Investor Presentation May 2019 Caution Regarding Forward-Looking - - PowerPoint PPT Presentation

Investor Presentation May 2019

Caution Regarding Forward-Looking Information

Readers are cautioned that we will be making forward-looking

• comments. To fully understand the risks inherent in our comments,

forecasts and estimates you are encouraged to read

• ur

Management Discussion and Analysis and our Annual Information Form for the first quarter ended March 31, 2019 together with our Financial Statements for the same period.

Nunavut - High Growth Mining District

q High-grade gold producer in one

• f the world’s best mining

jurisdictions q Airstrip provides year-round access for crew and freight q Port at site for annual sealift of bulk good and equipment q More than $1.5Bn of historic investment in infrastructure, mine development, exploration and evaluation by BHP, Newmont, Miramar and TMAC

1

10 20 30 40 50 60 70 80 90 10 20 30 40 50 60 70 Yellowknife Hemlo Red Lake Kirkland- Larder Lake Noranda Cadillac-Val- D'Or Timmins- Matheson Hope Bay Strike Length (km) Cumulative Resource (Moz)1 Cumulative Resources (M oz Au) Strike Length (km)

1 “Cumulative Resource” refers to the estimated sum of historical production and current resource

• estimates. Source: Metals Economics Group, Intierra, and Company reports.

Hope Bay and Archean Greenstone Belts

Madrid 20 km Doris Boston 80 km

Measured and Indicated Resources of 18.0 Mt at 8.3 g/t gold containing 4.8 million ounces

2

Madrid North Naartok, Suluk, Spur, Rand Madrid South Wolverine, Patch

Unique Investment Rationale

q Consistent quarter-over-quarter operational improvement

§ Inflection point as we transition from ramp up to optimization

q Growing cash flow – positive AISC margin established and increasing q Extraordinary potential to build the next great high-grade mining camp

§ Increased exploration to re-establish reserve and resource growth at core deposits § Now in a position where regional exploration can generate new discovery

q Evaluation of disciplined growth across Hope Bay Belt – updated PFS targeted for Q4-19 q Demonstrated high support from key shareholders q Share price valued at deep discount today

§ Historic risks of ramp up and operational volatility – now near resolution § Beginning to demonstrate free cash flow generation § Share trading illiquidity can be addressed strategically, but only if it is value-added

3

Low Relative Risk Profile

q Geopolitical: Hope Bay has high-grade and often outcropping mineralization, located in a low-risk mining jurisdiction q Permitting: Permitted for significant development, expansion and production at established deposits across the Hope Bay Belt (ahead of schedule) with excellent support of communities and regulators q Corporate Social Responsibility: Strong social license and high alignment with Inuit communities and leadership q Safety: One of the safest mines in Canada in 2018 – Injury Frequency Rate at one-third of Ontario peers q Environmental: Strong environmental record with lower risks than seen at other mines (e.g., tailings dam)

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$1,006 $412 $365 $352 $304 $299 $274 $256 $224 $147 $139 $87 $65 $58 Wesdome (11.0 g/t) Torex (3.1 g/t) SEMAFO (3.4 g/t) Roxgold (11.5 g/t) Pretium (13.3 g/t) Golden Star (2.9 g/t) Atlantic (1.1 g/t) SSR Mining (0.7 g/t) Alacer (3.0 g/t) Equinox (0.6 g/t) TMAC (6.8 g/t) Teranga (1.4 g/t) Leagold (1.4 g/t) Asanko (1.6 g/t) 1.04x 1.02x 0.94x 0.89x 0.86x 0.83x 0.76x 0.64x 0.63x 0.56x 0.54x 0.45x 0.42x 0.36x SSR Mining Golden Star SEMAFO Atlantic Wesdome Alacer Pretium Torex Roxgold TMAC Equinox Teranga Asanko Leagold

Compelling Relative Value

Street Consensus P / NAV (Ratio) Mine Life Index (Years)**

Denotes > 50% of Gold Reserves in Canada/USA Overall Median: 0.76x Canada/USA Median: 0.86x

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EV / Reserves ($/oz Au Eq.)

