TSX: TMR INVESTOR PRESENTATION April 2020 CAUTION REGARDING - - PowerPoint PPT Presentation

INVESTOR PRESENTATION

April 2020

TSX: TMR

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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 third quarter ended September 30, 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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UNIQUE INVESTMENT RATIONALE

TIER 1 JURISDICTION & BEST-IN-CLASS INFRASTRUCTURE

More than $1.5B of historic investment in infrastructure, mine development, exploration and evaluation by BHP, Newmont, Miramar and TMAC High grade gold belt with unparalleled exploration potential Completed PFS with solid base case and significant potential to grow value Significant community support and strong relationship with KIA Low-risk environmental and permitting profile

N

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LOW RELATIVE RISK PROFILE

Environmental

Strong environmental record with lower risks than seen at other mines (e.g., tailings dam)

Corporate Social Responsibility

Strong social license and high alignment with Inuit communities and leadership

Geopolitical

Hope Bay has high-grade and often outcropping mineralization without venturing to high-risk jurisdiction

Permitting

Permitted for exploration 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 and 2019 – Injury Frequency Rate significantly below Ontario peers

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$406 $332 $309 $292 $241 $207 $203 $153 $148 $51 $41 Wesdome (13.4 g/t) Alacer (2.6 g/t) Roxgold (8.2 g/t) Torex (3.1 g/t) SSR Mining (0.7 g/t) Pretium (13.2 g/t) Golden Star (2.9 g/t) Teranga (1.9 g/t) Equinox (0.9 g/t) Asanko (1.4 g/t) New Gold (1.0 g/t) TMAC (6.5 g/t) $1,394 0.99x 0.97x 0.94x 0.73x 0.72x 0.66x 0.59x 0.59x 0.56x 0.55x 0.43x 0.14x SSR Mining Pretium Wesdome Alacer Equinox Teranga Asanko Golden Star New Gold Torex Roxgold TMAC 25.7 19.4 13.1 11.2 10.6 10.0 9.5 8.4 8.4 5.8 5.2 4.8 TMAC Pretium Equinox New Gold Alacer Asanko SSR Mining Golden Star Teranga Torex Roxgold Wesdome

COMPELLING RELATIVE VALUE – PRODUCER COMPS

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

Denotes > 50% of Gold Reserves in Canada/USA Overall Median: 0.66x Canada/USA Median: 0.95x

EV / Reserves ($/oz Au Eq.)

Overall Median: $241/oz Canada/USA Median: $266/oz

Reserve Grade* Source: FactSet, street research | Note: Medians exclude TMAC. Market data as of 03-Apr-20. | * Grade calculated as gold equivalent g/t. | ** Calculated as attributable reserves of producing assets divided by broker attributable 2021E gold equivalent production, TMAC production based on 2019A. |

TMAC 0.14x TMAC 25.7 TMAC (6.5 g/t) $41

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0.64x 0.61x 0.51x 0.49x 0.47x 0.36x 0.36x 0.34x 0.34x 0.32x 0.27x 0.25x 0.17x 0.15x 0.14x 0.11x Pure Gold Orla Seabridge Osisko Mining Liberty Belo Sun Sabina Falco Gold Standard Corvus Rubicon Probe Metals Midas Orezone TMAC Treasury Metals $329 $84 $81 $63 $54 $44 $41 $33 $28 $22 $22 $21 $17 $9 $6 $5 Osisko Mining (9.1 g/t) Liberty (0.7 g/t) Gold Standard (0.8 g/t) Pure Gold (8.9 g/t) Rubicon (6.5 g/t) Sabina (5.9 g/t) Corvus (0.4 g/t) Probe Metals (1.8 g/t) TMAC (7.4 g/t) Orla (1.1 g/t) Belo Sun (1.0 g/t) Midas (1.7 g/t) Treasury Metals (2.6 g/t) Orezone (0.7 g/t) Seabridge (0.9 g/t) Falco (2.5 g/t) $329

COMPELLING RELATIVE VALUE – DEVELOPER COMPS

Street Consensus P/NAV (Ratio) TMAC’s advantages as compared to other developers include: EV / M&I Resources ($/oz Au Eq.)

