4 4 7 For 2021, the Corporation had exceptional financial performance. The Corporation (i) achieved the higher end of its revise d GEO guidance with 611,000 GEOs sold, (ii) exceeded its revised Energy revenu e guidance with US$210 million of Energy revenue, and (iii) achieved record results on several financial metrics including Revenue, Adjusted EBITDA and Adjusted Net Income. (1) The Corporation’s share price also outperformed against the price of gold and gold equity indices and performed in-line with the performance index adopted by the Corporation over the past year. On a three-year basis, the Corporation’s share price significantly outperformed gold, the gold equity in dices and the performance index and the performance-based multiplier was applicable for the vesting of the performance-based RSUs that were granted in 2018. Overall, 2021 was a very strong year for the Corporation. The Corporation achieved outperformance on four of its five Corporate Goals and the leadership team made significant individual contributions, creating real value for all shareholders. As a result, above-target (but below maximum) cash bonuses were awarded as more particularly described in this Circular. We are very proud to serve this Corporation and its shareholders and remain committed to compensation and governance best practices. We welcome and encourage your feedback. Sincerely, “Louis Gignac”, Chair “Derek Evans” “Dr. Catharine Farrow” “Maureen Jensen” Note (1) Please refer to Schedule “B” Non-GAAP Financial Measures.