A Capital Opportunity

A Global Market for Mining Companies

2

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Section 1Toronto Stock Exchange and TSX Venture

Exchange Overview

4

Canada and TSX: Strong Fundamentals

Economically stable• Ranked the best country in the G7 for

doing business (2016-2020)

• Lowest debt-to-GDP among G7

• Strong equity culture

• 160+ year history of serving the Canadian markets

• ~$2.8 trillion in market cap

• $278 billion in equity capital raised in last 5 years

A dynamic marketplace• Robust marketplace

• Access to capital

• History of innovation

• Committed to growth

Source: Rankings from The Economist Intelligence Unit, via Invest in Canada – Think Canada, January 2016.As at December 31, 2016.

Overview: Canada’s Equity Market

Source: TSX/TSXV Market Intelligence Group, World Federation of Exchanges; as at December 31, 2016, unless otherwise noted; country ranking reflects the total equity capital raised by companies listed on the stock exchanges based in each country and does not include exchanges groups that encompass multiple countries.

Country Ranking: Equity Capital Raised

(2016)

Rank Country Stock Exchanges

1 China Hong Kong Exchanges, Shanghai SE, Shenzhen SE

2 USA NYSE, NASDAQ

3 Canada TSX / TSX Venture Exchange

4 United Kingdom London Stock Exchange

5 Australia Australia Stock Exchange

TSX and TSX Venture Exchange

World Ranking

#2 Number of IPOs and New Listings

(2016)

#1 Number of International IPOs and

New Listings (2016)

5

Global Capital Comes to TSX

6

~40%of daily trading originates from

outside Canada

of TSX and TSXV Member Firms are

headquartered outside Canada

~25%

Section 2

Global Leader in Mining

Leadership in the Mining Sector

Value of Mining Equity Capital Raised

5-Year (2012 to 2016) Total = $92 billion

in Mining equity capital raised

8

#1

Source: TSX/TSXV Market Intelligence Group and S&P Capital IQ. YTD December 31, 2016.

TSX/TSXV46%

ASX16%

NYSE/MKT10%

LSE/AIM8%

HKEx3%

Other17%

TSX and TSXV list the most Mining companies

in the world

#1in listed Mining companies

1206

588

169

TSX/TSXV ASX LSE/AIM

Canada3,401 53%

Latin America1,133 18%

USA749 12%

Africa477 7%

Asia/Russia/ CIS/Middle East

263 4%

Australia/Oceania201 3%

UK/Europe194 3%

Diversity in Issuer Base

9

Breakdown of TSX and TSXV

Mining Projects by Location

Breakdown of TSX and TSXV

Mining Issuers by Commodity

Source: InfoMine, TSX/TSXV Market Intelligence Group, January 31, 2017.

Gold, 21%

Copper, 15%

Silver, 14%Zinc, 8%

Lead, 7%

Nickel, 4%

Molybdenum, 4%

Uranium, 3%

PGM, 3%

Cobalt, 3%

Iron Ore, 2%

Diamond, 2%

Rare Earth, 1%

Tungsten, 1%

Graphite, 1%

Lithium, 2%

Vanadium, 1%

Potash, 1% Coal, 1%

Tin, 1%Other, 6%

630graduates

+187 M&A*

As at December 31, 2016.

Service at All Stages of Growth

A Unique Market Structure

with Strong Feeder System

From January 1, 2000 – December 31, 2016

10

274mining

graduates

CompanyMarket Cap. (C$)

as at Dec. 31, 2016

Silver Wheaton Corp. $11,446 M

First Quantum Minerals Ltd. $9,208 M

Lundin Mining Corporation $4,634 M

Pan American Silver Corp. $3,083 M

B2Gold Corp. $3,076 M

Alamos Gold Inc. $2,473 M

New Gold Inc. $2,418 M

Endeavour Mining Corporation $1,874 M

HudBay Minerals Inc. $1,814 M

First Majestic Silver Corp. $1,687 M

Torex Gold Resources Inc. $1,656 M

Silver Standard Resources Inc. $1,434 M

Nevsun Resources Ltd. $1,250 M

MAG Silver Corp. $1,192 M

Lucara Diamond Corp. $1,162 M

Fortuna Silver Mines Inc. $1,115 M

Dominion Diamond Corporation $1,089 M

Guyana Goldfields Inc. $1,046 M

Klondex Mines Ltd. $933 M

Stornoway Diamond Corporation $914 M

Top 20 Mining Grads

Access to Capital

11

Global Mining Equity Financing

2016 (C$B)

Source: S&P Capital IQ and TSX/TSXV Market Intelligence Group, as at December 31, 2016.

