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November 2018 Investor Update
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
Management Discussion and Analysis for the third quarter ended
September 30, 2018 together with our Financial Statements for the
same period.
Q3 Highlights – Building Momentum
• Continued Plant improvement
• Throughput of 1,385 tpd for Q3 and 1,900 tpd in October
• Q3 recovery of 80% (despite 75% in July) and 82% in October
• Gravity concentrator installation nearing completion
• Continued mine improvement
• Mine production of 1,125 tpd in Q3 and 1,975 tpd in October
• Development in Q3 to generate three production areas for Q4 –
Doris Hinge, Doris BTD, Doris Crown Pillar and one development area
in Doris Connector
• Nunavut Water Board final hearing completed in October and NIRB
issued Madrid-Boston Project Certificate in early November
• Completion of C$90 million equity offering
1
Strategy to Deliver Value – Driving NAVPS Growth
Establish operational excellence at Doris Mine
Plant: YE Target 2,000 tpd and 90% recovery, then push to exceed
Mine: YE Target 1,500 tpd underground with grade discipline, then push to exceed
Near-term Madrid development to provide additional ore to Doris
Hope Bay development plan: high value / prudent risk assessment
Generate discrete project returns & build infrastructure for belt-wide optionality
Value-focused exploration strategy
Grow resources at Doris to extend life
Focus Madrid drilling on highest likelihood priority production targets
Establish scale at Boston to inform infrastructure decisions
Prioritize 90+ regional exploration targets
Aggressively use flow-through financing (TMAC already has ~$800M in tax pools)
Choose and actively manage the right risks to take as a junior
producer/developer 2
Progress on Key Value Drivers
Q4 2017 Q3 2018 October
Plant
Recovery (%) 69 80 82
Throughput (tpd) 757 1,385 1,900
Mine
Production (tpd) 618 1,123 1,975
Grade (g/t) 9.1 8.4 7.3
Development (m) 1,500 1,800 n/a
Gold Production (oz) 21,200 33,100 10,470
Gold Poured (oz) 17,500 33,460 10,540
3
0.90x
0.84x
0.73x
0.72x
0.72x
0.61x
0.55x
0.53x
0.52x
0.52x
0.44x
0.36x
0.23x
SSR Mining (SSRM)
Wesdome (WDO)
Torex (TXG)
SEMAFO (SMF)
Atlantic Gold (AGB)
TMAC (TMR)
Golden Star (GSC)
Alacer (ASR)
Roxgold (ROXG)
Pretium (PVG)
Asanko (AKG)
Argonaut (AR)
Guyana (GUY)
TMAC’s Value Proposition
Hope Bay Located in Tier One Jurisdiction
One of the World’s Highest Grade Gold Camps
Near-Term Growth from Mill Expansion and Optimization
Opportunities for NAVPS Growth Through Optimizing Development of Three Defined Mines
Unparalleled Exploration Upside to Drive Resource Growth
Production Expansion Opportunity as New Deposits Developed
Rationale For Premium Multiple Street Consensus P/NAV (Ratio)
4
Source: BMO Capital Markets
Note: Medians exclude TMAC.
1. Calculated as reserves of producing assets divided by 2019E gold equivalent production.
Mine Life Index (Years)(1)
22.019.9
15.8
11.9 11.89.8 9.6
7.3 6.8 6.7 6.2 6.04.6
PV
G
TMR
GU
Y
SSR
M
ASR
AR
AK
G
WD
O
TXG
SM
F
GSC
AG
B
RO
XG
Denotes > 50% of Gold
Reserves in Canada/USA
Overall Median: 0.54x
Canada/USA
Median: 0.78x
--
0.5x
1.0x
1.5x
2.0x
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18
Peer Range Peer Median TMAC
0.61x
0.54x
First Gold Pour
(NAVPS: C$13.76)
NAVPS: C$8.67
Processing Plant Issues
Announced
Historical Consensus P/NAV Multiple vs. Peers
5
(40%)
(20%)
--
20%
40%
60% Overall average premium until 14-Jul-17: 30.4%
Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18
Overall average discount since 10-May-18: 11.1%
Source: BMO Capital Markets
Note: TMAC peers include Alacer, Argonaut, Asanko, Atlantic Gold, Golden Star, Guyana, Pretium, Roxgold, SEMAFO, SSR Mining, Torex, and Wesdome.
