June 12, 2019 Hope Bay Site Visit Doris Mine and Plant Caution - - PowerPoint PPT Presentation

June 12, 2019 – Hope Bay Site Visit

Doris Mine and Plant

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, 2018 and our Management Discussion and Analysis for the first quarter ended March 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, 2018 together with our Financial Statements for the same period.

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Participants

Jason Neal President & Chief Executive Officer Gil Lawson Chief Operating Officer Dave King Vice President, Exploration Dan Gagnon General Manager, Hope Bay Lisa Wilkinson Director, Investor Relations & Strategic Development

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Senior Management

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Senior Management

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Dan Gagnon General Manager Jerome Girard

• Asst. General

Manager

Vacant Surface Operations Manager Mike Monk Projects Manager Chad Parent Process Plant Manager Doug Brown Health and Safety Manager Jason Nickel Mining Manager

Culture of Collaboration and Communication

❑ Strong leadership with the addition of COO, GM, and AGM ❑ Significant reduction to turnover ❑ Plant improvements, Madrid crown pillar mining, approved permits ❑ HR presence to coach leaders on employee relations matters ❑ Succession plans in place and realized ❑ Two-day Leadership Essentials training implemented with the following objectives: ▪ Set the tone and expectations of leadership and culture at TMAC ▪ Increase self-awareness as a leader ▪ Develop and practice essential leadership skills ❑ Respect in the Workplace training ❑ Continue to provide cross-cultural awareness training ❑ Annual review of compensation to ensure competitiveness with the market

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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

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

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Hope Bay

Exploration Potential

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❑ Hope Bay has tremendous exploration potential ❑ Demonstrated by:

• Gold ozs discovered to date is well below expected level as compared to similar Archean belts
• Archean gold deposits typically show strong vertical continuity and extent
• Current Hope Bay resources are at comparatively shallow depths

Red Lake Kirkland Lake Hope Bay Hemlo

Low Relative Risk Profile

❑ Geopolitical: Hope Bay has high-grade and often outcropping mineralization, located in a low-risk mining jurisdiction ❑ Corporate Social Responsibility: Strong social license and high alignment with Inuit communities and leadership ❑ 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 ❑ Safety: One of the safest mines in Canada in 2018 – Injury Frequency Rate at one-third of Ontario peers ❑ Environmental: Strong environmental record with lower risks than seen at other mines (e.g., tailings dam)

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Strong Q1-2019

❑ Record production, AISC and Cash Costs drive earnings and EBITDA

▪ Q1-19 earnings $0.06 per share and Adjusted EBITDA $28.6 million ▪ AISC US$992 per ounce and Cash Costs US$658 per ounce ▪ Production 40,050 ounces and sales 39,200 ounces

❑ Improved Plant performance

▪ Commissioning of Plant retrofit nearing completion ▪ Recoveries continue to improve to 84% in Q1-19, up from 82% in Q4-19

❑ Continued successful exploration, especially high-grade BTD ❑ Balance sheet management increases financial flexibility

▪ Amended credit facility eliminates US$26 million (~C$35 million) of principal repayment in next four quarters and eases covenants

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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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Building Value in 2019 and Beyond

❑ Continuing quarter-over-quarter operational improvement

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

❑ Return to strategy of growing value through exploration ❑ Q4-19 target release of updated PFS for disciplined Hope Bay Belt development focused on stakeholder value ❑ 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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Operations

Doris Mine and Plant

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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

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Rising Plant Throughput and Rising Recoveries

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

(1) Stated grade relates to feed grade.

(1)

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Plant Update

❑ Throughput

▪ Demonstration of 2,000 tpd throughput ▪ Next stage is to explore throughput upside ▪ Concentrator lines – optimization of new equipment

❑ Surge Bins

▪ Performance improvement demonstrated ▪ Completion of second surge bin

❑ Scavenger Columns

▪ Cascade scavenger in September ▪ Column scavenger in October ▪ Resin regeneration capacity

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Grind/Flotation Feed Surge bins (2) Removed Cleaner Jigs Moved Spinners to Crushing Circuit Falcon SB1350 (2) Knelson XD20 (2) Replaced Regrind Cyclones (2) Falcon C2000 (2)

Expansion of Gravity Effort

Gold Solution Scavenger Column (2)

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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

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

(1) Mine production includes incremental ore.

