BMO Capital Markets Investment Banking Pitch Book

BMO Capital Markets Relative Share Price Performance Since Rio Tinto's Revised Offer NGEX 17 Hudbay Solaris Ivanhoe Westem Copper Filo Median Lundin Mining SolGold Los Andes First Quantum Source: Fact Ero Capstone (9%) (10%) (10%) (7%) (7%) (7%) (8%) Producers (6%) (6%) (3%) Developers Producer / Developer (1%) 7% APPENDIX Implied TRQ Share Price (C$/sh.) $32.19 $29.93 $29.41 $28.44 $28.40 $28.01 $27.97 $27.94 $27.93 $27.86 $27.34 $27.14 $27.07 PROJECT ASTERIX

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