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. 2

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 3

Senior Management 4

Senior Management Dan Gagnon General Manager Jerome Girard Vacant Chad Parent Doug Brown Mike Monk Jason Nickel Surface Process Plant Health and Safety Asst. General Mining Manager Operations Projects Manager Manager Manager Manager Manager 5

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 6

Hope Bay and Archean Greenstone Belts Measured and Indicated Resources of 18.0 Mt at 8.3 g/t gold containing 4.8 million ounces Doris 70 90 Cumulative Resource (Moz) 1 Cumulative Resources (M oz Au) 80 60 70 Madrid Strike Length (km) Strike Length (km) 50 60 Madrid North 40 Naartok, Suluk, Spur, Rand 50 Madrid South 40 30 Wolverine, Patch 30 20 20 10 10 80 km 0 0 Yellowknife Hemlo Red Lake Larder Lake Noranda Cadillac-Val- Matheson Hope Bay Timmins- Kirkland- D'Or Boston 1 “Cumulative Resource” refers to the estimated sum of historical production and current resource 20 km estimates. Source: Metals Economics Group, Intierra, and Company reports. 7

Hope Bay Exploration Potential ❑ 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 • Hope Bay Hemlo Red Lake Kirkland Lake 8

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) 9

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 10

Rising Gold Production and Declining Costs 2019 Guidance Production: 160-180koz Costs: $625-$700/oz cash costs, $900-$1,000/oz AISC (1) (1) Computation of AISC is in accordance with the World Gold Council guidelines 11

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 ▪ 12

Operations Doris Mine and Plant 13

One of the Safest Mines in Canada ONTARIO MINING INDUSTRY PEER GROUP SAFETY STATISTICS Total Injuries Frequency* 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 Injury Frequency is a combination of the number of Lost Time Injuries and Non-Lost Time Injuries divided by 200,000 hours worked. 14

Continuous Improvement Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Recovery (%) 62 69 71 82 80 82 84 Plant 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 Production (tpd) 380 390 460 620 990 790 1,130 2,310 1,600 Mine 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 15

Rising Plant Throughput and Rising Recoveries Plant target 2,000 tpd and 90% recovery, and then push to exceed (1) (1) Stated grade relates to feed grade. 16

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 ▪ 17

Expansion of Gravity Effort Falcon Grind/Flotation SB1350 (2) Feed Surge bins (2) Removed Falcon C2000 Cleaner Jigs (2) Gold Solution Scavenger Column (2) Moved Spinners to Crushing Circuit Replaced Knelson Regrind XD20 (2) Cyclones (2) 18

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 (1) Q1-19 = 1,600tpd @ 10.2 g/t (1) Mine production includes incremental ore. 19

Doris Underground Mine (1) Subject to ongoing exploration success (1) Includes development ore. Doris North N Doris Connector Doris Central East Limb Extension Doris North BTD BTD Connector BTD Central 20

Madrid: Naartok East Crown Pillar ❑ Development of Naartok East crown N 7 km Ore Haulage pillar would provide to Doris Mill Naartok East Deposit additional flexibility to feed a hungry plant in 2019 and Naartok East Crown Pillar Trench manage operational volatility Naartok West Deposit ❑ 283,000 tonnes at Permitted New Madrid Suluk Waste Rock Portal Location 4.8 g/t probable Deposit Pad New Permitted Waste Haulage Road mineral reserve 500 m Scale 21

Exploration 22

Geologic Setting Hope Bay Greenstone Belt Hope Bay Belt DORIS MADRID Hope Bay Yellowknife Meadowbank Meliadine 80 km Noranda Red Lake Timmins Val- d’Or BOSTON Greenstone Belts Kirkland Lake Hemlo Nunavut 1,000 km 20 km 23

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 24

Hope Bay Exploration Potential ❑ 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 Hope Bay Hemlo Red Lake Kirkland Lake 25