Industry Note

Equity Research April 23, 2020

Gold and Precious Minerals - Large-Cap Golds Q1/20 Preview and Precious Metals Price Deck Change - Corrected Greg Barnes 416 983 9588 Staying bullish gold on unprecedented Central Bank accommodation [email protected] Q1/20 should provide the first taste of FCF to come Steven Green, CFA ■ 416 307 6304 Gold and silver price decks increased. We last raised our precious metals price [email protected] deck on April 1; at that time, we said that we thought our revised deck might be conservative. That has turned out to be the case. We are now forecasting an Arun Lamba, CFA average gold price of $1,746/oz in 2020, $1,850/oz in 2021, and $1,900/oz in 416 983 6043 2022, and we have increased our long-term price to $1,500/oz (from $1,450/oz). [email protected] We have also increased our silver price deck (Exhibit 2). Craig Hutchison, P. Eng ■ 416 982 3474 The U.S. Federal Reserve (The Fed) launched an unlimited Quantitative [email protected] Easing (QE) program at the end of March and the central bank's balance sheet has already expanded to >$6.3 trillion, from $4.2 trillion at the start of Derick Ma, CFA, CPA, CA There is a well-known relationship between QE and lower real rates, 416 308 3404 the year. [email protected] such that it ultimately suppresses real rates by lifting inflation expectations at a faster pace than nominal rates. This creates a very favourable environment for Mengdi Li, CPA, CA (Associate) gold; we believe that the market continues to under-price unlimited QE's impact on 416 308 3741 gold. The Fed and other central banks are likely to keep their unprecedented easy [email protected] policies in place for far longer than anticipated, following a decade of below-target Joel Brown, P.Eng. (Associate) inflation and a renewed interest in asymmetric inflation targeting. We continue to 416 307 8932 believe that the gold price is at the start of a multi-year rally. [email protected] ■ Laura Baker, (Associate) Q1/20 should provide the first taste of the FCF to come (Exhibit 13). The 416-308-2360 Q1/20 gold price averaged $1,582/oz, the highest quarterly average price since [email protected] Q1/13 and a 6.7% increase over Q4/19. At our higher gold price deck, we expect that the producers will generate significant FCF; in fact, we are projecting Senior Producer FCF yields of 6-12% based on our 2021 estimates (Exhibit 12). Evidence that companies are maintaining cost discipline will be a key focus for investors, and we expect that the cost discipline mantra will be repeated by management teams during Q1/20 conference calls. ■ COVID-19 mine closures will have an impact mostly on Q2/20. We estimate that upwards of 80 gold mines were or are being affected by COVID-19 restrictions. Most of the impact will be felt in Q2/20 results. Mine shutdowns are beginning to reverse, with more than 20 mines in the process of reopening. ■ Market Overweight gold sector. Our sector Overweight call is unchanged, and we note that since we upgraded our sector weighting on April 1, the S&P/TSX Global Gold Index has increased by ~29%. Heading into quarterly reporting, we are maintaining our ACTION LIST BUY recommendations on Barrick Gold and B2Gold. Our Top Picks include Barrick, Newmont, Kirkland Lake, B2Gold, and Equinox.

Please see the final pages of this document for important disclosure information. Page 1 of 23 April 23, 2020

Target Price Changes — Producers Still Favoured vs. Streamers We have increased our target multiples to reflect our continued positive outlook on gold and our preference for the gold producers in this environment relative to the royalty/streaming companies, given that the producers have more leverage to higher gold prices. For the Senior Gold producers, we are generally using a 9.5x‒10.5x EV/2021 EBITDA target multiple (previously 9.5x), blended with a 1.85x‒2.2x NAV-5% target multiple (previously 1.85x). We have used target multiples at the top-end of the range for Barrick to reflect the company’s expected strong FCF generation and because its operations have been less affected by COVID-19 restrictions or shutdowns relative to its larger peers — Newmont and Agnico Eagle. As we have done in the past, we use lower target multiples for Kinross to reflect its perceived higher political risk profile. Our target multiples for the senior producers are in line with the multiples afforded the larger producers in 2008/2009 — the time frame that we consider most similar to the current environment.

Exhibit 1. Barrick and Newmont EV/NTM EBITDA 2008‒2020

15.00x

14.00x

13.00x

12.00x

11.00x

10.00x

9.00x

8.00x

7.00x

6.00x

5.00x

4.00x

3.00x

Newmont Corporation (NYSE:NEM) - TEV/Forward EBITDA Barrick Gold Corporation (TSX:ABX) - TEV/Forward EBITDA

Source: Capital IQ

We have maintained our target multiples for the royalty/streaming companies and left our recommendations unchanged. We expect the gold price to move higher in the current macroeconomic environment and in our view that favours the senior gold producers, given their higher sensitivity to gold. We do expect that the royalty/streaming companies will benefit from the current environment via the acquisition of by-product precious metal streams from base metal producers who may be experiencing balance-sheet challenges — that being said, we do not see as much balance sheet stress among the base metal miners currently as we did in 2015/2016. Albeit that could change if base metal prices take another leg down if demand declines further than currently forecast.

M&A on hold for now; gold producers/streamers positioned to pounce when the time is right. For both the producers and the royalty/streaming companies, stronger precious metal prices and increased investor interest are positioning the larger companies to take advantage of potential opportunistic M&A opportunities — particularly for assets with a gold focus that are in the hands of base metal producers. However, with travel restrictions in place globally, and the expectation that this may not change for some time, the ability to complete asset due diligence is

Page 2 of 23 April 23, 2020

limited. In addition, it is not clear to us that investor appetite is high for M&A, given the highly uncertain outlook for global growth. As such, we expect that significant or transformational M&A transactions may have to wait until the world returns to some semblance of normalcy. Given our outlook for the gold price and the free cash flow we expect from the gold producers and royalty/streaming companies (combined with their robust balance sheets), we expect that the gold sector should exit the COVID- 19 crisis in a position of strength.

Exhibit 2. TD Securities Precious Metals Forecasts

(US$/oz) 2018A 2019A 2020E 2021E 2022E 2023E LT Gold $1,269 $1,393 $1,746 ↑ $1,850 ↑ $1,900 ↑ $1,700 ↑ $1,500 ↑ Previous $1,650 $1,750 $1,550 $1,450 $1,450 Silver $15.71 $16.21 $16.85 $19.50 ↑ $22.00 ↑ $21.00 ↑ $20.00 Previous $16.85 $18.00 $20.00 $20.00 $20.00 Source: TD Securities Inc. estimates

Exhibit 3. U.S. Federal Reserve Balance Sheet and the Gold Price U.S. Federal Reserve Total Assets US$ billions (LHS); Gold Price US$/oz (RHS)

US Federal Reserve - Total Assets $Billions 7000 2200 Gold

6368 2000 6000

1800 1719 5000 1600

4000 1400

3000 1200

1000 2000 800

1000 600

0 400 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21

W23 15 APR 20 Source: US Federal Reserve, Bloomberg, TD Securities Inc.

Page 3 of 23 April 23, 2020

Exhibit 4. Gold and U.S. 10-year Real Rate

US Real Rates and the Gold Price (inverted)

1.75 $1,000

$1,100

1.25 $1,200

$1,300 Gold price (inverted)

0.75 $1,400

$1,500

0.25 $1,600 Gold (US$/oz, inverted) (US$/oz, Gold US 10Y real interest rate interest real 10Y US $1,700 10Y real rate (0.25) $1,800

$1,900

(0.75) $2,000

Jul-16

Jul-17

Jul-18

Jul-19

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Mar-16

Mar-17

Mar-18

Mar-19

Mar-20

Sep-16

Nov-16

Sep-17

Nov-17

Sep-18

Nov-18

Sep-19

Nov-19

May-16

May-17

May-18 May-19

Real rate Gold

Source: Bloomberg, TD Securities Inc.

Exhibit 5. Average Gross Margin per Ounce

$1,000 $1,800 $1,582

$1,600

$1,483 $1,474

$800 $1,335

$1,330 $1,400

$1,309

$1,306

$1,305

$1,282

$1,279

$1,277

$1,262

$1,262

$794

$1,229

$1,219

$1,219

$1,216

$762

$1,212

$758

$1,201

$1,194 $1,182

$600 $1,125 $1,200

$1,104

$667

$653

$636

$632

$629

$627

$623

$583

$571 $567

$567 $1,000

$554

$516

$547

$546

$541

$539

Gold priceGold US$/oz

$515 $508

$400 $500

$800 Gross margin per ounce per US$/oz ounce margin Gross

$200 $600

Q3 Q3 14 Q1 15 Q2 15 Q1 16 Q4 16 Q1 17 Q3 17 Q4 17 Q3 18 Q2 19 Q3 19 Q4 Q4 14 Q3 15 Q4 15 Q2 16 Q3 16 Q2 17 Q1 18 Q2 18 Q4 18 Q1 19 Q4 19 Q1 Q1 20E Gross Margin (US$/oz) Gold US$/oz

Source: TD Securities Inc. estimates

Page 4 of 23 April 23, 2020

Exhibit 6. Quarterly Commodity Prices and F/X Rates

% Chg Q1 18A Q2 18A Q3 18A Q4 18A Q1 19A Q2 19A Q3 19A Q4 19A Q1 20A Q/Q Y/Y Commodity prices Gold (US$/oz) $1,330 $1,306 $1,212 $1,229 $1,305 $1,309 $1,474 $1,483 $1,582 6.7% 21.2% Silver (US$/oz) $16.76 $16.54 $15.00 $15.00 $15.57 $14.90 $17.00 $17.33 $16.90 -2.5% 8.6% Copper (US$/lb) $3.16 $3.12 $2.78 $2.78 $2.82 $2.77 $2.63 $2.67 $2.56 -4.0% -9.1% Zinc (US$/lb) $1.55 $1.42 $1.15 $1.15 $1.23 $1.25 $1.07 $1.08 $0.96 -10.7% -21.3% Lead (US$/lb) $1.14 $1.08 $0.95 $0.95 $0.91 $0.85 $0.92 $0.93 $0.83 -10.2% -8.4% Oil (US$/bbl) $63 $68 $70 $59 $55 $60 $56 $57 $55 -2.7% 0.8% F/X rates USD/CAD 1.26 1.28 1.31 1.31 1.33 1.33 1.32 1.32 1.35 2.3% 1.5% USD/AUD 1.27 1.32 1.37 1.37 1.40 1.43 1.46 1.46 1.52 3.9% 8.2% USD/BRL 3.24 3.61 3.95 3.95 3.77 3.92 3.97 4.12 4.47 8.6% 18.7% USD/CLP 602 622 663 663 667 683 706 755 804 6.5% 20.5% USD/MXN 18.72 19.42 18.94 18.94 19.20 19.10 19.44 19.24 20.00 3.9% 4.2% USD/ARS 19.68 23.59 32.00 37.10 39.00 44.01 50.53 59.36 61.46 3.5% 57.6%