Operations
6
Improving Plant Performance
7
Successful Ramp Up of Plant
8
Expansion of Gravity Effort
Grind/Flotation Feed Surge bins (2)
Remove cleaner Jigs
Move Spinners to Crushing Circuit
Falcon SB1350 (2)
KnelsonXD20 (2)
Replace Regrind Cyclones (2)
Falcon C2000 (2)
9
Ramp Up Doris Mine
• Mine is ramping up to targets
• High grade Hinge, BTD and Doris Crown Pillar important to Q4 and 2019 plan
• Doris BTD underexplored and highly prospective – drilling platforms being established
with exploration plan
10
Doris North Doris Connector Doris Central
Extension
East Limb
BTD Connector BTD Central
N Hinge
Crown Pillar
Doris North BTD
Planned Development
Existing Development
Mining Area Timing
Doris North
Hinge
Q4-18 to
Q2-19
Doris North
Crown PillarQ4-18
Doris North
BTD
Q4-18
Onward
Doris
Connector
Q4-18 to
Q4-20
Doris
Central
Q4-19 to
Q4-21
Doris BTD
Connector
2019
Exploration
Doris BTD
Central
2020
Exploration
Finance
11
2018 Cash Costs and AISC (US$/oz)
Q1 2018 Q2 2018 Q3 2018
Ounces Sold 19,540 25,760 32,140
Cash Costs $1,049 $928 $825
Less: Non-Cash Inventory NRV Adjustment(2) (-) (12) (47)
Cash Costs excluding NRV adjustment $1,049 $916 $778
Corporate general and administration costs 169 132 103
Underground development 215 198 149
Site Infrastructure projects 174 104 139
All-in sustaining costs before the following $1,607 $1,350 $1,169
South dam 190 256 19
Marine outfall pipeline 10 20 131
Gravity concentrator project - 4 90
Add back: Non-Cash Inventory NRV Adjustment(2) - 12 47
AISC $1,807 $1,642 $1,456(2)The net realisable value adjustment on ore stockpiles is a non-recurring adjustment. Refer to the management discussion and analysis for the third
quarter of 2018 for further details. 12
(3) AISC excluding the south dam, marine outfall pipeline, gravity concentrator project and inventory NRV adjustments - Cash Cost excluding
inventory NRV adjustments
Gold Production and Costs
(3)(3)
13
Key Financial Metrics
Q2 2018 Q3 2018
Gold Sold (ounces) 25,760 32,140
Revenue (C$ millions) 43.3 50.3
Realized Gold Price (US$/oz) 1,300 1,201
Cash Costs (US$/oz) 928 825
AISC (US$/oz) 1,642 1,456
Cash flow from Operating Activities (C$ millions) 14.6 6.1
EBITDA (C$ millions) 4.9 15.7
Capital Expenditures (C$ millions) 27.1 28.4
Ending Unrestricted Cash Balance(4) (C$ millions) 24.2 13.6
Debt(4) (C$ millions) 205.2 202.2(4) Excludes the impact of the net proceeds of $88.0M from equity issue closed October 3, 2018 and the payments on October 31, 2018 to reduce debt
from US$160M to US$125.8M 14
Exploration
15
Doris North High Grade Gold
0
10
20
30
40
50
60
70
80
90
0
10
20
30
40
50
60
70
Ye
llow
kn
ife
He
mlo
Re
d L
ake
Kirkla
nd
-
Lard
er
Lake
No
ran
da
Ca
dill
ac
-Va
l-
D'O
r
Tim
min
s-
Ma
the
son
Ho
pe
Ba
y
Str
ike
Le
ng
th (
km
)
Cu
mu
lativ
e R
eso
urc
e (M
oz)
1
Cumulative Resources (M oz Au)
Strike Length (km)
?
1 “Cumulative Resource” refers to the estimated sum of historical production and current resource
estimates. Source: Metals Economics Group, Intierra, and company reports.
?
?
Hope Bay and Archean Greenstone Belts
Madrid
20 km
Doris
Boston
80 km
Measured and Indicated Resources of 17.8 Mt at
8.6 g/t gold containing 4.9 M ounces
16
19
TM5015611.3 g/t Au/16.2 mIncluding 26.2 g/t Au/5.6 m
TM50168126.5 g/t Au/0.7 mAnd 38.2 g/t Au/9.7 m
TM5017216.4 g/t Au/6.5 m
• BTD Extension remains open
to the north
• BTD ramp development will
provide drill platforms for
drilling on additional ~100 m
strike to the north in 2019
Doris: Extend BTD Resources
TM50148 (Previous Hole)
261.4 g/t Au over 7.1 m
Incl. 2,710 g/t Au over 0.66 m
TM00058 (Previous Hole)
112.8 g/t Au over 1.5m
TM5017524.2 g/t Au/10.2 mAnd 57.8 g/t Au/1.5 m
-500 m
17
BTD North Resources
Indicated:
0.07 mt @ 18.3 g/t Au, 40 koz Au
Inferred:
0.20 mt @ 14.7 g/t Au, 94 koz Au 0 m
Doris: Expand Connector and BTD Connector
18
Proposed UG
development
Doris Connector
Production support
definition drilling
BTD Connector Resources
Indicated: 0.14 mt @ 8.4 g/t Au, 38 koz Au
Inferred: 1.06 mt @ 7.5 g/t Au, 254 koz Au
250 m
N
0 m
-500 m
BTD Connector
Infill drilling to upgrade
and expand current
resource
Connector-Central Resources
Indicated: 1.54 mt @ 9.4 g/t Au, 463 koz Au
Inferred: 0.20 mt @ 5.8 g/t Au, 38 koz Au
Open
1 m
Structural
Repetition?
