THE PREMIER EMERGING GOLD ROYALTY INVESTMENT - Maverix Metals Inc.
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THE PREMIER EMERGING GOLD ROYALTY INVESTMENT December 2019 | TSX & NYSE American: MMX | maverixmetals.com
MAVERIX METALS
PURE PLAY CORNERSTONE GROWTH
ROYALTY MODEL SHAREHOLDERS DRIVEN
EXPERIENCED GOLD PRICE
LEADERSHIP LEVERAGE
LOWER RISK & INCREASING SUSTAINABLE
HIGH MARGIN CASH FLOW DIVIDEND
TSX & NYSE American: MMX maverixmetals.com 1
MAVERIX OVERVIEW
SNAPSHOT SHAREHOLDERS
Prior to Kinross Transaction
Share Price (TSX price as of November 29, 2019) C$5.43
Market Capitalization US$450M
(25%) (23%) (9.4%)
PRO-FORMA Management, Board, Insiders (~10%)
Resolute Funds Ltd.
Shares Issued (undiluted) 119.5M Tocqueville Asset Management LP
Options 3.6M Merk Investments LLC
Warrants 18.25M US Global
• 5M at US$1.56, expiry July 2021 Ross Beaty
• 3.25M at US$2.40, expiry July 2021
• 5M at US$2.40, expiry Dec 2021
• 5M at US$3.28, expiry June 2023
RESEARCH COVERAGE
Cash on Hand ~US$5M
Debt Outstanding ~US$70M
Available Credit Facility US$50M
Quarterly Dividend per Share US$0.01
TSX & NYSE American: MMX maverixmetals.com 2
EXPERIENCED LEADERSHIP
Geoff Burns David Scott Blake Rhodes Rob Doyle Brian Penny Stefan Spicer Chris Barnes
Chairman Director Director Director Director Director Director
Former CEO of Pan Former Vice Chair of SVP, Strategic CFO of Pan American CFO of Wallbridge Former Chairman & 25+ years of capital
American Silver Investment Banking at Development at Silver Mining CEO of Central Fund markets investment
CIBC Capital Markets Newmont Goldcorp of Canada experience
Dan O’Flaherty Ryan McIntyre Matt Fargey Doug Ward Brendan Pidcock
CEO & Director President CFO VP Technical Services Senior Director Evaluations
15+ years of mining Former Co-Portfolio 15+ years of accounting Mining engineer with 25+ Mining engineer with 25+
industry experience Manager at Tocqueville industry experience years of experience years of experience
Asset Management
TSX & NYSE American: MMX maverixmetals.com 3
RECORD Q3 RESULTS
RECORD RECORD Cash operating margin of 88%
GEOS REVENUE Increased royalty on Hope Bay from 1% to 2.5% for
US$40 million
7.2 C$14 Increased revolving credit facility to US$120 million
On track to meet annual guidance of 22.5 – 24.5 koz GEOs
koz million
Waterton announced an update on its Gemfield Project
in Nevada
RECORD RECORD
OPERATING NET INCOME Receipt of the final EIS and all other major federal & state permits
CASH FLOW Initiated key infrastructure development
C$10 C$2.4
Expected completion of a feasibility study in Q4 with projected
average gold production in excess of 125,000 ounces per year
Maverix holds a 5% NSR royalty on a portion of the project
million million See more at www.gemfieldresources.com
TSX & NYSE American: MMX maverixmetals.com 4
RECENT HIGHLIGHTS
Welcomed new institutional shareholders as a result of Gold Fields monetizing
its 20% interest
Listed on TSX and NYSE American Significant increase in trading volume
Declared inaugural quarterly dividend of US$0.01 per share payable in
January 2020
Appointed Ryan McIntyre as President
Mr. McIntyre was previously a portfolio manager at Tocqueville Asset Management
Acquisition of a significant royalty portfolio from Kinross Gold
TSX & NYSE American: MMX maverixmetals.com 5
KINROSS ROYALTY PORTFOLIO ACQUISITION
Fourth portfolio acquisition from a senior producer
Maverix to acquire Kinross Gold’s 25 royalties for US$25 million in cash and 11.2 million common shares of Maverix
Accretive combination of highly complementary portfolios
INCREASED SCALE & IMMEDIATE CASH FLOW WITH STRONG
ASSET DIVERSIFICATION GROWTH POTENTIAL COUNTERPARTIES
3 royalties on operating mines Cash flow of US$3M to US$4M
expected in 2020
25 total royalties
Potential to increase annual
7 countries cash flow significantly
Kinross to become a new significant and supportive shareholder of Maverix
Kinross will become a 9.4% shareholder of Maverix
Kinross joins Newmont Goldcorp and Pan American Silver as cornerstone shareholders of Maverix
Maverix to receive a right of first offer on future royalties & streams from Kinross
TSX & NYSE American: MMX maverixmetals.com 6
NEW ASSETS
ASSET OWNER LOCATION STATUS MAVERIX INTEREST
Omolon Operating 2% GRR(1)
DeLamar Development 2.5% NSR(2)
Kensington Operating 2.5% NRR(3)
Railroad Development 2% NSR(1)