Source: Bloomberg

Page 5 of 23 April 23, 2020

Exhibit 7. TD Securities Target Prices and Recommendations

Target Price Return to Recommendation Risk Rating Old New Target Old New Large caps Barrick Gold Corp. $28.00 $36.00 ↑ 37.0% AL BUY AL BUY HIGH Newmont Corp. $67.00 $81.00 ↑ 32.8% BUY BUY HIGH Agnico-Eagle Mines Ltd. $63.00 $77.00 ↑ 37.6% BUY BUY HIGH Kinross Gold Corp. $8.00 $10.00 ↑ 49.3% BUY BUY HIGH Kirkland Lake Gold Ltd. C$68.00 C$76.00 ↑ 35.5% BUY BUY HIGH

Mid/small caps New Gold Inc. $0.65 $0.85 ↑ 6.0% HOLD HOLD HIGH Yamana Gold Inc. $5.50 $6.50 ↑ 40.9% BUY BUY HIGH Eldorado Gold Corp. $8.00 $10.00 ↑ 8.5% HOLD HOLD HIGH B2Gold Corp. C$8.50 C$10.50 ↑ 48.1% AL BUY AL BUY HIGH IAMGOLD Corp. C$8.00 C$8.00 66.3% BUY BUY HIGH Centerra Gold Inc C$14.00 C$15.50 ↑ 42.2% BUY BUY HIGH Equinox Gold Corp. C$16.50 C$19.50 ↑ 74.1% BUY BUY HIGH SEMAFO Inc. C$2.85 C$3.75 ↑ 1.9% TENDER TENDER HIGH Alamos Gold Inc. C$14.50 C$16.50 ↑ 59.3% BUY BUY HIGH Alio Gold Corp. SUSP. SUSP. n/a TENDER TENDER HIGH TMAC Resources Inc. C$0.60 C$1.00 ↑ -12.3% HOLD HOLD SPEC.

Developers Rubicon Minerals Corp. C$1.70 C$2.00 ↑ 112.8% Spec. BUY Spec. BUY SPEC. Orla Mining Ltd. C$3.50 C$4.75 ↑ 60.5% Spec. BUY Spec. BUY SPEC. Lundin Gold Inc. C$16.00 C$16.50 ↑ 69.1% Spec. BUY Spec. BUY SPEC. Sabina Gold & Silver Corp. C$2.75 C$3.00 ↑ 73.4% Spec. BUY Spec. BUY SPEC.

Silver companies Pan American Silver $24.00 $27.00 ↑ 29.4% BUY BUY HIGH First Majestic Silver C$14.00 C$15.50 ↑ 47.2% BUY BUY HIGH Endeavour Silver Corp. C$2.50 C$2.50 18.5% HOLD HOLD HIGH MAG Silver Corp. C$18.50 C$19.50 ↑ 39.2% Spec. BUY Spec. BUY SPEC.

Royalty companies Wheaton Precious $41.00 $47.00 ↑ 28.6% BUY BUY HIGH Franco-Nevada Corp. $125.00 $130.00 ↑ -0.1% HOLD HOLD HIGH Osisko Gold Royalties C$13.00 C$14.50 ↑ 14.8% HOLD HOLD HIGH Sandstorm Gold C$11.50 C$12.00 ↑ 19.3% BUY BUY HIGH Royal Gold Inc. $115.00 $130.00 ↑ 12.4% HOLD HOLD HIGH Source: Bloomberg, TD Securities Inc. estimates

Page 6 of 23 April 23, 2020

Exhibit 8. TD Securities Q1/20 Estimates

EPS ($/sh) CFPS ($/sh) TD Cons % Chg TD Cons % Chg Large caps Q1/19A Q4/19A Q1/20E Q1/20E Q/Q Y/Y Q1/19A Q4/19A Q1/20E Q1/20E Q/Q Y/Y

Barrick Gold $0.11 $0.17 $0.15 $0.16 -10% 44% $0.28 $0.58 $0.58 $0.58 0% 108% Newmont Corp $0.33 $0.50 $0.39 $0.43 -21% 19% $0.88 $1.30 $0.95 $1.15 -27% 9% Kinross Gold $0.07 $0.13 $0.06 $0.09 -51% -8% $0.17 $0.27 $0.23 $0.24 -14% 33% Agnico-Eagle $0.14 $0.37 $0.15 $0.21 -60% 9% $0.72 $1.10 $0.84 $0.89 -24% 16% Kirkland Lake Gold $0.53 $0.88 $0.68 $0.72 -22% 29% $0.86 $1.41 $1.22 $1.05 -13% 42%

Small/Mid caps New Gold $0.00 ($0.04) ($0.04) ($0.02) 10% nm $0.12 $0.06 $0.07 $0.06 26% -41% Yamana Gold $0.03 $0.03 $0.02 $0.03 -24% -24% $0.11 $0.19 $0.15 $0.14 -19% 40% Eldorado Gold ($0.11) $0.13 $0.13 $0.16 -3% nm ($0.06) $0.36 $0.43 $0.48 19% nm IAMGOLD $0.00 ($0.00) $0.02 $0.04 nm nm $0.07 $0.12 $0.17 $0.20 38% 131% Centerra Gold $0.17 ($0.04) $0.22 $0.19 nm 30% $0.39 $0.31 $0.49 $0.49 56% 26% SEMAFO $0.07 $0.05 $0.04 $0.06 -27% -48% $0.24 $0.13 $0.12 $0.16 -9% -50% Alamos Gold $0.03 $0.08 $0.06 $0.06 -26% 97% $0.16 $0.22 $0.16 $0.17 -28% 0% B2Gold $0.04 $0.07 $0.10 $0.10 50% 162% $0.09 $0.13 $0.16 $0.18 25% 89% Alio Gold Corp. $0.01 ($0.03) ($0.01) $0.00 -74% -179% $0.04 $0.00 $0.01 $0.00 nm -84% Equinox Gold Corp. na ($0.08) $0.08 $0.12 nm nm nm $0.27 $0.22 $0.16 -16% nm TMAC Resources C$0.03 (C$0.04) C$0.06 (C$0.06) nm 61% C$0.23 C$0.07 C$0.17 C$0.10 130% -29%

Royalty companies Franco-Nevada $0.35 $0.59 $0.55 $0.55 -6% 59% $0.72 $0.99 $0.94 $0.90 -5% 31% Wheaton Precious $0.13 $0.17 $0.22 $0.21 32% 74% $0.28 $0.32 $0.36 $0.37 13% 28% Sandstorm Gold $0.01 $0.03 $0.03 $0.02 0% 200% $0.06 $0.09 $0.08 $0.08 -12% 19% Osisko Gold Royalties C$0.04 C$0.07 C$0.08 C$0.04 16% 114% C$0.15 C$0.16 C$0.20 C$0.12 24% 35% Royal Gold Inc.* $0.44 $0.63 $0.73 $0.66 16% 68% $1.02 $1.21 $1.52 $1.34 26% 49%

Silver companies Pan American Silver $0.05 $0.33 $0.10 $0.14 -70% 100% $0.14 $0.59 $0.40 $0.47 -32% 186% First Majestic ($0.01) $0.00 $0.01 $0.02 nm nm $0.11 $0.16 $0.15 $0.10 -1% 35% Endeavour Silver ($0.10) ($0.13) ($0.01) ($0.04) nm nm ($0.02) ($0.06) $0.03 $0.02 nm nm * Royal Gold has a June 30 fiscal year end, for the purposes of the table above calendar Q1/20E represents fiscal Q3/20E results.

Source: Bloomberg, TD Securities Inc. estimates

Page 7 of 23 April 23, 2020

Exhibit 9. TD Securities Q1/20 Operating Estimates

Gold Production Total Cash Costs (koz) Change (%) (US$/oz) Change (US$/oz) Q1 19 Q4 19 Q1 20E Q/Q Y/Y Q1 19 Q4 19 Q1 20E Q/Q Y/Y Large Cap 2 Barrick 1,496 1,364 1,222 (10%) (18%) $658 $693 $692 ($1) $34 Newmont 1,230 1,830 1,456 (20%) 18% $705 $534 $728 $194 $23 1 Kinross 606 641 557 (13%) (8%) $670 $719 $752 $33 $82 Agnico-Eagle 398 495 401 (19%) 1% $623 $745 $826 $81 $203 2 Kirkland Lake 232 280 331 18% 43% $326 $295 $470 $175 $144

Mid/Small Cap Yamana1,2 272 256 222 (13%) (18%) $666 $656 $696 $40 $30 IAMGOLD 185 192 163 (15%) (12%) $884 $947 $924 ($23) $40 2 Eldorado 83 119 116 (3%) 40% $647 $652 $669 $17 $22 1,2 New Gold 123 101 103 2% (16%) $697 $942 $814 ($128) $117 Centerra 184 195 194 (0%) 6% $423 $473 $442 ($31) $19 SEMAFO 102 70 64 (9%) (38%) $484 $569 $730 $161 $246 Alamos 125 122 105 (14%) (16%) $732 $722 $805 $83 $73 2,3 B2Gold 231 228 251 10% 9% $545 $451 $398 ($53) ($147) Alio Gold 23 16 13 (18%) (43%) $1,094 $1,261 $1,295 $35 $201 Equinox 25 80 83 4% n/m $886 $759 $872 $113 n/m TMAC 40 25 26 4% (36%) $660 $990 $822 ($168) $163

Silver Production Total Cash Costs (Moz) Change (%) (US$/oz) Change (US$/oz) Silvers Q1 19 Q4 19 Q1 20E Q/Q Y/Y Q1 19 Q4 19 Q1 20E Q/Q Y/Y Pan American4 6.1 6.6 6.1 (7%) 0% $5.46 $7.80 $8.94 $1.14 $3.48 Endeavour Silver2 1.1 0.9 0.9 (9%) (20%) $12.55 $13.63 $8.41 ($5.22) ($4.14) First Majestic2 3.3 3.3 3.2 (6%) (5%) $6.34 $3.73 $4.20 $0.47 ($2.14)

1 AuEq ounces; 2 Has released a Q1/20 operational update; 3 Costs exclude royalties; 4Silver operations only

Source: TD Securities Inc. estimates

Page 8 of 23 April 23, 2020

Exhibit 10. Historical Gold-to-silver Ratio

$50 140.0

$45 120.0

$40 Silver initially 100.0 $35 underperforms

80.0 $30

$25 60.0

$20 40.0

$15

Silver outperforms 20.0 $10

$5 0.0 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

US$/oz Ag Au/Ag Ratio (rhs)

Source: Bloomberg, TD Securities Inc.

