Inside this issue:

TMAC’s First Year

in Review

2

Safety and Sus-

tainabilty Report

2

Work Programme

2014

3

TMAC Upcoming

Events

3

TMAC Financial

Update

4

TMAC People 5

On April 28, 2014, TMAC

Resources completed a

$78 million equity financ-

ing to further advance

the Hope Bay Project,

$65 million of which was

placed with Resource

Capital Fund VI (RCF).

TMAC is very pleased to

welcome RCF, along

with Newmont and the

Inuit of Nunavut, as

partners in the develop-

ment of Hope Bay. The

successful closing of this

financing brings the total

funds raised since TMAC

acquired Hope Bay in

March 2013, to $128 mil-

lion, a remarkable feat in

these markets. The

financing reflects the

strong endorsement by

investors of the quality of

the Hope Bay asset, as

well as the strength of

TMAC’s management

team and operating

philosophy.

The proceeds from this

financing will be used to

fund our 2014 work

programme that

includes exploration,

engineering, environ-

mental permitting and

compliance, a pre-

feasibility study (PFS),

and for working capital

and general corporate

purposes. Coincident

with the closing of the

financing, TMAC repaid

the $15 million converti-

ble loan (plus interest)

owed to Newmont.

TMAC Investor Update

TMAC Completes $78 Million Equity

Financing

Highlights:

$78 Million Equity

Financing

TMAC’s First Year in

Review

TMAC Financial Up-

date

Meet the Team

T M AC

R e so u r c es

I n c .

June 16, 2014

Volume 2, Issue 1

TMAC Investor Update

Hercules freight aircraft positioning for offload after

landing on the Doris Lake ice strip. This flight carried

incoming diamond drill rig components (May 2014).

View to the north from the Windy Road toward Doris

Camp and Doris Mountain in the winter. TMAC kept

the Doris Camp open through the winter with a

skeleton crew before ramping up site activity in late

April, post-financing (January 2014).

Safety has always been central at

site. We have placed a strong

emphasis on promoting safe work

practices as we ramp up our 2014

programme. TMAC’s safety aware-

ness addresses a variety of areas

including appropriate personal pro-

tective equipment, pedestrian and

helicopter safety, weather and

animal awareness and emergency

response procedures. We continue to

have an excellent safety record.

On the sustainability front, TMAC,

along with its drill contractor

Geotech, have designed and

implemented a significant water sav-

ing feature on all its drills for 2014.

Instead of constantly recirculating

water in a loop from water sources,

water is pumped once a day to a

large holding tank. The water is

kept from freezing through use as

coolant for the drill’s hydraulics. The

average water consumption per

drill rig each day is currently aver-

aging a tiny 5.5 m3 which has im-

pressed regulators and our col-

leagues in the industry alike.

TMAC ran an active work programme

with an average of 60 people at the

Hope Bay site from April to October

2013 once initial financing had been

completed in March 2013. It began

with opening the site safely and

efficiently from a ‘care and mainte-

nance’ state in late March 2013 to a

fully-staffed exploration and environ-

mental compliance programme

supported by four diamond drill rigs

and three helicopters, and a camp

that averaged between 60 to 65 peo-

ple per week at its peak. 2013

achievements were numerous and

included:

29,622 m of drilling in 63 diamond

drill holes, at an average cost

below budget. Three new region-

al exploration target areas were

identified and drilled with encour-

aging results through the devel-

opment of a robust geological

database and understanding of

the geology and gold-rich

mineralization.

Incurring significantly less than

budgeted costs through

optimized helicopter utilization

among departments.

Obtaining the renewal of the

Doris Project Type ‘A’ Water

Licence for a 10 year period.

Subsequently TMAC complet-

ed and submitted an amend-

ment to that water licence

that would, among other

things, allow for an increase in

mining rates at Doris.

Obtaining a five year renewal

of the Commercial Lease with

the Kitikmeot Inuit Association

(KIA) for the surface rights for

the Doris project.

Beginning the progressive

reclamation of the redundant

Windy Camp.

Drafting and submitting the

Doris North Project 2013 Socio-

economic Monitoring Report to

the Nunavut Impact Review

Board.

Completing a positive Prelimi-

nary Economic Assessment

(PEA) of the Hope Bay Project

(see our website to download

the PEA).

All this has extended into what is

already a highly successful first half

of 2014!

TMAC’s First Year in Review

Safety and Sustainability Report

TMAC Investor Update Page 2

“Putting the ‘Hope’ back in Hope

Bay!”

