and due diligence evaluations. He has acted as the Qualified Person, as defined in NI 43-101, for the Mineral Resource estimate and the Technical Reports. Mr. Wilson has over 29 years of experience in surface mining, resource estimation and strategic mine planning. Mr. Wilson and Resource Development Associates Inc. are independent of the Company under NI 43-101. Mr. Wilson, a Qualified Person, has verified the data underlying the information disclosed herein by reviewing the reports of AAL and all procedures undertaken for QA/QC. All matters were consistent and accurate accordingly to his professional judgment. There were no limitations on the verification process.

For additional information on the NBP and MLP, including information relating to exploration, data verification and the Mineral Resource estimates, see the Technical Reports, which are available under Corvus’ SEDAR profile at www.sedar.com and EDGAR profile at www.sec.gov. The Technical Reports are referred to herein for informational purposes only and is not incorporated herein by reference. The Technical Reports contains disclosure regarding Mineral Resources that are not Guide 7 compliant proven or probable reserves, see “Cautionary Note to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred Resources and Proven and Probable Reserves” above.

Results of Operations

~~Nine~~Three months ended ~~February~~August 2831, 2021 Compared to ~~Nine~~Three months ended ~~February~~August 2931, 2020

For the ~~nine~~three months ended ~~February~~August 2831, 2021, the Company had a net loss of $158,~~602~~119,~~267~~297 compared to a net loss of $106,~~025~~510,~~301~~604 in the comparative period of the prior year. Included in net loss was $21,~~775~~171,~~312~~147 (2020 - $2917,~~445,697~~040) in stock-based compensation charges which is a result of stock options granted during the period and previously granted stock options which vested during the period. Stock-based compensation in the current period comprised of stock options granted on ~~July 31, 2017,~~ November 19, 2018, April 9, 2019, June 13, 2019, ~~October~~February 113, ~~2019~~2020 and ~~February~~January 315, ~~2020~~2021 which vested during the period ~~and stock options granted on January 15, 2021~~. The prior period comparative had stock-based compensation arising from stock options granted on July 31, 2017, November 19, 2018, April 9, 2019, June 13, 2019, October 11, 2019 and February 3, 2020 which vested during the comparative period of the prior year. The increase in loss of $51,~~576~~608,~~966~~693 in the ~~nine~~three month period of the current year was due to a combination of factors discussed below.

The primary factor for the increase in the net loss was ~~the~~due ~~exploration~~to ~~expenditures~~the ofincrease ~~$9,297,666 incurred~~ in ~~the~~wages ~~current~~and ~~period~~benefits ~~compared~~of to $41,~~769~~553,~~292~~967 in(2020 ~~the~~- ~~comparative~~$506,453) ~~period~~which ofwas ~~the prior year. The exploration activities of the Company increased~~ mainly due to an increase in 2021 bonuses accrued of $41,~~483~~029,~~751~~161 ~~incurred~~compared into ~~exploration~~$nil ~~expenditures~~ in the ~~current period compared with the~~ comparative period of the prior year. asThe ~~the~~2020 ~~Company~~bonuses ~~secured~~were ~~further~~recorded ~~financing~~ in ~~October~~the ~~2019~~second ~~and~~quarter ~~partly~~of ~~due~~the toprior ~~increased~~year. There was an increase in stock-based compensation charges of $~~254~~346,~~851~~135 during the current period compared to $~~210~~263,~~228~~320 in the comparative period of the prior year.

Consulting fees increased to $1812,~~595,264~~162 (2020 - $1502,~~400,180~~964) mainly due to an increase in stock-based compensation charges of $1542,~~315,829~~985 during the current period compared to $1432,~~146,231~~741 in the comparative period of the prior year. ~~and~~There was an increase of in consulting fees paid to the CFO as a result of amendment to her consulting agreement. Consulting fees further increased due to additional fees paid to the CFO and Corporate Secretary whereas similar fees were paid in the second quarter of the prior year. The Board of Directors approved the accrual of the fees to the Special Committee members effective June 1, 2021, which amounted to $24,375 in the current period, compared to $nil in the prior period of the prior year.

