A Capital Opportunity A Global Market for Mining Companies

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.

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© 2016 TSX Inc. All rights reserved. Do not sell or modify without the prior written consent of TSX Inc.

Section 1 Toronto Stock Exchange and TSX Venture Exchange Overview

Canada and TSX: Strong Fundamentals Economically stable • • • • • • •

Ranked the best country in the G7 for doing business (2016-2020) World’s soundest banking system Lowest debt-to-GDP among G7 Strong equity culture 160+ year history of serving the Canadian markets ~$2.3 trillion in market cap $267 billion in equity capital raised in last 5 years

A dynamic marketplace • • • •

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Source: Rankings from The Economic Intelligence Unit, via Invest in Canada – Think Canada, January 2016. Named world’s soundest banking system by the World Economic Forum in 2016 for the eighth consecutive year.

Robust marketplace Access to capital History of innovation Committed to growth

Overview: Canada’s Equity Market TSX and TSX Venture Exchange World Ranking

#2

Number of IPOs and New Listings (2015)

#2

Number of International IPOs and New Listings (2015)

#6

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Equity capital raised (2012-2015)

Country Ranking: Equity Capital Raised (2012-2015) Rank

Country

Stock Exchanges

1

USA

NYSE, Nasdaq

2

China

Hong Kong Exchanges, Shanghai SE, Shenzhen SE

3

Canada

TSX / TSX Venture Exchange

4

Australia

Australian Securities Exchange

5

United Kingdom

London Stock Exchange

Source: TSX/TSXV Market Intelligence Group, World Federation of Exchanges, LSE Group; as at December 31, 2015; country ranking reflects the total equity capital raised by companies listed on the stock exchanges based in each country.

Global Capital Comes to TSX

~40% ~25% of daily trading originates from outside Canada

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of TSX and TSXV Member Firms are headquartered outside Canada

Diverse Issuer Base TSX/TSXV Sectors by Market Capitalization Clean Technology & Renewable Energy, $30B

Forest Products & Paper, $24B

Technology, $78B

Closed-End Funds, $23B CPC/SPAC, $1B

Life Sciences, $80B Financial Services, $689B

Real Estate, $84B ETFs, $98B Comm. & Media, $163B

Total: $2.3T Utilities & Pipelines, $164B

Mining, $180B Diversified Industries, $478B Oil & Gas, $232B

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As at December 31, 2015.

Top TSX Issuers by Market Capitalization Market Cap. at Dec. 31, 2015 (C$)

Sector

Royal Bank of Canada

$115.5 B

Financial Services

Toronto-Dominion Bank (The)

$102.9 B

Financial Services

Bank of Nova Scotia (The)

$70.5 B

Financial Services

Canadian National Railway Company

$61.2 B

Diversified Industries

Company

General Motors Company

$53.0 B

Diversified Industries

Bank of Montreal

$52.5 B

Financial Services

Suncor Energy Inc.

$51.6 B

Oil & Gas

BCE Inc.

$48.7 B

Comm & Media

Valeant Pharmaceuticals International Inc.

$48.0 B

Life Sciences

Brookfield Asset Management Inc.

$46.1 B

Financial Services

Enbridge Inc.

$44.4 B

Utilities & Pipelines

Manulife Financial Corporation

$43.2 B

Financial Services

Thomson Reuters Corporation

$40.3 B

Comm. & Media

Imperial Oil Limited

$38.2 B

Oil & Gas

Canadian Imperial Bank Of Commerce

$37.0 B

Financial Services

Great-West Lifeco Inc.

$36.6 B

Financial Services

Alimentation Couche-Tard Inc.

$34.7 B

Diversified Industries

TransCanada Corporation

$33.7 B

Utilities & Pipelines

Canadian Natural Resources Limited

$33.1 B

Oil & Gas

Sun Life Financial Inc.

$28.3 B

Financial Services

Financing and Liquidity Platforms Access to capital and liquidity are the core offerings of our platforms.

Private Equity

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TSX and TSXV by the Numbers

3,278 Issuers

194

Going public events

$57.7B Equity raised

$94.2M Average Financing on TSX

$2.6M

Average Financing on TSXV

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As at or YTD December 31, 2015.

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A Unique Growth Platform Facts & Figures

20%

of Toronto Stock Exchange issuers are graduates of TSX Venture Exchange

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24%

50%

of TSX Cleantech issuers graduated from TSXV

of TSX Life Sciences issuers graduated from TSXV

50%

45%

of TSX Mining issuers graduated from TSXV

of TSX Oil & Gas issuers graduated from TSXV

29%

32%

of TSX Real Estate issuers graduated from TSXV

of TSX Technology issuers graduated from TSXV

As at December 31, 2015.

614 companies that listed on TSXV have graduated to TSX.

Graduates from TSXV to TSX account for $125 billion in total market capitalization.

12% of TSX companies with a market

capitalization over $1 billion are TSXV graduates.

17% of S&PTM/TSX Composite Index

constituents are graduates from TSXV.

