A Solid Foundation for a Promising Future Cautionary Statements - - PowerPoint PPT Presentation

A Solid Foundation for a Promising Future

July 2017

TSX:WDO | 2

Cautionary Statements

Forward-Looking Information

This presentation contains statements or information concerning the business, operations and financial performance and condition of Wesdome Gold Mines Ltd. (“Wesdome” or the “Company”) which constitute forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. Forward-looking statements relate to future events or the anticipated performance the Company and reflect management’s expectations or beliefs regarding such future events and anticipated performance as of the date of this presentation. Forward-looking statements include, but are not limited to, statements with respect to the timing and amount of future production, costs of production, targeted cost reductions, capital expenditures, the success of exploration activities, permitting time lines, government regulation of mining operations, the future price of gold and other minerals, and the timing and issuance of permits. Generally, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” and variations of such words and phrases or statements that certain actions, events, or results “may”, “could”, “would”, “might”, or “will”, “occur” or “be achieved” or the negative connotation thereof. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predicted outcomes could differ materially from those contained in such statements. These risks and uncertainties include, but are not limited to, fluctuations in prices of commodities, fluctuations in currency markets, actual results of additional exploration and development activities at the Company’s projects, the timing and amount of estimated future production and the costs thereof, capital expenditures, the availability of any additional capital required to bring future projects into production, the failure of plant, equipment or processes to operate as anticipated, accidents, or labour disputes. Risks and uncertainties about Wesdome’s business are more fully discussed in the disclosure material filed with the securities regulatory authorities in Canada and available on SEDAR under the Company’s profile at www.sedar.com. Readers are urged to read these materials and should not place undue reliance on the forward-looking statements contained in this presentation. Wesdome assumes no obligation to update the forward-looking information relating to beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

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Corporate Structure

Symbol TSX:WDO Shares Outstanding 133.8 M Options 5.2 M Warrants Fully Diluted 139 M 52 Week High/Low $4.40/$1.50 (Average daily volume 900,000 shares) Market Capitalization $440M ($3.29 June 20, 2017) Cash Position $29.6 M (Mar 31, 2017) No Debt Analyst Coverage Clarus Securities Echelon Wealth Partners Eight Capital Partners Industrial Alliance Laurentian Bank National Bank Financial PI Financial Major Shareholders Resolute Funds, Van Eck, Royal Bank Investment Management, US Global, Oppenheimer, Mackenzie Financial, 1832 Asset Management, Gabelli Management and Directors 2.2%

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Canadian Gold Company with Three 100% Owned Projects

• 30 years of continuous gold production
• 2016 Cash flow from operations $19.9 M
• Eagle River Complex produced 47,737 ozs in

2016 from 2 high grade mines

• Executing an aggressive company wide

exploration program on all assets

• High grade discovery Aug 2016 at Kiena

Complex

• Drilling initiated at Moss Lake Dec 2016

Moss Lake, Thunder Bay, Ont. Open Pit Gold Deposit Resources: Indicated 1.4M oz, Inferred 1.7M oz Eagle River Complex, Wawa, Ont. Operating Mine Complex, two deposits feed central mill @ ~850 tpd Past Prod.: 1.1 M oz Reserves: P&P 446,000 oz Resources: M&I 330,000 oz,

• Inf. 225,000 oz

Kiena, Val d’Or, Quebec Production Suspended 2013 Past Prod.: 1.75 M oz Resources: M&I 450,000 oz,

• Inf. 400,000 oz

Fully Permitted Mine/Mill Complex on Standby

1 2 3

1 2 3

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Corporate Strategy

Near Term

• Stabilize and

improve Wawa

• perations through

mine development of additional high grade zones, providing greater production flexibility

• Operational

improvements such as ventilation, power, and equipment

• Ongoing mine

exploration to diversify production locations

Longer Term

• Pipeline of

development projects:

