Slide 1: Second Quarter 2023 Update
SECOND QUARTER 2023 UPDATE Q2 Consistent and determined
Slide 2: Cautionary disclaimers
F O RW A R D L O O K I N G S TAT E M E N T S A R E M A D E I N T H I S P R E S E N TAT I O N Cautionary disclaimers This presentation contains forward-looking statements and information within the meaning of Canadian securities law and United States securities laws, rules and legislation, including
Slide 3: Cautionary disclaimers
F O RW A R D L O O K I N G S TAT E M E N T S A R E M A D E I N T H I S P R E S E N TAT I O N Cautionary disclaimers CAUTIONARY NOTE TO U.S. READERS This document and shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or in any other jurisdi
Slide 4: Performing, Advancing, Strengthening
OPERATIONS EXPLORATION & DEVELOPMENT BALANCE SHEET Performing Advancing Strengthening
Slide 5: Tracking towards full year production guidance
Q 2 O P E R AT I N G H I G H L I G H T S Tracking towards full year production guidance 29koz 0.77g/t 19.7ktpd Mining Q2-2023 YTD-2023 GOLD PRODUCTION AU GRADE STACKED AVG STACKING TPT Total Ore Mined tonnes 1,787,125 3,735,668 Ore – processed tonnes 1,729,374 3,375,968 Continued ore stacking above
Slide 6: Strong operating margins
Q2 FINANCIAL HIGHLIGHTS Strong operating margins 30koz $698/oz $115m Operating Q2-2023 YTD-2023 GOLD SOLD All-IN SUSTAINING COSTS 1 CASH BALANCE Gold Production ounces 29,058 54,968 Gold Sold ounces 29,773 56,632 1 Average Realized Gold Price per ounce $1,975 $1,934 Robust operating margins Operatin
Slide 7: Strengthening balance sheet
YEAR OVER YEAR IMPROVEMENTS Strengthening balance sheet $128m • Balance sheet strength and flexibility established • Net debt1 has improved significantly YoY $79m • Robust cash generation $28m • High margin production at Camino Rojo $20m • Cost management • Debt refinancing Net Debt3 Change in cash
Slide 8: Inaugural sustainability report forthcoming
Inaugural sustainability report forthcoming Embedding sustainability in our business Inaugural Sustainability Report (Aug) • SASB and TCFD aligned • Launches Towards 2030 multi-year strategy We endeavour to: • Maximize benefits to stakeholders • Minimize injuries, consumption, and impact • Manage ou
Slide 9: 2023 drill highlight sulphide extensions
C AM I N O R O J O – E X P L O R AT I O N & D E V E L O P M E N T 2023 drill highlight sulphide extensions Camino Rojo Sulphides infill • Wide-widths of higher-grade gold material continues Camino Rojo Sulphide Extensions • High grade, polymetallic intersections Deep drill intersections (Au) (CRSX23
Slide 10: Increasing resources and making discoveries
2 0 2 3 E X P L O R AT I O N Increasing resources and making discoveries $35 million MEXICO USA (NEVADA) PANAMA $22 million 1 $10 million $3 million 50,000 – 60,000 metres drilling 20,000 – 25,000 metres drilling 5,500 metres drilling Oxide Layback: Satellite Deposits: La Pelona: confirm & delineate
Slide 11: Delivering on production and growth
2023 PLANS Delivering on production and growth 2023 $35 million INVESTMENT INTO BUSINESS in exploration across portfolio1 CONTINUED IMPRESSIVE PRODUCTION AND COSTS1,2 STRENGTHENING BALANCE SHEET 100-110 koz ~$45 million in payments towards debt & other obligations4 $700-$800 /oz AISC (updated from $
Slide 12: A depth of assets that can generate long-term value
South Railroad Nevada A depth of RESERVES assets that USA 1.6 Moz Au can generate RESOURCES (M&I)3 1.8 Moz Au Cerro Quema long-term Panama value LAND PACKAGE RESERVES Camino Rojo 21,000 ha 0.6 Moz Mexico RESOURCES (M&I)2 1.0 Moz Au RESERVES 1.4 Moz Au 676 Mlbs CuEq RESOURCES (M&I)1 9.2 Moz Au LAND P
Slide 13: The right formula for value creation
T H E R I G H T F O R M U L A F O R VA L U E C R E AT I O N Proven strategy + Quality partners + Quality projects
Slide 14: Slide 14
Slide 15: Strong financial foundation for growth
C A P I TA L S T R U C T U R E Strong financial foundation for growth Share Price1 C$5.56 Analyst Coverage Shares Issued & Outstanding1 313.4M TD Securities Arun Lamba Market Capitalization1,2 C$1,742M Cormark Richard Gray Warrants2 28.7M Desjardins John Sclodnick Stock Options2 6.8M Stifel-GMP Step
Slide 16: Strong cash margins fueling growth
2023 GUIDANCE Strong cash margins fueling growth Gold Production oz 100,000 – 110,000 All-in Sustaining Costs (“AISC”)1,2 $/oz Au sold $700 – $800 (from $750 – 850) Capital Expenditures2 Sustaining Capital Expenditures $m $6 Non-Sustaining Capital Expenditures $m $4 Exploration Mexico $m $20 USA (Ne
Slide 17: Camino Rojo
Camino Rojo OUR FOUNDATIONAL ASSET ~10 years 100-110 koz $700-800/oz MINE LIFE 2023 PRODUCTION GUIDANCE 2023 AISC1 GUIDANCE 1. AISC is a non-GAAP measure. See Notes in Appendices regarding non-GAAP measures. See press release dated August 3, 2023, for updated 2023 AISC guidance.
