AngloGold Ashanti Limited (“AngloGold Ashanti”) and Corvus Gold Inc. (“Corvus”) are pleased to
announce that they have entered into a definitive arrangement agreement pursuant to which
AngloGold Ashanti has agreed to acquire the remaining 80.5% of common shares of Corvus not already
owned by AngloGold Ashanti (the “Transaction”) at a price of C$4.10 per common share (the “Offer
Price”) in cash.
The total Transaction cost to AngloGold Ashanti is estimated to be approximately US$370 million. The
Transaction implies a total equity value for all Corvus common shares and outstanding options to
acquire common shares of approximately C$570 million (approximately US$450 million).
The Offer Price represents a premium of approximately 26% to the closing price of Corvus common
shares on the Toronto Stock Exchange (“TSX”) on 12 July 2021, the day prior to the announcement
that AngloGold Ashanti submitted a non-binding proposal to Corvus, and a premium of approximately
59% to the closing price of Corvus common shares on the TSX on 5 May 2021, the day prior to the
announcement of the loan agreement and exclusivity.
Transaction Highlights
The combination of Corvus and AngloGold Ashanti’s Nevada assets further consolidates one of the
largest new gold districts in Nevada (the Beatty District) and provides the opportunity for AngloGold
Ashanti to establish, in the medium and longer term, a meaningful, low-cost production base in a
premier mining jurisdiction. Consolidation of the Beatty District has the potential for significant
synergies due to economies of scale and integrated infrastructure, including processing facilities at an
attractive capital intensity. The combined Beatty District asset base allows for streamlined
engagement with federal, state and local stakeholders to advance and achieve shared sustainability
goals and other district benefits, such as opportunities to design projects incorporating renewable
energy, as well as develop conservation and other local projects in conjunction with the Beatty
community.
Alberto Calderon, AngloGold Ashanti’s Chief Executive Officer and Executive Director, said:
“We are pleased to reach an agreement with Corvus that we believe is value enhancing for all
stakeholders. This transaction delivers a compelling, district-wide consolidation in Nevada, which
allows for the Beatty District to become a potential Tier 1 asset for AngloGold Ashanti. The inclusion
of these assets in our portfolio will enable AngloGold Ashanti to have first production in North America
in the next three to four years, further improving the overall geographic balance of our portfolio.
Placing these assets under single ownership will allow for significantly reduced capital intensity to
develop the district with a phased and modular approach, providing for a meaningful, low-cost
production base in the medium and longer term.”
Jeffrey Pontius, Corvus’ President and Chief Executive Officer, said:
“The proposed all-cash offer provides a compelling opportunity for Corvus shareholders to realize
significant value and eliminates exposure to future capital requirements to fund construction of Corvus’
projects. AngloGold Ashanti has been a supportive shareholder of Corvus since its inception and has
supported us in our capital raising needs along the way. AngloGold Ashanti’s long history of successful
and responsible exploration, discovery, mine building and operating expertise will be a significant
benefit to the region and all of its stakeholders.”
AngloGold Ashanti has a long track record of developing and operating gold assetsin the United States,
including the Jerritt Canyon Gold mine in Nevada and the Cripple Creek & Victor mine in Colorado.
AngloGold Ashanti has a North American regional office in Denver, Colorado, from where it manages
its U.S. business interests as well as its global generative exploration portfolio, including its exploration
portfolio in the United States.
AngloGold Ashanti holds several exploration assets (Silicon, Merlin, Transvaal and Rhyolite) in the
Beatty District where it has been conducting exploration activities for four years and has drilled 70,688
meters during that period. Current exploration results indicate the potential for significant oxide ore
bodies at Silicon and Merlin, as well as additional sulphide potential at Silicon at depth. AngloGold
Ashanti anticipates it will publish a Mineral Resource at Silicon for the year ending 31 December 2021.
Exploration work is ongoing to delineate the ore bodies at both Silicon and Merlin in greater detail.
AngloGold Ashanti’s conceptual development plan for the district envisions North Bullfrog being
developed first, with production in the next three to four years, followed by Silicon, Merlin (including
Lynnda Strip) and Mother Lode. Targets will be considered with strict reference to AngloGold Ashanti’s
capital allocation framework. Further details on AngloGold Ashanti’s integrated development plan for
the Beatty District will be communicated during 2022.
Benefits to Corvus Shareholders
• All-cash consideration of C$4.10 per share represents a premium of approximately 26% to the
closing price of Corvus common shares on the TSX on 12 July 2021, the day prior to the
announcement that AngloGold Ashanti submitted a non-binding proposal to Corvus, and a
premium of approximately 59% to the closing price of Corvus common shares on the TSX on
5 May 2021, the day prior to the announcement of the loan agreement and exclusivity;
• Strong shareholder support with voting support agreements from Sprott Funds Trust and the
management and directors of Corvus, for the common shares and options held by such parties
which collectively represent approximately 34.7% of Corvus’ issued and outstanding common
shares (on a fully diluted basis and excluding shares held by AngloGold Ashanti);
• All-cash offer that is not subject to any financing conditions; and
• The Transaction provides certainty of value, removing future dilution, commodity,
development, and execution risk.
