1. A Growing, Diversified
g,
North American Mining Company
Investor Presentation
May 17, 2012

2. Cautionary Statements
This document contains ‘‘forward-looking statements’’ within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Act of 1934, as amended and applicable Canadian securities legislation. These forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar
expressions. Our forward looking statements include, without limitation: estimates of future capital expenditures and other cash needs for operations, including with respect to the
development of Mt Milligan and expectations as to the funding thereof; statements as to the projected development of Mt Milligan and other projects including expected production
Mt. Milligan, Mt. projects,
commencement dates; statements as to the expected mill capacity at Endako and statements regarding future earnings, and the sensitivity of earnings to molybdenum prices; estimates of
future production costs and other expenses for specific operations and on a consolidated basis; estimates of future mineral production and sales for specific operations and on a
consolidated basis; estimates of mineral reserves and resources, including estimated mine life and annual production; statements with respect to the future financial or operating
performance of Thompson Creek or its subsidiaries and its projects; and statements with respect to the costs and timing of future exploration projects and the development of new deposits
including the Berg property and the Davidson property.
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our
forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future
results expressed, projected or implied by those f forward-looking statements. Important f factors that could cause actual results and events to differ f
ff from those described in such fforward-
looking statements can be found in the section entitled ‘‘Risk Factors’’ in Thompson Creek’s 2011 Form 10-K, Quarterly Report on Form 10-Q for the three months ended March 31, 2012,
and other documents filed on EDGAR at www.sec.gov and on SEDAR at www.sedar.com. Although we have attempted to identify those factors that could cause actual results or events to
differ from those described in such forward-looking statements, there may be other factors that cause results or events to differ from those anticipated, estimated or intended. Many of these
factors are beyond our ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no
obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources: This presentation uses the terms “Measured”, “Indicated” and
“Inferred” Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange
g q y g g
Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be
assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the
basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted
into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
All currency figures in US$, except where noted.
2

3. Company Overview (NYSE: TC; TSX: TCM)
The Company Strong North American Portfolio of Assets
 Growing, diversified North HOWARDS PASS
Yukon
American mining company
MAZE LAKE
Nunavut
 Reserves i l d
R include MT.
MT MILLIGAN
British Columbia
Mo Molybdenum DAVIDSON
Cu Copper British Columbia
BERG
Au Gold British Columbia CANADA
Ag Silver CANADIAN LANGELOTH
OFFICE METALLURGICAL
Vancouver FACILITY
USA
 Invested in our operations ENDAKO MINE Pennsylvania
British Columbia
State-of-the-art new mill THOMPSON Operations
at Endako CREEK MINE Construction &
Idaho
Development
HEADQUARTERS
Denver Exploration Properties
 Building new mines Corporate Offices
Mt. Milligan 2013
3

4. TC Stock Price, Moly Price vs. S&P 500
November 2006 – April 2012
4

5. Pro Forma Share Structure
as of March 31, 2012
TC/TCM Common Shares (US$)
Recent share price1 $3.56
Current market cap $0.6 billion
52-week low/high $3.56/$11.11
Basic shares outstanding 168.1 million
Share options, restricted/performance shares
p p 4.3 million
Warrants – former Terrane Metals2 0.4 million
tMEDS – maximum shares upon conversion 47.4 million
Fully diluted shares outstanding 220.2 million
Cash Balance
C hB l $162.7 illi
$162 7 million
Debt $373.2 million
Listings: NYSE:TC, TSX:TCM, TSX-V:TRX.WT
1 Updated May 17, 2012.
2 Exercise provides f an offset of th warrant exercise price against th cash consideration th t would otherwise b payable t th h ld
E i id for ff t f the t i i i t the h id ti that ld th i be bl to the holders upon exercise of a warrant of C$0 05
i f t f C$0.05
with an expiration date of 6/23/12.
5

6. First Quarter 2012 Financials
US$ millions except as noted First Quarter 2012
Revenue $113.6
Operating (Loss) Income $(16.5)
$(16 5)
Operating Cash Flow $3.1
Net Income $1.1
Adjusted Net Income $1.21
Net Income per share Basic $0.01/sh
Diluted $0.01/sh
Adjusted Net Income per share Basic $0.01/sh1
Diluted $0.01/sh1
Molybdenum Production 4.4 M lbs
Production Cash Costs3 $ 12.95/lb
Average R li d P i
A Realized Price $ 14.74/lb
14 74/lb
Cash + S-T Investments (03/31/12) $162.7
Total debt (03/31/12)4 $373.2
1 Non-GAAP measure. Excludes $0.1 million non-cash loss related to warrants.
2 Non-GAPP measure. Excludes $66.0 million non-cash gain related to warrants.
3 Non-GAAP measure. See Form 10-Q for the quarter ended March 31, 2012 additional information.
4 Includes capital leases.
6

