The Troilus Gold Project is a former gold and copper mine in Quebec, Canada that was believed to be fully exploited after closing in 2010. Recent exploration over the past two years has grown the mineral resource by 129% to 4.71 million ounces of gold equivalent in the indicated category and 1.76 million ounces in the inferred category. The expanded deposit remains open along strike and at depth. Existing infrastructure from the previous mining operations such as roads, power, and a permitted tailings facility are expected to reduce capital costs and timelines for any future development.

1. The Troilus Gold Project
A New Life for the Former Troilus Gold Mine
Corporate Presentation - April 14, 2020

2. | 2
v
Statements and certain information contained in this presentation and any documents
incorporated by reference may constitute “forward-looking statements” within the meaning of
applicable Canadian securities legislation which may include, but is not limited to, information
with respect to the Corporation’s expected production from, and further potential of, the
Corporation’s properties; the Corporation’s ability to raise additional funds; the future price of
minerals, particularly gold and copper; the estimation of mineral resources; conclusions of
economic evaluation; the realization of mineral reserve estimates; the timing and amount of
estimated future production; costs of production; capital expenditures; success of exploration
activities; mining or processing issues; currency exchange rates; government regulation of
mining operations; and environmental risks. Often, but not always, forward-looking
statements/information can be identified by the use of words such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or
“believes” or variations (including negative variations) of such words and phrases, or statements
that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur
or be achieved. Forward-looking statements/information is based on management’s
expectations and reasonable assumptions at the time such statements are made. Estimates
regarding the anticipated timing, amount and cost of exploration and development activities
are based on assumptions underlying mineral reserve and mineral resource estimates and the
realization of such estimates are set out herein. Capital and operating cost estimates are based
on extensive research of the Corporation, purchase orders placed by the Corporation to date,
recent estimates of construction and mining costs and other factors that are set out herein.
Forward-looking information involves known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of the Company and/or its
subsidiaries to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such factors include: uncertainties of
mineral resource estimates; the nature of mineral exploration and mining; variations in ore grade
and recovery rates; cost of operations; fluctuations in the sale prices of products; volatility of
gold and copper prices; exploration and development risks; liquidity concerns and future
financings; risks associated with operations in foreign jurisdictions; potential revocation or
change in permit requirements and project approvals; competition; no guarantee of titles to
explore and operate; environmental liabilities and regulatory requirements; dependence on key
individuals; conflicts of interests; insurance; fluctuation in market value of Troilus Gold Corp’s
shares; rising production costs; equipment material and skilled technical workers; volatile current
global financial conditions; and currency fluctuations; and other risks pertaining to the mining
industry. Although Troilus Gold Corp has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those described in forward-
looking statements, there may be other factors that cause actions, events or results to differ
from those anticipated, estimated or intended. Forward-looking information contained herein
or incorporated by reference are made as of the date of this presentation or as of the date of
the documents incorporated by reference, as the case may be, and Troilus Gold Corp does not
undertake to update any such forward-looking information, except in accordance with
applicable securities laws. There can be no assurance that forward-looking information will
prove to be accurate, as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers are cautioned not to place undue
reliance on forward-looking information. The forward-looking information contained or
incorporated by reference in this document is presented for the purpose of assisting
shareholders in understanding the financial position, strategic priorities and objectives of the
Corporation for the periods referenced and such information may not be appropriate for other
purposes.
The Troilus project has not been the subject of a current feasibility study and as such there is no
certainty that a potential mine will be realized. There is a significant risk that any production
from the project will not be profitable with these risks elevated by the absence of a compliant
NI 43 101 feasibility study.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;
the estimate of Mineral Resources in the updated Mineral Resource statement may be
materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing,
or other relevant issues. There is no certainty that the Indicated Mineral Resources will be
converted to the Probable Mineral Reserve category, and there is no certainty that the
updated Mineral Resource statement will be realized.
*The updated mineral resource estimate in this presentation was completed in accordance with
the “CIM”(2014) Definition Standards incorporated by reference in NI 43-101 by Roscoe Postle
and Associates (“RPA”) and has been reviewed internally by the Company. The full technical
report in respect of the updated mineral resource estimate (the “Technical Report”) is dated
December 20, 2019 and filed on SEDAR (www.sedar.com) December 23, 2019 under the
Company’s issuer profile.
The mineral resource estimate was prepared by Mr. Luke Evans, Executive Vice President,
Geology and Resource Estimation, Principal Geologist at RPA. Mr. Evans is an independent
Qualified Person as defined under the National Instrument (NI) 43-101 and has approved the
scientific and technical disclosure herein.
The technical and scientific information in this presentation has been reviewed and approved
by Bertrand Brassard, M.Sc., P.Geo., Senior Project Geologist, who is a Qualified Person as
defined by NI 43-101. Mr. Brassard has also verified the technical data contained in this
presentation using industry accepted standards. Mr. Brassard is an employee of Troilus and is not
independent of the Company under NI 43-101.
The Mineral Resource estimates contained herein may be subject to legal, political,
environmental or other risks that could materially affect the potential development of such
Mineral Resources. See the Technical Report for more information with respect to the key
assumptions, parameters, methods and risks of determination associated with the foregoing.
Cautionary note to U.S. investors concerning estimates of Mineral Resources:
These estimates have been prepared in accordance with the requirements of Canadian
securities laws, which differ from the requirements of U.S. securities laws. The terms “mineral
resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral
resource” are defined in NI 43-101 and recognized by Canadian securities laws but are not
defined terms or recognized under U.S. securities laws. U.S. investors are cautioned not to
assume that any part or all of mineral deposits in these categories will ever be upgraded to
mineral reserves. “Inferred mineral resources” have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher
category. Under Canadian securities laws, estimates of “inferred mineral resources” may not
form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not to assume
that all or any part of an inferred mineral resource exists or is economically or legally mineable.
Accordingly, these mineral resource estimates and related information may not be comparable
to similar information made public by U.S. companies subject to the reporting and disclosure
requirements under the U.S. federal securities laws and the rules and regulations thereunder.