Benefits to AngloGold Ashanti Shareholders
• Further consolidates the Beatty District, one of the largest new gold districts discovered in
Nevada and a premier mining jurisdiction globally;
• Establishes a relatively low-cost and low-risk production base from North Bullfrog in the nearterm that will then enhance the development of AngloGold Ashanti and Corvus’ assetsto build
a meaningful production base from the broader Beatty District in the medium and longer
term. North Bullfrog is a well advanced project with a Feasibility Study and permitting targeted
for completion in 2023 and first gold production potentially in the next three to four years;
the mine will provide an initial production area that will support the development and funding
of the other Beatty District projects;
• The combination of the Corvus deposits (North Bullfrog, Lynnda Strip, and Mother Lode) with
those of AngloGold Ashanti (Silicon, Merlin, Transvaal and Rhyolite) provides the opportunity
to integrate infrastructure and processing facilities, that includes utilising a shared heap leach
facility for the Silicon, Merlin (including Lynnda Strip) and oxide portion of Mother Lode
deposits, staged capital development with a reduced initial capital outlay, and increased scale
to create synergies and realise the maximum potential from these assets. Additionally, the
combination of the sulphide potential of AngloGold Ashanti’s Silicon and Corvus’ Mother Lode
deposits presents an opportunity to unlock future value via the synergies of a combined
operation;
• The addition of the Corvus deposits immediately increases AngloGold Ashanti’s Mineral
Resources. Study work will be initiated at North Bullfrog with the expectation to add it to
AngloGold Ashanti’s Reserves by the end of 2022. Upon closing of the Transaction AngloGold
Ashanti will integrate the acquired Mineral Resources based on its own technical parameters
established for the Beatty District;
• The increased landholding across the Beatty District provides opportunities for further
exploration and upside potential; and
• Consolidation of the Beatty District will have several sustainability benefits, including the
opportunity to optimise surface infrastructure requirements thus minimising the overall
operational and environmental footprint, in addition to other benefits through enhanced
community and stakeholder engagement.
Transaction Summary and Details
The Transaction will be implemented by way of a statutory plan of arrangement under the Business
Corporations Act (British Columbia). The Transaction will be subject to the approval of: (a) 66 2/3% of
the votes cast by (i) the holders of Corvus’ common shares (“Shareholders”), 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 (the “Special Meeting”); 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; and (b) a simple majority of the votes cast by the Shareholders present in person or
represented by proxy at the Special Meeting, excluding votes attached to common shares held by
AngloGold Ashanti 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 (“MI
61-101”). 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 definitive
arrangement agreement includes customary deal-protection provisions. Corvus has agreed not to
solicit or initiate any discussion regarding any other business combination, subject to customary
“fiduciary out” rights. Corvus has also granted AngloGold Ashanti a right to match any superior
proposal and will pay a termination fee of C$19 million to AngloGold Ashanti under certain
circumstances, including if the definitive arrangement agreement is terminated in connection with
Corvus pursuing a superior proposal.
Sprott Funds Trust, along with the directors and officers of Corvus, holding common shares and
options reflecting in aggregate, approximately 34.7% of Corvus’ issued and outstanding common
shares (on a fully diluted basis and excluding shares held by AngloGold Ashanti), have entered into
voting support agreements with AngloGold Ashanti, pursuant to which they have agreed, among other
things, to vote their Corvus securities in favour of the Transaction. Together with the shares already
owned or held by AngloGold Ashanti, this represents approximately 46.3% of Corvus’ issued and
outstanding shares (on a fully diluted basis).
Full details of the Transaction and the definitive arrangement agreement will be included in the proxy
statement / information circular, which will be mailed to Corvus shareholders and made available on
SEDAR and EDGAR under the issuer profile of Corvus. The Transaction is expected to close in Q1 2022.
The Transaction will be funded from AngloGold Ashanti Holdings plc’s current cash balance. No
shareholder vote will be required by AngloGold Ashanti shareholders.
Advisers and Counsel
AngloGold Ashanti has engaged RBC Capital Markets as its financial adviser, Stikeman Elliott LLP as its
Canadian legal counsel, and Cravath, Swaine & Moore LLP and Hogan Lovells US LLP as its U.S. legal
counsel in connection with the Transaction.
Corvus has engaged BMO Capital Markets as its financial adviser, and Cassels Brock & Blackwell LLP
and Dorsey & Whitney LLP as its legal counsel in connection with the Transaction. The Corvus Special
Committee has engaged Blakes, Cassels & Graydon LLP as its legal counsel, and Fort Capital Partners
(“Fort Capital”) to provide an independent fairness opinion and independent formal valuation.