29% of currently listed graduates were CPCs.

Section 2 Global Leader in Mining

Overview

#1

#1 in listed mining companies globally

1,318 mining companies • 266 mining graduates from TSXV to TSX* • 208 dual-listed mining companies • 107 international mining issuers

in equity capital raised globally

$6.8 billion in 2015 • 53% of the number of mining equity financings globally • 34% of the mining equity capital raised globally • $29.1 billion market cap of top 20 mining graduates

Almost 300 mining analysts cover TSX/TSXV listed companies

Access to Canadian and international institutional investors

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• 200+ Canadian institutional investors in mining • 500+ international institutional investors

10 6

7

3

$50 - $100 million

$100 - $250

$250 - $500

$500 - $1 billion

>$1 billion

Average Number of Analysts by Size of Mining Company

12

As at December 31, 2015, unless otherwise noted. *From January 1, 2000 – December 31, 2015.

Diversity in Issuer Base Breakdown of TSX and TSXV Mining Issuers by Primary Metals Potash, 1% Vanadium, 1%

Coal, 1% Tin, 1%

Lithium, 1%

Other, 5%

Graphite, 1% Tungsten, 1% Rare Earth, 1%

Gold, 22%

Breakdown of TSX and TSXV Mining Projects by Location Australia/Oceania 197 Asia/Russia/ 3% CIS/Middle East 221 3%

UK/Europe 168 3%

Africa 493 8%

Diamond, 2% Iron Ore, 2% Cobalt, 3%

USA 739 12%

PGM, 3% Uranium, 3%

Canada 3,355 53%

Molybdenum, 4%

Copper, 15%

Nickel, 5%

Latin America 1,134 18%

Lead, 7% Zinc, 9%

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Source: Infomine, TSX/TSXV Market Intelligence Group, January 28, 2016.

Silver, 14%

Diversity in Issuer Base 673 140

40 24

176 78 7 11

80 40

26 18

23 14 123 68

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Source: Infomine, by location of projects, January 2016.

76 57

3 2

26 28

Section 3 Company Services and Support

TSX Company Services: Supporting Your Growth • • • •

TSX InfoSuite Anonymous Activity Historical Data Access ir2020

• • • •

On the Radar Market Access Investor Relations TMXmoney.com

• View from the C-Suite • Equity Coverage

• • • •

Web Solutions Stock Quotes for Website Listed on Logo Market Open Ceremony

• Corporate Trust Services • Transfer & Registrar Services • Employee Plan Administration

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www.tsxcompanyservices.com

TSX and TSXV Support and Services Building Profile for Listed Companies

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Investor Days

Market Open Ceremony

C-Suite Videos

10-15 presenting companies (public and private)

Private VIP reception for company employees/guests

Video interview series for C-Suite executives

120 investors and capital markets professionals

Market open broadcast live on BNN and streamed on YouTube

Raises awareness of companies listed on the exchanges

Toronto, Vancouver, Calgary, Montreal, New York, London

Opportunity for media interviews before/after

Posted to TSX and TMX Money websites

Capital Formation TSX and TSXV are committed to building the investor base and liquidity of our listed issuers. Institutional Investor Development

Retail Investor Development

 TSX and TSXV produce more than 10 Investor Days each year, presenting TSX and TSXV companies to institutional investors

 The TSX Venture 50 is the annual showcase of the fifty fastestgrowing companies on TSXV

 The quarterly Buy Side Report provides market data to global institutional investors to keep them informed about trends and foreign investment into Canadian equities

 Investor discovery tools to help retail investors identify investment opportunities  C-Suite Videos feature interviews with TSX and TSXV CEOs created to profile companies to retail investors

TSX Private Markets

Santiago Stock Exchange, Venture

 Provides public and private companies with a new tool to access capital from the exempt market

 A unique partnership where issuers listed on TSXV can access capital and liquidity in Chile and through the MILA Exchanges

 Facilitates liquidity between investors with an appropriate exemption for 4-month hold stock

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 Financial information website, www.TMXmoney.com, attracts nearly 1 million visitors each month

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TSX Private Market Services TSX PM facilitates trading and financing in public and private company exempt securities.

Private Issuers

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Public Issuers

Capital Formation

Accredited Investors participate in capital formation

Private Placements posted to Accredited Investors

Trade Facilitation

Qualified or Exempt Investors buy and sell shares

Trading of 4-month hold shares by Accredited Investors

• All categories of exempt market securities (debt and equity) are eligible for capital raises

• Electronic settlement of trades through CDS

Business Development Contacts Mining Orlee Wertheim +1 416 947-4477 [email protected]

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Oil & Gas Monica Rovers +1 403 218-2805 [email protected]

Innovation Michael Kousaie +1 416 947-6626 [email protected]

Diversified Industries Priya Patil +1 416 947-4710 [email protected]

EMEA Graham Dallas +44 20 3194 2580 [email protected]

TSX Private Markets Zulf Karim +1 416 947-6665 [email protected]

Asia Vera Xu (8610) 6505 5811 [email protected]