(1)

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Doris Underground Mine

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

Subject to ongoing exploration success

(1) Includes development ore. (1)

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Madrid: Naartok East Crown Pillar

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

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

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Exploration

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MADRID

20 km

DORIS BOSTON

80 km

Hope Bay Belt

Yellowknife Red Lake Hemlo Timmins Kirkland Lake Noranda Val-d’Or

Hope Bay

Greenstone Belts Nunavut

1,000 km

Meadowbank Meliadine

Geologic Setting Hope Bay Greenstone Belt

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Land Tenure

Hope Bay and Elu Greenstone Belts

❑Crown Mineral Claims ❑Crown Mineral Leases ❑Inuit owned Land – surface and subsurface rights ❑Mineral Exploration Agreement on IOL for Hope Bay property ❑Elu Belt is a similar greenstone belt to Hope Bay, under both crown and IOL surface rights

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Hope Bay

Exploration Potential

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Red Lake Kirkland Lake Hope Bay Hemlo

❑ Hope Bay has tremendous exploration potential ❑ Demonstrated by:

• Gold ozs discovered to date is well below

expected level as compared to similar Archean belts

• Archean gold deposits typically show strong

vertical continuity and extent

• Current Hope Bay resources are at comparatively

shallow depths

Doris $6 mm Madrid $3 mm Boston $6 mm Regional $5 mm ❑ Expansion of high grade BTD Extension, with Q3 2019 access to another 100 m strike length ❑ Infill and expand Connector ❑ Advance Naartok East, Naartok West and Suluk towards development ❑ Current Suluk winter program with objective to grow resource and support metallurgical testing ❑ Lateral extension at Doris ❑ Madrid regional to south along route of permitted road to Boston ❑ Proximal to Boston deposit ❑ Summer 2019 program: test high-grade plunge near surface and explore south from Boston along 6 km alteration trend ❑ Winter 2019/20 program: test high-grade plunge ~1,000 m Total 2019 Exploration Budget: ~$20 mm

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Exploration Strategy 2019

Exploration Strategy Medium Term

❑ High priority on defining and expanding the Doris North BTD Extension zone to sustain high grade source to supplement Doris Connector and Doris Central production. ❑ High exploration potential at depth below the diabase dyke. Investment in efficient exploration development and diamond drilling to grow Doris Reserves and Resources. ▪ BTD Connector 2020 onward ▪ BTD Central 2020/2021 onward

Doris Madrid North Madrid South Boston Regional

❑ Suluk Deposit – high potential to grow underground reserves below the 300m level. The advanced exploration decline and associated development will provide underground platforms that will allow efficient, year-round diamond drilling below the current Reserves. ❑ Naartok Deposit – has the potential to be developed as both and Open Pit and Underground mine. Continue diamond drilling to grow and define resources to support development scenarios. ❑ High grade Reserve and Resource base currently established at Patch 14 and Wolverine associated with intrusive margins, which is open to depth. ❑ Explore for similar high grade zones along the intrusive margin to grow Resource base. ❑ High exploration potential between Suluk and Patch 14 zones. Strategic Patch 14 access ramp development and additional exploration development will provide efficient, year-round diamond drilling platforms. ❑ Tremendous exploration potential below the current M&I Resources, with historical high grade intersections to ~1000m level. ❑ Priority to establish sustained exploration at Boston to grow Resources and Reserves that can inform belt wide infrastructure decisions. ❑ High exploration potential, with historical near surface high grade drilling intersections, along ~6 km alteration trend extending south from the Boston Deposit. ❑ >90 exploration targets defined on the Hope Bay belt by TMAC and past owners. ❑ Prioritize, advance and test targets, with an emphasize on those proximal to existing and planned infrastructure.

