advancing the brucejack project june 2015 v.7

1

ADVANCING THE BRUCEJACK PROJECT

June 9-10, 2015

2

CAUTIONARY STATEMENT

Forward Looking Information

This Presentation contains “forward-looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation. Forward-looking information may include, but is not limited to, the anticipated production and developments in our operations in future periods, information with respect to our planned exploration and development activities, the adequacy of our financial resources, the estimation of mineral reserves and resources including the 2013 Valley of the Kings Mineral Resource estimate, realization of mineral reserve and resource estimates and timing of development of our Brucejack Project, costs and timing of future exploration, results of future exploration and drilling, production and processing estimates, capital and operating cost estimates, timelines and similar statements relating to the economic viability of the Brucejack Project, timing and receipt of approvals, consents and permits under applicable legislation, our executive compensation approach and practice, the composition of our board of directors and committees and adequacy of financial resources. Wherever possible, words such as “plans”, “expects”, “projects”, “assumes”, “budget”, “strategy”, “scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”, “intends”, “targets” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in our Annual Information Form dated March 31, 2015 filed on SEDAR at www.sedar.com and in the United States on Form 40-F through EDGAR at the SEC’s website at www.sec.gov. Forward-looking information is based on the expectations and opinions of our management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.

National Instrument 43-101

Technical and scientific information contained herein relating to the Projects is derived from National Instrument 43-101 (“NI 43-101”) compliant technical reports (“Reports”) “Mineral Resources Update Technical Report” dated December 19, 2013 and “Feasibility Study and Technical Report on the Brucejack Project, Stewart, BC” dated June 19, 2014. We have filed the Reports and Update under our profile at www.sedar.com. Technical and scientific information not contained within the Reports for the Projects have been prepared under the supervision of Mr. Kenneth C. McNaughton, P.Eng. and Ian Chang, P.Eng., each of whom is an independent “qualified person” under NI 43-101.

This presentation uses the terms “measured resources”, “indicated resources” (together “M&I”) and “inferred resources”. Although these terms are recognized and required by Canadian regulations (under NI 43-101), the United States Securities and Exchange Commission does not recognize them. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no guarantee that all or any part of the mineral resource will be converted into mineral reserves.

In addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

Currency

Unless otherwise indicated, all dollar values herein are in Canadian $.

3

High-grade underground gold project

Commercial production target 2017

Located in British Columbia, Canada

V A L U E T H R O U G H G O L D

4

AGENDA

IntroductionJoe Ovsenek, President

2015 Underground Infill Drill ProgramKen McNaughton, VP & Chief Exploration Officer

Mine Development & OperationsJim Currie, VP & Chief Operating Officer

Finance & Cost ControlTom Yip, Chief Financial Officer

2015 Grassroots Exploration ProgramWarwick Board, Chief Geologist

Next Steps, Question & AnswerMichelle Romero, VP Corporate

5

TODAY’S PRESENTERS

Joseph J. Ovsenek, B.A. Sc., P.Eng., LLBPresident, Director

Mr. Ovsenek has over 20 years of international management and legal experience in the precious metalsindustry. He has been responsible for building teams and leading the growth of public resource companies fromearly exploration stage to production. Since joining Pretivm in January 2011, he has been responsible for a broadscope of the company’s strategic corporate functions including financing and project permitting. Prior to joiningPretivm, he served for 15 years in senior management roles for Silver Standard Resources Inc., where he wasresponsible for financings, the acquisition and sale of several assets, and was instrumental in developingcorporate strategy. Mr. Ovsenek has served as in-house and external legal counsel in corporate and securitieslaw practice, has served as a director on the boards of a number of publicly-traded exploration companies inaddition to providing corporate governance counsel. He holds a Bachelor of Applied Science degree from theUniversity of British Columbia and a Bachelor of Laws degree from the University of Toronto. Mr. Ovsenek is aregistered member of the Association of Professional Engineers and Geoscientists of British Columbia.

Mr. McNaughton is a professional geological engineer with over 30 years of global experience developing andleading mineral exploration programs. Prior to joining Pretivm in 2011, he was Senior Vice President,Exploration for Silver Standard Resources Inc. where he had been responsible for all exploration programssince 1991. Prior to joining Silver Standard, he was employed by Corona Corporation and its affiliate MascotGold Mines Ltd. as a project geologist and engineer for projects in British Columbia. Mr. McNaughton holds aBachelor of Applied Science degree and a Master of Applied Science degree in geological engineering from theUniversity of Windsor.

