Toronto Stock Exchange Tsx Venture Exchange Eligibility for Global and Customized Regulatory Regime for Small S&P/Tsx Index Products and Medium-Sized Companies

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A Capital Opportunity A Global Market for Companies LEADERSHIP IN NEW LISTINGS

TSX IS A TOP-RANKED DESTINATION FOR GLOBAL IPOs AND NEW LISTINGS

144NEW CORPORATE LISTINGS #2IN NUMBER OF IPOs AND

IN 2017 NEW LISTINGS (2016)

Source: TSX/TXV Market Intelligence Group, World Federation of Exchanges; as at December 31, 2016, unless otherwise noted; country ranking reflects the total equity capital raised by companies listed on the stock 2 exchanges based in each country and does not include exchange groups that encompass multiple countries. GLOBAL MARKET FOR CAPITAL

$55 BILLION RAISED ON TSX/TSXV IN 2017

COUNTRY RANKING: EQUITY CAPITAL RAISED (2016)

CHINA & HONG KONG – 1. HKSE, SHANGHAI SE, SHENZEN SE 2. US – NYSE, NASDAQ 34% MORE EQUITY CAPITAL RAISED ON THE 3. CANADA – TSX TSX THAN LSE IN 2016

4. UNITED KINGDOM – LSE

5. AUSTRALIA – ASX

Source: TSX/TXV Market Intelligence Group, World Federation of Exchanges; as at December 31, 2016, unless otherwise noted; country ranking reflects the total equity capital raised by companies listed on the stock 3 exchanges based in each country and does not include exchange groups that encompass multiple countries.

A TRULY DIVERSE MARKET

$3 TRILLION OF MARKET CAPITALIZATION ACROSS DIVERSE SECTORS

[CATEGORYReal ETFs/Closed- Estate,NAME], End Funds/ [VALUE]$98B SPACs/CPCs, $156B Innovation, Financial $160B Services, $856B [CATEGORY Comm & NAME], Media, [VALUE] $191B

Consumer Products, $3T $285B TOTAL MARKET CAPTIALIZATION

Mining, $293B Energy, $565B Industrials, $340B

As at or YTD September 30, 2017. 4 $5 TRILLION INSTITUTIONAL MARKET

A TSX LISTING MAXIMIZES ACCESS TO CANADIAN INSTITUTIONAL INVESTORS

TOP CANADIAN MONEY MANAGERS TOP CANADIAN PENSION PLANS1

INSTITUTION AUM (C$ BN) INSTITUTION AUM (C$ BN) RBC Global Asset Management $286 Canada Pension Plan Investment Board $283 TD Asset Management $253 Caisse de Dépôt et Placement du Québec $248 BlackRock $149 Ontario Teachers Pension Plan $171 Fidelity (Canada) $108 British Columbia Investment Management $124 1832 Asset Management (Scotiabank) $108 Public Sector Pension $112 Manulife $104 Alberta Investment Management Company $90 BMO Global Asset Management $95 Ontario Municipal Employees Retirement $77 CIBC Asset Management $88 Healthcare of Ontario Pension Plan $64 CI Financial $86 Ontario Pension Board $22 Fiera $77 OPTrust $18 Other AUM $1,371 Other Pension Funds/Undisclosed $699 Total $2,725 Total $1,908

Source: Investor Economics, Spring 2016 Managed Money Report. 1 Pension plan AUM includes private equity, real estate and infrastructure divisions. 5

GLOBAL CAPITAL AND LIQUIDITY

THE WORLD’S LARGEST ASSET MANAGERS INVEST AND TRADE ON TSX

40% OF DAILY TRADING ORIGINATES FROM OUTSIDE CANADA

25% OF TSX AND TSXV MEMBER FIRMS ARE HEADQUARTERED OUTSIDE CANADA

6 WORLD-LEADING TWO TIER MARKET

OUR EQUITY MARKETS FINANCE COMPANIES ACROSS THEIR LIFECYCLE

TORONTO STOCK EXCHANGE TSX VENTURE EXCHANGE ELIGIBILITY FOR GLOBAL AND CUSTOMIZED REGULATORY REGIME FOR SMALL S&P/TSX INDEX PRODUCTS AND MEDIUM-SIZED COMPANIES

$25-100+M >$25M TYPICAL FINANCING SIZE TYPICAL FINANCING SIZE

$1.8B $25M AVERAGE MARKET VALUE AVERAGE MARKET VALUE

Source: TSX/TXV Market Intelligence Group, as at December 31, 2016. 7 CANADA’S GROWTH MARKET