Insurance expenses increased to $~~287~~168,~~185~~519 (2020 - $~~172~~62,~~440~~559) mainly due to an increase in D&O liability insurance premium due to the Company’s listing on the Nasdaq Capital ~~Markets~~Market in August 2020.

Investor relations expenses increased to $1458,~~360,864~~449 (2020 - $1316,~~309,806~~426) mainly due to an increase in ~~virtual advertising activities and an increase in~~ stock-based compensation charges of $~~384~~153,~~957~~211 during the current period compared to $~~336~~131,~~122~~133 in the comparative period of the prior year., ~~The~~and an increase in investor relations ~~expenses~~fee ~~was~~for ~~offset~~consultants byin athe ~~decrease~~current inperiod ~~investor~~whereas ~~relations~~similar fees ~~and~~were ~~investor~~paid ~~relations-related travels~~ in the ~~current~~second ~~period~~quarter ~~due~~of tothe ~~COVID-19~~prior ~~travel~~year. ~~restrictions~~This ~~and~~was asoffset by a ~~result,~~decrease ain ~~shift~~the ~~from~~investor ~~in-person~~relations ~~meetings~~related totravel ~~virtual~~expenses ~~meetings~~mainly ~~and~~due ~~activities.~~to ~~Travel~~the ~~expenses~~global ~~decreased~~pandemic towhich ~~$57,258~~has ~~(2020~~continued to limit in-person ~~$224,065)~~investor relations efforts.

25 Travel expenses increased to $85,530 (2020 - $15,476) mainly due to the Company’s management and Board of Directors attending the bell ringing ceremony for the Nasdaq Capital Market in August of 2021 compared to no travel in the comparative period of the prior year due to the Global Pandemic.

Professional fees increased to $~~383~~302,~~730~~344 (2020 - $~~269~~158,~~942~~185) mainly due to an increase in the ~~audit-related and~~ legal fees asdue ~~the~~to ~~Company~~increase ~~prepared for a transition~~ in ~~its~~activities ~~filing~~of ~~status~~the Company, ~~and~~ an increase in stock-based compensation charges of $2311,~~328~~049 during the current period compared to $187,~~534~~506 in the comparative period of the prior year offset by a decrease in audit fees as a result of under accrual of audit fees for 2020. There was also an increase in professional fees of approximately $176,000 related to the Transaction.

Regulatory expenses ~~increased~~decreased to $~~290~~82,~~917~~460 (2020 - $~~173~~154,~~948~~312) mainly due to the entry fee to the Nasdaq Capital ~~Markets~~Market asin the ~~Company~~comparative ~~commenced~~period ~~trading as~~ of ~~market~~the ~~open~~prior ~~on August 12, 2020~~year.

Wages and benefits increased to $1,942,784 (2020 - $1,756,541) mainly due to an increase in pension benefits, an increase in employer expenses due to expenses associated with stock option exercises during the current period, and an increase in stock-based compensation charges of $796,347 during the current period compared to $734,582 in the comparative period of the prior year. 24

Other expense categories that reflected only moderate change period over period were administration expenses of $~~322~~nil (2020 - $~~322~~106), depreciation expenses of $5117,~~390~~501 (2020 - $4714,~~005~~281), exploration expenditures of $4,426,263 (2020 - $4,433,234), office expenses of $~~100~~28,~~792~~569 (2020 - $9237,~~140~~933), and rent expenses of $101,~~567~~130 (2020 - $177,~~612~~403).

Other items amounted to a loss of $~~223~~182,~~528~~403 compared to ~~an income of~~ $~~207~~301,~~992~~272 in the prior period. There was ana ~~increase~~decrease in foreign exchange loss of $~~282~~1,~~352~~596 (2020 – ~~gain of~~ $26340,~~436~~176), which was the result of factors outside of the Company’s control, ~~and~~ a decrease in interest income of $581,~~824~~383 (2020 - $~~181~~41,~~556~~699) as a result of ~~decrease in interest rates and~~ less ~~investments~~investment in cashable GIC’s during the current period, ~~net~~and ofan increase interest expenses of $182,190 (2020 - $2,795) as a result of accretion recognized on the AngloGold North America Loan.