7. Cash Capital Expenditures
in millions of US Dollars
Operations Endako Expansion1 Mount Milligan1, 2 Total
2011► $65 $221 $409 $695
actual
2012► $35- $750- $868-
$83
estimate3 $40 $825 $948
2013► $15-
$15 $190-
$190 $205-
$205
estimate $20 $245 $265
Q112► $7 $40 $141 $188
actual
1 Excludes capitalized interest and debt issuance costs. Costs for the remainder of 2012 (04/12 through 12/12) and 2013 assume a CAD/USD exchange rate of 1.00.
2 Includes amounts for equipment purchased under capital leases, as well as commissioning and first-fill parts to start the mill.
3 Includes Q1 2012 actual cash expenditures.
7

8. Pro-Forma Cash Capital Expenditures Funding
As of March 31, 2012
in millions of US dollars NEW $407 Remaining Cash
net proceeds Capital Q2 2012
C$1.1Billion ■ Mt. Milligan after fees and estimated
transaction costs
thru Q4 20131
project cash spent
j t h t ■ Maintenance
HIGH
since inception thru 3/31/12 ■ Endako Expansion
■ Funding Sources 1,025
■ Additional Funding 212
2
LOW 3
tMEDS 885 929
3
799
195
Notes
172
$1,067
new t t l
total
funding 124
in place
201
excludes
cash flow
from
operations 163
43 53
43
Cash on Net revolver 4 Equipment Royal Gold New Senior Tangible Low estimate High
hand availability financing proceeds Notes Equity Units estimate
1 Assumes CAD/USD exchange rate of 1 00 1.00.
2 Excludes additional proceeds from over allocation position.
3 Includes Mt. Milligan working capital of approximately $30 million (first fills, spare parts, & commissioning parts) and a contingency of $137 million at the high estimate ($7 million contingency at the
low estimate). Assumes an independent third party lease arrangement for the permanent camp at Mt. Milligan.
4 Net revolver availability defined as availability under R/C facility less minimum liquidity. Minimum liquidity is currently defined as (i) the amount of cash on hand and (ii) availability under the R/C and (iii)
expected payment from Royal Gold that will be received in the next quarter.
8

9. Outlook
Molybdenum Production & Cash Costs
Mo Production
in millions of pounds
33 30-34
30 34
Endako Mine
28 26-28
8 11-12
Thompson Creek Mine
7
25 10 11
10-11
21 19-22
16-17
2010 2011 2012 2013
actual actual guidance guidance
Cash Costs $6.07 $7.94 $7.75–$9.00 $6.75–$7.75
US dollars per pound
Thompson Creek $5.20 $6.66 $7.50–$8.50 $6.00–$7.00
Endako1 $8.89
$8 89 $11.86
$11 86 $8.25–$9.25
$8 25–$9 25 $8.00–$9.00
$8 00–$9 00
1 Guidance numbers for Endako assume a USD/CAD exchange rate of 1.00.
9

