1

A Capital OpportunityA Global Market for Mining Companies

2

Section 1

Toronto Stock Exchange and TSX Venture Exchange Overview

3

CANADAGLOBAL LEADERSHIP, WORLD-CLASS FINANCIAL INSTITUTIONS AND ECONOMIC STABILITY

Source: The Economist Intelligence Unit, via Invest in Canada – Think Canada, December 2018. World Economic Forum ranked Canada as one of the top 2 soundest banking systems for the past 10 years.

Ranked second in the G7 and G20 for doing business (2019-2023)

Lowest debt-to-GDP among G7

One of the world’s soundest banking systems

4

GLOBAL MARKET FOR CAPITAL

$41 BILLION RAISED ON TSX/TSXV IN 2018

Source: TSX/TXV Market Intelligence Group and World Federation of Exchanges. As at December 31, 2018. Country ranking reflects the total equity capital raised by companies listed on the stock exchanges and does not include exchange groups that encompass multiple countries.

COUNTRY RANKING: EQUITY CAPITAL RAISED (2014-2018)

$273BIN EQUITY CAPITAL RAISED ON TSX/TSXV IN THE PAST 5 YEARS

CHINA & HONG KONG HKSE, SHANGHAI SE, SHENZEN SE1.

2. USNYSE, NASDAQ

3.

CANADA TSX/TSXV

4.

UNITED KINGDOMLSE/AIM

5. AUSTRALIAASX

5

KEY STATISTICS

$41B

$65M

EQUITY CAPITAL RAISED

AVERAGE FINANCING ON TSX

TSX AND TSXV BY THE NUMBERS

$4MAVERAGE FINANCING ON TSXV

As at December 31, 2018.

3,230ISSUERS

344GOING PUBLIC EVENTS

6

GLOBAL CAPITAL AND LIQUIDITY

THE WORLD’S LARGEST ASSET MANAGERS INVEST AND TRADE ON TSX

40%OF DAILY TRADING ORIGINATES FROM OUTSIDE CANADA

25%OF TSX AND TSXV MEMBER FIRMS ARE HEADQUARTERED OUTSIDE CANADA

7

$5 TRILLION INSTITUTIONAL MARKET

A TSX LISTING MAXIMIZES ACCESS TO CANADIAN INSTITUTIONAL INVESTORS

Source: Investor Economics, Spring 2016 Managed Money Report. 1Pension plan AUM includes private equity, real estate and infrastructure divisions.

TOP CANADIAN PENSION PLANS1TOP CANADIAN MONEY MANAGERS

INSTITUTION AUM (C$ BN)

RBC Global Asset Management $286

TD Asset Management $253

BlackRock $149

Fidelity (Canada) $108

1832 Asset Management (Scotiabank) $108

Manulife $104

BMO Global Asset Management $95

CIBC Asset Management $88

CI Financial $86

Fiera $77

Other AUM $1,371

Total $2,725

INSTITUTION AUM (C$ BN)

Canada Pension Plan Investment Board $283

Caisse de Dépôt et Placement du Québec $248

Ontario Teachers Pension Plan $171

British Columbia Investment Management $124

Public Sector Pension $112

Alberta Investment Management Company $90

Ontario Municipal Employees Retirement $77

Healthcare of Ontario Pension Plan $64

Ontario Pension Board $22

OPTrust $18

Other Pension Funds/Undisclosed $699

Total $1,908

8

YOUR GATEWAY TO THE WORLD

GLOBAL MARKET MAKERS ACTIVELY SUPPORT AND ENHANCE YOUR LIQUIDITY

Geographical proximity and integrated markets means prominent liquidity providers posting quotes in the US are equally active in Canada.

33%OF TSX TRADES IN LARGE CAP STOCKS INVOLVE LIQUIDITY PROVIDED BY A GLOBAL MARKET MAKER

9

A STABLE & PREDICTABLE MARKETCANADA HAS A PRAGMATIC SECURITY REGIME THAT SUPPORTS COMPANIES AS THEY GROW

*Subject to case-specific facts and not to be construed as legal advice.

Benign class-action lawsuit environment

Secondary market liability capped at 5% of issuer market capitalization*

Directors and Officers (D&O) liability capped by statute*

10

Section 2

TSX/TSXV Mining Sector Overview

11

TSX MINING ECOSYSTEM

36%

50%

As at or year to date December 31, 2018.Source: TSX/TSXV Market Intelligence Group, S&P Capital IQ and S&P Global Market Intelligence.

OF EVERY DOLLAR RAISED BY PUBLIC MINING COMPANIES OVER THE LAST FIVE YEARS HAS BEEN ON TSX/TSXV

OF GLOBAL PUBLIC MINING COMPANIES ARE LISTED ON TSX/TSXV

AVERAGE MINING ANALYST COVERAGE

200+ANALYSTS COVER THE TSX/TSXV MINING SECTOR

13

19

29

13

23

29

11

27

18

$1-10 billion $10-20 billion $20 billion +

LSE

TSX

ASX

12

LEADER IN MEGA-CAP FINANCINGS

30% OF THE 10 LARGEST GLOBAL FINANCINGS IN 2018 WERE ON TSX/TSXV

Source: S&P Global Market Intelligence As at December 31, 2018.