Three months ended February 28, 2021 Compared to Three months ended February 29, 2020

For the three months ended February 28, 2021, the Company had a net loss of $3,965,636 compared to a net loss of $3,642,976 in the comparative period of the prior year. Included in net loss was $1,005,652 (2020 - $843,803) in stock-based compensation charges which is a result of stock options granted during the period and previously granted stock options which vested during the period. Stock-based compensation in the current period comprised of stock options granted on November 19, 2018, April 9, 2019, June 13, 2019, October 11, 2019 and February 3, 2020 which vested during the period, and stock options granted on January 15, 2021. The prior period comparative had stock-based compensation arising from stock options granted on July 31, 2017, November 19, 2018, April 9, 2019, June 13, 2019, October 11, 2019 and February 3, 2020 which vested during the comparative period of the prior year. The increase in loss of $322,660 in the three month period of the current year was due to a combination of factors discussed below.

Exploration expenditures decreased to $2,151,997 (2020 - $2,174,346) which was offset by increased stock-based compensation charges of $95,334 during the current period compared to $73,210 in the comparative period of the prior year.

Consulting fees increased to $556,218 (2020 - $465,021) mainly due to an increase in stock-based compensation charges of $479,241 during the current period compared to $395,391 in the comparative period of the prior year and an increase in consulting fees to the CFO as a result of amendment to her consulting agreement.

Insurance expenses increased to $163,754 (2020 - $62,284) mainly due to an increase in D&O liability insurance premium due to the Company’s listing on the Nasdaq Capital Markets.

Investor relations expenses decreased to $304,459 (2020 - $405,756) mainly due to an increase in advertising activities and an increase in stock-based compensation charges of $133,322 during the current period compared to $118,468 in the comparative period of the prior year. The increase in investor relations expenses was offset by a decrease in investor relations fees and investor relations-related travels in the current period due to COVID-19 travel restrictions and as a result, a shift from in-person meetings to virtual meetings and activities. Travel expenses decreased to $3,646 (2020 - $55,469).

Regulatory expenses increased to $78,025 (2020 - $60,989) mainly due to the Nasdaq Capital Markets annual listing fee during the current period compared to none during the comparative period of the prior year.

Professional fees decreased to $107,916 (2020 - $119,325) offset by an increase in stock-based compensation charges of $8,823 during the current period compared to $6,531 in the comparative period of the prior year.

Wages and benefits increased to $563,083 (2020 - $475,314) mainly due to an increase in employer expenses due to stock options exercises in the current period and an increase in stock-based compensation charges of $288,932 during the current period compared to $250,203 in the comparative period of the prior year.

Other expense categories that reflected only moderate change period over period were administration expenses of $110 (2020- $108), depreciation expenses of $18,431 (2020 - $19,258), office expenses of $34,222 (2020 - $38,820), and rent expenses of $1,813 (2020- $1,706).

Other items amounted to an income of $18,038 compared to $235,420 in the prior period. There was an increase in foreign exchange gain of $14,644 (2020 – $131,822), which was the result of factors outside of the Company’s control and a decrease in interest income of $3,394 (2020 - $103,598) as a result of decrease in interest rates and less investment in cashable GIC’s during the current period net of interest expenses.

Liquidity and Capital Resources

The Company has no revenue generating operations from which it can internally generate funds. To date, the Company’s ongoing operations have been financed by the sale of its equity securities by way of public offerings, private placements, ~~and~~ the exercise of incentive stock options and share purchase warrants, and most recently, the AngloGold North America Loan. The Company believes that it will be able to secure additional private placements and public financings in the future, although it cannot predict the size or pricing of any such financings. In addition, the Company can raise funds through the sale of interests in its mineral properties, although current market conditions have substantially reduced the number of potential buyers/acquirers of any such interest(s). This situation is unlikely to change until such time as the Company can develop a bankable feasibility study on one of its projects. When acquiring an interest in mineral properties through purchase or option, the Company will sometimes issue Common Shares to the vendor or optionee of the property as partial or full consideration for the property interest in order to conserve its cash.

