The World's Strategic Hub for Mining Finance. London October 13 th 2015

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1 Toronto The World's Strategic Hub for Mining Finance London October 13 th 2015

2 Disclaimer This document is for information purposes only. While the information herein is collected and compiled with care, neither TMX Group Limited nor any of its affiliated companies represents, warrants or guarantees the accuracy or the completeness of the information. You agree not to rely on the information contained herein for any trading, legal, accounting, tax, investment, business, financial or other purpose. This information is provided with the express condition, to which by making use thereof you expressly consent, that no liability shall be incurred by TMX Group Limited and/or any of its affiliates as a result of any errors or omissions herein or any use or reliance upon this information TSX Inc. All rights reserved. Do not sell or modify without the prior written consent of TSX Inc.

3 Canada and TSX: Strong Fundamentals Economically stable Canada is the fourth largest equity market by float capitalization in the MSCI World Index World s soundest banking system Lowest debt-to-gdp among G7 Strong equity culture ~$2.5 trillion in market cap $263 billion in equity capital raised in last 5 years Resource rich World s largest producer of zinc and uranium and major producer of gold, nickel, aluminum and lead #1 in resource listings 3

4 Access to Capital Toronto Stock Exchange and TSX Venture Exchange Total Financings (C$ Billions) 1999 H Toronto Stock Exchange TSX Venture Exchange Average Financing Size: TSX: $111M TSXV: $3M H

5 Service at All Stages of Growth Serving all Market Caps A Unique Market Structure with Strong Feeder System 94% % of TSX Issuers % of TSXV Issuers 33% 30% 494 Issuers 1,806 Issuers 2,015 Issuers 447 Issuers 442 Issuers 6% % 570 Issuers 555 Issuers <1% <$50 Million $50 - $250 Million >$250 Million graduates M&A 266 mining graduates From January 1, 2000 June 30, Market Capitalization as at June 30, 2015.

6 Diverse Issuer Base Number of Issuers by Sector Closed End Funds 213 Financial Services 125 Life Sciences 123 CPC 46 Utilities & Pipelines 25 Mining 1,421 Oil & Gas & Energy Services 394 ETFs 367 Diversified Industrials 239 Technology 181 Real Estate 106 Clean Technology 119 SPAC 3 Forest Products 19 Comm. & Media 44 6 As at June 30, 2015; includes issuers on TSX and TSXV (100% = 3,425).

7 Global Leader in Mining 7

8 Access to Capital Global Mining Equity Financing 2014 (C$B) 43% 8.9 of the number of mining equity financings globally % of the equity capital raised globally for mining TSX/TSXV ASX LSE/AIM NYSE/NYSE MKT JSE 1,482 1, Source: Gamah International, as at December 31, 2014.

9 TSX and TSXV Lead the Mining Sector #1 in mining equity capital raised #1 in listed mining companies Value of Mining Equity Capital Raised 5- Year (2010 to 2014) Total = $106 billion TSX and TSXV list the most mining companies in the world LSE/AIM 17% ASX 14% NYSE/NYSE MKT 5% HKEx 4% Other 6% 170 TSX/TSXV 54% TSX/TSXV ASX LSE/AIM 9 YTD June 30, 2015, unless otherwise noted.

10 The Leading Exchange H Mining Markets at a Glance TSX TSXV TSX&TSXV LSE AIM ASX JSE HKEx NYSE/ NYSE MKT Number of Mining Issuers Listed 267 1,154 1, Quoted Market Value (C$ Billions) New Mining Listings Equity Capital Raised (C$ Billions) Number of Financings Source: Capital IQ. Unless noted, data is as at or YTD June 30, 2015

11 Equity Capital Raised by Sector Real Estate, $1.5B ETFs & Closed- End Clean Funds, Technology $1.6B & Renewable Energy, $1.6B Technology, $2.1B CPCs & SPACs, $925M Financial Services, $9.1B Life Sciences, $5.7B Total: $42.4B Oil & Gas, $7.7B Diversified Industries, $5.7B Mining, $6.5B 11 As at July 31, Includes TSX and TSXV.

12 Diversity in Issuer Base 12 Source: Infomine, by location of projects, February 2015.

13 Diversity in Issuer Base Number of Mining Companies by Stage of Project Exploration 904 Advanced Exploration 747 Production 193 Development Source: Infomine, as at July 27, 2015.

14 Analyst Coverage Over 400 mining analysts cover TSX/TSXV listed companies Average Number of Analysts by Size of Mining Company 3 5 $50 - $100 million $100 - $250 $250 - $500 $500 - $1 billion >$1 billion Source: Capital IQ, June 30, 2015.

15 Mining Market in

16 Mining: Equity Capital Raised on TSX/ TSXV $6.0 billion raised by TSX and TSXV listed mining issuers in H Canada: $2.8B UK/Europe, Middle East and Russia: $863M USA: $419M Latin America: $2.1B Africa: $1.0B Asia: $115M Australia: $564M By project locaion (a single company may have projects in muliple locaions). Listed mining companies raised $6.0B on TSX and TSXV in H Source: TSX/TSXV Market Intelligence Group, YTD June

17 Access to Capital Global Mining Equity Financing H (C$B) 52% 6.03 of the number of mining equity financings globally % of the equity capital raised globally for mining TSX/ TSXV HKEx ASX NYSE/ NYSE MKT SZSE SHSE LSE/AIM Other Source: Capital IQ, June 30, 2015.