10. Thompson Creek Mine – Idaho
Mo Production
16 -17 million pounds in 2012 (estimate)
Cash Costs (Mo oxide)
$7.50 - $8.50 per pound in 2012 (estimate)
Proven and Probable Mineral Reserves1
(Contained Mo) 15-Year Mine Life
220.9 million pounds Mo2 (Based on proven and probable
Average grade of 0.077% Mo reserves)
In operation since 1983
Measured and Indicated Mineral Resources
(Contained Mo)
54 3 million pounds Mo3
54.3
Average grade of 0.046% Mo
1 The Mineral Reserve estimates for the Thompson Creek Mine set out in the table above are as of December 31, 2011 and were prepared by the Thompson Creek Mine staff, have been verified by John M. Marek,
Registered Professional Engineer, of IMC, who is a Qualified Person under NI 43-101, and utilize a cut-off grade of 0.030% Mo. Data verification and block model assembly was completed by Michael J. Lechner
of Resource Modeling Inc. The NI 43-101 Technical Report on the Mineral Resources and Reserves of the Thompson Creek molybdenum mine is dated February 9, 2011 and filed on SEDAR on February 24,
2011.
2011
2 The Mineral Reserve at the Thompson Creek mine was estimated using an average long-term molybdenum price of $12.00 per pound. The Thompson Creek mine has limited ability to expand the pit due to
limitations on tailing capacity. Therefore, the final pit design reflects the maximum ore capacity that can be produced in the foreseeable future.
3 The Mineral Resources for the Thompson Creek Mine were estimated using optimized pit shells at a molybdenum price of $15.00 per pound. The Mineral Reserves are not included in the Mineral Resources. The
Qualified Person, as defined under NI 43-101, for the estimation of Mineral Resources was John M. Marek, P.E., of IMC. The Thompson Creek Mine Mineral Resource estimate is based on a NI 43-101 technical
report prepared for us, entitled "Technical Report Thompson Creek Molybdenum Mine" dated February 9, 2011 and filed on SEDAR on February 24, 2011.
10

11. Endako Mine – British Columbia
Mo Production
14-15 million pounds in 2012 (estimate)
(10-11 million Thompson Creek’s 75% share)
Cash Costs (Mo oxide)
$8.25 – $9.25 per pound in 2012 (estimate)
Proven and Probable Mineral Reserves1
(Contained Mo) 18-Year Mine Life
303.9 million pounds Mo2 (Based on proven and probable
Average grade of 0.046% Mo reserves)
In operation since 1965
Measured and Indicated Mineral Resources
(Contained Mo)
38 0 million pounds Mo3
38.0
Average grade of 0.030% Mo
1 The Mineral Reserve estimate for the Endako Mine set out in the table above are as of December 31, 2011 and was prepared by the Endako Mine staff, has been verified by Bob Jedrzejczak P. Eng, Mine
Superintendent of the Endako Mine, who is a Qualified Person under NI 43-101, and utilized a cut-off grade of 0.018% Mo. The Mineral Reserve is stated on a 100% basis. We own 75% of the Endako Mine. The
Endako Mineral Reserve estimate is based on a NI 43-101 technical report prepared for us by John Marek, P.E. of IMC, who is a Qualified Person under NI 43-101, entitled "Technical Report Endako Molybdenum
Mine
Mine" dated and filed on SEDAR on September 12 2011
12, 2011.
2 The Mineral Reserve estimate for the Endako Mine was estimated using an average long-term molybdenum price of C$13.50 per pound or US$12.00 per pound using an exchange rate of C$1.125 to US$1.00.
3 The Mineral Resources for the Endako Mine were estimated using optimized pit shells at a molybdenum price of C$16.50 per pound or US$15.00 per pound using an exchange rate of C$1.10/US$1.00. Other
than metal price, the same pit shell parameters and modifying factors used to determine the Mineral Reserves were used to determine the Mineral Resources. The Mineral Reserves are not included in the Mineral
Resources. The Qualified Person, as defined under NI 43-101, for the estimation of Mineral Resources was John M. Marek, P.E., of IMC. The Endako Mineral Resource estimate is based on a NI 43-101 technical
report prepared for us, entitled "Technical Report Endako Molybdenum Mine" dated and filed on SEDAR on September 12, 2011.
11

12. Endako Mine Recapitalization & Expansion
 New state-of-the-art mill in place
Mill
• Increases throughput by 77%
[from 31k to 55k tons per day]
Endako Pit • Reduces unit operating expenses
 New mining equipment purchased
Conveyor
– 8 haul trucks [240-ton capacity ea.]
Denak E t Pit
D k East
In-Pit Crusher
– 2 shovels [44 cubic yard capacity ea.]
– Drills and support equipment
 Production rate increases to 15 – 16 million lbs/year (100%)
 Staged start up commenced January 2012
Denak West Pit
– Commercial production achieved February 2012
– Mill expansion completed March 2012
Outline of proposed
Super Pit – Full production is expected Q2 2012
p p
– Mill is performing exceptionally well and is expected
to meet design capacity in the near future
12

13. Langeloth Metallurgical Facility
Roasting capacity
approximately
35 million pounds
per year of molybdenum oxide
Major North American
producer of ferro-molybdenum
and pure molybdenum oxide
Makes Thompson Creek one of only three Western world
molybdenum producers with the capacity to provide final
product to worldwide consumers
13