McCoy-Cove Development 2% NSR(1)
Cerro Casale Development 1.25% GRR(4)
IMMEDIATE NEAR TERM FUTURE GOLD
CASH FLOW + DEVELOPMENT + OPTIONALITY
(1) Royalty only covers a portion of the deposit
(2) Royalty only covers the DeLamar deposit and decreases to 1% after $10 million in royalties have been paid
(3) Royalty not payable until certain conditions are met
(4) Royalty payable on 25% of gross revenues and the first $10 million is foregone TSX & NYSE American: MMX maverixmetals.com 7
LARGE DEPOSITS
Cerro Casale Hammond Reef Monument Bay Golden Eagle
Royalty 1.25% GRR(1) Royalty 2.0% NSR Royalty 1.5% NSR Royalty 2.0% NSR
Owners Operator Operator Operator
23 Moz 4.5 Moz 3.6 Moz 1.7 Moz
Proven & Probable Measured & Indicated Indicated & Inferred Historical Indicated
Gold Reserves Gold Resources Gold Resources Gold Resources
FUTURE OPTIONALITY
(1) Royalty payable on 25% of gross revenues and the first $10 million is foregone
For more information on the mineral reserves & resources please refer to the Appendix TSX & NYSE American: MMX maverixmetals.com 8
OMOLON HUB
2.0% GROSS
ROYALTY (1)
Magadan
Region
Hub comprised of 4 operating gold and silver mines and one
central processing plant located in Magadan Region, Russia
In operation since 2010 with a current mine life to 2024
2018 production of 195 koz gold equivalent at total cash costs of
US$647/oz AuEq
Polymetal Snapshot
Polymetal International plc is a leading precious metals mining Omolon Hub Reserves & Resources
group operating in Russia and Kazakhstan with a listing on the Classification Tonnes (Mt) g/t Au g/t Ag koz Au koz Ag
London Stock Exchange and current market capitalization of Proven 8.30 2.37 34.3 634 9,154
~US$7 billion Probable 1.56 7.97 30.7 400 1,540
Proven + Probable 9.86 3.26 33.7 1,034 10,693
The company is a member of FTSE 100, FTSE Gold Mines and
Measured 1.02 2.81 32.5 92 1,067
MSCI Russia
Indicated 0.85 6.66 250.8 182 6,853
Polymetal has a portfolio of 9 producing gold and silver mines that Meas. + Ind. 1.87 4.56 131.7 274 7,920
produced a total of 1.56 million gold equivalent ounces in 2018 Inferred 0.60 9.69 61.74 187 1,191
Effective date of the mineral reserves and resources is January 1, 2019 (see Appendix for additional information).
For more information on Omolon, please visit www.polymetalinternational.com Note the royalty only applies to certain deposits and does not cover all of the reserves & resources in the table above.
(1) Royalty only covers certain deposits that form part of the Omolon hub TSX & NYSE American: MMX maverixmetals.com 9DELAMAR
2.5% NSR
ROYALTY (1)
Open-pit gold and silver project located in Idaho being advanced by
Integra Resources Idaho
Past producing gold and silver mine with a 100+ year operating
history producing over 1.6 million ounces of gold and 100 million
ounces of silver
Pre-feasibility study underway
September 2019 PEA Summary
After-tax NPV (5%) of US$358M and IRR of 43% at US$1,350/oz Au
and US$16.90/oz Ag DeLamar Deposit Resources
Initial 10 year mine life Classification Tonnes (Mt) g/t Au g/t Ag koz Au koz Ag
Average annual production of 124 koz AuEq Measured 14.48 0.51 36.4 238 16,942
Indicated 105.14 0.39 23.4 1,334 79,241
Various future potential value enhancement opportunities, including: Meas. + Ind. 119.62 0.41 25.1 1,572 96,183
Unoxidized mineralization processing and increased Inferred 21.29 0.39 15.2 266 10,418
production profile scenarios Effective date of the mineral resources is May 1, 2019 (see Appendix for additional disclosure)
Significant exploration potential For more information on DeLamar, please visit www.integraresources.com
(1) Royalty decreases to 1% after $10 million in royalties have been paid and only applies to the DeLamar deposit. TSX & NYSE American: MMX maverixmetals.com 10FOURTH PORTFOLIO ACQUISITION
July 2016
December 2016
13 23% 11 +100%
ROYALTIES EQUITY INTEREST ROYALTIES REALIZED GAIN
& STREAMS IN MAVERIX ON INVESTMENT*
*Sold 20% interest in Maverix in June 2019
December 2019
July 2018
51 25% 25 9.4%
ROYALTIES EQUITY INTEREST ROYALTIES EQUITY INTEREST
IN MAVERIX IN MAVERIX
TSX & NYSE American: MMX maverixmetals.com 11DIVERSIFIED ROYALTY AND STREAM PORTFOLIO
14
PAYING ASSETS
Hope Bay
2.5% NSR
105
TOTAL ASSETS
Silvertip
2.5% NSR
Head Office
Vancouver, BC
Touquoy (Moose River)
1% NSR Omolon
2% GRR
FOCUSED ON La Colorada