36%OF EVERY DOLLAR RAISED OVER THE PAST 5 YEARS IN MINING WAS ON TSX OR TSXV

COMPANY EXCHANGEGROSS PROCEEDS (C$)

Tata Steel Limited BSE $1.5B

Shandong Gold Mining Co., Ltd. SHSE $1.0B

Tata Steel Limited BSE $892M

Guangdong Hec Technology Holding Co., Ltd SHSE $633M

Ganfeng Lithium Co., Ltd. SZSE $558M

Livent Corporation NYSE $451M

Lundin Gold Inc. TSX $381M

Cobalt 27 Capital Corp. TSXV $300M

Chengtun Mining Group Co. Ltd SHSE $283M

Nemaska Lithium Inc. TSX $280M

TOP 10 GLOBAL MINING FINANCINGS - 2018

13

LEADERSHIP IN THE MINING SECTOR

THE WORLD’S MINING COMPANIES LIST ON TSX

Source: TSX/TSXV Market Intelligence Group, S&P Capital IQ and S&P Global Market Intelligence. As at December 31, 2018.

IN MINING EQUITY CAPITAL RAISEDIN LISTED MINING COMPANIES

VALUE OF MINING EQUITY CAPITAL RAISED(5-YEAR TOTAL = $110 BILLION)

TSX/TSXV LIST THE MOST MINING COMPANIES IN THE WORLD

#1 #1

TSX/TSXV36%

Other23%

ASX17%

NYSE/NYSE Amer.10%

LSE/AIM7%

HKEx7%1.189

648

141

TSX/TSXV ASX LSE/AIM

14

A DIVERSE MINING SECTOR

BY MINING PROPERTY LOCATIONSBY PRIMARY COMMODITY

BREAKDOWN OF TSX/TSXV MINING ISSUERS

Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at December 31, 2018.

Gold

Copper14%

Uranium8%

Silver6%

Diamonds4%

Zinc4%

Nickel3%

Lithium2%

Iron Ore1%

Graphite1% Other

8%

Canada55%

Latin America19%

U.S.11%

Africa7%

UK/Europe4%

Asia2%

Australia/PNG/NZ2% Middle East /

Russia & CIS0,5%

15

TOP MINING FINANCINGS

OVER $5B IN TOTAL EQUITY CAPITAL WAS RAISED IN 2018

Source: TSX/TSXV Market Intelligence Group. Combined Financings YTD December 31, 2018.

COMPANY TICKER

GROSS PROCEEDS (C$)

Lundin Gold Inc. LUG $508M

Nemaska Lithium Inc. NMX $459M

Nevada Copper Corp. NCU $237M

Orocobre Limited ORL $233M

Golden Star Resources Ltd. GSC $162M

Clean TeQ Holdings Limited CLQ $156M

Sherritt International Corporation S $132M

Gran Colombia Gold Corp GCM $121M

TMAC Resources Inc. TMR $90M

Osisko Mining Inc. OSK $76M

TSX TOP 10 MINING FINANCINGS

COMPANY TICKER

GROSS PROCEEDS (C$)

Cobalt 27 Capital Corp. KBLT $598M

Victoria Gold Corp. VIT $125M

Equinox Gold Corp. EQX $98M

Itafos IFOS $86M

West African Resources Limited WAF $76M

Alphamin Resources Corp AFM $56M

Mason Graphite Inc. LLG $45M

Orezone Gold Corporation ORE $45M

Millennial Lithium Corp. ML $32M

Orla Mining Ltd. OLA $31M

TSXV TOP 10 MINING FINANCINGS

16

ACCESS TO CAPITAL

TOP EXCHANGE FOR MINING CAPITAL GLOBALLY

Source: TSX/TSXV Market Intelligence Group and S&P Capital IQ, as at December 31, 2018.

49%OF THE NUMBER OF MINING EQUITY FINANCINGS GLOBALLY IN 2018

34%OF THE MINING EQUITY CAPITAL RAISED GLOBALLY IN 2018

BY PRIMARY COMMODITYGLOBAL MINING EQUITY FINANCING 2018(C$B)

$6,5B

$4,2B

$2,4B

$1,0B $0,9B$0,6B $0,5B

TSX/TSXV ASX SHSE LSE/AIM NYSE/Amer. SZSE HKEx

17

A GLOBAL MINING EXCHANGE

Note: A single company may have projects in multiple countries. Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at December 31, 2018.