Page 9 of 23 April 23, 2020

Exhibit 11. Gold Mine Suspensions

Announced Au Production (koz) Ag Production (koz) Company Operation Country Status Duration 2020 guidance* Q2/20E* 2020 guidance* Q2/20E* Agnico Eagle LaRonde Canada RAMPING BACK UP March 25 - April 13 305 76 Agnico Eagle Lapa Canada RAMPING BACK UP March 25 - April 13 44 11 Agnico Eagle Goldex Canada RAMPING BACK UP March 25 - April 13 135 34 Agnico Eagle Meliadine Canada Reduced Operations March 25 - 353 85 Agnico Eagle Meadowbank Canada Reduced Operations March 25 - 248 60 Agnico Eagle/Yamana Malartic Canada RAMPING BACK UP March 25 - April 13 660 166 Agnico Eagle Pinos Altos/Creston Mascota Mexico Care and Maintenance April 1 - April 30 185 45 Agnico Eagle La India Mexico Care and Maintenance April 1 - April 30 90 23 Alamos Gold Island Gold Canada Suspended Activities March 24 - April 22 138 34 Alamos Gold Mulatos Mexico Suspended Activities April 2 - April 30 155 36 AngloGold Ashanti** Cerro Vanguardia Argentina Care and Maintenance March 20 - 225 56 AngloGold Ashanti** Mponeng South Africa Care and Maintenance March 26 - April 30 243 61 AngloGold Ashanti** MWS South Africa Care and Maintenance March 26 - April 30 176 44 Argonaut Gold La Colorada Mexico Mining Suspended April 1 - April 30 63 16 Argonaut Gold El Castillo Complex Mexico Mining Suspended April 1 - April 30 118 29 Aura Minerals**** San Andres Honduras Care and Maintenance March 16 - April 12 58 15 B2Gold Masbate Philippines Reduced Operations March 22 - 205 49 B2Gold Otjikoto Namibia Reduced Operations April 8 - 170 42 Calibre Mining El Limon Nicaragua Care and Maintenance March 25 - 73 18 Calibre Mining La Libertad Nicaragua Care and Maintenance March 25 - 73 18 Centerra Gold Öksüt Turkey Reduced Operations March 31 - April 14 90 14 Centerra Gold Mount Milligan Canada Reduced Operations April 6 - April 20 150 31 Core Gold Dynasty Goldfield Ecuador Care and Maintenance March 23 - Crater Gold Crater Mountain PNG Care and Maintenance March 25 - Dynacor Gold Mines Veta Dorada Peru Care and Maintenance March 18 - April 26 Endeavour Silver Guanacevi Mexico Care and Maintenance April 1 - April 30 7 2 2,550 651 Endeavour Silver Bolanitos Mexico Care and Maintenance April 1 - April 30 24 5 550 114 Endeavour Silver El Compas Mexico Care and Maintenance April 1 - April 30 11 2 150 33 Eldorado Gold Lamaque Canada RAMPING BACK UP March 25 - April 13 130 33 Equinox Gold RDM Brazil Mining Suspended March 27 - April 2 58 18 Equinox Gold Pilar Brazil Suspended Activities April 2 - 27 7 Equinox Gold Los Filos Mexico Mining Suspended April 1 - April 30 160 37 Galane Gold Galaxy South Africa Care and Maintenance March 25 - April 16 Gold Resource**** Oaxaca Mexcio Care and Maintenance March 30 - April 30 24 6 Goldfields South Deep South Africa Care and Maintenance March 27 - April 18 280 16 Harmony Gold SA operations South Africa Resume Ops May 2 March 27 - April 18 1,197 Hecla Mining Company Casa Berardi Canada RAMPING BACK UP March 24 - April 13 138 34 Hochschild Mining Inmaculada Peru Care and Maintenance March 18 - April 26 181 45 6,100 1,525 Hochschild Mining Pallancata Peru Care and Maintenance March 18 - April 26 19 5 5,500 1,375 Hochschild Mining San Jose Argentina RESTARTING March 20 - 93 23 6,500 1,625 IAMGOLD Westwood Canada RAMPING BACK UP March 25 - April 13 100 24 Kirkland Lake Gold Detour Lake Canada Reduced Operations March 23 - April 30 530 145 Kirkland Lake Gold Macassa Canada Reduced Operations April 2 - April 30 245 50 Kirkland Lake Gold Holt Complex Canada Closure April 2 - April 30 130 31 Lundin Gold Fruta Del Norte Ecuador Care and Maintenance Indefinite 217 52 McEwen Black Fox Canada RESTARTING March 26 - 36 McEwen Gold Bar USA Adjusted Operations March 26 - 31 Minas Buenaventura Orcopampa Peru Care and Maintenance March 17 - April 26 25 6 Minas Buenaventura Tambomayo Peru Care and Maintenance March 17 - April 26 95 24 2,750 688 Minas Buenaventura La Zanja Peru Care and Maintenance March 17 - April 26 25 6 Minas Buenaventura Tantahuatay Peru Care and Maintenance March 17 - April 26 140 35 Minas Buenaventura Uchucchacua Peru Care and Maintenance March 17 - April 26 11,750 2,938 Minas Buenaventura Julcani Peru Care and Maintenance March 17 - April 26 2,700 675 Minas Buenaventura El Brocal Peru Care and Maintenance March 17 - April 26 4,250 1,063 Monument Mining Selinsing Malaysia Care and Maintenance March 18 - March 31 New Gold Rainy River Canada RAMPING BACK UP March 20 - April 3 250 63 Newmont Corporation Musselwhite Canada Care and Maintenance March 23 - 140 20 Newmont Corporation Eleonore Canada RESTART EXPECTED March 23 - 355 66 Newmont Corporation Cerro Negro Argentina RESTART EXPECTED March 23 - 405 95 Newmont Corporation Yanacocha Peru Care and Maintenance March 23 - April 26 215 70 Newmont Corporation Penasquito Mexico Care and Maintenance April - April 30 575 117 30,000 6,286 OceanaGold Macraes New Zealand Adjusted Operations March 26 - April 23 173 43 OceanaGold Waihi New Zealand Care and Maintenance March 26 - April 23 68 17 Orvana Minerals OroValle Spain Care and Maintenance March 30 - April 9 63 16 Pan African Resources Barberton South Africa LIMITED RESTART March 26 - April 16 Pan American Silver Shahuindo Peru Care and Maintenance March 17 - April 26 167 41 Pan American Silver La Arena Peru Care and Maintenance March 17 - April 26 130 33 Pan American Silver Huaron Peru Care and Maintenance March 17 - April 26 3,850 960 Pan American Silver Morococha Peru Care and Maintenance March 17 - April 26 2,700 670 Pan American Silver Manantial Espejo Argentina Care and Maintenance March 23 - 4,150 990 Pan American Silver San Vicente Bolivia Care and Maintenance March 23 - 3,550 890 Pan American Silver Dolores Mexico Care and Maintenance April 1 - April 30 4,750 1,126 Pan American Silver La Colorada Mexico Care and Maintenance April 1 - April 30 8,600 2,046 Pan American Silver Timmins Canada Reduced Operations April 2 - 173 42 Sabina Gold & Silver Back River Canada Suspended Activities Indefinite SSR Mining Puna Argentina Care and Maintenance March 20 - 6,500 1,625 Sibanye-Stillwater SA operations South Africa RESTARTING AT 50% March 27- April 16 960 240 TMAC Resources*** Hope Bay Canada Reduced Operations March 30 - May 25 126 29 Yamana Gold Cerro Moro Argentina RAMPING BACK UP March 20 - April 3 117 29 Total Production Impacted 11,794 2,491 106,900 25,279 * TD estimate or proration of management's guidance for non-covered companies. Q2/20E production figures are based on previous TD estimates for normal operations throughout Q2/20. ** Does not publish operational level guidance, 2020 is based on 2019 actuals ***TMAC has not provided 2020 guidance. 2020 production figure shown is TD estimate. Source: Company reports, TD Securities Inc. estimates

Page 10 of 23 April 23, 2020

Exhibit 12. Gold Producers — 2020E & 2021E FCF (after Total Capex) Yield

FCF Yield After Total Capex 2021E FCF Yield After Total Capex 2020E 20% 12% 18% 10% 16% 8% 14% 6% 12% 4% 10% 2% 8% 0% 6% -2% 4% -4% 2%

-6% 0% SMF YRI KL ELD KGC GOLD BTO EQX IMG NEM PAAS AGI AEM NGD NGD SMF YRI IMG KL KGC BTO GOLD AGI AEM EQX ELD NEM PAAS

Source: TD Securities Inc. estimates

Exhibit 13. Gold Producers — Q1/20E FCF after Total Capex

FCF After Total Capex Q1 20E 700

600

500

400

300 US$ mm US$ 200

100

0

-100 GOLD NEM KL BTO KGC YRI SMF PAAS AGI ELD AEM NGD

Source: TD Securities Inc. estimates

FCF After Sustaining Capex Q1 20E 700

600

500

400

300 US$ US$ mm

200

100

0 GOLD NEM BTO KL YRI KGC AEM AGI ELD IMG NGD PAAS

Page 11 of 23 April 23, 2020

Exhibit 14. TD Securities Target Multiples

Current Valuation Previous Valuation Current 2021E EBITDA 5%NAV Previous 2021E EBITDA 5%NAV Target Weight Multiple Weight Multiple Target Weight Multiple Weight Multiple Large caps Barrick Gold Corp. $36.00 40% 10.50 60% 2.20 $28.00 40% 9.50 60% 1.85 Newmont Corp. $81.00 40% 10.00 60% 2.00 $67.00 40% 9.50 60% 1.85 Agnico-Eagle Mines Ltd. $77.00 40% 10.00 60% 2.00 $63.00 40% 9.50 60% 1.85 Kinross Gold Corp. $10.00 40% 6.00 60% 1.20 $8.00 40% 5.50 60% 1.20 Kirkland Lake Gold Ltd. C$76.00 40% 9.50 60% 1.85 C$68.00 40% 9.50 60% 1.85