The condensed interim consolidated financial statements have been prepared on a going concern basis, which presume the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The Company’s ability to continue as a going concern is dependent upon achieving profitable operations and/or obtaining additional financing.

In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future within one year from the date the condensed interim consolidated financial statements are issued. ~~There is substantial doubt upon the Company’s ability to continue as going concern, as explained in the following paragraphs.~~

The Company has sustained significant losses from operations, has negative cash flows and has an ongoing requirement for capital investment to explore its mineral properties. Based on its current plans, budgeted expenditures, and cash requirements, the Company does not have sufficient cash to finance its current plans for the 12 months from the date the condensed interim consolidated financial statement are issued.

The Company reported cash and cash equivalents of $35,~~507~~227,~~432~~145 as at ~~February~~August 2831, 2021 compared to $145,~~913~~121,~~158~~495 as at May 31, ~~2020~~2021. The change in cash position was the net result of $126,~~987~~042,~~858~~392 used for operating activities, $4119,~~747~~228 used for lease liabilities payments, $5080,~~625~~589 used for ~~acquiring property and equipment, $103,819 used for~~ capitalized acquisition costs, $~~340~~6,~~762~~589 ~~received~~used ~~from~~for ~~issuance of common shares net of~~ share issuance costs ~~of $194~~,~~237~~ ~~and~~ $299,~~013,850~~176 ~~received~~used ~~from~~on ~~exercise~~property ofand ~~stock options during the period ended February 28~~equipment, ~~2021. The Company entered into an ATM Agreement with H.C. Wainwright dated January 29, 2021, pursuant to which the Company may offer~~ and ~~sell at its discretion only through the Nasdaq Capital Market its common shares at market prices up to an aggregate gross sales value of US~~$~~12.~~6 million in an at-the-market offering over a period up to 12 months. The Company pays H.C. Wainwright a commission of approximately 3.0% of the aggregate gross proceeds the Company received from all sales of the Company's common shares under the ATM Agreement. From January 29, ~~2021 to the date hereof~~167,500 ~~the~~(USD ~~Company has sold 119~~5,~~125 common shares and raised net proceeds of $146~~000,~~525,~~000) ~~net~~received offrom ~~share issuance costs, through~~ the ~~ATM~~AngloGold ~~Agreement,~~North ~~and~~America ~~has paid $10,223 in commission to H~~Loan.~~C. Wainwright.~~

As at ~~February~~August 2831, 2021, the Company had working capital deficit of $38,~~609~~982,~~670~~447 compared to working capital deficit of $142,~~568~~011,~~048~~551 as at May 31, ~~2020~~2021.

The Company expects that it will operate at a loss for the foreseeable future and believes the current cash and cash equivalents will ~~not~~ be sufficient for it to maintain its currently held properties, ~~fund its planned exploration,~~ and fund its currently anticipated general and administrative costs for at least the next 12 months from the date of this report. ~~Therefore~~In any event, the Company will be required to raise additional funds, again through public or private equity financings in the future in order to continue in business. Should such financing not be available in that time-frame, the Company will be required to reduce its activities and will not be able to carry out all of its presently planned exploration and, if warranted, development activities at the NBP and the MLP on its currently anticipated scheduling.

Despite the Company’s success to date in raising significant equity financing to fund its operations, there is significant uncertainty that the Company will be able to secure any additional financing in the current or future equity markets. See “Risk Factors – We will require additional financing to fund exploration and, if warranted, development and production”. Failure to obtain additional financing could have a material adverse effect on our financial condition and results of operation and could cast uncertainty on our ability to continue as a going concern. The quantity of funds to be raised and the terms of any proposed equity financing that may be undertaken will be negotiated by management as opportunities to raise funds arise. Specific plans related to the use of proceeds will be devised once financing has been completed and management knows what funds will be available for these purposes. Due to this uncertainty, if the Company is unable to secure additional financing, it may be required to reduce all discretionary activities at the NBP and the Mother Lode Property to preserve its working capital to fund anticipated non-discretionary expenditures in the future.