Kenneth C. McNaughton, M.A. Sc., P.Eng.Vice President & Chief Exploration Officer

6


James A Currie, P.Eng.Vice President & Chief Operating Officer

Mr. Currie has over 34 years of experience in the mining industry and has held roles in senior management,engineering and operations, on a number of projects that have progressed through feasibility to successfuloperation on schedule and budget. Prior to joining Pretivm in 2014, Mr. Currie led the construction anddevelopment of New Gold Inc.'s New Afton gold mine in B.C. which went into production ahead of schedule in2012. During his tenure as Executive Vice President and Chief Operating Officer of New Gold Inc., Mr. Curriewas responsible for three operating gold mines in the US, Australia, and Mexico with cumulative operatingbudgets of over $300 million and an operating profit of over $300 million. Mr. Currie holds a Bachelor ofApplied Science degree with honours in mining engineering from Queen's University and is a registeredprofessional engineer.

Mr. Yip has over 25 years of financial management experience in the mining industry for exploration anddevelopment companies and producers. Most recently he was Chief Financial Officer for International TowerHill Mines Ltd. At his prior position as CFO of Silver Standard Resources Inc. he was a key member of theleadership team which transitioned the company from exploration and development to production. He beganhis mining career at Echo Bay Mines Ltd. before the company merged with Kinross Gold Corporation. Mr. Yipis a Chartered Accountant and holds a Bachelor of Commerce degree in Business Administration from theUniversity of Alberta.

Tom S.Q. Yip, C.A.Chief Financial Officer

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Warwick Board, Ph.D., P.Geo, MAusIMM, Pr.Sci.Nat.Chief Geologist

Dr. Board has over 17 years of global experience as a professional geologist. Prior to joining Pretivm in 2012 hewas Senior Resource Geologist at Silver Standard Resources Inc., where he was involved with the structuralassessment and initial non-linear resource modeling of the high grade gold mineralization at the BrucejackDeposit. Prior to Silver Standard, he was Principal Consultant at Snowden Mining Industry Consultants Inc. Dr.Board holds Bachelor of Science (Honours), Master of Science, and Doctor of Philosophy degrees in geologyfrom the University of Cape Town, South Africa, as well as a Citation in Applied Geostatistics from theUniversity of Alberta. Dr. Board is a registered professional geoscientist with the Association of ProfessionalEngineers and Geoscientists of British Columbia, a member of the Australasian Institute of Mining andMetallurgy, and a registered professional with the South African Council for Natural Scientific Professions.

Ms. Romero joined Pretivm in 2011 and previously held the roles of Vice President, Corporate Relations andDirector, Investor Relations. Prior to joining Pretivm she worked in communication and investor relations forSilver Standard Resources Inc., serving as Communications Director. She began her career as a professionalbusiness librarian in the US, the UK and France. Ms. Romero holds a Bachelor of Arts degree in Journalism anda Master of Library Science degree from Rutgers University.

Michelle Romero, B.A., M.L.S.Vice President, Corporate

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INTRODUCTION: PROJECT LOCATION

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INTRODUCTION: GOLD RESERVES(1,2)

Valley of the Kings

West Zone

Category Tonnes(mil)

Gold(g/t)

Silver(g/t)

ContainedGold

(mil oz)Silver

(mil oz)Proven 1.4 7.2 383 0.3 17.4Probable 1.5 6.5 181 0.3 8.6

Total P&P 2.9 6.9 279 0.6 26.0

Valley of the Kings Mineral Reserve Estimate – June 2014 West Zone Mineral Reserve Estimate – June 2014

(1) Source: Feasibility Study and Technical Report Update on the Brucejack Project, dated June 19, 2014(2) Base case metals prices of US$1,100/oz gold and US$17/oz silver

Category Tonnes(mil)

Gold(g/t)

Silver(g/t)

ContainedGold

(mil oz)Silver

(mil oz)Proven 2.1 15.6 12 1.1 0.8

Probable 11.5 15.7 10 5.8 3.9

Total P&P 13.6 15.7 11 6.9 4.6

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INTRODUCTION: BRUCEJACK MINE(1)

Mine life of 18 years producing an estimated 7.27 millionounces of gold

Average annual production of 504,000 ounces of goldover the first 8 years and 404,000 ounces of gold overmine life

Gold and silver recoveries of 96.7% and 90.0% over mine life

Production rate of 2,700 tonnes per day

(1) Source: Feasibility Study and Technical Report Update on the Brucejack Project, dated June 19, 2014