Resource Grade*

Overall Median: 0.34x Canada/USA Median: 0.34x Overall Median: $33/oz Canada/USA Median: $43/oz Denotes > 50% of Gold Resources in Canada/USA

TMAC 0.14x Source: FactSet, street research | Note: Medians exclude TMAC. Market data as of 03-Apr-20. | * Grade calculated as gold equivalent g/t. | TMAC (7.4 g/t) $28

Significant infrastructure already built Hope Bay is a camp rather than a single mine, with significant exploration upside Lower development risk brownfield v greenfield development Permitting in place with minor amendments required PFS cost estimates based on actual operating experience Community support established with three years of production and employment >$850M Tax assets

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5.2 million oz

MADRID

20 km

DORIS BOSTON

80 km

MADRID NORTH

Naartok, Suluk, Spur, Rand

MADRID SOUTH

Wolverine, Patch 14

Measured and Indicated Resources

21.8 Mt 7.4 g/t

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

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

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)

HOPE BAY AND ARCHEAN GREENSTONE BELTS

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2020 PRE-FEASIBILITY STUDY SUMMARY

Expansion Capex $683M in 2020 to 2023

• Incl. $184M for a new

conventional processing plant

Valuation (1)

After-tax NPV5% $486M IRR

19.7%

Payback

7 years

LOM

15 years

Sensitivity

At US$1,625/oz gold price, the after-tax NPV5% is

$870M P&P Mineral Reserve 3.5M oz Au M&I Mineral Resource 5.2M oz Au Inferred Resource 2.1M oz Au Optimization

Ongoing work on optimization before feasibility study begins, targeting reduced upfront capital, optimized mining fleet, higher recovery and improved NPV and IRR

PFS Milestone . . . Optimization and Feasibility Study Next

(1) PFS consensus gold price US$1,400/oz long-term

Exploration Impactful

NPV to grow quickly with exploration success as upfront capital leveraged First priority is sustaining established, open deposits

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Processing plant throughput

2,000 tpd for years 2021 to 2023 4,000 tpd for 2024 and onward

2020 PRE-FEASIBILITY STUDY PRODUCTION PROFILE

Total LOM production

(Mineral Reserves Only)

3.1M oz

LOM AISC

US$986/oz

New Madrid plant coming online in 2024 Recovery

85.1% for years 2021 to 2023 88.0% for 2024 and onward

0.0 0.5 1.1 1.6 2.1 2.7 3.2 50 100 150 200 250 300 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

Cumulative Gold Production (Mozs) Gold Production (koz)

Gold Production Cumulative Gold Production

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2020 PRE-FEASIBILITY STUDY COSTS

Capital Cost

• incl. contingency

EXPANSION CAPITAL Processing 184 Site Development 90 Power Generation & Distribution 94 Accommodation 40 Bulk Fuel Storage 37 Infrastructure and Utilities 63 Indirect Project Cost 114 Construction Facilities & Site Support Services (during construction) 54 Owners Cost 7 Total Expansion Capital 683 SUSTAINING CAPITAL Mine Development 294 Other Mining Capital 308 Environmental Equipment 2 Total Sustaining Capital 604 Total Capital Cost 1,287 LOM Unit Cost Underground Mining(1) 99.45 / t ore mined Surface Ore Haulage 9.96 / t ore hauled Ore Stockpile Rehandle 1.16 / t ore rehandled Processing – Current Doris Mill 56.00 / t processed Processing – New Madrid Mill 39.26 / t processed General & Administration 43.48 / t processed Environmental, Levies, Land Taxes 5.63 / t processed

(1) Excludes C$294M in sustaining capital for mine development life of mine included in capital costs

Capital Costs Operating Costs

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2020 PRE-FEASIBILITY STUDY OPTIMIZATION

Improve Process Flow Sheet

Complete testwork and analyze the impact of a gravity recovery system and potential for flotation tails leaching in the new process plant design to maximize recovery

Optimize Utilities & Infrastructure

Key areas for optimization included power generation

• ptions, Boston to Madrid

road design, and lowering initial capital leveraging current infrastructure options

Optimize Mine Operations

Investigate further

• ptimization of mining rates,

cut-off grades, development and stope sequencing, and district mine sequences to reduce mining fleet capital

Evaluate Alternative Development Scenario

Ongoing work to evaluate constructing NEW processing plant in footprint

• f existing plant at Doris to

better take advantage of built infrastructure

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PERMITTING COMPLETE

Underground mines at Doris, Madrid North, Madrid South and Boston Surface crown pillar recoveries at Madrid North 55 km all-weather road from Madrid to Boston