• Early success at

brownfields exploration at Kiena Complex (shaft and permitted mill)

• Commenced drill

program at newly consolidated Moss Lake property

• Near-mine

exploration on surface at Eagle River and step

• ut at Mishi Open Pit

Objective

• Potential for

diversified production from three mines in two provinces, Ontario and Quebec

• Increased output

and lowered costs

• Maximizing the

potential of all the assets

STRENGTHEN EXPLORE DEVELOP

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Operating Two of Canada’s High Grade Gold Mines

Reserve Grade (g/t)

Eagle River Underground Ranks 2nd

Reserve Grade (g/t)

Mishi Open Pit Ranks 3rd

Source: National Bank Financial

2.0 1 2 3 4 5 6 Meliadine Meadowbank Mishi Canadian Malartic Detour Lake Rainy River Young-Davidson

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2017 Production and Cost Guidance

Combined gold production 52,000 and 58,000 ounces Q1 2017 Production on track: 15,162 ounces Combined Operating Cost per ounce: CAD$1,030 - $1,130 per ounce (USD$765 – $835 per ounce) Combined All-In Sustaining Costs per

• unce sold:

CAD$1,450 - $1,550 per ounce (USD$1,075 - $1,150 per ounce) Sustaining Capex ~CAD$13 – $17 M per year Growth/Project Capex of ~CAD$3 M Potential to increase tonnage from the Eagle River Underground Mine Scoping Study at Mishi Open Pit Mine to determine appropriate open pit scenario

2017 Guidance: Eagle River Underground Mine 45,000 – 49,000 ounces @ 8.8 – 9.2 g/t Mishi Open Pit Mine 7,000 – 9,000 ounces @ 1.8 - 2.2 g/t Q1 2017 Production Results: Eagle River Underground Mine 13,588 ounces @ 11.5 g/t Mishi Open Pit Mine 1,574 ounces @ 1.7 g/t Eagle River reserve grade: 9.2 g/t Mishi reserve grade: 2.0 g/t

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Q1 2017 Operating Results

Operational Results – 1st Quarter 2017 and 2016 Quarter ended March 31 2017 2016 Eagle tonnes milled 38,578 39,839 Mishi tonnes milled 36,641 36,287 Total tonnes milled 75,219 76,126 Eagle grade (g/t) 11.5 5.6 Mishi grade (g/t) 1.7 1.8 Eagle River Mine mill recovery (%) 95.3 88.0 Mishi Mine mill recovery (%) 80.9 85.0 Eagle recovered grade (g/t) 11.0 4.9 Mishi recovered grade (g/t) 1.3 1.5 Eagle ounces produced 13,588 6,254 Mishi ounces produced 1,574 1,782 Total ounces produced 15,162 8,036 Ounces sold 12,320 8,100 Average realized price (CAD$/oz) 1,631 1,640 Production cash costs (CAD$/oz) 1,056 1,766 All-in-sustaining costs (CAD$/oz) 1,474 2,428 Revenue 20 M 13M Cash Flow from Operations (loss) $5M ($2.8M) Net Income (loss) $695,000 ($3.3M) EPS $0.01 ($0.03) Free Cash Flow ($4.1M) ($7.1M)

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Operations Optimization 2017

• Cost cutting program underway
• Upgrading equipment
• Completion of ventilation raise system (surface to 960m)
• Development into higher grade reserve blocks

accelerated

• Filtration system at mill improved with new velvet

backing on drum filters

• Added capacity with the recommissioning of belt filter

Production and Development

• Drifting on 7 Zone at the 890 metre level (42 m @ 11.26

g/t cut

• Drifting on 7 Zone at the 945 metre level (63 m @ 12.63

g/t cut)

• 7 Zone commenced production late 2016, well ahead of

schedule

• Additional definition drilling
• New 303 East lens - unprecedented widths at high

grades close to mine infrastructure

• Tighter dilution controls in place

Grade

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Eagle River Mine: 1.1 M oz of Production