The Company has no exposure to any asset-backed commercial paper. Other than cash held by its subsidiaries for their immediate operating needs in Alaska and Nevada, all of the Company’s cash reserves are on deposit with a major Canadian chartered bank. The Company does not believe that the credit, liquidity or market risks with respect thereto have increased as a result of the current market conditions. However, in order to achieve greater security for the preservation of its capital, the Company has, of necessity, been required to accept lower rates of interest, which has also lowered its potential interest income.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

Environmental Regulations

The operations of the Company may in the future be affected from time to time in varying degrees by changes in environmental regulations, including those for future removal and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Certain U.S. Federal Income Tax Considerations for U.S. Holders

The Company has been a “passive foreign investment company” (“PFIC”) for U.S. federal income tax purposes in recent years and expects to continue to be a PFIC in the future. Current and prospective U.S. shareholders should consult their tax advisors as to the tax consequences of PFIC classification and the U.S. federal tax treatment of PFICs. Additional information on this matter is included in the Company’s Annual Report on Form 10-K as filed with the SEC on August 139, ~~2020~~2021, under “Certain United States Federal Income Tax Considerations”.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of ~~February~~August 2831, 2021 an evaluation was carried out under the supervision of and with the participation of the Company’s management, including the Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the principal financial officer and accounting officer), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based on the evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that, as of ~~February~~August 2831, 2021, the Company’s disclosure controls and procedures were effective in ensuring that: (i) information required to be disclosed in reports filed or submitted to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, in a manner that allows for accurate and timely decisions regarding required disclosures.

The effectiveness of our or any system of disclosure controls and procedures, however well designed and operated, can provide only reasonable assurance that the objectives of the system will be met and is subject to certain limitations, including the exercise of judgement in designing, implementing and evaluating controls and procedures and the assumptions used in identifying the likelihood of future events.

Changes in Internal Control over Financial Reporting

There were no changes in internal control over financial reporting during the period ended ~~February~~August 2831, 2021 that have materially, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

2826

PART II – OTHER INFORMATION

~~ITEM~~lITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

~~There~~Except as set forth below, there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K as filed with the SEC on August 139, ~~2020~~2021.

If the arrangement with AngloGold Ashanti is not completed, our business may be adversely affected and our share price may decline.

If the arrangement agreement with AngloGold Ashanti is not approved by the Company’s securityholders or if the arrangement is not completed for any other reasons, we could experience the following adverse effects: (i) the potential loss of value to the Company’s securityholders, including the reduction of the trading price of our Common Shares; (ii) the potential negative impact on the operations and prospects of the Company, including the risk of loss of key personnel and certain key members of senior management; and (iii) the market’s perception of the Company’s prospects could be adversely affected. Under certain circumstances, if the arrangement is not completed, the Company would also be required to pay AngloGold Ashanti a termination fee of C$19,000,000.

During the pendency of the arrangement agreement with AngloGold Ashanti, we are subject to additional risks relating to our business.

The possible effects of the pendency or consummation of the transactions contemplated by the arrangement agreement include the effect of suits, actions or proceedings in respect of the arrangement agreement, the risk of any loss or change in the relationship of the Company and its subsidiaries with their respective employees, agents, and other business relationships, and any possible effect on the Company’s ability to attract and retain key employees, including that certain key members of our senior management might choose not to remain employed with the Company prior to the completion of the arrangement.

The arrangement with AngloGold Ashanti may distract management of the Company from their other responsibilities.

The arrangement could cause the Company’s management to focus its time and energies on matters related to the acquisition that otherwise would be directed to the Company’s business and operations. Any such distraction on the part of management, if significant, could affect the ability of the Company to develop its business and may adversely affect the Company’s financial condition and results from operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

None.