Terry MacGibbon (Executive Chair-

man) and Dave King (VP Exploration

& Geoscience) lead a tour through

the core shack for potential investors

(October 2013).

The equipment at the centre of

the significant savings in water use

for diamond drilling at Hope Bay is

this 10 m3 water tank (May 2014).

continue in support of the completion

of a PFS. This will include final deci-

sions on processing plant design.

Not only will environmental compli-

ance monitoring continue in 2014, but

permitting efforts will ramp up as well.

TMAC expects to complete the Doris

Project Certificate and Type A Water

Licence amendment process, submit

a Madrid Bulk Sample/Advanced

Exploration application (amendment

to the current Type ‘B’ Water Li-

cence), and advance the Phase 2

(including Madrid and Boston) Draft

Environmental Impact Study for future

production.

Finally, TMAC continues to work with

both Nunavut Tunngavik Inc. (sub-

surface) and KIA (surface and Inuit

Impact and Benefits Agreement) to

advance belt-wide agreements. It will

be a busy year indeed!

TMAC’s 2014 work programme will

focus on upgrading and increasing

the Hope Bay mineral resource esti-

mates, and continue to de-risk the

Hope Bay Project to move it toward

completion of a PFS and potential

future production. A large portion of

the 2014 programme will consist of

surface drilling to upgrade current

mineral resource estimates to higher

classifications and to add to our glob-

al gold resource. Much of the work

will be conducted at the Doris and

Madrid trends, from ice-based plat-

forms on lakes initially while conditions

permit, and then from land-based

platforms until the drill campaign is

completed at the end of October.

Drilling began April 30th at Madrid

South with four dia-

mond drill rigs that

were left onsite over

the winter. Two deep-

er capacity rigs

were airlifted to Hope

Bay on May 6th and

began drilling Doris

trend targets. The six

diamond drill rigs are

expected to com-

plete a total of 57,000

m as part of a

planned total ex-

penditure of $28 million, including

helicopter support, assaying, etc., as

well as camp and corporate-related

allocations. The intersections of high

grade gold mineralization at depth

over mineable widths in the

later part of the 2013 drilling

programme at both Doris

and Madrid South con-

firmed the high potential for

the discovery of additional

mineral resources at Hope

Bay.

Work has been initiated to

re-open the Doris portal

and ramp to facilitate

future underground map-

ping, drilling and mine de-

sign. Underground inspec-

tions of Doris infrastructure

have already been carried

out safely this spring. Addi-

tional mine, processing

plant and project engineer-

ing and planning will

Although the TMAC team and partners

will be hard at work on the 2014 work

programme, the following are a few

other events that may be of interest:

June 19—CIM Toronto Branch

luncheon presentation by

Catharine Farrow (CEO) on Hope

Bay Project community relations

(co-authored by Alex Buchan,

Director, Community and External

Relations).

June 26—TMAC’s first Annual

and Special Meeting of Share-

holders (Toronto).

August 20-22—TMAC’s second

annual investor and analyst site

tour.

Work Programme 2014

TMAC Upcoming Events

Page 3 Volume 2, Issue 1

Diamond drill rig with ‘winter shack’ on Wolverine Lake.

This type of shack is not appropriate for helicopter

transport, but for ice road transport during winter

conditions (May 2014).

Spring has sprung in the Arctic. This

ptarmigan is undergoing a change in its

winter plumage (May 2014)

We’ve been underground! Paul Christman

(Manager of Mining) and Dave King (VP,

Exploration & Geoscience) inspect Doris under-

ground infrastructure. Note the impressive gold-

bearing, quartz-rich vein in the wall (June 2014).

TMAC Investor Update Page 4

well positioned to complete its

ambitious exploration programme in

2014 and into 2015. TMAC’s December

31, 2013 financial statements were

audited by KPMG and our quarterly

financial statements will be reviewed

by KPMG and posted on our website

when completed and approved by

TMAC’s Audit Committee.

TMAC’s audited financial statements

for the fourteen month period from

the October 30, 2012 date that TMAC

was incorporated to December 31,

2013 are available on TMAC’s web-

site. In March 2013, TMAC raised $35

million of equity along with arranging

for a $15 million loan from Newmont.

TMAC used the equity raised to fund

the costs of: acquiring the Hope Bay

Project from Newmont, the equity

financing fees, the 2013 exploration

and environmental monitoring and

compliance programme, corporate

administration and general purposes.

