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1 LEAGOLD MINING IS BUILDING A MID-TIER GOLD PRODUCER FOCUSED ON LATIN AMERICA Corporate Presentation March 2018 TSX: LMC

2 Disclaimer This presentation contains forward-looking statements and forward looking information (as defined under applicable securities laws). Forward-looking statements are often, but not always, identified by the use of words such as pro forma, anticipate, expect, believe, may, plan, project, should, scheduled, intend, objective, continuous, and estimate, or similar words suggesting future events, circumstances or outcomes. In particular, this presentation contains forward-looking information concerning anticipated production, expected AISC of a combined Brio-Leagold entity, growth upside, potential for expansion in Brazil and Mexico, various terms of the Brio acquisition, anticipated timing of closing the Brio acquisition, expectations with respect to the benefits of a combination of the businesses of Leagold and Brio and expectations with respect to the business and geographical diversification of the combined entity. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-looking statements and information. They include, among others, risks related to having to obtain regulatory, shareholder and other approvals in connection with the proposed acquisition, risks related to successful integration of Brio if the acquisition is consummated, risks related to international operations, the accuracy of mineral reserve and resource estimates and related assumptions, inherent operating risks, and those risk factors identified in Leagold s most recent Annual Information Form prepared and filed with securities regulators which is available on SEDAR at under Leagold s profile. There are no assurances that Leagold can fulfill forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to Leagold s management team; actual events or results may differ materially as a result of risks facing Leagold, some of which are beyond Leagold s control. Although Leagold believes that any forward-looking statements and information contained in this presentation are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forwardlooking statements and information. The forward-looking statements and forward-looking information are made as of the date hereof and Leagold disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Please refer to Leagold's most recent filings under its profile at for further information respecting the risks affecting Leagold and its business. Technical Information Unless otherwise noted, the disclosure contained in this presentation of a scientific or technical nature for the: Santa Luz Project, is based on (i) the technical report entitled Technical Report on the Santa Luz Project, Bahia State, Brazil prepared by Stuart E. Collins, P.E., Mark B. Mathisen, CPG, Hugo M. Miranda, MBA, ChMC (RM), Robert L. Michaud, P.Eng. and Richard Addison, P.E., with an effective date of June 30, 2017 and filed under Brio s SEDAR profile on January 22, 2018 (the Santa Luz Technical Report ); and/or (ii) has been sourced from Brio s news releases and Brio s website (collectively, the Santa Luz Technical Information ). Riacho dos Machados Mine, is based on (i) the technical report entitled Technical Report on the Riacho Dos Machados Gold Mine, Minas Gerais, Brazil prepared by Kathleen Ann Altman, Ph.D., P.E., Stuart E. Collins, P.E. and Mark B. Mathisen, C.P.G., with an effective date of September 30, 2015 and filed under Brio s SEDAR profile on October 17, 2016 (the RDM Technical Report ); and/or (ii) has been sourced from Brio s news releases and Brio s website (collectively, the RDM Technical Information ). Pilar Mine, is based on (i) the technical report entitled Technical Report on the Pilar Operations, Goias State, Brazil prepared by Chester M. Moore, P.Eng., Robert L. Michaud, P.Eng. and Andrew P. Hampton, P.Eng., with an effective date of December 31, 2015 and filed under Brio s SEDAR profile on October 17, 2016 ( Pilar Technical Report ); and/or (ii) has been sourced from Brio s news releases and Brio s website (collectively, the Pilar Technical Information ). Fazenda Brasileiro Mine, is based on (i) the technical report entitled Technical Report on the Fazenda Brasileiro Mine, Bahia State, Brazil prepared by Chester M. Moore, P.Eng., Robert L. Michaud, P.Eng. and Andrew P. Hampton, P.Eng., with an effective date of December 31, 2015 and filed under Brio s SEDAR profile on October 17, 2016 (the Fazenda Brasileiro Technical Report ); and/or (ii) has been sourced from Brio s news releases and Brio s website (the Fazenda Technical Brasileiro Information ). Los Filos Mine, is based on the technical report entitled Amended NI Technical Report and Preliminary Economic Assessment, Los Filos Gold Mine, Guerrero State, Mexico prepared by William A. Glover, P.Eng., Allan L. Schappert, CPG, Dawn H. Garcia, PG, CPG and Alfred S. Hayden, P.Eng., each of whom is a Qualified Person as defined in NI and independent of the Company, with an effective date of December 31, 2016 and filed under Leagold s SEDAR profile on March 1, 2017 (the Los Filos Technical Report ). Cautionary Note Regarding Brio Technical and Other Information The technical disclosure and other information concerning Brio contained in this presentation has been taken from, or is based upon, publicly available information filed by Brio with securities regulatory authorities in Canada or otherwise available in the public domain as of the date hereof and none of this information has been independently verified by Leagold. Although Leagold does not have any knowledge that such information may not be accurate, there can be no assurance that such information from Brio Gold is complete or accurate. Brio has not reviewed this presentation and has not confirmed the accuracy and completeness of the Brio information contained herein. Other Information Cash costs and AISC are non-gaap financial performance measures with no standard meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. All amounts in US$ unless otherwise stated. Qualified Person Doug Reddy, P.Geo, Leagold s Senior Vice President Technical Services, a Qualified Person under NI has reviewed and approved the scientific and technical disclosure relating to the Los Filos Mine contained herein. 1