Mid/small caps New Gold Inc. $0.85 40% 3.50 60% 0.85 $0.65 40% 3.50 60% 0.85 Yamana Gold Inc. $6.50 40% 7.00 60% 1.40 $5.50 40% 7.00 60% 1.40 Eldorado Gold Corp. $10.00 40% 4.50 60% 1.00 $8.00 40% 4.50 60% 1.00 B2Gold Corp. C$10.50 40% 10.00 60% 1.80 C$8.50 40% 8.00 60% 1.80 IAMGOLD Corp. C$8.00 40% 4.50 60% 1.00 C$8.00 40% 5.00 60% 1.10 Centerra Gold Inc C$15.50 40% 4.50 60% 1.00 C$14.00 40% 4.50 60% 1.00 Equinox Gold Corp. C$19.50 40% 5.50 60% 1.20 C$16.50 40% 5.50 60% 1.20 SEMAFO Inc. 1 C$3.75 See footnote 1 C$2.85 See footnote 1 Alamos Gold Inc. C$16.50 40% 7.00 60% 1.70 C$14.50 40% 7.00 60% 1.70 Alio Gold Corp.2 SUSP. See footnote 2 SUSP. See footnote 2 TMAC Resources Inc. 3 C$1.00 100% 0.50 C$0.60 100% 0.50

Developers Rubicon Minerals Corp. C$2.00 100% 0.80 C$1.70 100% 0.80 Orla Mining Ltd. C$4.75 100% 1.20 C$3.50 100% 1.00 Lundin Gold Inc. C$16.50 100% 1.30 C$16.00 100% 1.40 Sabina Gold & Silver Corp. C$3.00 100% 0.90 C$2.75 100% 0.90

Silver companies Pan American Silver $27.00 40% 15.00 60% 1.50 $24.00 40% 15.00 60% 1.50 First Majestic Silver C$15.50 40% 20.00 60% 2.50 C$14.00 40% 20.00 60% 2.50 Endeavour Silver Corp. C$2.50 100% 2.00 C$2.50 100% 2.00 MAG Silver Corp. C$19.50 100% 1.50 C$18.50 100% 1.50

Royalty companies Wheaton Precious $47.00 100% 23.00 $41.00 100% 22.00 4 Franco-Nevada Corp. $130.00 100% 26.00 $125.00 100% 25.00 Osisko Gold Royalties C$14.50 70% 14.00 30% 1.75 C$13.00 70% 14.00 30% 1.75 Sandstorm Gold C$12.00 60% 21.00 40% 2.00 C$11.50 60% 21.00 40% 2.00 Royal Gold Inc. $130.00 100% 20.00 $115.00 100% 19.00

1 Based on Endeavour's closing share price, applied by the stated exchange ratio of 0.1422 share of EDV for each share of SMF held. 2 We have suspended our target price for ALO as we do not see a bump or competing bid materializing in this environment and view this as a reasonable outcome for Alio shareholders, particularly given the risks in being a single mine producer at a time when mines are at risk of temporary closures. 3 Based on 0.5x NAV multiple on the mining assets, plus corporate adjustments. 4 Includes pro forma incremental EBITDA of $80mm, assuming the deployment of $500mm into one or more streaming transactions over the next 12–24 months. Source: TD Securities Inc. estimates

Page 12 of 23 April 23, 2020

Exhibit 15. TD Securities NAV and EBITDA Revisions

EBITDA ($mm) EPS ($/sh) NAV ($/sh) 2020E 2021E Old New % Change Old New Old New Large caps Barrick Gold Corp. $13.79 ↑ $15.63 13.3% $4,820 ↑ $5,254 $5,407 ↑ $5,897 Newmont Corp. $33.28 ↑ $38.40 15.4% $4,813 ↑ $5,118 $5,975 ↑ $6,608 Agnico-Eagle Mines Ltd. $27.31 ↑ $32.23 18.0% $1,133 ↑ $1,301 $1,984 ↑ $2,192 Kinross Gold Corp. $6.35 ↑ $7.59 19.6% $1,865 ↑ $1,998 $2,184 ↑ $2,420 Kirkland Lake Gold Ltd. C$33.74 ↑ C$38.07 12.8% $1,570 ↑ $1,634 $1,755 ↑ $1,903

Mid/small caps New Gold Inc. $0.58 ↑ $0.82 40.4% $277 $277 $382 ↑ $415 Yamana Gold Inc. $3.02 ↑ $3.46 14.6% $756 ↑ $787 $1,049 ↑ $1,145 Eldorado Gold Corp. $7.72 ↑ $10.07 30.3% $444 ↑ $472 $377 ↑ $427 B2Gold Corp. C$4.15 ↑ C$4.59 10.7% $1,020 ↑ $1,107 $1,048 ↑ $1,135 IAMGOLD Corp. C$6.38 ↑ C$7.82 22.6% $473 ↑ $531 $593 ↑ $663 Centerra Gold Inc C$11.13 ↑ C$13.15 18.2% $749 ↑ $819 $812 ↑ $887 Equinox Gold Corp. C$13.79 ↑ C$16.92 22.7% $353 ↑ $394 $548 ↑ $609 SEMAFO Inc. C$4.39 ↑ C$5.21 18.8% $269 ↑ $300 $387 ↑ $424 Alamos Gold Inc. C$9.58 ↑ C$10.91 13.8% $320 ↑ $326 $488 ↑ $536 Alio Gold Corp. C$3.18 ↑ C$4.04 27.3% $29 ↑ $37 $34 ↑ $40 TMAC Resources Inc. C$2.69 ↑ C$3.52 31.0% C$107 ↑ C$118 C$157 ↑ C$160

Developers Rubicon Minerals Corp. C$2.13 ↑ C$2.54 19.4% n/m n/m n/m n/m Orla Mining Ltd. C$3.43 ↑ C$3.89 13.2% n/m n/m n/m n/m Lundin Gold Inc. C$10.67 ↑ C$12.05 13.0% $105 ↑ $123 $377 ↑ $410 Sabina Gold & Silver Corp. C$3.06 ↑ C$3.35 9.5% n/m n/m n/m n/m

Silver companies Pan American Silver $9.82 ↑ $11.14 13.5% $433 ↓ $419 $553 ↑ $645 First Majestic Silver C$2.28 ↑ C$2.63 15.5% $94 ↓ $67 $187 ↑ $214 Endeavour Silver C$1.34 ↓ C$1.33 -1.2% $19 ↓ $11 $23 ↑ $35 MAG Silver Corp. C$12.84 ↑ C$13.25 3.2% n/m n/m n/m n/m

Royalty companies Wheaton Precious $17.28 ↑ $18.43 6.6% $704 ↑ $723 $837 ↑ $916 Franco-Nevada Corp. $40.35 ↑ $42.15 4.5% $815 ↓ $798 $853 ↑ $876 Osisko Gold Royalties C$8.96 ↑ C$9.68 8.0% C$115 ↑ C$133 C$158 ↑ C$173 Sandstorm Gold C$6.27 ↑ C$6.61 5.5% $66 ↑ $68 $74 ↑ $81 Royal Gold Inc. $46.36 ↑ $49.42 6.6% $367 ↑ $375 $440 ↑ $468

Source: TD Securities Inc. estimates

Page 13 of 23 April 23, 2020

Exhibit 16. TD Securities EPS and CFPS Revisions

EPS ($/sh) CFPS ($/sh) 2020E 2021E 2020E 2021E Old New Old New Old New Old New Large caps Barrick Gold Corp. $0.73 ↑ $0.85 $1.03 ↑ $1.19 $2.55 ↑ $2.77 $2.92 ↑ $3.18 Newmont Corp. $2.14 ↑ $2.45 $3.07 ↑ $3.58 $4.60 ↑ $4.65 $5.78 ↑ $6.09 Agnico-Eagle Mines Ltd. $1.06 ↑ $1.44 $3.04 ↑ $3.57 $3.72 ↑ $4.22 $6.37 ↑ $6.97 Kinross Gold Corp. $0.45 ↑ $0.52 $0.59 ↑ $0.70 $1.17 ↑ $1.23 $1.31 ↑ $1.43 Kirkland Lake Gold Ltd. $2.92 ↑ $3.12 $3.24 ↑ $3.59 $5.34 ↑ $5.56 $6.00 ↑ $6.51

Mid/small caps New Gold Inc. ($0.14) ↑ ($0.12) $0.06 ↑ $0.10 $0.39 $0.39 $0.54 ↑ $0.57 Yamana Gold Inc. $0.17 ↑ $0.20 $0.36 ↑ $0.43 $0.70 ↑ $0.73 $0.95 ↑ $1.02 Eldorado Gold Corp. $0.89 ↑ $0.98 $0.69 ↑ $0.84 $2.16 ↑ $2.25 $1.91 ↑ $2.11 B2Gold Corp. $0.45 ↑ $0.51 $0.46 ↑ $0.52 $0.71 ↑ $0.77 $0.74 ↑ $0.79 IAMGOLD Corp. $0.22 ↑ $0.29 $0.32 ↑ $0.40 $0.84 ↑ $0.92 $1.03 ↑ $1.13 Centerra Gold Inc $1.01 ↑ $1.21 $1.18 ↑ $1.39 $2.06 ↑ $2.27 $2.23 ↑ $2.44 Equinox Gold Corp. $0.92 ↑ $1.06 $0.95 ↑ $1.14 $1.50 ↑ $1.67 $1.88 ↑ $2.07 SEMAFO Inc. $0.27 ↑ $0.33 $0.47 ↑ $0.54 $0.69 ↑ $0.75 $0.97 ↑ $1.05 Alamos Gold Inc. $0.32 ↑ $0.34 $0.54 ↑ $0.62 $0.69 ↑ $0.70 $1.03 ↑ $1.11 Alio Gold Corp. $0.12 ↑ $0.18 $0.16 ↑ $0.20 $0.25 ↑ $0.32 $0.30 ↑ $0.35 TMAC Resources Inc. C$0.21 ↑ C$0.29 C$0.48 ↑ C$0.51 C$0.69 ↑ C$0.77 C$1.09 ↑ C$1.11

Developers Rubicon Minerals Corp. n/m n/m n/m n/m n/m n/m n/m n/m Orla Mining Ltd. n/m n/m n/m n/m n/m n/m n/m n/m Lundin Gold Inc. $0.27 ↑ $0.35 $1.26 ↑ $1.40 $0.43 ↑ $0.51 $1.57 ↑ $1.71 Sabina Gold & Silver Corp. n/m n/m n/m n/m n/m n/m n/m n/m

Silver companies Pan American Silver $0.60 ↓ $0.59 $0.80 ↑ $1.09 $1.74 ↓ $1.69 $1.95 ↑ $2.24 First Majestic Silver ($0.02) ↓ ($0.07) $0.25 ↑ $0.34 $0.51 ↓ $0.40 $0.76 ↑ $0.85 Endeavour Silver ($0.01) ↓ ($0.03) $0.03 ↑ $0.09 $0.14 ↓ $0.09 $0.17 ↑ $0.24 MAG Silver Corp. n/m n/m n/m n/m n/m n/m n/m n/m

