INVESTOR PRESENTATION May 2020 CAUTION REGARDING FORWARD-LOOKING - PowerPoint PPT Presentation

TSX: TMR INVESTOR PRESENTATION May 2020

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 our Annual Information Form for the year ended December 31, 2019 and our Management Discussion and Analysis for the fourth quarter ended December 31, 2019 together with our Financial Statements for the same period as well as the Management Discussion and Analysis for the year ended December 31, 2019 together with our Financial Statements for the same period. 2 TSX: TMR

SD GOLD TRANSACTION SUMMARY Cash Consideration Key Approvals Transaction Structure TMAC shareholder vote : meeting to Shareholders will receive C$1.75 Shandong Gold to acquire all the take place in June 2020. Customary in cash for every share held. outstanding shares of TMAC regulatory and court approvals . Agreement values TMAC at a fully Resources. Unanimous support Approval under the Investment diluted equity value of from the Board of Directors of TMAC. Canada Act , the Competition Act ~US$149M . and relevant authorities in China . Benefits to Canada • Complete the Hope Bay feasibility study. • Positioned to execute and fund the significant expansion. • Maintain existing contracts and agreements , including relationships with Inuit-owned firms. • Maintain the flow of royalties, fees and taxes to Inuit and Territorial governments. • Provide ongoing and long-term employment opportunities, skills training and community development programs at Hope Bay. • Commitment to high standards of environment, health, safety and existing agreements, permits and licences. • Ensure continued commercial orientation and standards of corporate governance practiced by TMAC. 3 TSX: TMR

HOPE BAY AND ARCHEAN GREENSTONE BELTS Measured and Indicated Resources DORIS 21.8 Mt 7.4 g/t 5.2 million oz MADRID MADRID NORTH 70 90 Naartok, Suluk, Spur, Rand Cumulative Resources (M oz Au) Strike Length (km) 80 Cumulative Resource (Moz) 1 MADRID SOUTH 60 Strike Length (km) Wolverine, Patch 14 70 80 km 50 60 40 50 40 30 30 20 20 10 10 0 0 Yellowknife Hemlo Red Lake Larder Lake Noranda Cadillac-Val- Matheson Hope Bay Timmins- BOSTON Kirkland- D'Or 1 “Cumulative Resource” refers to the estimated sum of historical production and current 20 km resource estimates. Source: Metals Economics Group, Intierra, and Company reports. 4 TSX: TMR

2020 PRE-FEASIBILITY STUDY SUMMARY PFS Milestone . . . Optimization and Feasibility Study Next Valuation (1) Sensitivity Optimization Ongoing work on optimization After-tax NPV 5% $ 486 M At US$1,625/oz gold price, before feasibility study the after-tax NPV 5% is 19.7 % IRR begins, targeting reduced $ 870 M upfront capital, optimized 7 years Payback mining fleet, higher recovery 15 years and improved NPV and IRR LOM Expansion Capex Exploration Impactful P&P Mineral Reserve NPV to grow quickly with $ 683 M in 2020 to 2023 3.5M oz Au exploration success as upfront M&I Mineral Resource Incl. $ 184 M for a new capital leveraged 5.2M oz Au conventional processing plant First priority is sustaining Inferred Resource established, open deposits 2.1M oz Au 5 (1) PFS consensus gold price US$1,400/oz long-term TSX: TMR

2020 PRE-FEASIBILITY STUDY PRODUCTION PROFILE Total LOM production LOM AISC (Mineral Reserves Only) US$986/oz 3.1M oz New Madrid plant coming online in 2024 Processing plant throughput Recovery 2,000 tpd for years 2021 to 2023 85.1 % for years 2021 to 2023 4,000 tpd for 2024 and onward 88.0 % for 2024 and onward 300 3.2 Cumulative Gold Production (Mozs) 250 2.7 Gold Production (koz) 200 2.1 150 1.6 100 1.1 50 0.5 0 0.0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Gold Production Cumulative Gold Production 6 TSX: TMR

2020 PRE-FEASIBILITY STUDY COSTS Capital Costs Operating Costs Capital Cost LOM Unit Cost incl. contingency EXPANSION CAPITAL Underground Mining (1) 99.45 / t ore mined Processing 184 Site Development 90 Surface Ore Haulage 9.96 / t ore hauled Power Generation & Distribution 94 Ore Stockpile Rehandle 1.16 / t ore rehandled Accommodation 40 Bulk Fuel Storage 37 Processing – Current Doris Mill 56.00 / t processed Infrastructure and Utilities 63 Processing – New Madrid Mill 39.26 / t processed Indirect Project Cost 114 General & Administration 43.48 / t processed Construction Facilities & Site Support 54 Services (during construction) Environmental, Levies, Land 5.63 / t processed Owners Cost 7 Taxes Total Expansion Capital 683 (1) Excludes C$294M in sustaining capital for mine development life of mine included in capital costs SUSTAINING CAPITAL Mine Development 294 Other Mining Capital 308 Environmental Equipment 2 Total Sustaining Capital 604 Total Capital Cost 1,287 7 TSX: TMR

