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Investor Analyst Day

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					                        Investor/Analyst Day
                        New York & Toronto | June 12-13, 2012
www.AlliedNevada.com
    NYSE MKT/TSX: ANV




                                                           1
                                                                                              Cautionary Statement on Forward Looking Information
                                         CAUTIONARY NOTE REGARDING FORWARD‐LOOKING STATEMENTS This presentation and certain oral statements of management related thereto contain or may contain forward‐looking statements
                                         within the meaning of the U.S. Securities Act of 1933 and U.S. Securities Exchange Act of 1934 and the United States Private Securities Litigations Reform Act of 1995 (and forward-looking inforamtion
                                         under equivalent Canadian securities laws), that are intended to be covered by the safe harbor created by such sections. Such forward‐looking statements and information include, without limitation:
                                         our future business strategy, plans and goals; our estimated future capital expenditures, construction, and other cash needs and expectations as to the funding or timing thereof; our expansion
                                         expectations, including with respect to the Hycroft Mine and Hasbrouck property; our expectations regarding the growth of our business and our estimates of mineral reserves and other mineralized
                                         material including measured, indicated and inferred mineral resources; the economic potential of the sulfide mineralization and milling project at the Hycroft Mine; the preliminary economic
                                         assessment at the Hasbrouck property; the anticipated results of the exploration drilling programs at our properties; future gold and silver prices; our production estimates; our expectations regarding
                                         gold and silver recovery; our estimated future sales and cost of sales; our anticipated cash flows and cash operating costs; the availability, terms and costs related to future borrowing, debt repayment,
                                         and equity funding; and other statements that are not historical facts. The words “estimate,” “plan,” “anticipate,” “expect,” “intend,” “believe,” “project,” “target,” “budget,” “forecast,” “may,” “will,”
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         “would,” “could,” “might,” “seeks,” or “scheduled to,” or other similar words, or negatives of these terms or other variations of these terms or comparable language or a discussion of strategy or
                                         intentions identify forward‐looking statements. Although Allied Nevada management believes that its expectations are based on reasonable assumptions, it can give no assurance that these
                                         expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward‐looking statements and inforamtion include, but are not limited to: volatile
                                         market prices of gold and silver; risks related to the heap leaching process at the Hycroft Mine, including but not limited to gold recovery rates, gold extraction rates, and the grades of ore placed on our
                                         leach pads; risks related to our ability to timely process the gold on carbon; uncertainties concerning estimates of mineral reserves, and other mineralized materials, including without limitation,
                                         measured, indicated and inferred resources, and grading; cost of compliance with current and future government regulations, including those related to environmental protection, mining, health and
                                         safety, corporate governance and public disclosure; uncertainties relating to obtaining or retaining approvals and permits from governmental regulatory authorities; our ability to achieve our estimated
                                         production rates and stay within our estimated operating costs; the commercial success of our exploration and development activities; an increase in the cost or timing of new projects; our current
                                         intention not to use forward‐sale arrangements; the inherently hazardous nature of mining activities, including operational, geotechnical and environmental risks; our ability to raise additional capital on
                                         favorable terms or at all; intense competition within the mining industry; uncertainties related to our ability to find and acquire new mineral properties; potential operational and financial effects of
                                         current and proposed federal and state regulations related to environmental protection and mining, and the exposure to potential liability created by such regulations; availability of equipment or
                                         supplies; our ability to attract and retain personnel; our ability to manage our growth; potential challenges to title in our mineral properties; risks associated with the expansion of our operations,
                                         including those associated with any future acquisitions or joint ventures; risks that our principal stockholders will be able to exert significant influence over matters submitted to stockholders for
                                         approval; and potential conflicts of interests that may arise through some of our directors’ involvement with other natural resources companies, as well as those factors discussed in Allied Nevada’s
                                         filings with the U.S. Securities and Exchange Commission (the “SEC”) including Allied Nevada’s latest Annual Report on Form 10‐K and its other SEC filings (and Canadian filings). There can be no
                                         assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should
                                         not place undue reliance on forward‐looking statements and information. The Company does not intend to publicly update any forward‐looking statements and information, whether as a result of new
                                         information, future events or otherwise except as may be required under applicable securities laws.
                                         CAUTIONARY NOTE ON RESOURCES AND RESERVES U.S. Investors are cautioned that the terms “measured”, “indicated” and “inferred” resources and “probable” or “proven” reserves are not
                                         recognized by the SEC and they should not assume that any or all of the mineral resources in these categories will ever be converted into SEC defined mineral reserves. Inferred resources have a great
                                         amount of uncertainty as to their existence and as to whether they can be mined legally or economically. As set forth in this presentation, certain resources disclosed herein have been calculated in
                                         accordance with Canadian National Instrument 43‐101 – Standards of Disclosure for Mineral Projects (“NI 43‐101”), and these may not be comparable to reserves calculated under SEC Industry Guide 7
                                         requirements. U.S. investors are cautioned not to assume that all or any part of a proven or probable reserve under NI 43‐101 would constitute a reserve under SEC Industry Guide 7 standards or has
                                         been determined to be legally mineable. For the details of reserve and resource calculations disclosed herein and the details of key assumptions, parameters and other relevant technical information
                                         associated therewith, readers should refer to the technical reports filed on www.sedar.com under the Allied Nevada Gold Corp. profile, for each of the material properties discussed herein. Scott Wilson
                                         of Scott E. Wilson Consulting, Inc. is a Certified Professional Geologist and member of the American Institute of Professional Geologists in Denver, Colorado, and is a Qualified Person as defined by NI
ALLIED NEVADA:




                                         43‐101. Mr. Wilson is the independent resource estimate consultant for Allied Nevada Gold Corp. For further information on the geology, mineralization, parameters, assumptions and risks underlying
                                         mineral resource and reserve estimates, the technical reports and other technical information with respect to the Hycroft Mine and Hasbrouck Property. “Adjusted cash costs” is a non‐GAAP measure,
                                         calculated on a per ounce of gold sold basis, and includes all direct and indirect operating cash costs related to the physical activities of producing gold, including mining, processing, third‐party refining
                                         expenses, on‐site administrative and support costs, royalties, and mining production taxes, net of by‐product revenue earned from silver sales.
                                         The information contained in this document is subject to the more detailed information provided in the disclosure documents filed by the Company from time to time on SEDAR and EDGAR.
                                         All dollar amounts in this presentation are expressed in US dollar, unless otherwise noted.




                       2
                                                                                     Key Management Presenters
                                         Scott A. Caldwell                   30+ years experience developing, building and operating large-scale mines
                                                                             globally (10 years experience in Nevada). Scott was previously the COO of
                                         President, CEO and a Director       Kinross Gold Corp. and before that ran large-scale open pit operations
                                                                             including Grasberg (Freeport McMoRan) and Collahuasi (now Xstrata and
                                                                             Anglo American).

                                                                             30+ years of mining experience with nearly 20 years managing large-scale,
                                         Warren Woods
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                             open pit mines and projects in North America including Kinross' Round
                                         Vice President & General Manager,   Mountain mine in Nevada and Fort Knox mine in Alaska. Prior to joining
                                         Hycroft                             Allied, Warren was General Manager of Nome Operations with NovaGold

                                         Dan Moore                           25+ years of mining experience with the majority being in Nevada. Dan has
                                                                             completed projects worldwide from scoping-level through construction and
                                         Vice President, Technical           into operation. Dan joins Allied from Kinross Gold where he was Director of
                                         Services                            Technical Services.
                                                                             30+ years of metallurgical experience in the mining industry. Prior to joining
                                         Dave Hill                           ANV, David was the Strategic Planning Superintendent with Barrick
                                         Vice President, Metallurgy          Goldstrike, and prior to that he was with Newmont Mining for 25 years as
                                                                             Superintendent of various technical groups. David has significant
                                                                             experience with oxidation technologies.

                                         Debbie Lassiter                     20+ years experience in the mining industry, specializing in environmental
                                                                             regulation and compliance. Debbie joins ANV from JBR Environmental
                                         Vice President, Environmental       Consultants, Inc. where she was Project Manager. Prior to that, she was
                                         Affairs                             with Newmont Mining Corporation for over 14 years in various
                                                                             environmental capacities
                                                                             Dave is a Geologist with over 30 years in the industry both in exploration
                                         Dave Flint                          and mining globally. He joined ANV from Rio Tinto as General Manager of
                                         Vice President, Exploration
ALLIED NEVADA:




                                                                             Resource Development where he was mainly focused on expansion and
                                                                             optimization studies, and prior to that worked at as a technical expert
                                                                             through various roles at Freeport McMoRan.
                                                                             Steve was most recently President, CFO and Director of EPM Mining
                                         Steve Jones                         Ventures Inc. Prior to that, Steve was Senior VP and CFO for Katanga
                                         Executive Vice President & CFO      Mining. Other previous roles include senior financial roles in the oil and gas
                                                                             sector, and Freeport McMoRan where he held various positions with
                                                                             responsibilities ranging from marketing concentrates to leading the financial
                       3                                                     group through acquisitions and capital raising.
Scott Caldwell
President & CEO
                                                                                                              Evolving U.S. Gold and Silver Producer
                                                HISTORY & MILESTONES1
                                                                                                                                                                      Reports positive mill
                                                                                                                                                                       expansion feasibility study
                                                                                                                             Completes cross-
                                                       Allied Nevada                                                         border financing                        Increases reserves to
                                                        becomes                                                               for gross                                10.2 million oz Au and
                                                        publically traded                                                     proceeds of $91.5                        388.6 million oz Ag
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                        company listed on                                                     million
                                                        the TSX and
                                                                                                                                                                                                     2012
                                                        Amex exchanges
                                                                                                                                            Reports doubling
                                                       Allied Nevada                                                                        of reserves to 2.4
                                                        acquires Vista’s                                                                     million oz Au and
                                                        Nevada assets                                                                        32.3 million oz Ag
                                                        and the mineral                                                                                                    2011
                                                        assets of Carl
                                                        Pescio
                                                                                               Hycroft resource                                                                          Releases positive PEA for
                                                                                                estimate of 5.2                                                                            Hasbrouck
                                                                  Private                      million oz Au and                                 2010                                  Further increases reserves
                                                                   placement                    75 million oz Ag                                                                         at Hycroft to 12.7 million oz
                                                                   raising gross                                                                                  Announces expansion   Au and 481.9 million oz Ag
                                                                   proceeds of                                                                                     opportunities for
                                                                   $16.3 million                                     2009                                          Hycroft              Net proceeds of $389
                                                                                                                                                                                         million through high yield
                                                                                                                                                      Completes cross-
                                                                                                                                                                                         debt offering
                                                                                                                                                       border financing
                                                                                        2008
                                                                                                                                                       for gross
                                                      2007                                                           First gold
                                                                                                                                                       proceeds of
                                                                                                                      production
                                                                                                                                                       $272.2 million
                                                                                          Equity financing           from
                                               Allied           Board
                                                                                           raising gross              Hycroft
                                                Nevada            approves
ALLIED NEVADA:




                                                                  re-opening               proceeds of
                                                incorporated                               $74.4 million
                                                as wholly         of Hycroft
                                                owned             Mine
                                                subsidiary of
                                                Vista Gold
                                                                                                           Market Capitalization
                                                  $0.2B                                                                                                                                              $2.6B
                                                                         As at May 14, 2007                                                                       As at June 5, 2012



                       5                 1.       See appendix for notes on the technical disclosure
                                                                                                                                                            Allied Nevada Overview
                                         •      Focused on internal growth strategies
                                                                                                                                        “Assuming $1,400 per ounce Au/$25 per ounce Ag for
                                                  – Hycroft expansion                                                                   2012 and $1000 Au/ $18 Ag thereafter, we require no
                                                  – Hasbrouck development                                                                       further funding for the expansion”
                                                  – Finding the next mine
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         •      Leading U.S.-based mid-tier gold producer with one of North America’s largest
                                                development projects underway
                                                  – Proven & probable reserves of 12.7 million oz Au and 481.9 million oz Ag1
                                         •      Robust financial position
                                                  – $240 million cash and cash equivalents and $52 million of capital lease obligations as of
                                                    3/31/2012
                                                  – $389 million in net proceeds raised in high yield debt offering (May 2012)
                                         •      Continued implementation of Hycroft accelerated heap leach and development of
                                                sulfide milling expansion will lead to significant production growth
                                                  – Heap-leach acceleration scheduled for 2012/2013 completion
                                                  – Sulfide milling expansion scheduled to come on line in 2014/2015
ALLIED NEVADA:




                                         •      Strong, experienced management team with a record of developing and operating
                                                mines

                                         Note: See appendix for notes on the technical disclosure
                                         1. P&P is estimated using break-even cut-off grades consistent with gold and silver selling prices of $800/oz and $14/oz, respectively; figures reflect P&P associated with Hycroft mine
                       6
                                                                                                                                                                       2012 Operations
                                         •       2012 guidance production of 180,000-200,000 ounces of gold and 750,000-850,000
                                                 ounces of silver
                                         •       Adjusted cash costs expected to be $475-$495 per ounce (with silver as a byproduct credit)
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         •       First half of 2012 is expected to meet management’s expectations
                                                    – Higher strip ratio (approximately 2:1)
                                                            •    Q1 adjusted cash costs1 were $531 per ounce, in-line with expectation

                                                    – Lower metal production relative to that expected in the second half is due to fewer ore tons
                                                      and lower grades mined in the first half

                                         •       Second half of 2012 will benefit from:
                                                    – Lewis leach pad
                                                            •    More ore tons under leach, faster leach kinetics
                                                    – Strip ratio to decline below 1:1
                                                    – Increases from the ramp up of mining rate in the last 12 months
                                                    – Solution pumping capacity expected to be increased from 8,000 gpm to 12,000 gpm in early
ALLIED NEVADA:




                                                      Q3/12
                                                    – Solution stacking increases
                                                    – Better grade material being mined


                                             (1) Allied Nevada uses the non-GAAP financial measure “adjusted cash cost” in this document. Please see the section in our recently filed Form 10-Q titled
                       7                         “Non-GAAP Measures” for further information regarding these measures.
                                                                                                                                     Hycroft: Expansion Projects
                                         The Company is implementing a staged expansion of the Hycroft operations
                                         involving1:
                                                 1. Increasing the mining rate – accomplished by adding larger mining equipment, increased
                                                    processing capacity and improved infrastructure. This stage is well underway and expected
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                    to be fully implemented in 2013. The mining rate is expected to increase to 80 million tons
                                                    per year.
                                                 2. Gyratory crushing project – the Company made the decision to accelerate construction of
                                                    a gyratory crushing plant by one year to crush heap leach ore ahead of the construction of
                                                    the mill. It is expected that the crusher will be operational by mid-2013. This project is
                                                    expected to improve heap leach recoveries with no increase to overall initial expansion
                                                    capital.
                                                 3. Mill construction – A 130,000 ton per day mill is planned to be constructed to process
                                                    transitional and sulfide material. The mill will be a crushing and milling operation followed
                                                    by flotation and leaching. The mill is expected to be gin commissioning in late 20142.