100% Gold Stream
GOLD Taviche (San Jose)
1.5% NSR
El Mochito
IN 22.5% Silver Stream
Vivien
3.5% GRR
MINING WESTERN USA
FRIENDLY
Moss 100% Silver Stream
Florida Canyon 3% NSR
Karma
JURISDICTIONS Friday-Petsite 3% NSR
2% NSR Beta Hunt
7.5% Gold GRR/NSR
DeLamar 2.5% NSR
WITH Gemfield 5% NSR
STRONG
McCoy-Cove 1.5% + 2% NSR
Hasbrouck–Three Hills 1.25% NSR
OPERATING Railroad 2% NSR Producing Assets Advanced Projects
Mt Carlton
PARTNERS Converse 5% NSR
Relief Canyon 2% NSR (partial)
Earlier stage assets not shown on map 2.5% NSR
TSX & NYSE American: MMX maverixmetals.com 12DISCIPLINED GROWTH
Gold Equivalent Production
(koz GEOs) 2019F GEOs by Country
40
Canada & US
35% 30%
30 Australia
22.5 –24.5 koz
Mexico
21 koz 20%
15% Other
20
12 koz
Q3
to-date
10
2019F Revenue by Metal
1.4 koz
0
2016 2017 2018 2019 Guidance Gold
75% 21%
At Inception Today Silver
2 paying
assets 10 Acquisitions 14 paying
assets
Other
13 total
assets 105 total
assets
TSX & NYSE American: MMX maverixmetals.com 13CORE ASSETS
La Colorada Hope Bay Mt Carlton Karma
Mine Operator Mine Operator Mine Operator Mine Operator
Market Cap: US$4.0B Market Cap: C$400M Market Cap: A$6.7B Market Cap: C$2.7B
Metal Exposure Metal Exposure Metal Exposure Metal Exposure
Gold Gold, Silver Gold, Silver, Copper Gold, Silver
Maverix Interest Maverix Interest Maverix Interest Maverix Interest
100% of Payable Gold 2.5% NSR Royalty 2.5% NSR Royalty 2.0% NSR Royalty
(above $650/oz) (plus a bonus 0.25% NSR)
2019 Production Guidance 2019 Production Guidance FY 2020 Production Guidance 2019 Production Guidance
4.1 – 4.8 koz Gold 140 – 150 koz Gold 95 – 105 koz Gold 105 – 115 koz Gold
Reserve Mine Life Reserve Mine Life Reserve Mine Life Reserve Mine Life
15+ Years 20+ Years 6+ Years 10+ Years
Source: Production guidance and mine life is from publicly available information provided by the operator TSX & NYSE American: MMX maverixmetals.com 14OTHER CASH FLOWING ASSETS
Beta Hunt Silvertip Moss El Mochito
Mine Operator Mine Operator Mine Operator Mine Operator
Metal Exposure Metal Exposure Metal Exposure Metal Exposure
Gold Silver, Lead, Zinc Silver Silver
Maverix Interest Maverix Interest Maverix Interest Maverix Interest
7.5% Gold GRR/NSR + 2.5% NSR Royalty 100% of Payable Silver 22.5% of Payable Silver
1.5% Nickel NSR
Status 2019 Production Guidance Status 2019 Production Guidance
New reserve estimate and 4.0 – 7.0 Moz AgEq September quarter the 850 koz – 1.2 Moz Silver
mine plan expected in Status strongest operating Status
Q4 2019 Permit to operate at 1,000 tpd quarter since achieving 11 consecutive quarters of
year-round expected in Q4 commercial production metal production growth
Source: Production guidance and mine life is from publicly available information provided by the operator TSX & NYSE American: MMX maverixmetals.com 15UPCOMING GROWTH
Ongoing
Silvertip ♦ Moss ♦ El Mochito
Ramp Ups
Hope First full year of additional 1.5% royalty
Bay Ramp up to 2,000 tpd
Omolon Expected cash flow of US$3M to US$4M in 2020
Western
USA Gemfield ♦ DeLamar ♦ Railroad ♦ McCoy-Cove ♦ Relief Canyon
Projects
TSX & NYSE American: MMX maverixmetals.com 16ACQUISITION STRATEGY
Predominantly precious metals
Mining friendly jurisdictions
Producing assets or on a clear path to production
Long mine life or a track record of continuous reserve replacement
Demonstrated exploration and expansion potential
Experienced operators with a proven track record of success
Accretive on a per share basis
Sustainable returns with reduced risk
TSX & NYSE American: MMX maverixmetals.com 17FOCUS ON INCREASING LIQUIDITY
Maverix Trading Liquidity (Canada + US)
Canada US OTC NYSE American
Q3 Monthly Average:
US$5.0M
$16.0
$14.0
Total Dollar Value Traded (US$M)
$12.0
$10.0
$8.0
2018 Monthly Average:
$6.0 US$630K
Listed in June 2019
$4.0
$2.0
$0.0
Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 November 2019
TSX & NYSE American: MMX maverixmetals.com 18ROYALTY COMPANIES - VALUATION MULTIPLES
LARGER COMPANIES TRADE AT
HIGHER VALUATION MULTIPLES
Proven track record of growth
TSX and US listing
Sustainable dividend
Asset diversification
Increased liquidity
More research coverage
Greater access to capital
Index inclusion (ex: GDXJ)
MULTIPLE EXPANSION Emerging Royalty
Companies
Mid-Tier Royalty
Companies
Senior Royalty
Companies
LEADS TO
SUBSTANTIAL ~US$480M >US$1.0B US$7.0B+
Market Cap.