Royalty companies Wheaton Precious $0.97 ↑ $1.03 $1.28 ↑ $1.44 $1.50 ↑ $1.54 $1.83 ↑ $2.00 Franco-Nevada Corp. $2.39 ↓ $2.32 $2.50 ↑ $2.61 $3.94 ↓ $3.87 $4.18 ↑ $4.29 Osisko Gold Royalties C$0.28 ↑ C$0.37 C$0.43 ↑ C$0.49 C$0.73 ↑ C$0.85 C$1.02 ↑ C$1.13 Sandstorm Gold $0.14 ↑ $0.15 $0.16 ↑ $0.18 $0.35 $0.35 $0.39 ↑ $0.42 Royal Gold Inc. $2.40 ↑ $2.47 $2.99 ↑ $3.28 $4.90 ↑ $5.01 $6.10 ↑ $6.40

Source: TD Securities Inc. estimates

Page 14 of 23 April 23, 2020

Exhibit 17. Q1/20 Conference Call Details

Reporting Conference Call Conference Call Replay of Date Time Date Time (ET) Number Conference Call Passcode Large caps 1-800-319-4610 1-855-669-9658 Barrick Gold May 6 Before Market May 6 11:00 AM 4363# 1-416-915-3239 1-604-674-8052 1-855-209-8210 1-877-344-7529 Newmont Corp May 5 Before Market May 5 9:00 AM 10140243# 1-412-317-5213 1-412-317-0088 1-877-201-0168 1-800-585-8367 Kinross Gold May 5 After Market May 6 7:45 AM 3084946# 1-647-788-4901 1-416-621-4642

Kirkland Lake Gold TBD TBD TBD TBD TBD TBD TBD

1-888-231-8191 1-416-849-0833 Agnico-Eagle Mines April 30 After Market May 1 11:00 AM 3299663# 1-647-427-7450 1-855-859-2056 Small/Mid caps 1-800-273-9672 1-800-408-3053 Yamana Gold April 30 Before Market April 30 8:30 AM 5543937# 416-340-2216 905-694-9451 1-800-319-4610 1-800-319-6413 IAMGOLD May 4 After Market May 5 8:30 AM 4247# 1-604-638-5340 1-604-638-9010 1-800-319-4610 1-800-319-6413 Eldorado Gold April 30 After Market May 1 11:30 AM 4286# 604-638-5340 604-638-9010 1-800-895-8003 416- 626-4100 Centerra Gold May 1 Before Market May 1 8:30 AM 21958980# 212-231-2909 1-800- 558-5253 1-877-255-3077 1-800-585-8367 New Gold April 29 Before Market April 29 8:30 AM 3881419# 1-647-689-6603 1-416-621-4642 1-888-664-6392 1-888-390-0541 Alamos Gold April 29 After Market April 30 11:00 AM 223183# 1-416-764-8659 1-416-764-8677

SEMAFO May 12 After Market N/A N/A N/A N/A N/A

1-877-291-4570 1-800-585-8367 B2Gold May 5 After Market May 6 1:00 PM 9543136# 1-647-788-4919 1-416-621-4642

TMAC Resources TBD TBD TBD TBD TBD TBD TBD

Lundin Gold May 7 After Market TBD TBD TBD TBD TBD

1-800-319-4610 Equinox Gold May 15 Before Market May 15 5:00 PM N/A N/A 1-604-638-5340 1-800-319-4610 Pan American Silver May 6 After Market May 7 11:00 AM N/A N/A 1-604-638-5340

First Majestic May 14 Before Market N/A N/A TBD TBD TBD

1-800-319-4610 1-800-319-6413 Endeavour Silver May 12 Before Market May 12 12:00 PM 4368# 1-604-638-5340 1-604-638-9010 Royalty companies 1-888-390-0546 1-888-390-0541 Franco-Nevada May 6 After Market May 7 10:00 AM 621893# 1-416-764-8688 1-416-764-8677 1-888-231-8191 1-855-859-2056 Wheaton Precious May 6 After Market May 7 11:00 AM 6167928# 1-647-427-7450 1-416-849-0833 1-855-669-9657 Royal Gold May 6 After Market May 7 12:00 PM N/A N/A 1-855-209-8260

Osisko Gold Royalties TBD TBD TBD TBD TBD TBD TBD

Sandstorm Gold TBD TBD TBD TBD TBD TBD TBD

Source: Company reports

Page 15 of 23 April 23, 2020

Exhibit 18. Justification of and Key Risks to Target Prices Company Name and Risk Target Price Rec. Justification of Target Price Key Risks to Target Price Ticker Rating The main risks facing Barrick include forecast, financial, technical, and political risks. Among other things, these include risks related to gold, copper and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market Barrick Gold Corp. (US$) Our target price is based on a 2.2x multiple to our NAV estimate (weighted 60%) $36.00 AL BUY HIGH conditions; capital and operating costs; foreign exchange rates; resources and GOLD-N,ABX-T and a 10.5x EV/2021E EBITDA multiple to our EBITDA estimate (weighted 40%). reserves; operating parameters; permitting; environment; indigenous people; labour strikes/disputes; and staffing and key personnel retention. Barrick could face operational impacts across its platform due to COVID-19 restrictions.

The main risks facing Newmont include forecast, financial, technical, and political risks. Among other things, these include risks related to gold, copper, and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market Newmont Corp. (US$) Our target price is based on a 2.0x multiple to our NAV estimate (weighted 60%) $81.00 BUY HIGH conditions; capital and operating costs; foreign exchange rates; resources and NEM-N, NGT-T and a 10.0x EV/2021E EBITDA multiple to our EBITDA estimate (weighted 40%). reserves; operating parameters; permitting; environment; indigenous people; labour strikes/disputes; and staffing and key personnel retention. Newmont could face operational impacts across its platform due to COVID-19 restrictions.

The main risks facing the company include forecast, financial, technical, and political risks. Among other things, these include risks related to the met coal, copper, and zinc prices; input costs and fuel prices; market conditions; capital and operating costs; Kinross Gold Corp. Our target price is based on an EV/2021E EBITDA multiple of 6.0x (40% foreign exchange rates; resources and reserves; operating parameters; and (US$) $10.00 BUY HIGH weighting) and a 1.2x multiple to our NAV-5% (60% weighting). environmental risks. Kinross’ political risk profile is generally higher than that of its KGC-N, K-T peers due to the location of its Kupol mine and Chulbatkan project in Russia and its Tasiast mine in Mauritania. Kinross could face operational impacts across its platform due to COVID-19 restrictions.

The main risks facing Agnico-Eagle include forecast, financial, technical, and political risks. These include risks related to gold, zinc, copper, and silver prices; the governing fiscal and legislative regimes; the timing of key developments; market conditions; Agnico-Eagle Mines Ltd. Our target price is based on a 2.0x multiple to our NAV estimate (weighted 60%) capital and operating costs; foreign exchange rates (primarily the Canadian dollar, the (US$) $77.00 BUY HIGH and a 10.0x EV/2021E EBITDA multiple to our EBITDA estimate (weighted 40%). euro, and Mexican peso); resources and reserves; operating parameters; permitting; AEM-N,T environment; indigenous people; labour strikes/disputes; and staffing and key personnel retention. Agnico-Eagle could face operational impacts across its platform due to COVID-19 restrictions. The main risks facing the company include forecast, financial, technical, and political risks. These include risks related to gold, silver, copper, and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market conditions; Yamana Gold Inc. (US$) Our target price is based on a 1.4x multiple to our NAV5% (weighted 60%) and capital and operating costs; foreign exchange rates; resources and reserves; operating $6.50 BUY HIGH AUY-N, YRI-T an 7.0x multiple to our EBITDA estimate for 2021 (weighted 40%). parameters; permitting; environment; indigenous people; and staffing and key personnel retention. Yamana has faced local opposition to the development of its Agua Rica project in Argentina. Yamana could face operational impacts due to COVID-19 restrictions. The main risks facing Eldorado include forecast, financial, technical, and political risks. These include risks related to gold, iron ore, and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market conditions; capital and Eldorado Gold Corp. Our target price is based on a 1.0x multiple to our NAV5% (weighted 60%) and a operating costs; foreign exchange rates; financing/access to capital if it pursues its full (US$) $10.00 HOLD HIGH 4.5x multiple to our EBITDA estimate for 2021 (weighted 40%). development pipeline; resources and reserves; operating parameters; permitting; ELD-T; EGO-N environment; indigenous people; and staffing and key personnel retention. Operating issues at Kisladag are company-specific risks. This asset represents 42% of our NAVPS. Eldorado could face operational impacts due to COVID-19 restrictions.

The main risks facing the company include forecast, financial, technical, and political risks. These include risks related to gold, silver, copper, and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market conditions; New Gold Inc. (US$) We arrive at our target price by using a 0.85x NAV multiple (weighted 60%) and a $0.85 HOLD HIGH capital and operating costs; foreign exchange rates; resources and reserves; operating NGD-T,A 3.5x multiple to our 2021 EBITDA estimate (weighted 40%). parameters; permitting; environment; indigenous people; and staffing and key personnel retention. New Gold could face operational impacts due to COVID-19 restrictions.

The main risks facing Centerra include forecast, financial, technical, and political risks. Among other things, these include risks related to gold and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market conditions; Centerra Gold Inc. (C$) We arrive at our target price by using a 1.0x NAV multiple (weighted 60%) and a capital and operating costs; foreign exchange rates; resources and reserves; operating $15.50 BUY HIGH CG-T 4.5x multiple to our 2021 EBITDA estimate (weighted 40%). parameters; permitting; environment; indigenous people; work stoppages/labour strikes; and staffing and key personnel retention. Centerra faces above-average political risk relative to its peers, with operations based in Kyrgyzstan. Centerra could face operational impacts due to COVID-19 restrictions.

Our target price is subject to political, technical, forecast, financial, commodity, country/currency, development and technical, operating, and M&A risks. These risks include, but are not limited to, risks related to gold and fuel prices; the governing fiscal Kirkland Lake Gold Ltd. Our target price is based on a 1.85x multiple to our 5% NAV (weighted 60%) and and legislative regimes; the timing of key developments; market conditions; capital and (C$) $76.00 BUY HIGH a 9.5x multiple to our 2021E EBITDA estimate (weighted 40%). operating costs; foreign exchange rates; resources and reserves; operating KL-T,N parameters; permitting; environmental concerns; indigenous peoples’ issues; and staffing and retention of key personnel. Kirkland Lake could face operational impacts due to COVID-19 restrictions.