• Quartz diorite stock (2 km x 0.5 km) hosts 1.1 M oz of past production

at Eagle River from 8, 6 and 2 Zone structures (1995 to 2017)

• Parallel 7 and 300 Zones to north offer new potential throughout the mine
• 2016 Production: 40,252 oz. (170,369 t @ 7.9g/t)

7 Zone Surface

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Eagle River Parallel Gold Zones Remain Open

4200 elev 4200 elev 100 m

• pen
• pen
• pen
• pen

Section 9400E (looking west) Section 9400E (looking west)

• Discovery of two new parallel gold zones in 2013
• Exploration in 2014 and 2015 leads to reserve growth with expanding potential within mine footprint
• Mining of 300 Zone began in Q3 – 2015, 7 Zone in production since Q4 2016
• Recent widths at 300 North Zone wider than previously encountered

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Eagle Drilling to Diversify Production Locations

Longitudinal Section Looking North

303 East Lens (New) 844-E-27: 28.72 gAu/t uncut (19.03 gAu/t cut) over 20.67 m true TW 844-E-28: 20.75 gAu/t uncut (13.36 gAu/t cut) over 17.94 m TW 7 Zone EU-759W: 20.4 g/tAu over 5.6 m CL EU-782: 29.5 g/tAu over 3.0 m CL EU-783: 101.0 g/tAu over 2.7 m CL 300 Zone West Eu-778: 121.3 g/t over 2.0 m CL EU-779: 1115.7 g/t over 2.4 m CL EU-780L 79.1 g/t over 3.5 m CL EU-781: 65.2 g/t over 4.0 m CL EU-782: 230.2 g/t over 2.5 m CL 300 Zone East – North Lens (New) 670-125: 8.6 g/t over 32.4 m TW 670-130: 14.7 g/t over 11.5 m TW Main Lens: 670-130 9.9 g/t over 7.5 m TW 670-73: 12.2 g/t over 3.5 m TW 670-99: 49.9 g/t over 1.8 m TW

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2017 Drilling 303 E Lens Returns Wide, High Grade Intersections

Highlights January 26, 2017

• Hole 844-E-26: 7.08 gAu/t

uncut (5.86 gAu/t cut) over 8.88 m true width

• Hole 844-E-27: 28.72 gAu/t

uncut (19.03 gAu/t cut) over 20.67 m true width

• Hole 844-E-28: 20.75 gAu/t

uncut (13.36 gAu/t cut) over 17.94 m true width

• Hole 844-E-29: 89.61 gAu/t

uncut (24.60 gAu/t cut) over 3.93 m true width

• Hole 670-131: 10.35 gAu/t

uncut (10.35 gAu/t cut) over 4.32 m true width

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2017 Drifting and Production Planning

173.7m of strike length / 2.85m average width / 22.62 g/t Au cut / 34.70 g/t Au uncut

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2016 Drill Results Extend 7 Zone Towards Surface, Production Commenced Q4 2016

Drill Highlights – 2016

• Underground drilling extends 7 Zone

200 metres towards surface

• 15 holes in Zone average: 17.3 g/t Au
• ver 3.2 m (true width)
• 7 Zone adjacent to existing mine infrastructure
• Zone remains open to depth and to surface
• Production from this zone commenced H2

2016 after discovery in H2 2013 and well ahead

• f schedule

890 Drift S ft Samp mpling ng – 33. 33.2 g g/t /t ove ver r 1. 1.5 m 5 m along drift l t leng ngth o th of 42 m 945 945 M M Dri rift – 22. 22.63 g g/t /t ove ver r 3. 3.32 m m ave vera rage width a h along ng d drift l ft leng ngth th of 6 63 m

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Mishi Open Pit Mine

• Since 2002 deposit has

intermittently produced 35,000 oz to date at a grade of 2.8 g/t Au

• 2016 Production

7,485 oz @ 2.0 g/t Au grade (380 tpd)