Annual GEOs ~25 – 30 koz ~60 – 100 koz 300+ koz
TORQUE
For illustrative purposes only. Annual GEOs estimated based on public disclosure for each company. Please see the section of the presentation titled
“Disclaimer” and refer to the Forward-Looking Statements for further information. TSX & NYSE American: MMX maverixmetals.com 19MAVERIX SUMMARY
RE-RATE
POTENTIAL
FROM
LEVERAGE MULTIPLE
TO GOLD EXPANSION
Operators invest in underlying
GROWTH TSX and US Listing
assets (exploration, expansion)
Margin expansion with no
Production ramp up at Hope
exposure to rising costs Sustainable Dividend
Bay, Silvertip and Moss mines Exposure to 105 assets with
Near term assets coming into
14 currently producing Increasing Liquidity
production Royalties on advanced stage
development assets that could Potential Index Inclusion
Accretive acquisitions
be built at higher gold prices
TSX & NYSE American: MMX maverixmetals.com 20Contact Us
info@maverixmetals.com
maverixmetals.com
TSX & NYSE American: MMXKINROSS PORTFOLIO – COMPLETE LIST
ASSET LOCATION OPERATOR STATUS MAVERIX INTEREST
Omolon Hub Russia Polymetal International Operating 2.0% Gross Revenue Royalty
Friday-Petsite USA Endomines Operating 3.0% NSR Royalty (capped)
Kensington USA Coeur Mining Operating 2.5% Net Returns Royalty (capped)
DeLamar USA Integra Resources Development 2.5% NSR Royalty (can decrease to 1.0%)
Railroad USA Gold Standard Ventures Development 2.0% NSR Royalty
McCoy-Cove USA Premier Gold Mines Development 2.0% NSR Royalty
Esperanza / Chimberos Chile Kingsgate Consolidated Development 2.0 – 3.0% NSR Royalty
Cerro Casale Chile Barrick Gold Development 1.25% Gross Royalty on 25% of Revenues
Hammond Reef Canada Agnico Eagle Mines Advanced Exploration 2.0% NSR Royalty
Monument Bay Canada Yamana Gold Advanced Exploration 1.5% NSR Royalty
Golden Eagle USA Fiore Gold Advanced Exploration 2.0% NSR Royalty
Spring Valley (exploration) USA Waterton Resource Management Advanced Exploration 2.0% NSR Royalty
Morondo Cote d’Ivoire Montage Gold Exploration 2.0% NSR Royalty
Enchi Ghana Pinecrest Resources Exploration 2.0% NSR Royalty
Jiboia Brazil OZ Minerals Exploration 1.5 – 2.0% NSR Royalty
Nangodi / Yameriga Ghana Cardinal Resources Exploration 1.0% NSR Royalty
Aurora USA Aurora Consolidated Exploration 1.5 – 3.0% NSR Royalty
Azul Chile Golden Arrow Resources Exploration 2.0% NSR Royalty
Crevasse USA Piedra Dura Mining Exploration 5.0% NSR Royalty
Harker Canada Kirkland Lake Gold Exploration 2.0% NSR Royalty
Ket 28 Canada Grizzly Discoveries Exploration 3.0% NSR Royalty
Manhattan USA Kinross Gold Exploration 1.0% NSR Royalty
Rock Creek USA Western States Minerals Exploration 0.5% NSR Royalty
Candelaria USA Silver One Resources Exploration Fixed Payment
TSX & NYSE American: MMX maverixmetals.com 22KINROSS PORTFOLIO – MINERAL RESERVES
100% Basis Proven Probable Proven & Probable
Notes Tonnes Grade Contained Metal Tonnes Grade Contained Metal Tonnes Grade Contained Metal
Gold (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
Cerro Casale (1) 229,700 0.7 4,780 967,900 0.6 18,465 1,197,605 0.6 23,245
Esperanza (2) -- -- -- 17,100 0.5 300 17,100 0.5 300
Kensington (3) 1,451 6.4 298 894 8.8 254 2,346 7.3 552
Omolon (4) 8,300 2.4 634 1,560 8.0 400 9,860 3.3 1,034
Railroad (Dark Star) (5) 5,434 1.4 243 24,023 0.8 641 29,456 0.9 884
Silver (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz)
Cerro Casale (1) 229,700 0.4 14,080 967,900 0.6 44,600 1,197,600 0.6 58,680
Esperanza (2) -- -- -- 17,100 87.0 47,800 17,100 87.0 47,800
Omolon (4) 8,300 34.3 9,154 1,560 30.7 1,540 9,860 33.7 10,693
Copper (kt) (%) (Mlbs) (kt) (%) (Mlbs) (kt) (%) (Mlbs)
Cerro Casale (1) 229,700 0.4 962 967,900 0.6 4,818 1,198 0.6 5,779
Notes:
(1) Cerro Casale
• Source: Barrick Gold 2016 Annual Report.
