Inside this issue:
TMAC’s First Year
in Review
2
Safety and Sus-
tainabilty Report
2
Work Programme
2014
3
TMAC Upcoming
Events
3
TMAC Financial
Update
4
TMAC People 5
On April 28, 2014, TMAC
Resources completed a
$78 million equity financ-
ing to further advance
the Hope Bay Project,
$65 million of which was
placed with Resource
Capital Fund VI (RCF).
TMAC is very pleased to
welcome RCF, along
with Newmont and the
Inuit of Nunavut, as
partners in the develop-
ment of Hope Bay. The
successful closing of this
financing brings the total
funds raised since TMAC
acquired Hope Bay in
March 2013, to $128 mil-
lion, a remarkable feat in
these markets. The
financing reflects the
strong endorsement by
investors of the quality of
the Hope Bay asset, as
well as the strength of
TMAC’s management
team and operating
philosophy.
The proceeds from this
financing will be used to
fund our 2014 work
programme that
includes exploration,
engineering, environ-
mental permitting and
compliance, a pre-
feasibility study (PFS),
and for working capital
and general corporate
purposes. Coincident
with the closing of the
financing, TMAC repaid
the $15 million converti-
ble loan (plus interest)
owed to Newmont.
TMAC Investor Update
TMAC Completes $78 Million Equity
Financing
Highlights:
$78 Million Equity
Financing
TMAC’s First Year in
Review
TMAC Financial Up-
date
Meet the Team
T M AC
R e so u r c es
I n c .
June 16, 2014
Volume 2, Issue 1
TMAC Investor Update
Hercules freight aircraft positioning for offload after
landing on the Doris Lake ice strip. This flight carried
incoming diamond drill rig components (May 2014).
View to the north from the Windy Road toward Doris
Camp and Doris Mountain in the winter. TMAC kept
the Doris Camp open through the winter with a
skeleton crew before ramping up site activity in late
April, post-financing (January 2014).
Safety has always been central at
site. We have placed a strong
emphasis on promoting safe work
practices as we ramp up our 2014
programme. TMAC’s safety aware-
ness addresses a variety of areas
including appropriate personal pro-
tective equipment, pedestrian and
helicopter safety, weather and
animal awareness and emergency
response procedures. We continue to
have an excellent safety record.
On the sustainability front, TMAC,
along with its drill contractor
Geotech, have designed and
implemented a significant water sav-
ing feature on all its drills for 2014.
Instead of constantly recirculating
water in a loop from water sources,
water is pumped once a day to a
large holding tank. The water is
kept from freezing through use as
coolant for the drill’s hydraulics. The
average water consumption per
drill rig each day is currently aver-
aging a tiny 5.5 m3 which has im-
pressed regulators and our col-
leagues in the industry alike.
TMAC ran an active work programme
with an average of 60 people at the
Hope Bay site from April to October
2013 once initial financing had been
completed in March 2013. It began
with opening the site safely and
efficiently from a ‘care and mainte-
nance’ state in late March 2013 to a
fully-staffed exploration and environ-
mental compliance programme
supported by four diamond drill rigs
and three helicopters, and a camp
that averaged between 60 to 65 peo-
ple per week at its peak. 2013
achievements were numerous and
included:
29,622 m of drilling in 63 diamond
drill holes, at an average cost
below budget. Three new region-
al exploration target areas were
identified and drilled with encour-
aging results through the devel-
opment of a robust geological
database and understanding of
the geology and gold-rich
mineralization.
Incurring significantly less than
budgeted costs through
optimized helicopter utilization
among departments.
Obtaining the renewal of the
Doris Project Type ‘A’ Water
Licence for a 10 year period.
Subsequently TMAC complet-
ed and submitted an amend-
ment to that water licence
that would, among other
things, allow for an increase in
mining rates at Doris.
Obtaining a five year renewal
of the Commercial Lease with
the Kitikmeot Inuit Association
(KIA) for the surface rights for
the Doris project.
Beginning the progressive
reclamation of the redundant
Windy Camp.
Drafting and submitting the
Doris North Project 2013 Socio-
economic Monitoring Report to
the Nunavut Impact Review
Board.
Completing a positive Prelimi-
nary Economic Assessment
(PEA) of the Hope Bay Project
(see our website to download
the PEA).
All this has extended into what is
already a highly successful first half
of 2014!
TMAC’s First Year in Review
Safety and Sustainability Report
TMAC Investor Update Page 2
“Putting the ‘Hope’ back in Hope
Bay!”
