1.5% GOR on NuLegacy’s Red Hill property - Seite 3

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

^[*] As part of a reorganization of the estate of IRC’s late founder, IRC will dividend out the other half of the 3% GOR (i.e. 1 ½% GOR) to its existing shareholders prior to closing of the Metalla transaction.

ⁱ This valuation assumes that a 1% GOR interest in the Red Hill property is equivalent to a 1% GOR interest in the Anglo/Zeke claims and makes no adjustment for any differences in the nature, type, quantity, grade and/or metal content, if any, of minerals situated on the Red Hill property and Anglo/Zeke claims. This valuation also attributes no value to the reversionary rights held by IRC. These assumptions are neither promises nor guarantees, may be inaccurate and are subject to risks and uncertainties that may cause actual results to differ materially from those expected.

ⁱⁱ Based on a total of 407,173,804 common shares outstanding and a closing price of C$0.08 per share on the TSX Venture Exchange as of May 5, 2020.