• Effective date of December 31, 2016.
• Maverix’s royalty applies to 25% of gross revenues from all metals sold at Cerro Casale and Quebrada Seca.
(2) Esperanza
• Source: Kingsgate Consolidated Limited news release dated September 27, 2019.
• Mineral reserve estimate as of June 30, 2019.
• Reserves are based on a floating cut-off grade method. In this method each Resource block is subjected to a series of estimates to generate revenue and cost fields that are used to determine a breakeven cut-off grade.
(3) Kensington
• Source: Coeur Mining 2018 Annual Report.
• Mineral reserve estimate as of December 31, 2018.
• For details on the estimation of mineral reserves, including the key assumptions, parameters and methods used to estimate the mineral reserves, please refer to the NI 43-101 Technical Report for Kensington on file at www.sedar.com.
• Maverix’s royalty does not take effect until Coeur has re-couped its initial construction investment + $32.5 million.
(4) Omolon
• Source: Polymetal International news release dated March 8, 2019.
• Mineral reserve estimate as of January 1, 2019.
• Maverix’s royalty only covers certain deposits including Birkachan and Tsokol Kubaka
(5) Railroad
• Source: Gold Standard Ventures news release dated September 10, 2019 (see Technical Report entitled “South Railroad Project NI 43-101 Technical Report, Preliminary Feasibility Study, Carlin Trend, Nevada, USA” available at www.goldstandardv.com.)
• Mineral reserve estimate as of September 10, 2019.
• Maverix’s royalty covers a portion of the Dark Star deposit.
TSX & NYSE American: MMX maverixmetals.com 23KINROSS PORTFOLIO – MINERAL RESOURCES
100% Basis Measured Indicated (M) + (I) Inferred
Notes Tonnes Grade Contained Metal Tonnes Grade Contained Metal Contained Metal Tonnes Grade Contained Metal
Gold (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (kt) (g/t) (koz)
Cerro Casale (1) 22,960 0.3 220 273,700 0.4 3,140 3,360 495,440 0.4 6,000
DeLamar (2) 14,481 0.5 238 105,140 0.4 1,334 1,572 21,291 0.4 266
Enchi (3) -- -- -- -- -- -- -- 37,357 0.9 1,079
Esperanza (4) 1,600 0.0 0 27,200 0.5 400 400 10,600 0.3 90
Friday (5) 245 6.9 54 217 6.2 43 97 296 4.9 47
Golden Eagle (6) -- -- -- 28,500 1.9 1,740 1,740 4,600 1.3 190
Hammond Reef (7) 165,662 0.7 3,724 42,754 0.6 777 4,501 501 0.7 12
Kensington (8) 1,461 8.7 409 972 8.4 262 671 644 7.8 161
McCoy-Cove (9) -- -- -- 950 11.2 342 342 3,660 11.2 1,322
Monument Bay (10) -- -- -- 36,581 1.5 1,787 1,787 41,946 1.3 1,781
Morondo (11) -- -- -- -- -- -- -- 34,100 1.1 1,206
Omolon (12) 1,020 2.8 92 850 6.7 182 274 600 9.7 187
Railroad (Dark Star) (13) 5,857 1.3 246 26,860 0.8 675 921 2,479 0.7 56
Silver (kt) (g/t) (koz) (kt) (g/t) (koz) (koz) (kt) (g/t) (koz)
Cerro Casale (1) 22,960 1.2 880 273,700 1.1 9,320 10,200 495,440 1.0 16,500
DeLamar (2) 14,481 36.4 16,942 105,140 23.4 79,241 96,183 21,291 15.2 10,418
Esperanza (4) 1,600 93.0 4,800 27,200 73.0 63,800 68,600 10,600 43.0 14,800
McCoy-Cove (9) -- -- -- 950 29.5 900 900 3,660 20.9 2,457
Omolon (12) 1,020 32.5 1,067 850 250.8 6,853 7,920 600 61.7 1,191
Copper (kt) (%) (Mlbs) (kt) (%) (Mlbs) (Mlbs) (kt) (%) (Mlbs)
Cerro Casale (1) 22,960 0.1 67 273,700 0.2 992 1,059 495,440 0.2 2,094
TSX & NYSE American: MMX maverixmetals.com 24KINROSS PORTFOLIO – MINERAL RESOURCES
Notes:
(1) Cerro Casale
• Source: Barrick Gold 2016 Annual Report.