                                         • Initial capital required for the expansion projects is expected to be $1.2
                                           billion.
ALLIED NEVADA:




                                                 – Disciplined approach to capital deployment


                                         (1) See NI 43-101 Technical Report dated April 12, 2012 for further information on expansion and operating plans for Hycroft.
                                         (2) Assumes timely receipt of permits, and completion of construction and commissioning by Q1 2015.
                       8
                                                                                                                Feasibility Study: Summary Parameters

                                          Key operating and financial statistics for the Milling Feasibility Study
                                         LOM Production (2011-2024)                                                                   Major Assumptions Applied to the Feasibility Study
                                         Ore tons mined - heap leach                                     000s               381,852   Fuel price/barrel                                                 $100
                                         Ore tons mined – mill                                           000s               752,816   Gold equivalent ratio (silver:gold)                              57.14:1
                                         Waste tons mined                                                000s             1,442,814   Metals prices used for reserve estimation
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         Total tons mined                                                000s             2,577,482    - gold                                                            $800
                                         Strip ratio                                                                           1.26    - silver                                                           $14
                                         Gold ounces sold                                                                 8,640,747   Metals prices used for feasibility study economics*
                                         Silver ounces sold                                                             351,702,795    - gold                                                           $1,000
                                         Average Annual Production (2015-2024)                                                         - silver                                                            $18
                                         Mining rate                                                     Tpd                563,500   Power/kWh                                                         $0.067
                                         Operating days/year                                                                    365   NaCN/ton                                                           $0.74
                                         Ore tons processed - heap leach                                 000s                32,000   Lime/ton                                                          $0.048
                                         Ore tons processed – mill                                       000s                47,450
                                         Annual average waste tons mined                                 000s               110,500   * Note: Metal prices used for 2012 are $1,400 Au and $25
                                         Total annual average tons mined                                 000s               190,000     Ag, consistent with the 2012 Budget.
                                         Average annual gold production                                  Ozs                582,260
                                         Average annual silver production                                Ozs             29,133,900
                                         10-year average adjusted cash cost/ounce                        $/oz                 $ 166
                                         Operating Costs (LOM 2011-2024)
                                         Mining cost/ton of material                                            $/ton        $ 1.03
                                         Milling cost/ton of ore milled (includes all treatment costs)          $/ton        $ 6.79
                                         H eap leach cost/ton of ore processed                                  $/ton        $ 1.44
                                         G&A cost/ton of ore processed                                          $/ton        $ 0.37
                                         LOM adjusted cash cost/ounce                                           $/oz         $ 283
                                         Other Operating Parameters (LOM 2011-2024)
                                         Average mill grade – gold                                               opt          0.013
ALLIED NEVADA:




                                         Average mill grade – silver                                             opt           0.53
                                         Average heap leach grade – gold                                         opt          0.008
                                         Average heap leach grade – silver                                       opt           0.22
                                         Average mill recovery – gold                                             %            69%
                                         Average mill recovery – silver                                           %            84%
                                         Average heap leach recovery - gold                                       %            63%
                                         Average heap leach recovery - silver                                     %            21%    Allied Nevada uses the non-GAAP financial measure “adjusted cash cost”
                                         Overall gold recovery                                                    %            67%    in this document. Please see the section in our recently filed Form 10-Q
                                         Overall silver recovery                                                  %            73%    titled “Non-GAAP Measures” for further information regarding these
                       9                                                                                                              measures.
                                                                                           Hycroft Technical Report Results – April 2012

                                         ›        Updated technical report completed in April 2012
                                                  •       Estimated initial capital cost of $1,243 million (includes heap leach and crusher
                                                          expenditures)
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                            —       Assumes simple grind-float-leach flow sheet for the first 6 years (2015-2020)
                                                  •       Average annual production of approx. 582,260 oz Au, 29.1 million oz Ag (2015-2024)
                                                  •       Average annual adjusted cash costs of $166/oz of gold sold (with silver byproduct credit)
                                                          (2015-2024)1
                                                  •       Beginning 2015: 130,000 tpd milling, plus average 75,000 tpd of heap leach ore
                                                  •       Strip ratio of 1.26:1 (Life of mine)
                                                                                                                                                                                 Average
                                                                                                                                                            After Tax          Adjusted Cash
                                                                           Metal Prices                      NPV @ 0%                 NPV @ 6%                 IRR               Costs/oz2
                                                                          Au            Ag                    $ Billions               $ Billions               %                 $/ounce
                                                                        $715               $12                                              Break even
                                                                        $800               $14                   $0.9                    $0.3                  12%                   $432
                                                                        $900               $16                   $2.1                    $0.9                  24%                   $358
ALLIED NEVADA:




                                                                       $1,000              $18                   $3.2                    $1.6                  37%                   $283
                                                                       $1,100              $19                   $4.0                    $2.1                  46%                   $251
                                                                       $1,200              $21                   $5.0                    $2.6                  63%                   $179

                                         Source: Hycroft April 2012 Technical Report
                                         Note: See appendix for notes on the technical disclosure
                                         1. With silver as byproduct, assuming $18/oz
                                         2. With silver as a byproduct credit for Life of Mine. Allied Nevada uses the non-GAAP financial measure “adjusted cash cost” in this document. Please see the section in our recently
     10                                      filed Form 10-Q titled “Non-GAAP Measures” for further information regarding these measures.
                                                                                                                                         Enviable Production Growth Profile
                                                                     900,000                                                                                                                                          35,000
                                                                                                   Hycroft - Gold                                                                Average Annual
                                                                                                                                                                    Average Annual Production
                                                                     800,000                       Hycroft - Silver                                                                 (2015-24):
                                                                                                                                                                                      Production




                                                                                                                                                                                                                                     Silver Production (000s ounces)
                                                                                                                                                                                                                      30,000
                                                                                                                                                                              Au – 582,260 oz
                                                                                                                                                                                       (2015-24):
                                         Gold Production (ounces)




                                                                     700,000                                                                                               Ag – 29.1 million oz
                                                                                                                                                                                 Au – 538,000 oz
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                                                                                                Ag – 29.1 million                     25,000
                                                                     600,000

                                                                     500,000                                                                                                                                          20,000

                                                                     400,000                                                                                                                                          15,000

                                                                     300,000
                                                                                                                                                                                                                      10,000
                                                                     200,000
                                                                                                                                                                                                                      5,000
                                                                     100,000

                                                                           -                                                                                                                                          0
                                                                                         2009              2010              2011              2012 E            2013 E                          2015 - 2024 E

                                                                                  2012                                      2013                                       2014                                      2015
                                                                    • Continue current heap leach             • Addition of crushing and                • Mechanical completion of mill and       • First full year of milling production
ALLIED NEVADA:




                                                                      production                                conveying system associated with          commissioning
                                                                    • Progress heap leach acceleration          heap leach expansion                    • Sulphide production ramp-up in
                                                                      project                                 • Increased recoveries                      Q3
                                                                    • Commence excavation of crusher          • Completion of detailed                  • Target a rate of 125 million tons of
                                                                      foundation                                engineering for mill                      material mined
                                                                    • $225 million capex (fully funded)       • Receive mill construction permits
                                                                                                              • Begin mill construction

                                              For further information regarding the production and costs associated with the heap leach and milling options, please see the most recent National Instrument 43-101 Technical Report on
                                              the Company’s website. Assumes timely receipt of permits to allow for completion and commissioning by Q1/2015.
        11
                                                                       Payable Metal Produced Onsite vs. Offsite

                                         Percentage of payable metal produced onsite vs. offsite:
                                                                                                                     2027-
                                                             2012-14    2015-17   2018-20    2021-23     2024-26    Closure     Total
                                            Gold onsite        79%       70%       53%         71%        75%        33%        64%
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                            Gold offsite       21%       30%       47%         29%         25%        67%        36%

                                            Silver onsite      93%       96%       94%         96%        96%        88%        95%
                                            Silver offsite     7%         4%        6%          4%         4%         12%        5%

                                             •    If we are not able to sell any concentrate, life of mine, 64% of the gold
                                                  (for revenue totaling $5.6 billion) and 95% of the silver (for revenue
                                                  totaling $5.7 billion) is produced onsite
                                             •    Silver IS NOT refractory – deposited in a different event from the gold
                                                    – Concentrate is leached onsite to liberate a significant portion of the silver

                                             •    Assumes construction of an autoclave for operation between the years
                                                  2021 and 2027
ALLIED NEVADA:




                                                    – If concentrate is processed in a smelter, silver and gold would be recovered
                                                      through that circuit

        NOTE: The percentages above ARE NOT recoveries and represent the percentage of payable metal produced onsite
     12 versus offsite.
                                                                                                                                            Major Gold Mining Operations

                                                        2012 Production Statistics compared with Hycroft Average Production 2015-2024
                                         2,000 koz

                                         1,800 koz
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         1,600 koz

                                         1,400 koz

                                         1,200 koz

                                         1,000 koz

                                           800 koz
                                                                                                                                    Silver production as gold equivalent

                                           600 koz

                                           400 koz

                                           200 koz

                                              0 koz
ALLIED NEVADA:




                                         Source: Metals Economics Group, Allied Nevada Corporate Disclosure.
     13                                  All production is gold only, hatched line shows silver production at Hycroft as gold equivalent.
                                                                                 2012E Gold Mining Adjusted Cash Costs by Mine
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                              Current spot price3: $1,620/oz




                                                                  Hycroft: 1st quartile
                                                                  cash costs in 2015
ALLIED NEVADA:




                                         Source: AME research group
                                         Allied Nevada uses the non-GAAP financial measure “adjusted cash cost” in this document. Please see the section in our recently filed Form 10-Q titled “Non-GAAP Measures” for further
                                         information regarding these measures.
                                         1. Cash cost figure is net of by-products and based on company estimates
                                         2. Cash cost figure as per NI 43-101 Hycroft technical report as of April 2012, gold price of $1,000/oz and silver price of $18/oz
                                         3. Gold spot price as of June 6, 2012
     14                                  Note: Data set excludes mines where gold is not primary commodity produced and where cash cost is less than $0/oz Au
                                                                                                                                Project Economics: Sensitivities
                                         Base Case Assumptions                                                                                         After tax        NPV (6%)/Delta     Adjusted
                                         Mining cost/ton of material                      $/ton            $ 1.03                                     IRR /Delta            (Billions)   Cash Cost/oz
                                         Milling cost/ton of ore milled                   $/ton            $ 6.79
                                         (includes all treatment costs)                                                   Base Case                        37%               $1.6           $283

                                          Gold price                   -   $1,000/ounce*                                  Mining Cost/ton
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                          Silver price                 -   $18/ounce*                                           +10%                 34%        (-3%)    $1.5 (-$0.1)       $312
                                          Fuel Price                   -   $100/barrel                                          +20%                 31%        (-6%)    $1.4 (-$0.2)       $341
                                          Labor                        -   current pricing                                      +30%                 28%        (-9%)    $1.2 (-$0.4)       $370
                                          Lime                         -   current pricing
                                                                                                                                +50%                 23% (-14%)          $1.0 (-$0.6)       $429
                                          Process reagents             -   current pricing
                                          Power                        -   $0.0672/kWh
                                                                                                                          Milling Cost/ton
                                                                                                                                +10%                  35% (-2%)          $1.4 (-$0.2)       $333
                                                                                                                                +20%                  32% (-5%)          $1.2 (-$0.4)       $384
                                                                                                                                +30%                 29%        (-8%)    $1.0 (-$0.6)       $435
                                                                                                                                +50%                 22% (-15%)          $0.7 (-$0.9)       $536
                                                                                                                          Metals Prices (Gold/Silver)
ALLIED NEVADA:




                                                                                                                             $800/$14                12% (-25%)          $0.3 (-$1.3)       $432
                                                                                                                            $1,200/$21               63% (+26%)          $2.6 (+$1.0)       $179
                                                                                                                            $1,400/$25               96% (+59%)          $3.8 (+$2.2)        $32