Repurchase of Securities

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Pursuant to Section 1503(a) of the Dodd-Frank Act, issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose specified information about mine health and safety in their periodic reports. These reporting requirements are based on the safety and health requirements applicable to mines under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”) which is administered by the U.S. Department of Labor’s Mine Safety and Health Administration (“MSHA”). During the ~~nine~~three months period ended ~~February~~August 2831, 2021 the Company and its subsidiaries and their properties or operations were not subject to regulation by MSHA under the Mine Act and thus no disclosure is required under Section 1503(a) of the Dodd-Frank Act.

ITEM 5. OTHER INFORMATION

None.

29 27

ITEM 6. EXHIBITS

2.1	Arrangement Agreement and Plan of Arrangement with International Tower Hill Mines Ltd., incorporated by reference to Exhibit 2.1 to the Company’s DRS filing as filed with the SEC on May 12, 2014
2.2	Arrangement Agreement with 1323606 B.C. Unlimited Liability Company and AngloGold Ashanti Holdings plc, incorporated by reference to Exhibit 2.1 to the Company’s 8-K filed with the SEC on September 17, 2021
3.1	Notice of Articles, dated April 13, 2010, incorporated by reference to Exhibit 3.1 to the Company’s DRS filing as filed with the SEC on May 12, 2014
3.2	Articles, dated April 12, 2010, incorporated by reference to Exhibit 3.2 to the Company’s DRS filing as filed with the SEC on May 12, 2014
10.1	Acknowledgment Agreement dated July 28, 2021, approved July 28, 2021, to Amendment to ~~Employment~~Consulting Agreement dated ~~January~~September 1, 2020, approved July 27, 2020, incorporated by reference to Exhibit 10.1 to the Company’s 8-K filed with the SEC on August 2, 2021.
10.2	~~Amendment~~Amended toSchedule ~~Change~~“B” ofdated ~~Control~~July 28, 2021 to Consulting Agreement dated ~~January~~June 1, 2011, as amended July 27, 2020 and July 28, 2021, incorporated by reference to Exhibit 10.2 to the Company’s 8-K filed with the SEC on August 2, 2021.
10.3	ATM Agreement dated January 29, 2021, incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on February 1, 2021
23.1	Consent of Carl Brechtel
23.2	Consent of Jeffrey Pontius
23.3	Consent of Scott Wilson
31.1	Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*(1)	Inline XBRL Instance Document
101.SCH*(1)	Inline XBRL Taxonomy Extension – Schema
101.CAL*(1)	Inline XBRL Taxonomy Extension – Calculations
101.DEF*(1)	Inline XBRL Taxonomy Extension – Definitions
101.LAB*(1)	Inline XBRL Taxonomy Extension – Labels
101.PRE*(1)	Inline XBRL Taxonomy Extension – Presentations
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

31.1	Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE 104	Inline XBRL Taxonomy Extension Presentation Linkbase Document Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* - Management contract or compensatory plan.

30 (1) Submitted Electronically Herewith. Attached as Exhibit 101 to this report are the following formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Interim Consolidated Balance Sheets at August 31, 2021 and May 31, 2021, (ii) the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss for the Three Months ended August 31, 2021 and 2020, (iii) the Condensed Interim Consolidated Statements of Cash Flows for the Three Months Ended August 31, 2021 and 2020, (iv) the Condensed Interim Consolidated Statements of Changes in Equity (Deficit) for the Three Months Ended August 31, 2021, (v) the Notes to the Condensed Interim Consolidated Financial Statements.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CORVUS GOLD INC.

(the Registrant)

By:	/s/ Jeffrey Pontius
	Jeffrey Pontius
	Jeffrey Pontius Chief Executive Officer (Principal Executive Officer)
	Chief Executive Officer
Date: October 6, 2021
	(Principal Executive Officer)
By:	/s/ Peggy Wu
Date: April 7, 2021
	Peggy Wu Chief Financial Officer (Principal Financial and Accounting Officer)
Date: October 6, 2021

By:	/s/ Peggy Wu
	Peggy Wu
	Chief Financial Officer
	(Principal Financial and Accounting Officer)
Date: April 7, 2021

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