3. *See mineral resource table on slide XX
Then:
▪ Former Au & Cu open-
pit mine (1996-2010)
▪ Known mineral
reserves were mined
(+2Moz of gold and
~70,000t of copper)
▪ Property was believed
to be fully exploited
Two years of exploration success grows Troilus into one of
the largest undeveloped gold deposits in North America
| 3
*See mineral resource table on slide 35
Now:
▪ Troilus was acquired in 2017 with a resource
of 2.05 Moz AuEq (Ind.) and 0.7 Moz AuEq (Inf.)
▪ +80,500 metres drilled in 2 years
▪ Resource estimate grows ~129% to
4.71 Moz AuEq (Ind.) and 1.76 Moz AuEq (Inf.)*
▪ Deposit remains open along strike and at depth
▪ Only 6 kms of a 20 km mag low geophysics
trend have been drilled
▪ Several mineral growth targets outlined near the
existing deposit

4. Over 2 million ounces of gold and
approx. 70,000 tonnes of copper
produced from the Z87 and J Zones
| 4
Z87 pit
J4 pit

5. TSX:
TLG
OTCQB:
CHXMF
FRA:
CM5R
52-week share price:
C$0.42-$1.02
Basic Shares
Outstanding:
~88M
Market
Capitalization:
~C$70M
Options/Warrants:
250k / 14M
Cash:
~C$8.3M*
*As at Dec. 31, 2019.
Not including ~$12.8M
raised in February, 2020
Tight capital structure Strong cash position Increasing visibility
✓ ✓ ✓
| 5
Richard Gray Cormark
Tyron Breytenbach Stifel|GMP
Tom Gallo Canaccord
Jacques Wortman Laurentian Bank
Pierre Vaillancourt Haywood
Philip Ker PI Financial
Stuart McDougall Mackie Research
Ryan Walker Echelon
Analyst Coverage

6. | 6*As at March 2020
Shareholder Distribution
~10%
Troilus Insider
Ownership:
Caisse de Dépot
Maple Leaf Funds
Sprott Asset Mgmt
Retail
CanaccordChibougamau Drilling
Goodman
Gold 2000
Qc. Institutional
(SIDEX, ARX, FTQ, JBIB)
Strong
Quebec
Ownership
Institutional
(Apogee, Don Smith,
Middlefield, AGF)

7. $9.4
$5.4
$4.2 $4.2
$3.7
$4.9 $5.0
$3.7
$1.8
$1.3
$0.4
$0.4
$0.4 $0.1
$0.1
$0.1 $0.2
$0.2
$0.3
$0.2
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
YTD
EquityRaised(C$Bn)
New Issues (ex FT) Flow-Through
| 7Source: Stifle GMP / FPInformart, financings with total proceeds greater than C$1.5M
Lowest in
20 years
Equity Raised Since 2010
Troilus has remained well-financed despite
mining equity raises being at a 20-year low.

