NEW INTERMEDIATE GOLD & SILVER PRODUCER

Tucano Mine - OverviewOctober 4, 2019

Location

• Tucano is in Amapá State, the most northeastern state in Brazil

• Financial support office in Rio de Janeiro

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Tucano, Support Office

Rio de JaneiroOffice

Tucano

3

Access & Infrastructure

Access & Infrastructure

◎ Consumables and equipment via ship to Macapa (pop. ~750,000)

◎ ~200km from Macapa to Tucano on paved and dirt roads (~3 to 4 hr drive)

◎ Closest community is Serra do Navio, ~15 km from Tucano

◎ Grid power, currently 10MW, forecast increase to 12MW in middle 2020

◎ Diesel genset backup◎ >90% of labour drawn from local

communities

Accessible, Power, Water, Workforce

Access & Infrastructure

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100% Owned, Amapá, Brazil

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Mine Type Open PitAvg. Ore Tonnes Mined (Mt/Yr) 3.2

Avg. Waste Tonnes Mined (Mt/Yr) 22.3Processing Type Conventional CILAvg. Ore Tonnes Processed/Yr 3.15Recovery - Current 93%

Current Sulphide Ore (%) 100%Tailings Type Conventional TSF

Resources & Reserves*Au Ounces

(000)Au Grade

(g/t)Tucano Total Reserves 1,308 1.86 Open Pit 963 1.59 Underground 345 3.61

M&I Resources Inc. Reserves 2,053 2.02 Open Pit 1,583 1.51 Underground 470 3.71

Inferred Resources 1,486 2.13 Open Pit 163 1.33 Underground 986 2.45

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1940sSerra Do Navio Mn Discovery

1970sUNIGEO (Icomi 60%/Anglo

American 40%) Pb-Zn Anomaly & Au in 1973

1994-1997Amapari Au Discovery

1930sCriollos Gold Rush

1997-2003AngloGold Greenfield

Exploration2003-2010EBX Feasibility Study for Oxide PlantMPBA (Wheaton River, Goldcorp, Peak Gold, New Gold) Heap Leach Au Production of 503koz by 20092010

Beadell Acquired Project, Changed Name to Tucano,

Completed Extensive Diamond Drill Campaign for

CIL Feasibility

2012CIL Plant Commissioned (December)Maximum ~30% Sulphides2018

Transition to Brazilian Mining Contractor – U&M (July)

Plant Upgrade to Process 100% Sulphides

2019GPM acquisition completed (March)Fully Optimized Plant (April)

Tucano Will Be Fully Optimized For The First Time By The Start Of 2019

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Workshop & Administration

Plant - CIL & Gold Elution

Plant -Comminution

Accommodation

Air StripSpent Ore Stockpile

Tucano Mine Layout

Tucano Mine

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People

The Foundation For Success

Corporate

Brazil SR Management

*Directors of Tucano Mine

GPM-CEOJim Bannantine

Exploration Director*

Marcelo Batelochi

Operations Director*

Fabio Marques

Finance Director*

Julio Carneiro

Mine Geology Manager

Anderson Jastes

Mine ManagerKleber

Gonçalves

HSE Department HS – Gleisson

GomesEnv – Raimundo

Rocha

Warehouse & Supply Manager

Jarrier Jaques

Plant ManagerEmerson Nogueira

Plant Maintenance

ManagerWelton Lara

HR, Admin and

Communities Manager

Otmar Mejia

TreasuryRachel Stumpf

ControllerJosé Fonseca

VP – Technical Services

Fernando Cornejo

TS HeadFelipe

Fernandes

GPM - CFOJim Zadra

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Brazil Corporate & Senior Management

Labour

10

Tucano Labour Breakdown

378

947

0

100

200

300

400

500

600

700

800

900

1,000

Empolyees Performed in - 2019 Contractors Performed in 2019

+90% of employee labour drawn from local communities & Amapá state

By Location By Gender

5%

95%

Female

Male

19%

21%

60%

Local Communities(Daily Bus)