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AGENDA







12

2015 UNDERGROUND INFILL DRILL PROGRAM

Plans and Objectives

40,000 meter infill underground drill program Primary purpose is grade control, with drilling at 10-meter

centers

Targeting stope areas in years 1-3 of mine plan (1320-meter level to 1200-meter level)

Additional benefit is infill drilling of inferred and non-stope indicated resources in the same area

3 drill stations / 32 drill fans

3 drills at peak drilling

13200 m

N Valley of the Kings Access Ramp

Bulk Sample Development

Approximate surface projection of December

2013 Measured & Indicated resources

SU-4980.5m @ 3,874 g/t Au

SU-5261.16m @ 4,195 g/t Au

VU-1360.5m @ 1,100 g/t Au

Brucejack Fault

VALLEY OF THE KINGS EXPLORATION POTENTIAL

Valley of the Kings is open to the East and West

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10.93m @ 43.57 ppm

Au

0.5m @ 26.00 ppm

Au

N S

200m

<0.5

0.5-1.0

1.0-5.0

>20

5.0-20.0

Key (g/t Au)

(Assay intervals)

Fragmental

Volcanic Rocks

Polylithic

Conglomerate Volcanic

Flows

Volcaniclastic

Sediments

Volcanic Flows

5-10

10-20

>20

Key (g/t Au)

(Blocks)(M&I + Inferred)

SU-627

Monzonite Dykes

SU-630

SU-628

SU-629

1.5m @ 19.05 ppm

Au

0.5m @

17.95 ppm

Au

5m @ 17.34 ppm

Au

1.5m @ 32.5 ppm Au

1m @ 11.35 ppm Au

0.5m @ 11.1 ppm Au

Section 426765E (500m wide)

VALLEY OF THE KINGS EXPLORATION POTENTIAL

Valley of the Kingsis open at depth

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2015 UNDERGROUND INFILL DRILL PROGRAM: PLANNED DRILLING OF YEARS 1-3 STOPES (1)

1320m Drill Bay

100m

1310m Drill Bay

1270m Drill Bay

N

PlannedDevelopment

Grade Blocks (g/t Au) in

In Years 1-3 Stopes

5-10

10-20

20-60

>60

Probable Reserves

As-Built


Drill Fan Azimuths

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2015 UNDERGROUND INFILL DRILL PROGRAM:PLANNED DRILLING OF AREA LOM STOPES (1)

1320m Drill Bay

100m

1310m Drill Bay

1270m Drill Bay

N

PlannedDevelopment

As-Built

Drill Fan Azimuths



Life of Mine Stopes

1320m to 1200m level

5-10

10-20

20-60

>60

Probable Reserves

17

2015 UNDERGROUND INFILL DRILL PROGRAM:PLANNED DRILLING OF AREA NON-STOPE (1) RESOURCES

1320m Drill Bay

100m

1310m Drill Bay

1270m Drill Bay

N

PlannedDevelopment

As-Built


Grade Blocks (g/t Au)

Outside of Stopes

5-10

10-20

20-60

>60

Indicated & Inferred

Drill Fan Azimuths

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2015 UNDERGROUND INFILL DRILL PROGRAM: 1320 DRILL FANS

1320 Level

100m

1260 Level



In Years 1-3 Stopes (1)

5-10

10-20

20-60

>60

Probable Reserves

Drill Hole

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2015 UNDERGROUND INFILL DRILL PROGRAM: 1320 AND 1310 DRILL FANS

1320 Level

100m

1260 Level

1310 Drill Bay




5-10

10-20

20-60

>60

Probable Reserves

Drill Hole

20

2015 UNDERGROUND INFILL DRILL PROGRAM: 1320, 1310 AND 1270 DRILL FANS

1320 Level

100m

1260 Level

1310 Drill Bay

1270 Drill Bay




5-10

10-20

20-60

>60

Probable Reserves

Drill Hole

21

2015 UNDERGROUND EXPLORATION PROGRAM:VIEW WEST OF YEARS 1-3 STOPES

1320 Level

100m

N

1345 Level

1260 Level

S




5-10

10-20

20-60

>60

Proven & Probable

Reserves

Drill Hole

22

2015 UNDERGROUND INFILL DRILL PROGRAM:AZIMUTH 151 DRILL FAN (COMPLETED)

1320m Drill Bay

100m

1310m Drill Bay

1270m Drill Bay

N

PlannedDevelopment

As-Built




5-10

10-20

20-60

>60

Probable Reserves

Drill Fan Azimuths

23> 20.0

Assay intervals

5.0 - 20.0

1.0 – 5.0

0.5 – 1.0

< 0.5

Key (g/t Au)