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Extending Doris Mine Life

❑ Continue definition and expansion of high grade BTD Extension zone ❑ Exploration development south towards BTD Connector to establish drilling platforms to define and expand M&I Resources below the dyke ❑ Exploration development from Doris Central to establish drilling platforms below the dyke and south of Alpha fault

Exploration Priorities Mine Production Timeline1

Subject to ongoing exploration success

1 Includes development ore.

2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Doris North Hinge Doris Connector Doris North BTD Doris Central Doris BTD Connector Exploration 2019+ Coris BTD Central Exploration 2020+

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

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TM50156 11.3 g/t Au/16.2 m Including 26.2 g/t Au/5.6 m TM50168 126.5 g/t Au/0.7 m And 38.2 g/t Au/9.7 m

❑ BTD Extension remains open to the north ❑ BTD ramp development will provide drill platforms for drilling on additional ~100 m strike to the north of Q1 2019 drilling ❑ Initial access into high grade area of the BTD Extension in late Q1/Q2 2019

Doris

Expand BTD Resources

TM50175 24.2 g/t Au/10.9 m And 57.8 g/t Au/1.5 m

• 500 m

0 m

TMDBE-19-50018 207.0 g/t Au/0.9 m TMDBE-19-50031 682.9 g/t Au/1.4 m

Diabase Q1 2019 Drill Bay

Mineralized Zone 2019 Planned Development 2018 Drillhole 2019 Drillhole

BTD East Limb BTD Extension

TMDBE-19-50005 407.0 g/t Au/1.1 m TMDBE-19-50018 154.5 g/t Au/0.6 m

2019 Drill Hole Pre-2019 Drill Hole

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30

• 300m
• 275m

25 metres

`

TM50025 26.7 g/t Au/13.2 m TM50022 532.0 g/t Au/0.6 m TM50169 7.0 g/t Au/1.2 m TM00303 154.0 g/t Au/1.8 m TM50173 18.8 g/t Au/2.0 m And 29.3 g/t Au/1.0 m TM50134 13.2 g/t Au/2.0 m TM50177 NSV TM50175 24.2 g/t Au/10.9 m And 57.8 g/t Au/1.5 m TM50172 3.1 g/t Au/5.0 m And 16.4 g/t Au/6.5 m TM50171 55.1 g/t Au/1.9 m And 4.6 g/t Au/6.0 m TM50170 19.9 g/t Au/3.4 m And 3.3 g/t Au/1.0 m

Legend

Quartz Vein Fe-Ti Basalts Mg Basalts Potassic Alteration Breccia

Doris BTD Extension Geological Section

❑ Looking north, view corridor 15 m ❑ Using XRF at site to define productive contact in real time ❑ Overall hinge structure appears to widen as we move north ❑ Quartz vein is thinner, however grade remains high, especially the west limb (commonly >100 g/t)

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12

1.1 g/t Au/0.5m 0-2 2-4 4-10 10-20 20-30 30-60 60-90 90-120 >120 Au g/t

(un-capped)

12 2019 Development High Grade Plunge Inferred (approximate) Indicated (approximate) Q1 2019 Drill Bay TMDBE-19-50031 682.9 g/t Au/1.4 m

50 m

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 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 Q1 2019 Development on 4690 Level Development Face April 30, 2019 Q1 2019 Drilling focused on Upgrading Inferred Resource Q2/Q3 Drilling will focus on Expanding Resources

BTD Extension Q1 2019 Drilling

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1.1 g/t Au/0.5m

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 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

59.0 g/t Au/6.0m 1.9 oz/t 5.0 g/t Au/2.8m 7.7 g/t Au/1.6m 11.5 g/t Au/1.7m 17.6 g/t Au/3.2m 19.3 g/t Au/1.5m 88.0 g/t Au/3.0m 2.8 oz/t 322.0 g/t Au/0.9m 10.4 oz/t 505.0 g/t Au/0.8m 16.2 oz/t 119.8 g/t Au/2.1m 3.9 oz/t 71.3 g/t Au/1.2m 2.3 oz/t 506.0 g/t Au/0.8m 16.3 oz/t 103.0 g/t Au/0.6m 3.3 oz/t 1220.0 g/t Au/0.7m 39.2 oz/t 10.5 g/t Au/0.8m 3.6 g/t Au/0.8m 6.0 g/t Au/1.6m

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

10.8 g/t Au/2.0m 5m N 4690 Back Mapping ❑ 50% of vein face samples >30 g/t Au ❑ 33% of vein face samples >100 g/t Au current model capping level 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) 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)

BTD Extension 4690 Level Sill

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1 m

Structural Repetition?