The main risks facing the company include forecast, financial, technical, and political risks. These include risks related to gold and fuel prices; the governing fiscal and Our target price is based on a 1.0x multiple (1.1x previously) to our 5% NAV legislative regimes; the timing of key developments; market conditions; capital and IAMGOLD Corp. (C$) $8.00 BUY HIGH (weighted 60%) and a 4.5x multiple (5.0x previously) to our 2021E EBITDA operating costs; foreign exchange rates; resources and reserves; operating IMG-T,IAG-N estimate (weighted 40%). parameters; permitting and environment; indigenous people; and staffing and key personnel retention. IAMGOLD could face operational impacts due to COVID-19 restrictions.

Source: TD Securities Inc.

Page 16 of 23 April 23, 2020

Exhibit 19. Justification of and Key Risks to Target Prices (cont’d) Company Name and Risk Target Price Rec. Justification of Target Price Key Risks to Target Price Ticker Rating The main risks facing the company include forecast, financial, technical, and political risks. These include risks related to gold and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market conditions; capital and operating costs; foreign exchange rates; resources and reserves; operating parameters; permitting; environment; indigenous people; and staffing and key SEMAFO Inc. (C$) Our target price is based on Endeavour's closing share price, applied by the personnel retention. SEMAFO's Mana and Boungou mines are located in Burkina $3.75 TENDER HIGH SMF-T stated exchange ratio of 0.1422 share of EDV for each share of SMF held. Faso, which has experienced political instability and violence in the recent past, including attacks which have temporarily suspended the company's Boungou operations. The company is working towards methods to reduce the risk and heighten safety and security around the operations. Failure to complete the proposed merger could result in near term share price weakness. SEMAFO could face operational impacts due to COVID-19 restrictions. The main risks facing the company include forecast, financial, technical, and political risks. These also include risks related to gold and fuel prices; the governing fiscal and legislative regimes, particularly in Turkey; the timing of key developments; market Alamos Gold Inc. (C$) Our target price is based on a 1.7x multiple to our 5% NAV (weighted 60%) and a $16.50 BUY HIGH conditions; capital and operating costs; foreign exchange rates; resources and AGI-T,N 7.0x multiple to our 2021E EBITDA estimate (weighted 40%). reserves; operating parameters; permitting; environment; indigenous people; and staffing and key personnel retention. Alamos could face operational impacts due to COVID-19 restrictions. Our target price is subject to political, technical, forecast, and financial risks. These risks include, but are not limited to, risks related to gold and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market conditions; Our target price is based on a 1.8x multiple to our 5% NAV (weighted 60%) and a B2Gold Corp. (C$) capital and operating costs; foreign exchange rates; resources; operating parameters; $10.50 AL BUY HIGH 10.0x multiple (up from 8.0x previously) to our 2021E EBITDA estimate (weighted BTO-T,BTG-A permitting; environmental concerns; indigenous people; and staffing and retention of 40%). key personnel. We would view the political risk associated with Mali and the Philippines as above-average. B2Gold could face operational impacts due to COVID-19 restrictions. Our recommendation is subject to political, technical, forecast, and financial risks. These include, but are not limited to, risks related to gold and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market conditions; capital and operating costs; foreign exchange rates; resources; operating parameters; We have suspended our target price for ALO as we do not see a bump or permitting; environmental concerns; indigenous people; and staffing and retention of Alio Gold Corp. (C$) competing bid materializing in this environment and view this as a reasonable SUSP. TENDER HIGH key personnel. The company also faces financing risk, with development projects in the ALO-T, ALO-N outcome for Alio shareholders, particularly given the risks in being a single mine pipeline and insufficient resources to develop them. There are also elevated political producer at a time when mines are at risk of temporary closures. and social risks in Mexico’s Guerrero region, which have affected other mining operations in the area. Failure to complete the proposed merger could result in near term share price weakness. Alio could face operational impacts due to COVID-19 restrictions. Key risks to our target price include silver, gold, lead, zinc, and energy price risk; foreign exchange risk; financial risk, including risks to the cost and availability of financing; forecast risk, including capital and operating cost risks, risks related to deposit size, grade, and mineability, and risks to production levels; technical risk, Our blended target price is derived from a 60% weighting on 2.5x our corporate including risks associated with the use of multiple mining techniques and their First Majestic Silver NAV5%, and a 40% weighting on 20x our 2021E EBITDA estimate. Our NAV5% individual feasibility and risks to the process flowsheet that we envision; infrastructure Corp. (C$) $15.50 BUY HIGH is based on a long-term silver price of $20.00/oz. Our valuation approach is in line risk, including the availability of power and its reliability; transportation risk; political FR-T, AG-N with the multiples we assign to other silver producers in our precious metals risk, including changes to the legal and fiscal regimes; permitting risk; community coverage universe. social relations risk; security risk, including the potential for violence and access disruptions; labour relations risk; illegal mining risk; ongoing tax dispute; environmental risk; title risk; litigation risk; surface rights risk; and staffing and key personnel retention risks. First Majestic could face operational impacts across its platform due to COVID- 19 restrictions. The key risks to our target price include silver, gold, lead, zinc, and energy price risk; foreign exchange risk; financial risk; forecast risk, such as capital and operating cost risks, risks related to deposit size, grade, and mineability, and risks to production levels; technical risks, including risks associated with the use of multiple mining Our blended target price is derived from a 60% weighting on 1.5x our corporate Pan American Silver techniques and their individual feasibility and risks to the process flowsheet that we NAV5%, calculated using our long-term silver price of $20.00/oz, and a 40% Corp. (US$) $27.00 BUY HIGH envision; infrastructure risk, such as the availability of power and its reliability; weighting on 15x our 2021E EBITDA. Our valuation approach is in line with the PAAS-N,T transportation risk; political risk, including the potential for resource nationalization and multiples we assign to other mid-tier silver producers in our coverage universe. changes to the legal and fiscal regimes; permitting risk; community social relations risk; security risk; labour relations risk; illegal mining risk; environmental risk; title risk; litigation risk; surface rights risk; and key personnel retention risk. Pan American could face operational impacts across its platform due to COVID-19 restrictions.

Key risks to target price include: Silver and gold price risk; foreign exchange risk; financial risk, including risks to the cost and availability of financing; forecast risk, including capital and operating cost risks, risks related to deposit size, grade, and Our target price is derived from a 100% weighting on 2.0x our corporate NAV5%. mineability; technical risk, including risks associated with the use of multiple mining Endeavour Silver Corp. Our NAV5% is based on a long-term silver price of $20.00/oz. Our valuation techniques and risks to the process flowsheet that we envision; political risk, including (C$) $2.50 HOLD HIGH approach is in line with the multiples we assign to other silver producers in our the potential for resource nationalization and changes to legal and fiscal regimes; EDR-T, EXK-N precious metals coverage universe. permitting risk; community social relations risk; security risk, including the potential for access disruptions; risks related to the cost and availability of equipment and consumables; environmental risk; and key personnel retention risk. Endeavour Silver could face operational impacts across its platform due to COVID-19 restrictions.

Source: TD Securities Inc.

Page 17 of 23 April 23, 2020

Exhibit 20. Justification of and Key Risks to Target Prices (cont’d) Company Name and Risk Target Price Rec. Justification of Target Price Key Risks to Target Price Ticker Rating The main risks facing Franco-Nevada include forecast, financial, technical, and political risks. These include risks related to commodity prices; the governing fiscal and Our target price is based on a 26.0x multiple on our adjusted 2021E EBITDA legislative regimes; the timing of key developments; sourcing additional growth estimate. Our 2021E EBITDA is adjusted to include pro forma incremental opportunities on attractive terms; risks related to royalty contracts with operators; Franco-Nevada Corp. EBITDA of $80mm, assuming the deployment of $500mm (~35% of the market conditions; capital and operating costs; foreign exchange rates; resources and (US$) $130.00 HOLD HIGH company’s available liquidity) into one or more streaming transactions over the reserves; operating parameters; permitting; environment; indigenous people; labour FNV-T,N next 12–24 months. Our 26.0x target multiple reflects the company’s growing strikes/disputes; and staffing and key personnel retention. Franco also faces additional GEO/EBITDA profile, limited exposure to operating and capital costs, and its risks associated with its ongoing dispute with the CRA. Franco-Nevada's operating strong available liquidity. partners could face operational impacts across its asset portfolio due to COVID-19 restrictions.

The main risks facing Wheaton Precious Metals include forecast, financial, technical, and political risks. These include risks related to commodity prices; the governing fiscal and legislative regimes; the timing of key developments; sourcing additional growth Wheaton Precious Our target price is based on a 23.0x multiple on our 2021E EBITDA. Our target opportunities on attractive terms; risks related to royalty contracts with operators; Metals Corp. (US$) $47.00 BUY HIGH multiple for Wheaton Precious reflects a discount to the 26.0x multiple we use for market conditions; capital and operating costs; foreign exchange rates; resources and WPM-N,T Franco Nevada. reserves; operating parameters; permitting; environment; indigenous people; labour strikes/disputes; and staffing and key personnel retention. Wheaton Precious' operating partners could face operational impacts across its asset portfolio due to COVID-19 restrictions.