Overall Median: $274/oz Canada/USA Median: $274/oz 21.1 17.9 16.7 11.6 11.4 11.4 9.1 8.7 6.9 6.7 6.5 6.1 5.6 4.6 TMAC Asanko Pretium Teranga Alacer SSR Mining Equinox Leagold Golden Star Atlantic Torex SEMAFO Wesdome Roxgold Reserve Grade*

Source: FactSet, street research Note: Medians exclude TMAC. Market data as of 7-May-19. * Grade calculated as gold equivalent g/t. ** Calculated as attributable reserves of producing assets divided by broker attributable 2019E gold equivalent production, TMAC production based on midpoint of 2019E guidance.

Strong Start to 2019

q Production of 40,050 ounces and AISC of $992/oz q Strengthening Plant performance in Q1-19

§ Commissioning of Plant retrofit nearing completion

q Positioned to feed expanded Plant capacity

§ Doris UG production ramping up with strong grade § Increased development at Doris; Naartok East crown pillar development H2-19

q Exploration program underway to resume resource growth momentum

§ Strong first results from: § 2019 Doris North BTD drilling – objective to extend high grade zone § 2019 Madrid North drilling – objective to prepare for development decision § Boston strategy for 2019 and 2020

q Enhanced balance sheet flexibility with credit agreement amendment

6

Amended Debt – Cumulative Principal Payment Profile

7

Elimination of US$26 million of principal payments next four quarters and easing

• f covenants based on strengthening operations

(1) Assumes extension of each facility.

US$40 million

Quarterly Amortization(1) Previous Amended Q2-19 - Q1-20 $6.5M/Q $0/Q Q2-20 - Q3-20 $6.5M/Q $2.5M/Q Q4-20 - Q2-21 $5.5M/Q $2.5M/Q Q3-21 - Q3-22 $5.5M/Q n/a Initial Maturity July 31, 2020 Dec 31, 2020 Extended Maturity July 31, 2022 June 30, 2021

Rising Gold Production and Declining Costs

(1) Computation of AISC is in accordance with the World Gold Council guidelines

2019 Guidance Production: 160-180koz Costs: $625-$700/oz cash costs, $900-$1,000/oz AISC

(1)

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Rising Plant Throughput and Rising Recoveries

Plant target 2,000 tpd and 90% recovery, and then push to exceed

9

(1) Stated grade relates to feed grade.

(1)

Rising Mine Production

Mine target 1,500 tpd Doris underground, and then push to exceed Plant feed supplemented from surface crown pillar (Doris, Naartok) and stockpiles

10

Q1-19 = 1,600tpd @ 10.2 g/t

(1) Mine production includes incremental ore.

(1)

Doris Underground Mine

Doris North Doris Connector Doris Central Extension East Limb BTD Connector BTD Central Doris North BTD

11

N

Subject to ongoing exploration success

(1) Includes development ore. (1)

Planned Development

High Grade Plunge

Inferred

(approximate)

Indicated

(approximate)

Doris: BTD Extension – High Grade and Open

Q1 2019 Drill Bay

TMDBE-19-50031 682.9 g/t Au/1.4 m

50 m

3 12

506 g/t Au/0.8m 13.5 g/t Au/0.6m 2.9 g/t Au/0.5m 1.9 g/t Au/0.5m 0.9 g/t Au/0.4m 1.0 g/t Au/0.7m 1.1 g/t Au/0.5m

TM50148 261.0 g/t Au/7.1 m And 6.6 g/t Au /10.5m TM50239 379.4 g/t Au/1.7 m

0-2 2-4 4-10 10-20 20-30 30-60 60-90 90-120 >120 Au g/t

(un-capped)

TMDBE-19-50005 407.0 g/t Au/1.1 m TMDBE-19-50018 207.0 g/t Au/0.9 m

N

2019 Drill Hole 2018 Drill Hole 12

3.5 g/t Au/0.7m 166.0 g/t Au/1.0m 22.0 g/t Au/1.0m 75.9 g/t Au/1.0m 10.5 g/t Au/1.0m 506 g/t Au/0.8 m 13.5 g/t Au/0.6m 2.9 g/t Au/0.5 m 1.9 g/t Au/0.5m 0.9 g/t Au/0.4m 1.0 g/t Au/0.7m 1.1 g/t Au/0.5m 4690-West Limb Rnd 13 Development Chip Sample Results Vein Grade 66.0 g/t Au/3m (100 g/t Au Cap) 88.0 g/t Au/3m (un-capped) 4690-West Limb Access Development Chip Sample Results 23.0 g/t Au/4m (100 g/t Au Cap) 104.2 g/t Au/4m (un-capped)