Board of Directors’ and Special Committee Recommendations
A special committee comprised entirely of independent directors of Corvus(the “Special Committee”)
was constituted to consider the Transaction. The Special Committee, on behalf of the Corvus Board of
Directors (the “Corvus Board”), obtained an independent formal valuation (the “Valuation”) from Fort
Capital in accordance with MI 61-101. The Corvus Special Committee received the Valuation from Fort
Capital, which concluded that, subject to the scope of review, assumptions, limitations and
qualifications set forth therein, as of 12 September 2021, the consideration to be paid under the
Transaction is within the range of fair market value as determined by Fort Capital. In addition, Fort
Capital has provided a fairness opinion to the Special Committee (the “Fort Capital Fairness Opinion”),
stating that in its opinion, and based upon and subject to the assumptions, limitations and
qualifications set forth therein, the consideration to be paid under the Transaction is fair, from a
financial point of view, to Corvus shareholders (other than AngloGold Ashanti and its affiliates).
BMO Capital Markets has provided an opinion to the Corvus Board, based upon and subject to various
assumptions, limitations and qualifications, as to the fairness, from a financial point of view, as of the
date of such opinion, to holders of Corvus common shares (other than AngloGold Ashanti and its
affiliates) of the consideration to be paid under the Transaction.
The Special Committee unanimously recommended the Transaction to the Corvus Board, and the
Corvus Board unanimously approved the Transaction and recommends that Corvus shareholders and
optionholders vote in favour of the Transaction.
This communication is being made in respect of the Transaction involving Corvus and AngloGold. In
connection with the Transaction, Corvus intends to file relevant materials with the Securities and
Exchange Commission (the “SEC”), including a proxy statement/information circular on Schedule 14A
and a related Schedule 13E-3 Transaction Statement (the “Schedule 13E-3”). Promptly after filing its
definitive proxy statement/information circular with the SEC, Corvus will mail the definitive proxy
statement/information circular, related materials and a proxy card to each securityholder of Corvus
entitled to vote at the special meeting relating to the Transaction. Full details of the Transaction will
be included in the proxy statement/information circular which is expected to be mailed to
securityholders and made available on SEDAR and EDGAR under the issuer profile of Corvus.
ADDITIONAL INFORMATION ABOUT THE PROPOSED TRANSACTION AND WHERE TO FIND IT
This communication is not a substitute for the proxy statement/information circular, Schedule 13E-3
or any other document that Corvus may file with the SEC or send to the securityholders in connection
with the Transaction. The materials to be filed by Corvus will be made available to Corvus’ investors
and securityholders at no expense to them and copies may be obtained free of charge on Corvus’
website at http://www.corvusgold.com/transactionproposal. In addition, all of those materials will be
available at no charge on the SEC’s website at www.sec.gov. INVESTORS AND SECURITYHOLDERS ARE
URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT AND OTHER MATERIALS
FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS,
WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH
RESPECT TO THE TRANSACTION BECAUSE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
CORVUS, THE TRANSACTION, AND RELATED MATTERS.
PARTICIPANTS IN THE SOLICITATION
Corvus and its directors, executive officers, other members of its management and employees may be deemed to be participants in the solicitation of proxies of Corvus securityholders in connection with
the Transaction under SEC rules. Investors and securityholders may obtain more detailed information
regarding the names, affiliations and interests of Corvus’ executive officers and directors in the solicitation by reading Corvus’ proxy statement for its 2021 annual meeting of stockholders filed on
27 August 2021 with the SEC, the Annual Report on Form 10-K for the fiscal year ended 31 May 2021,
filed on 9 August 2021 with the SEC, and the proxy statement and other relevant materials that will
be filed with the SEC in connection with the Transaction when they become available. Information
concerning the interests of Corvus’ participants in the solicitation, which may, in some cases, be
different than those of the Corvus’ securityholders generally, will be set forth in the proxy statement
relating to the proposed transaction when it becomes available.
About AngloGold Ashanti
AngloGold Ashanti, with its head office in South Africa, is an independent, global gold mining company
with a diverse, high-quality portfolio of operations, projects and exploration activities across nine
countries on four continents.

About Corvus
Corvus is a North American gold exploration and development company, focused on its near-term
gold-silver mining projects at North Bullfrog, Lynnda Strip and Mother Lode in the Beatty District of
Nevada. Corvus is committed to building shareholder value through new discoveries and the
expansion of its projects to deliver value to its shareholders.
Required Early Warning Report and Other Regulatory Information
As of the date hereof, AngloGold Ashanti, and its affiliates and associates, have beneficial ownership
and control of 24,774,949 Corvus shares, representing approximately 19.5% of Corvus’ issued and
outstanding shares and 17.8% of Corvus’ issued and outstanding shares on a fully diluted basis. The
head office of AngloGold Ashanti is 112 Oxford Road, Rosebank, Johannesburg, 2001, South Africa.
The head office of Corvusis Suite 1750, 700 West Pender Street, Vancouver, British Columbia, Canada.
An early warning report will be filed by AngloGold Ashanti with applicable Canadian securities
regulatory authorities and will be available on Corvus’ SEDAR profile at www.sedar.com or may be
obtained from the AngloGold Ashanti by contacting AngloGold Ashanti Investor Relations at
investors@anglogoldashanti.com. In addition, a statement on Schedule 13D will also be filed with the
U.S. Securities and Exchange Commission and will be available on Corvus’ EDGAR profile at www.sec.gov.

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