3 Leagold Overview Leagold s strategy is to create an intermediate Latin American gold producer through a buy and build strategy In April 2017 Leagold acquired Los Filos, a +200,000 oz/yr gold mine in Mexico, from Goldcorp In February 2018 Leagold announced the friendly acquisition of Brio Gold. The combined company is expected to produce ~450,000 oz/yr in 2018 and ~700,000 oz/yr by in Mexico and Brazil Leagold will have four operating mines in two attractive mining jurisdictions Transaction expected to close in April 2018 Strong industry support: Leagold s two largest shareholders will be Yamana and Goldcorp 1 Leagold news release of 19 January 2018 with 2018 guidance of 215,000 to 240,000 oz at mine-level AISC of $875 to $925/oz and Brio news release of 16 January 2018 with 2018 guidance of 205,000 to 235,000 oz at mine-level AISC of $945 to $975/oz 2 2

4 Leagold Pro Forma Company Profile Post-Brio Acquisition Creating an intermediate Latin American gold producer Post-transaction closing, Leagold will have four operating mines in two attractive mining jurisdictions, plus two development projects to fuel the next stage of growth Expansion at Los Filos and restart of Santa Luz have the potential to take production to ~700,000 oz gold per year by ~700,000 oz Santa Luz ~450,000 oz RDM Fazenda Brasileiro Pilar Bermejal UG Expansion RDM Fazenda Brasileiro Pilar Los Filos Los Filos Leagold news release of 19 January 2018 with 2018 guidance of 215,000 to 240,000 oz at minelevel AISC of $875 to $925/oz and Brio news release of 16 January 2018 with 2018 guidance of 205,000 to 235,000 oz at mine-level AISC of $945 to $975/oz 3

5 Leagold Pro Forma Company Profile Post-Brio Acquisition Pro Forma Key Data 1,2 Head office Vancouver, BC Ticker TSX: LMC/OTCQX: LMCNF Share price (March 13, 2018) C$2.85 Issued shares 263 M Market cap (March 13, 2018) approx. US$580 M Options 13 M Warrants (strike price C$3.58) 2 M Warrants to Brio shareholders (strike price C$3.70) 47 M Fully diluted 325 M Cash (Dec 31, 2017) US$73 M Debt (Dec 31, 2017) US$239 M Pro Forma Key Shareholders 2 Shares (M) Ownership Yamana Gold % Goldcorp % Orion Resource Partners % Ruffer % Neil Woodyer, CEO and Director % Frank Giustra, Chair % 1 Numbers included in table are estimates only and assume common shares (including RSUs) are converted at 0.922; 2017 RSUs, 50% of 2015 and 2016 RSUs, DSUs and options are converted at plus an adjustment to account for the value of the 0.4 Leagold warrant; final exchange ratio to be determined on closing of the transaction 2 Numbers subject to Goldcorp exercising its equity participation right under the April 7, 2017 Investor Agreement with Leagold 4

