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

A Solid Foundation for a Promising Future

April 2018

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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Wesdome Gold Mines Ltd.

Assets in top rated jurisdictions – Ontario and Quebec Low risk expansion of existing mines in proven mining camps New high-grade gold discovery in permitted, de-watered former producing mine

Proven building blocks to increase shareholder value

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Corporate Structure

Symbol TSX:WDO Shares Outstanding 133.9 M Options and RSU’s 7.2 M Warrants Fully Diluted 141.1 M 52 Week High/Low $3.93/$1.64 (Average daily volume 650,000 shares) Market Capitalization $250M ($2.00 April 12, 2018) Cash Position $22.1 M (March 21, 2018) No Debt Analyst Coverage BMO Capital Markets Clarus Securities Desjardins Capital Markets Echelon Wealth Partners Eight Capital Partners Industrial Alliance Laurentian Bank M Partners Mackie Research National Bank Financial PI Financial Major Shareholders 1832 Asset Management, Van Eck, Oppenheimer, Royal Bank Investment Management, Mackenzie Financial, US Global, Gabelli Management and Directors 2.2%

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Two Year Share Price Performance

Resolute Funds beings to reduce position Kiena Deep discovery announced Eagle River 303 E Lens discovery announced; Kiena Deep potential expands 550 m laterally announced WDO added to GDXJ (18 M shares) GDXJ methodology change announced, rebalance results in 12 M shares liquidated from index Resolute Funds reduces position from 20% to 9.97% 2017 gold production exceeded Resolute Funds continues to sell; no longer top 10 shareholder

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Canadian Gold Company with Three 100% Owned Projects

• Over 30 years of continuous gold production
• 2017 earned mine profit $31.5 M (41% increase over 2016)
• 2017 operating cash flow $27.2 M or $0.20/share (21%

increase over 2016)

• 2017 Eagle River Complex production: 58,980 ozs from 2 high

grade mines (24% increase over 2016)

• 2017 Eagle River head grades 10.6 g/t (2016: 7.8 g/t)
• 2018 Guidance: 62,000 – 68,000 ozs (Q1 2018: 17,949 ozs)
• Drilling High grade discovery at Kiena Complex

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 518,000 oz Resources: M&I 342,000 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

3 1 2

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Corporate Strategy

Near Term: STRENGTHEN Long Term: EXPLORE Objective: DEVELOP

Eagle River

• Development of

high grade zones

• Continued
• perational

improvements

Eagle River

• 7 and 300 zones

remain open

• Near mine

exploration ongoing Kiena

• Kiena deep discovery

August 2016

• Development of

exploration ramp nearing completion Moss Lake

• Fewer limitations

with consolidated land package

Become a diversified producer with exciting organic production growth Continue to increase production, decrease costs and increase cash flow

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2017 Gold Production Guidance Exceeded

Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Guidance Gold Produced (ounces) 15,162 12,529 15,493 15,797 58,980 52,000 – 58,000 Cash cost per ounce sold (CAD$/ounce) 1,134 1,264 1,013 1,019 1,097 1,030 – 1,130 AISC per ounce (CAD$/ounce) 1,613 1,718 1,446 1,284 1,489 1,450 – 1,550 Gold Sold (ounces) 12,320 13,030 13,069 19,351 57,770 Average realized gold price (CAD$/ounce) 1,631 1,715 1,619 1,618 1,643 Gross Revenue (CAD$ millions) 20.1 22.3 21.2 31.3 94.9

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2017 Financial Results

Years ended December 31 (in $000, except per share amounts) 2017 2016 Increase/(decrease) Revenues 96,057 84,031 13% Mine profit 1 31,537 22,293 29% Net income 1,287 7,786 (505%) Net income adjusted1 6,798 6,789 0% Operating cash flow 27,225 22,424 18% Free cash flow 1 (9,344) (4,211) 55% Per share data: Net earnings 0.01 0.06 (500%) Adjusted net earnings

1

0.05 0.05 0% Operating cash flow 0.20 0.18 10% Free cash flow 1 (0.07) (0.03) 57%

1

Refer to the section entitled “Non-IFRS Performance Measures” for the reconciliation of these non- IFRS measurements to the financial statements.