Amapá (Weekly Bus)

Rest of Brazil(FIFO)

Tucano Employee Breakdown – by Location

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Safety & Environment

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Safety & Environment

Safety Stats

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Safety 2015 2016 2017 2018 2019 YTD*

Total Reportable Injuries (TRI) 8 13 10 5 4

Lost Time Injuries (LTI) 8 9 8 5 0

Restricted Duty Injuries (RDI) 0 4 0 0 4

TRI per HHT 0.79 1.23 0.95 0.37 0.39

First Aid Injuries (FAI) 28 30 26 21 14

Equipment Accidents 42 37 30 22 17

* - September

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251 Ha Rehabilitated – Hydro Seeding

Concurrent Reclamation

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Focused On Water Quality Ensuring Minimal Discharge Of Suspended Sediment

Water Monitoring Key Focus

Wildlife Monitoring

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Aim To Minimize Impact

Permitting

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Permitting

Mining and Environmental Regulatory

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• Complex Regulatory Framework

• Federal• Ministry of Mines and Energy (MME)

• Grants mining concessions – valid until mineral deposit is exhausted• Mining National Agency (ANM)

• Grants mineral exploration licenses – 3 years validity, renewed based on analysis and approval of Final Exploration Report

• Responsible for managing Brazil’s mineral resources• Ministry of Environment (MMA)

• Responsible to regulate licensing process• State

• Responsible to emit the final environmental licenses• Mining require environmental licenses at 3 stages of development

• Preliminary environmental license (LP), Installation license (LI) and Operational license (LO)• Also an LOP for Exploration

Summary of Key Licenses Required

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Main Licenses and Permitting

Licenses Number AgencyOperation License (LO) 5 IMAPInstallation License (LI) 2 IMAPOperation License for Exploration (LOP) 3 IMAPVegetation Suppression Authorization (ASV) 3 IMAPEnvironmental Authorization 1 IMAPConsent 2 IEF/INCRA/MunicipalityArcheological 5 IPHANBlasting/Chemical Substances 1 ArmyBusiness Licenses 1 MunicipalityOthers 2 Federal/Civil PoliceTotal 25

Mineral Rights

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Key Regulatory Body National Mining Agency (ANM)

List of Licenses & Type Number of Tenements Area (Ha)Exploration License 8 35,866Exploration License Extended 6 25,777Application for Exploration 13 68,568Exploitation Application 1 6,112Final Exploration Report Presented 3 25,640Exploration License Extension Requested 11 60,649Mining Concession 1 3,971Partial Lease 1 0,150Bid 2 14,164Total 46 240,736

Tucano Tenement Ownership

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Tucano Near Mine Highlights

2019-2020: Exploration Plan

Infill 2019• Tap AB3: Infill drilling required in 2019 before stripping• Urucum South (URN & UCS): Infill drilling needed targeting inferred at base of pit• Public release MRMR in Q1 2020

Resource Expansion 2019 - 2020• Mining preference for ounces with low strip & close to surface:

• Neo & Neo North• Torres / Tap ABS: ore zone dip is shallower so potentially less strip• Flat lodes between URN and URE • Tap C1 (currently scheduled for Sept 2021, could come forward)

• Minor drilling to test Urucum Saddle• Test deep mineralisation theory at Urucum North, then infill drilling 2020