50m

VU-414

Volcaniclastic Sediments

Silica Cap

Polylithic Conglomerate

N S

VU-415

VU-416

VU-412

VU-413

2015 UNDERGROUND DRILLING RESULTS: SECTION VIEW - 15M WIDE: AZIMUTH 151

VU-417VU-418

VU-419

0.5m @ 347 ppm Au

0.5m @ 1325 ppm Au

0.5m @ 647 ppm Au

Volcanic Fragmental Rocks

0.5m @ 448 ppm Au

1345m Development

1320m Drill Bay

24> 20.0

Assay intervals

5.0 - 20.0

1.0 – 5.0

0.5 – 1.0

< 0.5

Key (g/t Au)

50m

VU-414


Silica Cap


N S

VU-415

VU-416

VU-412

VU-413

ALL DRILLING ON 15M WIDE SECTION, AZIMUTH 151

VU-417VU-418

VU-419

0.5m @ 347 ppm Au

0.5m @ 1325 ppm Au

0.5m @ 647 ppm Au


0.5m @ 448 ppm Au

1345m Development

1320m Drill Bay

2550m

VU-414


Silica Cap


N S

VU-415

VU-416

VU-412

VU-413

MEASURED AND INDICATED GRADE BLOCKS (1) ON

15M WIDE SECTION, AZIMUTH 151

VU-417VU-418

VU-419

0.5m @ 347 ppm Au

0.5m @ 1325 ppm Au

0.5m @ 647 ppm Au


0.5m @ 448 ppm Au

1345m Development

1320m Drill Bay


> 20.0

5.0 - 20.0

1.0 – 5.0

0.5 – 1.0

< 0.5

Key (g/t Au)

26

2015 UNDERGROUND INFILL DRILL PROGRAM:VU-416 (1,320 g / t Gold)

May 12, 2015

27

2015 UNDERGROUND EXPLORATION PROGRAM:VU-418 (226 g / t Gold)

May 17, 2015

28

AGENDA







29

MINE DEVELOPMENT AND OPERATIONS:MANAGEMENT TEAM

Portals

MillCamp

Development RockDisposal Laydown &

Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

Jim CurrieChief Operating

Officer

Kevin TorpyBrucejack General

Manager

Mine Operations

Ian ChangVP Project

Development

Engineering, Procurement & Construction

30

MINE DEVELOPMENT AND OPERATIONS:MANAGEMENT TEAM

Portals

MillCamp


Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

31

MINE DEVELOPMENT AND OPERATIONS:TEAMS IN PLACE

Portals

MillCamp


Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

VP, Project Development Engineering Project controls Construction management EPCM

General Manager Mine Manager Mill Manager Technical services group

32

BRUCEJACK CONSTRUCTION SCHEDULE

2014 2015 2016 2017PRE-CONSTRUCTION ACTIVITIES Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

EA & Permits

Detailed Engineering

Procurement for Major Equipment

STAGE 1 - EARLY CONSTRUCTION WORK

Surface Construction - Phase I

Construct Camp

Road Upgrades

Transmission Line Stage 1

STAGE 2 - FULL PROJECT EXECUTION

Mill Building Construction

Process Plant Construction

SAG & Ball Mill Installation

Transmission Line Completed & Energized

UNDERGROUND

Lateral Development

Raise Development

Underground Infrastructure

PROJECT COMPLETION

Commissioning

Start Commercial Production

33

PRE-CONSTRUCTION ACTIVITIES:ENGINEERING CONTRACTORS

AMEC – Mine EPCM Experienced team Red Chris, New Afton, Thompson Creek,

Pogo Commenced work in September 2014

STANTEC – Transmission Line EP Experienced team Numerous Projects in BC and Alberta Commenced work in July 2014

34

PRE-CONSTRUCTION ACTIVITIES:DETAILED ENGINEERING - MINE

Engineering Status 30% complete Final long lead equipment recommendations

issued Ready to commence bulk earthworks

Procurement/Contract Status 31 RFQs Issued, Bids for 25 received 330-person camp awarded to Civeo Construction power awarded to Finning Development assay lab awarded to Met Solve

No change to Feasibility Study cost estimate at May 31, 2015

35

PRE-CONSTRUCTION ACTIVITIES:DETAILED ENGINEERING – TRANSMISSION LINE

Engineering Status Approximately 90% complete Preparation ongoing for field geotech

investigation starting June 15

Procurement/Contract Status Pole supplier selected Pole engineering contract awarded