Madrid: Naartok East Crown Pillar

q Development of Naartok East crown pillar would provide additional flexibility to feed a hungry plant in 2019 and manage operational volatility q 283,000 tonnes at 4.8 g/t probable mineral reserve

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Permitted Waste Rock Pad Naartok West Deposit Suluk Deposit 7 km Ore Haulage to Doris Mill

Naartok East Deposit

New Permitted Waste Haulage Road Naartok East Crown Pillar Trench 500 m Scale New Madrid Portal Location N

2019 Exploration Strategy

Doris $6M q Extend BTD with 2019 access to another 100 m strike length q Infill and expand Connector and BTD Connector q Advance Naartok East, Naartok West and Suluk towards development q Current Suluk winter program with objective to grow resource and support metallurgical testing q Summer 2019 program: test high-grade plunge near surface and explore south from Boston along 6 km alteration q Winter 2019/20 program: test high-grade plunge ~1,000 m q Lateral extension at Doris q Madrid regional to south along route of permitted road to Boston Madrid $3M Boston $6M Regional $5M

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N S

TM00434 4.9 g/t Au/29.5 m Including 10.9 g/t Au/10.5 m

q 31 drill holes completed in 2018 drill program q Materially added gold ounces within the crown pillar q 22 additional infill drill holes completed in Q1-19 confirmed geological and grade continuity near surface within the crown pillar, providing information for future development decision q 2019 data being incorporated into the reserve and resource model

Madrid: Naartok East Advancing to Development

Structural Trend TM00443 4.9 g/t Au/27.6 m Including 12.9 g/t Au/5.5 m

0 m

• 500 m

TM00441 11.0 g/t Au/12.5 m

15

TM00422 10.4 g/t Au/9.6 m TMMNE-19-00011 11.5 g/t Au/9.0 m and 10.1 g/t Au/27.0 m TMMNE-19-00013 10.6 g/t Au/27.0 m TMMNE-19-00008 12.8 g/t Au/11.5 m

2019 Drill Hole Pre-2019 Drill Hole Location Highlight Mineralized Zone

TM00381 7.4 g/t Au/65.7 m Including 14.4 g/t Au/26.1 m TM00392 17.1 g/t Au/1.5 m And 12.6 g/t Au/15.5 m

Naartok West Naartok East High Grade Plunge W E

q 44 drill holes completed in 2018 drill program q Focused above 150-metre level, within and below the Naartok West crown pillar recovery area q Confirmed the plunge and continuity within wide, high-grade core

Madrid: Naartok West Advancing to Development Decision

0 m

• 500 m

TM00396 6.6 g/t Au/42.2 m Including 32.9 g/t Au/5.0 m

16

PMD094 35.8 g/t Au/19.9 m And 9.5 g/t Au/16.9 m 05PMD296 18.7 g/t Au/19.9 m

2019 Drill Hole Pre-2019 Drill Hole Location Highlight Mineralized Zone

Naartok East Naartok West Rand Suluk

Inferred Inferred

Madrid: Suluk Zone Advancing to Development

N

0 m

• 500 m

q 2019 winter drill program to increase and upgrade mineral resources to support decision to proceed with advanced exploration and underground bulk sample, and ultimately future development decision

17

250 m

Crown Pillar Beneath Patch Lake

2019 Drill Hole Pre-2019 Drill Hole Location Highlight Mineralized Zone

TMMSU-19-00002 11.3 g/t Au/7.4 m And 9.6 g/t Au/10.0 m TMMSU-19-00003 13.9 g/t Au/3.2 m And 20.3 g/t Au/13.8 m And 4.7 g/t Au/4.3 m TMMSU-19-00007 97.9 g/t Au/4.9 m And 26.2 g/t Au/6.1 m And 22.0 g/t Au/4.4 m And 7.9 g/t Au/4.2 m TMMSU-19-00008 11.4 g/t Au/18.9 m And 6.5 g/t Au/38.0 m Indicated PMD170 16.7 g/t Au/51.0 m 03PMD227 16.4 g/t Au/26.5 m

11SBD411A 12.46m @ 10.16 g/t Au 12.38m @ 10.62 g/t Au 2.7m @ 16.1 g/t Au (-820m level)

94NOD118 9.1m @ 16 g/t 93NOD047 2.5m @ 238 g/t Au

S00243 5.7m @ 35.1 g/t Au

B3/Newton Intersection

N S B2 Zone

250 m

• 50m
• 100m
• 200m
• 300m
• 400m
• 500m

11SBD414 7.1m @ 28.5 g/t Au 4.8m @ 17.3 g/t Au 7.8m @46.6 g/t Au (-600m level) S04-322 3.7m @ 36.3 g/t Au