Development Face Doris North

BTD

Regional

500 m

Mine-Regional Scale Structural Patterns Possible Structural Repetition of Stratigraphy?

25 m

Doris Regional Conceptual Near-Mine Extension

W E W E W E

Production Scale Mine Scale

Quartz Vein Doris BTD Theoretical Structural Pattern

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Doris Regional

Conceptual Regional Fold Repetitions

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N S

Alpha Fault DCO DCN DNO BTD EXT EL BTD DCN BTD DCO Doris Mt. EXT Faults 750m Diabase

❑ Doris is interpreted to be a doubly plunging antiform. Archean gold systems commonly have repetitions in stratigraphy. The fold patterns at Doris suggest under explored areas South of the Alpha Fault and North

• f the Ext Faults could potentially host another fold hinge.
• 750m

0m Surface Quartz Vein: 113.14 g/t Au, 62.50 g/t Au

DDH: 5.3 g/t Au - 3.35m

? ? ?

Madrid Deposits

Naartok Suluk Rand Suluk South Wolverine Patch 14 Patch 7 MDZ

N

2 km Naartok West

Gabbro Variolitic Volc. Felsic Intrusives Mg Basalts

Geology Legend

Mafic Volc. Madrid Deposit Variolitic Basalt Madrid Deformation Zone

Naartok East

Mineralized Breccia

Madrid North – Naartok 3D View

❑ Looking NW, plunge 60°

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Portal OP Potential

N S

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

❑ 31 drill holes completed in 2018 drill program ❑ Materially added gold ounces within the crown pillar ❑ 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 ❑ 2019 data has been incorporated into the 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 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

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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

❑ 44 drill holes completed in 2018 drill program ❑ Focused above 150-metre level, within and below the Naartok West crown pillar recovery area ❑ 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 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

2018 Drill Hole Pre-2019 Drill Hole Location Highlight Mineralized Zone

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Naartok East Naartok West Rand Suluk Inferred Inferred N 0 m

• 500 m

250 m Crown Pillar Beneath Patch Lake Indicated 03PMD227 16.4 g/t Au/26.5 m 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

Suluk Zone Advancing to Development

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 PMD170 16.7 g/t Au/51.0 m Advanced Exploration/Bulk Sample Target Area

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• 500m

2019 Patch Lake Program 17.3 g/t Au/3.0 m 14.4 g/t Au/3.0 m 30.9 g/t Au/3.1 m Patch 14 & Wolverine Naartok Suluk Patch 7 Suluk South 2019 Winter Drill Program ~10 km N S 21.8 g/t Au/5.5 m 1 km Block Model 20 g/t 10 g/t 5 g/t 3 g/t Steep high grade plunges to South Untested below ~500m elevation Historical intersections in P7 area south of Suluk No current resource defined. Approximately 2 km highly prospective stratigraphy untested below ~200m elevation

Madrid North 2019 Drilling Suluk – P7 Trend

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Road to Airstrip Ore Stockpile Primary Fuel Tank Farm Sewage Treatment Plant (New) Geology Office Burn Pit Core Storage Area Workshop Crusher Enclosure Helipad Jet Fuel Storage Containment Pond Portal Landfarm Camp Offices AIMAOKATALOK LAKE Sewage Settling Tanks/Lift Station Generator Core Logging Building Incinerator

❑ Existing ~60 person camp, last operated in 2017, currently opening for 2019 exploration program. ❑ Tremendous exploration potential below the current M&I Resources, with historical high grade intersections to ~1000m level. ❑ Priority to establish sustained exploration at Boston to grow Resources and Reserves that can inform belt wide infrastructure decisions. ❑ High exploration potential, with historical near surface high grade drilling intersections, along ~6 km alteration trend extending south from the Boston Deposit.

