Nigeria Structure

Stephen Shefsky Chairman

Mr. Shefsky is the Chief Executive Officer, President and a director of the James Bay Resources Limited (CSE:JBR) and Crestar Integrated Natural Resources Limited (CINRL) since incorporation and devotes substantially all his working time to the Corporation. Mr. Shefsky is the co-founder of Brasoil do Brasil Exploracao Petrolifera S.A., a private oil and gas producing and exploration company operating in Brazil since 2006. Mr. Shefsky has also been the President and Chief Executive Officer of Cancap Investments Limited, a private merchant bank providing venture capital and project financing for private and public companies, since 1985. He is involved in strategic planning and corporate development of its investee companies in the mineral resources sector. From 1996 to August 2007, Mr. Shefsky held the positions of the President and Chief Executive Officer of Verena Minerals Corporation (TSXV:VML), a minerals exploration company with a focus on precious metal properties in Brazil (currently Belo Sun Mining Corp., TSXV:BSX). Mr. Shefsky is also a former director and the Executive Chairman of Castle Resources Inc. (TSXV:CRI) since February 2008 and July 2011, respectively until July 2014. Mr. Shefsky became the chairman and director of Ascendant Resources Inc. in December 2009, and is currently a director. Mr. Shefsky was a founder of Silver Bear Resources Inc. (TSX:SBR). Mr. Shefsky has been a director and officer of BB1 Acquisition Corp. (TSXV:BB1.P), a capital pool company, since March, 2018. Mr. Shefsky holds a Bachelor of Arts from the University of Toronto, a Master of Science Degree in Urban Planning from Columbia University and a Juris Doctor Degree from Pepperdine University School of Law.

Mark Brennan Founder, Director

Mr. Brennan is a co-founder and director of James Bay Resources since its inception in November 2007. Mr. Brennan is also a director of CINRL. Mr. Brennan has been the president of Linear Capital Corp., a merchant bank focused on developing assets in the mining & oil and gas sectors since February 1998. He was president and Chief Executive Officer of Sierra Metals Inc. (TSXV: SMT) from April, 2015 to April 2019. Mr. Brennan was President, Chief Executive Officer and director of Largo Resources Ltd. (TSXV: LGO), a development company with assets in Brazil, from March 2005 to March 2015, and Mr. Brennan is also a co-founder of Brasoil do Brasil Exploracao Petrolifera S.A., a private oil and gas producing and exploration company operating in Brazil since 2006. Mr. Brennan was a co-founder and director of North Sea Energy Inc. an operator of oil production assets in the UK's North Sea until November 2007 and has been a director of Vast Exploration Inc. (TSXV:VST) since February 2005, an oil exploration company in Kurdistan. Mr. Brennan was a founder of Castle Resources and was Chairman from October 2006 to June 2011 and was the Chief Executive Officer of Admiral Bay Resources Inc. (TSXV:ADB) from September 2003 to October 2005. Mr. Brennan has been a director of BB1 Acquisition Corp. (TSXV:BB1.P), a capital pool company, since July, 2018. Mr. Brennan is the Executive Chairman of Ascendant Resources Inc. (TSXV:ASND).

Adeniyi Olaniyan, Director of Canadian entity

Mr. Olaniyan was appointed as Chief Operating Officer and Country Manager of James Bay Energy Nigeria Limited (JBENL) and the other Nigerian Subsidiaries, on June 1, 2012, and was appointed as president and CEO of each of the Corporation’s Nigerian Subsidiaries on December 4, 2014. Mr. Olaniyan has over 20 years of international experience (Africa, Asia, Europe) in subsurface Oil and Gas E&P, Project Management, New Ventures, Asset Development and Business Planning within the Shell Group. His last position with Shell was as Hydrocarbon Maturation Manager for near infrastructure exploration activities to deliver short-term oil along the Niger Delta Nembe Creek Trunk Line. Prior to that Mr. Olaniyan acted as Subsurface Geoscience Manager for Brunei Shell Petroleum from August 2005 to July 2009. Mr. Olaniyan has had considerable geoscience and project management experience in several geological basins.

Kayode Ayeni, Director of Corporate Development James Bay Energy Nigeria

Kayode is the director of corporate development for James Bay Energy Nigeria, he joined in 2013 and is appointed to the board of directors in 2014. Kayode is formerly the CEO of Afridev Capital Partners until 2012, a bespoke investment and advisory firm specializing in finding opportunities in the oil, gas, power and infrastructure sectors. He is also Co-Managing Partner of a US$250 Million Equity Fund focused on providing growth capital to companies in Nigeria and other Gulf of Guinea countries involved in the energy and infrastructure sectors. From 2002 through 2008, Kayode was MD and CEO of First Funds Limited (FFL), the private equity / venture capital arm of First Bank Plc (FBN), the biggest financial services group in Nigeria. Kayode was in the Top-10 executive cadre of the FBN group and a member of First Bank’s Group Management Steering Committee.