TMAC Resources Inc. (TSX: TMR) ('TMAC' or the 'Company') is pleased to update the market on its transaction with Agnico Eagle Mines Limited and provide notice to its shareholders of the hearing scheduled to consider the Agnico Final Order.

As announced on January 5, 2021, TMAC and Agnico Eagle agreed that Agnico Eagle will acquire all of the issued and outstanding common shares of TMAC at an all-cash price of C$2.20 per share (the 'Transaction'). The Transaction is being effected by way of assignment to Agnico Eagle of the arrangement agreement between TMAC and Shandong Gold Mining Co., Ltd. and its affiliate dated May 8, 2020 (the 'Arrangement Agreement'). The plan of arrangement contemplated by the Arrangement Agreement was approved by TMAC shareholders on June 26, 2020 and by the Ontario Superior Court of Justice (Commercial List) (the 'Court') by final order (the 'Final Order') on June 30, 2020. An application will be made to the Court to amend the Final Order and shareholders are entitled to appear at the hearing scheduled to consider the application on January 20, 2021, at 11:00 a.m. ET by video conference.

ABOUT TMAC RESOURCES INC.

TMAC operates the Hope Bay property located in Nunavut, Canada. The property and operations are remote but not isolated, serviced by both a port and airstrip. Hope Bay is an 80 km by 20 km Archean greenstone belt that has been explored by BHP, Miramar, Newmont and TMAC over a period spanning more than 30 years. In that time, more than $1.5 billion of expenditures have been spent in exploration and evaluation, surface infrastructure, and mine and process plant development. TMAC began producing gold in early 2017 from Doris, its first mine at Hope Bay, and processed gold at the Doris processing plant which originally had nameplate capacity of 1,000 tpd and expanded to 2,000 tpd midway through 2018. There is potential to grow TMAC's established deposits considerably at depth, and then grow resources further through the prioritized exploration of the more than 90 other identified regional targets. TMAC is now permitted to produce from both Madrid and Boston.

FORWARD-LOOKING INFORMATION

This release contains 'forward-looking information' within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. 'Forward-looking information' includes statements that use forward-looking terminology such as 'may', 'will', 'expect', 'anticipate', 'believe', 'continue', 'potential' or the negative thereof or other variations or comparable terminology. Forward-looking information in this release includes, but is not limited to, statements regarding receipt of the Agnico Final Order and the outcome of the Transaction, including the expected closing date.

'Forward-looking information' is not a guarantee of future performance and management bases forward-looking statements on a number of estimates and assumptions at the date the statements are made. Furthermore, such 'forward-looking information' involves a variety of known and unknown risks, uncertainties and other factors, which may cause the actual plans, intentions, activities, results, performance or achievements expressed or implied.

Contact:

Jason Neal

Tel: 647-480-3111

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