• Effective date of December 31, 2016.
• Mineral resources are exclusive of mineral reserves.
• Maverix’s royalty applies to 25% of gross revenues from all metals sold at Cerro Casale and Quebrada Seca.
(2) DeLamar
• Source: Integra Resources news release dated June 17, 2019 (see “Technical Report and Preliminary Economic Assessment for the DeLamar and Florida Mountain Gold-Silver Project, Owyhee County, Idaho, USA” available at www.integraresources.com.)
• Effective date of May 1, 2019.
• Maverix’s royalty applies to the DeLamar deposit only.
(3) Enchi
• Source: Pinecrest Resources news release dated November 6, 2019 (2015 NI 43-101 prepared by WSP and detailed in the technical report entitled “Technical Report and Preliminary Economic Assessment on the Enchi Gold Project” dated April 2015 using a 0.5 g/t cut-off grade) available at www.pinecrestresources.com.
(4) Esperanza
• Source: Kingsgate Consolidated Limited news release dated September 27, 2019.
• Mineral resource estimate as of June 30, 2019, and are inclusive of mineral reserves.
• Reserves are based on a floating cut-off grade method. In this method each Resource block is subjected to a series of estimates to generate revenue and cost fields that are used to determine a breakeven cut-off grade.
(5) Friday
• Source: Endomines AB 2018 Annual Report.
• Mineral resource estimate as of December 31, 2018.
• The mineral resource estimate was prepared by HRC based on data and information available as of March 1, 2016. The Measured, Indicated and Inferred mineral resources are reported considering a base case estimate that applies a cutoff grade of 3.4 g/t Au based on the estimated operating costs, recoveries, and a
$1,300/oz gold price.
(6) Golden Eagle
• Historical resource estimate as described in report entitled ‘Golden Eagle Project, Washington State, USA, Technical Report’, July 2009 by Snowden Mining Industry Consultants Inc. for Midway Gold Corp. Resources were reported within an ultimate pit shell generated with a $750 gold price and 85% gold recovery. The
estimated metal content does not include consideration of any other mining, mineral processing, or metallurgical recoveries. Fiore reports these historic resources for illustrative purposes only. Although the estimates are believed to be reliable and relevant, a qualified person has not done sufficient work to classify the historical
estimates as current mineral resources or mineral reserves, and Fiore does not treating the historical estimates as current mineral resources. For more information, please visit www.fioregold.com.
(7) Hammond Reef
• Source: Agnico Eagle Mines 2018 Annual Report.
• Mineral resources are calculated using a cut-off gold grade of 0.32 g/t, and are as of December 31, 2018.
(8) Kensington
• Source: Coeur Mining 2018 Annual Report.
• Mineral resource estimate as of December 31, 2018, and are exclusive of mineral reserves.
• For details on the estimation of mineral resources, including the key assumptions, parameters and methods used to estimate the mineral resources, please refer to the NI 43-101 Technical Report for Kensington on file at www.sedar.com.
• Maverix’s royalty does not take effect until Coeur has re-couped its initial construction investment + $32.5 million.
(9) McCoy-Cove
• Mineral resources at Cove were estimated using a gold price of US$1,400 per ounce. The current independent technical report on the property, dated June 29, 2018, is entitled “Preliminary Economic Assessment for the Cove Project, Lander County, Nevada” available at www.premiergoldmines.com.
• Maverix’s royalty covers a portion of the McCoy-Cove property only.
(10) Monument Bay
• Source: Yamana Gold 2018 Annual Report.
• Mineral resources are as of December 31, 2018, and are calculated using a US$1,200 per ounce and a cut-off gold grade of 0.4 g/t and 0.7 g/t for open pits and 4.0 g/t for underground.
(11) Morondo
• Source: Montage Gold November 2019 Corporate Presentation available at www.montagegoldcorp.com.
• The Mineral Resource has been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum “CIM Definition Standards for Mineral Resources and Mineral Reserves” (CIM, 2014).
(12) Omolon
• Source: Polymetal International news release dated March 8, 2019.
• Mineral reserve estimate as of January 1, 2019.
• Maverix’s royalty only covers certain deposits including Birkachan and Tsokol Kubaka
(13) Railroad
• Source: Gold Standard Ventures news release dated September 10, 2019 (see Technical Report entitled “South Railroad Project NI 43-101 Technical Report, Preliminary Feasibility Study, Carlin Trend, Nevada, USA” available at www.goldstandardv.com.)
• Mineral reserve estimate as of September 10, 2019, and are inclusive of mineral reserves.
• Maverix’s royalty covers a portion of the Dark Star deposit.