Security: No “Overbonding” and spread over 15 life-of-mine installments Excellent support from Inuit communities 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

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BTD Extension BTD Connector BTD Central Central N Connector North

< 3 3-5 10-20 >20

DDH Au g/t

5-10

TMDBE-19-50148 196.1 g/t Au/6.8 m 10TDD694 10.7 g/t Au/4.3 m 08TDD623 22.5 g/t Au/4.9 m TMRDC-19-00002 7.7 g/t Au/7.5 m TMRDC-19-00004 9.0 g/t Au/8.5 m

500 m

EXPLORATION UPSIDE DORIS

Expansion of the high-grade BTD Extension zone to the north 2019 drilling in Doris Valley, 325m north of BTD Extension, intersected Doris stratigraphy and significant mineralization Current Mineral Resources & Mineral Reserves are relatively shallow - Significant potential to increase below the diabase dyke with continued drilling

Mined Reserve Stope

• 250 el
• 500 el
• 750 el

Doris Valley

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DORIS NORTH BTD EXTENSION

Growing high grade zone is top exploration target

Significant Drill Hole

Mineralized Vein (g/t Au)

>120 90 - 120 60 - 90 30 - 60 20 - 30 10 - 20 4 - 10 2 - 4 <2 Existing UG Development

150 m Looking down

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EXPLORATION UPSIDE MADRID

500 m N Naartok Suluk

More than 5.5 km Mineralized Trend

Patch 7 Patch 14 Wolverine

TMMP7-19-00031 15.6 g/t Au/7.7 m And 32.4 g/t/2.5 m TMMSU-19-00023 10.0 g/t Au/3.0 m And 14.3 g/t Au/5.5m And 10.8 g/t Au/9.3 m TMMP7-19-00031 14.4 g/t Au/7.4m And 13.0 g/t Au/2.4 m And 9.4 g/t Au/11.0 m 04PMD285 12.4 g/t Au/4.2 m

Suluk South

Current Mineral Resources & Mineral Reserves are relatively shallow 2019 drilling intersected high-grade mineralization below and along strike of current Mineral Resources > 5 km mineralized trend associated with the Madrid Deformation zone

< 3 3-5 10-20 >20

DDH Au g/t

5-10 Mined Reserve Stope 0 el

• 250 el
• 500 el
• 750 el
• 1000 el

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

High-Resolution Gravity Image

DORIS AND MADRID REGIONAL EXPLORATION

Au > 10 g/t 1st order Structure 2nd order Structure Gold Deposit Au > 30 g/t

Surface Samples

5 Km

TM00023 14.1 g/t Au/0.5 m And 3.3 g/t Au/6.4 m

Pogey Kamik Doris Madrid Quaqtuq North Doris

Exploration Datasets

Airborne geophysics

• Magnetic
• Electro-magnetic
• High-resolution gravity

gradiometry Ground geophysics

• Magnetic
• Induced polarization
• Seismic

Geological mapping Outcrop sampling Gold in glacial till sampling Diamond drilling RC drilling

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EXPLORATION UPSIDE BOSTON

Boston Miska Domani North Domani South N

11SBD411A 10.2 g/t Au/12.5m 10.6 g/t Au/12.4 m 16.1 g/t Au/2.7 m 11SBD414A 25.2 g/t Au/8.1m 46.2 g/t Au/9.1 m 36.3 g/t Au/10.3 m TMRDO-19-00004 95.8 g/t Au/0.7m 11DMR006 16.8 g/t Au/1.5 m 11SBD416 10.2 g/t Au/4.7 m S03-2931 56.6 g/t Au/8.7 m TMBBO-19-00002 274.0 g/t Au/1.1 m 14.2 g/t Au/6.8 m

High-Grade drillhole intersections down to approx 1,000 m 2019 drilling on the B3-Newton zone intersected significant mineralization similar to 2011 Newmont results Located at north end of >6km alteration trend, with associated surface mineralization and near surface, high-grade drillhole intercepts