2020 PRE-FEASIBILITY STUDY OPTIMIZATION Evaluate Alternative Improve Process Flow Development Scenario Sheet Ongoing work to evaluate Complete testwork and constructing NEW analyze the impact of a processing plant in footprint gravity recovery system and of existing plant at Doris to potential for flotation tails better take advantage of leaching in the new process built infrastructure plant design to maximize recovery Optimize Mine Operations Optimize Utilities & Investigate further Infrastructure optimization of mining rates, Key areas for optimization cut-off grades, development included power generation and stope sequencing, and options, Boston to Madrid district mine sequences to road design, and lowering reduce mining fleet capital initial capital leveraging current infrastructure options 8 TSX: TMR

PERMITTING COMPLETE Underground mines at Doris, Madrid Reclamation security : No North, Madrid South and Boston “Overbonding” and spread over 15 life - of-mine installments Surface crown pillar recoveries at Madrid North Excellent support from Inuit communities 55 km all-weather road from Madrid to Boston Permitting achieved substantially ahead of our original schedule 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 9 TSX: TMR

EXPLORATION UPSIDE DORIS North Connector Central Doris Valley N TMRDC-19-00004 9.0 g/t Au/8.5 m -250 el BTD Central BTD Extension -500 el TMRDC-19-00002 7.7 g/t Au/7.5 m 08TDD623 22.5 g/t Au/4.9 m TMDBE-19-50148 196.1 g/t Au/6.8 m -750 el 10TDD694 BTD Connector 10.7 g/t Au/4.3 m Expansion of the high-grade BTD Extension zone to the north Mined 2019 drilling in Doris Valley, 325m north of BTD Extension, 500 m Reserve Stope intersected Doris stratigraphy and significant mineralization DDH Au g/t Current Mineral Resources & Mineral Reserves are relatively < 3 shallow - Significant potential to increase below the diabase 3-5 dyke with continued drilling 5-10 10-20 >20 10 TSX: TMR

DORIS NORTH BTD EXTENSION Growing high grade zone is top exploration target Mineralized Vein (g/t Au) 150 m >120 30 - 60 4 - 10 Looking down Significant Drill Hole Existing UG 90 - 120 20 - 30 2 - 4 Development 60 - 90 10 - 20 <2 11 TSX: TMR

EXPLORATION UPSIDE MADRID More than 5.5 km Mineralized Trend Naartok Suluk Suluk South Patch 7 Patch 14 Wolverine N 0 el -250 el TMMP7-19-00031 14.4 g/t Au/7.4m -500 el And 13.0 g/t Au/2.4 m And 9.4 g/t Au/11.0 m -750 el 04PMD285 -1000 el 12.4 g/t Au/4.2 m TMMSU-19-00023 10.0 g/t Au/3.0 m TMMP7-19-00031 And 14.3 g/t Au/5.5m 15.6 g/t Au/7.7 m And 10.8 g/t Au/9.3 m And 32.4 g/t/2.5 m 500 m Current Mineral Resources & Mineral Reserves are Mined relatively shallow Reserve Stope DDH 2019 drilling intersected high-grade mineralization below and Au g/t along strike of current Mineral Resources < 3 3-5 > 5 km mineralized trend associated with the Madrid 5-10 Deformation zone 10-20 >20 12 TSX: TMR

DORIS AND MADRID REGIONAL EXPLORATION High-Resolution Surface Samples Gravity Image Au > 10 g/t More than 25 years of Exploration Datasets Au > 30 g/t North Doris modern exploration 1 st order Structure Airborne geophysics 2 nd order Structure Four owners • Magnetic Gold Deposit • Electro-magnetic More than 1 million • High-resolution gravity gradiometry metres of historic Quaqtuq Doris drilling with at least Ground geophysics Madrid 90% occurring on • Magnetic established deposits • Induced polarization • Seismic Enormous amount of Geological mapping high-quality data available Outcrop sampling More than Gold in glacial till sampling 90 exploration Diamond drilling targets identified Pogey TM00023 RC drilling 14.1 g/t Au/0.5 m Kamik And 3.3 g/t Au/6.4 m 5 Km 13 TSX: TMR