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Disclosure:
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Disclosures for Couloir Capital, Blackwolf Copper & Gold Ltd., April 19, 2022
This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that
the views expressed in this report which include the rating assigned to the issuer’s shares as well as the analytical substance
and tone of the report accurately reflects his or her personal views about the subject securities and the issuer. No part of
his / her compensation was, is, or will be directly or indirectly related to the specific recommendations.
Couloir Capital Ltd. is affiliated Couloir Securities Ltd., an Exempt Market Dealer. They shall be referred to interchangeable
as Couloir Capital herein. Part of Couloir Capital's business is to connect mining companies with suitable investors that qualify
under available regulatory exemptions. Couloir Capital, its affiliates and their respective officers, directors, representatives,
researchers and members of their families may hold positions in the companies mentioned in this document and may buy
and/or sell their securities. Additionally, Couloir Capital may have provided in the past, and may provide in the future, certain
advisory or corporate finance services and receive financial and other incentives from issuers as consideration
for the provision of such services.
Couloir Capital has prepared this document for general information purposes only. This document should not be considered
a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been
derived from sources believed to be accurate but cannot be guaranteed. This document does not consider the particular
investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments
due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations
and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this
document as clients by virtue of having viewed this document.
Company specific disclosures are below:
1. In the last 12 months, Couloir Capital Ltd. has been retained under a service agreement by the subject
issuer.
2. Couloir Capital holds shares and / or warrants in the Company. The warrant have an exercise price of $0.85
and expire in June of 2022.