< 3 3-5 10-20 >20

DDH Au g/t

5-10 Mined Reserve Stope

500 m

0 el

• 250 el
• 750 el
• 1000 el
• 500 el

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COVID-19 RESPONSE

Reduced Operations

Expect to run the processing plant for minimum 8-10 weeks on stockpiles and limited underground mining at Doris Suspended exploration activities at Hope Bay and development activity of the Madrid North underground and the Naartok East crown pillar Suspended underground development at Doris If the risk of COVID-19 continues, after stockpiles exhausted TMAC would execute a controlled transition into temporary care and maintenance

Employee & Community Safety

Infectious Disease Control Plan implemented at Hope Bay on March 12, 2020 Decision to demobilize workers who reside in Nunavut communicated on March 17, 2020 Enhanced pre-boarding health screening of each passenger by a medical professional was initiated on March 17, 2020 for crew change flights April moved to 4x4 schedule and one crew flight every four weeks (rather than eight) Increased frequency and rigour of the already robust hygiene measures at Hope Bay Enhanced communications and information campaigns for employees and contractors

Disciplined response to COVID-19 to protect employees, communities, assets and preserve cash balance

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2020 OUTLOOK

Complete strategic review process in Q2 2020 Manage COVID-19 related ramp down of operations and potential temporary care & maintenance Manage balance sheet and sealift for restart scenarios PFS optimization before initiating feasibility study Focused on maximizing shareholder value Aligning stakeholder interests Explore, review and evaluate a broad range of potential alternatives

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APPENDIX

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(1) Computation of AISC is in accordance with the World Gold Council guidelines (2) YTD reported for 2020

GOLD PRODUCTION & COSTS

(1) (2)

YTD 2020 realized improvements in the rate of mining, mined and processed grades, recoveries and gold production rates, compared with Q4 2019.

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a

(1) Stated grade relates to feed grade. (2) YTD reported for 2020

(1)

PLANT THROUGHPUT & RECOVERIES

(2)

Higher recovery rate of 85% in Dec-19, Jan-20, Feb-20 YTD 2020 feed grade has averaged 11.8 g/t Au

Plant Performance

Good initial results from the scavenger units

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(1) Mine production includes incremental ore. (2) YTD reported for 2020

MINE PRODUCTION

a

(1)

(2)

Doris UG production of 1,250 tpd Grade 11.9 g/t Au Favourable ground conditions following completion of rehabilitation work

January & February 2020 Mining Performance

Primary stockpiles (Feb 29): 78,000 tonnes, grading 7.7 g/t Au, contains 19,400 oz

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HOPE BAY INFRASTRUCTURE

All Weather Road Roberts Bay Doris Madrid North Boston Tailings Impoundment Area

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TSX: TMR 0.00 3.00 6.00 9.00 12.00 15.00 18.00 21.00

Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20

TMR Share Price (C$)

TMAC HISTORY AND CAPITAL STRUCTURE

Type Quantity Common Shares(1) 115,299,078 Options(2) 3,503,231 Restricted Share Rights(2) 1,431,488 Warrants(2) 2,333,834 Shareholder Share Ownership Percent Ownership Resource Capital Funds 35.0 million 30.4% Newmont 32.2 million 28.0% BlackRock(1) 6.3 million 5.5% KIA (Inuit Landowner) 1.2 million 1.1% Directors and Officers(2) 1.1 million 0.9%

(1) Based on data from IPREO and FactSet as of February 29, 2020 (2) Common shares only. Excludes 2.6 million rights (RSR, DSU, RSU) and options

2015-2016 Exploration and Development Feb 2017 First Gold Poured Jul 2015 IPO Feb 2018 Jason Neal joins as CEO Aug 2017 Gil Lawson joins as COO Jul 2017 Announce Plant issues Oct 2017 Hired new General Manager Nov 2017 CEO Retires Dec 2017 President Retires April 2018 Hiring Sr Director, Metallurgy Director, Strategic Mine Planning Assistant General Manager

(1) As of February 29, 2020 (2) As of October 31, 2019

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ANALYST COVERAGE

Firm Analyst BMO Capital Markets Brian Quast Canaccord Genuity Capital Markets Tom Gallo CIBC Capital Markets Anita Soni Laurentian Bank Securities Barry Allan National Bank Financial Don DeMarco RBC Capital Markets Mark Mihaljevic Scotia Trevor Turnbull TD Securities Steve Green

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TMAC BOARD OF DIRECTORS

Director Joined Board Experience Andrew Adams(1) March 2013

• Over 30 years of international financial experience in extractive industries.
• Became Chair of the Board in December 2019.