THE TSXV ECOSYSTEM SUCCESSFULLY INCUBATES EARLY-STAGE COMPANIES 52% 52% 39% OF TSX LIFE SCIENCES OF TSX MINING ISSUERS OF TSX OIL & GAS ISSUERS GRADUATED GRADUATED FROM TSXV ISSUERS GRADUATED FROM TSXV FROM TSXV

FACTS & FIGURES

643 COMPANIES THAT LISTED ON TSXV HAVE GRADUATED TO TSX 31% 35% OF TSX REAL ESTATE OF TSX TECHNOLOGY 19% OF S&PTM/TSX COMPOSITE ISSUERS GRADUATED ISSUERS GRADUATED INDEX CONSTITUENTS ARE FROM TSXV FROM TSXV GRADUATES FROM TSXV

As at September 30, 2017. 8 #TECHISBACK

CANADA HAS A VIBRANT TECHNOLOGY ECOSYSTEM #1 SECTOR FOR IPOs AND NEW LISTINGS (NUMBER OF IPOs AND NEW LISTINGS ON TSX/TSXV IN 2015-16) 70 $17B IPOS AND NEW LISTINGS IN EQUITY CAPITAL RAISED (NUMBER OF IPOs AND NEW LISTINGS (CAPITAL RAISED ON TSX/TSXV IN 2015-16) ON TSX/TSXV IN 2015-16)

Source: TSX/TSXV Market Intelligence Group; technology sector includes technology, clean technology, renewable energy and life sciences companies; as at December 31, 2016; new listings rankings exclude 9 graduations and comedowns. THE WORLD LISTS IN CANADA

270 INTERNATIONAL COMPANIES ARE LISTED ON TSX/TSXV

Other, $16B Africa, $7B

Australia, $17B 46 LatAm, IPOs AND NEW LISTINGS $18B OF US COMPANIES IN 2012-16 USA, $121B

Europe, $25B $12B Asia, IN EQUITY CAPITAL RAISED $32B BY US COMPANIES IN 2012-16

Source: TSX/TSXV Market Intelligence Group; as at December 31, 2016; IPOs and new listings exclude 10 graduations, comedowns and CPC/ETF listings. GLOBAL LEADER IN MINING

11 GLOBAL COMPANIES, GLOBAL REACH

Nearly 50% of the 5,700+ mineral exploration projects held by TSX & TSXV companies are outside of Canada

83 39 462 63

62 165 7 34 5 74

35 42 11 15

83 63 2 21 117 74 3 17

12 LEADERSHIP IN THE MINING SECTOR #1 #1 in listed Mining companies in Mining equity capital raised

TSX and TSXV list the most Mining companies Value of Mining Equity Capital Raised in the world 5-Year (2013 to 2017) Total = $106 billion

Other TSX/ 1,211 20% TSXV 38% 612 NYSE/ MKT 154 7% HKEx TSX/TSXV ASX LSE/AIM 7% LSE/ AIM ASX 11% 17%

13 ACCESS TO CAPITAL

Global Mining Equity Financing 2017 (C$B) 59% $8.5B of the number of mining equity $5.4B ﬁnancings globally $4.4B $3.1B

$1.2B $0.9B $0.7B 30% of the mining equity capital raised globally 1,413 606 15 19 5 122 4

14 2017 YEAR IN MINING

Breakdown of TSX and TSXV Breakdown of TSX and TSXV Mining Projects by Primary Metals Mining Projects by Location

Coal Potash Asia/ 1% 0.5% Russia/ UK/ Iron Ore Graphite Lead Other CIS/ Europe Lanthanid1% 1% 1% 5% es Middle 240 Nickel Lithium East 4% 2% Africa 3% 2% 251 372 Zinc Gold 4% Canada 3% 50% 7% 3,048 Diamonds 54% 4% USA 643 Silver 11% 5%

Uranium 8% Latin Copper America 14% 1,113 20%

15 TSX/V MINING IN THE U.S.

258 632 Top States by Number of Number of TSX/TSXV Mining Number of US Mining Properties TSX/TSXV Mining Companies in the USA Companies with Projects

Nevada Arizona Alaska Idaho Utah Wyoming New Mexico $2.1B 5 California Equity Capital Raised in 2017 Number of New Mining Colorado on TSX/TSXV by Companies Listings with Projects Washington with Mining Projects in the U.S. in the US

