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MAX.TSX MDRPF.OTCQX STIBN BNITE GOLD GOLD PR PROJEC ECT, I IDAHO DAHO US USA 2014 PRE-FEASIBILITY STUDY December 15, 2014 www.midasgoldcorp.com Forward Looking Statements Statements contained in this presentation that are not


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SLIDE 1

STIBN BNITE GOLD GOLD PR PROJEC ECT, I IDAHO DAHO US USA

2014 PRE-FEASIBILITY STUDY

www.midasgoldcorp.com

MAX.TSX MDRPF.OTCQX

December 15, 2014

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SLIDE 2

2 December 15, 2014 Gold, rediscovered.

Forward Looking Statements

Statements contained in this presentation that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Corporation‘s properties, including but not limited to development and operating costs in the event that a production decision is made; success of exploration, development and environmental protection and remediation activities; permitting time lines and requirements,; requirements for additional capital,; requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential”, “confirm” or “does not anticipate”, “believes”, “contemplates”, “recommends” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute Forward-Looking Information to the extent that they involve estimates of the mineralization that may be encountered if the Stibnite Gold Project is developed. In preparing the Forward-Looking Information in this presentation, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2015(?) will be consistent with the Corporation‘s expectations; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration, development and environmental protection activities

  • n the Stibnite Gold Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and
  • perations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the

Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, the industry-wide risks and project-specific risks identified in the PFS and summarized above; risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and

  • ther natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under US federal and Idaho rules and

regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation‘s planned exploration and development activities on the Stibnite Gold Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation‘s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation‘s lack of

  • perating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements,

transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation's public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events

  • r results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this presentation to reflect events

  • r circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Cautionary Note The presentation has been prepared by Midas Gold management and does not represent a recommendation to buy or sell these securities. Investors should always consult their investment advisors prior to making any investment decisions.

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SLIDE 3

3 December 15, 2014 Gold, rediscovered.

Highlights: Midas Gold & the Stibnite Gold Project (1, 2)

Modest capital intensity

US$242/oz life-of-mine production

Low all-in sustaining costs

$US526/oz for first 4 years

(cash cost + royalties + sustaining capital)

Exploration Potential

All deposits open to expansion Multiple exploration prospects

Strong supporters

Franco-Nevada & Teck Resources

Low geopolitical risk

Idaho, USA – a stable mining jurisdiction

Multi-million oz deposit

8th largest gold reserve in the USA

Low cash costs

US$483/oz for first 4 years, US$568/oz life-of-mine (net of by-products)

Brownfields site

Restoration of extensive prior disturbance

Positive PFS

$832 million NPV at $1,350 gold, 19.3% IRR

(after tax at 5% discount rate)

(1) The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation. (2) See non-IFRS measures at conclusion

Scale

388,000 oz gold/year for first 4 years 337,000 oz gold/year life-of-mine

Superior grade

1.63g/t gold plus antimony and silver 4th Highest Grade Open Pit in USA

Strong after-tax cash flow

$294 million/year (Years 1-4) $254 million/year (Years 1-8)

Strategic by-products

Antimony + silver with production proven metallurgy

Size

4 million oz gold produced over 12 year mine-life

Restoration of Fish Passage

For first time since 1938

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SLIDE 4

4 December 15, 2014 Gold, rediscovered.

Idaho: A Mining Friendly State

Maplecroft identifies and monitors the key issues affecting the investment climates of 197 countries. The Atlas analyses yearly trends relating to dynamic risks, which reflect change over a short period of time, including governance, political violence, the macroeconomic environment, and included this year for the first time, resource nationalism. It also includes structural risks which reflect change over a longer timeframe, including economic diversification, resource security, infrastructure quality, the resilience of society to challenges, and the risk of complicity in human rights violations committed by regimes and business partners.

