The Whistler Project An Emerging Gold District The Whistler Project ...

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Peer Group Analysis – Resource Comparison‣ The Whistler deposit is significantly undervalued relative toits peer group.CompanyProject LocationSymbolSharePriceFD MarketCap ($MM)Ent.Value($MM)Measured&IndicatedAu oz (MM)InferredAu oz(MM)TotalAu oz(MM)TotalAu Eq.oz(MM)ApproximateAu Grades(g/t)ApproximateAu Eq.Grades (g/t)Market Cap /Reserves &Resources($/Au oz)Ent. Value /Reserves &Resources($/Au oz)Market Cap /Reserves &Resources($/Au Eq. oz)Ent. Value /Reserves &Resources($/Au Eq.oz)Andina Minerals Inc.ChileTSXV:ADM$1.48$152$1226.63.39.99.90.85-0.900.85-0.90$15.39$12.30$15.39$12.30Brazauro Resources Corp.BrazilTSXV:BZO$0.62$64$571.80.32.12.11.10-1.301.10-1.30$29.87$26.46$29.87$26.46Detour Gold Corp.OntarioTSX:DGC$10.45$559$47910.82.513.213.21.19-1.681.19-1.68$42.32$36.24$42.32$36.24Exeter Resources CorporationChile, ArgentinaTSXV:XRC$3.32$240$2020.99.110.016.50.60-1.400.52-1.40$24.00$20.19$14.55$12.24Greystar Resources Ltd.ColombiaTSX:GSL$3.94$245$20611.53.515.016.30.81-1.331.18-1.28$16.33$13.69$15.06$12.62Guyana Goldfields Inc.GuyanaTSX:GUY$4.45$327$2953.71.75.45.42.80-3.902.80-3.90$60.51$54.55$60.51$54.55International Tower Hill Mines Ltd.AlaskaTSXV:ITH$3.36$207$2014.03.67.67.60.74-0.830.74-0.83$27.32$26.43$27.32$26.43Northern Dynasty Minerals Ltd.AlaskaTSX:NDM$7.34$679$63420.88.028.8133.70.42-0.431.51-1.56$23.62$22.06$5.08$4.74Rainy River Resources Ltd.OntarioTSXV:RR$2.25$135$1082.21.84.04.21.03-1.261.00-1.22$33.40$26.82$32.40$26.02Average$30.31$26.53$26.94$23.51Average (Excl. High/Low)$28.12$24.56$25.27$21.76Kiska Metals CorporationAlaskaTSXV:KSK$0.60$30$240.82.73.65.80.64-0.871.05-1.35$8.28$6.80$5.16$4.24As of 8/28/200922Source: Company Filings, Bloomberg
Peer Group Analysis – Enterprise Value/Au oz eq.‣ Immediate upside for potential re-rating.‣ Superior exploration upside on next phase.Enterprise Value / Oz Au Eq.$60.00$54.55$50.00$40.00$30.00$20.00$10.00$36.24$26.46 $26.43 $26.02$12.24$12.62Average = $21.58$12.30$4.74 $4.24$0.00Guyana GoldfieldsDetour GoldBrazauro ResourcesInternational Tower HillMinesRainy River ResourcesExeter ResourcesGreystar ResourcesAndina MineralsNorthern Dynasty MineralsKiska Metals23
Page 2 and 3: _______________Caution on Forward L
Page 4 and 5: Investment Highlights‣ Whistler A
Page 6 and 7: Whistler - Property History‣ 1986
Page 8 and 9: Alaska - Land of Giants‣ Kiska -
Page 10 and 11: Whistler - Current NI43-101 Resourc
Page 12 and 13: Whistler Project - Exploration Upsi
Page 14 and 15: Whistler Exploration Upside - Raint
Page 16 and 17: Whistler Exploration Upside - Islan
Page 18 and 19: Whistler Summary & News Flow‣ Whi
Page 20 and 21: Strategic Exploration PortfolioProp
Page 24 and 25: Mission Statement‣ Create “best
Page 26: For Further InformationKiska Metals

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