Slide 18: Camino Rojo oxide mine successfully built and commissioned
C AM I N O R O J O – O X I D E M I N E S U C C E S S F U L LY B U I LT A N D C O M M I S S I O N E D Strong cash generator 10YR MINE LIFE 1 $700-800 /oz $90 m/yr 2023 AISC GUIDANCE2,3 AVG ANNUAL FREE CASH FLOW Guidance (YR 1-10 at $1800 Au)1 127 128 100–110 110 107 99 80 71 73 ACHIEVED ABOVE 100-110
Slide 19: South Railroad
South Railroad OUR NEWEST ADDITION 8+ yrs ~152 koz $1,021 /oz + Exploration MINE LIFE ANNUAL PRODUCTION YR 1-4 LOM AVG AISC1 1. AISC is a non-GAAP measure. See Notes in Appendices regarding non-GAAP measures.
Slide 20: Low capital, high margin heap leach project
S O U T H R AI L R O AD – A N A L O G O U S T O C A M I N O R O J O Low capital, high margin heap leach project Updated Feasibility Study Summary1 Total Ore to Leach Pad M tonnes 71.9 Gold Grade (Average) g/t 0.77 Contained Gold ounces 1,604,000 Recovered Gold ounces 1,030,000 Mine Life years 8.0 Av
Slide 21: South Railroad in permitting process
S O U T H R AI L R O AD – I N P E R M I T T I N G P R O C E S S Supporting our future growth 8+ years MINE LIFE ~152 koz ANNUAL PRODUCTION YR 1-4 197 191 138 $1,021 /oz 106 103 95 82 80 25 12 2 LOM AVG AISC2 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Annual gold production (Koz) 21 1.
Slide 22: Pathway to production
S O U T H R AI L R O AD Pathway to production CONSTRUCTION PRODUCTION Acquisition of Gold Standard Ventures August 2022 Option for DETAILED ENGINEERING early start PROCUREMENT PLAN OF OPERATIONS PERMITTING EIS development and consultation 2022-2024 Submitted and Notice Record of Decision approved of
Slide 23: Significant resource expansion opportunities
S O U T H R AI L R O AD – C A R L I N T R E N D P R O S P E C T I V I T Y Significant resource expansion opportunities Second largest contiguous land package on the Carlin Trend – 21,000 hectares Target rich environment • Multiple favourable regional structures & stratigraphic horizons Multiple zone
Slide 24: Cerro Quema
Cerro Quema ANOTHER HIGH MARGIN ASSET $62 M ~80 koz $626 /oz ANNUAL FCF ANNUAL PRODUCTION LOM AVG AISC1 1. AISC is a non-GAAP measure. See Notes in Appendices regarding non-GAAP measures.
Slide 25: Cerro Quema: another high margin asset
CERRO QUEMA– ANOTHER HIGH MARGIN ASSET Supporting further cash generation $62 M ANNUAL FCF ~80 koz 113 ANNUAL PRODUCTION YR 105 75 $626 /oz 61 60 60 15 LOM AVG AISC2 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Annual gold production (Koz) 25 1. See “Project Pre-Feasibility Updated NI 43-101 Tec
Slide 26: Future copper-gold sulphide potential
CERRO QUEMA – OXIDES + CU-AU SULPHIDES Future copper-gold sulphide potential Defined Cu-Au resources • Pava and Quemita oxide gold deposits amenable to heap leaching • Caballito copper-gold sulphide deposit • Copper-gold sulphide mineralization beneath oxide deposits at Pava and Quemita Caballito Re
Slide 27: Non-GAAP measures
NOTES Non-GAAP measures The Company has included herein certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (in our case, International Financial Reporting Standards, or “IFRS”). These are common performanc
Slide 28: Camino Rojo Mineral Reserves and Resources
MEXICO Camino Rojo Mineral Reserves and Resources Mineral Reserve Estimate (includes stockpiles) Mineral Resource Estimate (M&I includes stockpiles) TONNES GOLD SILVER GOLD SILVER TONNES GOLD SILVER GOLD SILVER (000’S) (G/T) (G/T) (KOZ) (KOZ) (000’S) (G/T) (G/T) (KOZ) (KOZ) Proven 16,782 0.78 15.6 4
Slide 29: Cerro Quema Mineral Reserves and Resources
PA N A M A Cerro Quema Mineral Reserves and Resources Mineral Reserve Estimate Mineral Resource Estimate TONNES GOLD SILVER GOLD SILVER TONNES GOLD SILVER GOLD SILVER (000’S) (G/T) (G/T) (KOZ) (KOZ) (000’S) (G/T) (G/T) (KOZ) (KOZ) La Pava - Probable 15,700 0.79 2.27 400 1,148 Oxide Quema Indicated 9
Slide 30: Caballito Copper-Gold Resources
C E R R O Q U E M A , PA N A M A Caballito Copper-Gold Resources Caballito Sulphides Caballito Oxides TONNES CUEQ CU GOLD SILVER CUEQ CU GOLD SILVER TONNES GOLD SILVER GOLD EQ GOLD SILVER GOLD EQ (000’S) (%) (%) (G/T) (G/T) (MLBS) (MLBS) (KOZ) (KOZ) (000’S) (G/T) (G/T) (G/T) (KOZ) (KOZ) (KOZ) Indica
Slide 31: South Railroad Mineral Reserves and Resources
C A R L I N , N E VA D A South Railroad Mineral Reserves and Resources Mineral Reserve Estimate Mineral Resource Estimate TONNES GOLD SILVER GOLD SILVER TONNES GOLD SILVER GOLD SILVER (000’S) (G/T) (G/T) (KOZ) (KOZ) (000’S) (G/T) (G/T) (KOZ) (KOZ) Dark Star – Proven 6,911 1.27 283 Dark Star Measured