Stibnite Gold Project

Midas Gold Au-Sb Thompson Creek Mine Thompson Creek Mining Molybdenum Phosphate District Agrium, Monsanto, Simplot, Stonegate Sunshine Mine Sunshine Silver Mines Silver Lucky Friday Mine Hecla Mining Company Silver-Lead-Zinc Idaho Cobalt Project Formation Metals Copper-Cobalt

Coeur d’Alene Cascade

BOISE

IDAHO

Low geopolitical risk in a high risk world

McCall

(1) Fraser Institute Survey

Stibnite Gold Project

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SLIDE 5

5 December 15, 2014 Gold, rediscovered.

The Stibnite Gold Project

An economically feasible, socially & environmentally sound project….

  • >$1 billion to be invested in Idaho
  • ~1,000 well-paid jobs
  • 20-Year project, including construction, operations and

reclamation

…that will finance restoration…

  • Re-establish fish passage in the upper watershed
  • Rehabilitate stream channels and create wetlands
  • Remove and reprocess existing tailings
  • Re-use existing spent ore material for new construction
  • Rehabilitate historical impacts

…at an existing brownfields site in an economically depressed area

  • Some of highest unemployment & lowest wages in Idaho
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SLIDE 6

THE HE STIBN BNITE GOL GOLD P PROJE OJECT 2014 PF 2014 PFS HI HIGHLIGHT HTS

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SLIDE 7

7 December 15, 2014 Gold, rediscovered.

Preliminary Feasibility Study Highlights*

December 2014 (at $1,350 gold)

* The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

In this presentation, “M” = million, “k” = thousands, all amounts in US$, “LOM “ = Life-of-mine

14.0 8.3 56.0 99.9 Years 1-4 LOM

Antimony Production (millions lbs)

Average Annual Production Total Production

22.0% 19.3% IRR

pre-tax after-tax

$1,093M

$832m NPV5% (US$)

pre-tax after-tax

= $242/oz produced $483 $568 $1,350

Cash Costs vs. Gold Price (US$/oz) (2)

Years 1-4 LOM Gold Price

$970 $1,125

Capital Costs (US$ millions)

Initial LOM 388 337 1,551 4,040 Years 1-4 LOM

Gold Production (000s oz)

Average Annual Production Total Production

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SLIDE 8

8 December 15, 2014 Gold, rediscovered.

Stibnite Gold Project compared to US Mines and Projects

  • 500

1,000 1,500 2,000 Newmont Nevada Barric Cortez Barrick Goldstrike Stibnite Gold (Yrs 1-4)* Round Mountain Fort Knox Stibnite Gold (Life-of-mine)* Pogo Cripple Creek Leeville Bingham Canyon Turquoise Ridge

  • 5,000

10,000 15,000 20,000 25,000 30,000 35,000 40,000

Donlin Gold Hycroft Newmont Nevada Turquoise Ridge JV Barrick Cortez Livengood Barrick Goldstrike Cripple Creek & Victor Goldrush Carlin Underground Converse Bald Mountain Stibnite Gold* Mesquite Twin Creeks Spring Valley Fort Knox Sleeper 10,000 20,000 30,000 Newmont Nevada Barrick Cortez Barrick Goldstrike Hycroft Turquoise Ridge JV Pogo Cripple Creek and Victor Stibnite Gold* Marigold Fort Knox Bald Mountain Mesquite Round Mountain Jerritt Canyon Kensington 0.00 0.50 1.00 1.50 2.00 2.50 Mineral Ridge Cortez Golden Sunlight Stibnite Gold* Ruby Hill Nevada Operations Wharf Cripple Creek and Victor Buckskin Rawhide Borealis Briggs Round Mountain Bald Mountain Mesquite Florida Canyon Marigold Fort Knox Hycroft Source: USGS data for 2012 excluding mines/projects that are primarily copper or silver

4th largest or 6th largest LOM

Stibnite Gold (Yrs 1-4)* Stibnite Gold (Life-of-Mine)* Stibnite Gold* Stibnite Gold* Stibnite Gold*