Development Face
Doris North
BTD
Regional
500 m
Mine-Regional Scale Structural Patterns
Possible Structural Repetition of Stratigraphy?
25 m
Doris Regional: Lateral Near-Mine Extension
W E
W E
W E
Production Scale
Mine Scale
Quartz Vein
Doris BTD
Theoretical Structural Pattern
19
22
TM003817.4 g/t Au/65.7 mIncluding 14.4 g/t Au/26.1 m
TM0039217.1 g/t Au/1.5 mAnd 12.6 g/t Au/15.5 m
Naartok West
Naartok East
High Grade
Plunge
W E
• 44 drillholes completed in 2018 drill
program
• Focused above 150 metre level,
within and below the Naartok West
crown pillar recovery area
• Confirmed the plunge and
continuity within wide, high grade
core
Madrid: Naartok West Advancing to Development
0 m
-500 m
20
Naartok Resources (West and East)
Indicated:
7.44 mt @ 7.5 g/t Au, 1.8 Moz Au
Inferred:
1.12 mt @ 6.8 g/t Au, 0.2 Moz Au
TM003966.6 g/t Au/42.2 mIncluding 32.9 g/t Au/5.0 m
23
N S
TM0042210.4 g/t Au/9.6 m
TM004344.9 g/t Au/29.5 mIncluding 10.9 g/t Au/10.5 m
• 31 drillholes completed in 2018 drill
program
• Materially added Au ozs within the
crown pillar, not previously
identified with the wide spaced
historical drilling
• Potential opportunity to add Au ozs
within the crown pillar in 2019 with
additional drilling
Madrid: Naartok East Advancing to Development
Structural Trend
TM004434.9 g/t Au/27.6 mIncluding 12.9 g/t Au/5.5 m
0 m
-500 m
TM0044111.0 g/t Au/12.5 m
21
Naartok Resources (West and East)
Indicated:
7.44 mt @ 7.5 g/t Au, 1.8 Moz Au
Inferred:
1.12 mt @ 6.8 g/t Au, 0.2 Moz Au
Naartok
East
Naartok
West
RandSuluk
Crown Pillar Beneath Patch Lake
Indicated
Inferred
Inferred
Madrid: Suluk Zone Advancing to Development
250 m
N
0 m
-500 m
• Potential for 2019 winter drill program from ice to increase and upgrade
mineral resources as well as supporting metallurgical testwork22
Suluk Resources
Indicated: 3.20 mt @ 7.7 g/t Au, 0.8 Moz Au
Inferred: 2.58 mt @ 6.3 g/t Au, 0.5 Moz Au
Doris
Madrid
Au > 10 g/t High Resolution
Gravity Image1st order
Structure
2nd order
Structure
Gold
Deposit
Pogey
Kamik
North Doris
Quaqtuq
Dinger
Gunn
Madrid Regional: Establish
New Economic Deposits
23
• > 25 Years of modern exploration
• 4 owners
• > 1 million metres of historic drilling, more than 95% on established
deposits
• Enormous amount of high quality data available
• >90 Exploration targets identified
Exploration Datasets
Airborne geophysics Geological mapping
Magnetic Outrcrop sampling
Electro-Magnetic Gold in glacial till sampling
High resolution gravity gradiometry Diamond drilling
Ground geophysics RC drilling
Magnetic
Induced polarization
Seismic
11SBD411A
12.46m @ 10.16 g/t12.38m @ 10.62 g/t2.7m @ 16.1 g/t
94NOD118
9.1m @ 16 g/t
93NOD047
2.5m @ 238 g/t
S00243
5.7m @ 35.1 g/t
B3/Newton
Intersection
N SB2 Zone
250 m
-50m
-100m
-200m
-300m
-400m
-500m
11SBD414
7.1m @ 28.5 g/t4.8m @ 17.3 g/t7.8m @46.6 g/t
S04-322
3.7m @ 36.3 g/t
Boston: Increase Resource Scale
24
Significant Growth Potential of Established Deposit
High Priority Regional Targets
Boston ResourcesIndicated: 3.7 Mt @ 9.2 g/t Au
1,096,000 ozs Au
Inferred: 1.4 Mt @ 7.4 g/t Au
330,000 ozs Au
1 Km
Boston Deposit
Alteration Trend
N
25.6 g/t Au/1.2m
37.5 g/t Au/1.0m
> 10 g/t Au
Surface Sample
• Complete gravity enhancement in Plant and deliver 90% recovery
• Continue to build on successes of increasing plant throughput
• Feed the Plant
• Take advantage of three production areas and one development
area to continue ramp up of Doris mine production
• Deliver plan for development of Madrid, including 2019 ore
• Scope tactical 2019 exploration plan to support near-term production
and ongoing belt-wide development