Leona Aglukkaq(1) February 2017

• Experienced politician and government administrator from the Kitikmeot

Region of Nunavut. First Inuit Cabinet Minister in Federal Government.

• Dr. Ross R. Bhappu(2)

December 2019

• Partner, Head of Private Equity Funds at Resource Capital Funds.
• Senior mining executive with over 25 years in the industry.

Thomas Boehlert(1) (2) September 2019

• C-suite executive at six different international public and private resource

companies in the agribusiness, mining and energy sectors. Randy Engel(2) March 2013

• EVP, Strategic Development of Newmont. Has been with Newmont since

1994 in various roles in the business. Dave McLaren(2) June 2018

• VP, Investments & Value Management for Newmont. Has over 35 years of

experience in operations and technical services. Jason Neal February 2018

• Veteran mining investment banker of 21 years that served as Global Co-

Head of the Metals and Mining Group at BMO Capital Markets from 2010- 2018, before joining TMAC in 2018. Jacques Perron(1) May 2019

• Over 35 years in the mining industry in CEO and senior operational roles.

(1) Independent (2) Newmont or RCF appointee

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TMAC MANAGEMENT TEAM

Management Team Position Experience Jason Neal President & CEO

• Veteran mining investment banker of 21 years that served as Global Co-Head
• f the Metals and Mining Group at BMO Capital Markets from 2010-2018,

before joining TMAC in February 2018. Gil Lawson COO

• Over 31 years of experience in the mining business, primarily in narrow vein

underground gold operations. Joined TMAC in August 2017. Maarten Theunissen CFO

• CA (South Africa) with over 17 years of experience in the resource sector

including seven years at Uranium One Inc. Joined TMAC in May 2013. Calum Semple EVP, Operations

• Over 30 years of leadership experience in the industrial and mining sectors
• globally. UK Chartered Engineer, joined TMAC in February 2020.

Ronald P. Gagel EVP, Corporate Affairs & Corporate Secretary

• CA with more than 40 years of professional experience, the last 30 of which

have been in the mining sector. Joined TMAC in March 2013. Julia Micks EVP, Human Resources

• Over 29 years of experience in Human Resources and brings over 22 years of

experience within the mining industry. Joined TMAC in April 2013. Alex Buchan VP, Corporate Social Responsibility

• Over 26 years of experience in wildlife management and community economic

development in Nunavut. Joined TMAC in October 2013. Oliver Curran VP, Environmental Affairs

• Over 15 years of experience in the mining sector focused on environmental

approvals, compliance monitoring, environmental management systems and

• reporting. Joined TMAC in March 2016.

Dave King VP, Exploration & Geoscience

• Registered professional geologist with over 17 years of experience focused on

both mining exploration and production. Joined TMAC in May 2013. Lisa Wilkinson VP, IR & Strategic Development

• Extensive mining finance experience, both corporately and in capital markets.

Joined TMAC in March 2019.

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GOLD PRICE AND CURRENCY

Source: Factset

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

700 900 1,100 1,300 1,500 1,700 1,900 2,100 2,300 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Gold Price (C$) Gold Price (US$)

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TMR SHARE PRICE PERFORMANCE

Source: Factset

Price Comparison January 2018 – April 2020

$1,500 $1,600 $1,700 $1,800 $1,900 $2,000 $2,100 $2,200 $2,300 $2,400 $2,500 0.00 3.00 6.00 9.00 12.00 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20

Gold Price (C$) TMR Share Price (C$)

TMR Share Price (C$) Gold Price (C$)

Apr 2 Gold Price: C$2,296

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ONE OF THE SAFEST MINES IN CANADA

Total Injuries Frequency* Group 2017 2018 2019 Gold and Nickel Mines 4.28 3.69 3.84 Miscellaneous Metals 3.05 3.62 2.18 Miscellaneous Industrials 2.21 2.78 4.59 Diamond Drill Contractors 2.23 2.76 7.49 Mining Contractors 3.05 3.80 3.23 Other Contractors 5.68 4.36 N/A Total Mining and Contractors 3.48 3.53 3.75 TMAC Resources 1.53 1.06 2.52

Ontario Mining Industry Peer Group Safety Statistics

* 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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KEY OPERATING METRICS

Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Jan- Feb-20 Plant Recovery (%) 69 71 82 80 82 84 80 82 82 85 Throughput (tpd) 760 930 970 1,390 1,800 1,610 1,740 1,710 1,440 990 Grade (g/t) 13.7 10.9 10.0 10.1 7.8 10.3 9.5 8.8 7.1 11.8 Mine Production (tpd) 620 990 790 1,130 2,310 1,600 1,160 1,450 1,560 1,900 Grade (g/t) 9.1 8.1 9.6 8.4 7.4 10.2 11.4 9.2 7.0 10.2 Development (m) 990 1,370 1,670 1,810 1,620 1,660 1,840 2,140 2,080 1,560 Gold Production (oz) 21,200 20,650 23,140 33,100 34,080 40,050 38,520 36,290 24,650 18,950 Gold Sold (oz) 17,350 19,540 25,760 32,140 31,380 39,200 37,730 37,580 24,650 17,760

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KEY FINANCIAL METRICS

(1) The key financial metrics for the year ended December 31, 2017 only cover the period from June 1, 2017 onwards, the date for accounting recognition of commercial production, for many items including revenue, realized gold price, Cash Costs, AISC and ounces sold. (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.

2017(1) 2018 Q3-2019 YTD Gold Produced (ounces) 55,150 110,970 114,860 Gold Sold (ounces) 34,860 108,820 114,510 Revenue (C$ millions) 56.4 178.0 206.8 Realized Gold Price (C$/oz / US$/oz) 1,618 / 1,278 1,635 / 1,257 1,806 / 1,360 Cash Costs (US$/oz)(2) 1,288 868 705 AISC (US$/oz)(2)(3) 1,870 1,291 1,075 Sustaining capital (US$/oz) 353 296 277 Cash Flow from Operating Activities before Working Cap Changes (C$ millions) (19.1) 24.2 76.9 Cash Flow from Operating Activities (C$ millions) (33.9) 21.6 68.9 Adjusted EBITDA (C$ millions)(2) (18.0) 37.7 90.9 Capital Expenditures (C$ millions) 72.9 86.9 77.1 Ending Unrestricted / Restricted Cash Balance (C$ millions) 42.0 / 43.9 24.8 / 27.7 47.4 / 29.4 Principal Debt (C$ millions) 200.7 171.6 154.9

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Consideration

• US$40 million proceeds
• US$3 million equity issuance to Maverix (at a price of C$6.00 per share)
• US$43 million (C$57 million) Total Gross Proceeds

Royalty Terms

• Additional 1.5% NSR royalty (total rate of Royalty will increase from

1.0% to 2.5% effective August 1, 2019)

• Short-term 0.25% NSR until additional 1.5% NSR is registered against

property (once Sprott debt is repaid, latest expected is June 2021)

Change of Control Buyback Right

• Full buyback right on additional 1.5% NSR (and bonus 0.25% NSR) for

US$50 million in the event of a change of control transaction announced before June 30, 2021

Partial Buyback Right

• Partial buyback right on 0.5% of the additional NSR for US$15 million

after June 30, 2021

Step-Down

• Step-down of additional 1.5% NSR to 0.75% after 3 million ounces of

gold produced (regardless of whether the partial buyback right has been exercised)

MAVERIX ROYALTY AMENDMENT SUMMARY

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Principal Amount

• US$118.7 million outstanding at March 2019

Interest Rate

• 6.5% per annum plus US$ 3-mth LIBOR

Principal Payments

• No principal payments during 2019 and H1 2020
• US6.7M principal payment on July 1, 2020
• US$2.5M Quarterly from October 1, 2020

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

Maturity Date

• December 31, 2020 (extension to June 30, 2021 with 2% 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 after June 30, 2020
• Minimum cash > $10 M June 30, 2020
• Eliminated repayment test and reserve tail covenants
• Unsecured hedging allowed under ISDA

Change of Control

• Prepaid on change of control at option of TMAC or Sprott
• No fee other than prepayment/repayment fee

DEBT FACILITY SUMMARY

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CATEGORY / DEPOSIT TONNES (t 000) GRADE (g/t Au) CONTAINED AU (oz 000)