TSX & NYSE American: MMX maverixmetals.com 25ROYALTY & STREAMING MODEL
MAXIMIZE
Gold Exposure
MINIMIZE
Cash Flow and Margins Exposure to Operating Costs
Future Exploration Upside MAVERIX
OBJECTIVES Exposure to Capital Costs
Long-Term Optionality
Diversification Risk
Growth Involvement in Operations
Fully carried assets with no future capital costs
TSX & NYSE American: MMX maverixmetals.com 26HOPE BAY
Iqaluit
2.5% NSR
royalty on all payable metal production Nunavut,
(plus a bonus 0.25% NSR) Canada
High grade cornerstone asset with 20+ year mine life
Made up of 3 main deposits (Doris, Madrid and Boston)
defined on a large 1,101 km2 prospective land package
Continuing to optimize operations
Third consecutive quarter of positive earnings in Q3 2019
Q3 2019 production rate of 1,710 tpd at a grade of 8.8 g/t
Realized recovery of 82% for Q3 2019
Ramping up to deliver 2,000 tpd
TMAC production guidance for 2019: 140 – 150 koz gold
(1) Resources include total measured & indicated resources, inclusive of reserves as at December 31, 2018 (TMAC website) 27LA COLORADA
100% Au Mexico City
stream of payable gold production for $650/oz
ongoing payment
Zacatecas,
Mexico
Core low cost silver producer for Pan American Silver
Long life mine with 15+ years of proven & probable reserves
Continued exploration success
Major mine expansion to 1,800 tpd completed during 2017
Pan American production guidance for 2019:
4,100 – 4,800 oz contained gold
(1) Resources as at June 30, 2019 and include measured, indicated and inferred, and are inclusive of reserves (see Pan American Silver
news release dated September 4, 2019)
(2) Not attributable to Maverix 28MT CARLTON
Brisbane
2.5% NSR
royalty on all payable metal production Queensland,
Australia
High grade low cost gold mine
Commercial production achieved in July 2013
Current ~6 year mine life
Focus at Mt Carlton is on progressing Stage 3 with
underground development due to commence in the
September quarter of 2019
Evolution production guidance for FY 2020:
95,000 – 105,000 oz of gold
(1) Resources as at December 31, 2018 and include measured, indicated and inferred, and are inclusive of reserves
(Evolution Mining website) 29KARMA
Ouagadougou
2.0% NSR
royalty on payable metal production Burkina Faso,
Africa
Shallow, primarily free digging open pit operations with
moderate strip ratios
Exploiting 6 oxidized, saprolitic deposits over 10+ year life
Heap leach processing producing gold doré at site
Initial production early 2016; commercial production
declared in October 2016
Long-life asset with excellent exploration potential to
extend life-of-mine
Endeavour production guidance for 2019:
105,000 – 115,000 oz of gold
(1) Resources as at December 31, 2018 and include measured, indicated and inferred, and are inclusive of reserves
(Endeavour Mining website) 30MOSS
Phoenix
100% Ag
stream of payable silver production for ongoing payment
equal to 20% of the silver price
Arizona,
USA
New open pit, heap leach operation with an initial 10 year
mine life
Declared commercial production effective September 2018
Excellent exploration potential Moss vein has a 1.5km
strike visible at surface with 3km of untested strike length
and down dip potential at depth
(1) Resources include total measured & indicated resources, inclusive of reserves as at June 8, 2015 (Northern Vertex website)
(2) Not attributable to Maverix 31BETA HUNT
GOLD NICKEL Perth
Kambalda,
Gross revenue royalty + NSR royalty Western Australia
NSR royalty
Discovery of the high-grade Father’s Day Vein in Q3 2018
Estimated ~27 – 30 koz of high-grade gold recovered
from initial discovery area
Including ~9,250 oz at over 70 oz/t (2,200 g/t)
RNC completed a 40,000 metre drill program focused on
expanding the known coarse gold areas
Recently updated resource in Q2 2019
New reserve estimate and updated mine plan expected in
Q4 2019
(1) Includes measured, indicated and inferred resources; See RNC Minerals news release dated August 13, 2019 32SAN JOSE
(Taviche Oeste Deposit)
1.5% NSR Mexico City
royalty on all payable metal production from the Oaxaca,
Taviche Oeste deposit Mexico
Mine began accessing ore from the Taviche Oeste
concession in 2015, which hosts the high grade Trinidad
North veins
Fortuna expects to mine these high grade resources over
the next ~8 years
Expecting ~33-50% of all ore to be sourced from Taviche
Oeste
Increased production in 2017 and 2018, post expansion to
3,000 tpd completed in 2016
(1) Resources include measured, indicated and inferred – see the Amended Technical Report for San Jose dated January 30, 2017 filed by
Fortuna Silver on SEDAR 33SILVERTIP BC,
Canada
2.5% NSR
royalty on all payable metal production Vancouver
Acquired by Coeur Mining in September 2017 for upfront
consideration of $200M
Coeur plans to invest US$25 – $35M in surface infrastructure,
accelerated underground development and drilling and mill
optimization
Achieved commercial production September 2018
Coeur production guidance for 2019:
Silver: 1.5 – 2.5 Moz
Zinc: 25 – 45 Mlbs
Lead: 20 – 35 Mlbs
(1) Resources as at December 31, 2018 and include measured, indicated and inferred (Coeur website)
34OTHER ASSETS
ASSET LOCATION OPERATOR STATUS MAVERIX INTEREST
Shalipayco Peru Nexa Resources Development 1.0% NSR Royalty
Agua Rica Argentina Yamana Gold Development 2.5% NSR Royalty (capped)
La Bolsa Mexico Pan American Silver Development 5% Gold Stream
Maria Cecilia Peru Stellar Mining Operating 1.5% Royalty
Calcatreu Argentina Patagonia Gold Development 1.25% NSR Royalty
El Peñón (Dominador/Fortuna Deposit) Chile Yamana Gold Operating* 2.0% NSR Royalty