14. Mt. Milligan – A Cornerstone Asset
 Diversification into copper and gold
 Substantial production potential through conventional mining
methods
 Robust economics given low cash cost profile of deposit
 Located in British Columbia, a mining friendly jurisdiction
 Recently completed Endako mill expansion allows us to
leverage Endako commissioning and project team experience
14

15. Mt. Milligan Project – British Columbia
Cu Production
81 million pounds1 (annual LOM)
Au Production
194 000 ounces1 (annual LOM)
194,000
Cash Costs (Net of By-Products)
<$0.50 per pound Cu (at $690 per ounce Au)
Proven and Probable Mineral Reserves2
2.1 billion pounds Cu
Average grade of 0.20%
22-Year Mine Life
(Based on proven and probable
6.0 million ounces Au reserves)
Average grade of 0.011 oz/t
Measured and Indicated Mineral Resources3
716 million pounds Cu
Average grade of 0.15%
1.5 illi
1 5 million ounces A
Au
Average grade of 0.006 oz/t
1 Based on October 13, 2009 Terrane Metals Feasibility Update Study press release under 60,000 tpd scenario using base case of $2.00/lb Cu and $800/oz Au with USD/CAD FX rate of $0.85; pre-gold stream transaction. For
further information on the Mt. Milligan project, please see Terrane’s “Technical Report – Feasibility Update Mt. Milligan Property – Northern BC”, completed by Wardrop, a Tetra Tech Company, effective October 13, 2009, and
press release dated October 13, 2009.
2 The copper and gold Mineral Reserve estimates for Mt. Milligan set out in the tables above have been prepared by Herbert E. Welhener, MMSA-QPM. of IMC, who is a Qualified Person under NI 43-101. The Mt. Milligan Reserve
estimate is based on a NI 43-101 technical report prepared for our wholly owned subsidiary, Terrane, entitled "Technical Report—Feasibility Update Mt. Milligan Property—Northern BC" dated October 13, 2009 and filed on
43 101 Technical Report Feasibility Property Northern BC
SEDAR on October 13, 2011. The open pit was optimized at a $4.10/t NSR cut-off value and incorporates costs for milling, plant services, tailing services and general and administrative charges and at $1.60/lb copper, $690/oz
gold and 0.85 U.S.$/C$ exchange rate.
3 The Mineral Resources estimates for Mt. Milligan set out in the table above have been prepared by Herbert E. Welhener, MMSA-QPM., of IMC. The resources are contained within an open pit shell that was optimized at a $4.10/t
NSR cut-off value and incorporates costing for milling, plant services, tailing services and general and administrative charges and at $2.00/lb copper, $800/oz gold and $0.85 U.S. dollar/Canadian dollar exchange rate. The Mineral
Reserves are not included in the Mineral Resources. The Mt. Milligan Resource estimate is based on a NI 43-101 technical report prepared for our wholly owned subsidiary, Terrane, entitled "Technical Report—Feasibility Update
Mt. Milligan Property—Northern BC" and dated October 13, 2009 and filed on SEDAR on October 13, 2011.
15

16. Diversifying the portfolio…
Mt. Milligan
Once in operation, Mt. Milligan will
significantly diversify and increase our
revenues. We ultimately expect that its
production and revenues will approach the
scale of our current operations
operations.
Mo
Au
Mo
M Cu
C
16

17. A Great Asset with Robust Economics
Upside Potential Significant annual cash flow potential
in millions of US dollars1
 Reserve calculation utilized conservative metals
pricing of $1.60/lb Cu and $690/oz Au $600
 Current resource is open at depth and possibly
extends laterally
 Multiple exploration drill targets within company’s
land position
 Mt. Milligan geophysical and geochemical
Mt Milli h i l d h i l $220
signature repeated on several targets within the
holdings
 Revenue potential equal to existing operations
Cash Costs Cash Revenue - Current pricing2
1 Estimated cash costs include operating costs, refining/smelting costs, and transportation. Cash operating costs and estimated annual production in concentrate are based upon the 2008 Terrane Metals
Corp. Feasibility Study. Assumes average annual production of 89 million lbs of copper in concentrate (85.4 million lbs of payable copper) and 262,000 oz of gold in concentrate (256,760 oz of payable
gold) for years 1-6 of full production. Exchange rate is assumed at parity (C$1.00 = US$ 1.00).
2 Bloomberg pricing as of 5/11/12: Cu - $3.65/lb; Au - 60% @ $1,579/oz and 40% @ $435/oz (per Amended and Restated Gold Stream Agreement with Royal Gold).
17