No change to Feasibility Study cost estimate at May 31, 2015

36

PRE-CONSTRUCTION ACTIVITIES: WATER TREATMENT PLANT

Water Treatment Plant – Installation of upgraded plant in extended building (2014)

37

PRE-CONSTRUCTION ACTIVITIES:WATER TREATMENT PLANT

Actiflow Units (2014) Baker Tanks (2014)

38

PRE-CONSTRUCTION ACTIVITIES: WATER TREATMENT PLANT

Water Treatment Plant – Expansion for construction water flows (2015)

39

PRE-CONSTRUCTION ACTIVITIES:110-BED CAMP EXPANSION

Bunkhouse 5 Retaining Wall Blocks

Bunkhouse 6 Foundation Blocks

40

PRE-CONSTRUCTION ACTIVITIES:110-BED CAMP EXPANSION

Camp (2015)

41

CONSTRUCTION TO DECEMBER 31, 2015

Construction Power 5 megawatts in place for construction start-up

Earthworks Work to commence on receipt of permits

(expected summer 2015)

330-Person Camp Construction of modules in progress Installation to commence in October 2015

Transmission Line Work to commence on receipt of permits

(expected summer 2015)

42

CONSTRUCTION TO DECEMBER 31, 2015: POWER

Portals

MillCamp


Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

Genset pad construction

43

PROPOSED BRUCEJACK MINE SITE

44

CONSTRUCTION TO DECEMBER 31, 2015: EARTHWORKS

Portals

MillCamp


Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

45


Portals

MillCamp


Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

46


Portals

MillCamp


Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

47

CONSTRUCTION TO DECEMBER 31, 2015: 330-PERSON CAMP

Portals

MillCamp


Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

Exterior of Dorm Module – ceiling panel installed and module fully insulated

48

CONSTRUCTION TO DECEMBER 31, 2015: TRANSMISSION LINE

Long Lake

Power Project

Proposed

Transmission

Line

Access Road

49


Portals

MillCamp


Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

HJT Plant (China) Visit – Welding Joint Surface Preparation (2015)

50


Portals

MillCamp


Fuel Storage

Existing Camp Area

West ZonePortal

Truck Shop

HJT Plant (China) Visit – Seam Joint Welded by Automatic Welding Machine (2015)

51

CONSTRUCTION: TIMELINE FOR TRANSMISSION LINE

Period Activity

2015Q3 & Q4

Tree clearing Pole foundations for northern portion of the line

2016Q1 & Q2

Pole installation for northern portion of the line Pole foundations for southern portion of the line Substation installation

2016Q3

Pole installations for southern portion of the line Conductor installation Commissioning

52

BRUCEJACK MINE:VALLEY OF THE KINGS MINERALIZATION

SN

Cleo West Drift 615L West Raise

Domain 20

~0.5 m

53

BRUCEJACK MINE:VALLEY OF THE KINGS MINING METHOD

30-meter level spacing

Maximum of 45-meter stope lengths

15-meter widths

Dilution Factors

– Primary Stopes: 7%

– Secondary Stopes: 15%

Mining Recovery Factors

– Primary Stopes: 97.5%

– Secondary Stopes: 92.5%

Average 12 stopes in the mining and backfill cycle at any time

30 M SPACING

LONGHOLE STOPING

54

BRUCEJACK MINE:MINE DEVELOPMENT REQUIREMENTS

2015 2016 2017

H2 H1 H2 H1 Total

Lateral Waste Development (m) 2,691 3,552 3,182 2,463 11,887

Lateral Ore Development (m) - - 44 217 261

Bulk Excavation (meq) - 70 99 - 168

Raise Development (m) 63 53 1,000 499 1,616

Total 2,754 3,675 4,325 3,179 13,933

55

BRUCEJACK MINE:UNDERGROUND DEVELOPMENT: JUNE 2015

Ventilation RaiseVR1

Valley of the Kings1345 level

West Zone Portal

West Zone Historical Workings

56



Valley of the Kings1345m level


West Zone Portal

Conveyor Portal

BRUCEJACK MINE:UNDERGROUND DEVELOPMENT: JUNE 2016

57




1300m level Shops



Conveyor Portal

West Zone Portal

BRUCEJACK MINE:START OF PRODUCTION: JUNE 2017

58






Shops

Conveyor Portal

West Zone Portal


BRUCEJACK MINE:YEAR 1 OF PRODUCTION: JUNE 2018

59

Conveyor Portal

West Zone Portal

Shops








BRUCEJACK MINE:YEAR 5 OF PRODUCTION: JUNE 2022

60

BRUCEJACK MINE:LIFE OF MINE

Conveyor Portal

West Zone Portal

Shops









West Zone990m level

61

BRUCEJACK MINE: PROJECT FLOW SHEET

62

Gold and silver recoveries of 96.7% and 90.0% over mine life

Gravity (43.3% LOM) and flotation (53.4% LOM) concentration

Producing doré and gold/silver concentrate

Bulk sample processing with single stage gravity and flotation concentration yielded gold recoveries averaging 98%