16 LISTING ON TSX & TSXV

17 WHY TSX & TSXV?

CANADA IS A UNIQUE LISTING AND FINANCING DESTINATION

1. TSX + TSXV are a real source of growth capital

2. Canada is very open to micro and small cap companies

3. No longer just a resource exchange

4. Platform for a long term growth strategy

LISTING CONSIDERATIONS

THE 4 R’S TO CONSIDER

1. REASON – Does your company have a reason to be public?

2. REQUIREMENTS – Does your company meet the TSX/TSXV listing requirements?

3. READY – Are you and the company ready to go and be public?

4. REALITY – Can Canadian investment bankers get investor support for your type and size of company in current market conditions?

19 LISTINGS RECEIVE THE STATISTICS MONTHLY MIG REPORT IN YOUR INBOX

TSX.COM/MIG @TSX_TSXV SUBSCRIBE

For more TSX.COM/MIG @TSX_TSXV SUBSCRIBE

The document and the information contained therein are provided “as is” for information purposes only and are not intended to provide investment, financial or information other advice, and should not be relied on for any trading, business, financial or other purposes. The information provided is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Toronto Stock Exchange and TSX Venture Exchange Venture Exchange. TMX Group Limited and its affiliated companies (collectively, “TMX”) do not endorse or recommend any securities referenced in this document. Neither TMX Group Limited, nor any of its affiliated companies or entities, guarantees the completeness of the information contained in this document and we are DELILAH PANIO not responsible for any errors or omissions in, or your Vice President, Capital Formation use of, or reliance on, the information. © 2018 TSX Inc. All rights reserved. Do not sell, reproduce or modify this document without TSX Inc.’s T +1 310 990-9032 prior written consent. TMX, the TMX design, TMX E [email protected] Group, Toronto Stock Exchange, TSX, TSX Venture Exchange and TSXV are the trademarks of TSX Inc.

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20 SEVERAL WAYS TO GO PUBLIC

IPO Initial Public Offering

RTO CPC Reverse Takeover/ Capital Pool Company Reverse Merger

QT Qualifying SPAC Transaction/ Special Purpose Acquisition Acquisition Corp.

Dual or Interlisting

21 THE CANADIAN IPO EXPERIENCE

TIMING AND COST ADVANTAGES REDUCE THE RISKS OF GOING PUBLIC

TSX IPO: LOWER DEAL AND EXECUTION RISK

PRAGMATIC IPO Preparation REGULATORY REGIME

Regulatory Review

Canadian Median: 33 days Roadshow Pricing and Closing

US IPO

IPO Preparation

Regulatory Review

US Median: 106 days Roadshow Pricing and Closing

Source: Regulatory review periods per Goodmans LLP analysis (November 2014) 22 Strong Liquidity for Mining Issuers

$450 $450 $433 $439 $394 $373 AIM Value Traded $354 TSXV Value Traded ASX Value Traded $310 TSX Value Traded $273 $256 $210 $213 $204 $204 $197 $173 $149 $146 $141

$87

$22 $26 $15 $13 $10 $11 $12 $14 $11 $10 $5 $5 $4 $4 $3 $2 $2 $7 $8 $8

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: Exchange websites, S&P Global Market Intelligence. Amounts in C$ billions. Analyst Coverage

Top TSX and TSXV Mining Average Number of Analysts Issuers by Analyst Coverage by Size of Mining Company

Market Cap. Number of TSX Dec. 31, 2017 Analysts 14 Barrick Gold Corporation $21.2 B 28

Lundin Mining Corporation $6.1 B 28

Teck Resources Limited $19.0 B 27 6 First Quantum Minerals Ltd. $12.1 B 25 5 Goldcorp Inc. $13.9 B 23 3 1 Market Cap. Number of TSXV Dec. 31, 2017 Analysts $50 - $100 $100 - $250 $250 - $500 $500 - $1 >$1 billion Atlantic Gold Corporation $279 M 9 million billion Cobalt 27 Capital Corp. $422 M 8 Orezone Gold Corporation $110 M 7 Over 200 mining analysts cover Falco Resources Ltd. $164 M 6 TSX/TSXV listed companies Superior Gold Inc. $73 M 6