8. | 8
Former operating gold
mine with active mining
lease in Quebec,
Canada.
Gold resources (Ind.)
grow ~129% since 2017.
Exploration work
currently underway.
Roads, power, tailings, etc,
inherited from former
mine. Positive impact for
project economics.
Only 6km of a 20km trend
on the property has been
significantly drilled.
District-wide potential.
Track-record of
successful project
development and value
generation.
Strong shareholder base;
supportive community,
Government and First
Nations.
✓ ✓ ✓
✓ ✓ ✓

9. QUEBEC
| 9
Favourable Jurisdiction for Mine Permitting & Development
Project ESIA filed
Permit
Awarded
Time for Permit
Lac Bloom (iron mine) Dec 2006 Feb 2008 14 months
Osisko (gold mine) Sept 2009 Sept 2010 12 months
Goldcorp (gold mine) Oct 2009 Oct 2011 24 months
BlackRock (iron and Va) Dec 2011 Dec 2013 24 months
Stornoway Diamond Corp. Dec 2011 Dec 2012 12 months
Mine Arnaud (apatite) Mar 2012 Mar 2015 36 months
Royal Nickel Nov 2012 Nov 2015 36 months
Hydro Quebec (electric line 161 kV) Dec 2012 Apr 2014 16 months
Nemaska Lithium Mar 2013 Sept 2015 30 months
Arianne Phosphate June 2013 Dec 2015 30 months
Waskaganish (aggregates quarry) June 2014 Sept 2015 16 months
Recent Permitting Timelines of Projects Near Troilus
| 9
“Plan Nord”
25-year Government
plan for natural
resources sector
development and
job creation.

10. | 10
Long-term
district-wide
potential.
The Frotêt-Evans
Greenstone Belt
remains significantly
underexplored
compared to the
Abitibi.

11. | 11
Road access via “Route du Nord”
(managed by Quebec Transport Ministry
and James Bay Energy Society)
Nearest airport in Chibougamau
(~170km south of Troilus)

12. Z87 South
Z87
J Zone
+20km mag low geophysics trend
2019 Mineral Resource
Indicated: 4.71 Moz AuEq @ 0.92 g/t
Inferred: 1.76 Moz AuEq @ 1.04 g/t
Resource Growth Exploration Targets
Allongé
| 12
5 km
Southwest
16,000 hectares

13. Main Access Road 5 km
| 13
16,000 ha property (160km2)
Extensive network of
well-maintained access roads
Active Mining Lease
Maintained from production era
Z87 and J4 pits
Z87 Ramp to Underground
450m decline
2
3
4
5
6
71
8
Former mill site
50MW Substation,
Main office,
Core logging facility,
Core storage
60-person camp
(completed in 2018 &
extended in 2019)
Former mine camp
Permitted tailings facility
Reclaimed and revegetated
Operating water
treatment facility
9
Z87
Pit
J4
Pit
+85 km operating
power line
maintained by
Hydro-Quebec
4
5
6 7
8
9
+40 km network of
well-maintained roads
500m
3
2
1

14. | 14
Existing infrastructure is expected to translate to a material
reduction in CAPEX and reduced time to production*
*Please refer to the cautionary language on slide 2 related to the completion of a feasibility study.

15. | 15
Total
Mineral
Resources³
Tonnes
Grade Gold
Equivalent
Contained
Gold
Equivalent
Indicated 159.1 Mt 0.92 g/t 4.71 Moz
Inferred 52.7 Mt 1.04 g/t 1. 76 Moz
‘000ouncesgoldequivalent
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2016¹ 2018² 2019³
0.7 Moz
AuEq
2.05 Moz
AuEq
1.17 Moz
AuEq
3.92 Moz
AuEq
1.76 Moz
AuEq
4.71 Moz
AuEq
1. See Technical Report on the Troilus Gold-Copper Mine Mineral Resource Estimate, NI43-101 Report June 30, 2016 (RPA)
2. See Technical Report on the Troilus Gold-Copper Mine Mineral Resource Estimate, NI43-101 Report January 1, 2019 (RPA)
3. See Mineral Resource Table Slide 39, and/or Technical Report on the Troilus Gold-Copper Project Mineral Resource Estimate, NI43-101 Report December 20, 2019 (RPA)
▪ +80,500 metres drilled
in 24 months
▪ Indicated mineral
resource grows 129%
to 4.71 Moz AuEq
▪ High-grade trend
identified
▪ Several growth targets
outlined adjacent to
resource area and
along 20km trend