18. Mt. Milligan Project Development Update
EPCM progress through March 31, 2012
 Engineering – 95%
 Procurement – 95%
 Construction – 44%
 Overall Progress – 62%
Mt. Milligan remains on schedule, with
commissioning and start-up scheduled for
Q3 2013 and full gold and copper production
expected in Q4 2013.
Grinding bay west site
18

19. A Clear Path to Project Completion
High end of Mt. Milligan capital budget
in millions of Canadian dollars
Contingency 137 ~$1.5bn
represents 46% of
non-fixed cost 300
remaining
96
~70% 396
of project capex
spent or
contractually
committed
593
Cash spent to
p Purchase Other lump-sum Non-fixed cost
p Contingency
g y Total project
p j
3/31/2012 commitments contracts remaining capex
19

20. Mt. Milligan Project De-risking Actions
 95% of engineering is complete
Scope,
 Early procurement of critical items
Engineering &
 All major mining and milling equipment is procured and is either on site or en route
Procurement
 80% of steel on site
 Tailing Storage Facility (TSF) was fully designed in June 2010 with all critical areas of the dam
base completed
Construction of  Plant Development
Critical Areas  Power line to site complete, tested & tied into BC Hydro
 60% of concrete is complete and on schedule
 SAG grinding area is under cover and ready for installation of mill
 Mechanical/Electrical contractors – lump sum – contractors assume risk for cost overruns
 EPCM – to date have maintained critical personnel with completion payments as incentive
Labor/Productivity
 TCM has changed its work schedules, enhanced completion bonuses and planned permanent
camp to attract operations personnel
 Schedule issued February 2011 with no changes
Schedule  Mine operations supports construction of TSF in Q2/Q3 2012, allowing for one year of activity
to achieve operational efficiency and effectiveness
 All major permits needed for construction have been obtained
Permitting &
 Enhanced internal & external staffing to control audit and manage project spending
control,
Controls
 Project control, contract management, procurement, accounting, audit team
20

21. Mt. Milligan Future Critical Milestones
Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413
Process building grinding area enclosed (3 sides)
Mechanical mill installation begins
230kV permanent power energized and available onsite
Delivery and assembly of major mining equipment
Mining equipment fleet ready
Pre-stripping initiated
Pebble crushing building - foundation complete
Truck shop complete
SAG & ball mill installation complete
Process plant mechanical/pre-commissioning complete
Commissioning started
First feed
Full commercial production
21

22. Development Projects – British Columbia
Berg Davidson
Location
L ti West-central British C l bi
W t t l B iti h Columbia Smithers, B iti h C l bi
S ith British Columbia
Deposit Copper-molybdenum-silver Molybdenum
3.3 billion lbs Cu
Measured + Indicated 412 million lbs Mo
Mineral Resources
e a esou ces
61 million oz A 1
illi Ag
(Contained Cu, Mo &
Ag) Average grade of 0.30% Cu and .037% Mo
Average grade of 0.110 oz/t Ag
Project Status Scoping study underway Project re-evaluation on hold
1 Estimated by Darin Labrenz, P.Geo., Terrane Metals Corp., a qualified person under NI 43-101, as of May 2009.
22