6 Brio Gold Transaction Overview Friendly all-share acquisition of Brio Gold, a Canadian public company with assets in Brazil Transaction Highlights In January 2018 Leagold announced intention to commence an unsolicited take-over bid for Brio Gold Conversion to friendly agreement on February 16, 2018 accelerates completion date, with transaction now expected to close in April All-share friendly offer to Brio shareholders valued at C$2.90 per share (includes a 3.6% or C$0.10 increase over unsolicited take-over offer in the form of a warrant) Leagold share plus 0.4 Leagold warrant for each Brio share Support from 57% of Brio shareholders (Yamana at 53.6% plus certain officers and directors at 3.3%) and several large Leagold shareholders (in aggregate holding 57%) Leagold Strategic Rationale Diversification from a single asset, single country Strong platform for expansion in Brazil and Mexico will help to further accelerate growth Compelling opportunity to acquire producing assets with a meaningful growth profile All-share deal structure preserves cash for future growth; no financing conditions Transaction will more than double Leagold production based on combined Leagold and Brio 2018 guidance of approx. 450,000 oz Increased scale supports a valuation re-rating Cost savings through reduction of Brio corporate costs Low completion risk, with support in place from a majority of both companies shareholders Leagold production expected to increase from 191,000 oz in 2017 to over 700,000 oz in 2020 Acquisition of Brio Gold delivers on Leagold s buy and build strategy Estimated mine-site AISC reduction to ~$850/oz by 2020 Strong platform for expansion in Brazil and Mexico 5

7 Pro Forma Leagold Operating Mines

8 Los Filos Mine (Leagold) 1 Open pit and underground mines Guerrero State, Mexico 2018 guidance 215, ,000 oz gold at AISC of $875-$925/oz 20,000 tpd ore from two open pits (Los Filos and Bermejal); ~1,300 tpd from Los Filos underground Expansion project under way at Bermejal underground which is expected to increase site-wide production to ~350,000 oz gold/yr at mine-site AISC of ~$800/oz by 2020 Open pit mines are owner-operated, load and haul; LOM strip ratio 5.6:1 Underground mines are overhand and underhand cut and fill; Los Filos Norte mine is owner-operated, and Los Filos Sur mine is contractor-operated 10 year mine life based on Dec 31, 2017 Reserves Los Filos operating metrics 2017 Gold production (K oz) 191 Ore mined (M tonnes) 8.3 Ore processed (M tonnes) 8.4 Avg grade processed (g/t) 0.9 Recoveries (%) 74% Norte Cash costs ($/oz) Underground $835 AISC ($/oz) Mine $964 Crusher ROM Leach Pad #1 ADR Plant Sur Underground Mine Crush Leach Pad #2 1 Source: Los Filos Technical Report 7

9 Riacho dos Machados (RDM) Mine (Brio Gold) 1 Open pit mine Minas Gerais, Brazil 2018 guidance 75,000-85,000 oz gold at AISC of $830-$860/oz Increased reserves by 37% in 2017 and optimized mine plan for longer mine life and increased production Water storage facility completed on schedule and on budget; continuous production achieved in Q Power line expected to be commissioned in Q With power line and plant expansion, throughput expected to increase to 9,000 tpd at decreased costs Average annual production at full run rate expected to be 100,000 oz/year Mine life of ~8 years based on Dec 31, 2016 Reserves RDM operating metrics Gold production (K oz) Ore mined (M tonnes) Ore processed (M tonnes) Avg grade processed (g/t) Recoveries (%) 78% 86% Norte Cash costs ($/oz) $881 Underground $814 AISC ($/oz) $1,001 Mine$989 ROM Leach Pad #1 ADR Plant Sur Underground Mine Crush Leach Pad #2 1 Source: RDM Technical Information 8