As the loan from Newmont was only

available to be drawn down in 2013,

TMAC borrowed the full $15 million

amount in late December 2013 and

ended the year with $18 million of

cash on hand.

As the mining industry in general and

gold in particular continue to be in a

downturn market, funding for mining

projects continues to be very difficult

to obtain. The markets would not

permit TMAC to carry out its original

intention of going public and raising

the funds needed to complete the

development of the mine to

commercial production. Investors,

however, have shown confidence in

the quality of both the Hope Bay

Project and the TMAC team as we

raised $78 million of new

equity in April 2014.

Newmont’s $15 million

loan, plus interest, were

repaid in full and, once

again, TMAC is debt free.

The balance of the new

equity will primarily be

used to fund our explora-

tion efforts to enhance

our mineral resources in

expectation of complet-

ing a PFS.

At May 31, 2014, TMAC

had $68 million of cash

on hand, no debt, and is

TMAC Financial Update

Looking South along Doris Lake at three drill rigs that were drilling the Doris De-

posit trend. Note the rigs have all been converted from their dark blue, winter

drill ‘shacks’ to their lighter, helicopter transportable, summer shacks. Everyday

TMAC can access drills from ice roads approximately $20,000 in helicopter

time and jet fuel is saved (June 2014).

Left: As ice portage conditions deteriorated with spring, TMAC

brought back the helicopters to support the 6 rig diamond drill

campaign. Now in June, with almost 24 hours of sunlight, the heli-

copters are supporting both drilling and environmental efforts.

Looking south at the Hope Bay helipad, this A Star B3 helicopter

has just dropped off a diesel fuel tank for refueling (June 2014).

Above: A sleeping fox.

Page 5 Volume 2, Issue 1

TMAC People: Meet the Team! The TMAC team includes many people who contribute to our success. We’d like

to take this opportunity to acknowledge and thank our directors, officers and

employees.

Board of Directors:

Andrew Adams, Director (Independent)

Russ Cranswick, Director (RCF)

Frank Davis, Director (Independent)

Randy Engel, Director (Newmont)

David Faley, Director (Newmont)

Catharine Farrow , Director and Chief Executive Officer

John Lydall, Lead Director (Independent)

Terry MacGibbon, Director and Executive Chairman

Officers:

Catharine Farrow , Chief Executive Officer

Ron Gagel, Executive Vice President & Chief Financial Officer

Jay Goldman, Corporate Secretary

David King, Vice President, Exploration and Geoscience

Terry MacGibbon, Executive Chairman

Julia Micks, Executive Vice President, Human Resources

Gord Morrison, President and Chief Technology Officer

John Roberts, Vice President, Environmental Affairs

Maarten Theunissen, Vice President, Finance

Permanent Employees:

Lea-Marie Bowes-Lyon, Environmental Manager - Tenure and Permitting

Alex Buchan, Director, Community and External Relations

Paul Christman, Manager of Mining

Marie Devine, Office Manager

Kathryn Duncan, Accountant

Ikey Evalik, IIBA Coordinator

Kevin Hunter, Senior Core Technician

Bendis Husi, Senior Accountant

Mike McCreadie, Manager, Supply and Logistics

Kelly Schwenning , Surface Manager

Katsky Venter, Environmental Site Manager

Dave King (VP Exploration and

Geoscience) and Paul Christman

(Manager of Mining) ponder the

rocks south of Doris (June 2014).

TMAC is a privately held mineral exploration and development

company focused on the development of western Nunavut’s Hope

Bay Greenstone Belt. TMAC is leveraging the approximately $1

billion of previously invested capital to bring the Project into pro-

duction. A large proportion of the Hope Bay Project’s mineral re-

sources are held as part of Inuit-owned mineral and surface

rights as defined by the Nunavut Land Claims Agreement of

1994. As a result, exploration and production agreements are

completed with long-standing Inuit Institutions of Public Govern-

ment to ensure Inuit beneficiaries participate in the success of

local mining projects. The Canadian Arctic represents one of the

last geopolitically stable mining frontiers and the Hope Bay Pro-

ject is one of several exploration and development projects in the

region. TMAC’s sole focus is the responsible and economically

sustainable exploration and development of the Hope Bay Green-

stone Belt as Canada’s next major gold mining camp.

Visit us at

www.tmacresources.com,

like us on Facebook or

follow us on LinkedIn!

Exploring & Developing an Emerging

Gold Camp: The Hope Bay Project

372 Bay Street

Suite 901

Toronto, Ontario

M5H 2W9

Phone: 416-628-0216

Website: www.tmacresources.com