16. | 16
Zone
J5
Zone
J4
Zone
Z87 / Z87 South
0 200
Meters
OPEN
OPEN
OPEN
OPEN

17. | 17
Zone
J5
Zone
J4
Zone
Z87 / Z87 South
OPEN
OPEN
OPEN
OPEN
2016
2019
0 200
Meters
0 200
Meters
~300m
~500m
Z87 pitJ5 pit

18. 2018/2019-Exploration Success On Strike & Down Dip
| 18
Active Mining Lease
Z87J Zone
Allongé Former Z87
open pit limit
Former J4
open pit limit
2018/2019 drill hole trace
2020 drill hole trace
Extent of 2018 Mineral Resource
(Indicated & Inferred)
Extent of 2019 Mineral Resource
(Indicated & Inferred)
Longitudinal Section (facing east)
•Discovery of Z87 South and Southwest Zones
•Mineral boundaries significantly extended to the West and SW
•High-grade gold trend identified
Southwest
Z87 South

19. Limit of Resource Shell
J5
J4
Z87 UG
Z87 South
495m525m
870m from
surface
g/t AuEq.
0.3 – 0.5
0.5 – 0.9
> 0.9
| 19
Above 0.3 g/t AuEq (open pit) & above 0.9 g/t AuEq (underground)
Total Open Pit and Underground
Indicated 159.06 0.92 0.78 0.09 1.19 3.97 301.15 6.07 4.71
Inferred 52.74 1.04 0.90 0.08 1.01 1.53 94.89 1.71 1.76
Tonnes
(Mt)
Gold
Equiv.
(g/t)
Gold
(g/t)
Copper
(%)
Silver
(g/t)
Contained
Gold
(Moz)
Contained
Copper
(Mlb)
Contained
Silver
(Moz)
Contained
AuEq
(Moz)
Classification
0.30 g/t OP and
0.90 g/t UG
NE SW
See Mineral Resource Table Slide 35

20. 495m525m
Z87J4
J5
230m 180m
Z87
South
| 20
Above 0.6 g/t AuEq
NE SW
g/t Aueq.
0.3 – 0.5
0.5 – 0.9
> 0.9
AuEq Au Cu Ag Contained Contained Contained Contained
(g/t) (g/t) (%) (g/t) AuEq Gold Copper Silver
(Moz) (Moz) (Mlb) (Moz)
Indicated 1.11 0.95 0.10 1.40 2.63 2.25 156.07 3.32
Inferred 0.92 0.80 0.07 1.31 0.51 0.44 26.18 0.73
Classification
0.60 g/t OP
Tonnage
(Mt)
Total Open Pit
73.7
17.3
See Mineral Resource Table Slide 35

21. | 21
Above 0.9 g/t AuEq
495m525m
Z87J4
J5
230m 180m
Z87
South
NE SW
g/t Aueq.
0.3 – 0.5
0.5 – 0.9
> 0.9
AuEq Au Cu Ag Contained Contained Contained Contained
(g/t) (g/t) (%) (g/t) AuEq Gold Copper Silver
(Moz) (Moz) (Mlb) (Moz)
Indicated 1.54 1.33 0.12 1.65 1.73 1.50 96.35 1.86
Inferred 1.28 1.14 0.08 1.50 0.24 0.22 10.09 0.28
Total Open Pit
35.1
5.9
Classification
0.90 g/t OP
Tonnage
(Mt)
See Mineral Resource Table Slide 35

22. | 22
~30g/t gold
Research program initiated in May 2019 with Western/Laval Universities
to study gold on the property and at a regional scale.
Troilus contributes $750k over 3 years, receives 36% back from tax incentives with the possibility
of NSERC & grants matching funding 4:1. Troilus’ net spend is $480k for $3M worth of work.