The main risks facing Royal Gold include forecast, financial, technical, and political risks. These include risks related to commodity prices; the governing fiscal and legislative regimes; the timing of key developments; acquiring additional growth Our target price is based on a 20.0x multiple on our 2021E EBITDA. Our target opportunities on attractive terms; risks related to royalty contracts with operators; Royal Gold Inc. (US$) $130.00 HOLD HIGH multiple for Royal Gold reflect a slight discount to the 26.0x multiple we use for market conditions; potential loss of premium multiple; capital and operating costs RGLD-Q Franco Nevada and 23.0x multiple we use for Wheaton Precious. (indirectly); foreign exchange rates; resources and reserves; operating parameters; permitting; environment; indigenous people; labour strikes/disputes; and staffing and key personnel retention. Royal Gold's operating partners could face operational impacts across its asset portfolio due to COVID-19 restrictions. The main risks facing Sandstorm Gold include forecast, financial, technical, and political risks. These include risks related to commodity prices; the governing fiscal and legislative regimes; the timing of key developments; sourcing additional growth opportunities on attractive terms; risks related to royalty contracts with operators; Sandstorm Gold Ltd. Our blended target price is derived from a 40% weighting on 2.0x our corporate market conditions; capital and operating costs; foreign exchange rates; resources and (C$) $12.00 BUY HIGH NAV and a 60% weighting on 21x our 2021 EBITDA estimate. reserves; operating parameters; permitting; environment; indigenous people; labour SSL-T, SAND-O strikes/disputes; staffing and key personnel retention; access to capital; and risks relating to the Hod Maden project (>25% of gross asset value). Sandstorm's operating partners could face operational impacts across its asset portfolio due to COVID-19 restrictions. The main risks facing Osisko Gold Royalties include forecast, financial, technical, and political risks. These include risks related to gold and silver prices; the governing fiscal and legislative regimes; the timing of key developments; sourcing additional growth opportunities on attractive terms; price performance of equity investments; risks related to royalty contracts with operators; market conditions; capital and operating costs as Osisko Gold Royalties Our blended target price is derived from a 30% weighting on 1.75x our corporate they pertain to the economic viability of the mine underlying a royalty; foreign exchange Ltd. (C$) $14.50 HOLD HIGH NAV and a 70% weighting on 14x our 2021 EBITDA estimate. rates; resources and reserves; operating parameters; permitting; environment; OR-T indigenous peoples; labour strikes/disputes; and staffing and key personnel retention. Osisko Gold Royalties also faces added risk factors associated with exploration and development due to its ownership of the Cariboo Gold project, which is atypical of royalty and streaming companies. Osisko's operating partners could face operational impacts across its asset portfolio due to COVID-19 restrictions.

The key risks to our target price include: gold, copper, fuel, power, and water price risks; financial risks, including risks to the cost and availability of financing; foreign exchange rate risks; forecast risks, including capital and operating cost risks, risks related to deposit size, grade, and mineability, and risks to production levels, metallurgical recoveries, and smelter terms; market risks; technical risks, including We have calculated our target price by applying a 1.2x target multiple to our risks to the process flowsheet that we envision; infrastructure risks, including the corporate NAV. Our calculation of Orla’s NAV is based on a 5% discount rate and availability of power and its reliability; transportation risk; political risks, including Orla Mining Ltd. (C$) $4.75 Spec. BUY SPEC. a long-term gold price of US$1,500/oz. We use what we consider to be a resource nationalization risk, and changes to the legal and fiscal regimes; permitting OLA-T reasonable multiple for what we characterize as a junior developer with a portfolio risk; community social relations risks, including indigenous people risk; security risks, of small-cap gold projects at an advanced stage. including potential for violence and access disruptions; labour relations risk; illegal mining risk; risks related to the cost and availability of equipment and consumables; environmental risk; title risk; litigation risk; surface rights risk; access risk; key personnel retention risk; and company-specific risks, including weather risks, due to the high levels of rainfall in Panama, which present significant challenges to heap leach projects. Orla Mining could face operational impacts due to COVID-19 restrictions.

Our recommendation is subject to political, technical, forecast, and financial risks. These risks include, but are not limited to, risks related to gold and fuel prices; the governing fiscal and legislative regimes; the timing of key developments; market conditions; capital and operating costs; foreign exchange rates; resources; operating TMAC Resources Inc. parameters; permitting; environmental concerns; indigenous peoples’ issues; and both We have calculated our target price by applying a 0.5x NAV multiple on the (C$) $1.00 HOLD SPEC. staffing and retention of key personnel. Additionally, TMAC has two significant mining assets, plus corporate adjustments. TMR-T shareholders who may exert influence, and their large ownership positions also mean that the company has a limited float and trading liquidity. We also highlight TMAC's balance sheet risk and liquidity risk, considering the continued operational challenges and the lack of new funding from TMAC's two main shareholders. TMAC could face operational impacts due to COVID-19 restrictions.

The key risks to our target price include: gold, silver, fuel, and power price risks; financial risks, including risks to the cost and availability of financing; foreign exchange rate risks; forecast risks, including capital and operating cost risks, risks related to deposit size, grade, and mineability, and risks relating to production levels, We arrive at our target price by applying a 1.3x target multiple to our corporate metallurgical recoveries and smelter terms; market risks; technical risks; infrastructure Lundin Gold Inc. (C$) $16.50 Spec. BUY SPEC. NAV. Our NAV is based on a long-term gold price assumption of US$1,500/oz risks; transportation risk; political risks; permitting risk; community social relations risks; LUG-T and a 5% discount rate. labour relations risk; risks related to the cost and availability of equipment and consumables; environmental risk; title risk; surface rights risk; access risk; key personnel retention risk; and company-specific risks, including unforeseen changes to the country’s legal and fiscal regime. Lundin Gold could face operational impacts due to COVID-19 restrictions.

Source: TD Securities Inc.

Page 18 of 23 April 23, 2020

Exhibit 21. Justification of and Key Risks to Target Prices (cont’d) Company Name and Risk Target Price Rec. Justification of Target Price Key Risks to Target Price Ticker Rating The key risks to our target price include: silver, gold, zinc, lead, fuel, power, and water price risks; financial risks, including risks to the cost and availability of financing; foreign exchange rate risks; forecast risks, including capital and operating cost risks, risks related to deposit size, grade, and mineability, and risks to production levels, metallurgical recoveries, and smelter terms; market risks; technical risks, including risks associated with underground mining and risks to the process flow sheet that we We have calculated our target price by applying a 1.5x target multiple to our envision; infrastructure risks, including the availability of power and its reliability; MAG Silver Corp. (C$) $19.50 Spec. BUY SPEC. corporate NAV. Our calculation of MAG Silver’s NAV is based on a 5% discount transportation risk; political risks, including resource nationalization risk, and changes MAG-T,N rate and a long-term silver price of $20.00/oz. to the legal and fiscal regimes; permitting risk; community social relations risks, including indigenous people risk; security risks, including potential for violence and access disruptions; labour relations risk; illegal mining risk; risks related to the cost and availability of equipment and consumables; environmental risk; title risk; litigation risk; surface rights risk; access risk; non-operating risks, including non-controlling interest of a primary asset; and key personnel retention risk. MAG Silver could face development and operational impacts due to COVID-19 restrictions.

The key risks to our target price include: gold, fuel, power, and water price risks; financial risks, including risks to the cost and availability of financing; foreign exchange rate risks; forecast risks, including capital and operating cost risks, risks related to deposit size, grade, and mineability, and risks relating to production levels, Our target price is based on a 1.2x multiple to our 5% NAV (weighted 60%) and a Equinox Gold Corp. (C$) metallurgical recoveries and smelter terms; market risks; technical risks; permitting $19.50 BUY HIGH 5.5x multiple to our 2021E EBITDA estimate (weighted 40%). Our calculation of EQX-T risk; labour relations risk; risks related to the cost and availability of equipment and Equinox’s NAV is based on a long-term gold price of $1,500/oz. consumables; environmental risk; title risk; litigation risk; surface rights risk; access risk; and company specific risks, including water/weather risks, due to the recent droughts in California and the elevated concern that has arisen with respect to water consumption. Equinox could face operational impacts due to COVID-19 restrictions. The key risks to our target price include: gold, silver, fuel, and power price risks; financial risks, including risks to the cost and availability of financing; foreign exchange rate risks; forecast risks, including capital and operating cost risks, risks related to deposit size, grade, and mineability, and risks relating to production levels, We arrive at our target price by applying a 0.9x target multiple to our corporate metallurgical recoveries and smelter terms; market risks; technical risks, including risks Sabina Gold & Silver NAV. Our key assumptions: a long-term gold price of US$1,500/oz; a 5% to the process flowsheet that we envision; infrastructure risks, including the availability Corp. (C$) $3.00 Spec. BUY SPEC. discount rate; and equity dilution of C$100mm as part of a larger project financing of power and its reliability; transportation risk; political risks, including permitting risk; SGI-V package. community social relations risks; labour relations risk; and risk related to indigenous people; risks related to the cost and availability of equipment and consumables; environmental risk; title risk; climate risks; surface rights risk; access risk; and key personnel retention risk. Sabina could face operational impacts due to COVID-19 restrictions. Key risks to target price include: Gold and energy price risks; foreign exchange and currency risks; financial risk, including risks to the cost and availability of financing; forecast risk, including capital and operating cost risks; risks related to deposit size, grade, and mineability, and risks to production levels and resumption of milling Rubicon Minerals Corp. We generate our target price by applying a 0.8x multiple to our corporate NAV5%, operations; technical risk, including risks associated with the use of multiple mining (C$) $2.00 Spec. BUY SPEC. calculated using a long-term gold price of US$1,500/oz. This methodology is in techniques and their individual feasibility, and risks to the process flowsheet we RMX-T line with what we use for the other gold developers in our coverage universe. envision; infrastructure risk, including the availability of power and its reliability; political risk, including changes to the legal and fiscal regimes; community social relations risk, including risks related to indigenous people; environmental risk; and key personnel retention risk. Rubicon could face operational impacts due to COVID-19 restrictions. Source: TD Securities Inc.

Page 19 of 23 Industry Note Equity Research April 23, 2020

TD Securities Equity Research Disclosures Company Ticker Disclosures Agnico-Eagle Mines Ltd. AEM-N | AEM-T 9 Alamos Gold Inc. AGI-T | AGI-N 9 Alio Gold Inc. ALO-T | ALO-N n/a B2Gold Corp. BTO-T n/a Barrick Gold Corp. GOLD-N | ABX-T 9 Centerra Gold Inc. CG-T 9 Eldorado Gold Corp. EGO-N | ELD-T 9 Endeavour Silver Corp. EDR-T 9 Equinox Gold Corp. EQX-T n/a First Majestic Silver Corp. FR-T 9 Franco-Nevada Corp. FNV-N | FNV-T 2, 4, 9 IAMGOLD Corp. IMG-T | IAG-N 9 Kinross Gold Corp. KGC-N | K-T 16 Kirkland Lake Gold Ltd. KL-T 9 Lundin Gold Inc. LUG-T 1, 2, 4 MAG Silver Corp. MAG-T | MAG-N 9 New Gold Inc. NGD-A 1, 2, 4, 9 Newmont Corporation NEM-N n/a Orla Mining Ltd. OLA-T 9 Osisko Gold Royalties Ltd. OR-T 1, 2, 4, 9 Pan American Silver Corp. PAAS-Q | PAAS-T 9, 16 Royal Gold Inc. RGLD-Q n/a Rubicon Minerals Corp. RMX-T 1, 2, 4 Sabina Gold & Silver Corp. SBB-T n/a Sandstorm Gold Ltd. SSL-T | SAND-N n/a SEMAFO Inc. SMF-T 9 TMAC Resources Inc. TMR-T n/a Wheaton Precious Metals Corp. WPM-N | WPM-T 9 Yamana Gold Inc. AUY-N | YRI-T 2, 4