• Mishi Pit production

limited by mill capacity – scoping studies for expansion underway

• Deposit remains open

to depth and along strike

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Mishi Operations: Strike and Depth Potential

Section 3550 E Section 3750 E

MISHI MINE Current Operations

East Extension West Extension

• pen
• pen

Plan View

M6 Zone M2 Zone M2 Zone

Section 3550 E (looking W) Section 3750 E (looking W)

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2017 Mishi Exploration: Drilling Extends Zone to West

• 2016 reconnaissance drilling program
• 2017 Exploration: 15,000 m of drilling to follow up on two targets, 600 m and 1700 m West
• f pit - resource delineation

600 m West of Pit 1.95 g/t over 29.8 m TW 3.08 g/t over 15.5 m TW 3.48 g/t over 17.7 m TW 2.14 g/t over 22.1 m TW 2.52 g/t over 18.8 m TW 2.38 g/t over 11.9 m TW 1,700 m West of Pit 4.28 g/t over 13.5 m TW* 0.60 g/t over 31.3 m TW 1.89 g/t over 32.9 m TW 1.10 g/t over 31.6 m TW * 2016 drilling

Exploration Highlights

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Kiena Complex, Val d’Or, Quebec

• Mine on care and maintenance since mid-

2013

• 2,000 TPD permitted mill
• 930 Metre shaft
• Ramp system to 1000 m
• Underground de-watered
• Past production 1981 – 2013 12,500,00

mt @ 4.5 g/t = 1.75 M ounces produced

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Kiena Deep Discovery and Geology

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Drilling Expands Kiena Deep Potential to 550 m Laterally

Feb 8 step

• ut hole:

6.63 g/t

• ver 11 m

uncut (6.63 m cut) Feb 8 step out hole: 7.67 g/t

• ver 8.2 m uncut

(5.53 m cut)

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New Discovery Located Near Existing Infrastructure

Existing Indicated Resources

Zone Cut Grade (cut to 34.28 g/t) Tonnes Ounces S50 Deep A 10.87 173,111 60,511 S50 Deep AH 8.53 68,722 18,885 S50 Deep B 3.21 514,100 53,100 TOTAL OUNCES 132,466

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Kiena Deep Drilling Constrained

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Kiena Deep Planned Development Ramp

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Kiena Exploration Ramp and Current Drill Targets

• Kiena Ramp Construction

announced May 3, 2017

• Estimated cost $7.6 M and

completion Q1 2018

• 500 metres of ramping

and additional 500 metres

• f exploration drifting

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VC Zone North Extension

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S50 South Zone Extension

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Kiena Deep and S50 Extension

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Moss Lake - Coldstream Acquisition April 2016

• Coldstream and Hamlin Properties are adjacent to Moss Lake deposit
• Purchased for $400,000 cash; and 454,545 common shares
• Acquisition eliminates historic property boundary along strike of Moss Lake deposit
• Dominant land holdings, 36 km along Shebandowan Gold Belt containing four

deposits open for expansion

• Exploration drilling program 2017 with 2 drill rigs

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Moss Lake Project Optionality

Moss Lake Stock Central Intermediate to Felsic Metavolcanic Belt Head Lake Stock Shebandowan Greenstone Belt

Moss Lake Deposit

1.4 M oz (Indicated @ 1.1 g/t) 1.7 M oz (Inferred @ 1.1 g/t)

• pen

Original Property Boundary

• Moss Lake Deposit remains open
• Pit and Mineral Resource constrained by property boundary
• Drill Program planned in 2017 to expand deposit to the northeast onto the

Coldstream acquisition and southwest along mineralized trend

• Potential to significantly add to resources

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2017 Exploration Summary

$13.1 M Exploration Drilling Budget

$5M Moss Lake $4M Wawa $4M Kiena

Ontario: Eagle: 3 Drills Mishi: 1 drills Moss Lake: 2 drills Quebec: Kiena: 4 drills H1 2017, 2 drills H2 2017