23. * For a summary of complete results, please see press release dated May 7, 2019
| 23

24. AuEq Au Cu Ag Contained Contained Contained Contained
(g/t) (g/t) (%) (g/t) AuEq Gold Copper Silver
(Moz) (Moz) (Mlb) (Moz)
Indicated 1.86 1.62 0.15 1.16 1.09 0.95 58.45 0.68
Inferred 1.82 1.63 0.12 0.67 0.97 0.87 43.60 0.36
Classification
0.90 g/t UG Z87
Tonnage
(Mt)
Total Underground
16.6
18.3
| 24
870m
Z87
350m
Z87
South
Resource Shell
NE SW
Above 0.9 g/t AuEq
▪ Remodeled Z87 Undergound in 2019 with improved geological understanding
▪ Results: Improved grade from 1.5 g/t to 1.86 g/t, tonnage decreases 24% and
ounces increase - without drilling!
▪ Same exercise currently being applied to the rest of the deposit

25. 495m
870m from Surface
Z87 UG
Z87 South
OPEN
OPEN
▪ Z87 South mineralization has broadened over
600m along strike and over 350m down dip
▪ Remains OPEN
| 25

26. Z87 South
Z87
J Zone
+20km mag low
geophysics trend
2019 Resource
Ind.: 4.71 Moz AuEq
Inf.: 1.76 Moz AuEq
Resource Growth
Exploration Targets
Allongé
5 km
Southwest Zone
| 26
▪ Southwest Zone
located 3.5 km from
mineral resource
area (accessible via
existing road)
▪ 8,500 metres of
drilling since
December 2019
▪ All ten drill holes
intersected gold
▪ High-grade
intersections,
at surface, incl.:
2.26 g/t AuEq
over 24 metres
▪ Similar geology
to Z87

27. | 27* For complete results, please see press releases dated January 28, 2020 and April 14, 2020

28. | 28
New Results 2020:
▪ 2.26 g/t AuEq over
24m, incl. 2.87 g/t
AuEq/17m
(TLG-ZSW19-177)
▪ 1.02 g/t AuEq over
31.7m, incl. 2.31 g/t
AuEq/7m
(TLG-ZSW19-173)
▪ 1.40 g/t AuEq over
17m, incl. 6.87 g/t
AuEq/1m, 3.67 g/t
AuEq/2m and 1.97 g/t
AuEq/2m
2.51 g/t AuEq over 5m,
incl. 10.78 g/t AuEq/1m
(TLG-ZSW19-175)
▪ 1.65 g/t AuEq over
33m, incl. 2.32 g/t
AuEq/8m and 3.83 g/t
AuEq/7m
(TLG-ZSW20-184)
* For complete results, please see press releases dated January 28, 2020 and April 14, 2020
High grade Au-Cu mineralization hosted in magnetite-rich, silicified breccia in hole TLG-ZSW20-184.
Gold is hosted in chalcopyrite-pyrite stockwork fracturing. Local sulfide concentration along foliation plan. Biotite-rich.

29. | 29

30. | 30
Updated Mineral Resource Estimate - Nov 2019
Acquisition of claims from 03 Mining Inc. (Osisko)
Submission of application for pit dewatering permit
Baseline studies (to be included in EIA 2020)
Recently Completed
Drilling & Regional Exploration work Throughout 2020
Permit for Pit Dewatering H1 2020
Preliminary Economic Assessment H2 2020*
Trade-off studies for mining process,
metallurgical test work, tailings deposition
H1 2020
Upcoming Catalysts
*Results from ongoing drilling could impact the timing of the study

31. | 31
Justin Reid, CEO & Director
Paul R. Pint, President
Denis Arsenault, CFO/SVP Qc.
Blake Hylands, SVP Exploration
Ian Pritchard, SVP Technical Services
Catherine Stretch, VP Corporate Affairs
Brianna Davies, Corporate Secretary
Caroline Arsenault, VP Corp. Communications
Daniel Bergeron, VP Quebec Operations
Jacqueline Leroux, Director of Environment
Bertrand Brassard, Senior Project Geologist
John Matoush, Community Liaison Mistissini
An accomplished management team with a history of successful
mine development and strong shareholder return
| 31