1. TD Securities Inc., TD Securities (USA) LLC or an affiliated company has managed or co-managed a public offering of securities within the last 12 months with respect to the subject company. 2. TD Securities Inc., TD Securities (USA) LLC or an affiliated company has received compensation for investment banking services within the last 12 months with respect to the subject company. 3. TD Securities Inc., TD Securities (USA) LLC or an affiliated company expects to receive compensation for investment banking services within the next three months with respect to the subject company. 4. TD Securities Inc. or TD Securities (USA) LLC has provided investment banking services within the last 12 months with respect to the subject company. 5. A long position in the securities of the subject company is held by the research analyst, by a member of the research analyst’s household, or in an account over which the research analyst has discretion or control. 6. A short position in the securities of the subject company is held by the research analyst, by a member of the research analyst’s household, or in an account over which the research analyst has discretion or control. 7. A long position in the derivative securities of the subject company is held by the research analyst, by a member of the research analyst’s household, or in an account over which the research analyst has discretion or control. 8. A short position in the derivative securities of the subject company is held by the research analyst, by a member of the research analyst’s household, or in an account over which the research analyst has discretion or control. 9. TD Securities Inc. and/or an affiliated company is a market maker, or is associated with the specialist that makes a market, in the securities of the subject company. 10. TD Securities Inc. and/or affiliated companies own 1% or more of the equity securities of the subject company. 11. A partner, director or officer of TD Securities Inc. or TD Securities (USA) LLC, or a research analyst involved in the preparation of this report has, during the preceding 12 months, provided services to the subject company for remuneration. 12. This security has Subordinate voting shares. 13. This security has Restricted voting shares. 14. This security has Non-voting shares. 15. This security has Variable voting shares. 16. This security has Limited voting shares.

Additional Important Disclosures We visited two of Agnico Eagle's mining projects in Nunavut - Meliadine and Amaruq - on August 19-20, 2019. The properties, on a combined basis, comprise of 35% of our consolidated mining NAV estimate and 26% of 2020E gold production. The company provided transportation, mine site accommodation, and meals during this site visit. We visited Alamos Gold's Young-Davidson mine in Kirkland Lake, Ontario on June 11, 2019. We also visited its Island Gold mine in Wawa, Ontario on June 12, 2019. The Young-Davidson mine and Island Gold mine account for 36% and 20% of our total NAV estimate, respectively. The company provided transportation and meals during the site visit, and accommodations at the Young-Davidson mine.

Page 20 of 23 Industry Note Equity Research April 23, 2020

We visited Barrick Gold's Nevada Gold Mine operations in Nevada, USA on September 18-20, 2019. The operations represent approximately 35% of our NAV estimate. The company provided local transportation and meals. We visited Eldorado Gold's Lamaque mine in Quebec on September 10, 2019. The mine represents 38% of our Eldorado NAV estimate. The company provided transportation and food for this site visit. We visited New Gold's Rainy River mine on June 26, 2019. The Rainy River mine accounts for 62% of our company NAV estimate. The company provided transportation and meals during the visit. We visited Newmont Goldcorp's Penasquito mine near Monterey, Mexico on February 26-27, 2020. The mine represents 17.8% of our mining NAV estimate. The company provided meals, mine site accommodation, and charter flight to and from the mine site. We visited Lundin Mining's Chapada mine on November 9, 2019. The Chapada mine accounts for 13.3% of Sandstorm's royalty assets. Lundin Mining provided local transportation and meals during the visit.

We visited Yamana Gold's Jacobina mine in Bahia, Brazil on October 2, 2019. The mine represents 18% of our NAV estimate. The company provided local transportation and meals. We visited Equinox Gold's Mesquite and Castle Mountain mines in California on December 5-6, 2019. The Mesquite mine accounts for 20% of our mining NAV estimate, and the Castle Mountain accounts for 48%. The company provided local transportation and some meals during the site visit.

Price Graphs Full disclosures for all companies covered by TD Securities can be viewed at https://www.tdsresearch.com/equities/welcome.important.disclosure.action by TD Securities' institutional equity clients.

Distribution of Research Ratings^ Investment Services Provided*

100%

REDUCE - 2.2% 75% 72% NOT RATED - 0.9%

BUY - 62.8% 50%

26.67% HOLD - 34.1% 25%

1.33% 0% 0% BUY HOLD NOT REDUCE RATED

Current as of: April 23, 2020

^ Percentage of subject companies under each rating category: BUY (covering ACTION LIST BUY, BUY and SPECULATIVE BUY ratings), HOLD, and REDUCE (covering TENDER and REDUCE ratings). * Percentage of subject companies within each of the three categories (BUY, HOLD, and REDUCE) for which TD Securities Inc. has provided investment banking services within the last 12 months.

Definition of Research Ratings ACTION LIST BUY: The stock's total return is expected to exceed a minimum of 15% (with higher thresholds for less liquid, more risky securities) over the next 12 months and it is a top pick in the Analyst's sector. BUY: The stock's total return is expected to exceed a minimum of 10% (with higher thresholds for less liquid, more risky securities) over the next 12 months. SPECULATIVE BUY: The stock's total return is expected to exceed a minimum of 30% over the next 12 months (with higher thresholds for less liquid securities); however, there is material event risk associated with the investment that could result in a significant loss. HOLD: The stock's total return is expected to be between 0% and 10%, (with higher thresholds for less liquid, more risky securities) over the next 12 months. TENDER: Investors are advised to tender their shares to a specific offer for the company's securities or to support a proposed combination reflecting our view that a superior offer is not forthcoming. REDUCE: The stock's total return is expected to be negative over the next 12 months. SUSPENDED: Due to evolving circumstances, we can no longer generate what we consider a defensible target price and rating at the current time. UNDER REVIEW: Our rating is under review pending additional information and/or analysis. The prior rating should not be relied on. Overall Risk Rating in order of increasing risk: Low (6.6% of coverage universe), Medium (38.7%), High (46.2%), Speculative (8.5%) Research Dissemination Policy TD Securities makes its research products available in electronic and/or printed formats. If there are any subsequent material changes to the reports it publishes, TD Securities will as soon as practicable distribute such reports with the relevant changes to its institutional clients who are entitled to receive them. Entitled institutional clients may also receive our research via third-party platforms including, but not limited to, Bloomberg, FactSet, Refinitiv, and S&P Capital IQ. All research is available by password to entitled institutional clients at https://www.tdsresearch.com/equities. TD Securities may also update proprietary models; these models may be obtained by entitled institutional clients by contacting the research analyst directly. There is no planned frequency of updates to these models.

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Analyst Certification Each analyst of TD Securities Inc. whose name appears on page 1 of this research report hereby certifies that (i) the recommendations and opinions expressed in the research report accurately reflect the research analyst's personal views about any and all of the securities or issuers discussed herein that are within the analyst’s coverage universe and (ii) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the provision of specific recommendations or views expressed by the research analyst in the research report.

Disclaimer This material is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation or solicitation to buy or sell a particular financial instrument. It does not have regard to the specific investment objectives, financial situation, risk profile or the particular needs of any specific person who may receive this material. No representation is made that the information contained herein is accurate in all material respects, complete or up to date, nor that it has been independently verified by TD Securities. Recipients of this analysis or report are to contact the representative in their local jurisdiction with regards to any matters or questions arising from, or in connection with, the analysis or report. Historic information regarding performance is not indicative of future results and investors should understand that statements regarding future prospects may not be realized. All investments entail risk, including potential loss of principal invested. Performance analysis is based on certain assumptions, the results of which may vary significantly depending on the modelling inputs assumed. This material, including all opinions, estimates and other information, constitute TD Securities’ judgment as of the date hereof and is subject to change without notice. The price, value of and income from any of the securities mentioned in this material can fall as well as rise. Any market valuations contained herein are indicative values as of the time and date indicated. Such market valuations are believed to be reliable, but TD Securities does not warrant their completeness or accuracy. Different prices and/or valuations may be available elsewhere and TD Securities suggests that valuations from other sources be obtained for comparison purposes. Any price or valuation constitutes TD Securities’ judgment and is subject to change without notice. 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Page 22 of 23 Industry Note Equity Research April 23, 2020

If you have received this document from TD Securities (Japan) Co., Ltd., it is being provided only to institutional investors. TD Securities (Japan) Co., Ltd. is regulated by the Financial Services Agency of Japan and is distributing this document in Japan as a Type 1 Financial Instruments Business Operator registered with the Kanto Local Finance Bureau under registration number, Kinsho 2992, and a member of Japan Securities Dealers Association. New Zealand: The Toronto-Dominion Bank is not a “registered bank” in New Zealand under the Reserve Bank Act 1989. Singapore: This report is distributed in Singapore by The Toronto-Dominion Bank, Singapore Branch, and recipients in Singapore of this report are to contact The Toronto-Dominion Bank, Singapore Branch in respect of any matters arising from, or in connection with, this report. The Toronto-Dominion Bank, Singapore Branch is regulated by the Monetary Authority of Singapore. Where this report is issued or promulgated in Singapore, it is only intended for distribution to a person who is an accredited investor, expert investor or institutional investor as defined in the Securities and Futures Act (Cap. 289), or the Securities and Futures (Prescribed Specific Classes of Investors) Regulations 2005, or the Securities and Futures (Classes of Investors) Regulations 2018 issued by the Monetary Authority of Singapore. United Kingdom and Europe: This document is prepared, issued or approved for issuance in the UK and Europe by TD Securities Limited in respect of investment business as agent and introducer for TD Bank. The Toronto-Dominion Bank is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. TD Securities Limited is authorised and regulated by the Financial Conduct Authority. Insofar as the document is issued in or to the United Kingdom or Europe, it is intended only to be issued to persons who (i) are persons falling within Article 19(5) ("Investment professional") of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("High net worth companies, unincorporated associations, etc.") of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated. European clients wishing to effect transactions in any security discussed herein should do so through a qualified salesperson of TD Securities Limited. Insofar as the information in this report is issued in the U.K. and Europe, it has been issued with the prior approval of TD Securities Limited. United States: U.S. clients wishing to effect transactions in any security discussed herein must do so through a registered representative of TD Securities (USA) LLC. TD Securities is a trademark of TD Bank and represents TD Securities Inc., TD Securities (USA) LLC and TD Securities Limited and certain investment and corporate banking activities of TD Bank and its subsidiaries. © Copyright 2020 The Toronto-Dominion Bank. All rights reserved. Full disclosures for all companies covered by TD Securities can be viewed at https://www.tdsresearch.com/equities/welcome.important.disclosure.action

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