PATH TO PRODUCTION First Gold ~ December 2016 Hope Bay Project Q1 - 2015 | 0
Certain Legal Matters and Disclaimers The qualified person for the scientific and technical information in this presentation is Catharine Farrow, the CEO of TMAC Resources Inc. (“ TMAC ” or the “Company”), who has reviewed and approved the scientific and technical information contained herein. Please see Appendix A for additional details and cautions regarding the forward-looking information contained herein, the PEA (as defined below) and TMAC’s internal financial model, which updates certain parts of the PEA. Appendix A should also be referred to for additional details regarding the mineral resource estimates for the Hope Bay Project. For additional details regarding the exploration undertaken by TMAC in 2013 and the 2013 exploration information disclosed in this Presentation and the results reported in this Presentation, including locations, types, the QA /QC employed, and interpretations, see the technical report for Hope Bay titled “Preliminary Economic Assessment Study on the TMAC- Hope Bay Project, Nunavut Territory, Canada” (December 31, 2013) available at www.tmacresources.com (the “PEA” or the “Hope Bay PEA”). | 1
TMAC Hope Bay Strategy Bootstrap development of the entire belt Build first mine at Doris (first gold ~ December 2016) Build second mine at Madrid using cash flow Build third mine at Boston using cash flow Explore and develop the rest of Hope Bay Gold Belt | 2
TMAC - Private Company Supportive Shareholder Base Capital Structure (C$) Current Ownership Structure Shares Outstanding 157 mm (Fully-Diluted) Market Capitalization $267 ($1.75/share) mm Current Cash Balance $68/ mm (January 16, 2014) Initial financing March 2013 - $35 million at average ~ $2.80/share • Second financing April 2014 - $78 million at average ~ $1.75/share • Third financing January 2015 - $44 million at average ~ $1.77/share • Total $157 million • | 3
Investment Highlights Multi Generational Hope Bay Gold District 100% ownership of the entire 80km x 20km property Remote but very accessible (on tide water, ~12 weeks shipping) Very high grade camp, drilled to shallow depths, under explored 3 known gold deposits, strong high grade resource base, 4.4 Moz Au M&I, 1.3 Moz Au Inf. Excellent potential to grow deposits and discover new deposits Two deposits with significant underground infrastructure Permitted for immediate production Over $1 billion of infrastructure and previous expenditures Only remaining major requirement = processing plant Industry Leading, Proven Management and Board Significant management and board ownership (~9.1%) Quality Location and Jurisdiction Nunavut, Canada, one of the world’s best mining jurisdictions Excellent relationships with Inuit and Canadian government | 4
Hope Bay Gold Belt History Over $1 Billion Invested To Date • Assembled 80km x 20 km land package BHP Billiton 1988 - 1999 • ~3km underground development at Boston ~C$100 mm Miramar • Permitted production at Doris 1999 - 2007 Mining • Identified large open pit potential • Sold to Newmont for C$1.6 bln ~C$150 mm • Extensive exploration and engineering 80 km 2007 - 2013 Newmont • Built significant infrastructure at Doris • ~3 km underground development at Doris ~C$800 mm • Built and permitted tailings disposal at Doris • 2013 PEA • Changed to UG mine plan vs open pit 2013 - 2014 TMAC • increased global resources and converted Inf. to M&I resources ~C$90 mm • Opened Doris underground • Attracted support of strategic investors 20 km Previous expenditures substantially de-risked Hope Bay and allows for very low capital and operating costs | 5
Hope Bay Archean Gold Belt One of the Highest Grade Gold Camps 3 Deposits Open in All Directions Surface Grab Samples Au > 100 g/t 113-305 g/t • PEA – Doris 1st year mining - 21.3 g/t Au • Doris Hinge Zone - 24.6 g/t Au 294 g/t 118-180 g/t • 2014 Doris Hinge Zone high grade 172-298 g/t intersections include: Doris 195-206 g/t 3.2 m at 27.5 g/t Au 105 g/t 165-248 g/t 1.2 m at 120.5 g/t Au 1.5 m at 112.8 g/t Au 101 g/t 110-5803 g/t 158-197 g/t • 2014 High-grade intersections at 400 m 228 -1016 g/t level: Madrid 3.3 m at 307.1 g/t Au 80 km 3.2 m at 15.9 g/t Au 101-274 g/t • Life of mine grade at Boston - 14.4 g/t Au 226 g/t 128 g/t 169 g/t • 181 g/t Deepest drill intersection at 850 m level: Boston 8.8 m at 56.6 g/t 20 km (see 2013 PEA) | 6
Hope Bay Archean Gold Belt One of the Longest Strike Lengths 70 90 80 km Cumulative Resource Measured & Indicated 80 60 Inferred Cumulative Resource (Moz) 70 Strike Length 50 Strike Length (km) 60 ? 40 50 40 30 ? 30 20 20 10 10 80 km 0 0 Yellowknife Hemlo Red Lake Larder Lake Noranda Cadillac-Val- Matheson (RPA 2013) Hope Bay Timmins- Kirkland- D'Or Hope Bay vs. other Archean Gold belts 1 “Cumulative Resource” refers to the estimated sum of historical production and current resource estimates. Source: Metals Economics Group, Intierra, and company reports. | 7 20 km
2014 Drilling Target - Convert Dec 2013 PEA Inferred into M&I plus add additional M&I 2013 PEA 1 Moz (41%) Inferred to be mined 2.5 Moz to b mined Madrid North 0.20 Moz Madrid South Indicated Inferred 19% 0.46 Moz 1.05 Moz 1.01Moz 45% Doris 43% 41% 0.28 Moz Boston Measured 28% 0.08 Moz 0.39 Moz 8% 16% Extremely Successful Increased M&I Resources 1.7 Moz Au (59%) to 4.4 Moz Au 1 Increased Inferred Resources 1.3 $8.63 per oz Au | 8 42 oz Au per metre drilled Moz Au
High-Grade 43-101 Resource RPA January 2015 Resource Estimate 1 Category/Deposit Tonnes Grade Contained Au (t 000) (g/t Au) (oz 000) Measured Doris 443 21.7 309 Boston 1,776 12.1 690 Total Measured 2,315 13.3 999 Indicated Doris 1,852 9.4 561 Madrid North 8,616 8.2 2,263 Madrid South 571 15.4 282 Boston 1,115 9.4 336 Total Indicated 12,154 8.8 3,442 Total M&I 14,373 9.6 4,441 Inferred Doris 1,014 7.6 247 Madrid North 3,155 7.2 730 Madrid South 420 9.0 122 Boston 805 8.5 220 Total Inferred 5,394 7.6 1,319 | 9 1. See Appendix A: Notes to Mineral Resource Estimates.