Boston: Increase Resource Scale

Significant Growth Potential of Established Deposit High Priority Regional Targets

1 Km

Boston Deposit Alteration Trend

25.6 g/t Au/1.2m 37.5 g/t Au/1.0m SO-293 8.7m @56.6 g/t Au (-1020m level)

Boston Mineral Resources(11) Indicated 3.5 Mt @ 8.9 g/t Au, 1.02 Mozs Au (~3,100 ozs/

vertical metre)

Inferred 1.9 Mt @ 7.2 g/t Au, 0.45 Mozs Au

(1 1) Refer to appendix for the complete Hope Bay Mineral Resource and Mineral Reserve table and accompanying notes

18 Surface Sample >10 g/t Au >30 g/t Au

Doris Madrid

Au > 10 g/t High-Resolution Gravity Image 1st order Structure 2nd order Structure Gold Deposit

Pogey Kamik North Doris Quaqtuq

Madrid Regional: Establish New Economic Deposits

§ More than 25 years of modern exploration § Four owners § More than 1 million metres of historic drilling with at least 95%

• ccurring on established deposits

§ Enormous amount of high-quality data available § More than 90 exploration targets identified Exploration Datasets Airborne geophysics Geological mapping

Magnetic

Outcrop sampling

Electro-magnetic

Gold in glacial till sampling

High-resolution gravity gradiometry

Diamond drilling Ground geophysics RC drilling

Magnetic Induced polarization Seismic

19 Au > 30 g/t Surface Samples TM00023 14.1 g/t Au/0.5 m And 3.3 g/t Au/6.4 m

Building Value in 2019 and Beyond

q Continuing quarter-over-quarter operational improvement

§ Ramp-up coming to end and optimization of productivity and cost next

q Return to strategy of growing value through exploration q Q4-19 target release of updated PFS for disciplined Hope Bay Belt development focused on stakeholder value q Re-establish TMAC as a premium valued equity

§ High-grade assets with unique growth opportunity § Disciplined management team focused on value opportunity and risk mitigation § Realize benefit of great jurisdiction and social license § Active balance sheet management § Address share trading illiquidity strategically, but only if it is value-added

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Appendix

21

TMAC History and Capital Structure

22

May 1, 2019

Common shares 112,944,709 Options 4,506,777 Restricted share rights 1,391,793 Warrants 2,333,834 Fully diluted shares 121,177,113

Shareholder Share Ownership Percent Ownership

Resource Capital Funds 34.7 million 30.7% Newmont 32.2 million 28.5% BlackRock(1) 15.2 million 13.4% Directors and Officers 6.6 million 5.8% KIA (Inuit Landowner) 1.2 million 1.1%

(1) Based on data from Bloomberg and FactSet

As of April 30, 2019

Feb-17: First Gold Poured Jul-17: Announce Plant issues 2015-2016: Exploration and development Nov-17: CEO Retires Aug-17: Gil Lawson joins as COO Feb-18: Jason Neal joins as CEO April 2018 Hiring: Sr Director, Metallurgy Director, Strategic Mine Planning Assistant General Manager (Metallurgist) Jul-15: IPO Oct-17: Hired new General Manager

Gold Price and Currency

23

q Hope Bay operating costs are 85% Canadian dollars § 15% US$ exposure is mainly diesel and reagents q Diesel price fixed in C$ during each sealift

Source: Factset

TMR Share Price Performance

24 Source: Factset

One of the Safest Mines in Canada

ONTARIO MINING INDUSTRY PEER GROUP SAFETY STATISTICS Group 2017 2018 Gold and Nickel Mines 4.28 3.69 Miscellaneous Metals 3.05 3.62 Miscellaneous Industrials 2.21 2.78 Diamond Drill Contractors 2.23 2.76 Mining Contractors 3.05 3.80 Other Contractors 5.68 4.36 Total Mining and Contractors 3.48 3.53 TMAC Resources 1.53 1.06 Total Injuries Frequency* *Total Injury Frequency is a combination of the number of Lost Time Injuries and Non-Lost Time Injuries divided by 200,000 hours worked.

