Investor Presentaiton

AISC (USD/oz Au) Operational Benchmarking TZ's Positioning on the 2021 Global AISC (1) Curve Largest Brazilian Primary Gold Mines $2,500 $2,000 $1,500 $1,000 $500 TZ LOM Average: $681 Mine Owner 2021 Production (koz Au) Spot Gold: $1,700 Paracatu Kinross 551 AngloGold AGA Mineração 331 Ashanti Tocantinzinho G Mining 196 Jacobina Yamana 186 Median: $1,014 Aurizona Equinox 135 AngloGold Serra Grande 83 Ashanti Tucano Great Panther 76 80% 100% 20% 60% 40% Cumulative Production (%) Source: S&P Market Intelligence, BMO Capital Markets, company disclosure.. (1) Based on Wood Mackenzie's Cash Cost plus Sustaining Capital data. TZ's average production over its first five years would rank as the 3rd largest primary gold mine in Brazil TSXV:GMIN 29

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