Analyst coverage source: S&P Global Market Intelligence, as at December 31, 2017. Service at All Stages of Growth Top 20 Mining Grads Market Cap. (C$) A Unique Market Structure with Company as at Dec. 31, 2017 Strong Feeder System Wheaton Precious Metals Corp. $12.3 B First Quantum Minerals Ltd. $12.1 B Lundin Mining Corporation $6.1 B B2Gold Corp. $3.8 B Katanga Mining Limited $3.5 B Alamos Gold Inc. $3.2 B Pan American Silver Corp. $3.0 B HudBay Minerals Inc. $2.9 B 282 Endeavour Mining Corporation $2.7 B 645 mining graduates New Gold Inc. $2.4 B graduates First Majestic Silver Corp. $1.4 B +195 M&A SSR Mining Inc. $1.3 B MAG Silver Corp. $1.3 B Sandstorm Gold Ltd. $1.1 B NexGen Energy Ltd. $1.1 B Arizona Mining Inc. $1.1 B Lucara Diamond Corp. $1.1 B Fortuna Silver Mines Inc. $1.0 B From January 1, 2000 – December 31, 2017 Lithium Americas Corp. $989 M Torex Gold Resources Inc. $953 M

As at December 31, 2017. TSX Follow-on Offerings Mining Overview

Gross Proceeds Number of Financing Company (C$) Rounds Osisko Gold Royalties Ltd. $575 M 2 Alamos Gold Inc. $344 M 3 Trevali Mining Corporation $265 M 1 HudBay Minerals Inc. $242 M 1 New Gold Inc. $233 M 2 Continental Gold Inc. $184 M 1 Osisko Mining Inc. $182 M 7 Heron Resources Limited $149 M 6 Arizona Mining Inc. $115 M 2 Imperial Metals Corporation $113 M 3 Lithium Americas Corp. $106 M 1 Fortuna Silver Mines Inc. $98.4 M 1 Dalradian Resources Inc. $78.2 M 1 SolGold plc $76.1 M 2 NexGen Energy Ltd. $65.2 M 1 Platinum Group Metals Ltd. $64.9 M 2 Endeavour Mining Corporation $63.4 M 1 McEwen Mining Inc. $62.8 M 2 MAG Silver Corp. $61.3 M 1 Red Eagle Mining Corporation $61.1 M 4

YTD December 31, 2017. Top 20 mining companies with follow-on oﬀerings in 2017, by equity capital raised. TSX: 2017 Largest Mining Financings

Gross Type of Company Proceeds Exploring In Exploring For Financing (C$)

Nexa Resources S.A. $732 M IPO Brazil, Peru Zinc

Alamos Gold Inc. $329 M PO Manitoba, Mexico, Ontario Gold

Osisko Gold Royalties Ltd. (Nov.) $300 M PO Royalty Streaming Royalty Streaming

Osisko Gold Royalties Ltd. (Aug.) $275 M PP Royalty Streaming Royalty Streaming

Burkina Faso, Namibia, New Trevali Mining Corporation $265 M PP Brunswick, Peru Copper, Silver, Zinc

HudBay Minerals Inc. $242 M PO Arizona, Manitoba, Peru Copper, Gold, Silver, Zinc

New Gold Inc. $233 M PO/PP Australia, Arizona, BC, Mexico Gold

Continental Gold Inc. $184 M PP Colombia Gold

Heron Resources Limited $140 M PP Australia Copper, Gold, Zinc

Ero Copper Corp. $127 M IPO Brazil Copper, Gold, Silver

27 YTD December 31, 2017. TSXV: 2017 Largest Mining Financings

Gross Type of Company Proceeds Exploring In Exploring For Financing (C$)

Cobalt 27 Capital Corp. $200 M PO Royalty Streaming Royalty Streaming

Leagold Mining Corporation $175 M PO Mexico Gold (Mar.)*

Trek Mining Inc. ** $83 M PP Brazil, California Gold

Bluestone Resources Inc. $80 M PP Guatemala Gold, Silver

Leagold Mining Corporation $67 M PP Mexico Gold (Apr.)*

Novo Resources Corp. $56 M PP Australia Gold

Barkerville Gold Mines Ltd. $44 M PP BC Gold

New Paciﬁc Metals Corp. $44 M PP Bolivia, China, Yukon Gold, Silver

Rathdowney Resources Ltd. $42 M PP Poland Lead, Silver, Zinc

Itafos $42 M PP Brazil Phosphate

* Leagold Mining Corporation graduated to TSX in July 2017. 28 ** Trek Mining Inc. merged with NewCastle Gold and Anﬁeld Gold in December 2017 to form Equinox Gold Corp. (TSXV: EQX). YTD December 31, 2017.