10 Fazenda Brasileiro Mine (Brio Gold) 1 Underground mine Bahia, Brazil 2018 guidance 65,000-75,000 oz gold at AISC of $960-$990/oz Established mine with a 30 year operating history of consistent production and reserve replacement Mining method: conventional retreat longitudinal longhole open stoping Processing rate of 1.3 million tpa Large prospective land package of ~ 63,400 ha, accessible by air and road, with significant exploration upside Mine life of 6.5 years based on Dec 31, 2016 Reserves Fazenda Brasileiro operating metrics Gold production (K oz) Ore mined (M tonnes) Ore processed (M tonnes) Avg grade processed (g/t) Recoveries (%) 88% 90% Norte Cash costs ($/oz) $689 Underground $862 AISC ($/oz) $918 Mine $1,033 Crusher ROM Leach Pad #1 ADR Plant Sur Underground Mine Crush Leach Pad #2 1 Source: Fazenda Brasileiro Technical Information 9

11 Pilar Mine (Brio Gold) 1 Underground mine Goias, Brazil 2018 guidance 65,000-75,000 oz gold at AISC of $1,060-$1,090/oz Underground mining methods: modified room and pillar and long hole open stoping Plant capacity of 1.4 million tpa; currently producing at less than capacity Mine plan restructuring under way; focused on cost reduction Production focused on higher grade HG1 and HG2 zones and Tres Buracos open pit Mine life of 8+ years based on Dec 31, 2016 Reserves Pilar operating metrics Gold production (K oz) Ore mined (M tonnes) Ore processed (M tonnes) Avg grade processed (g/t) Recoveries (%) 95% 93% Norte Cash costs ($/oz) $742 Underground $852 AISC ($/oz) $951 Mine $1,064 Crusher ROM Leach Pad #1 ADR Plant Sur Underground Mine Crush Leach Pad #2 1 Source: Pilar Technical Information 10

12 Pro Forma Leagold Growth Projects

13 Los Filos Expansion Bermejal Underground & Potential CIL Plant Potential to add +150,000 oz/yr and lower overall AISC Bermejal underground exploration portal and ramp construction under way, with remaining capital requirement of approx. US$50 million 2017 exploration program doubled Bermejal Underground resources to 2.1 Moz of M&I Resources (5.96 g/t) and 0.5 Moz of Inferred Resources (4.65 g/t) 1 Due to the highly successful 2017 exploration programs at Los Filos, and the reassessment of Los Filos long-term potential, Leagold is now evaluating building a carbon-in-leach processing plant, enabling higher recoveries for a wider range of ore types 1 Effective date is December 31, 2017; see news release dated March 8, 2018 on or on Leagold s profile at Resource estimate comprises Measured Mineral Resources of Mt at 7.50 g/t containing million oz; Indicated Mineral Resources of Mt at 5.90 g/t containing million oz; and Inferred Mineral Resources of Mt at 4.65 g/t containing million oz. Mineral resources are inclusive of mineral reserves. 12

14 Santa Luz Project (Brio Gold) 1 Open pit mine in construction Bahia, Brazil 2017 Feasibility Study demonstrated the viability of re-starting with resin-in-pulp process plant; expected 84% recoveries Brio reports: o the relining of the tailings pond and detailed engineering to be completed in the first quarter of 2018 o full detailed engineering to be complete by the end of February o delivery of the ball mill in the first quarter of 2018 o process tanks and agitators are on schedule to be delivered in the second quarter of Feasibility Study highlights 2017 Annual gold production (K oz) ~100 Mine life (years) 10 LOM gold production (K oz) 1,056 Total ore processed (M tonnes) 28.2 Avg grades (g/t) 1.39 Recoveries (%) 84% LOM cash costs ($/oz) $695 LOM AISC ($/oz) $808 Initial capex ($M) $82 After-tax NPV 5% ($M) $210 1 Source: Santa Luz Technical Information 13

15 Enterprise Value (US$M) Leagold Re-rating Potential Enterprise Value to 2018E Production 1,2 $3,500M B2Gold $3,000M $2,500M $2,000M Endeavour Mining Centamin $1,500M Regis Resources $1,000M Torex Gold Guyana Goldfields Saracen Leagold (Current) Pro Forma Leagold (with Brio) $500M Dundee Argonaut Beadell Alio Gold Brio (Current) $M 0koz 100koz 200koz 300koz 400koz 500koz 600koz 700koz 800koz 900koz 1,000koz 2018E Gold Production (koz) 1 Peer EV sourced from Bloomberg and TSX as of February 16, production forecasts (mid-point of range) based on company reports, where available. Torex Gold based on 2017 production 14

