BMO Capital Markets Investment Banking Pitch Book

BMO Capital Markets Relative Share Price Performance Since Rio Tinto's Initial Offer Filo 16 NGEX Ivanhoe Los Andes Ero Westem Copper Median SolGold First Quantum Lundin Mining Hudbay Solaris Capstone Source: FactSet (59%) Producers (45%) (46%) (47%) Developers (34%) (35%) (36%) (37%) (40%) Producer / Developer (21%) (21%) (4%) APPENDIX Implied TRQ Share Price (CS/sh.) $25.79 $24.69 $20.20 $20.19 $16.90 $16.62 $16.42 $16.21 $15.53 $14.18 $13.88 $13.67 $10.65 PROJECT ASTERIX

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