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Continuous Improvement

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Plant Recovery (%) 62 69 71 82 80 82 84 Throughput (tpd) 210 670 650 760 930 970 1,390 1,800 1,610 Grade (g/t) 11.7 13.7 10.9 10.0 10.1 7.8 10.3 Mine Production (tpd) 380 390 460 620 990 790 1,130 2,310 1,600 Grade (g/t) 11.7 11.2 11.7 9.1 8.1 9.6 8.4 7.4 10.2 Development (m) 1,630 1,550 850 990 1,370 1,670 1,810 1,620 1,660 Gold Production (oz) 8,220 11,530 14,200 21,200 20,650 23,140 33,100 34,080 40,050 Gold Sold (oz) 4,250 11,630 13,760 17,350 19,540 25,760 32,140 31,380 39,200

26

Expansion of Gravity Effort

Grind/Flotation Feed Surge bins (2) Remove cleaner Jigs Move Spinners to Crushing Circuit Falcon SB1350 (2) Knelson XD20 (2) Replace Regrind Cyclones (2) Falcon C2000 (2)

27

2019 Outlook

Production 160-180koz Cash Costs(2)(3) US$625 - $700/oz AISC(2) US$900 - $1,000 /oz Sustaining Capital C$54 million Expansion Capital C$20 million Exploration & Evaluation C$25 million Key Forecast Risks q Completing ramp up of Plant to 2,000 tpd and 90% recovery q UG mine delivering in excess of 1,500 tpd at reserve grade q Achieving increased UG development rate (~+50% v 2018) with additional crew q Project execution at Naartok East “Insurance” q 120,800 tonne (20,900 ounce) total stockpiles segregated by grade q 283,000 tonne (43,900 ounce) Naartok East crown pillar q Specific incremental optimization projects have been identified to help optimize recovery beyond 90% in the future

(2) Refer to non-IFRS measures section of the Management Discussion and Analysis for further information on these measures. (3) Computation of AISC is in accordance with the World Gold Council guidelines, as updated in November 2018.

28

Permitting Complete

q Underground mines at Doris, Madrid North, Madrid South and Boston q Surface crown pillar recoveries at Madrid North q 55 km all-weather road from Madrid to Boston q Security: No “Overbonding” and spread over 15 life-of-mine installments q Permitted infrastructure is well beyond our 2015 PFS to provide flexibility to enhance project economics; alternatives, not commitments:

§ 6,000 tpd processing across Hope Bay Belt § Tailings impoundment capacity (18MT at Doris, 5.1MT at Boston) § Boston permitted as self sufficient mine and processing operation § Port expansion § Wind power generation

q Excellent support from Inuit communities q Permitting achieved substantially ahead of our original schedule

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Key Financial Metrics

(4) Refer to non-IFRS measures section of the Management Discussion and Analysis for further information on these measures. (5) Computation of AISC is in accordance with the World Gold Council guidelines, as updated in November 2018.

Q3 2018 Q4 2018 Q1 2019

Gold Produced (ounces) 33,100 34,080 40,050 Gold Sold (ounces) 32,140 31,380 39,200 Revenue (C$ millions) 50.3 51.4 67.9 Realized Gold Price (C$/oz / US$/oz) 1,565 / 1,201 1,635 / 1,233 1,731 / 1,302 Cash Costs (US$/oz)(4) 825 752 658 AISC (US$/oz)(4,5) 1,217 1,112 992 Cash Flow from Operating Activities before Working Cap Changes (C$ millions) 7.3 11.9 26.0 Cash Flow from Operating Activities (C$ millions) 6.1 (10.0) 35.4 Adjusted EBITDA (C$ millions)(4) 11.2 15.7 28.6 Capital Expenditures (C$ millions) 27.9 19.2 22.7 Ending Unrestricted Cash Balance (C$ millions) 13.6 24.8 25.6 Debt (C$ millions) 202.2 166.7 151.7

30

Principal Amount US$117 million outstanding at February 2019 Interest Rate 6.5% per annum plus US$ 3-mth LIBOR Payments No principal payments during 2019 and Q1 2020 (savings of US$26M) US$2.5M Quarterly from April 1, 2020 (reduced from US$6.5M & US$5.5M)

* Quarterly payments made first day of months of January, April, July, and October

Maturity Date December 31, 2020 (extension to June 30, 2021 with 1% fee) Prepayment/Repayment fee 2% on principal payments (excluding scheduled quarterly payments) Voluntary prepayment No prepayment until September 30, 2020 Covenants Working capital > $20 M Minimum cash > $10 M Eliminated repayment test and reserve tail covenants Unsecured hedging allowed under ISDA