Tucano Exploration Presentation 2019

UNDER-INVESTMENT IN EXPLORATION OVER LAST FEW YEARS, GREAT PANTHER MAKING SIGNIFICANT COMMITMENT TO EXPLORATION

Exploration drill all in 2019 / 2020

Infill 2019 & 2020

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Mining

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Planning & Operation

Mine Planning – Geology & Scheduling

Communication Between Geology And Engineering

ResourcesCost

Review & Update

Whittle Runs

Final Pit Design & Review

External Consultant

Sign Off

Reserve Update

Pit Ranking

Available Fleet &

Equipment Size

Season & Pit Working

Condition

Mining Sequence

Geology and Planning Scheduling

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Mining Parameters

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• Benches• 4m /8m cuts, 2m if orebody highly

variable• Oxide – 4m benches, 3m berms• Sulphide – 20m benches, 8m berms

• Dumping Material• Swell Factor – 30%

• Swelling 40%, compaction 10%

Key Assumptions Used In Planning

◎ Production Fleeto Excavators

• EX2500 - Hitachi• EX1200 - Hitachi

o Truck Loadso K730

• Oxide – 150t• Sulphide – 160t

o CAT 777• Oxide – 70t• Sulphide – 80t

o CAT 740• Oxide – 27t/32t• Fresh – 30t/35t

Mine Scheduling – Reporting

• Daily production meetings• Weekly production review• Month Plan + Year Forecast

• Every Month• Daily basis plan for the current

month

• Monthly basis forecast for remaining of the year

• Based on Budget Strategy and adjusted for production delays

• Production rates revised according to fleet actual performance

• MS3D/MSOP + Scheduling Spread Sheet

• Operation Control Center• TecMine – Solution used

• Equipment Activity and Allocation Control

• Production data

• Daily Report• Based on TecMine Data

• Number of Truck Loads

• Defined Truck Load

Mina Tucano & Mining Contractor

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ROM Pad – Stockpile ManagementOre grade class

Ore Grade Oxi –AB/C/URU (Au g/t)

Sul – AB/C/URU (Au g/t)

Very High Grade >1.60 >1.60

High Grade 1.00 to 1.59 1.00 to1.59

Low Grade 0.72 to 0.99 0.82 to 0.99

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U&M – Brazil’s Largest Mining Contractor

• U&M Mineração e Construção S/A (U&M) established in 1975

• Capable of moving +400Mt of material/yr

• Fleet of 100, 200, 300t trucks

• Large and Medium sized Excavators

Equipment Tucano Fleet

U&M Total Fleet

Trucks-Komatsu 730/685E 7 59

Trucks-Caterpillar 777 23 105

Trucks-Caterpillar 740 10 10

Trucks MB 8444 15 15

Hydraulic Excavator – Hitachi EX 2500/2600 4 20

Hydraulic Excavator – Hitachi EX 1200 5 11

Hydraulic Excavator – CAT 315 /HYUNDAI 220LC 5 19

Wheel Loader Caterpillar 980 H 5 10

Bulldozer Caterpillar D9 T 5 30

Bulldozer Caterpillar D6 T 1 21

Motograder Caterpillar 16H 5 15

Tipper Truck Mercedes Actros 4844 9 60

Drill Rig Sandvik Pantera DP 1500i 11 15

Support Equipment 12 93

Contracts with Vale, Yamana, Mosaic, Equinox, LeagoldTucano x U&M is one of their biggest contracts and represents ~10% of their total capacity

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Urucum Underground PFS

• Aim to improve economics through conversion of 610koz inferred resource

Demonstrates economic potential of gold mineralization at depth

Urucum PFS (ASX Release 31 March 18)

P&P Reserve 2.97Mt @ 3.61g/t for 344.5koz

Recovered Au oz 310koz

Cash Costs US$714/oz

AISC US$825/oz

Initial LOM 7-8 years

Gross Revenue US$347M

Pre-Production Capital US$18.1M

LOM Sustaining Capex US$34.3M

Pre-Tax NPV5% US$49M

Pre-Tax IRR 30%

Payback 4 years

Access Twin decline from bottom of pit

Mining method Long hole open stoping, contractors

Au Price Assumption US$1,120/oz

US to BRL FX Assumption 3.8:1

Government Royalties 2% + 1.5%

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Processing

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Tucano Plant Summary

Tucano – Processing History

• Phase 1 pre-Beadell 1994 to 2010

• On/off oxide heap leach• Phase 2 Beadell 2013 to 2018

• CIL plant commissioned in December 2012

• Substantially oxide feed• Phase 3 Beadell Q2/19

• Increased oxide/sulphide blend flexibility• Increases recoveries from ~88% to ~93%• New ball mill