                                         LOM Operating Costs and assumptions used in the financial model are presented in the April 9, 2012 Technical Report.
                                         * 2012 gold and silver prices used are $1,400/oz and $25/oz, respectively, consistent with the internal budget.
     15
                                                                                                                       Project Economics: Sensitivities
                                         Base Case Assumptions                                                                              After tax         NPV (6%)/Delta   Adjusted Cash
                                         Gold price - $1,000/ounce                                                                         IRR/Delta              (Billions)      Cost/oz
                                         Silver price  - $18/ounce
                                                                                                    Base Case                                  37%                 $1.6            $283
                                         Capital Cost     -    $1.2 billion
                                                                                                    Capital Cost
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         LOM Ultimate Recoveries:                                      +10% ($1.3 billion)               32%       (-5%)       $1.5 (-$0.1)        n/a
                                         Gold    -    67.4%                                            +20% ($1.4 billion)               28%       (-9%)       $1.3 (-$0.3)        n/a
                                         Silver -     72.9%
                                                                                                       +30% ($1.5 billion)               24% (-13%)            $1.2 (-$0.6)        n/a
                                                                                                       +50% ($1.7 billion)               18% (-19%)            $0.9 (-$0.7)        n/a
                                                                                                    Ultimate Gold & Silver Recovery (Base Case 67% Au, 73% Ag)
                                                                                                      Au/Ag / Delta
                                                                                                       65% / 71% / (-2%)                 33%       (-4%)       $1.4 (-$0.2)        $300
                                                                                                       61% / 67% / (-6%)                 26% (-11%)            $1.0 (-$0.6)        $336
                                                                                                      57% / 63% /(-10%)                  18% (-19%)            $0.7 (-$0.9)        $371
                                                                                                      53% / 59% /(-14%)                  12% (-25%)            $0.3 (-$1.3)        $408
                                                                                                    Metals Prices (Gold/Silver)
ALLIED NEVADA:




                                                                                                             $800/$14                    12% (-25%)            $0.3 (-$1.3)        $432
                                                                                                            $1,200/$21                   63% (+26%)            $2.6 (+$1.0)        $179
                                                                                                            $1,400/$25                   96% (+59%)            $3.8 (+$2.2)         $32
                                         LOM capital costs and assumptions used in the financial model are presented in the April 9, 2012 Technical Report.
     16                                  * 2012 gold and silver prices used are $1,400/oz and $25/oz, respectively, consistent with the internal budget.
Warren Woods
Vice President & General Manager, Hycroft
                                                                                                                                                  Hycroft Overview
                                             Asset Overview                                                                    Aerial Photo
                                         •       Located 54 miles west of Winnemucca, Nevada
                                         •       320 employees
                                         •       Aggregate land position of 96 square miles
                                         •       Open pit, run-of-mine and crushed ore heap leach (HL)
                                         •
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                 Current production from the recently-expanded Brimstone leach
                                                 pad (9.1mm square feet)
                                                  –    2011 production: 104,002oz Au; 479,440oz Ag
                                                  –    2011 adjusted cash costs after by-product: $488/oz
                                         •       Preparation of the new Lewis leach pad completed in 2Q’12
                                         •       Merrill Crowe plant processing capacity recently expanded to 5,000
                                                 gallons per minute
                                         •       Expanded mining fleet & infrastructure being brought on line to
                                                 accelerate production
                                             Staged Development Project for Increased Mining & Production Rates
                                             1) Mine Expansion                                 2) Gyratory crushing project                3) Mill Construction
                                             •    Accelerated heap leach mine plan             •      In 2011, the Company decided to      •      130,000 tpd mill is planned to be
                                                  began in mid-2010                                   accelerate construction of a large          constructed to process higher-grade
                                             •    Increased mining rate from 34mm                     gyratory crushing unit                      oxide, transitional, and sulfide
                                                  tons of material in 2011 to 125mm          •        Expected to be operational by Q3            material
                                                  tons by YE 2014; 235mm tons post-                   2013                                   •    Crushing & milling operation
ALLIED NEVADA:




                                                  mill construction                                –    Permits to construct received ahead       followed by flotation & leaching
                                                                                                        of schedule; construction began in   •    Long-lead components of the
                                                                                                        Q1 2012
                                                                                                                                                  grinding circuit have been ordered
                                                                                             •   Expected to improve avg. heap leach
                                                                                                                                             •    Expected to be operational by late
                                                                                                 recoveries to 63% Au and 21% Ag
                                                                                                                                                  2014
                                                                    • ~287,000 oz of Au production by 2013                                  •~582,300 oz avg. Au prod./yr (2015-24)
                                                                    • ~2.8 million oz of Ag production by 2013                              •~29.1 million oz avg. Ag prod./yr (2015-24)
     18
                                                                                                     Hycroft Facilities


                                                                               Future
                                                                                Mill          Crusher
                                                                                             excavation
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                 CIC, Merrill
                                         Main office, lab
                                                                                                 Crowe plant
                                         and truck shop

                                                                                         Lewis
                                                                                         Leach
                                                                                          Pad



                                                                                        Brimstone
                                                                                        Leach Pad
ALLIED NEVADA:




                                                                            Brimstone
                                                            Central/Cut 5       Pit




     19
                                                                                          Q1 2012 Operating Performance

                                         • Hycroft continued its outstanding health, safety and environmental record with
                                           no lost time accidents or significant environmental incidents in the first quarter
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         • Production from the Hycroft mine in the first quarter of 2012 met expectations
                                           with 32,473 ounces of gold and 166,156 ounces of silver produced
                                             – Production is expected to ramp up through the remainder of 2012, and is on track to meet
                                               guidance of between 180,000 and 200,000 ounces of gold
                                             – Adjusted cash cost of $531 per ounce in Q1 2012, expected to decline to average between
                                               $475-$495 per ounce for 2012
                                         • Early receipt of the construction permit for the crushing plant at Hycroft
ALLIED NEVADA:




                                           allowed for earthwork and ground preparation to begin ahead of schedule
                                         • Carbon stripping agreement signed with Yukon-Nevada
                                             •   Current inventory of loaded carbon expected to be processed in the next 90-120 days
                                             •   Following that first phase of processing, 15-30 tons per month will be stripped thereafter
     20
                                                                                                                                                                         Operating Costs
                                                          2012 YTD Hycroft Cost Breakdown                                                             2015 Hycroft Cost Breakdown

                                                                                                                                                          Concentrate
                                                                                                                                                           Freight &
                                                                                                                                                         Treatment, 7%
                                                          Other, 4%                                                                     Other, 2%
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         Explosives, 4%                                                                     Explosives, 2%                         Labor, 12%
                                                                          Labor, 22%

                                                                                            Reagents, 21%                                     Fuel & Lube,                      Reagents /
                                                                                                                                                  12%                            Grinding
                                                                                                                                                                                Media, 34%
                                                        Fuel & Lube,
                                                            23%                      Equipment,                                                  Power, 15%
                                                                                        25%
                                                                                                                                                                   Equipment,
                                                                                                                                                                      16%


                                                                                                                                   Fixed
                                                                                                                                 Equipment,
                                                           Power, 1%                                    Mobile
                                                                                                      Equipment,
                                                                                                                                    2%
                                                                                                         19%
                                                                                                                     Tires, 4%




                                            •     Unit mining costs have been decreasing since the introduction of larger mining equipment
                                            •     Third Hitachi EX5500 shovel went into operation in June
ALLIED NEVADA:




                                            •     Four additional 320-ton haul trucks have gone into operation since January 1, 2012
                                            •     The pumping capacity to the pads will be increased to 12,000 gpm in the third quarter of 2012
                                                    –      Solution stacking will continue to ramp up with the additional solution flow


     21                                  Long-term averages are estimated from the financial model used in the April 9, 2012 Hycroft Technical Report.
                                                                                          Hycroft: Expansion Progress

                                         • Major infrastructure upgrades and increased processing capabilities initiated
                                           and/or completed in 2011
                                             4-bay truck shop for larger mining equipment (completed)
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                             Increase pumping capacity to the leach pads to 8,000 gpm (completed)

                                             Increased solution processing capabilities of the Merrill Crowe facility from 3,500
                                              gpm to 5,000 gpm (completed)

                                             Increased Brimstone leach pad space to 9.1 mm square feet (completed)

                                             Began construction of Lewis leach pad for an additional leach pad space of 3.0 mm
                                              square feet (completed in Q1 2012)
ALLIED NEVADA:




     22
                                                                                 Gyratory Crusher Excavation
                                         • Permit to commence ground
                                           preparation and construction of the
                                           gyratory crusher received in early
                                           2012, ahead of expectation
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         • Excavation for the gyratory crusher
                                           began in March 2012
                                         • Major equipment is expected to be
                                           delivered over the next few months
                                           with all major components on site
                                           by the end of 2012



                                                                                                       N
ALLIED NEVADA:




                                         S                                                                 N
     23
                                         New Infrastructure: Lewis Leach Pad

                                                                • Lewis leach pad
                                                                  is now active
                                                                • Increases
                                                                  surface area
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                  and allows for
                                                                  increasing the
                                                                  solution
                                                                  pumping rate to
                                                                  the pads
ALLIED NEVADA:




     24
                                                                                 Current Mobile Production Fleet
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         2 x Hitachi EX3500 hydraulic shovel                3 x Atlas Copco DML drills
ALLIED NEVADA:




                                         3 x Hitachi EX5500 hydraulic shovel                2 x Atlas Copco Pit Viper Drills
                                         6 x Komatsu 730E 200-ton haul trucks               1 x Drilltech 2-A drill
                                         10 x Komatsu 930E 320-ton haul trucks
     25
Dan Moore
Vice President, Technical Services
                                                                                           Technical Services Overview
                                         • Current Operations Support                               Engineering and design consultants
                                                                                                    used:
                                            – Mine design
                                                                                                    Fluor – Hycroft Expansion Detailed
                                            – Short-term mine planning                              Engineering and Procurement
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                            – Long-term mine planning                               Aker Solutions (a division of Jacobs)
                                            – Equipment scheduling                                  – Initial Hycroft Mill Feasibility
                                                                                                    Study

                                                                                                    Mountain States – rail siding
                                         • Expansion Engineering Design and Construction            engineering and capital costs
                                            –   75,000 tpd heap leach crushing system               Call & Nicholas – slope stability
                                            –   Heap leach facilities                               engineering

                                            –   130,000 tpd milling facility                        Golder & Associates – leach pad
                                                                                                    design, preliminary capital and
                                            –   Tailings management facilities                      operating costs for new leach pads
                                            –   Power transmission and distribution                 and tailings management facility

                                            –   Rail siding and loading/off-loading facilities      High Energy Engineering – strategy
ALLIED NEVADA:




                                                                                                    and costing for power requirements
                                            –   Site infrastructure
                                                 • Shops, warehouse, offices, laboratory            Knight Piesold – Final tailings dam
                                                                                                    design


     27
                                                                                                  Fluor – Engineering
                                         • Located in Dublin, California, three hour drive from ANV offices in
                                           Reno
                                         • Completed various stages of EPCM for major large-scale global
                                           projects
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                             – Escondida ($2+ billion, 1998): EPCM concentrator, leach pad, SX/EW
                                               Plant
                                             – Alumbrera ($1.2 billion, 1999): EPC
                                             – Batu Hijau ($1.8 billion, 2001): EPC
                                             – Yanacocha ($ 350 million, 2006): EPCM concentrator
                                             – Cerro Verde ($900 million, 2007): EPCM concentrator
                                             – Gaby ($900 million, 2008): EPCM SX/EW Plant
                                             – Oyu Tolgoi ($6 billion, 2011): EPCM, PM concentrator, infrastructure
                                             – Pueblo Viejo ($2 billion, 2012): EPCM
ALLIED NEVADA:




                                             – Pascua Lama ($2 billion, 2012): EPCM
                                             – Conga ($3 billion, 2011): EPCM


     28
                                                                                     Engineering & Construction Schedule

                                         Major Project Engineering and Construction Milestones:
                                         Commencement of Excavation and Construction of Gyratory Crushing Circuit   Q1 2012
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         Completion and Operation of Gyratory Crushing Circuit                      Q3 2013

                                         Completion of Detailed Engineering and Commencement of Mill Construction   Q2 2013

                                         Mechanical Completion and Commissioning of Mill                            Q4 2014

                                         Start of Milling Operations                                                Q1 2015

                                          • Fluor is completing the detailed engineering to construct the crusher and mill

                                          • Excavation of the crushing area for the gyratory crusher began in Q1 2012

                                          • The mill and gyratory crusher are located on patented mining claims
ALLIED NEVADA:




                                                ‒   Allows for flexibility in the construction schedule




     29
     ALLIED NEVADA:   LOGICAL | RESPONSIBLE | GROWTH | VALUE




30
                                                               Gyratory Crusher Engineering & Design
     ALLIED NEVADA:   LOGICAL | RESPONSIBLE | GROWTH | VALUE




31
                                                               Expansion General Plan of Arrangement
                                                End Of Year Mine Plans
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                 CN Tower


                                                                 Empire State
                                                                 Building
ALLIED NEVADA:




                                         2012      2025
                                                          2027
     32
                                                                                     Hycroft Expansion Capital Cost Estimate
                                                                  Description                                     (millions)   • To date, approximately 30% of
                                         Expansion Projects:                                                                     the capital cost has been fixed
                                                                                                                                 through purchases and
                                          Mill processing plant                                                   $ 583.1
                                                                                                                                 commitments
                                          Mining equipment                                                        $ 279.1
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                          Heap leach pads                                                         $   39.6
                                                                                                                               • Mobile mining and other
                                          Tailings Management Facility                                            $   89.3       equipment ordered:
                                          Crushing and conveying system                                           $   73.3          ‒ Haul trucks, hydraulic shovels,
                                                                                                                                      production drills, electric shovels,
                                          Tails leach plant                                                       $   56.2
                                                                                                                                      ancillary mining equipment and
                                          Rail siding                                                             $   18.0            infrastructure upgrades
                                          Merrill-Crowe, refinery and other infrastructure                        $   18.6
                                          Capitalized stripping                                                   $   21.1     • Crushing and milling equipment
                                          Contingency                                                             $   65.0
                                         Initial Expansion Capex (2012-2015)                                    $ 1,243.3      • Capital optimization work
                                                                                                                                 continues
                                         Future Expansion Capital (excluding sustaining capital):
                                                                                                                                    – Mine planning strategies
                                          Autoclave Circuit (2019-2020)                                           $    243          – Combined tails and heap leach
                                                                                                                                      facility
                                          Autoclave contingency                                                   $       40
                                                                                                                                    – Unified Merrill-Crowe strategy
ALLIED NEVADA:




                                         Capital Cost Sensitivity                IRR / (Delta)       NPV (6%) / (Delta)             – Locking in commodity prices
                                                                                                                                      and deliveries (aggregate,
                                                +10% ($1.3 billion)              32%         (-5%)     $1.5     (-$0.1)
                                                                                                                                      steel, cement)
                                                +20% ($1.4 billion)              28%         (-9%)     $1.3     (-$0.3)
                                                +30% ($1.5 billion)              24%    (-13%)         $1.2     (-$0.6)
                                                +50% ($1.7 billion)              18%    (-19%)         $0.9     (-$0.7)
     33
                                                                     Ultimate Mobile Equipment Fleet
                                                         Ultimate Mining Fleet
                                         4    72-Cubic Yard Wire Rope Electric Shovels
                                         1    Caterpillar 994 Wheel Loader
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         14   Atlas Copco 271 Pit Viper Drills
                                         55   Komatsu 930E Haul Trucks
                                         3    Caterpillar D11 Class Dozers
                                         4    Caterpillar 16G Motor Graders
                                         3    Komatsu 785E Water Trucks – 20,000 gal
                                         2    Caterpillar 834H Rubber Tire Dozers
ALLIED NEVADA:




     34
David Hill
Vice President, Metallurgy
                                                                                                                         Metallurgy
                                         • The current and future flow sheet for Hycroft was                 Consultants used for
                                           developed using extensive metallurgical test work                 metallurgical testing and
                                                                                                             process design:
                                         • Metallurgical testing to date has been performed in
                                           stages:                                                           Kappes Cassiday – flotation,
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                             variability, lock-cycle
                                             – Heap leach testing: confirm historical test results,          SGS Lakefield – flotation,
                                               determine recovery by domain and crush particle size          grindability, oxidation

                                             – Mill grindability testing: SAG Performance Index (“SPI”)      G&T Metallurgical Services –
                                                                                                             variability, flotation and
                                               and Bond Work Index (“BWI”) testing to determine mill         oxidation
                                               sizing and power requirements
                                                                                                             FL Smidth – grinding
                                             – Mill variability testing: determine metallurgical recovery    confirmation
                                               by domain and ore type                                        McClelland Labs – heap leach
                                                                                                             testing, oxidation
                                             – Mill flotation testing: determine amenability to flotation,
                                               flow sheet parameters and reagent requirements for the        Hazen – variability, flotation
ALLIED NEVADA:




                                                                                                             and oxidation
                                               milling operation
                                                                                                             Herman Pieterse – autoclave
                                             – Mill oxidation techniques: determine amenability and
                                               optimal oxidation method for transitional and sulfide ores

     36
                                                                                   Historical Metallurgical Test Work
                                                                                                       Composite – Sample of material taken from
                                         Metallurgical test work completed to date includes:           consecutive sections of core from a drill hole,
                                                                                                       generally with a weight of approximately 45 kgs.
                                         • Heap Leach Material                                         The composite is geologically consistent.
                                                                                                       Domain Master Composite – is compiled
                                              – Column tests                                           similar to the composite, but is sampled from
                                              – Crushing amenability and recoveries at various         core drilled in different areas of the same
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                       domain to represent the whole domain.
                                                particle sizes
                                                                                                       Bulk Sample – A bulk sample is typically
                                                                                                       approximately 1 ton of material taken from an
                                         •   Mill Material                                             area and is used to generate large amounts of
                                                                                                       concentrate for testing onsite and offsite.
                                              – 137 individual composite samples for variability       Bench Scale – a bench scale test is a smaller
                                              – Six domain master composites for flotation             test usually meant to determine amenability to
                                                                                                       certain treatment types such as flotation.
                                              – Six bulk samples for flotation to create a             Pilot Plant – A pilot plant is larger-scale and
                                                concentrate for oxidation                              typically follows the proposed flow sheet to
                                                                                                       determine its effectiveness.
                                              – 89 core samples for standard BWI and 60 samples        Lock-cycle – a test meant to represent the flow
                                                for SPI                                                sheet from grinding through flotation and
                                                                                                       cleaning.
                                              – Lock-cycle testing of the six domain master
                                                composites for cleaning
                                                                                                   Pilot Plant Flotation Test
ALLIED NEVADA:




     37
                                                                                                Metallurgical Results
                                         • A detailed metallurgical model by zone and                         Flotation Cell

                                           domain, with simulations on an annualized
                                           basis, was created from the test work
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         • The processing flow sheet for the Hycroft
                                           milling expansion is expected to include:
                                            – Crushing
                                            – Grinding
                                            – Rougher and cleaner flotation including rougher
                                              concentrate regrind
                                            – Concentrate leaching
                                            – Tails leaching
                                            – Pressure oxidation of the rougher concentrate
                                              (2021-2027)
                                            – Merrill-Crowe metal recovery
                                            – Refining
ALLIED NEVADA:




     38
                                                                                                                  LOM Hycroft Ultimate Recoveries
                                                                                                             Gold                                                   Silver
                                                                                           Contained        Recovered        Recovery            Contained          Recovered       Recovery
                                                                                              Oz               Oz               %                   Oz                 Oz              %

                                             Heap Leach - ROM                                 538,045           257,829           47.9%           13,896,566          1,503,408        10.8%
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                             Heap Leach - Crushed                           2,487,708         1,634,110           65.7%           70,412,375         16,480,629        23.4%

                                             Oxide - Mill                                     735,170           558,729           76.0%           28,443,147         22,185,655        78.0%

                                             Transition - Mill                              1,741,106        1,266,828            72.8%           77,028,083         60,346,973        78.3%

                                             Sulfide - Mill                                 7,148,271        4,805,160            67.2%         292,100,556        250,595,675         85.8%

                                         Totals/Average Recovery                          12,650,301         8,522,656            67.4%         481,880,728        351,112,340         72.9%

                                         •     Recoveries are based on the mine plan presented in the April 2012 Technical Report
                                                 •   Ultimate recoveries include all losses from all processing methods, including offsite concentrate
                                                     oxidation
                                                              Au/Ag / Absolute Delta from                      After tax                  NPV (6%)/Delta              Adjusted Cash
                                                                       Base Case                          IRR/Absolute Delta                   (Billions)                Cost/oz
                                                              Base Case – (67% Au/73% Ag)                           37%                          $1.6                        $283
ALLIED NEVADA:




                                                                    65% / 71% / (-2%)                         33% / (-4%)                   $1.4 / (-$0.2)                   $300
                                                                    61% / 67% / (-6%)                         26% / (-11%)                  $1.0 / (-$0.6)                   $336
                                                                    57% / 63% /(-10%)                         18% / (-19%)                  $0.7 / (-$0.9)                   $371
                                                                    53% / 59% /(-14%)                         12% / (-25%)                  $0.3 / (-$1.3)                   $408
                                                            Recovery percentages shown in the chart are rounded to a whole value. Calculations are based on more precise number.

     39
                                                                                                                                                                   Proposed Mill Flowsheet
                                                                                                                                                  Rougher
                                                                                                                                               Flotation Cells
                                                                                                                                                                                                  Rougher Tailings

                                                            36’ SAG                                                                                                                                        Leached sulfide
                                                            Grinding                                                                                        Cleaner                                    concentrate will be sold
                                                              Mill                             26’ Ball
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                            Grinding Mills                                               Flotation Cells                               for offsite processing to
                                                                                                                                                                                                        recover the remaining
                                                                                                                                                                                                            gold and silver




                                                                                                             One-third processed through POX
                                         Transitional and
                                           Sulfide Ore




                                                                                                                     Circuit 2021-2027
                                             Gyratory
                                             Crusher
                                                                       Screens




                                                                                                                                                           Autoclave (POX)
                                                                                                                                                                                      Concentrate
                                                                                                                                                                                      Leach Tanks


                                                                                                                                                             Cleaner
                                                                                                                                                          Flotation Cells
                                                                                                                                                                                                  Pregnant Solution
                                                                                 Oversize
                                                                                 Material




                                                            36’ SAG
                                                                                            Pebble
                                                            Grinding
                                                                                            Crusher
                                                              Mill
                                                                                                                                                                                        Pregnant Solution       Merrill-Crowe
                                                                                                                                                                                                                   Plant
                                                                                                                                                  Rougher
ALLIED NEVADA:




                                                                                                                                               Flotation Cells


                                                                                                                                                                                                                        Tailings Management
                                                                                                                                                                                                                                Facility
                                                                                                                                                                             Transition Rougher
                                                                                                                                                                                     Tails                            Transitional Tails Storage
                                                                                                                                                                                Leach Tanks

     40
                                                                       Payable Metal Produced Onsite vs. Offsite

                                         Percentage of payable metal produced onsite vs. offsite:
                                                                                                                     2027-
                                                             2012-14    2015-17   2018-20    2021-23     2024-26    Closure     Total
                                            Gold onsite        79%       70%       53%         71%        75%        33%        64%
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                            Gold offsite       21%       30%       47%         29%         25%        67%        36%

                                            Silver onsite      93%       96%       94%         96%        96%        88%        95%
                                            Silver offsite     7%         4%        6%          4%         4%         12%        5%

                                             •    If we are not able to sell any concentrate, life of mine, 64% of the gold
                                                  (for revenue totaling $5.6 billion) and 95% of the silver (for revenue
                                                  totaling $5.7 billion) is produced onsite
                                             •    Silver IS NOT refractory – deposited in a different event from the gold
                                                    – Concentrate is leached onsite to liberate a significant portion of the silver

                                             •    Assumes construction of an autoclave for operation between the years
                                                  2021 and 2027
ALLIED NEVADA:




                                                    – If concentrate is processed in a smelter, silver and gold would be recovered
                                                      through that circuit

        NOTE: The percentages above ARE NOT recoveries and represent the percentage of payable metal produced onsite
     41 versus offsite.
                                                                                                                  Concentrate Mineralogy
                                         • Cleaner Concentrate Mineralogy                                  Liberated Silver Mineral in Concentrate


                                                Mineral Constituent         Mineral Mass %
                                                  Pyrite/Marcasite              72.00 %
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                    Chalcopyrite                 0.13 %
                                                    Arsenopyrite                 0.26 %
                                                   Other Sulfides                0.07 %
                                                       Quartz                   16.60 %
                                                      Feldspar                   3.15 %
                                                        Clays                    2.01 %
                                                        Micas                    4.15 %
                                                   Other Silicates               0.04 %
                                                      Ti Oxides                  0.19 %                             Visible Silver in Pyrargyrite
                                                   Other Oxides                  0.04 %
                                                    Native Sulfur                0.25 %
                                                       Sulfates                  1.04 %
                                                     Carbonates                  0.01 %
                                                    Ag Minerals                  0.01 %
                                                        Other                    0.05 %
ALLIED NEVADA:




                                                        Total                  100.00 %
                                            • Gold is associated with the pyrite/marcasite

                                            • Silver occurs in the cyanide soluble minerals pyrargyrite,
                                              miargyrite and naumannite
     42
                                                               Ordered Fixed Capital Equipment
                                         • To date, Allied Nevada has spent or committed $398.9
                                           million
                                         • Capital spent and committed to date represents
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                           approximately 30% of the total initial capital cost estimate
                                           of approximately $1.2 billion through 2015 for the heap
                                           leach and mill expansions

                                         • In 2011 and early 2012 purchase orders were placed for:
                                            – Major crushing components:
                                                 • 1 x Fuller-Traylor primary gyratory crusher (FLSmidth)
                                                 • the secondary and tertiary crushing units, comprised of four
                                                   XL1300 cone crushers and screens (FLSmidth for crushers,
                                                   Ludowici for screens)
                                             – Long lead milling equipment (FLSmidth):
ALLIED NEVADA:




                                                 • 2 x 36-foot by 24-foot semi-autogenous grinding (SAG) mills
                                                 • 3 x 26-foot by 43-foot ball mills and
                                                 • 1 x 22-foot by 41.5-foot regrind mill


     43
                                                                                                2012 Metallurgical Programs
                                         • Continue mill laboratory and pilot plant test work
                                             • Ongoing flotation testing designed to confirm mill performance during the first
                                               five years of milling operations
                                             • Ongoing oxidation testing (autoclave, roaster, fine grind, bioxidation)
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                  ‒ Concentrate will also be provided to offsite oxidation customers for testing in their
                                                    plants
                                         • Gyratory crusher detailed engineering, design and construction support
                                         • Mill detailed engineering and design support
                                         • Remaining mill equipment selection (flotation cells, thickeners)
                                         • Hycroft operations support
                                         • Hasbrouck ongoing leach testing
                                             • Test work completed to date on 35 composites from Hasbrouck indicate run-of-
ALLIED NEVADA:




                                               mine recoveries of 60% Au and 14% Ag at 80% passing 3/8 inch
                                                  ‒ Rapid gold extraction rate, recovery achieved after 51 days of leaching
                                                  ‒ Current and historic test work on -200 mesh material indicates recoveries of
                                                    approximately 90% gold and greater than 50% silver
     44
Debbie Lassiter
Vice President, Environmental Affairs
                                                                                            Environmental & Permitting
                                         • Four dedicated employees at head office and three site employees
                                            – Corporate employees responsibilities:                              Consultants and partners in
                                                                                                                 permitting and testing:
                                                • All Hycroft ongoing and expansion permitting
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                                 Bureau of Land
                                                • Hasbrouck permitting                                           Management (BLM)