32. Diane Lai, ICD.D, MBA - Chairperson
Seasoned executive and entrepreneur with +20 yrs of global marketing experience
Andrew Mark Cheatle, P.Geo. FGS, MBA
30 yrs of international mining experience; consulting Geologist; former CEO of PDAC
Jamie Horvat, M.Sc.
+20 yrs of experience in asset management, particularly resources and precious metals
Thomas Olesinski, CPA, CMA
20 years of finance and management experience; former forensic accountant
Justin Reid, M.Sc., MBA
Geologist and capital markets executive with +20 yrs of experience in the mineral resource space
Hon. Pierre Pettigrew, p.c.
Former Minister of Foreign Affairs to three Prime Ministers; current Executive Advisor at Deloitte
Dr. John Hadjigeorgiou, PhD, P.Eng, ing, FCIM, ICD.D
Pierre Lassonde Chair in Mining Engineering at UofT; consultant to many major mining companies
Dr. Eric Lamontagne, Eng.PhD.
Former Superintendent of the Troilus mine; GM Greenstone JV (Centerra/Premier)
| 32

33. Thank You.
Corporate Headquarters
400-36 Lombard Street,
Toronto, Ontario, M5C 2X3
Paul Pint
President
+1 (416) 602-1050 | paul.pint@troilusgold.com

34. | 34
Signed Pre-Development Agreement (PDA) with the Cree Nation of Mistissini, the
Grand Council of the Crees (Eeyou Istche) and the Cree Nation in July 2018¹
▪ Establishes the framework for the on-going and mutually beneficial relationship regarding
business and employment opportunities for the Cree
▪ Facilitates continued support for exploration activities and preparation of the ESIA studies
▪ Illustrates the completion of the Impacts and Benefits Agreement (IBA) to show the
economic viability of the Troilus Project
(1) See news dated July 17, 2018
At Z87 during the Cree Site tour with
council and Chief Thomas Neeposh
Justin Reid, CEO and John Matoush,
Mistissini Community Liaison
At Z87 during the Cree Mineral
Exploration Board’s student site tour

35. | 35
Indicated 159.06 0.92 0.78 0.09 1.19 3.97 301.15 6.07 4.71
Inferred 52.74 1.04 0.90 0.08 1.01 1.53 94.89 1.71 1.76
Total Open Pit
& Underground
Total Open Pit
Indicated 140.78 0.80 0.67 0.08 1.19 3.02 242.70 5.39 3.61
Inferred 36.17 0.67 0.56 0.06 1.17 0.66 51.30 1.36 0.78
Total Underground
Indicated 18.28 1.86 1.62 0.15 1.16 0.95 58.45 0.68 1.09
Inferred 16.57 1.82 1.63 0.12 0.67 0.87 43.60 0.36 0.97
Notes:
1. CIM (2014) definitions were followed for estimated mineral resources.
2. Open pit mineral resources were estimated at a cut-off grade of 0.3 g/t AuEq and were constrained by a whittle pit shell.
Underground Mineral Resources were estimated at a cut-off grade of 0.9 g/t AuEq.
3. Mineral resources were estimated using long-term metal prices of US$1,400 per ounce gold, US$3.25 per pound copper, and US$20
per ounce of silver; and an exchange rate of US$1.00 = C$1.25.
4. High grade capped values vary from 2 g/t Au to 14 g/t Au and 1 g/t Ag to 9 g/t Ag based on mineralized lens
5. 87 Zone gold equivalent was calculated with formula AuEq = Au grade + 1.546 * Cu grade + 0.01 * Ag grade, and J Zone (J4-J5)
gold equivalent was calculated with formula AuEq = Au grade + 1.47 * Cu grade + 0.013 * Ag grade
6. A recovery of 83% for gold, 92% for copper, and 76% for silver was used at Z87; a recovery of 82% for gold, 88% for copper, and 76%
for silver was used at J Zone (J4-J5).
7. Bulk density varies from 2.77 g/cm³ to 2.86 g/cm³
8. Numbers may not add due to rounding
Tonnes
(Mt)
Gold
Equiv.
(g/t)
Gold
(g/t)
Copper
(%)
Silver
(g/t)
Contained
Gold
(Moz)
Contained
Copper
(Mlb)
Contained
Silver
(Moz)
Contained
AuEq
(Moz)