Property 2017 Metres 2016 Metres 2015 Metres Eagle Underground Exploration Drilling 25,000 40,000 17,000 Eagle Surface Exploration Drilling 15,000 25,000 Mishi Exploration Drilling 15,000 25,000 5,000 Kiena Complex 45,000 10,000 Moss Lake 40,000 4,000 Total 140,000 104,000 22,000

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Summary

Experienced Management team with proven track records Eagle River: Discovering new high- grade parallel zones close to infrastructure Kiena: New gold discovery in existing, permitted, de- watered former producing mine Cost cutting program underway at Eagle River Pipeline of development projects Aggressive Exploration Programs on all Company Assets in 2017 Operations in safe jurisdiction, Canada Eagle River: Low risk expansion of existing mines in proven mining camp

Appendix

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Executive Management Team

Duncan Middlemiss, P. Eng Chief Executive Officer

• Professional engineer with over 25 years experience in operational management, mine rehabilitation,

development and gold production

• Over 10 years of executive management experience
• Most recently Chief Executive Officer of St Andrew Goldfields until its sale to Kirkland Lake Gold in January

2016 Hemdat Sawh, CPA, CA Chief Financial Officer

• Former principal at Grant Thorton LLP
• Over 16 years executive management experience at publicly traded mining companies
• Most recently Chief Financial Officer of Scorpio Mining until its merger with US Silver

Philip Ng, P.Eng, M.Eng Chief Operating Officer

• Professional engineer with over 20 years experience in Canadian underground and open pit mines
• Most recently held the position of COO at Queenston Mining prior to its takeover by Osisko Mining; prior

to that spent 5 years as VP Operations at Claude Resources George Mannard, P,Geo, MSc.A VP, Exploration

• Professional geologist with over 30 years experience, 20+ years with Wesdome
• Co-credited with the discovery of Louvicourt
• Developed 8 new gold mines

Benoit Laplante, P.Eng, MSc.A VP, Corporate Development

• Professional engineer with over 30 years experience in Canadian mines
• Numerous senior level positions at intermediate and junior producers including Noranda, Aurizon, and

North American Palladium Lindsay Carpenter Dunlop VP, Investor Relations

• Over 10 years experience in the development and execution of investor relations programs for publicly

traded resource companies

• Most recently 5 years as Director of Investor Relations at Kirkland Lake Gold

Heather Laxton Corporate Secretary & CGO

• 20 years of corporate secretarial, corporate governance and securities regulation experience with a focus
• n the mining sector in Canada, Europe, Russia and West Africa
• Most recently Corporate Secretary at Kirkland Lake Gold

Marc-Andre Pelletier VP, Quebec Operations

• Over 20 years experience in operating gold mines in Canada
• Most recently VP Operations at St Andrew Goldfields

Stacy Kimmett VP, Human Resources

• Over 20 year experience in human resources focusing on policy development, compliance, and change

management

• Most recently Sr. Director, Human Resources at St Andrew Goldfields

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Board of Directors

Charles Page, P.Geo Chairman

• Over 40 years experience in the mineral exploration and mining industry
• Most recently President and CEO of Queenston Mining, leading the discovery and

development of the Upper Beaver deposit in the Kirkland Lake gold camp, until its acquisition by Osisko Mining Charles Main, CPA, CA

• Chartered Professional Accountant and member of the Chartered Professional Accountants
• f Ontario and Canada
• Over 30 years experience in finance and mining industries
• Most recently Chief Financial Officer of Yamana Gold from 2003 – 2017

Duncan Middlemiss, P. Eng Chief Executive Officer

• Professional engineer with over 25 years experience in operational management, mine

rehabilitation, development and gold production

• Over 10 years of executive management experience
• Most recently Chief Executive Officer of St Andrew Goldfields until its sale to Kirkland Lake