• Mill sulphide ore with same rate• Pre-leach thickener

• Increases % solids in pulp• Additional CIL tank

• Increases residence time and recoveries

• Oxygen plant -• Increases leach and recovery

kinetics for sulphide ore

Plant Upgrade Allows Full Optimization Of Tucano Mine

+

Ball Mill Sep 18

Thickener Oct 18

7th CIL Tank Oct -18

Oxygen Plant Gas – Nov 18 Liquid – Apr 19

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Tucano Flow Sheet

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Conventional CIL - ~93% Recovery Post Plant Upgrade

Com

min

utio

n Ch

emic

al P

roce

ss

ComminutionLeachingPregnant SolutionGold

ROM Stockpile

Crusher (x t/hr)

Crushed Ore Stockpile

SAG Mill (x/t hr)

Cyclones

CIL Tanks

Detox Tanks

TSF

Oxygen Injection 1- gas 2-liquid

Acid Wash

Carbon Regeneration

Electrowinning

FurnaceBullion

Thermal Exchange

Oversize

OversizeBall Mill (xt/hr)Pre-Leach Thickener

Plant flow sheet ~93% recovery – May 19+80% sulphide ore – May 19Ball mill – Sep 18Pre-leach thickener – Oct 18 7th CIL tank – Oct 18Oxygen plant (gas) – Nov 18Liquid Oxygen – Apr 19

1 2

Fully Commissioned in April 2019

Gold Production 2015 – 2019F

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2019 production Proforma

Gold Production X AISC

TSF Capacity

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Dam Capacity Life (mths)

Start Finish

NWP/WPP1 5.40 Mm3 27 Sep-17 Nov-19

Tap D Closure 0.60 Mm3 2 Dec-19 Jan-20

East Pond 3.30 Mm3 14 Feb-20 Mar-21

NMP Ext SE 1.68 Mm3 7 Apr-21 Oct-21

E Pond Ext. NW 2.60 Mm3 10.7 Nov-21 Sep-22

Total 13.60 Mm3 61 Sep-17 Sep-22

N

TAP D - Under Closure

WPP1 / NMP – In Operation

EAST POND –Under Construction

NMP SE – Future Alternative

EP NW – Future Alternative Tucanos´s TSF - Parameters

Class – BRisk Category – LowAssociated Damage Potential – HighConstruction Method: Downstream

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Tucano Exploration Geology Session

1. Near Mining Exploration - New resource opportunities within 5 km of plant;

2. Exploration on 100 Km of Underexplored Greenstone Belt Tenements - 2019 and 2020:

- Exploration program to maintain 3 tenements along greenstone sequence – High Potential Targets had already been identified before;

- Review of Geology and Genesis of Ore based on re-interpretation of structural, lithological and geophysics;

- Rank of High Potential Targets;- Selection of low potential targets for discard or negotiation/joint venture;

- 2021 to 2024:- Exploration Program on ranked targets by Exploration Potential and Distance from

current Tucano facilities;

3. Underground Exploration Program (Preliminar)

Tucano’s Exploration Plan

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Near Mining and Regional ExplorationYear 2,020 2,021 2,022 2,023 2,024

Meters DrilledNear Mining and Avanced Project (targets from Regional exploration)

14,500 1,800 8,500 12,000 10,000

Regional Exploration (for Inferred Resources) 5,500 20,000 12,500 8,000 11,500Total 20,000 21,800 21,000 20,000 21,500