• Secure Water Licences by Q1 2019 now that Madrid-Boston Project
Certificate secured from NIRB
• Advance analysis of optimized Hope Bay Belt development
Near-Term Priorities
25
Appendices
26
Mineral Reserves (as at June 30, 2017)
Category/Deposit Tonnes(t 000)
Grade(g/t Au)
Contained Au(oz 000)
Proven
Doris 493 15.8 250
Boston 657 8.5 180
Total Proven 1,150 11.6 430
Probable
Doris 1,652 8.3 442
Madrid North 8,350 6.7 1,802
Madrid South 692 10.3 230
Boston 2,687 8.1 703
Total Probable 13,381 7.4 3,177
Total P & P
Doris 2,145 10.0 692
Madrid North 8,350 6.7 1,802
Madrid South 692 10.3 230
Boston 3,343 8.2 883
Total P & P 14,531 7.7 3,607
27
Mineral Resources (as at June 30, 2017)
Category/Deposit Tonnes(t 000)
Grade(g/t Au)
Contained Au(oz 000)
Measured
Doris 281 22.9 207
Boston 608 10.3 201
Total Measured 889 14.3 408
Indicated
Doris 1,838 9.6 567
Madrid North 11,443 7.5 2,759
Madrid South 571 15.4 282
Boston 3,103 9.0 895
Total Indicated 16,954 8.3 4,503
Total M&I 17,843 8.6 4,911
Inferred
Doris 1,521 8.2 400
Madrid North 4,125 6.4 843
Madrid South 420 9.0 122
Boston 1,393 7.4 330
Total Inferred 7,459 7.1 1,69428
Information Regarding Scientific and
Technical Information
• Notes:
• CIM definitions were followed for Mineral Reserves and Mineral Resources.
• Numbers may not add due to rounding.
• Mineral Reserves are estimated using a cut-off grade of 4.4 g/t for Doris and Madrid North. Madrid
South and Boston use a 4.7 g/t Au cut-off grade.
• Mineral Reserves are estimated using an average long-term gold price of US$1250 per ounce and a
US$/C$ exchange rate of 0.85.
• A minimum mining width of 1.5 metres for longhole mining and 3 metres for Drift and Fill mining was
used.
• Density was calculated using the geological block model density field.
• A 95% extraction factor was applied to longhole mining.
• The application of dilution varied by deposit, and depended on stope thickness.
• Mineral Resources are estimated at a cut-off grade of 4.0 g/t Au for Doris and Madrid North, and 4.5 g/t
Au for Madrid South and Boston.
• Mineral Resources are estimated using a long-term gold price of US$1400 per ounce, and a US$/C$
exchange rate of 0.85.
• A minimum mining width of approximately 1.5 metres was used.
• A 50 metre crown pillar allowance was applied to resources located below lakes.
• Doris North has been depleted based on surveyed mining cavities up to the end of May 2017. For the
month of June 2017, a mathematical depletion was used based on production figures and the
average dilution used for the Mineral Reserve estimate for Doris North.
• Mineral Resources are inclusive of those resources converted to Mineral Reserves.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 29
Information Regarding Scientific and
Technical Information
• Several slides reported drill intervals representing down-hole thickness;
true width varies depending on the dip of the drill hole. True widths are
estimated to be approximately 50% to 85% of down hole widths.
Composite intervals are based on geological observations. Gold values
used to calculate composite intervals are uncut.
• Reported historical drill hole intersections have been obtained from
TMAC Resources’ Hope Bay Drillhole Database which has been
independently validated by Roscoe Postle Associates Inc (“RPA”) and
reported in Section 12 - Data Verification of the “Technical Report on the
Hope Bay Project Nunavut, Canada” dated May 28th, 2015.
• Please refer to the news published June 14, 2018 and November 8, 2018
which are both available from TMAC’s website at
www.tmacresources.com for the complete text of the releases covering
the results of this work.
30
