ORE FINDERS, FINANCING PRIVATE PLACEMENT 2020-02-28

EARLY WARNING REPORT (Form 62-103F1) Made Pursuant To NATIONAL INSTRUMENT 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (Updated from Early Warning Report dated February 28, 2020) Item 1 – Security and Reporting Issuer 1.1 State the designation of securities to which this report relates and the name and address of the head office of the issuer of the securities. Securities: Flow-through Units (“Units”), each Unit comprised of one common share (a “Share”) and one half one Share purchase warrant (each whole warrant, a “Warrant”) Issuer: Orefinders Resources Inc. (the “Corporation”) 55 University Avenue, Suite 1805 Toronto, ON M5J 2H7 1.2 State the name of the market in which the transaction or other occurrence that triggered the requirement to file this report took place. Not applicable. See item 2.2. Item 2 – Identity of the Acquiror 2.1 State the name and address of the acquiror. 2176423 Ontario Ltd. (“2176423 Ontario”) 200 Bay Street, Suite 2600 Royal Bank Plaza, South Tower Toronto, Ontario M5J 2J1 2.2 State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence. On March 27, 2020, 2176423 Ontario acquired (the “Acquisition”) ownership of 7,142,856 Units of the Corporation at a price of $0.07 per Unit. Each Warrant comprising part of a Unit entitles the holder thereof to acquire one Share at a price of $0.08 per Share until 24 months from issuance thereof. The Units were purchased on a private placement basis. 2176423 Ontario is beneficially owned by Eric Sprott.