23. A Compelling Investment
Responsible Miner Excellent safety and environmental record
New Endako mill expected to reach design capacity in near future
Near term
Near-term completion of growth projects
Mt. Milligan copper-gold mine expected completion Q3 2013
Mt Milli ld i t d l ti
Mt. Milligan will significantly increase in revenue, net income and
Strengthening financial performance
cash flow
Proven and Probable Mo 525 million pounds
Diversified resources base1
(includes 100% Endako)
Reserves Cu 2 billion pounds
Au 6 million ounces
Measured + Indicated Mo 504 million pounds
Resources Cu 4 billion pounds
Au 1.5 million ounces
Ag 61 million Ounces
Significant growth opportunities
High-quality development projects
Berg – Cu, Mo, and Ag; Davidson – Mo
Proven track record in operations, exploration, p j
p p project development,
p
Experienced management
M&A
Low geopolitical risk All assets in North America
1 Mineral reserves and resources estimates for the Thompson Creek Mine were prepared by the Thompson Creek Mine staff and verified by John M. Marek of Independent Mining
Consultants, Inc. (”IMC”), a Qualified Person under NI 43-101, and utilized a cut-off grade of 0.030% Mo. Mineral reserves and resources estimates for the Endako Mine were
prepared by the Endako mine staff and verified by Mr. Marek. Endako mineral reserves utilized a cut-off grade of 0.018% and mineral resources utilized a cut-off grade of 0.015
Mineral reserves and resources estimates for Mt. Milligan were prepared by Herb Welhener, MMSA-QPM, Independent Mining Consultants Inc. and Darin Labrenz, P.Geo.,
former Vice President Business Development of Terrane Metals Corp. Mineral resources estimates for Berg were prepared by Darin Labrenz, P.Geo., former Vice President
Business Development Terrane Metals Corp. %. Mineral resources estimates for the Davidson Property were prepared by site personnel, supervised by Ken Collison, P.Eng.,
former Chief Operating Officer, and verified by Gary Giroux.
23

24. Analyst Coverage
Financial Institution Analyst Financial Institution Analyst
Bank of America Merrill Lynch Oscar Cabrera J. P. Morgan Michael Gambardella
BB&T Capital Markets Garrett Nelson Macquarie Capital Markets Pierre Vaillancourt
Canaccord Adams Gary Lampard Paradigm Capital David Davidson
CIBC World Markets Ian Parkinson RBC Capital Markets Fraser Phillips
Credit Suisse
S isse Ralph Profiti Scotia Capital Thomas Meyer
Me er
Dahlman Rose & Co Anthony Young Stifel, Nicolaus & Company Paul Massoud
Desjardins Securities John Hughes TD Securities Craig Miller
Deutsche Bank Jorge Beristain UBS Securities Canada Brian MacArthur
GMP Securities David Charles Very Independent Research John Tumazos
24

25. Molybdenum Overview

26. Molybdenum Overview
Essential metal for today’s modern industry
Strengthens steel, improves weldability,
reduces brittleness, helps steel perform well
d bi l h l l f ll
in very high or low temperatures
Key catalyst in petroleum refining for sulphur
removal
Powerful anti-corrosive alloy for stainless and
alloy steels
$8 billion industry at current molybdenum
prices
26

27. Molybdenum Industry Overview
USA 27% Top 10 Producers1
2011
2011 Canada 3% [Output in millions of pounds Mo)
Global China 34%
Production
P d ti Freeport 83
Chile 17%
Codelco 50
~ 548 M Peru 8%
pounds1 Other 7% Grupo Mexico2 42
Mexico 4% China Molybdenum 34
Rio Tinto/Kennecott 31
Jinduicheng 29
2011 USA 16% Thompson Creek 28
Geographic China 36% Antofagasta 22
Consumption
Other 20% Collahuasi 15
~ 534 M Western Europe 18% Antamina 14
pounds1 Japan 10% Total 348
1 Based on April 2012 CRU report data and company reports.
2 Includes Southern Copper and Asarco.
Constructional Engineering Steels 34%
Stainless Steels 25%
First Uses of Alloy Tool & High Speed Steels 11%
Mo
molybdenum
Chemicals
Cast Iron & Steels
10%
8%
Super All
S Alloys 6%
Molybdenum Metal 6%
27

28. Moly Supply/Demand Fundamentals
Remain Favorable
Supply considerations Demand drivers
 Climax mine is the only new primary mine likely to start  China/India/Brazil’s industrialization drive growth
up in the near term as rising capital costs and  Increased intensity of use: oil and g , oil
y gas,
permitting hinder other primary mines (expected to refining, autos, aerospace, desalination, and
produce in 2012) power generation
 New by-product sources delayed until 2014 and beyond  Estimated 4-6% annual demand growth rate
with Sierra Gorda likely starting up in 2015 outpacing growth of supply sources through
 Chinese net exports recently playing less of a role in 2020
moly trade
Molybdenum demand oxide Drummed molybdic oxide
[millions of pounds assuming a 4% growth rate] [US dollars per pound]
Projections 760 14.95
Historical 534
63 13.73
1959
2010
2012
2020
1/4/2012 2/2/2012 3/3/2012 4/2/2012 5/2/2012
2
2
2
Source: CRU and other industry sources (CRU data only for 2005 to 2010); Company
Source: Bloomberg, as reported by Metal Bulletin. As of May 2, 2012
estimates
28