Romero Dominican Republic GoldQuest Mining Development 1.25% NSR Royalty
Long Operation Australia Mincor Resources Development 0.65% to 5% Sliding Scale Royalty
Pike River Canada McEwen Mining Exploration 2.5% NSR Royalty
Mpokoto DRC African Royalty Company Development 1.5% NSR Royalty
Tres Cruces Peru Barrick Gold Exploration 1.5% NSR Royalty
Pico Machay Peru Pan American Silver Development 1.0% NSR Royalty
Golden Arrow USA Emgold Mining Exploration 3.0% NSR Royalty
La Violeta Mexico Grupo Minero Exploration 2.5% NSR Royalty
3.0% NSR Gold + 1.0% NSR Silver + 0.25%
Macmillan Pass Canada Fireweed Zinc Exploration
NSR Base Metals
Marigold (exploration) USA SSR Mining Exploration 2.0% NSR Royalty
Wayamaga (Bon Espoir Project) French Guiana AUPLATA / Newmont Exploration 1.0% Net Revenue Royalty
Committee Bay (Three Bluffs Project) Canada Auryn Resources Exploration 1.0% NSR Royalty on Diamonds
Taviche Este Mexico Minaurum Gold Exploration 1.5% NSR Royalty
Quiruvilca Peru Sociedad Minera Quiruvilca Inversiones Past Producer 2.0% NSR Royalty (50% attributable)
Note: Table is not inclusive of all royalties in the Maverix portfolio.
*Operating mine but not currently mining on claims subject to the royalty TSX & NYSE American: MMX maverixmetals.com 35DISCLAIMER
The purpose of this presentation is to inform the recipient as to the operations of Maverix Metals Inc. (the “Company”). No representation or warranty, express or implied, is made as to the accuracy or completeness of the
information set out herein and nothing contained in this presentation is, or shall be relied upon, as a promise or representation. The Company does not make any representation or warranty as to results obtained from the use of the
information contained herein and makes no express or implied warranties for fitness for a particular use. No person has been authorized by the Company to provide any information or make any representation with respect to
information not contained in this presentation and, if given or made, such information or representation may not be relied upon as being authorized by the Company. This presentation presents information as of the date set forth on
the cover page hereof, and this presentation does not imply there has been no change in the affairs of the Company since such date. The Company does not intend to update or revise this presentation after the date set forth on the
cover page.
Recipients of this presentation agree that this presentation is furnished or made available to the recipients or their representatives by the Company, whether communicated in written or oral form, solely for the purposes of providing
information to the recipients. This presentation is for the use and information of the recipients only and is not to be reproduced. The information expressed herein represents the beliefs of the management of the Company except
where such information is noted as being attributable to an external source.
This presentation is not, and under no circumstances is to be construed as, an offering memorandum, a solicitation or an offer of any kind. The matters set forth in this presentation do not constitute an agreement
or offer that may be accepted. Accordingly, no person may bring a claim or action against another for a failure to negotiate, agree or enter into any agreement with respect to matters contained in this presentation.
This presentation includes forward-looking statements with respect to the Company’s assessment of future results of operations. Forward looking statements may relate to the future price of gold, the estimation of mineral reserves
and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production. These forward-looking statements were derived using assumptions regarding expected growth, results of
operations, market conditions, performance and business prospects and opportunities that could cause actual results to differ materially from those in the forward-looking statements. Any statements that express or involve
discussions with respect to forecasts, predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”,
“anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved, or the negative of any of these terms and similar expressions) may be forward-looking statements and are not statements of fact. Readers are cautioned that the assumptions the Company has made with
respect to such forward-looking statements, and the success of the operations of the Company, are subject to a number of mitigating factors, together with the other information contained in this presentation or made available by or
on behalf of the Company. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements include, amongst others, gold price volatility,
discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operation and development risks relating to the parties which produce the gold Maverix will purchase or
based which Maverix will receive royalty payments, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and
competition. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Maverix to be materially different
from those express or implied by such forward-looking statements. Recipients and readers are directed to the Company’s Annual Information Form for the year ended December 31, 2018, filed under the Company’s profile on
SEDAR (www.sedar.com) for a list of applicable risk factors.
Qualified Person
Doug Ward, B.Sc., Mining Engineering, MMSA, is Vice President, Technical Services for Maverix, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved
the scientific and technical disclosure contained in this presentation.
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