                                                • Exploration property permitting (disturbance for drill pads)   Nevada Dept. of
                                                                                                                 Environmental Protection
                                                • Government relations                                           (NDEP)

                                                • Baseline monitoring                                            Nevada Dept. of Wildlife
                                                                                                                 (NDOW)

                                                                                                                 Environmental Protection
                                            – Site employees responsibilities:                                   Agency (EPA)

                                                                                                                 State and local authorities
                                                • Permit compliance and reporting
                                                                                                                 JBR Environmental
                                                • Water and air quality monitoring
ALLIED NEVADA:




                                                                                                                 SRK Consulting, Inc.
                                                • Environmental response
                                                                                                                 WetLabs

                                                                                                                 Enviroscientists


     46
                                                                                                             Hycroft Expansion Permitting
                                         • Work in close collaboration with the Bureau of Land Management
                                           (BLM, State), Nevada Department of Environmental Protection (NDEP,
                                           State) and Environmental Protection Agency (EPA, Federal), among
                                           others
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                            – Expansion requires a number of permits from each of the agencies
                                         • To date, permitting has been going very smoothly
                                            – Crusher permit received ahead of schedule
                                                                                                                               Mechanical completion of
                                                                                                                               mill and commissioning
                                                             Commence excavation
                                                                                           Commence construction of mill
                                                             of crusher foundation                                                     Begin mining
                                                                                           foundation and 120 kVa power
                                                                                                                                       sulfide material
                                                                                           line




                                                              2012                       2013                    2014               2015
ALLIED NEVADA:




                                               Begin installing                                        Commence construction
                                                      crushing                                         of rail siding             Mill at name-plate throughput
                                                                      Begin installing
                                                 components                                            Pit expansions             capacity
                                                                     mill components
     47
                                                                                     Hycroft Expansion Permitting Strategy
                                         Permitting timeline has been developed with federal, county and state authorities


                                            Oxide expansion (pit and heap leach expansion)            Mill
                                                                                                       • Reclamation permit expected January
                                            Environmental Impact Statement:                              2013 to begin construction
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                              • Draft EIS issued and Public Comment                          • Allows earthwork and foundation work to
                                                Period complete – January 2012                                 begin
                                                  • Record of Decision expected Q3 2012                • Air quality permit expected June 2013
                                                  • Allows construction of south leach pad,                  • Allows installation of mill equipment
                                                    expanded pits

                                                                                                      Tailings, rail spur and expanded dry pit
                                            Crusher                                                    • Submittal expected September 2012
                                              • Reclamation permit received in March                         • Approval expected Q2 2013
                                                2012 to begin construction
                                                 • Earthwork and foundation work has begun
                                              • Air quality permit expected Q3 2012                   Pit lake
                                                 • Allows installation and operation of crusher        • Submittal expected Q3 2013
                                                                                                             • Approval expected Q3 2015
ALLIED NEVADA:




                                                   equipment
                                                                                                             • Allows mining below the water table




     48
Dave Flint
Vice President, Exploration
                                                                                                      Exploration Overview
                                         • General responsibilities:                                     Consultants used:
                                             – Reserve and resource estimation
                                                                                                         Scott E. Wilson, Consulting –
                                             – Exploration and development drilling at Hycroft           block modelling
                                             – Resource development at Hasbrouck
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                         Call & Nicholas – Slope stability
                                             – Exploration drilling and property assessment of
                                               other exploration properties                              ALS Chemex – Assays
                                             – Land management                                           Inspectorate – Assays

                                                                                                         American Assay Labs – Assays
                                         • 2012 primary goals include:
                                             – Infill and condemnation/engineering drilling at
                                               Hycroft
                                             – Resource expansion at Hasbrouck
                                             – Advance 4 properties in the portfolio along the
                                               development path
ALLIED NEVADA:




                                                 • Initiate exploration on the Wildcat property
                                                 • Second round of drilling at Illipah
                                                 • Surface mapping at Pony Creek and Cortez Regions


     50
                                                                             Hycroft has Undergone Significant Resource Expansion

                                          GOLD RESERVE & RESOURCE GROWTH
                                          Ounces (000s)

                                          February 2012: 24% increase in Au reserves compared with previous estimate
                                          August 2011: Significant conversion of M&I resources to the reserve categories                                                       5,349
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                                                                                   3,561
                                                                                                                                                2,722                          8,170
                                                                                                                                                                   6,757
                                                                                                                                4,547
                                                                                                6,014          3,933                            13,577
                                                                                                                                                                               12,651
                                                                              6,037                            4,634            5,608                              10,191
                                                             5,244                              4,750
                                              475                                      842                     2,444            2,400           2,558
                                                    1,001            1,012    1,143             1,143
                                           01/2006          12/2007          09/2008         03/2009         12/2009        08/2010            12/2010            06/2011     12/2011

                                                                                 Inferred           Measured & Indicated          Proven & Probable


                                          SILVER RESERVE & RESOURCE GROWTH
                                          Ounces (000s)

                                         February 2012: 24% increase in Ag reserves compared with previous estimate
                                         August 2011: Significant conversion of silver M&I to the reserve categories                                                            135,339

                                                                                                                                                 102,045            101,781
ALLIED NEVADA:




                                                                                                                                                                               236,851
                                                                                                                                                                   205,052
                                                                                                                                 286,692
                                                                                                                216,287                          548,790
                                                                                                 177,927                                                                       488,881
                                                                                                                                                                   388,625
                                                                                                                                220,308
                                                                                                                151,914
                                                               74,930           67,638 22,008    117,502               32,270         38,900             49,289
                                              01/2006        12/2007          09/2008           03/2009       12/2009           08/2010         12/2010            06/2011    12/2011
     51
                                                       Gold and Silver
                                                       Distribution
                                         •   Three mile strike length
                                         •   Gold and silver occur
                                             together in the same
                                             favorable host rocks
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         •   Multiple mineralized
                                             structures with higher
                                             grade mineralization
                                             present
                                         •   Extents of mineralization
                                             are drill limited to the
                                             south and south west
                                         •   High-grade silver was
                                             deposited during a late-
                                             stage event
                                              – Silver minerals are non-
ALLIED NEVADA:




                                                refractory




     52
                                                                                        2012 Drilling – In-Pit Inferred Resources
                                                                                                                     Contained        Contained      Contained
                                         Material Type           Tons      Au Grade     Ag Grade    AuEq Grade
                                                                                                                      Au Oz            Ag Oz         AuEq Oz
                Inferred Heap Leach                             28,226       0.006        0.26          0.011              169          7,339            298
                                         Inferred Mill          68,066       0.013        0.40          0.020              885          27,226           1,361
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                East Central
                                                             (active dump area)


                                                                                                                                               Brimstone
                                                                                                                                          (active mining area)

                                                                                                  West Brimstone
                                                                                             (Proposed drilling 2012-13)




                                                               Silver Camel
                                                         (proposed drilling 2012-13)
ALLIED NEVADA:




                                                                                                                                  Devils Corral
                                                                                                                            (Proposed drilling 2012-13
                                                                                                                               Active mining area)



                                                                    Inferred Material
     53                                                             > 0.010 opt AuEQ
                                                              Hycroft: 2012 Exploration Program
                                         Key goals of the 2012 exploration program:
                                         • Continue to acquire data to support optimization and
                                            engineering for the expansion projects
                                              – Gyratory crusher foundation
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                              – Geotechnical design
                                              – Mill foundation
                                         •   Hydrologic program support
                                         •   Facility condemnation drilling
                                              – North dumps and leach pad expansion
                                              – West dump
                                              – South dump
                                         •   Limited drilling for resource expansion
                                              – Conversion of inferred resources contained in the feasibility study
                                                pit (reducing strip ratio or allowing raising of cut off grade)
                                         •   Regional exploration targets
ALLIED NEVADA:




                                              – Follow-up on identified targets on the greater Hycroft claim block
                                              – Test selective geophysical anomalies on the greater property


     54
                                         Hycroft Reserve and Resource Development
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                       40600N

                                                                       40100N
ALLIED NEVADA:




     55
                                                                                                    Section 40600N – Central West and Vortex


                                          West                                                                                                                                       East
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                                                                                   H07D-3079
                                                                                                                                                                570/0.029/415-985
                                                                                                                                   H10R-3288
                                          5000 ft                                                                              825/0.068/1250-2075
                                                                                                        Current                                                     Qal
                                                                                                      Topography
                                                                                                                                                               Ts
                                                                            H11D-4129
                                            H11R-4206                    980/0.015/95-1075
                                         40/0.034/165-205


                                                                                                                                                               Tk
                                          4000 ft
                                                                                                                                     Tsg
                                          Ts
                                          $1000 Whittle                                                                             Ts
                                                                                                        EOY 2011
                                              Cone
                                                                                                        Reserve Pit

                                          3000 ft
                                                      Ts                                                                                                           H11D-3959
                                                                                                                                                               425/0.098/1250-1675

                                                >0.006 opt AuEq                           H11R-4018
                                                                                      1100/0.013/300-1400

                                                                                                                               Tk                              Ja




                                                                                                                                                                          22000E
                                                                                         17000E




                                                                                                                      19000E




                                                                                                                                             20000E




                                                                                                                                                      21000E
                                                           Hole Id
ALLIED NEVADA:




                                             Thickness (ft)/opt AuEq/from-to (ft)                    1000 ft
                                                    @ 0.006 opt cutoff

                                          2000 ft




     56
                                                     Section 40100N – Central West and Vortex
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         $1000/$18    October 2011
                                                      Reserve Pit
ALLIED NEVADA:




     57
     ALLIED NEVADA:   LOGICAL | RESPONSIBLE | GROWTH | VALUE




58
                                                               Hycroft Regional Exploration Targets
                                                                                                                    A Leading U.S. Precious Metals Miner
                                                HYCROFT MINE
                                                                                     Gold                  Silver
                                                                               Ounces (000s)           Ounces (000s)

                                                P+P Reserves                            12,651                481,881
                                                M+I Resources                               8,170             236,851
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                               •     Significant additional inferred resources
                                               •     Current mine life: 19 years
                                               •     Processing: open pit, heap leach
                                               •     2011 Au production: 104,002 oz
                                               •     2011 adj. cash costs/oz: $488

                                                HASBROUCK/THREE HILLS PROJECT
                                                                                     Gold                  Silver
                                                                               Ounces (000s)           Ounces (000s)

                                                Inferred Resources                          1,200              29,300
                                                •     PEA completed in Q1 2012


                                                                             Tons            Grade         Contained
                                                                            (000s)          (opt Au)      Ounces (Au)
                                           Pony Creek
                                             Measured & Indicated             1,140            0.057            65,000
ALLIED NEVADA:




                                             Inferred                        32,409            0.044         1,426,000
                                           Wildcat
                                            Measured & Indicated             38,108            0.018           679,800
                                            Inferred                         28,355            0.015           432,600



                                         Note: See appendix for notes on the technical disclosure
                                         1. Hycroft reserves and resources estimated using break-even cut-off grades consistent with gold and silver selling prices of $800/oz and $14/oz, respectively
     59
                                                                  Robust Pipeline of Exploration Properties

                                         Development Path
                                         Grass-Roots   Early Stage     Late Stage        Advanced                  Operating &
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         Exploration   Exploration     Exploration      Exploration                Development

                                         42 Properties Cortez Region   Rock Creek                                   HYCROFT
                                                                                           Wildcat
                                                       Santa Renia     Pony Creek                                  Hasbrouck/
                                                                                           Hycroft                 Three Hills
                                                           Marr           Illipah         Regional
                                                       Golden Cloud    Ocelot (49%)
                                                                                      Mountain View
                                                         Elephant
                                                                                       Maverick Sp.
                                                        Elder Creek                   (J/V with Silver Standard)

                                                           Eden
                                                        Cobb Creek
ALLIED NEVADA:




                                                         Beowawe
                                                           Sno


     60
                                                                                                                           Hasbrouck Project: PEA Highlights
                                              • Estimated initial capital cost of $78.1million
                                                                                                                                                                                         Ownership2:          100%
                                                       •     Conventional 40,000 tpd ROM/crush heap leach mine
                                                       •     Smaller mining equipment from Hycroft will be refurbished for Hasbrouck                                                     Annual
                                                       •     Process higher recovery Three Hills material first                                                                          production:
                                                       •     Potential for a 6,000 tpd mill to take advantage of increased recovery and coarse gold as additional                          Gold               135,000 oz
                                                             high-grade is discovered                                                                                                      Silver             540,000 oz
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                              • Inferred mineral resources of 1.2mm oz of contained Au and 29.3mm oz of
                                                                                                                                                                                         Adjusted cash $555/oz
                                                contained Ag (128.6mm tons grading 0.009 opt Au and 0.228 opt Ag)
                                                                                                                                                                                         cost3:
                                                       •     Mine plan includes mining and processing nearby Three Hills indicated and inferred mineral
                                                             resources1 of 147,800 ounces of gold (MDA, 08/14/06 Technical Report)                                                       Mine Life:           5 years
                                                       •     Property located approximately 5 miles north of Hasbrouck
                                                                                                                                                                                         IRR:                 60%
                                                       •     Three Hills heap leach gold recovery of 87.8% (material crushed to 3/8 inch)
                                                                                                                                                                                         NPV (6%):            $89.7 million
                                              • Historic and recent Allied Nevada metallurgical test work on Hasbrouck material
                                                indicates run-of-mine recoveries of 60% Au and 14% Ag at 80% passing 3/8 inch                                                            Payback:             18 months