36. | 36
Z87 Underground Resources
Indicated 1.5 10,246 2.35 2.06 0.18 1.46 679,879 40,274,125 480,931 775,491
0.9 18,280 1.86 1.62 0.15 1.16 951,784 58,451,029 684,115 1,090,410
Inferred 1.5 7,420 2.68 2.46 0.14 0.82 586,765 22,619,395 196,672 639,730
0.9 16,570 1.82 1.63 0.12 0.67 869,921 43,596,562 356,444 971,779
Cut-off
AuEq
(g/t)
Tonnes
(Mt)
Gold
Equiv.
(g/t)
Gold
(g/t)
Copper
(%)
Silver
(g/t)
Contained
Gold
(Moz)
Contained
Copper
(Mlb)
Contained
Silver
(Moz)
Contained
AuEq
(Moz)
Indicated 0.9 21,921 1.64 1.39 0.15 1.90 980,261 73,231,135 1,335,624 1,158,726
0.6 38,359 1.25 1.05 0.12 1.62 1,299,270 99,681,479 1,993,647 1,543,950
0.3 63,830 0.94 0.78 0.09 1.41 1,597,627 130,579,022 2,890,372 1,920,936
Inferred 0.9 2,081 1.82 1.18 1.18 0.09 78,901 3,919,591 122,007 88,958
0.6 6,795 1.54 0.80 0.80 0.07 173,934 9,819,156 336,701 199,439
0.3 12,616 1.48 0.59 0.59 0.06 241,089 17,105,241 600,877 285,664
Z87 Open Pit
Indicated 0.9 13,208 1.35 1.22 0.08 1.23 518,888 23,123,290 522,786 575,255
0.6 35,376 0.96 0.84 0.07 1.16 951,435 56,389,546 1,321,898 1,089,507
0.3 76,950 0.68 0.57 0.07 1.01 1,421,031 112,120,476 2,496,200 1,693,844
Inferred 0.9 3,789 1.25 1.12 0.07 1.32 136,778 6,169,761 161,154 152,099
0.6 10,489 0.92 0.80 0.07 1.17 268,903 16,364,549 393,459 309,100
0.3 23,549 0.66 0.55 0.07 1.00 414,461 34,192,710 754,347 497,569
J Zone Open Pit
*See mineral resource table slide 35

37. | 37Note: Mergers of Equals (MOE’s) have been left out of the average premium calculations
Source: Stifle GMP / FactSet, Bloomberg, company disclosure, available equity research
Total Average
Acquiror Target
Mkt Value
(US$mm)
Spot
Premia
(%)
P / NAV
(ratio)
EV / MI&I
(US$/oz Au)
Primary
Region
Country
Producers / Producing Assets
Evolution Red Lake $375 n/a 0.88x $54 North America Canada
Kirkland Lake Detour Gold $3,707 23.8% 1.09x $168 North America Canada
Calibre Mining
El Limon and La
Libertad
$100 n/a 0.58x $40 North America Nicaragua
St. Barbara Atlantic Gold $536 40.5% 1.21x $272 North America Canada
Newmont Goldcorp $10,004 18.3% 1.15x $124 North America
Canada,
Mexico
Equinox Gold Mesquite $158 n/a 0.53x $65 North America USA
Northern Star Pogo $260 n/a n/a $63 North America USA
Bonterra Metanor $55 28.0% n/a $43 North America Canada
Hecla Mining Klondex Mines $507 88.2% 1.21x $96 North America USA, Canada
Total / Average North
America
$15,703 39.8% 0.95x $103
Total Rest of World $10,578
Developers / Development Assets
Osisko Gold Royalties Barkerville $174 26.2% 0.59x $32 North America Canada
Ascot Resources IDM Mining $29 42.9% 0.52x $34 North America Canada
Americas Silver Pershing $57 39.4% n/a $73 North America USA
Coeur Mining Northern Empire $80 17.9% 0.86x $100 North America USA
Total / Average North
America
$340 31.6% 0.66x $60
Total Rest of World $1,940

38. | 38
Main
Mineralized
Zones:
Z87, J Zone
(J4, J5), & Z87
South
Proximal
Mineral
Extension
Zones:
Allonge
Southwest
Zone Mineral
Extension

39. Thank You