Costs (US$)*1000Drilling 2,301,000 2,508,000 2,416,000 2,301,000 2,474,000Analysis 400,000 436,000 420,000 400,000 430,000ManPower 2,060,000 2,060,000 2,060,000 2,060,000 2,060,000Infrastructure 240,000 262,000 252,000 240,000 258,000Consultancy and Audits 200,000 200,000 200,000 200,000 200,000Environmental/Archeology 560,000 565,000 563,000 561,000 564,000Total 5,761,000 6,031,000 5,911,000 5,762,000 5,986,000

Tucano’s Exploration Plan Costs

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NEAR MINING EXPLORATION within 5km of Plant

Detailed Plans for 2019 and 2020

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Near Mining Exploration Context

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1. Torres & Torres South lodes2. All Neo Lodes, yet to be drilled systematically (potential Neo-type mineralization

intersected at 700 m vertical)3. Urso Prospect – 700 m potential strike length 4. 1 km gap from Tap C3 North to Urucum South 5. Very high grades at depth in Urucum North require follow-up6. Potential gold mineralisation in the schist

New resource opportunities within 5 km of plant

TAP AB3 NORTH LODEF02432

11 m @ 5.97 g/t

100,000 mN

99,500 mN

99,000 mN

98,500 mN

98,000 mN

401,

000

mE

401,

500

mE

402,

000

mE

402,

500

mE

403,

000

mE

94,000 mN

95,000 mN

93,500 mN

94,500 mN

97,500 mN

97,000 mN

96,500 mN

96,000 mN

95,500 mN

0 500 m

Gold Lode

Carbonate

Banded Iron Formation

GraniteSchist

LEGEND

Alluvium

Amphobolite

PegmatiteLaterite

New gold Lode since 2015

4

3

2

1

65

Plant

FD01466 13 m @ 2.02

g/t Au

GCRC2161 14m @

4.32g/t Au

GCPF295983m @ 52.15g/t

Au

F162217m @ 3.51g/t

Au

F0250912m @

22.5g/t Au

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2

TAP AB DEPOSITS URUCUM DEPOSITSTAP C DEPOSITS

Neo Lodes(off plane of long section)

Gap from Tap C3N to Urucum South

(mostly untested)

UrsoProspect

1Torres Lodes – further south

Reserve Block (>0.6g/t Au cut-off in Reserve Pit & > 1.6 g/t Au cut-off below) Topo Sept 2018

Reserve Pit June 2017 ($1,150)

Resource Pit June 2017 ($1,500)Resource MI Blocks (>0.5g/t Au cut-off)Resource Inf Blocks (>0.5g/t Au cut-off above $1,500 pit shell & > 1.6 g/t Au cut-off below)

LEGEND

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- Infill Drilling – AB3 (Zone 2 in the map)- 12 Diamond Drilling @ 2,408.43 meters drilled- 949 Samples @ 199.4 meters interval intercepting mineralized zone

(>=0.5 g/t) @ 4.77 Au g/t - Including Intervals Au g/t > 20 g/t

- 19TABDD001 5.35m @ 30.94 Au g/t (From 127.65m)- 19TABDD010 5.00 @ 63.4 Au g/t (From 130.00m)

- Infill Drilling – Urucum (Zone 5 in the map)- Drilling in progress. Up to date- 13 Diamond Drilling @ 2,582.6m Performed;- 1020 Samples @ 215 meters interval intercepting mineralized zone (>=0.5

g/t) @ 1.97 Au g/t - Including Intervals Au g/t > 2.0 g/t

- 19URNDD001 2.2m @ 4.992 Au g/t (From 152.8m)- 19URSDD002 18m @ 3.077 Au g/t (From 139m)-19URSDD005 8.52m @ 3.546 Au g/t (From 168.7m)

