TSX: TMR NBF CONFERENCE Investor Presentation November 19, 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 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. 2 TSX: TMR
UNIQUE INVESTMENT RATIONALE High grade gold belt TIER 1 JURISDICTION & BEST-IN-CLASS INFRASTRUCTURE with unparalleled exploration More than $1.5B of historic investment in potential infrastructure, mine development, exploration and evaluation by BHP, Newmont, Miramar and TMAC Robust production with demonstrated operational N improvement 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 Naartok, Suluk, Spur, Rand Cumulative Resources (M oz Au) Strike Length (km) Cumulative Resource (Moz) 1 80 MADRID SOUTH 60 Strike Length (km) 70 Wolverine, Patch 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
LOW RELATIVE RISK PROFILE Geopolitical Safety Corporate Social One of the safest mines in Hope Bay has high-grade Responsibility Canada in 2018 – Injury and often outcropping Strong social license and high Frequency Rate at one-third mineralization without alignment with Inuit communities of Ontario peers venturing to high-risk and leadership jurisdiction Permitting Environmental Permitted for exploration Strong environmental development, expansion and record with lower risks production at established than 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 Underground mines at Doris, Madrid North, Madrid South and Boston spread over 15 life-of-mine installments Surface crown pillar recoveries at Excellent support from Inuit Madrid North communities 55 km all-weather road from Madrid Permitting achieved substantially to Boston 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* 1.28x Wesdome Wesdome (11.0 g/t) $2,053 TMAC TMAC 21.1 21.1 SSR Mining 1.20x Alacer (2.6 g/t) $536 Asanko 20.6 Alacer 1.19x Pretium Torex (3.1 g/t) $521 16.4 SEMAFO 1.02x Roxgold (8.2 g/t) Leagold $513 16.0 Torex 0.89x SEMAFO (3.4 g/t) $418 Teranga 15.9 New Gold 0.81x Pretium (13.2 g/t) $347 New Gold 15.1 Equinox 0.79x SSR Mining (0.7 g/t) $343 Alacer 11.6 Pretium 0.76x Golden Star (2.9 g/t) $262 SSR Mining 11.5 Teranga 0.74x Equinox (0.6 g/t) $187 Equinox 9.7 Golden Star 0.73x Teranga (1.4 g/t) $155 Golden Star 8.3 Roxgold 0.72x TMAC (6.8 g/t) TMAC (6.8 g/t) $123 $123 SEMAFO 7.2 Leagold 0.67x Leagold (1.4 g/t) $107 Torex 6.1 Asanko 0.51x Asanko (1.6 g/t) $82 Wesdome 4.6 TMAC 0.47x TMAC 0.47x New Gold (1.0 g/t) $78 Roxgold 4.3 Overall Median: 0.79x Overall Median: $343/oz Denotes > 50% of Gold Canada/USA Median: 0.81x Canada/USA Median: $343/oz Reserves in Canada/USA Source: FactSet, street research | Note: Medians exclude TMAC. Market data as of 31-Oct-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
GOLD PRODUCTION & COSTS Q1-17 TO Q3-19 Updated 2019 Guidance PRODUCTION CASH COSTS AISC 140-150 koz $725-$775/oz $1,100-$1,175/oz (1) (1) Computation of AISC is in accordance with the World Gold Council guidelines 8 TSX: TMR
PLANT THROUGHPUT & RECOVERIES Q1-17 TO Q3-19 Plant Improvement Gravity and concentrate treatment plant investments in 2019 (1) a (1) Stated grade relates to feed grade. 9 TSX: TMR
MINE PRODUCTION Q1-17 TO Q3-19 Madrid North underground Doris Development Plant feed supplemented from surface crown pillar development beginning to Rate Improvement (Doris, Naartok) and stockpiles provide sustainable plant feed to enhance stope availability and production 1 a (1) Mine production includes incremental ore. 10 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 0 m East Limb BTD Connector -500 m Extension Doris North BTD BTD Central 11 TSX: TMR
DORIS NORTH BTD EXTENSION Growing high grade zone is top exploration target N TM50148 261.0 g/t Au/7.1 m TMDBE-19-50510 And 6.6 g/t Au/10.5 m 26.8 g/t / 9.3 m TMDBE-19-50515 79.5 g/t / 5.1 m TMDBE-19-50043 330.7 g/t Au/3.4 m And 146.8 g/t Au/1.0 m Q3 2019 Development 5 Active Levels TMDBE-19-50148 TMDBE-19-50507 196.1 g/t / 6.8 m TMDBE-19-50528 110.8 g/t Au/10.8 m And 7.5 g/t Au/3.1 m 87.5 g/t / 6.6 m 75 m TMDBE-19-50531 Looking down 61.9 g/t / 1.4 m Extending development Mineralized Vein (g/t Au) Q1/Q2 2019 and 2018 Drill Hole >120 30 - 60 4 - 10 Existing UG 90 - 120 20 - 30 2 - 4 Q3 2019 Drill Hole Development 60 - 90 10 - 20 <2 12 TSX: TMR
DORIS NORTH BTD EXTENSION Surface drilling north of current Doris deposit returned positive results N TMRDC-19-00004 New zone identified 9.0 g/t Au/8.5 m within 15 metres of 113.1 g/t Au NORTH surface 62.5 g/t Au Diabase TMRDC-19-00005 TMDBE-19-50148 97.6 g/t Au/0.3 m 87.5 g/t Au/6.6 m 325 metres north of DORIS VALLEY TMRDC-19-00002 the current underground BTD 7.7 g/t Au/7.5 m EAST LIMB BTD Extension drilling TMDBE-19-50148 TMDBE-19-50531 196.1 g/t Au/6.8 m 61.9 g/t Au/1.4 m BTD EXTENSION Mineralized Vein Existing UG Development Doris Style Quartz Vein Surface Sample 13 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 500 m Madrid North Portal initiated Oct 2019 14 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 Madrid regional to south along to 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, test high-grade plunge near Naartok West and Suluk surface and explore south from towards development Boston along 6 km alteration trend Current Suluk winter program with Winter 2019/20 program: test objective to grow resource and high-grade plunge ~1,000 m support metallurgical testing 15 TSX: TMR
MADRID NAARTOK EAST N S TMMNE-19-00011 TM00422 TM00434 31 drill holes completed 11.5 g/t Au/9.0 m 10.4 g/t Au/9.6 m 4.9 g/t Au/29.5 m in 2018 drill program and 10.1 g/t Au/27.0 m including 10.9 g/t Au/10.5 m 0 m TMMNE-19-00013 22 additional infill drill 10.6 g/t Au/27.0 m holes completed in Q1-19 RAND TMMNE-19-00008 confirmed geological and 12.8 g/t Au/11.5 m grade continuity near Structural Trend TM00441 surface within the crown TM00443 11.0 g/t Au/12.5 m 4.9 g/t Au/27.6 m pillar, providing information including 12.9 g/t Au/5.5 m for future development decision NAARTOK EAST 2019 data has been NAARTOK WEST -500 m incorporated into the reserve and resource model 250 m Looking East Mineralized Zone 2019 Drill Hole 2018 Drill Hole 16 TSX: TMR
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