57%of the number of mining

equity financings globally

9.4

4.2

3.6

2.5

1.8

0.6 0.6

TSX/TSXV NYSE/NYSEMKT

ASX SHSE SZSE LSE/AIM HKEx

1,540 17 707 8 8 148 17

+38%more equity capital raised by

the TSX/TSXV Mining sector

in 2016 over 2015

12

TSX/TSXV Mining Equity Capital Raised

7.7

3.0 2.8 5.3 5.9

2.8 1.3 1.8 1.1

2.6

11.7

5.2

19.4 12.5

6.6

7.5

5.6 7.0

5.7

6.8

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

TSXV Mining TSX Mining

19.5

8.3

22.2

17.8

12.5

10.3

6.9

8.9

6.8

9.4

(C$ Billions)

Source: TSX/TSXV Market Intelligence Group, as at December 31, 2016.

TSX/TSXV Mining Volume/Value Traded

13 Source: TSX/TSXV Market Intelligence Group.

369.4

482 463

365

416

464

283

209 177

148

263

0

50

100

150

200

250

300

350

400

450

500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0

10

20

30

40

50

60

70

80

90

100

Min

ing

Val

ue

Trad

ed (

C$

bill

ion

s)

Min

ing

Vo

lum

e Tr

aded

(B

illio

ns

of

Shar

es)

Value traded (C$ billions) Volume traded (billions of shares)

14

Comparison of Major Index Performance – 2016

Source: S&P Capital IQ. As at December 31, 2016.

-40%

-20%

0%

20%

40%

60%

80%

Dec-31-2015 Feb-29-2016 Apr-30-2016 Jun-30-2016 Aug-31-2016 Oct-31-2016 Dec-31-2016

S&P/TSX Venture Composite Index 45.0%

S&P/TSX Capped Materials Index 39.0%

Russell Microcap Index 18.8%

S&P/TSX Composite Index 17.5%

FTSE 100 Index 14.4%

FTSE AIM All-Share 14.3%

Dow Jones Industrial Average 13.4%

S&P 500 9.5%

NASDAQ Composite Index 7.5%

S&P/ASX 200 Index 7.0%

Hang Seng Index 0.4%

Shanghai Stock Exchange Composite Index -12.3%

Shenzhen Stock Exchange Composite Index -14.7%

The Emerging Exchange…

…for Mining Companies in Latin America

15

309Number of TSX/TSXV Mining

Companies in Latin America

Number of Latin American Mining

Properties

$4.9BEquity Capital Raised in 2016

on TSX/TSXV by Companies

with Mining Projects in Latin America

New Mining Listings

with Projects

in Latin America

8

1133Mexico

123

Brazil

30

Venezuela

2

Peru

58

Argentina

43

Bolivia

5

Colombia

24

Paraguay

2

Uruguay

2

Chile

35

French Guiana

3

Suriname

5Guyana

13

Ecuador

11

Source: InfoMine, TSX/TSXV Market Intelligence Group. As at January 2017.

TSX and TSXV Companies are Mining in Brazil

16

30Number of TSX/TSXV Mining

Companies in Brazil

Number of Brazilian

Mining Properties

$1.1BEquity Capital Raised in 2016

on TSX/TSXV by Companies

with Mining Projects in Brazil

Number of $20M+ Financings in 2016

by TSX/TSXV Companies

with Projects in Brazil

7

99

Brazil

30

Source: InfoMine, TSX/TSXV Market Intelligence Group. As at January 2017.

TSX and TSXV Companies are Mining in Brazil

17

TSX Venture ExchangeAmarillo Gold

Anfield Gold

DuSolo Fertilizers

Eagle Graphite

Ecometals

Equitas Resources

GoldMining

Itafos

Karmin Exploration

Lara Exploration

Meridian Mining

Pacific Potash

Para Resources

Tristar Gold

TSXAura Minerals

Belo Sun Mining

Brio Gold

Eldorado Gold

Golden Star Resources

IAMGOLD

Jaguar Mining

Kinross Gold

Largo Resources

Luna Gold

Rio Novo Gold

Sulliden Mining

Talon Metals

Teck

Verde Agritech

Yamana Gold

Brazil

30

Source: InfoMine, January 2017.

2016 Top Mining Financings - Brazil

18 YTD December 31, 2016. Largest TSX and TSXV financings where proceeds went to assets in Brazil.

CompanyGross Proceeds

(C$)Month Exploring In Exploring For

Altius Minerals Corporation $35.0 M May Brazil Copper

Anfield Gold Corp. $32.0 M September Brazil Gold

Anfield Gold Corp. $20.0 M May Brazil Gold

Itafos $13.4 M December Brazil Phosphate

Luna Gold Corporation $7.0 M August Brazil Gold

TriStar Gold, Inc. $5.9 M July Brazil Gold

Aura Minerals Inc. $5.5 M September Brazil Gold

Amarillo Gold Corporation $3.3 M December Brazil Gold

Euro Sun Mining Inc. $1.3 M May Brazil Gold

Equitas Resources Corp. $1.1 M April Brazil Gold

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Orlee WertheimHead of Business Development, MiningToronto Stock Exchange and TSX Venture Exchange+1-416-947-4477orlee.wertheim@tsx.com