Gold in January 2016 Nadine Miller, P. Eng

• Over 15 years experience in geotechnical engineering and project management in the mining

space

• Former Business Development Manager at SNC-Lavalin’s Mining and Metallurgy unit

Warwick Morely-Jepson

• Over 35 years experience in the mining industry within operations, project and business

development

• Formerly Chief Operating Officer and Executive VP of Kinross Gold Crop

Rolly Uloth

• Over 45 years of senior management experience
• Co founder of Rosedale Transport, fifth largest trucking company in Ontario

Bill Washington, MBA

• Former Head of Global Mining and Metals at National Bank Financial Markets
• Over 25 years experience in capital markets, focused exclusively on the mining sector

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Notes to Technical Disclosure

Technical Disclosure

Minera ral Resourc rces This presentation contains information regarding mineral resources estimated at the Company’s projects. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Further, the quantity and grade of reported inferred mineral resources are uncertain in nature and it cannot be assumed that further exploration will result in all or any part of an inferred mineral resource being upgraded to an indicated or measured mineral resource category. Qualified Person - Ontario The technical information contained in this presentation has been reviewed and approved by George N. Mannard, P.Geo, M.ScA, VP Exploration for the Company and a Qualified Person within the meaning of National Instrument 43-101 - Standards of Disclosure of Mineral Projects (“NI 43-101”). Qua ualified Perso son – Queb ebec ec The technical information contained is this presentation pertaining to Quebec properties, (“Kiena Complex and Kiena Deep”) has been approved and verified by Marc Ducharme, P. Geo, Chief Exploration Geologist for the Company and a Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure of Mineral Projects (“NI-43-01”). Ad Additional Infor

• rmation
• n

Additional information about each of the mineral projects as required by NI 43-101, including key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Company’s projects, can be found in Technical Reports filed for each respective property on SEDAR at www.sedar.com. Other important operating information can be found in the Company's AIF, MD&A and press releases. Finan ancial al Disclosu sure Unless otherwise indicated, all dollar values herein are in CDN$.

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Mineral Reserves (2016 Year End)

15% increase at Eagle River net of depletion

Category Tonnes Grade (gAu/Tonne) Contained Ounces Eagle River Underground Reserves Proven 208,000 10.2 68,000 Probable 949,000 9.0 276,000 Eagle Proven + Probable 1,157,000 9.2 344,000 Mishi Open Pit Reserves Proven 259,000 1.8 15,000 Probable 1,361,000 2.0 87,000 Mishi Proven + Probable 1,620,000 2.0 102,000

• Reserves and Resources as at December 31, 2016.
• Mineral Resources exclusive of Mineral Reserves.
• The contents of this slide have been verified and approved George Mannard, P. Geo, M.ScA, VP Exploration for the Company and a Qualified

Person within the meaning of NI 43-101

• For details, please refer to the Company’s press release dated February 22, 2017 and AIF dated February 22, 2017 available on the Company’s

website and sedar.com

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Eagle River Parallel Structure Reserve Breakdown

Structure Tonnage Grade (gAu/tonne) Contained Ounces Percentage of P + P Reserve Ounces

Proven and Probable Reserves

• No. 8

255,000 10.6 87,000 25%

• No. 300

456,000 9.0 132,000 38%

• No. 7

310,000 9.2 91,000 27% Other 136,000 7.8 34,000 10%

Total 1,157,000 9.2 344,000

• Reserves and Resources as at December 31, 2016.
• The contents of this slide have been verified and approved George Mannard, P. Geo, M.ScA, VP Exploration for the Company and a Qualified