TAP AB3 NORTH LODEF02432

11 m @ 5.97 g/t

100,000 mN

99,500 mN

99,000 mN

98,500 mN

98,000 mN

401,

000

mE

401,

500

mE

4 02,

000

mE

4 02,

500

mE

4 03,

000

mE

94,000 mN

95,000 mN

93,500 mN

94,500 mN

97,500 mN

97,000 mN

96,500 mN

96,000 mN

95,500 mN

0 500 m

Gold Lode

Carbonate

Banded Iron Formation

GraniteSchist

LEGEND

Alluvium

Amphobolite

PegmatiteLaterite

New gold Lode since 2015

4

3

2

1

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Near Mining ExplorationPerformed in 2019

Torres/Tap ABS: 7,200m programmed

Neo & Neo North 7,050m programmed

Tucano Exploration Presentation 2019

Tucano Mine

Urucum East 2,500m Programmed

Urucum UG 3600m - 4 holes at 900m

Note: Drill holes will be performed after review of Feasibility study and Structural mapping of the mine

Near Mine Exploration

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Resource Expansion (Drilling Planned for 2020)

REGIONAL EXPLORATION

Detailed Plans for 2019 and 2020

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Regional Exploration

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1. Prioritized Targets for Exploration Program- Guarantee strategic tenements at ANM- Targets: Lona Amarela (Serra da Canga), Saraminda and Mutum- Final Exploration Report at ANM in 2020- Report Exploration Results and Mineral Resources

2. Ranking Exploration Targets - On going Compilation of Historical data set;- After compilation, Rank targets by Exploration Potential x Distance from Mina Tucano;

- Performing 3D Lithological Modeling and projection of the Orebody - Exploration Budget for those targets for 2020 and 2021.

Regional Exploration

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1. Prioritized TargetsLona Amarela (Serra da Canga), SaramindaMutum

3. On going Dataset CompilationT3 and T4Dragão and Dragão NorteJanainaBicicletaJoseph

Good Exploration Results based on Soil and Auger historical Exploration Program

Auger: AG-2673m@2760ppb (from 5m)

Auger: AG-2684m@1860 ppb (from 8m)

Auger: AG-1733m@1290 ppb (from 2m)

Soil SS: 8426S@1600 ppb

Soil SS: 8326S@1870 ppb

Serra da Canga (Tenement 858.078/2009);

Regional Exploration

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Lona Amarela (Tenement 858.078/2009);

Exploration team cleaning the access, old tracks and building the Camp

Regional Exploration

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Mutum (Tenement 858.124/2013);

SS: 1051243@2240 ppb

AG-TDMT00752m@2234 ppb (from 0m)

Diamond Drilling DD-FDMT-00019,6m@3244 ppb (from 10,6m)

• Drilling of Historical dataset:- 6 DD @ 1042m;- 12 RC @ 877m.

• Objective of Exploration is understanding the lithologies, structures, stratigraphy, parageneses, Au grades to trying to intercept orebodies based on robustness geological background

Regional Exploration

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Regional Exploration

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Saraminda (Tenement 858.076/2009)

Historical dataset

AG-TDSM-00203m@1809 ppb (from 7m)

SS: 1146676@1730ppb

• Target not sampled and mapping intensively

• Located at same trend of the high prospective targets;

• Objective of Exploration is understanding the lithologies, structures, stratigraphy, parageneses, Au grades to trying to intercept orebodies based on robustness geological background

URUCUM UNDERGROUND EXPLORATIONStage 1 of undeground mine sequence

Detailed Plan for 2020 and 2021

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Urucum Underground Exploration

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• A complete revision of AMC Feasibility Study is in progress;• 2017 Review performed by Consultant Bob Dowdell;• Below is the preliminary concept of developing the underground mining in 3

Stages

• Defined Exploration for Stage 1:• Underground ramp from +50 level to about -100 level to establish a HW diamond

drill drive• The ramp is required either way for the future mine• From the HW DD drive drill 8 parallel sections, 20m apart, across the BIF. Aprox

500m of DD per section, total 4,000m• Magnitude of costs is US$5.0 M over 15-18 months.

Underground Exploration

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