BRUCEJACK MINE: PROCESSING

Bulk sample gravity concentrate at Contact Mill, Montana (2013)

Bulk sample flotation concentrate at Contact Mill, Montana (2013)

63

BRUCEJACK MINE: MILL LAYOUT

Coarse ore bin

Ball, SAG mills

Flotation tanks

Tailings thickener

64

BRUCEJACK MINE: TAILINGS MANAGEMENT

Approximately 50% of tailings from mine operations go back underground as paste backfill, with the remaining deposited at the bottom of Brucejack Lake

Brucejack Lake is not a fish habitat

Brucejack Lake Section View

65

BRUCEJACK MINE: CONSTRUCTION SCHEDULE

2014 2015 2016 2017PRE-CONSTRUCTION ACTIVITIES Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

EA & Permits

Detailed Engineering

Procurement for Major Equipment

STAGE 1 - EARLY CONSTRUCTION WORK

Surface Construction - Phase I

Construct Camp

Road Upgrades

Transmission Line Stage 1

STAGE 2 - FULL PROJECT EXECUTION

Mill Building Construction

Process Plant Construction

SAG & Ball Mill Installation

Transmission Line Completed & Energized

UNDERGROUND

Lateral Development

Raise Development

Underground Infrastructure

PROJECT COMPLETION

Commissioning

Start Commercial Production

66

BRUCEJACK MINE CAPITAL COSTS (1,2)

(1) Source: Feasibility Study and Technical Report Update on the Brucejack Project, dated June 19, 2014(2) Mine Site Capital Costs Include; mine site, mine site process, mine site utilities, mine site facilities, tailings facilities, mine

site temporary facilities and surface mobile equipment.

Mine Underground

$179.5m

Mine Site $210.8m

Offsite Infrastructure

$89.1m

Indirect Costs

$127.5m

Owner’s Costs $71.0m

Contingency$69.0m

Capital Cost Summary US$746.9 million

2014 Feasibility Study estimated costs

Total Direct Costs US$479.4 million

Total Indirect Costs US$267.5 million

67

BRUCEJACK MINE OPERATING COSTS (1,2,3)

(1) Source: Feasibility Study and Technical Report Update on the Brucejack Project, dated June 19, 2014(2) Total cash costs (net of silver credits at Base Case silver price of US$17/oz) and Reclamation Cost Accretion + Sustaining Capital Expenditure / gold sales of

7.067million oz. See news release dated June 19, 2014.(3) Mining Operating Costs Include; LOM ore milled; if excluding the ore mined during preproduction, the estimated cost is C$91.78/t.

Mining $91.34

Processing$19.69

General & Admin $30.87

Surface Services &

Others $21.15

2014 Feasibility Study estimated costs

Operating Cost Summary C$163.05 / tonne

All-In Sustaining Cash Costs (Life of Mine): US$448/oz (2)

68

AGENDA







69

BRUCEJACK FINANCE AND COST CONTROL: ROBUST PROJECT IN ALL GOLD SCENARIOS

(1) Source: Feasibility Study and Technical Report Update on the Brucejack Project, dated June 19, 2014(2) NPV is discounted to July 2014.

Project Economic Results by Metal Price (1)

Low Case Base Case High Case

Gold / Silver Price (US$/ounce)

$800 / $15 $1,100 / $17 $1,400 / $21

Internal Rate of Return

20.3% (pre-tax)16.5% (post-tax)

34.7% (pre-tax)28.5% (post-tax)

47%(pre-tax)38.7% (post-tax)

Net Cash Flow (US$)$2.02 billion (pre-tax)$1.34 billion (post-tax)

$4.16 billion (pre-tax)$2.72 billion (post-tax)


Net Present Value (2)

(5.0% discount) (US$)$985 million (pre-tax)$620 million (post-tax)



Payback (from start of production period)

4.4 years (pre-tax)4.5 years (post-tax)



Capex(US$ million)

$746.9 $746.9 $746.9

Exchange Rate (US$:C$)

0.92 0.92 0.92

70

BRUCEJACK FINANCE AND COST CONTROL: CAPITAL COSTS (1,2)

(1) Source: Feasibility Study and Technical Report Update on the Brucejack Project, dated June 19, 2014(2) Mine Site Capital Costs Include; mine site, mine site process, mine site utilities, mine site facilities, tailings facilities, mine

site temporary facilities and surface mobile equipment.