Person within the meaning of NI 43-101

• For details, please refer to the Company’s press release dated February 22, 2017 and AIF dated February 22, 2017 available on the Company’s

website and sedar.com

TSX:WDO | 39

Category Tonnes Grade (gAu/Tonne) Contained Ounces Eagle River Underground Resources Inferred 327,000 8.1 85,000 Mishi Open Pit Resources Indicated 3,679,000 2.1 248,000 Inferred 764,000 2.4 59,000 Mishi Underground Resources Indicated 567,000 4.5 82,000 Inferred 437,000 5.8 81,000 Total M + I Resources 330,000 Total Inferred Resources 225,000

Mineral Resources (2016 Year End) Operating Assets

• Reserves and Resources as at December 31, 2016.
• Mineral Resources exclusive of Mineral Reserves.
• The contents of this slide have been verified and approved George Mannard, P. Geo, M.ScA, VP Exploration for the Company and a Qualified

Person within the meaning of NI 43-101

• For details, please refer to the Company’s press release dated February 22, 2017 and AIF dated February 22, 2017 available on the Company’s

website and sedar.com

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Category Tonnes Grade (gAu/Tonne) Contained Ounces Kiena Complex Resources Measured 63,700 4.06 8,300 Indicated 2,439,800 5.62 441,000 To Total tal M + + I Re Resources 2, 2,500, 500,600 00 5. 5.59 59 449, 449,30 300 Total Inferred Resources 1,563,300 7.97 400,400 Moss Lake Resources Total M + I Resources 39,795,000 1.1 1,377,000 Total Inferred Resources 50,364,000 1.1 1,751,000

Mineral Resources (2016 Year End) Development & Exploration Assets

• Reserves and Resources as at December 31, 2016.
• Mineral Resources exclusive of Mineral Reserves
• The contents of this slide have been verified and approved by George Mannard, P. Geo, M.ScA, VP Exploration for the Company and a Qualified

Person within the meaning of NI 43-101

• For details, please refer to the Company’s AIF dated February 22, 2017 available on the Company’s website and sedar.com

TSX:WDO | 41

300 Zone Drift Results, September 2016

• Drilling expands 300 East

Lens 150 m to east and down plunge

• New 300 North Lens

discovered intersecting wide widths up to 32.4 m

• 300 Zone thickening down

plunge where it remains

• pen
• New 300 West Zone being

developed in Q3/16

• 942 m

m drift 1 t 19.34 g g/t ( t (unc ncut) t)

• ve

ver 1. r 1.61 61 m m ave verage w width and 141 m 141 m of stri rike l length

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2016 Operating Results

Operational results – 4th Quarter and Annual

Quarter ended December 31 Year ended December 31 2016 2015 2016 2015 Eagle tonnes milled 42,607 42,185 170,369 173,189 Mishi tonnes milled 30,714 33,100 138,688 132,038 Total tonnes milled 73,321 75,285 309,037 305,227 Eagle River head grade (g/t) 8.2 9.2 7.9 7.8 Mishi head grade (g/t) 1.6 2.3 2.0 2.6 Eagle River underground mill recovery (%) 94.6 94.2 93.5 94.9 Mishi Open Pit mill recovery (%) 81.6 79.6 85.4 87.3 Eagle ounces produced 10,595 11,625 40,252 41,013 Mishi ounces produced 1,292 1,945 7,485 9,457 Total ounces produced 11,887 13,570 47,737 50,470 Ounces sold 13,490 16,023 48,680 49,804 Average realized price (CAD$/oz)* 1,655 1,474 1,676 1,475 Average realized price (US$/oz)* 1,240 1,104 1,265 1,153 Production cash costs (CAD$/oz)* 1,185 1,029 1,194 1,115 Production cash costs/oz (US$/oz)* 888 770 901 872 All-in-sustaining costs (CAD$/oz)* 1,702 1,388 1,707 1,542 All-in-sustaining costs (US$/oz)* 1,275 1,039 1,289 1,206 Average 1 USD to CAD exchange rate 1.3344 1.3353 1.3253 1.2790