Terry MacGibbon (Executive Chair-
man) and Dave King (VP Exploration
& Geoscience) lead a tour through
the core shack for potential investors
(October 2013).
The equipment at the centre of
the significant savings in water use
for diamond drilling at Hope Bay is
this 10 m3 water tank (May 2014).
continue in support of the completion
of a PFS. This will include final deci-
sions on processing plant design.
Not only will environmental compli-
ance monitoring continue in 2014, but
permitting efforts will ramp up as well.
TMAC expects to complete the Doris
Project Certificate and Type A Water
Licence amendment process, submit
a Madrid Bulk Sample/Advanced
Exploration application (amendment
to the current Type ‘B’ Water Li-
cence), and advance the Phase 2
(including Madrid and Boston) Draft
Environmental Impact Study for future
production.
Finally, TMAC continues to work with
both Nunavut Tunngavik Inc. (sub-
surface) and KIA (surface and Inuit
Impact and Benefits Agreement) to
advance belt-wide agreements. It will
be a busy year indeed!
TMAC’s 2014 work programme will
focus on upgrading and increasing
the Hope Bay mineral resource esti-
mates, and continue to de-risk the
Hope Bay Project to move it toward
completion of a PFS and potential
future production. A large portion of
the 2014 programme will consist of
surface drilling to upgrade current
mineral resource estimates to higher
classifications and to add to our glob-
al gold resource. Much of the work
will be conducted at the Doris and
Madrid trends, from ice-based plat-
forms on lakes initially while conditions
permit, and then from land-based
platforms until the drill campaign is
completed at the end of October.
Drilling began April 30th at Madrid
South with four dia-
mond drill rigs that
were left onsite over
the winter. Two deep-
er capacity rigs
were airlifted to Hope
Bay on May 6th and
began drilling Doris
trend targets. The six
diamond drill rigs are
expected to com-
plete a total of 57,000
m as part of a
planned total ex-
penditure of $28 million, including
helicopter support, assaying, etc., as
well as camp and corporate-related
allocations. The intersections of high
grade gold mineralization at depth
over mineable widths in the
later part of the 2013 drilling
programme at both Doris
and Madrid South con-
firmed the high potential for
the discovery of additional
mineral resources at Hope
Bay.
Work has been initiated to
re-open the Doris portal
and ramp to facilitate
future underground map-
ping, drilling and mine de-
sign. Underground inspec-
tions of Doris infrastructure
have already been carried
out safely this spring. Addi-
tional mine, processing
plant and project engineer-
ing and planning will
Although the TMAC team and partners
will be hard at work on the 2014 work
programme, the following are a few
other events that may be of interest:
June 19—CIM Toronto Branch
luncheon presentation by
Catharine Farrow (CEO) on Hope
Bay Project community relations
(co-authored by Alex Buchan,
Director, Community and External
Relations).
June 26—TMAC’s first Annual
and Special Meeting of Share-
holders (Toronto).
August 20-22—TMAC’s second
annual investor and analyst site
tour.
Work Programme 2014
TMAC Upcoming Events
Page 3 Volume 2, Issue 1
Diamond drill rig with ‘winter shack’ on Wolverine Lake.
This type of shack is not appropriate for helicopter
transport, but for ice road transport during winter
conditions (May 2014).
Spring has sprung in the Arctic. This
ptarmigan is undergoing a change in its
winter plumage (May 2014)
We’ve been underground! Paul Christman
(Manager of Mining) and Dave King (VP,
Exploration & Geoscience) inspect Doris under-
ground infrastructure. Note the impressive gold-
bearing, quartz-rich vein in the wall (June 2014).
TMAC Investor Update Page 4
well positioned to complete its
ambitious exploration programme in
2014 and into 2015. TMAC’s December
31, 2013 financial statements were
audited by KPMG and our quarterly
financial statements will be reviewed
by KPMG and posted on our website
when completed and approved by
TMAC’s Audit Committee.
TMAC’s audited financial statements
for the fourteen month period from
the October 30, 2012 date that TMAC
was incorporated to December 31,
2013 are available on TMAC’s web-
site. In March 2013, TMAC raised $35
million of equity along with arranging
for a $15 million loan from Newmont.
TMAC used the equity raised to fund
the costs of: acquiring the Hope Bay
Project from Newmont, the equity
financing fees, the 2013 exploration
and environmental monitoring and
compliance programme, corporate
administration and general purposes.