PROVEN Stockpiles 99 4.1 13 Total Proven 99 4.1 13 PROBABLE Doris 1,194 8.4 321 Madrid North UG 7,525 6.1 1,466 Madrid North Crown Pillar 212 5.7 39 Suluk 3,703 5.8 695 Madrid South 842 9.1 245 Boston 3,306 7.2 766 Total Probable 16,782 6.5 3,532 TOTAL P & P Stockpiles 99 4.1 13 Doris 1,194 8.4 321 Madrid North UG 7,525 6.1 1,466 Madrid North Crown Pillar 212 5.7 39 Suluk 3,703 5.8 695 Madrid South 842 9.1 245 Boston 3,306 7.2 766 Total P & P 16,881 6.5 3,545

HOPE BAY PROVEN & PROBABLE MINERAL RESERVES

As of Dec. 31, 2019

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HOPE BAY MEASURED, INDICATED & INFERRED RESOURCES

CATEGORY / DEPOSIT TONNES (t 000) GRADE (g/t Au) CONTAINED Au (oz 000) MEASURED Doris 240 11.0 85 Boston 1,330 9.3 397 Total Measured 1,570 9.5 481 INDICATED Doris 1,726 9.0 499 Madrid North 10,761 6.6 2,273 Suluk 3,670 7.2 851 Madrid South 648 14.0 292 Boston 3,441 7.0 776 Total Indicated 20,246 7.2 4,691 MEASURED AND INDICATED Doris 1,966 9.2 584 Madrid North 10,761 6.6 2,273 Suluk 3,670 7.2 851 Madrid South 648 14.0 292 Boston 4,771 7.6 1,173 Total Measured & Indicated 21,816 7.4 5,173 INFERRED Doris 1,750 7.1 399 Madrid North 1,113 5.3 190 Suluk 4,339 5.7 792 Madrid South 662 7.1 152 Boston 3,053 6.1 594 Total Inferred 10,917 6.1 2,127

As of Dec. 31, 2019

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NOTES TO PROVEN & PROBABLE MINERAL RESERVES 1. CIM definitions were followed for the statement of Mineral Reserves. 2. The Mineral Reserves for each Individual deposit were defined utilizing the following cut-off grades: a) 4.0 g/t gold for longhole stopes. b) 3.0 g/t gold for incremental development ore required for mining. c) 2.0 g/t gold for the Madrid North crown pillar surface mining. 3. All Mineral Reserve are estimated using an average long-term gold price of US$1,325 per ounce and a C$/US$ exchange rate

• f 1.34.

4. A 50-m crown pillar allowance was applied to Mineral Reserves located below lakes where applicable. 5. Numbers may not add due to rounding. NOTES TO MEASURED, INDICATED & INFERRED RESOURCES 1. CIM definitions were followed for the statement of Mineral Resources. 2. Mineral Resources are inclusive of those resources converted to Mineral Reserves and are in-situ resources excluding stockpiles. 3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 4. The Mineral Resources for each Individual deposit were defined utilizing a block cut-off grade of 3.5 g/t. 5. All Mineral Resources are estimated using an average long-term gold price of US$1,500 per ounce and a C$/US$ exchange rate of 1.34. 6. A 50 m crown pillar allowance was applied to Mineral Resources located below lakes where applicable. 7. A minimum intercept width of 1.5 m was applied to the Mineral Resource modelling. 8. Ore density was calculated using the geological block model density field. 9. Numbers may not add due to rounding. The information in this presentation was reviewed and approved by David King, P.Geo., Vice President, Exploration & Geoscience of TMAC for information pertaining to exploration and Mineral Resources, and Gilbert Lawson, P.Eng., Chief Operating Officer of TMAC for Mineral Reserves and all other technical information. By virtue of their education and relevant experience, Mr. King and Mr. Lawson are "Qualified Persons" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

INFORMATION REGARDING SCIENTIFIC AND TECHNICAL INFORMATION

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• Several slides reported drill intervals representing downhole thickness; true width varies depending on the dip of the

drill hole. True widths range significantly and can vary from approximately 15% to 90% of downhole widths. Composite intervals are based on geological observations. Gold values used to calculate composite intervals are uncut.

• Refer to the current technical report “NI 43-101 Technical Report on the Hope Bay Property, Nunavut, Canada” dated

March 30, 2020 for details on validation of the historical drillhole database and assay intervals referenced in this presentation.

• Please refer to the news releases published on TMAC’s website at www.tmacresources.com for more details on the

results of the exploration work.

INFORMATION REGARDING SCIENTIFIC AND TECHNICAL INFORMATION

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