NEARLY 45% OF THE 5,300+ MINERAL EXPLORATION PROJECTS HELD BY TSX & TSXV COMPANIES ARE OUTSIDE OF CANADA

18

THE LEADING MINING EXCHANGE

LATIN AMERICAN MINING COMPANIES LOOK TO CANADA

Mexico

126

Brazil

34

Venezuela

3

Peru

56

Argentina

46

Bolivia

8

Colombia

26

Uruguay

2

Chile

31

French Guiana

3

Suriname

3

Guyana

11

Ecuador

15

391TSX/TSXV MINING COMPANIES IN LATIN AMERICA

1024NUMBER OF LATIN AMERICAN MINING PROPERTIES

$2.1BEQUITY CAPITAL RAISED IN 2018 ON TSX/TSXV BY COMPANIES WITH MINING PROJECTS IN LATIN AMERICA

10NEW MINING LISTINGS WITH PROJECTS IN LATIN AMERICA

Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence.As at December 31, 2018.

Central America

27

19

TSX AND TSXV COMPANIES ARE MINING IN BRAZIL

Brazil

34

34TSX/TSXV MINING COMPANIES IN BRAZIL

104NUMBER OF BRAZILIAN MINING PROPERTIES

$262MEQUITY CAPITAL RAISED IN 2018 ON TSX/TSXV BY COMPANIES WITH MINING PROJECTS IN BRAZIL

5AVERAGE NUMBER OF ANALYSTS COVERING TSX/TSXV COMPANIES WITH PROJECTS IN BRAZIL

Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at December 31, 2018.

20

TSX AND TSXV COMPANIES ARE MINING IN BRAZIL

Brazil

34

TSX

Aura Minerals Inc.

Belo Sun Mining Corp.

Capstone Mining Corp.

Eldorado Gold Corporation

Ero Copper Corp.

First Mining Gold Corp.

Goldmining Inc.

Horizonte Minerals Plc

IAMGold Corporation

Jaguar Mining Inc.

Kinross Gold Corporation

Largo Resources Ltd.

Leagold Mining Corporation

Nexa Resources S.A.

Serabi Gold plc

Talon Metals Corp.

Teck Resources Limited

Verde Agritech Plc

Yamana Gold Inc.

TSX VENTURE EXCHANGE

Aguia Resources Limited

Altamira Gold Corp.

Amarillo Gold Corporation

Cabral Gold Inc.

Canada Rare Earth Corp.

Eagle Graphite Incorporated

Equinox Gold Corp.

Fengro Industries Corp.

Five Star Diamonds Limited

Itafos

Lara Exploration Ltd.

Meridian Mining Societas Europaea

Para Resources Inc.

Sigma Lithium Resources Corporation

Tristar Gold Inc.

Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at December 31, 2018.

21

GLOBAL MINING EXPERTS

TSX/TSXV IS THE DESTINATION FOR MINING COMPANIES

Source: TSX/TSXV Market Intelligence Group. As at December 31, 2018.

TSX VENTURE EXCHANGE

TORONTO STOCK EXCHANGE TOTAL

Number of Mining Issuers 971 218 1,189

Market Cap. (C$) $17.3 B $254 B $271 B

Number of Interlisted Mining Issuers 33 99 132

Market Cap. (C$) $1.9 B $219 B $221 B

22

THE LEADING EXCHANGE

2018 MINING MARKETS AT A GLANCE

Source: TSX/TSXV Market Intelligence Group, S&P Capital IQ, S&P Global Market Intelligence and exchange websites. As at December 31, 2018.

Note: New listings on TSX and TSXV excludes movement between exchanges.

TSX TSXVTSX & TSXV

LSE AIM ASX JSE HKExNYSE &NYSE Amer.

Number of Mining Issuers Listed

218 971 1,189 40 101 648 39 54 103

Equity Capital Raised (C$ billions)

3.4 3.1 6.5 0.3 0.7 4.2 0.2 0.5 0.9

Number of Financings 158 1,097 1,255 10 105 985 4 10 60

Market Capitalization (C$ billions)

253.9 17.3 271.2 353.2 7.0 423.7 312.3 153.9 853.1

New Mining Listings 3 44 47 6 6 35 3 4 2

23

tmx.com

The document and the information contained therein are provided “as is” for information purposes only and are not intended to provide investment, financial or other advice, and should not be relied on for any trading, business, financial or other purposes. The information provided is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Venture Exchange. TMX Group Limited and its affiliated companies (collectively, “TMX”) do not endorse or recommend any securities referenced in this document. Neither TMX Group Limited, nor any of its affiliated companies or entities, guarantees the completeness of the information contained in this document and we are not responsible for any errors or omissions in, or your use of, or reliance on, the information.

© 2019 TSX Inc. All rights reserved. Do not sell, reproduce or modify this document without TSX Inc.’s prior written consent. TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, TSX Venture Exchange and TSXV are the trademarks of TSX Inc.

RECEIVE THE MONTHLY MIG REPORT IN YOUR INBOX

LISTINGS STATISTICS

TSX.COM/MIG@TSX_TSXV

For more information

DEAN MCPHERSON

HEAD, BUSINESS DEVELOPMENT, GLOBAL MINING

TORONTO STOCK EXCHANGE AND TSX VENTURE EXCHANGE

T +1 416 947-4477E dean.mcpherson@tmx.com

24

tmx.comtmx.com