                                                       •     Rapid gold extraction rate, recovery achieved after 51 days of leaching                                                     Assumptions:
                                                       •     Current and historic test work on -200 mesh material indicates recoveries of approximately 90%                               Au price:
                                                             gold and greater than 50% silver                                                                                                                 $1,000/oz
                                                                                                                                                                                          Ag price:           $18/oz


                                                                                                                                                 After Tax          Average Adjusted
                                                             Metal Prices                      NPV @ 0%                   NPV @ 6%                  IRR              Cash Cost/oz*
                                                                                                                                                                                              * With silver as a
ALLIED NEVADA:




                                                           Au             Ag                    $ Million                 $ Millions                 %                  $/ounce
                                                                                                                                                                                                byproduct credit
                                                      $800                 $14                    $49.9                     $29.1                   28%                    $550
                                                     $1,000                $18                   $147.1                     $98.7                  60%                     $555
                                                     $1,200                $21                   $239.1                     $164.8                 104%                    $560
                                                     $1,400                $25                   $326.7                     $230.3                 138%                    $565
                                         1.    See the NI 43-101 Technical Report prepared by MDA and dated 08/14/06 for more information on the Three Hills deposit.
                                         2.    Subject to 4% NSR.
                                         3.    Adjusted cash costs assume revenue from silver sales as a credit to costs. Allied Nevada uses the non-GAAP financial measure “adjusted cash cost” in this document. Please
     61                                        see the section in our recently filed Form 10-Q titled “Non-GAAP Measures” for further information regarding these measures.
     ALLIED NEVADA:   LOGICAL | RESPONSIBLE | GROWTH | VALUE




62
                                                      A


                                     A’
                                                               Hasbrouck: Plan View
                                                                              Hasbrouck: Modeled Cross Section



                                                                                   Tonopah
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                          Saddle
                                                Three
                                                Hills                      Zone




                                         Visible gold in core HSB11-019
ALLIED NEVADA:




     63
                                                                                 Hasbrouck 2012 Program Goals
                                         •   Follow-up on three high-grade
                                             discovery zones currently
                                             identified on the hill
                                              – Open to north, south and at
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                depth
                                              – Possibility of parallel high-
                                                grade zones (on the “hill” and
                                                regionally)
                                         •   Continue step-out drilling
                                         •   Advance permitting
                                         •   Drill to provide material for           Three Hills
                                             metallurgical characterization
                                             of Three Hills
                                         •   Initiate baseline environmental
                                             studies
ALLIED NEVADA:




                                         •   Review district for potential
                                             complementary opportunities
                                              – Klondike Flats
                                              – Three Hills
     64
                                                                                                                                 Wildcat
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                           Money
                                                            Zone
                                                           Target


                                                                                                                 Horseshoe
                                                                                                                   Zone
                                                                                                                  Target
ALLIED NEVADA:




                                         Resources1
                                                          Tons     Au, opt                 Au ozs.     Ag, opt
                                         Indicated      38,108,000  0.018                  686,000        0.16               Current Resource
                                         Inferred       28,355,000  0.015                  425,000         n/a
                                                                                                                             Target Areas
                                                                                         1,111,000
     65                                  1. Resources are from the August 14, 2006 Technical Report.
                                                      Wildcat Exploration

                                         • Wholly owned property located
                                           approximately 20 miles south
                                           (as the crow flies) of the current
                                           active mining area at Hycroft
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         • Low-grade disseminated deposit
                                           with high-grade veins
                                         • 2012 program goals
                                             • 25,500 feet of drilling
                                             • Target to initiate a PEA by year
                                               end 2012
                                                 •   Initiate baseline monitoring for
                                                     permitting
ALLIED NEVADA:




                                                 •   Engineering studies
                                                 •   Metallurgical studies


     66
     ALLIED NEVADA:   LOGICAL | RESPONSIBLE | GROWTH | VALUE




67
                                        Banded veins
                                                               Geologic Cross Section – Hero-Tag
     ALLIED NEVADA:   LOGICAL | RESPONSIBLE | GROWTH | VALUE




68
                                                               Geologic Cross Section – Main Hill
     ALLIED NEVADA:   LOGICAL | RESPONSIBLE | GROWTH | VALUE




69
                                                               Geologic Cross Section – Cross Roads
                                                                                   Pony Creek Region
                                         •   Indicated and Inferred resources
                                             of approx. 1.5 million ounces of
                                             gold
                                         •   Carlin-style, sediment hosted gold
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                             system similar to Newmont’s Rain
                                             and Emigrant Springs Mines
                                         •   Along trend of the recently
                                             announced Gold Standard
                                             Ventures high-grade
                                             mineralization
                                         •   Historic drilling has identified
                                             mineralization in several locations
                                             on the property warranting
                                             additional follow-up
ALLIED NEVADA:




     70
                                         Advancing Properties: Cortez Regional Project
                                                                  A prolific district hosting over
                                                                    30 Million ounces of gold
                                                                  • Cortez Region is comprised of 8
                                                                    properties located proximal to Barrick
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                    Gold’s Cortez Property

                                                                  • 1,176 unpatented lode claims covering
                                                      Red Hill      approximately 24,300 acres.
                                                      Gold Rush
                                                                  • Favorable host rocks and geochemistry
                                                                    outcropping on the Toy.

                                                                  • High grade deposits continue to be
                                                                    discovered with Barrick’s 2011 discovery
                                                                    of +3M Au at Red Hill and Gold Rush



                                                                  2012 Program designed to identify
                                                                  potential targets:
ALLIED NEVADA:




                                                                  • complete surface mapping and
                                                                     geophysical surveys
                                                                  • drill at least one property


     71
                                                         Illipah
                                         • Initial modest drill program
                                           completed in 2011

                                         • Follow-up drill program planned for
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                           the third quarter of 2012

                                         • Drill target consists of Pilot – Devils
                                           Gate contact proximal to potential
                                           feeder structures

                                         • Mapping of the property and
                                           adjacent areas on-going to identify
                                           additional opportunities
ALLIED NEVADA:




     72
Steve Jones
Executive Vice President & Chief Financial Officer
                                                                                               Financial Strategies

                                         • Management’s immediate focus is on delivering sustainable
                                           operations while maintaining a strong credit profile
                                         • Dedication to modest leverage and a conservative capital
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                           structure
                                         • Maintain significant liquidity
                                            – Minimum cash balance plus fully undrawn revolver
                                            – Cash balance of $240mm as at March 31, 2012, and undrawn revolver
                                              of $30mm
                                            – May 2012 note offering for net proceeds of $389 million
                                         • Maintain financial flexibility
ALLIED NEVADA:




     74
                                                                                                                                                      Gold Pricing & Economics


                                                                                                                         Gold Price Performance

                                                                $2,000
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                               Current Spot          Hycroft Technical Report Price       ANV Cash Costs
                                                                $1,800

                                                                                                                                                                                       Current Spot Price: $1,620/oz
                                                                                                                                                                                       Current Spot Price: $1,557/oz
                                                                $1,600

                                                                $1,400
                                          Gold Price (US$/oz)




                                                                $1,200
                                                                                                                                                                                 $1,000/oz (Hycroft Technical Report)
                                                                $1,000

                                                                 $800

                                                                 $600

                                                                 $400                                                                                                         Life of Mine Average Cash Cost: $283/oz(1)

                                                                 $200

                                                                    --
ALLIED NEVADA:




                                                                     2000   2001   2002       2003   2004    2005     2006     2007   2008     2009      2010     2011        2012    2013    2014    2015    2016     2017




                                         Source: Bloomberg, gold spot price as of June 6, 2012
                                         1. Cash cost figure as per NI 43-101 Hycroft technical report as of April 2012, gold price of $1,000/oz and silver price of $18/oz
     75                                  Note: Allied Nevada cash costs are net of Ag byproduct contribution
                                                                                                                                                                                     Silver Pricing


                                                                                                                         Silver Price Performance

                                                                  $60
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                         Current Spot                 Hycroft Technical Report Price


                                                                  $50



                                                                  $40
                                          Silver Price (US$/oz)




                                                                                                                                                                                Current Spot Price: $29/oz
                                                                                                                                                                                 Current Spot Price: $28/oz
                                                                  $30
                                                                                                                                                                         $


                                                                  $20                                                                                                        $18/oz (Hycroft Technical Report)



                                                                  $10



                                                                   --
ALLIED NEVADA:




                                                                    2000   2001   2002      2003        2004   2005   2006    2007      2008     2009   2010   2011   2012    2013    2014    2015    2016       2017




                                         Source: Bloomberg, silver spot price as of June 6, 2012
     76
                                                                   Funding Sources for Hycroft Expansion Project
                                         Allied Nevada is currently expected to have sufficient cash on the balance sheet and available
                                                     funding sources to complete the heap leach and milling expansions
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                           Additional funding sources

                                                                                                           • Equipment leasing
                                                                                      $675
                                                                                      $676
                                                                                                             program
                                                                                                           • Strong operating cash
                                                                                                   $983


                                                                                                             flow generation

                                                                        $389
                                                                        $388
                                                                                                           • Revolving credit facility

                                                                                                   $187
                                                            $140
                                              $39
ALLIED NEVADA:




                                                                                                   $73

                                           Funds Spent   Cash on B/S   HY Bond     Additional      Total
                                                                                 Funding Sources




     77
                                                                                             Potential Cash Flow Generation: 2012 to 2016
                                         •                           Cash and equivalents of $275 million at December 31, 2011
                                         •                           Capital lease availability
                                         •                           Raised $389 million in high yield debt in May 2012
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                               Closing Year End Cash Balances Through Period of Major Capital Spending
                                                                     1600
                                                                                   Debt                                                                     1449
                                                                     1400
                                                                                   Capital Expenditures
                                                                     1200          Cash ($1,600/$28)
                                                                                                                                                            1100
                                                                                   Cash ($1,400/$25)
                                             US dollars (millions)




                                                                     1000
                                                                                   Cash ($1,200/$21)                                      877

                                                                      800          Cash ($1,000/$18)
                                                                                                                                          641               677
                                                                      600                          563          540                560
                                                                                                                490                             384
                                                                                                                438                441
                                                                      400                                       388
                                                                                                                                   314                      287
                                                                                   275
ALLIED NEVADA:




                                                                      200                                                          195         143
                                                                              45             499   207    503   314          599   460   559    251   573   138
                                                                        0
                                                                              2011A           2012E       2013E              2014E       2015E        2016E

                                         Based on April 2012 LOM model, as reported in the April 9, 2012 Technical Report.
                                         Debt includes high yield debt and capital leases.
     78
                                                                         Cash Sensitivities: Changes in Production and Capital
                                                                                                                                                                                 Note: Sensitivities are
                                         Sensitivity to changes in Capital Expenditures                                                                                          calculated at $1400 Au and
                                                                 800                                                                                                             $25 Ag for 2012 and $1,200
                                                                                                                                                                     677         Au and $21 Ag thereafter.
                                                                 700
                                                                                                                             599                                    573
                                                                 600                       499                                                 559
                                                                                                 563           503                                                               Debt includes high yield
                                                                 500                             506                                                                             debt and capital leases.
                                                                                                                     438
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                 400                                                                                 384
                                                                 300                                                 292           314
                                                                              275                                                                                      274
                                                                 200
                                                                 100    45
                                                                   0                                                               30                23
                                                                       2011A           2012E                  2013E         2014E          2015E                   2016E
                                                                       Debt         Base               Increased by 10%     Increased by 20%                Increased by 30%



                                         Sensitivity to changes in Operating Costs
                                                                         Debt         Base               Increased by 10%     Increased by 20%               Increased by 30%
                                                                 800
                                                                 700                                                                                                 677
                                                                                                                             599
                                                                 600                                                                            559                  573
                                         US Dollars (millions)




                                                                                           499
                                                                                                 563            503
                                                                 500                             518
ALLIED NEVADA:




                                                                                                                      438
                                                                 400                                                                                  384
                                                                                                                      361
                                                                 300                                                               314                                     293
                                                                              275
                                                                 200                                                               189
                                                                                                                                                      148
                                                                 100    45
                                                                   0
                                                                       2011A           2012E                  2013E         2014E              2015E                2016E
     79
                                                                             Cash Sensitivities: Changes in Operating Costs
                                         Sensitivity to changes in Production
                                                         Debt         Base           Decreased by 10%       Decreased by 20%            Decreased by 30%
                                              800
                                                                                                                                                    677
                                              700                                                               599
                                              600                             499563                                              559
                                                                                               503
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                              500                                                                                                   573
                                                                               494                   438
                                              400                                                                                       384
                                              300                                                                     314
                                                                275                                  276
                                              200
                                              100          45
                                                0                                                                     24
                                             -100
                                                                                                                                        -144           -134
                                             -200
                                                         2011A               2012E            2013E            2014E             2015E             2016E

                                         Note: Sensitivities are calculated at $1400 Au and $25 Ag for 2012 and $1,200 Au and $21 Ag thereafter.
                                         Debt includes high yield debt and capital leases.
ALLIED NEVADA:




     80
                                                                                                                                                                                Conclusions
                                         • One of the largest expansion projects in North America in progress
                                         • Permitting is proceeding very well
                                                 – Earlier than anticipated receipt of the gyratory crusher construction permit
                                                 – Very positive and cooperative relationship with local, state and federal authorities
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         • Concentrate – positive discussions with interested parties
                                                 – Interested parties are currently testing concentrate in their facilities (autoclaves, roasters
                                                   and smelters)
                                                 – Initial terms being discussed are in-line with expectation (as assumed in the feasibility study)
                                         • Organic growth
                                                 – Significant pipeline of exploration properties in various stage of advancement
                                         • Financial discipline
                                                 – Disciplined approach to capital deployment (flexible flow sheet)
                                                 – Fully financed (assuming cash, cash flow* capital leases and debt)
                                                 – Tight share structure, significant Insider position
ALLIED NEVADA:




                                         * Cash flow based on the financial model and operating plan presented in the April 2012 Hycroft Technical Report (at metal selling prices of $1,400 Au and $25 Ag
                                           for 2012 and $1,000 and $18 Ag thereafter).
     81
Appendix
                                                                                                                                 Key Investment Highlights
                                                                                           •   Mine currently in production with significant growth expected over the next 3 years
                                                                                                  – 2012 production: 180K-200Koz Au / 750K-850Koz Ag
                                                                                                  – 2013 production: 287Koz Au / 2.8 Moz Ag
                                                                                                  – 2015-2024 average production: 582 Koz Au, 29.1 Moz Ag
                                                             Hycroft to Become one of
                                                                                           •   Cash operating costs transitioning to lower 1/3 of the global cash costs
                                                             the Largest Gold Mines in
     ALLIED NEVADA: LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                   – 2015-2024 average : $166/oz of Au sold (with silver byproduct credit)
                                                             North America
                                                                                           •   Large resource base with 12.7 Moz Au and 481.7 Moz Ag
ALLIED NEVADA: LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                   – Drilling indicates additional mineralization potentially exists beyond current
                                                                                                      Hycroft expansion project
                                                                                                   – Hasbrouck project offers near-term growth prospects

                                                                                           •   Significant and growing cash flow generation potential
                                                             Solid Financial Position      •   Strong cash position of $240 million at 3/31/2012
                                                                                           •   $71 million adjusted EBITDA1 generated between 03/31/11 and 03/31/12


                                                             Experienced Management        •   Proven management team and Board with extensive experience in the mining industry
                                                             and Operating Teams and       •   Demonstrated track record in operations and project development
                                                             Board                         •   Strong safety track record


                                                                                           •   Demand continues to outpace worldwide supply
                                                                                           •   Gold is still viewed by investors as hedge against inflation and a potential collapse of
                                                             Attractive Industry Outlook       fiat currencies
                                                             and Stable Operating          •   Strong pricing environment continues to enhance precious metals companies’ ability
                                                             Jurisdiction                      to generate strong cash flows and realize improved margins
                                                                                           •   All of company’s assets are located in Nevada, a state with a long history of gold
                                                                                               mining, and many of company’s employees are from the region

        83
                                                                                              Board of Directors and Management Team

                                         Management team has on average 30 years of mining experience
LOGICAL | RESPONSIBLE | GROWTH | VALUE
ALLIED NEVADA:




                                           Source: Company information and website, Boardex
     84
                                                                                                                   Hycroft Reserves/Resources Summary
                                                                                                    Proven and Probable Reserves as of 12/31/11
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                            Measured and Indicated Resources (Exclusive of Reserves) as of 12/31/11
ALLIED NEVADA:




                                         Source: April 2012 Hycroft Technical Report
                                         Note: Total inferred resource as of 12/31/11 is 534,938Kt with AuEq grade of 0.0145 oz/ton
                                         Reserve and resource estimate based on gold and silver prices of $800/oz and $14/oz, respectively
                                         Note: See appendix for notes on the Technical disclosure

     85
                                                                           Hycroft Resource Sensitivity to Metal Prices


                                         Whittle cones at various metal prices:
                                                                                                                           Total Contained Ounces
                                                Metal Prices                 Total Tons           Waste Tons
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                                                                                                    (000s)
                                             Au                Ag               (000s)                (000s)                  Au                     Ag
                                            $400               $7              129,260               58,345                 1,160                  64,405
                                            $600               $11            1,600,978              951,999                8,073                 351,988
                                            $800               $14            2,561,305             1,426,636               12,651                481,881
                                           $1,000              $18            4,072,112             1,974,611               20,490                721,335
                                           $1,100              $19            4,316,917             2,012,218               21,731                757,375
                                           $1,200              $21            4,497,023             2,007,042               22,673                786,313
                                           $1,400              $25            4,874,219             2,066,819               24,064                834,987
                                           $1,600              $28            5,104,468             2,043,782               24,935                867,701
                                           $1,800              $32            5,304,724             2,011,334               25,568                896,850
                                           $2,000              $35            5,696,406             2,122,481               26,362                930,344

                                         This sensitivity analysis assumes a constant silver to gold price ratio of 57.14:1. The $800 per ounce of gold and $14 per
ALLIED NEVADA:




                                         ounce of silver line (yellow highlight) reflects our current reserve estimate. The $1,200 per ounce gold price line (green
                                         highlight) hypothetically represents an in-pit reserve, assuming a trailing 3-year average gold price of $1,256 per ounce.




     86
                                                                                                                                     Notes on Technical Disclosure
                                         •     Hycroft Mine
                                                 –     Scott Wilson of Scott E. Wilson Consulting, Inc. is a Certified Professional Geologist and member of the American Institute of Professional Geologists in Denver,
                                                       Colorado, and is a Qualified Person as defined by NI 43-101. Mr. Wilson is the independent resource estimate consultant for Allied Nevada Gold Corp.
                                                 –     Scott E. Wilson Consulting, Inc. has recommended an ordinary kriging estimate as the preferred method of determining the Mineral Resource estimate.
                                                       Inferred Mineral Resource calculations are based on 25 foot drill hole composites of 5 foot sample intervals. All estimates are based on a block dimension of 50
                                                       feet long x 50 feet wide x 25 feet tall with the estimation parameters determined by variography
                                                 –     When we use the term “April 2012 Technical Report” or “Hycroft April 2012 Technical Report” we are referring to the technical report dated April 9, 2012 titled
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                                       “Technical Report, Allied Nevada Gold Corp. Hycroft Mine, Winnemucca, Nevada, USA” prepared pursuant to NI 43-101. This technical report supports the
                                                       disclosure of mineral resources and mineral reserves and our feasibility study with respect to the Hycroft Mines
                                                 –     Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may also be materially
                                                       affected by the inability to obtain required environmental and other regulatory approval or operating permits. The estimate may also be materially affected by
                                                       global economic conditions such as the price of gold and silver, the price of oil and other commodities utilized in the production of gold and silver. Unknown
                                                       geologic or hydrologic conditions or other unknown factors may materially affect the resource estimates
                                                 –     A processing method and plant, different from that currently operating at the Hycroft Mine, and all associated regulatory approvals, are required to recover
                                                       gold and silver from sulfide mineralization
                                                 –     Gold equivalent cutoff grades for 2011 were calculated using a gold price of $800 per ounce and a silver price of $14.00 per ounce for a gold to silver ratio of
                                                       57.14:1
                                                 –     Estimates of Mineral Reserves and Resources may be materially affected by environmental permitting, legal and other relevant issues

                                         •     Hasbrouck Property
                                                 –     The Hasbrouck Report supported the disclosure of the announcement in February 2012 of the results of a PEA for the Hasbrouck project.
                                                 –     The PEA was developed by our technical staff with contributions from a number of specialist consultants. The economics are estimated using selling metal
                                                       selling prices of $1,000 per ounce for gold and $18 per ounce for silver. The inferred resource was estimated using a gold price of $800 per ounce and a silver
                                                       price of $14 per ounce.
                                                 –     When we use the term “Hasbrouck Report” in this presentation we are referring to the technical report dated April 11, 2012, entitled “Technical Report, Allied
                                                       Nevada Gold Corp., Hasbrouck Property, Tonopah, Nevada, USA” prepared pursuant to NI 43-101. The Hasbrouck Report supports the disclosure of the PEA and
                                                       the mineral resources discussed herein announcement in February 2012 of the results of a preliminary economic assessment for the Hasbrouck project.
                                                 –     Inferred mineral resources that are not mineral reserves do not have demonstrated economic viability, and companies are generally not permitted to disclose
                                                       inferred mineral resources in documents they file with the SEC. Due to the uncertainty which may attach to inferred mineral resources, there is no assurance
                                                       that inferred mineral resources will be upgraded to proven and probable mineral reserves as a result of continued exploration or that any part of the inferred
                                                       mineral resources is economically or legally mineable or that all or any part of an inferred resource exists.
ALLIED NEVADA:




                                         The Technical reports relating to the Hycroft Mine and Hasbrouck Property described above are based, in part, on assumptions in the technical reports
                                         referred to above regarding future conditions, such as the cost of gold and silver, the cost and timely completion of planned construction projects, the amount
                                         of mineral reserves, grade and recovery rates that can be actually mined and processed, our cost of capital and our operating costs. Our actual production may
                                         be lower than our production estimates and our actual adjusted cash costs may be higher than our adjusted cash costs estimates.



     87
                                                                              Cautionary notice regarding mineral reserve and resource estimates


                                         As a reporting company under United States federal securities laws, we report our mineral reserve and mineralized material estimates in accordance with SEC
                                         Industry Guide 7. In accordance with SEC Industry Guide 7, resources have been reported in our filings with the SEC as “mineralized material.” Since the shares of
                                         our common stock are also listed in Canada on the Toronto Stock Exchange, we also file reports in Canada as required by applicable Canadian securities laws,
                                         which includes mineral resource estimates prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to
                                         in Canadian National Instrument 43-101—Standards of Disclosure for Mineral Projects (“NI 43-101”).
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         Our proven and probable mineral reserve estimates contained throughout this document are as of December 31, 2011, except where otherwise stated, and have
                                         been prepared in accordance with SEC Industry Guide 7. Additional disclosures in this document using mineral resource classification terms do not comply with
                                         SEC Industry Guide 7, but were prepared to comply with reporting standards in Canada, and certain mineral resource estimates have been made in accordance
                                         with NI 43-101. These standards differ significantly from the mineral reserve disclosure requirements of the SEC set out in SEC Industry Guide 7. Consequently,
                                         mineral resource information contained in this document is not comparable to similar information that would be disclosed in accordance with the rules of the
                                         SEC.
                                         In particular, SEC Industry Guide 7 applies different standards in order to classify mineralization as a reserve. Under SEC standards, mineralization may not be
                                         classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the
                                         reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized
                                         material as reserves under the SEC standards.
                                         In addition to proven and probable mineral reserves, as determined in accordance with SEC Industry Guide 7, we have also used the terms “mineral resources,”
                                         “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” in this document. We advise U.S. investors that while these
                                         terms are recognized and required by Canadian regulations, the SEC does not recognize them and U.S. companies are generally not permitted to disclose
                                         resources in documents they file with the SEC. Investors are specifically cautioned not to assume that any part or all of the mineral deposits in these
                                         categories will ever be upgraded to a higher category or converted into SEC defined mineral reserves. Investors are cautioned not to assume that any part of
                                         the reported “mineral resources,” “measured mineral resources,” “indicated mineral resources” or “inferred mineral resources” in this document is
                                         economically or legally mineable or that all or any part of an inferred resource exists. Under NI 43-101, estimates of “inferred mineral resources” may not form
                                         the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not
                                         constitute “reserves” as in-place tonnage and grade without reference to unit measures. The terms “contained gold ounces” and “contained silver ounces” used
                                         in this document are not permitted under the rules of the SEC.
ALLIED NEVADA:




                                         Reports cited in this document
                                         When we use the term “Hycroft April Report” in this document we are referring to the technical report dated April 9, 2012, entitled “Technical Report,
                                         Allied Nevada Gold Corp., Hycroft Mine, Winnemucca, Nevada, USA” prepared pursuant to NI 43-101, under the supervision of an independent
                                         Qualified Person, as defined in NI 43-101. The Hycroft April Report updated the technical report we filed on October 5, 2011, which was prepared to
                                         describe the feasibility study undertaken to assess the economic benefit of operating a process plant capable of treating the transition and sulfide
                                         reserves in addition to the oxide heap leach process currently employed at the Hycroft Mine.