16 Leagold Board of Directors Post Acquisition Leagold has a Board of Directors with an extensive and wide range of experience Frank Giustra, Chairman President and CEO of Fiore Financial Corporation, Chairman of Endeavour Financial from , former CEO of Yorkton Securities Established track record of building natural resource companies Philanthropist General Wesley K. Clark, Director Retired 4-star U.S. Army General, held several Commands including Supreme Allied Commander Europe of NATO and Commander, U.S. Southern Command responsible for Latin America and the Caribbean Currently heads a strategic advisory and consulting firm Gordon Campbell, Director Former Canadian High Commissioner to the United Kingdom from 2011 to 2016, 34th Premier of British Columbia from 2001 to 2011 and leader of the Official Opposition in British Columbia from 1994 to 2001 From 1986 to 1993, he was Mayor of Vancouver, British Columbia Miguel Rodriguez, Director Former director of Endeavour Mining from 2013 to 2016 Former Governor to the IMF, the World Bank, and the Inter-American Development Bank, and President of the Central Bank of Venezuela, and Economic Minister of Venezuela from 1989 to 1992 Russell Ball, Director Former Executive Vice President, Corporate Development and Chief Financial Officer of Goldcorp Former Executive Vice President and Chief Financial Officer for Newmont Mining Corporation. He was with Newmont for over 19 years The Rt Hon. the Lord Garel-Jones PC, Director Retired Chairman of UBS Latin America In 1979 elected Conservative MP for Watford, England. In 1983 joined Whip's Office and was succesively Lord commissioner of the Treasury, Vice-Chamberlain, Controller of the Household and Treasurer of Her Majesty's Household In 1990 appointed Minister of State at the Foreign and Commonwealth Office with responsibility for Europe and Latin America. He was made a life peer in 1997 Neil Woodyer, Non-independent Director, CEO Founder and CEO of Endeavour Mining, until June 2016 Previously Managing Director of Endeavour Financial, a merchant bank focused on the natural resource sector founded in 1988 On closing of the Brio Gold acquisition, Gil Clausen will be invited to join the Leagold Board of Directors Gil Clausen, President and CEO, Brio Gold Mining engineer with more than 30 years of experience in the areas of management, finance, development and operations 15

17 Leagold Management Team Neil Woodyer, CEO Founder and CEO of Endeavour Mining, until June 2016 Previously Managing Director of Endeavour Financial, a merchant bank focused on the natural resource sector founded in 1988 Doug Reddy, P.Geo, Senior VP Technical Services Over 30 years of industry experience in exploration, mine geology, resource development and consulting Previously with Endeavour Mining for 10 years in technical services, business development and investor relations Richard Thomas, Senior VP - Operations Previously VP of operations and EVP of Technical Services at Endeavour Mining Over 25 years of mining manager experience, including work with Avocet Mining, AngloGold and Endeavour Harpreet Dhaliwal, CA, VP Finance, CFO CPA (CA) with over 9 years experience in the resource sector, including CFO of several natural resource companies Experience with international operating resource companies including Endeavour Mining and Uranium One Kelly Boychuk, VP Technical Services Over 25 years experience in engineering design, construction supervision, execution, operations support in the Americas Previous experience with engineering consultancy, civil & industrial construction, and mining owner/developer Jeff Leung, CFA, VP Corporate Development Previously VP Corporate Development with Endeavour Mining Extensive experience with economic analysis and valuations of gold mining assets and transactions Doug Bowlby, CFA, Senior VP Corporate Development Previously EVP Corporate Development with Endeavour Mining, responsible for the analysis and implementation of corporate transactions and other growth projects Wide range of experience in corporate finance and M&A Peter Burger, Los Filos General Manager Previously GM for the Tabakoto Mine with Endeavour Mining University of Johannesburg, degree in Mining Engineering Over 25 years experience with Anglogold Ashanti, Eastplats, Aquarius Platinum, and African Barrick Graham Parsons, Los Filos Projects Director Previously Acting GM of El Mochito Mine (Honduras) GM of Santa Elena (Mexico) and Guanajuato Mine (Mexico) Extensive mining and project management experience in Latin America Ashley Baker, Director Legal Affairs Previously practiced in the Securities group at Blake, Cassels & Graydon LLP Extensive experience representing publicly listed mining companies with their M&A, corporate finance, and governance needs Bernadette D Silva, VP Corporate Services, Corporate Secretary Extensive corporate finance experience spanning over 20 years During past 12 years, advised Canadian public companies (including Endeavour Mining) with disclosure obligations, regulatory compliance requirements, and corporate governance Meghan Brown, VP Investor Relations 25 years experience in Investor Relations in the resource sector Over past 10 years has focused on precious metals mining, primarily in Mexico and Latin America Former Chair of the Canadian Investor Relations Institute 16