Doris Longitudinal Section • Increased M&I from 265,000 oz Au to 870,000 oz Au 1 • Tremendous depth potential demonstrated below dyke S N 2.5 km North Doris Lake 0 Elev 103A 79 Central 108 112 104 69 79 96 102 100 70 117 116 87 91 69 83 112 100 70 96 95 107 92 104 97 87 -200 Elev Connector 51.6 g/t Au over 1.0m 116 63 56 61 58 38 43 138 49 132 54.4 g/t Au over -400 Elev 137 147 118 142 2.7m 174 147 47 159 125 62 18.4 g/t Au over 4.1m 118 143 130 170 North -600 Elev 183 Open Open Deep Open 133 Connector Deep -800 Elev 756000N 7559000N 7558000N Category Tonnes Grade (g/t Au) Contained Au Lithology Resources 0 250m 443,000 21.7 309,000 Measured Diabase Dyke PEA Indicated Resources Mafic Volcanic Rocks PEA Inferred Resources 2,295,000 11.8 870,000 Total M&I Mineral Envelope Note: For full set of drill results see Appendix C 1,014,000 7.6 247,000 Inferred | 10
Doris Connector Highlight Examples Doris Connector Zone (full results in Appendix C) AREA BHID Inclusion FROM TO LENGTH M Au g/t Doris CC TM00069 202.10 204.00 1.90 11.87 Doris CC TM00070 132.03 133.74 1.71 21.02 Doris CC TM00079 115.66 117.82 2.16 13.03 Doris CC TM00083 141.10 145.60 4.50 9.94 Doris CC TM00087 242.58 245.10 2.52 16.00 Doris CC TM00092 223.90 225.40 1.50 15.14 Doris CC TM00096 103.89 122.81 18.92 11.60 Doris CC TM00100 172.70 174.40 1.70 13.40 Doris CC TM00104 114.31 117.79 3.48 11.86 Doris CC TM00107 180.93 183.10 2.17 10.39 Doris CC TM00107 and 194.00 196.65 2.65 54.40 Doris CC TM00108 83.66 85.17 1.51 24.90 Doris CC TM00112 188.66 191.35 2.69 10.49 Doris CC TM00116 279.56 283.67 4.11 18.38 | 11
Madrid Increased M&I from 1.5 Moz to 2.5 Moz 1 Wolverine/ Suluk Naartok N S Patch14 SURFACE PEA Stopes 30.6 g/t Au/3.2m 400 Level 400 Level 19.7 g/t Au/3.2m OPEN OPEN OPEN OPEN 15.9 g/t Au/3.2m 307.1 g/t Au/3.3m Looking East Deposit & Category Tonnes Grade (g/t Au) Contained Au 8,616,000 8.2 2,263,000 Madrid M & I 571,000 15.4 282,000 Madrid South M&I 3,155,000 7.2 730,000 Madrid Inferred
Naartok Highlight Examples Naartok Zone (full results in Appendix C) AREA BHID Inclusion FROM TO LENGTH Au g/t Naartok TM00131 257.00 259.21 2.21 75.20 Naartok TM00148 440.00 465.10 25.10 8.34 Naartok TM00148 Including 440.00 449.00 9.00 10.40 Naartok TM00168 482.40 517.30 34.90 8.12 Naartok TM00175 516.52 569.40 52.88 7.39 Naartok TM00175 Including 516.52 521.10 4.58 24.06 Naartok TM00181 475.14 493.12 17.98 14.63 Naartok TM00181 Including 481.63 485.12 3.49 56.19 Naartok TM00197A 438.39 468.50 30.11 7.72 Naartok TM00197A Including 449.32 465.55 16.23 11.91 Naartok TM00204 382.80 420.50 37.70 8.53 Naartok TM00204 Including 410.00 420.50 10.50 18.26
Un-ravelling story at Naartok “ Now drilling E/W not N/ S” Naartok East N Suluk E-W Section Naartok West 1 km | 14
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