* Note: Refer to the section entitled “Non-IFRS Performance Measures” in the 2016 Annual Management’s Discussion and Analysis for the reconciliation of these non-IFRS measurements to the Financial Statements

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2016 Financial Highlights

Financial Results – 4th Quarter and Annual Quarter ended December 31 Year ended December 31 2016 2015 2016 2015 (in $000, except per share amounts) Revenue * 22,166 23,622 84,031 73,465 Mine operating profit ** 7,133 7,767 26,036 17,680 Net income (loss) 2,352 1,110 7,786 (4,701) Net income adjusted ** 3,047 1,977 7,988 3,186 Basic income (loss) per share 0.02 0.01 0.06 (0.04) Basic income per share adjusted** 0.02 0.02 0.06 0.03 Cash flows from operating activities 4,976 5,153 19,927 10,055 Cash flows from operating activities adjusted ** 5,671 5,783 20,129 12,771 Free cash flow ** (3,735) 2,736 (8,437) (5,719) Cash and cash equivalents 26,760 15,424 26,760 15,424 Working capital 15,561 12,507 15,561 12,507

* Revenue for the year ended December 31, 2016 includes $2.4 M gold sales from the Kiena Complex mill cleanup in Q3 2016. **Note: Refer to the section entitled “Non-IFRS Performance Measures” in the 2016 Annual Management’s Discussion and Analysis for the reconciliation

• f these non-IFRS measurements to the Financial Statements

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2013 Moss Lake – PEA (2.5 M oz. study)

300 m

NE SW

• pen

General View of Mineralized Zones Longitudinal and Plan View of Moss Lake Pit

2.5 km

SW NE

• pen

Highlights

• Open pit mine and CIL Processing at 40,000 tpd
• Life of mine strip ratio of 2.5 : 1
• 10 year mine life averaging 244,000 oz. per year
• years 1-5 average 296,000 oz. per year
• years 6-10 average 192,000 oz. per year
• Mill recovery: 79.2% to 84.2% (Gravity – CIL)
• Pre-production Capital: $543 M CDN
• Operating costs $17.56 CDN per tonne ($922

per oz.)

• Payback period: 1.75 years
• After Tax NPV: $196 M at 5% discount rate
• After Tax IRR of 12% (assumes Au price of

$1551 CDN)

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2016 Surface Drilling Exploration Program

7 Zone Exploration

• Targeting zone up dip and along strike of

existing reserve/ mining block

• 29 wide spaced drill holes testing zone at

200 m centres along productive Mine Diorite

• Drilling coverage: 500 m X 1600 m

Zone 300 Exploration

• Targeting zone up dip and along strike of

existing reserve/mining block

• 32 wide spaced drill holes testing zone at 200

m centres along productive Mine Diorite

• Drilling coverage: 300 m X 1600 m

Longitudinal Section Looking North Longitudinal Section Looking North The contents of this slide have been verified and approved by the Company’s VP Exploration, George Mannard, P. Geo a “Qualified Person” for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects Please refer to Company AIF available on the Company’s website and sedar.com

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2016 Eagle River Exploration Program

220 m Level Plan

• Expanded underground drilling program
• First expanded surface exploration program since 1995
• 55 wide-spaced surface drill holes targeting untested package of mafic volcanic

rocks north of Mine Diorite and up-dip projection of 300 Zone and 7 Zone

The contents of this slide have been verified and approved by the Company’s VP Exploration, George Mannard, P. Geo a “Qualified Person” for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects Please refer to Company AIF available on the Company’s website and sedar.com

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Eagle River/Mishi Complex Central Ontario

• Located in Hemlo/Wawa

Gold Camp

• Celebrating 20 years
• f production
• 1,000,000+ oz @ 9.1 g/t Au
• Current operations ~800 tpd

Mill located adjacent to Mishi open pit deposit (permitted to 1,200 tpd)

• Eagle River underground

mine located 15 kms to south

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Kiena Complex Drill Core August 2016