TSX: TMR DENVER GOLD FORUM Corporate Presentation September 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 our Annual Information Form for the year ended December 31, 2018 and our Management Discussion and Analysis for the second quarter ended June 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. 2 TSX: TMR
UNIQUE INVESTMENT RATIONALE TIER 1 JURISDICTION & BEST-IN-CLASS High grade gold belt with INFRASTRUCTURE unparalleled exploration potential More than $1.5B of historic investment in infrastructure, mine development, exploration and evaluation by BHP, Newmont, Miramar and TMAC Robust production with demonstrated operational improvement N Significant community support and strong relationship with KIA Low-risk environmental and permitting profile 3 TSX: TMR
HOPE BAY AND ARCHEAN GREENSTONE BELTS Measured and Indicated Resources DORIS 18.0 Mt 8.3 g/t 4.8 million oz MADRID MADRID NORTH 70 90 Cumulative Resources (M oz Au) Naartok, Suluk, Spur, Rand 80 Cumulative Resource (Moz) 1 60 Strike Length (km) 70 80 MADRID SOUTH 50 60 Wolverine, Patch km 40 50 40 30 30 20 20 10 10 0 0 BOSTON Yellowknife Hemlo Red Lake Larder Lake Noranda Cadillac- Matheson Hope Bay Val-D'Or Timmins- Kirkland- 20 km 1 “Cumulative Resource” refers to the estimated sum of historical production and current resource estimates. Source: Metals Economics Group, Intierra, and Company reports. 4 TSX: TMR
LOW RELATIVE RISK PROFILE Geopolitical Safety Corporate Social One of the safest mines in Responsibility Hope Bay has high-grade and Canada in 2018 – Injury often outcropping mineralization Strong social license and Frequency Rate at one-third without venturing to high-risk high alignment with Inuit of Ontario peers jurisdiction communities and leadership Permitting Environmental Permitted for exploration Strong environmental development, expansion and record with lower risks than production at established seen at other mines deposits across the Hope (e.g., tailings dam) Bay Belt (ahead of schedule) with excellent support of communities and regulators 5 TSX: TMR
PERMITTING COMPLETE Security : No “Overbonding” and spread Underground mines at Doris, Madrid North, Madrid South and Boston over 15 life-of-mine installments Surface crown pillar recoveries at Madrid Excellent support from Inuit North 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 6 TSX: TMR
COMPELLING RELATIVE VALUE Street Consensus EV / Reserves Mine Life Index P/NAV (Ratio) ($/oz Au Eq.) (Years)** Reserve Grade* Reserve Grade* Wesdome (11.0 g/t) $1,728 TMAC TMAC 21.1 21.1 1.39x New Gold Asanko Roxgold (8.2 g/t) $684 20.9 SSR Mining 1.36x Torex (3.1 g/t) $575 Pretium 16.4 Wesdome 1.31x Alacer (2.6 g/t) $492 Leagold 15.5 SEMAFO 1.16x SEMAFO (3.4 g/t) $464 New Gold Pretium 1.13x 15.1 Pretium (13.2 g/t) Alacer 1.05x $446 SSR Mining 11.8 Torex 1.05x SSR Mining (0.7 g/t) $377 Alacer 11.7 Roxgold 1.03x Golden Star (2.9 g/t) $247 Teranga 10.1 Golden Star 0.78x Equinox (0.6 g/t) $177 Equinox 9.7 Equinox 0.76x Teranga (1.4 g/t) $148 Golden Star 8.4 Teranga 0.67x TMAC (6.8 g/t) TMAC (6.8 g/t) $144 $144 SEMAFO 7.6 TMAC TMAC 0.63x 0.63x Leagold (1.4 g/t) $112 Torex 6.3 Leagold 0.62x Asanko (1.6 g/t) $88 Wesdome 5.2 Asanko 0.55x New Gold (1.0 g/t) $86 Roxgold 4.4 Overall Median: 1.05x Overall Median: $377/oz Denotes > 50% of Gold Canada/USA Median: 1.31x Canada/USA Median: $377/oz Reserves in Canada/USA Source: FactSet, street research | Note: Medians exclude TMAC. Market data as of 5-Sep-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. 7 TSX: TMR