18 Conclusion Leagold is building a new mid-tier gold producer with a focus on opportunities in Latin America Los Filos provided an excellent cornerstone asset for Leagold s Latin American buy and build strategy Acquisition of Brio Gold represents a compelling opportunity for Leagold to acquire a portfolio of producing assets with a strong growth profile Brio Gold provides diversification from a single asset, single country, to four operating mines in Mexico and Brazil Valuable mine development opportunities at Bermejal Underground and the re-start of the Santa Luz mine provide significant growth upside 17

19 Appendix 18

20 Defining Leagold s Strategy Buy and Build in Latin America Acquire operating gold mines and projects nearing construction Target medium-sized dislocated mines or seniors non-core assets Buy assets with upside from optimization and de-risking of: Current operations Development projects Exploration Optimize assets in portfolio to provide strong growth profile Target assets with existing or near-term cash flow Improve quality of portfolio as we progress Implement clear decision making with conservative financial management Cost control, cash flow generation, and conservative balance sheet Flat organizational structure with clear authority levels Tightly controlled corporate G&A Mines to run as individual profit centres 19

21 Leagold Corporate Achievements Leagold has made rapid progress JUL 2016 Acquired a Canadian shell company and launched the Latin American gold growth strategy SEPT 2016 Entered Goldcorp s sale process for the Los Filos mine MAR 2017 Raised US$183 million in equity and US$150 in debt SEPT 2017 Commenced Bermejal Underground portal and ramp development Corporate team turns its focus to pursuing the next acquisition JAN 2018 Announced intention to commence shareholder supported take-over bid for Brio Gold to create a 450,000 ounce per year gold producer JUL 2016 AUG 2016 SEPT 2016 JAN 2017 MAR 2017 APR 2017 SEPT 2017 DEC 2017 JAN 2018 FEB 2018 AUG 2016 Completed C$35 million equity financing to fund target identification and due diligence JAN 2017 Signed purchase agreement to acquire Los Filos for US$350 million (US$71 million in Leagold shares and US$279 million in cash) APRIL 7, 2017 Completed the acquisition of Los Filos with US$76 million in cash on the balance sheet APRIL 12, 2017 Commenced 56,000 metre Bermejal Underground drill program DEC 2017 Completed 56,000 metre Bermejal Underground drill program; announced 2.1 Moz of M&I Resources and 0.7 Moz of Inferred Resources 1 FEB 2018 Reached agreement to complete Brio Gold acquisition under friendly terms. Transaction is expected to close in April SRK, effective November 20, 2017; see news release dated December 22, 2017 on or 20

22 Brio Gold Transaction Details Holders of Brio will receive of a share of Leagold for each Brio share held (value of C$2.80), plus 0.4 of a Leagold share purchase warrant (value of C$0.10) Each whole warrant entitles the holder to purchase one share of Leagold for C$3.70 for a period of two years Offer represents an implied price of C$2.90 per Brio share, a 62.5% premium to 5-day VWAP on January 22, 2018 Brio shareholders will own 42% of the combined entity; Leagold shareholders 58% Combined entity has the potential to produce 420, ,000 oz gold in 2018, and over 700,000 oz in 2020 Based on the share exchange ratio, Yamana will receive shares of Leagold representing 22% ownership of the enlarged company, plus 25.2 million warrants Yamana will hold its Leagold shares for a period of 12 months, subject to certain exceptions Brio s directors and certain mambers of management, who hold 5% of Brio s outstanding shares, have entered into support agreements for the transaction Leagold has entered into voting agreements in support of the transaction with shareholders holding 57% of Leagold Total consideration to be paid is approx. US$279 million. Transaction is expected to close in April