Mine Underground

$179.5m

Mine Site $210.8m

Offsite Infrastructure

$89.1m

Indirect Costs

$127.5m

Owner’s Costs $71.0m

Contingency$69.0m

Total Direct Costs

US$479.4m

Total Indirect Costs

US$267.5m

Capital Cost Summary US$746.9 million

USD sourced construction spend ~ 30%

CAD sourced construction spend ~ 70%

Feasibility Study US$ Exchange Rate - C$0.92

71

BRUCEJACK FINANCE AND COST CONTROL: FINANCING

Capital cost to construct the Brucejack Mine is estimated at US$746.9 million

Finance structure a potential combination of:

Debt

Callable Gold Stream / Royalty

Equity - Common Share Issue

Convertible Debenture

72

BRUCEJACK FINANCE AND COST CONTROL:CASH FLOW FIRST 10 YEARS AT BASE CASE

Base Case Metal Prices and Cash Flow (1)

($1,100/oz Au; $17/oz Ag; C$/US$ 0.92)

Year 1 2 3 4 5 6 7 8 9 10

Operating Cash Flow($ million)

270 341 394 354 390 412 411 408 327 346

Pre-tax Net Cash Flow($ million)

193 310 366 336 367 392 384 392 308 329

Post-tax Net Cash Flow ($ million)

188 303 326 234 241 256 248 255 200 213

Cumulative Post-tax NCF ($ million)

188 492 818 1,052 1,294 1,550 1,798 2,054 2,254 2,467


73

BRUCEJACK FINANCE AND COST CONTROL:CASH FLOW - FIRST 8 YEARS

(1) Source: Feasibility Study and Technical Report Update on the BruceJack Project, dated June 19, 2014

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

1 2 3 4 5 6 7 8

US

$m

illi

on

Year

Cumulative Post Tax Net Cash Flow

1,100

1,200

1,400

Gold Price

(Year 5:)

$1.3B @ $1100/oz Au$1.4B @ $1200/oz Au$1.7B @ $1400/oz Au

74

BRUCEJACK FINANCE AND COST CONTROL: FINANCING

Considerations:

Minimize overall cost / Maintain flexibility

Debt finalized coincident with receipt of permits

75

BRUCEJACK FINANCE AND COST CONTROL: ORGANIZATION

Construction controls – Pretivm and Contractors

Project expenditure and scheduling controls

Experienced personnel

Enterprise resource planning software

76

AGENDA







77

2015 GRASSROOTS EXPLORATION:REGIONAL EXPLORATION

Regional Exploration Potential Large-scale systems

Large land package in metals-rich area

Pretivm Regional Exploration

(2012-2014) Surface geological mapping

Surface sampling

Age dating

Structural Interpretation

Airborne geophysics (2014)