8th largest 13th largest 4th highest grade

Largest US Gold Mines

2012 Production 000s oz Gold

Largest US Gold Mine Reserves

000s oz Gold

Largest US Gold Resources

(Measured + Indicated) 000s oz Gold

Highest Grade US Open Pit Gold Mines

g/t

Barrick Cortez * Stibnite Gold PFS, December 2014

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SLIDE 9

THE HE STIBN BNITE GOL GOLD P PROJE OJECT 2014 PF 2014 PFS SUM UMMAR ARY

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SLIDE 10

10 December 15, 2014 Gold, rediscovered.

Site Access and Regional Infrastructure

Key points:

  • Connect to grid power along existing right-of-way
  • Reduces fuel haul and spill risk
  • Reduces greenhouse gas emissions
  • Re-establish Burntlog/Thunder Mtn. access roads
  • Avoids travel adjacent to major waterways
  • Reduces traffic past residential areas
  • Cascade Complex
  • Administration, assay lab, warehousing
  • Reduces road traffic, camp size
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SLIDE 11

11 December 15, 2014 Gold, rediscovered.

Mineral Resources and Reserves By Deposit*

(September 10, 2014 / December 15, 2014)

Indicated Inferred

2.8 Moz 1.93 g/t Au 0.4 Moz 1.31 g/t Au

Indicated Inferred

1.1 Moz 0.4 Moz 1.52 g/t Au

Indicated Inferred

1.5 Moz 1.30 g/t Au 0.3 Moz 1.15 g/t Au

Yellow Pine Hangar Flats West End

* See disclaimers on at back of the presentation and Company news release dated September 10, 2014 for full details on the resource estimate.

Probable Reserves: 2.5 Moz 1.97 g/t Probable Reserves: 0.69 Moz 1.53 g/t Probable Reserves: 1.26 Moz 1.22 g/t Plus reserves of 102,000 oz at a grade of 1.17 g/t gold in historic tailings

Totals for all deposits: PROBABLE RESERVES 4.6 Moz included in INDICATED 5.5Moz and INFERRED 1.1 Moz

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SLIDE 12

12 December 15, 2014 Gold, rediscovered.

PFS Project Description

  • Power supplied via state grid installed along existing right-of-way
  • Fish passage around Yellow Pine pit during operations
  • Mining fleet based on 200 ton haul trucks and loaders
  • 3 pits and reprocessing of historical tailings
  • 22,050 tons/day process plant:
  • Primary (jaw) crusher & conveyor to crushed ore stockpile
  • One SAG and one ball mill
  • Antimony flotation with filtration and sale of concentrate
  • Gold flotation – rougher concentrates direct to autoclave (except West End)
  • Oxidize gold concentrate with single autoclave
  • Carbon-in-leach (CIL) circuit, carbon stripping & refining to doré
  • CN-destruction of CIL tailings
  • Synthetically lined tailings storage facility for comingled tailings
  • Rockfill dam
  • 200 million tons of waste rock buttress against rockfill dam
  • Backfilling of Yellow Pine pit to restore river channel and fish passage
  • n closure
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SLIDE 13

13 December 15, 2014 Gold, rediscovered.

Ore & Waste Rock Mining Schedule

(Ore mined in Year -1 is stockpiled and then processed in Year 1)

80 160 240 320 400 480 560 5,000 10,000 15,000 20,000 25,000 30,000 35,000

  • 1

1 2 3 4 5 6 7 8 9 10 11 12

Contained Gold (000s oz) Material Movement (000s tons) Year of Operation

Ore Waste Rock Contained Au

Key points:

  • 95.1 million tons of ore from Yellow

Pine, Hangar Flats and West End

  • 3.0 million tons of historic tailings
  • Phased mining reduces upfront

waste rock removal

  • Strip ratio of 3.5:1
  • Spent heap leach ore reused for

construction

  • West End waste rock used to

backfill Yellow Pine pit to restore fish passage

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 14

14 December 15, 2014 Gold, rediscovered.

(Mineralized material mined in Year -1 is stockpiled and then processed in Year 1)