23 Los Filos 2017 Operating Highlights Operating Highlights Post Leagold Acquisition Q Q Q Q Full Year Ore mined Mt Waste mined Mt Total material mined Mt Strip ratio w:o Ore processed Mt Avg grade processed g/t Gold production koz Gold sales koz Sourced from Goldcorp Q1/17 MD&A 2 For the period April 8/17 to June 30/17 3 Includes gold production from April 1/17 to June 30/17 22

24 Los Filos Infrastructure and Process Facilities Infrastructure Access ~4 hour drive from Mexico City by paved roads 30 minute flight to onsite paved airstrip Workforce and nearby communities ~1,600 workers (union, non union, contractors) Closest communities are Mezcala, Mazapa, Carrizalillo, Zumpango, Chilpancingo, and Iguala Power: Supplied by InterGen and Comision Federal de Electricidad (CFE); 20MVA substation Process and potable water: Sourced from a large well on the Rio Balsas located 1.5 km west of Mezcala Site facilities: include maintenance shops, admin buildings, core facility, assay lab, explosive and fuel storage, electrical substation, camp (294 persons) Heap Leach Processing Facilities Crushed and run-of-mine ore placed on heap leach pads Open pit ore ROM recovery is 53% Open pit ore crush recovery is 64% Underground ore recovery is 80% - all underground ore is crushed Post acquisition improvements include: Increased lift heights Better control of flow rates Optimization of CN and ph levels Modification of leaching cycle Reducing losses on carbon fines Capital improvements under way: Agglomerator due for completion in Q ($1.3 million) Conveyor extension scheduled for operation in Q ($5.0 million) 23

25 Los Filos Regional and Local Geology Highly prospective Guerrero Gold belt of skarn deposits within carbonates Regional Geology Guerrero Gold belt is a north to northwest trending series of intrusives Large land package includes Robust exploration potential with ~150k hectares Neighbouring operations Regional producers and projects include Torex, Alio Gold, Telson, Agnico Eagle and Peñoles Geology and Exploration at Los Filos Los Filos and Bermejal mineralization predominantly oxide mineralization is amenable to heap leaching Extensive exploration opportunities At contacts and within intrusive bodies with several kilometres of strike Intrusives are easily identified geological and geophysical targets for drilling Exploration targets along the same granitic/carbonate contact hosting known gold mineralization Los Filos Underground: 5.4 Mt at 6 g/t to 13.2 Mt at 6.8 g/t (1.0 to 2.9 Moz) drilling in progress Bermejal East and West: 5.8 Mt at 6 g/t to 13.1 Mt at 7 g/t (1.1 to 2.9 Moz) Guadalupe: 2.6Mt at 4 g/t to 7.7 Mt at 5.3 g/t (0.3 to 1.1 Moz) San Pablo: 6.5 Mt at 1 g/t to 10.3 Mt at 1.5 g/t (0.2 to 0.5 Moz) 24

26 Los Filos Safety, Environment, Community and Social Responsibility Strong safety and environmental practices aligned with international standards The Los Filos mine has strong safety and environmental practices in place that are aligned with international standards The workforce is comprised of union and non-union personnel and contractors, of which over 65% is from local communities, and less than 0.5% are expatriates Strong relationships with local communities Mazapa (1.1 km, 315 people), Carrizalillo (1.5 km, 1,087 people), Mezcala (8.8 km, 3,382 people) Total value of local procurement: US$8.7M (~5% of spend) Land access agreements contribute US$14M per year to the 3 local communities Additional US$1M per year in social collaboration agreements Security is actively managed Perimeter security and access control, personnel security, gold security, explosives security, crisis management Leagold plans to continue proactive and co-planning approach with community engagement and involvement with the three local communities surrounding the mine 25