MAVERIX ROYALTY AMENDMENT SUMMARY • US$40 million proceeds • US$3 million equity issuance to Maverix (at a price of C$6.00 per share) Consideration • US$43 million (C$57 million) Total Gross Proceeds • Additional 1.5% NSR royalty (total rate of Royalty will increase from 1.0% to 2.5% effective August 1, 2019) Royalty Terms • Short-term 0.25% NSR until additional 1.5% NSR is registered against property (once Sprott debt is repaid, latest expected is June 2021) • Full buyback right on additional 1.5% NSR (and bonus 0.25% NSR) for US$50 Change of Control million in the event of a change of control transaction announced before June Buyback Right 30, 2021 • Partial buyback right on 0.5% of the additional NSR for US$15 million after Partial Buyback Right June 30, 2021 • Step-down of additional 1.5% NSR to 0.75% after 3 million ounces of gold Step-Down produced (regardless of whether the partial buyback right has been exercised) 8 TSX: TMR
GOLD PRODUCTION & COSTS Q1-17 TO Q2-19 2019 Guidance PRODUCTION CASH COSTS AISC 160-170koz $650-$700/oz $950-$1,050/oz (1) (1) Computation of AISC is in accordance with the World Gold Council guidelines 9 TSX: TMR
PLANT THROUGHPUT & RECOVERIES Q1-17 TO Q2-19 Plant Target 2,000 tpd & 90% recovery then push to exceed (1) a (1) Stated grade relates to feed grade. 10 TSX: TMR
MINE PRODUCTION Q1-17 TO Q2-19 Plant feed supplemented Madrid North underground Mine Target 1,500 tpd from surface crown pillar development beginning to Doris Underground (Doris, Naartok) and stockpiles provide sustainable plant feed then push to exceed 1 a (1) Mine production includes incremental ore. 11 TSX: TMR
DORIS UNDERGROUND MINE 2019 2020 2021 Mine Production (1) 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+ Doris BTD Central Exploration 2020+ (1) Includes development ore. Subject to ongoing exploration success Doris North Doris Connector Doris Central N East Limb BTD Connector Extension BTD Central Doris North BTD 12 TSX: TMR
DORIS NORTH BTD EXTENSION Growing high grade zone is top exploration target N TM50148 TMDBE-19-50005 261.0 g/t Au/7.1 m 407.0 g/t Au/1.1 And 6.6 g/t Au/10.5 m TMDEB-19-50501 TMDEB-19-50500 105.8 g/t Au/1.5 m 15.6 g/t Au/4.4 m TMDEB-19-50546 193.3 g/t Au/1.8 m And 42.0 g/t Au/0.6 m And 333.0 g/t Au/0.6 m Q2 2019 Development 4 Active Levels TMDEB-19-50507 110.8 g/t Au/10.8 m And 7.5 g/t Au/3.1 m Q1 Drilling Current Drill Q2/Q3 Drilling Platform TM5039 379.4 g/t Au/1.7 75 m Looking down Extending development Mineralized Vein (g/t Au) Q1 2019 and 2018 Drill Hole >120 30 - 60 4 - 10 Existing UG 90 - 120 20 - 30 2 - 4 Q2 2019 Drill Hole Development 60 - 90 10 - 20 <2 13 TSX: TMR
DORIS NORTH BTD EXTENSION Surface drilling north of current Doris deposit returned positive results N TMRDC-19-00004 New zone identified within 9.0 g/t Au/8.5 m 15 metres of surface 113.1 g/t Au NORTH 62.5 g/t Au Diabase TMRDC-19-00005 325 metres north of the 97.6 g/t Au/0.3 m current underground BTD DORIS TMRDC-19-00002 VALLEY Extension drilling 7.7 g/t Au/7.5 m BTD EAST LIMB BTD EXTENSION Mineralized Vein Doris Style Quartz Vein Existing UG Development Surface Sample 14 TSX: TMR
MADRID NORTH DEVELOPMENT ON HORIZON First ore from Madrid North in H2-19 Naartok East crown pillar N probable mineral reserve of 283,000 tonnes at 4.8 g/t to feed plant in 2019 and early 2020 Total Madrid North Proven & Probable Reserve 2.2M ounces substantially within 350 metres of surface Equipment on 2019 sealift for Madrid North portal and 500 m underground decline 15 TSX: TMR
2019 EXPLORATION STRATEGY Total 2019 Exploration Budget ~$20M Regional Doris Lateral extension at Doris Expansion of high grade BTD Extension, with Q3 2019 access to Madrid regional to south along another 100 m strike length route of permitted road to Boston $5M $6M Infill and expand Connector Proximal to Boston deposit Boston Madrid $6M $3M Summer 2019 program: Advance Naartok East, Naartok West test high-grade plunge near surface and Suluk towards development and explore south from Boston Current Suluk winter program with along 6 km alteration trend objective to grow resource and Winter 2019/20 program: test high- support metallurgical testing grade plunge ~1,000 m 16 TSX: TMR
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