18 TSX: YTD August 2015 Largest Mining Financings Gross Proceeds Exploring In Exploring For First Quantum Minerals Ltd. $1.4 B Australia, Finland, Mauritania, Spain, Turkey, Zambia Copper, Gold, Nickel, PGM, Zinc Silver Wheaton Corp. $1.0 B (Royalty Company Misc.) Misc. AuRico Gold Inc. $441 M As Alamos Gold Inc. Manitoba, Mexico, Ontario, Oregon, Turkey Gold, Silver Romarco Minerals Inc. $300 M South Carolina Gold Yamana Gold Inc. $299 M Argentina, Brazil, Chile, Mexico, Quebec Copper, Gold, Silver Energizer Resources Inc. $247 M Madagascar Graphite, Vanadium Osisko Gold Royalties Ltd. $200 M (Royalty Company Misc.) Misc. Detour Gold Corporation $141 M Ontario Gold TMAC Resources Inc. $135 M Nunavut Gold Candente Copper Corp. $110 M Peru Copper 18 YTD August 31, 2015.

19 TSXV: YTD August 2015 Largest Mining Financings Gross Proceeds Exploring In Exploring For Largo Resources Ltd. $75 M Brazil, Yukon Iron, Molybdenum, Titanium, Tungsten, Vanadium NexGen Energy Ltd. $27 M Saskatchewan Uranium Newmarket Gold Inc. $25 M Australia Gold Kaminak Gold Corporation $21 M Yukon Gold Kennady Diamonds Inc. $19 M Northwest Territories Diamonds Gold Standard Ventures Corp. $16 M Nevada Gold Alphamin Resources Corp. $16 M DRC Tin Midland Exploration Inc. $14 M Quebec Base Metals, Gold, PGE, Rare Earth Elements Integra Gold Corp. $13 M Quebec Gold Marlin Gold Mining Ltd. $13 M Arizona, Mexico, Nicaragua Gold, Silver 19 YTD August 31, 2015.

20 Global Mining Financing Trends Total Value of Global Mining Equity Capital Raised 5- Year Trend ($B) Total Number of Global Mining Financings 5- Year Trend ,635 2,239 2,418 2,948 3, Source: TSX and TSXV Market Intelligence Group and Gamah International, as at December 31, 2014.

21 Global Mining Financings 2,413 Number of Global Mining Financings 5- Year Trend NYSE/NYSE MKT 2,021 LSE/AIM ASX TSX/TSXV 1,700 1,409 1,351 1,666 1, Source: TSX and TSXV Market Intelligence Group and Gamah International, as at December 31,

22 Global Mining Equity Capital Raised 17.8 Value of Global Mining Equity Capital Raised 5- Year Trend ($B) NYSE/NYSE MKT ASX LSE/AIM TSX/TSXV Source: TSX and TSXV Market Intelligence Group and Gamah International, as at December 31, 2014.

23 Global Liquidity for Mining Issuers AIM Value Traded TSXV Value Traded $449 $450 $450 $433 $439 ASX Value Traded TSX Value Traded $348 $342 $310 $354 $394 $373 $262 $273 $210 $204 $204 $173 $87 $18 $22 $28 $33 $15 $13 $22 $26 $10 $11 $12 $14 $11 $10 $5 $5 $4 $ Source: Exchange Websites. Amounts are in C$Billions.

24 Alternatives to conventional equity Split class shares Different voting rights Equal economic rights Event-linked protection for B class holders Respects need for national/indigenous/family control Allows access to international capital markets Not allowed on every stock exchange Needs careful design (Sika) 24

25 Alternatives to equity Offtake agreements Royalties Streaming Standby equity facilities Multilaterals National agencies export and trade finance Private equity, family offices, SWFs Resource based lending, high yield bonds But let s not forget equity Mission: Difficult. Not Mission: Impossible 25

26 TSX Venture Exchange and Santiago Stock Exchange Agreement signed between TSX Venture Exchange and Santiago Stock Exchange in March 2014 Dual listing of mining exploration companies, one registration process allows presence in both Canada and Chile The secondary market will operate independently from both exchanges Participation in MILA Latin American Integrated Market (Mexico Peru, Chile and Colombia) Strong alternative to finance mining exploration companies Research departments at brokerage firms with analysts specialized in mining 26

27 TSX/TSXV Delistings Companies delisted from TSX/TSXV TSX/TSXV delising reasons (2011- August 2015) YTD August 2015 Mining All other sectors 27

28 The Leading Exchange for Mining Companies in Africa Top 5 Countries by Number of Companies Burkina Faso: 20 Companies, 51 Projects Mali: 18 Companies, 55 Projects DRC: 16 Companies, 35 Projects Namibia: 16 Companies, 34 Projects South Africa: 14 Companies, 43 Projects Source: Infomine, September 21, 2015.

29 The Leading Exchange for Mining Companies in Africa $1.0B Number of Mining Companies in Africa Number of African Mining Properties Amount of Equity Capital Raised in H for African Mining Projects 37 Number of Countries in Africa Where TSX/TSXV Cos. are Mining 6 89 Number of mining companies exploring in UN Subregions of Africa Northern Africa Western Africa Central Africa Eastern Africa New Mining Listing with Projects in Africa Southern Africa Unless otherwise noted, all numbers are as at or YTD September 21, 2015.

30 The Leading Exchange for Mining Companies in Africa Number of Companies Number of Properties Financing $ H TSX and TSXV $1.0 B ASX $76 M LSE and AIM $50 M 30 Source: Infomine and TSX/TSXV Market Intelligence Group, September 21, 2015.

31 Mining Carlos Espinosa EMEA Graham Dallas Innovation Michael Kousaie Diversified Industries Priya Patil Oil & Gas Monica Rovers TSX Private Markets Zulf Karim Asia (8610)