Ore Mined from Each Deposit by Type and Year

0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

  • 1

1 2 3 4 5 6 7 8 9 10 11 12 Gold Head Grade (oz /ton) Ore Mined (000s tons) Year

YP Hi Sb Ore YP Low Sb Ore HF Hi Sb Ore HF Low Sb Ore WE Low Sb Ore WE Oxide Ore Historic Tailings Mined Gold Grade (oz/t)

Key points:

  • Sequential mining of deposits
  • Allows backfilling of Yellow Pine

pit

  • Higher gold grades up-front
  • High grade antimony in early

years

  • Oxides mined throughout life
  • Reduces mill downtime
  • Historic tailings reprocessed in

Years 1-4

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 15

15 December 15, 2014 Gold, rediscovered.

Metallurgy: Robust Gold & Antimony Recoveries

Extensive PFS test program

  • 7 master composites
  • 114 variability composites

Net overall Gold Recoveries

Yellow Pine 90% West End 86% Hangar Flats 87% Historic Tailings 75%

Antimony Recoveries

Yellow Pine 87% Hangar Flats 82%

Jaw Crusher SAG Mill Ball Mill Antimony Flotation Gold Flotation Pressure Oxidation Gold Leach & Recovery Antimony Concentrate Gold Doré Oxides (~14%) High Sb Sulphides (~14%) Tailings Low Sb Sulphides (~72%)

Simplified Flow Sheet

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

Tailings

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SLIDE 16

16 December 15, 2014 Gold, rediscovered.

Recovered Metal Production

5 10 15 20 25 100 200 300 400 500 1 2 3 4 5 6 7 8 9 10 11 12 Recovered Antimony (million lbs) Recovered Gold and Silver (000s oz) Year of Operation Recovered Gold (000s oz) Recovered Silver (000s oz) Recovered Antimony (M lbs)

Recovered metal:

  • Years 1-4 annual average
  • 388,000 oz gold
  • 14 million lbs antimony
  • Life-of-Mine annual average
  • 337,000 oz gold
  • 8.3 million lbs antimony
  • Life of Mine total
  • 4.04 million oz gold
  • 99.8 million lbs antimony
  • 2.07 million oz silver

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 17

17 December 15, 2014 Gold, rediscovered.

PFS Capital Cost (CAPEX) Summary

Area Detail Initial CAPEX ($000s) Sustaining CAPEX ($000s) Closure CAPEX ($000s) Total CAPEX ($000s) Direct Costs Mine Costs 47,552(1) 35,346

  • 82,898

Processing Plant 336,219 1,579

  • 337,798

On-Site Infrastructure 149,245 39,937

  • 189,182

Off-Site Infrastructure 80,327

  • 80,327

Indirect Costs 176,687 4,275

  • 180,962

Owner's Costs 26,806

  • 26,806

Environmental Mitigation Costs 10,606 8,165

  • 18,771

Closure Bonding, Closure & Reclamation Costs 762 9,185 56,542 66,489

Total CAPEX without Contingency 828,204 98,488 56,542 983,233

Contingency @ 17.2% 142,050

  • 142,050

Total CAPEX with Contingency 970,254 98,488 56,542 1,125,283

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

Note: (1) Initial mining CAPEX includes some environmental remediation costs.

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SLIDE 18

18 December 15, 2014 Gold, rediscovered.

PFS Operating Cost (OPEX) Summary (Base Case)

Cash Operating Cost Estimate Life-Of-Mine Average Years 1-4 Average

$/tons mined $/tons milled $/oz Au $/tons milled $/oz Au Mining OPEX(1) 2.00 9.08 222 10.04 222 Processing OPEX 14.45 354 14.10 312 General & Administrative OPEX 3.13 77 3.01 67

Cash Costs(2)(3) 26.65 653 27.15 601

By-product credits

  • 3.45
  • 85
  • 5.32
  • 118

Cash Costs after by-product Credits(3) 23.20 568 21.83 483

Notes: (1) Mining OPEX excludes capitalized stripping. (2) Cash costs shown in this table are before royalties, refining, and transportation charges; for these, see below. (3) See non-IFRS measures at conclusion.