As the loan from Newmont was only
available to be drawn down in 2013,
TMAC borrowed the full $15 million
amount in late December 2013 and
ended the year with $18 million of
cash on hand.
As the mining industry in general and
gold in particular continue to be in a
downturn market, funding for mining
projects continues to be very difficult
to obtain. The markets would not
permit TMAC to carry out its original
intention of going public and raising
the funds needed to complete the
development of the mine to
commercial production. Investors,
however, have shown confidence in
the quality of both the Hope Bay
Project and the TMAC team as we
raised $78 million of new
equity in April 2014.
Newmont’s $15 million
loan, plus interest, were
repaid in full and, once
again, TMAC is debt free.
The balance of the new
equity will primarily be
used to fund our explora-
tion efforts to enhance
our mineral resources in
expectation of complet-
ing a PFS.
At May 31, 2014, TMAC
had $68 million of cash
on hand, no debt, and is
TMAC Financial Update
Looking South along Doris Lake at three drill rigs that were drilling the Doris De-
posit trend. Note the rigs have all been converted from their dark blue, winter
drill ‘shacks’ to their lighter, helicopter transportable, summer shacks. Everyday
TMAC can access drills from ice roads approximately $20,000 in helicopter
time and jet fuel is saved (June 2014).
Left: As ice portage conditions deteriorated with spring, TMAC
brought back the helicopters to support the 6 rig diamond drill
campaign. Now in June, with almost 24 hours of sunlight, the heli-
copters are supporting both drilling and environmental efforts.
Looking south at the Hope Bay helipad, this A Star B3 helicopter
has just dropped off a diesel fuel tank for refueling (June 2014).
Above: A sleeping fox.
Page 5 Volume 2, Issue 1
TMAC People: Meet the Team! The TMAC team includes many people who contribute to our success. We’d like
to take this opportunity to acknowledge and thank our directors, officers and
employees.
Board of Directors:
Andrew Adams, Director (Independent)
Russ Cranswick, Director (RCF)
Frank Davis, Director (Independent)
Randy Engel, Director (Newmont)
David Faley, Director (Newmont)
Catharine Farrow , Director and Chief Executive Officer
John Lydall, Lead Director (Independent)
Terry MacGibbon, Director and Executive Chairman
Officers:
Catharine Farrow , Chief Executive Officer
Ron Gagel, Executive Vice President & Chief Financial Officer
Jay Goldman, Corporate Secretary
David King, Vice President, Exploration and Geoscience
Terry MacGibbon, Executive Chairman
Julia Micks, Executive Vice President, Human Resources
Gord Morrison, President and Chief Technology Officer
John Roberts, Vice President, Environmental Affairs
Maarten Theunissen, Vice President, Finance
Permanent Employees:
Lea-Marie Bowes-Lyon, Environmental Manager - Tenure and Permitting
Alex Buchan, Director, Community and External Relations
Paul Christman, Manager of Mining
Marie Devine, Office Manager
Kathryn Duncan, Accountant
Ikey Evalik, IIBA Coordinator
Kevin Hunter, Senior Core Technician
Bendis Husi, Senior Accountant
Mike McCreadie, Manager, Supply and Logistics
Kelly Schwenning , Surface Manager
Katsky Venter, Environmental Site Manager
Dave King (VP Exploration and
Geoscience) and Paul Christman
(Manager of Mining) ponder the
rocks south of Doris (June 2014).
TMAC is a privately held mineral exploration and development
company focused on the development of western Nunavut’s Hope
Bay Greenstone Belt. TMAC is leveraging the approximately $1
billion of previously invested capital to bring the Project into pro-
duction. A large proportion of the Hope Bay Project’s mineral re-
sources are held as part of Inuit-owned mineral and surface
rights as defined by the Nunavut Land Claims Agreement of
1994. As a result, exploration and production agreements are
completed with long-standing Inuit Institutions of Public Govern-
ment to ensure Inuit beneficiaries participate in the success of
local mining projects. The Canadian Arctic represents one of the
last geopolitically stable mining frontiers and the Hope Bay Pro-
ject is one of several exploration and development projects in the
region. TMAC’s sole focus is the responsible and economically
sustainable exploration and development of the Hope Bay Green-
stone Belt as Canada’s next major gold mining camp.
Visit us at
www.tmacresources.com,
like us on Facebook or
follow us on LinkedIn!
Exploring & Developing an Emerging
Gold Camp: The Hope Bay Project
372 Bay Street
Suite 901
Toronto, Ontario
M5H 2W9
Phone: 416-628-0216
Website: www.tmacresources.com
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