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Eagle River Complex Production Profile

Gold ounces produced

2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

Eagle River Complex Quarterly Production Profile

Eagle River Production Mishi Production

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2018 Guidance: Production to Increase by 10%, Costs to Reduce by 10%

Amounts are denominated in Canadian dollars

Guidance Gold production Eagle River 55,000 – 59,000 ounces Mishi 7,000 - 9,000 ounces 62,000 – 68,000 ounces Head grade (g/t) Eagle River 10.1 – 10.5 Mishi 2.4 – 2.8 Operating cost per ounce 1 $950 - $1,025 US$750-US$800 All-in sustaining cost per ounce 1 $1,400 - $1,475 US$1,100 – US$1,160

Operating cost per ounce and All-in sustaining cost per ounce are non-GAAP measures, please reference the Company’s management discussion and analysis for the period ended September 30, 2017 filed on SEDAR for their calculations.

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Mineral Reserves (2017 Year End)

21% increase in Eagle River ounces; grade increased by 32%

• Reserves and Resources as at December 31, 2017.
• Mineral Resources exclusive of Mineral Reserves.
• The contents of this slide have been verified and approved by Michael Michaud, P. Geo, 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 26, 2018 and AIF dated February 22, 2017 available on the Company’s

website and sedar.com

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Exploration: Two Properties Attain Highest Grade Hits in 2017

Source: Mining Intelligence/Mining.com

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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
• 2017 Production: 50,996 ounces (152,591 t @ 10.6 g/t)

7 Zone Surface

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Eagle River Parallel Gold Zones Remain Open

4200 elev 4200 elev 100 m

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

• Discovery of two new parallel gold zones in 2013
• Exploration in 2014 - 2017 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 and 303 East Zones 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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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

205,000 10.5 69,000 17%

• No. 300

514,000 13.4 222,000 53%

• No. 7

228,000 13.2 97,000 23% Other 112,000 7.8 28,000 7%

Total 1,059,000 12.2 416,000 100%

• Reserves and Resources as at December 31, 2017.
• The contents of this slide have been verified and approved by Michael Michaud, 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 26, 2018 and AIF dated February 22, 2017 available on the Company’s

website and sedar.com

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New Production Area: 303 E Lens

• Discovered January

2017

• High-grade intercepts

at significantly higher widths than previously mined

• Structure currently

traced from 750 metres depth to 1,000 metres depth

• Remains open
• Production

commenced late Q4 2017

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2017 Drifting and Production Planning 300 Lens

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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7 Zone Drifting Results Strike Increasing with Depth

Drifting Highlights

Level Grade Uncut (g/t Au) Grade Cut (g/t Au) Width (m) Strike Lengt h (m) Release Date 890 33.15 16.75 1.5 42.0 May 31, 2016 945 22.63 17.07 3.3 63.0 September 15, 2016 975 E 13.38 13.38 1.5 46.0 November 30, 2017 975 W 24.38 22.22 2.6 53.0 November 30, 2017 975 Combined 20.66 19.23 2.1 99.0 November 30, 2017 991 E 32.55 30.03 1.6 48.0 November 30, 2017 991 W 18.80 15.95 2.73 56.0 November 30, 2017 991 Combined 23.28 20.53 2.2 104.0 November 30, 2017 1006 E 33.83 29.67 1.7 51.7 March 27, 2018 1006 W 22.85 15.25 3.2 41.1 March 27, 2018 1006 Combined 27.39 21.21 2.3 92.8 March 27, 2018 1022 E 34.86 28.33 1.8 75.5 March 27, 2018 1022 W 10.33 10.33 2.7 47.3 March 27, 2018 1022 Combined 23.79 20.21 2.2 122.8 March 27, 2018

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2017 Mishi Exploration: Drilling Extends Zone to West

• 2016 reconnaissance drilling program
• 2017 Exploration: 28,000 m of drilling following up on two targets, 600 m and 1700 m West
• f pit - resource delineation
• 2018: Conducting Mishi study in Q2

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 Complex Property Ramp

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Kiena Mine 1.8 M oz Siscoe Mine 0.9 M oz prod Wesdome Deposit 0.4 M oz Resource Presqu’ile Deposit 0.1 M oz Resource

Kiena Complex – Regional Potential

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Kiena Deep Discovery and Recent Drilling

Why Kiena Deep:

• Large Regional

Structures

• Multiple zones of ductile

and brittle deformation for “openings” for Au

• Ultramafic contact tends

to “pool” liquids

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Kiena Exploration Ramp and Current Drill Targets

• Kiena Ramp Construction

announced May 3, 2017

• Estimated cost $7.6 M –

completed under budget

• 500 metres of ramping

and additional 500 metres

• f exploration drifting

Kiena Deep drilling

• Drilling underway: 25 x 25

metre spacing

• 50,000 metres
• Goal to establish Indicated

Resources by Q4

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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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VC Zone – Near-Term Production Potential

Highlights include:

• 262.13 g/t or (17.70 g/t cut to 34.28 g/t)
• ver 5.6 m true width in hole 6205
• 10.28 g/t or (8.56 g/t cut to 34.28 g/t)
• ver 3.0 m true width in hole 6201
• 9.26 g/t (9.26 g/t cut) over 3.0 m true

width in hole 6208 VC Zones – Important Aspect of restart program

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VC Zone North Extension

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S50 South Zone Extension

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Moss Lake - Coldstream Acquisition April 2016

• Dominant land holdings, 36 km along Shebandowan Gold Belt containing four

deposits open for expansion

• Moss Lake Deposit remains open Pit and Mineral Resource constrained by

property boundary

• 2017 drilling extends strike length mineralization from 2kms to 4.5 kms
• Geophysical expression (IP) extends over a strike length of 8 kms
• Potential to significantly add to resources

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2018 Exploration Summary

$10.8 M Exploration Drilling Budget Eagle: 3 Underground Drills 1 Surface Drill (Summer) Kiena: 3 - 4 Underground 1 Surface Drill (Summer)

Property 2018 Metres 2017 Metres 2016 Metres 2015 Metres Eagle Underground Exploration Drilling 25,000 24,000 27,000 22,000 Eagle River Underground Definition Drilling 25,000 35,000 32,000 20,000 Eagle Surface Exploration Drilling 5,000 15,000 25,000 Mishi Exploration Drilling 15,000 25,000 5,000 Kiena Complex 62,000 45,000 10,000 Moss Lake 25,000 4,000 Total 117,000 159,000 123,000 47,000

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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 Pipeline of development projects Aggressive Exploration Programs in Wawa and Val d’Or Operations in safe jurisdiction, Canada 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

Ben Au, CPA, CA Chief Financial Officer

• Over 35 years of experience in financial management and reporting, regulatory compliance, M&A, and

P&L management

• Over 11 years at Agnico Eagle Mines in increasingly senior financial reporting roles
• Most recently Chief Financial Officer of St Andrew Goldfields Ltd until its acquisition by Kirkland Lake

Gold

Marc-Andre Pelletier, P.Eng Chief Operating Officer

• Professional engineer with over 20 years experience in operating gold mines in Canada
• Over 9 years at Barrick Gold in increasingly senior operational management roles
• Most recently VP Operations at St Andrew Goldfields until its acquisition by Kirkland Lake Gold

Michael Michaud, P.Geo VP, Exploration

• Professional geologist with over 30 years experience in domestic and international gold exploration

and mining

• Former Principal of SRK Consulting Inc
• Most recently Chief Geologist at Iamgold

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 on the mining sector in Canada, Europe, Russia and West Africa

• Most recently Corporate Secretary at Kirkland Lake Gold

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 of

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 Corp

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. Qua ualified Perso son - Ontar ario The technical information contained in this presentation has been reviewed and approved by Michael Michaud, 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”). 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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Category Tonnes Grade (gAu/Tonne) Contained Ounces Eagle River Underground Resources Indicated 50,700 7.3 12,000 Inferred 334,000 8.0 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 342,000 Total Inferred Resources 225,000

Mineral Resources (2017 Year End) Operating Assets

• Reserves and Resources as at December 31, 2017.
• Mineral Resources exclusive of Mineral Reserves.
• The contents of this slide have been verified and approved by Michael Michaud, P. Geo, M.ScA, VP Exploration for the Company and a Qualified Person within the meaning
• f NI 43-101
• For details, please refer to the Company’s press release dated February 22, 2017 and AIF dated February 26, 20178available on the Company’s website and sedar.com

TSX:WDO | 39

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 Michael Michaud, 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 | 40

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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303 E Lens Extended Up-Plunge

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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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Mishi Operations: Strike and Depth Potential

Section 3550 E Section 3750 E

MISHI MINE Current Operations

East Extension West Extension

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Plan View

M6 Zone M2 Zone M2 Zone

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

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S-50 Zone Isometric View North

Drill holes 2010-2012

Level 91

S-50 Zone - Conceptual Isometric 3D View

• S-50 Zone depleted portion (red wireframe)
• Majority of Kiena’s production (10M tons or 1.6 M oz Au) was

mined from the S-50 zone where widths range from ~15 to 50 metres wide

• Thicker gold mineralized breccia zones interpreted to be part of

a large deformed sigmoidal structure extending northward from the S-50 tabular shear hosted mineralized zone

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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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Kiena Deep Drilling Constrained

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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)

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

300 m

NE SW

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

2.5 km

SW NE

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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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Kiena Complex Drill Core August 2016