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 19

19 December 15, 2014 Gold, rediscovered.

PFS Metal Price Assumptions

Case Metal Prices Basis Gold ($/oz) Silver(1) ($/oz) Antimony(1) ($/lb)

Case A 1,200 20.00 4.00 Lower-bound case that reflects the lower prices over the past 36 months and spot on December 1, 2014.

Case B (Base Case) 1,350 22.50 4.50 Approximate 24-month trailing average gold price as of December 1, 2014.

Case C 1,500 25.00 5.00 Approximate 48-month trailing average gold price as of December 1, 2014. Case D 1,650 27.50 5.50 An upside case to show project potential at metal prices approximately 20% higher than the base case.

Note: (1) Prices were set at a constant gold:silver ratio ($/oz:$/oz) of 60:1 and a constant gold:antimony ratio ($/oz:$/lb) of 300:1 for simplicity of analysis, although individual price relationships may not be as directly correlated over time. Historic gold:silver ratios have averaged around 60:1.

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 20

20 December 15, 2014 Gold, rediscovered.

Payable Value ($) by Metal

  • 100

200 300 400 500 600 700 1 2 3 4 5 6 7 8 9 10 11 12 Payable Metal Value ($ millions) Year of Operation Payable Gold Payable Antimony Payable Silver

Key points:

  • ~$530 million/year payable metal

during first 8 years

  • Contribution by metal:
  • 94% from gold
  • 5% from antimony
  • <1% from silver

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 21

21 December 15, 2014 Gold, rediscovered.

PFS Total Production Cost Summary (Base Case)

Note: (1) Defined as non-sustaining reclamation and closure costs in the post-operations period. (2) Initial Capital includes capitalized preproduction. (3) See non-IFRS measures at conclusion.

Total Production Cost Item Life-Of-Mine Years 1-4

($/t mined) ($/t milled) ($/oz Au) ($/t milled) ($/oz Au) Mining 2.00 9.08 222 10.04 222 Processing 14.45 354 14.10 312 G&A 3.13 77 3.01 67

Cash Costs Before By-Product Credits(3) 26.65 653 27.15 601

By-Product Credits

  • 3.45
  • 85
  • 5.32
  • 118

Cash Costs After By-Product Credits(3) 23.20 568 21.83 483

Royalties 0.94 23 0.34 23 Refining and Transportation 0.25 6 1.04 8

Total Cash Costs(3) 24.38 597 23.20 513

Sustaining CAPEX 1.00 24 0.52 11 Salvage

  • 0.27
  • 7

0.00

  • Property Taxes

0.04 1 0.04 1

All-In Sustaining Costs(3) 25.15 616 23.76 526

Reclamation and Closure(1) 0.58 14 Initial (non-sustaining) CAPEX(2) 9.89 242

All-In Costs(3) 35.62 872

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 22

22 December 15, 2014 Gold, rediscovered.

After Tax Cash Flow (Base Case)

  • $1,600
  • $1,200
  • $800
  • $400

$0 $400 $800 $1,200 $1,600

  • $600
  • $450
  • $300
  • $150

$0 $150 $300 $450 $600

  • 3 -2 -1

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Cumulative Cash Flow ($ millions) Cash Flow ($ millions) Year of Operation Undiscounted Cash Flow Undiscounted Cumulative Cash Flow

Key Points:

  • $294 million/year Years 1-4
  • $254 million/year Years 1-8
  • Payback in 3.4 years (after tax)

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 23

23 December 15, 2014 Gold, rediscovered.

Gold Price ($/oz)

