INVESTOR PRESENTATIONApril 2020

TSX: TMR

2TSX: TMR

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.

3TSX: TMR

UNIQUE INVESTMENT RATIONALE

TIER 1 JURISDICTION & BEST-IN-CLASS INFRASTRUCTUREMore 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 profileN

4TSX: TMR

LOW RELATIVE RISK PROFILE

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

Corporate Social ResponsibilityStrong social license and high alignment with Inuit communities and leadership

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

PermittingPermitted for exploration development, expansion and production at established deposits across the Hope Bay Belt (ahead of schedule) with excellent support of communities and regulators

SafetyOne of the safest mines in Canada in 2018 and 2019 –Injury Frequency Rate significantly below Ontario peers

5TSX: TMR

$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: 0.66xCanada/USA Median: 0.95x

EV / Reserves($/oz Au Eq.)

Overall Median: $241/ozCanada/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

6TSX: TMR

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: 0.34xCanada/USA Median: 0.34x

Overall Median: $33/ozCanada/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 supportestablished with three years of production and employment

>$850M Tax assets

7TSX: TMR

5.2 million ozMADRID

20 km

DORIS

BOSTON

80 km

MADRID NORTHNaartok, Suluk, Spur, RandMADRID SOUTHWolverine, 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.

0

10

20

30

40

50

60

70

80

90

0

10

20

30

40

50

60

70

Yello

wkn

ife

Hem

lo

Red

Lak

e

Kirk

land

-La

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Lak

e

Nor

anda

Cad

illac-

Val-

D'O

r

Tim

min

s-M

athe

son

Hop

e Ba

y

Strik

e Le

ngth

(km

)

Cum

ulat

ive

Res

ourc

e (M

oz)1

Cumulative Resources (M oz Au)Strike Length (km)

HOPE BAY AND ARCHEAN GREENSTONE BELTS

8TSX: TMR

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

SensitivityAt US$1,625/oz gold price, the after-tax NPV5% is $870M

P&P Mineral Reserve 3.5M oz Au

M&I Mineral Resource5.2M oz Au

Inferred Resource2.1M oz Au

OptimizationOngoing 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 ImpactfulNPV 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 AISCUS$986/oz

New Madrid plant coming online in 2024Recovery

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

0

50

100

150

200

250

300

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

Cum

ulat

ive

Gol

d Pr

oduc

tion

(Moz

s)

Gol

d Pr

oduc

tion

(koz

)

Gold Production Cumulative Gold Production

10TSX: TMR

2020 PRE-FEASIBILITY STUDY COSTS

Capital Costincl. contingency

EXPANSION CAPITALProcessing 184Site Development 90Power Generation & Distribution 94Accommodation 40Bulk Fuel Storage 37Infrastructure and Utilities 63Indirect Project Cost 114Construction Facilities & Site Support Services (during construction) 54

Owners Cost 7Total Expansion Capital 683SUSTAINING CAPITALMine Development 294Other Mining Capital 308Environmental Equipment 2Total Sustaining Capital 604Total 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, LandTaxes 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 options, Boston to Madrid road design, and lowering initial capital leveraging current infrastructure options

Optimize Mine OperationsInvestigate furtheroptimization 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 of 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

ConnectorNorth

< 33-5

10-20>20

DDHAu g/t

5-10

TMDBE-19-50148196.1 g/t Au/6.8 m

10TDD69410.7 g/t Au/4.3 m

08TDD62322.5 g/t Au/4.9 m

TMRDC-19-000027.7 g/t Au/7.5 m

TMRDC-19-000049.0 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)

>12090 - 12060 - 90

30 - 6020 - 3010 - 20

4 - 102 - 4<2

Existing UG Development

150 mLooking 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

TMMP7-19-0003115.6 g/t Au/7.7 m

And 32.4 g/t/2.5 m

TMMSU-19-0002310.0 g/t Au/3.0 m

And 14.3 g/t Au/5.5mAnd 10.8 g/t Au/9.3 m

TMMP7-19-0003114.4 g/t Au/7.4m

And 13.0 g/t Au/2.4 mAnd 9.4 g/t Au/11.0 m

04PMD28512.4 g/t Au/4.2 m

Suluk South

Current Mineral Resources & Mineral Reserves arerelatively 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

< 33-5

10-20>20

DDHAu g/t

5-10

Mined

Reserve Stope

0 el

-250 el

-500 el

-750 el

-1000 el

16TSX: TMR

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

TM0002314.1 g/t Au/0.5 m

And 3.3 g/t Au/6.4 m

Pogey

Kamik

Doris

Madrid

Quaqtuq

North DorisExploration 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 SouthN

11SBD411A10.2 g/t Au/12.5m10.6 g/t Au/12.4 m16.1 g/t Au/2.7 m

11SBD414A25.2 g/t Au/8.1m46.2 g/t Au/9.1 m

36.3 g/t Au/10.3 m

TMRDO-19-0000495.8 g/t Au/0.7m

11DMR00616.8 g/t Au/1.5 m

11SBD41610.2 g/t Au/4.7 m

S03-293156.6 g/t Au/8.7 m

TMBBO-19-00002274.0 g/t Au/1.1 m14.2 g/t Au/6.8 m

High-Grade drillhole intersections down to approx 1,000 m2019 drilling on the B3-Newton zone intersected significant mineralization similar to 2011 Newmont resultsLocated at north end of >6km alteration trend, with associated surface mineralization and near surface, high-grade drillhole intercepts

< 33-5

10-20>20

DDHAu g/t

5-10

Mined

Reserve Stope 500 m

0 el

-250 el

-750 el

-1000 el

-500 el

18TSX: TMR

COVID-19 RESPONSE

Reduced OperationsExpect 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 SafetyInfectious 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

19TSX: TMR

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

20TSX: TMR

APPENDIX

21TSX: TMR

(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.

22TSX: TMR

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 of1,250 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

24TSX: TMR

HOPE BAY INFRASTRUCTURE

All Weather Road

Roberts Bay

Doris

Madrid North

Boston

Tailings Impoundment Area

25TSX: 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

Sha

re P

rice

(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

2015-2016Exploration 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

26TSX: TMR

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

27TSX: TMR

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

28TSX: TMR

TMAC MANAGEMENT TEAM

Management Team Position Experience

Jason Neal President & CEO• 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 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.

29TSX: TMR

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$) Gold Price (US$)

30TSX: TMR

TMR SHARE PRICE PERFORMANCE

Source: Factset

Price ComparisonJanuary 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

Gol

d Pr

ice

(C$)

TMR

Sha

re P

rice

(C$)

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

Apr 2 Gold Price: C$2,296

31TSX: TMR

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 IndustryPeer 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.

32TSX: TMR

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

33TSX: TMR

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

34TSX: TMR

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 ControlBuyback 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 RESERVESAs 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 85Boston 1,330 9.3 397

Total Measured 1,570 9.5 481INDICATED

Doris 1,726 9.0 499Madrid North 10,761 6.6 2,273 Suluk 3,670 7.2 851 Madrid South 648 14.0 292Boston 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 5,173INFERRED

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 RESERVES1. 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 of 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 RESOURCES1. 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 ANDTECHNICAL 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 ANDTECHNICAL INFORMATION

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