29. China: A Major Factor in the
Molybdenum Picture
 Largest producer and largest consumer of molybdenum
 Produces approximately 180 million lbs p y
pp y per year
 Consumes approximately 165 million lbs per year
 Internal molybdenum consumption growing at a faster rate than internal molybdenum production
 Molybdenum exports subject to quotas and export taxes
 Production quotas promote domestic consolidation and reduces some marginal production
29

30. Net Exports/Imports from China
Annual Exports/Imports Quarterly Exports/Imports
Source: International Molybdenum Association (IMOA). Net exports = exports minus imports.
30

31. Molybdenum Outlook
Strong short-term drivers Positive long-term outlook
 Oil and gas drilling especially in North America
drilling,  Industrial requirements demand better steels
 Aerospace – jet engines  Molybdenum is essential in the products in which
it is used with few substitutes
 Continued economic growth in U.S. and Japan
 Growing catalyst use in oil refineries
G i t l t i il fi i
 Improving demand in India
 The low proportion of molybdenum in finished
products makes molybdenum demand relatively
price inelastic
31

32. Appendix
A di

33. Appendix
Non-GAAP Reconciliation
For the Three Months Ended March 31, 2012
(US$ in millions except shares and per share amounts – unaudited)
Weighted Average Weighted Average
Basic Shares Diluted Shares
Shares Shares
Net Income (000’s) $/share (000’s) $/share
Net Income $ 1.1 168,054 $ 0.01 168,483 $ 0.01
Add (D d t)
(Deduct):
Unrealized (gain) loss on common
stock purchase warrants 0.1 168,054 - 168,483 -
Non-GAAP adjusted net income $ 1.2 168,054 $ 0.01 168,483 $ 0.01
33

34. (US$ in millions except per pound amounts — unaudited)
Appendix
Non-GAAP Reconciliation (Continued)
(US$ in millions except shares and per share amounts – unaudited)
Three months ended March 31,
2012
Operating Pounds
Expenses Produced (1)
(in millions) (000’s lbs) $/lb
Thompson Creek Mine
Cash costs — Non-GAAP (2) $ 35.4 3,422 $ 10.34
Add/(Deduct):
Stock-based compensation 0.1
Inventory and other adjustments -
GAAP operating expenses $ 35.5
Endako Mine
Cash costs — Non-GAAP (2) $ 21.9 1,002 $ 21.87
Add/(Deduct):
Stock-based compensation 0.2
Commissioning and start-up costs
start up 2.3
Inventory and other adjustments 7.1
GAAP operating expenses $ 31.5
Other operations GAAP operating expenses (3) $ 35.4
GAAP consolidated operating expenses $ 102.4
Weighted-average cash cost — Non-GAAP $ 57.3 4,424 $ 12.95
(1) Mined production pounds are molybdenum oxide and HPM from our share of the production from the mines; excludes molybdenum processed from purchased product.
(2) Cash costs represent the mining (including all stripping costs), milling, mine site administration, roasting and packaging costs for molybdenum oxide and HPM produced in the period.
Cash cost excludes: the effect of purchase price adjustments, the effects of changes in inventory, corporate allocation stock-based compensation, other non-cash employee benefits,
depreciation, depletion, amortization and accretion, and commissioning and start-up costs for the Endako mill. The cash cost for the Thompson Creek mine, which only produces molybdenum
sulfide and HPM on site, includes an estimated molybdenum loss (sulfide to oxide), an allocation of roasting and packaging costs from the Langeloth facility, and transportation costs from the
Thompson Creek mine to the Langeloth facility.
(3) Other operations represent activities related to the roasting and processing of third-party concentrate and other metals at the Langeloth facility and exclude product volumes and costs
related to the roasting and processing of Thompson Creek mine and Endako mine concentrate. The Langeloth facility costs associated with roasting and processing of Thompson Creek mine
and Endako mine concentrate are included in their respective operating results above.
34

35. Thompson Creek Metals Company
NYSE:TC TSX:TCM
www.thompsoncreekmetals.com
Pamela Solly
Director, Investor Relations
Phone: (303) 762-3526
Email: psolly@tcrk.com