     88
                                                                                                                                                                                   Qualified Persons
                                         Qualified Persons Involved with the Hycroft April Report
                                         David C. Flint, CPG: The Hycroft April Report was prepared under the supervision of David C. Flint, Vice President of Exploration for Allied Nevada, a Qualified Person as defined by NI
                                         43-101. Mr. Flint was responsible for the preparation or supervision of the data contained in all sections of the Hycroft April Report.
                                         Donald A. Harris, CPG: Information in the Hycroft April Report was prepared under the supervision of Donald C. Harris, Hycroft Exploration Manager, a Qualified Person as defined by
                                         NI 43-101. Mr. Harris was responsible for executing the exploration plan at Hycroft, defining and collecting geometallurgical and geoenvironmental test samples, managing
                                         hydrogeologic drilling programs and conducting geotechnical programs. Mr. Harris was also responsible for construction of the geologic models and implementation of the QA/QC
                                         programs and maintenance and verification of the drill hole database. Mr. Harris was responsible for the preparation or the supervision of the data contained in Sections 7, 8, 9, 10, 11
                                         and 12 of the Hycroft April Report.
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         Mark G. Gorman, PE: Information contained in the Hycroft April Report was prepared under the supervision of Mark Gorman, Corporate Metallurgist for Allied Nevada, a Qualified
                                         Person as defined by NI 43-101. Mr. Gorman was responsible for design and execution of metallurgical testing at the various independent laboratories and maintaining the metallurgical
                                         recovery model. Mr. Gorman estimated the plant operating costs and assisted in development of flowsheet parameters. Mr. Gorman was responsible for the preparation or the
                                         supervision of the data contained in Sections 13, 17, 21.1.5, 21.3 and 21.4 of the Hycroft April Report.
                                         Daniel Moore, PE: Information in the Hycroft April Report was prepared by or under the supervision of Daniel Moore, Vice President, Technical Services for Allied Nevada, a Qualified
                                         Person as defined by NI 43-101. Mr. Moore was responsible for supervision of the mine plan based on the Hycroft block model. Mr. Moore was responsible for the preparation or the
                                         supervision of the data contained in Sections 15 and 16 of the Hycroft April Report.
                                         Anthony Peterson, PE: Information in the Hycroft April Report was prepared by Anthony Peterson, Corporate Mine Planning Engineer for Allied Nevada, a Qualified Person as defined
                                         by NI 43-101. Mr. Peterson was responsible for designing the mine plan based on the Hycroft block model. Mr. Peterson was responsible for the preparation or the supervision of the
                                         data contained in Sections 15 and 16.3 of the Hycroft April Report.
                                         Scott E. Wilson, CPG: Information in the Hycroft April Report was prepared by Scott E. Wilson, a principal of Scott E. Wilson Consulting, Inc. and an independent Qualified Person as
                                         defined by NI 43-101. Mr. Wilson’s mandate was to determine the current property wide oxide and sulfide gold and silver mineral resource estimates and to determine the proven and
                                         probable mineral reserves. Mr. Wilson was responsible for the construction of the Hycroft block model and the interpretation of statistics and grade estimation techniques for the Hycroft
                                         Mine. Mr. Wilson was responsible for the preparation or the supervision of the data contained in Sections 14 and 15 of the Hycroft April Report.
                                         When we use the term “Hasbrouck Report” in this document we are referring to the technical report dated April 11, 2012, entitled “Technical Report, Allied Nevada Gold Corp.,
                                         Hasbrouck Property, Tonopah, Nevada, USA” prepared pursuant to NI 43-101, under the supervision of an independent Qualified Person, as defined in NI 43-101. The Hasbrouck
                                         Report supported the disclosure of our announcement in February 2012 of the results of a preliminary economic assessment (the “PEA”) for the Hasbrouck project.
                                         Qualified Persons Involved with the Hasbrouck Report
                                         David C. Flint, CPG: The Hasbrouck Report was prepared under the supervision of David C. Flint, Vice President of Exploration for Allied Nevada, a Qualified Person as defined by NI
                                         43-101.
                                         Kevin Kunkel, CPG: Information in the Hasbrouck Report was prepared under the supervision Mr. Kevin Kunkel, Manager of Regional Exploration, a Qualified Person as defined by NI
                                         43-101. Mr. Kunkel initiated the Hasbrouck exploration program and was responsible for collecting data and formulating the geologic model. Mr. Kunkel was responsible for the
                                         preparation or the supervision of the data contained in Sections 7, 8, 9, and 10 of the Hasbrouck Report.
ALLIED NEVADA:




                                         Mark G. Gorman, PE: Information contained in the Hasbrouck Report was prepared under the supervision of Mark Gorman, Corporate Metallurgist for Allied Nevada, a Qualified Person
                                         as defined by NI 43-101. Mr. Gorman was responsible for design and execution of metallurgical testing at the various independent laboratories and developing the metallurgical recovery
                                         model. Mr. Gorman was responsible for the preparation or the supervision of the data contained in Sections 13 and 17 of the Hasbrouck Report.
                                         Daniel B. Moore, PE: Information contained in the Hasbrouck Report was prepared under the supervision of Daniel Moore, Vice President of Technical Services for Allied Nevada, a
                                         Qualified Person as defined by NI 43-101. Mr. Moore was responsible for mine planning and scheduling. Mr. Moore was responsible for the preparation or the supervision of the data
                                         contained in Section 16 of the Hasbrouck Report.
                                         Scott E. Wilson, CPG: Information contained in the Hasbrouck Report was prepared under the supervision of Scott E. Wilson, a principal for Scott E. Wilson Consulting, Inc. and an
                                         independent Qualified Person as defined by NI 43-101. Mr. Wilson was responsible for the construction of the Hasbrouck block model and interpretation of the statistics and grade
     89                                  estimation techniques. Mr. Wilson was responsible for the preparation or the supervision of the data contained in Section 14 of the Hasbrouck Report.
                                                                                                                                      Key Assumptions & Risk Factors
                                         Key assumptions
                                         The conclusions reported in the Hycroft April Report and Hasbrouck Report described above, are based, in part, on assumptions in such technical reports regarding future conditions,
                                         such as the cost of gold and silver, the cost and timely completion of planned construction projects, the amount of mineral reserves, mineralized materials, including measured, indicated
                                         and inferred mineral resources, grade and recovery rates that can be actually mined and processed, our cost of capital and our operating costs. Our actual production may be lower
                                         than our production estimates and our actual adjusted cash costs may be higher than our adjusted cash costs estimates.

                                         Risk factors
                                         Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any of those risks actually occur, our
                                         business, financial condition and results of operations would suffer. The risks discussed below also include forward-looking statements, and our actual results may differ substantially
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         from those discussed in these forward-looking statements. See “Cautionary statement regarding forward-looking statements” in this document.
                                         The estimation of the ultimate recovery of gold and silver from the Hycroft Mine, although based on standard industry sampling and estimating methods is subjective.
                                         Actual recoveries may vary from our estimations.
                                         Our Hycroft Mine utilizes the heap leach process to extract gold and silver from ore. The heap leach process extracts gold and silver by placing ore on an impermeable pad and applying
                                         a diluted cyanide solution that dissolves a portion of the contained gold and silver, which are then recovered in metallurgical processes. We use several integrated steps in the process
                                         of extracting gold and silver to estimate the metal content of ore placed on the leach pad. Although we refine our estimates as appropriate at each step in the process, the final amounts
                                         are not determined until a third-party smelter converts the doré and determines final ounces of gold and silver available for sale. We then review this end result and reconcile it to the
                                         estimates we developed and used throughout the production process. Based on this review, we adjust our estimation procedures when appropriate. Due to the complexity of the
                                         estimation process and the number of steps involved, among other things, actual recoveries can vary from estimates, and the amount of the variation could be significant and could
                                         have a material adverse impact on our financial condition and results of operations.
                                         Each of these factors not only applies to our current and future operations at the Hycroft Mine, but will also apply to our Hasbrouck property and any future development of other
                                         properties not yet in production. In the case of mines that we may develop in the future, we will not have the benefit of actual experience in our estimates with respect to those mines,
                                         and there is a greater likelihood that actual results will vary from the estimates.
                                         Reserve and mineralized material calculations, including measured, indicated and inferred resources, are estimates only, and are subject to uncertainty due to factors
                                         including metal prices, inherent variability of the ore and recoverability of metal in the mining process.
                                         The calculation of mineral reserves, mineralized material, including measured, indicated and inferred mineral resources, and grading are estimates and depend upon geological
                                         interpretation and statistical inferences or assumptions drawn from drilling and sampling analysis, which may prove to be unpredictable. There is a degree of uncertainty attributable to
                                         the calculation of mineral reserves, resources and corresponding grades. Until mineral reserves and mineralized materials are actually mined and processed, the quantity of ore and
                                         grades must be considered as an estimate only. In addition, the quantity of mineral reserves and mineralized materials and ore may vary depending on metal prices. Any material
                                         change in the quantity of mineral reserves, mineralized materials, mineralization, grade or stripping ratio may affect the economic viability of our properties. In addition, we can provide
                                         no assurance that gold recoveries or other metal recoveries in small-scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production.
                                         Due to the uncertainty relating to inferred mineral resources, we cannot assure you that inferred mineral resources will be upgraded to proven and probable mineral
                                         reserves as a result of continued exploration.
ALLIED NEVADA:




                                         Inferred mineral resources that are not mineral reserves do not have demonstrated economic viability, and companies are generally not permitted to disclose inferred mineral resources
                                         in documents they file with the SEC. Due to the uncertainty which may attach to inferred mineral resources, we cannot assure you that inferred mineral resources will be upgraded to
                                         proven and probable mineral reserves as a result of continued exploration. See “Cautionary notice regarding reserve and resource estimates.”
                                         Our gold and silver production may decline, reducing our revenues and negatively impacting our business.
                                         Our future gold and silver production may decline as a result of an exhaustion of reserves and possible closure of mines. It is our business strategy to conduct gold and silver
                                         exploratory activities at the Hycroft Mine and the Hasbrouck property. We may also consider from time to time the acquisition of gold and silver mining properties and businesses or
                                         reserves that possess minable ore reserves and are expected to become operational in the near future. We can provide no assurance that our gold and silver production in the future
                                         will not decline. Accordingly, our revenues from the sale of gold and silver may decline, negatively affecting our results of operations.

     90
                                                                                                                                                              Risk Factors continued…
                                         We may not achieve our production estimates and our adjusted cash costs for our operations may be higher than our estimates.
                                         We prepare estimates of future production and adjusted cash costs for our operations. We develop our estimates based on, among other things, mining experience, reserve and
                                         mineralized material, including measured, indicated and inferred mineral resources, estimates, assumptions regarding ground conditions and physical characteristics of ores (such as
                                         hardness and presence or absence of certain metallurgical characteristics) and estimated rates and costs of mining and processing. All of our estimates are subject to numerous
                                         uncertainties, many of which are beyond our control. The conclusions reported in the Hycroft April Report and the Hasbrouck Report (including the PEA contained therein) are based, in
                                         part, on assumptions in such technical reports regarding future conditions, such as the cost of gold and silver, the cost and timely completion of planned construction projects, the
                                         amount of mineral reserves and mineralized material, including measured, indicated and inferred mineral resources, grade and recovery rates that can be actually mined and processed,
                                         our cost of capital and our operating costs. Our actual production may be lower than our production estimates and our actual adjusted cash costs may be higher than our adjusted cash
LOGICAL | RESPONSIBLE | GROWTH | VALUE




                                         costs estimates. While we believe that our estimates are reasonable, actual results will vary and such variations may be material. These estimates are necessarily speculative in nature,
                                         and it may be the case that one or more of the assumptions underlying such projections and estimates may not materialize. Investors in the notes are cautioned not to place undue
                                         reliance on the projections and estimates set forth in this document.
                                         We may be unable to replace our third party carbon strip processor in a timely manner, which could delay our processing and sale of gold and silver.
                                         We recover gold and silver from a leach pad’s pregnant solution by use of two different methods, one of which is the Carbon-in-Column process (“CIC process”) in which gold and silver
                                         are recovered through on-site carbon columns. Because the Hycroft Mine does not have on-site processing facilities to strip and regenerate carbon, approximately 25% of the mine’s
                                         total gold and silver production has been sent to off-site processing facilities to produce a doré containing gold and silver which has then been sent to the refiner. We recently received
                                         notification from the primary offsite company that processes carbon indicating that they would no longer be able to process the carbon from Hycroft. As a result, we are unable to
                                         recover gold and silver from our carbon columns at this time. Our inventory of gold will continue to increase until we engage a replacement processor or complete construction of our
                                         own processing facility. Due to the timing of permitting, management does not believe construction of an on-site processing facility will be completed in 2012. At the date of this
                                         document, we estimate that there is approximately 13,000 ounces of gold on carbon awaiting processing. We can provide no assurance that a new carbon processing agreement will be
                                         on terms that are similar to or more favorable than the agreement that was recently terminated, if at all. Any delay in our ability to process gold and silver on carbon has a negative effect
                                         on our working capital, which will become more pronounced the longer the delay.
                                         Our operations are subject to numerous governmental permits that are difficult to obtain and we may not be able to obtain or renew all of the permits we require, or such
                                         permits may not be timely obtained or renewed.
                                         In the ordinary course of business we are required to obtain and renew governmental permits for our operations, including in connection with our mining and exploration plans at the
                                         Hycroft Mine and our exploration plan at our Hasbrouck property. We also need a significant number of governmental permits in order to complete our expansion of the Hycroft Mine
                                         operations, including without limitation, permits to operate the gyratory crusher, begin construction and installation of the mill equipment, construct a new leach pad and expand existing
                                         pits, and allow mining below the water table. Obtaining or renewing the necessary governmental permits is a complex and time-consuming process involving costly undertakings by us.
                                         The duration and success of our efforts to obtain and renew permits are contingent upon many variables not within our control, including the interpretation of applicable requirements
                                         implemented by the permitting authority and intervention by third parties in any required environmental review. We may not be able to obtain or renew permits that are necessary to our
                                         operations on a timely basis or at all, and the cost to obtain or renew permits may exceed our estimates. Failure to comply with the terms of our permits may result in injunctions, fines,
                                         suspension or revocation of permits and other penalties. We can provide no assurance that we have been or will at all times be in full compliance with all of the terms of our permits or
                                         that we have all required permits. The costs and delays associated with compliance with these permits and with the permitting process could delay or stop us from executing our Hycroft
                                         Mine expansion project, proceeding with the operation or development of a property or increase the costs of development or production and may materially adversely affect our
ALLIED NEVADA:




                                         business, results of operations or financial condition.
                                         We cannot be certain that our future exploration and development activities will be commercially successful.
                                         Substantial expenditures are required to further explore our Hycroft and Hasbrouck properties, to establish reserves and mineralized materials through drilling and analysis, to develop
                                         metallurgical processes to extract metal from the ore and, in the case of new properties or the expansion of our existing projects, to develop the mining and processing facilities and
                                         infrastructure at any site chosen for mining. We cannot provide assurance that any reserves or mineralized materials discovered will be in sufficient quantities to justify commercial
                                         operations or that the funds required for development can be obtained on a timely basis. A number of factors, including costs, actual mineralization, consistency and reliability of ore
                                         grades and commodity prices, affect successful project development. The efficient operation of processing facilities, the existence of competent operational management, as well as the
                                         availability and reliability of appropriately skilled and experienced consultants also can affect successful project development. There can be no assurance that our exploration and
                                         development programs, including the advancement of the Hycroft Mine oxide operation, the Hycroft Feasibility Study for the mill expansion project and the Hasbrouck PEA, will result in
     91                                  economically viable mining operations or yield new mineral reserves or mineralized materials.

				
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