Amended Debt Facility Summary

31

Hope Bay Proven & Probable Mineral Reserves (as of Dec. 31, 2018)

32

Category/Deposit Tonnes (t 000) Grade (g/t Au) Contained Au (oz 000) Proven Stockpiles 121 5.4 21 Doris 197 13.9 88 Madrid North

• Madrid South
• Boston

1,072 8.2 282 Total Proven 1,390 8.7 391 Probable Doris 1,840 6.6 391 Madrid North 10,819 6.2 2,168 Madrid South 690 10.9 242 Boston 1,756 7.0 369 Total Probable 15,105 6.6 3,197 Total P & P Stockpiles 121 5.4 21 Doris 2,037 7.3 479 Madrid North 10,819 6.2 2,168 Madrid South 690 10.9 242 Boston 2,828 7.5 678 Total P & P 16,495 6.8 3,588

Hope Bay Measured, Indicated & Inferred Resources (as of Dec. 31, 2018)

Category/Deposit Tonnes (t 000) Grade (g/t Au) Contained Au (oz 000) Measured Doris 141 28.9 131 Madrid North Madrid South Boston 1,109 10.3 368 Total Measured 1,250 12.4 499 Indicated Doris 1,754 9.6 540 Madrid North 11,983 7.4 2,835 Madrid South 605 14.8 287 Boston 2,436 8.3 648 Total Indicated 16,777 8.0 4,310 Measured and Indicated Doris 1,894 11.0 671 Madrid North 11,983 7.4 2,835 Madrid South 605 14.8 287 Boston 3,545 8.9 1,017 Total Measured and Indicated 18,027 8.3 4,809 Inferred Doris 1,566 7.4 371 Madrid North 3,359 6.2 671 Madrid South 490 8.3 131 Boston 1,934 7.2 448 Total Inferred 7,349 6.9 1,621

33

Information Regarding Scientific and Technical Information

34

Notes 1. CIM definitions were followed for the statement of Mineral Resources and Mineral Reserves. 2. Mineral Resources are estimated at a cut-off grade of 4.0 g/t Au except for Boston which was estimated at a cut-off of 4.5 g/t Au. 3. Mineral Resources are estimated using a long-term gold price of US$1,400 per ounce, and a US$/C$ exchange rate of 0.80. 4. A minimum mining width of approximately 1.5 metres was used for Mineral Resources. 5. A 50-metre crown pillar allowance was applied to resources located below lakes. 6. Doris North has been depleted based on surveyed mining cavities up to the end of December 2018. 7. Mineral Resources are inclusive of those resources converted to Mineral Reserves. 8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 9. Mineral Reserves for individual deposits were estimated using a cut-off grades between 4.0 g/t and 4.6 g/t to account for assumed variable process recoveries, operating costs and ore haulage costs.

• 10. All Mineral Reserves are estimated using an average long-term gold price of US$1,250 per ounce and a

US$/C$ exchange rate of 0.80.

• 11. A 50-metre crown pillar allowance was applied to Mineral Reserves located below lakes where applicable.
• 12. A minimum mining width of 2.5 metres for long hole mining and 3.4 metres for drift and fill mining was

applied for Mineral Reserves.

• 13. Density was calculated using the geological block model density field.
• 14. A 95% extraction factor and 20% external dilution factor was applied to long hole mining. A 95% extraction

factor and 15% external dilution factor was applied to drift and fill mining.

• 15. Numbers may not add due to rounding.

Scientific and Technical Information in this presentation has been reviewed and approved by Dave King, P. Geo, VP Exploration and Geoscience, an employee of TMAC Resources.

Information Regarding Scientific and Technical Information

35

• Several slides reported drill intervals representing downhole thickness; true width varies depending
• n the dip of the drill hole.True widths are estimated to be approximately 50% to 85% of downhole
• widths. Composite intervals are based on geological observations. Gold values used to calculate

composite intervals are uncut.

• Reported historical drill hole intersections have been obtained from TMAC Resources’ Hope Bay

Drill hole Database which has been independently validated by Roscoe Postle Associates Inc and reported in Section 12 - Data Verification of the “Technical Report on the Hope Bay Project Nunavut, Canada” dated May 28, 2015.

• Please refer to the news releases published June 14, 2018 and November 8, 2018 available on

TMAC’s website at www.tmacresources.com for more details on the results of this work.