1,185 line km Magnetic/Radiometric Survey

350 line km Electromagnetic(EM) Survey

78

2015 GRASSROOTS EXPLORATION

79

2015 GRASSROOTS EXPLORATION

Inset: Valley of the Kings

80

2015 GRASSROOTS EXPLORATION:PLANNED PROGRAM

Target optimization Airborne EM and Magnetic Survey

Additional approximately 2,300line kilometers

Surface mapping and sampling

Surface drilling 10,000 to 15,000 m targeting porphyry

/epithermal-style mineralization

Flow Dome Zone

Kitchenview Zone

Additional drill targets results-based

KitchenviewZone

Brucejack Lake

BrucejackLake

81

2015 GRASSROOTS EXPLORATION:FLOW DOME ZONE

BrucejackLakeLatite Flow

Dome

Valley of the Kings

West Zone

NS

82

2015 GRASSROOTS EXPLORATION:ALTERATION DIRECTION

West Zone

Valley of the

Kings

83

2015 GRASSROOTS EXPLORATION:STRUCTURAL DIRECTION

84

2015 GRASSROOTS EXPLORATION:BRECCIA DIRECTION TO SOURCE

Hydrothermal Breccia

Surface Outcrop

BrucejackLake

N

Valley of the Kings

Zone

Hydrothermal Breccia

Intersections in Drillholes

BrucejackCamp

85

2015 GRASSROOTS EXPLORATION:GEOPHYSICAL AEROMAGNETIC ANOMALY MODELLING

N

PropertyBoundary

BrucejackLake

KitchenviewZone

Flow Dome Zone

Brucejack Fault

AccessRoad

Valley of the Kings

West Zone

2 km

Bridge Zone

86


N

KitchenviewZone

Flow Dome Zone

Brucejack Fault

AccessRoad

Valley of the Kings

West Zone

2 km

Bridge Zone

Magnetic Susceptibility Index

S.I. = -0.003

LEGEND

87


Snowfield

Pipe-like Feature

Pipe-like Feature

Deep-seated “dome” feature

SWNEBridge Zone

Vertical Scale: 5,000 m

Valley of the Kings


S.I. = -0.003

LEGEND

88


Snowfield Valley of the Kings

Pipe-like Feature

Pipe-like Feature

Deep-seated “dome” feature

SWNEBridge Zone

Vertical Scale: 5,000 m

KitchenviewZone


S.I. = -0.003

LEGEND

Flow Dome Zone

89

2015 GRASSROOTS EXPLORATION:PORPHYRY POTENTIAL TO THE EAST

KitchenviewZone

Flow Dome Zone

Knipple

Glacier

West Zone

Valley of the Kings

ZoneBrucejackLake SW

NE

90

2015 GRASSROOTS EXPLORATION:PORPHYRY POTENTIAL TO THE EAST

KitchenviewZone

Flow Dome Zone

Knipple

Glacier

West Zone

Valley of the Kings

ZoneBrucejackLake SW

NE

Flow dome:• same geochemical signature as older

flows and dykes• same age as dykes and mineralization

(age dates range from 184 to 180 Ma)

91

2015 GRASSROOTS EXPLORATION:GEOPHYSICAL AEROMAGNETIC ANOMALY SECTION 1

KitchenviewZone

Flow Dome Zone

SW

NE

Valley of the Kings

ZoneBrucejack

Lake

NE-SW Section 1

92


KitchenviewZone

Flow Dome Zone

Valley of the Kings

Zone

BrucejackLake

SW

NE

NE-SW Section 2

93


KitchenviewZone

Flow Dome Zone

Lake

SW

NE

Valley of the Kings

Zone

NE-SW Section 3

94


KitchenviewZone

Flow Dome Zone

SW

NE

NE-SW Section 4

95


KitchenviewZone

Flow Dome Zone

Possible links from pipe-like feature

to flow dome

NE-SW Section 5

96


KitchenviewZone

Flow Dome Zone

Possible links from pipe-like feature

to flow dome

NE-SW Section 5

Flow dome:• same geochemical signature as older

flows and dykes• same age as dykes and mineralization

(age dates range from 184 to 180 Ma)

97

2015 GRASSROOTS EXPLORATION:FLOW DOME ZONE

BrucejackLakeLatite Flow

Dome

Valley of the Kings

West Zone

NS

98

2015 GRASSROOTS EXPLORATION:PLANNED SURFACE DRILLING – FLOW DOME ZONE

Proposed Drillhole

99

2015 GRASSROOTS EXPLORATION:KITCHENVIEW ZONE

Latite Flow Dome

Kitchenview ZoneKitchenview Zone

KitchenviewZone

KnippleGlacier

SNESEWNW

EW

100

2015 GRASSROOTS EXPLORATION:PLANNED SURFACE DRILLING – KITCHENVIEW ZONE

Knipple Glacier

NESW

Proposed Drillholes

500 m

101

2015 GRASSROOTS EXPLORATION:PLANNED GEOPHYSICAL SURVEY

Proposed GeophysicalSurvey Area

Gossan/GeochemicalAnomaly

N

SurfaceSample

KVZ

A2NZ

A3

KL Gossan

A1

A4

A5

A6

KnippleLake

BrucejackZones

102

2015 GRASSROOTS EXPLORATION:PLANNED GEOPHYSICAL SURVEY

Proposed 2015 GeophysicalSurvey Area

Gossan/GeochemicalAnomaly

N

KVZ

A2

A3

KL Gossan

A1

A4

A5

A6

2014

AeromagneticSurvey

KnippleLake

BrucejackZones

103

2015 GRASSROOTS EXPLORATION:PROPERTY WIDE POTENTIAL

KL Gossan

104

AGENDA







105

Q & A

advancing the brucejack project june 2015 v.7

Investor Relations

forwardlooking information

forwardlooking statements

similar statements

annual information form

result of new information

resource estimates

future events

timing of future exploration