Boston Exploration

Boston

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

Significant Growth Potential of Established Deposit High Priority Regional Targets

Boston Mineral Resources Indicated 3.5 Mt @ 8.9 g/t Au, 1.02 Moz Au (~3,100 oz/ vertical metre) Inferred 1.9 Mt @ 7.2 g/t Au, 0.45 Moz Au

Boston

Increase Resource Scale

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Boston – B2 Zone 1996 B2N73 Face 13.7 g/t Au / 2.9m (chip samples) > 2,500 m Underground Development

Boston

Existing UG Development ~2.5 km

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N S

• 1000
• 2000

1 km Miksa Domani South Boston Domani N 28.0 g/t Au over 1.1m 37.5 g/t Au over 1.0m

• 39. g/t Au over 0.8m

16.8 g/t Au over 1.5m 25.2 g/t Au over 8.1m 46.2 g/t Au over 9.1 m 36.3 g/t Au over 10.3 m 10.2 g/t Au over 12.5m 10.6 g/t Au over 12.4 m 16.1 g/t Au over 2.7 m 56.6 g/t Au over 8.7 m Steep high grade plunges to South >5 km strike untested deeper than 200 m Surface up to 181 g/t Au Surface up to 128 g/t Au

Boston

Domani Trend

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Regional Exploration

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Doris Madrid Au > 10 g/t High-Resolution Gravity Image 1st order Structure 2nd order Structure Gold Deposit Pogey Kamik North Doris Qaiqtuq

Madrid Regional Establish New Economic Deposits

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

Exploration Datasets

❑ More than 25 years of modern exploration ❑ Four owners ❑ More than 1 million metres of historic drilling with at least 95% occurring on established deposits ❑ Enormous amount of high-quality data available ❑ More than 90 exploration targets identified

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Geological and structural mapping SkyTEM EM CGG Falcon Gravity Airborne Mag Satellite Imagery Till Results

Multidisciplinary 3D Modeling Approach

❑ Integration of all available datasets into a single 3D modeling program (GOCAD) ❑ Working with Ken Williamson (3Dgeo- solutions). ❑ Structural interpretation and modeling. ❑ Basis for constrained geophysical inversions of the various geophysical datasets. ❑ Could form the basis for “prospectivity” mapping, or machine learning.

Target Generation and Prioritization

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2019 Regional Targets

Qaiqtuq Doris Naartok Boston Pogey/Kamik

• N. Naartok

10 km HB Au deposit 2019 Exploration target Domani Too Spyder West Arm N ❑ Doris-Naartok Corridor – drill test deep valleys with till anomalies ❑ Qaiqtuq – untested intrusive contact (2.13 g/t over 3m at RC EOH), Au in glacial till dispersal trend ❑ Pogey/Kamik – follow-up TM00023 (0.5m @ 14.05 g/t and 6.35m @ 3.3 g/t Au) ❑ Spyder Lake West Arm – significant Au in glacial till anomalies on mafic volcanic-metasediment contact ❑ Domani - >10 g/t surface samples, identify Boston “look alike” ❑ Too – detailed map and till sample along trend with >10 g/t surface samples over 150m ❑ Elu - Ground truth EM anomalies. Follow-up 2018 till results from Kent Claims. Prospecting and reconnaissance till sampling ❑ ~800 sample regional Au in glacial till sampling in mid-belt, South and West of Boston as well as reconnaissance work on Elu belt, building on previous years programs

Drill Ready Targets Advancing Targets

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Finance

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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

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Sealift Update

Diesel resupply ❑ Supply agreement executed ❑ Lightering agreement executed ❑ Macquarie diesel purchase agreement executed

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Materials and supply ❑ Two vessels - China and Becancour, Canada ❑ Materials and parts resupply ordered. Spend less than 2018:

▪ Actual reagent consumption data allowed for reduced orders ▪ 2018 included more critical spares

❑ Equipment ordered for delivery to port in July

Amended Debt – Cumulative Principal Payment Profile

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

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Appendix

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TMAC History and Capital Structure

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) 1.0 million 0.9%

(1) Based on data from Bloomberg and FactSet

As of May 31, 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

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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

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

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

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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 56

Information Regarding Scientific and Technical Information

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.

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Information Regarding Scientific and Technical Information

• 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.

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