27 Los Filos Mineral Reserves and Resources Mineral Reserves 1 (Dec 31, 2017) Classification Tonnes (000s) Grade (g/t) Contained oz Au (000s) Proven 14, Probable 47, ,050 Proven + Probable 61, ,499 Plus Probable Mineral Reserves of heap leach inventory 216 Total Proven + Probable 2,715 Mineral Resources 1 (Dec 31, 2017) Classification Tonnes (000s) Grade (g/t) Contained oz Au (000s) Measured 59, ,709 Indicated 321, ,751 Measured + Indicated 380, ,459 Inferred 240, ,739 1 Source: Technical Repor dated March 7, Mineral resources are inclusive of mineral reserves. Reserves are reported using US$1,200/oz and resources are reported using US$1,400/oz. Refer to notes on mineral reserves and mineral resources on following page. 26

28 Notes to Los Filos Mineral Reserves and Resources Notes to Los Filos Mine Mineral Reserves 1. Mineral Reserves are based on Measured and Indicated Mineral Resources within pit designs and supported by a mine plan, featuring variable throughput rates (depending on the pit being mined), variable metallurgical recoveries (depending on geometallurgical domain), and cut-off optimization. 2. Metal price assumption for gold was US$1,200/oz. 3. Open Pit Mineral Reserves: a) Los Filos Open Pit includes the mineralization within the planned 4P pit extension. Bermejal Open Pit includes the mineralization within the planned Guadalupe pit extension. b) Los Filos Open Pit crush-leach ore is based on an operational g/t Au cut-off grade; ROM ore is based on a variable to g/t Au operational cut-off grade that is determined by lithology. Los Filos Mineral Reserve is based on a g/t Au cut-off grade. El Bermejal Open Pit crush-leach ore is based on an operational g/t Au cut-off grade; ROM ore is based on a variable to g/t Au operational cut-off grade that is determined by lithology. Bermejal Open Pit Mineral Reserve is based on a 0.20 g/t Au cut-off grade. c) Process gold recoveries vary from 54% to 76% for crush-leach ore and from 30% to 64% for ROM ore at Los Filos Open Pit; recoveries at Bermejal Open Pit for crushleach ore vary from 51% to 68 and from 42% to 58% for ROM ore. A 5% silver recovery is assumed from all geometallurgical domains. 4. Underground Mineral Reserves: a) Are contained within stope designs that have a minimum horizontal continuity of 10 m, and minimum mining width of 3.5 m, and supported by a mine plan that features variable stope thicknesses depending on zone; and cut-off optimization. b) Are reported based on a cut-off grade of 3.77 g/t Au for stopes within 100 m of planned ramp and 4.44 g/t Au for stopes requiring development. c) Dilution is assigned an average of 14% at a 0 grade for Au and Ag. d) Mining recovery is variable, based on stope width and can range from 75% to 100%. e) Process gold recoveries are estimated at 80% for Los Filos Underground ore. A 5% silver recovery is assumed from all zones. 5. Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces. 6. Summation errors may be present due to rounding. Notes to Los Filos Mine Mineral Resources 1. Mineral resources are inclusive of mineral reserves and do not include dilution. 2. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 3. Mineral resources are reported to a gold price of US$1,400/oz and a silver price of US$4.26/oz. 4. Open pit Mineral resources are defined within pit shells that use variable mining and recovery estimates depending on the geometallurgical domain and whether mineralization is projected to report to crush leach or is considered typical run-of-mine for processing requirements. 5. Open pit Mineral resources are reported to variable gold cut-off grades: Los Filos Open Pit g/t Au, Bermejal Open Pit of g/t Au. 6. Underground Mineral resources use a mining cost of US$84.78/t for Cut-and-Fill, process cost of US$6.75/t, and a process recovery of 80%. 7. Mineral resources are reported to a gold cut-off grade: Los Filos Underground of 3.39 g/t Au; Bermejal Underground of 3.0 g/t Au. 8. Tonnages are rounded to the nearest 1,000 tonnes, grades are rounded to two decimal places for Au, grades for Ag are rounded to two decimal places; rounding as required by reporting guidelines may result in apparent summation differences. 9. Includes both oxide and sulphide mineralization. 27

29 Brio Gold Mineral Reserves Source: Brio Gold website at the following link: 28

30 Brio Gold Mineral Resources Source: Brio Gold website at the following link: 29

31 Brio Gold Mineral Resources Source: Brio Gold website at the following link: 30

32 Brio Gold Notes to Mineral Reserves and Resources Source: Brio Gold website at the following link: 31