Pre-Tax

NPV (0%) ($ millions) NPV (5%) ($ millions) Payback (years) IRR (%) 1,200 1,286 662 4.0 16.2

1,350* 1,915 1,093 3.2 22.0

1,500 2,543 1,524 2.6 27.2 1,650 3,171 1,955 2.2 31.9 Gold Price ($/oz)

After-Tax

NPV (0%) ($ millions) NPV (5%) ($ millions) Payback (years) IRR (%) 1,200 1,041 513 4.1 14.4

1,350* 1,499 832 3.4 19.3

1,500 1,929 1,129 2.9 23.4 1,650 2,344 1,414 2.5 27.0

*Base case

Financial Summary - Sensitivity

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 24

24 December 15, 2014 Gold, rediscovered.

Employment - Direct

100 200 300 400 500 600 1 2 3 4 5 6 7 8 9 10 11 12 Number of Direct Employees Year of Operation Mine Operations Mine General Mine Maintenance Process General & Admin.

Key points:

  • $28,000/year avg. salary in Idaho
  • $72,500/year avg. mining salary in

Idaho

  • 3 year construction period:
  • ~700 jobs created in Idaho
  • ~400 direct
  • >300 indirect
  • 12 year operating life:
  • ~1,000 jobs created in Idaho
  • ~500 direct jobs
  • ~500 indirect jobs
  • Aggregate annual payroll:
  • $48 million/year - Construction
  • $56 million/year - Operations

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 25

25 December 15, 2014 Gold, rediscovered.

Socio-Economic Benefits (Base Case) – Tax Revenue

Key points:

  • Significant contribution to the local,

state and federal economies:

  • 15 year construction and operating life
  • Taxes paid by Midas Gold over project

life:

  • $329 million federal tax
  • $86 million state & local tax
  • Indirect & induced taxes paid by others
  • >$300 million federal, state & local
  • 15-year total taxes:
  • $506 million federal tax
  • $218 million state & local tax

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

$- $10 $20 $30 $40 $50 $60 $70 $80 $90

  • 3
  • 2
  • 1

1 2 3 4 5 6 7 8 9 10 11 12 Local, State and Federal Taxes ($ million) Year

Other federal, state and local taxes resulting from Midas Gold's activities Midas Gold federal taxes Midas Gold state and local taxes

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SLIDE 26

26 December 15, 2014 Gold, rediscovered.

Brownfields Site

Objectives:

  • Reduce incremental impact
  • Reuse previously impacted areas
  • Reclaim historically impacted areas

Outcomes:

  • Upgrade existing Burntlog Road
  • Use existing power line corridor
  • Reprocess historic tailings
  • Reuse impacted area for waste rock
  • Reuse existing haul roads
  • Re-mine previously mined areas
  • West End waste rock used to backfill Yellow Pine pit
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SLIDE 27

27 December 15, 2014 Gold, rediscovered.

Restore the Site - Closure Concepts

Objective:

  • Create a self-sustaining natural environment
  • Support healthy fish and wildlife population
  • Address historical impacts

Closure components include:

  • Backfill Yellow Pine pit to more natural topography
  • Reclamation of historic mine workings
  • Restoration of fishery to upper watershed
  • Enhancement of wetlands and stream habitat
  • Reforestation of Project area
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SLIDE 28

28 December 15, 2014 Gold, rediscovered.

Industry-wide Risks & Opportunities

  • Use of historic data in mineral resource estimates, which could affect the estimates
  • Limited geotechnical data which could affect pit slopes or ground stability in

infrastructure areas

  • Loss of gold into antimony concentrates where there is potentially significantly lower

payability

  • Water management and chemistry, which could affect diversion and closure designs

and/or the need for long term water treatment

  • Construction schedule
  • Changes in capital and operating costs related to inputs like steel and fuel
  • Metal prices
  • Permitting timelines
  • Other typical industry-wide matters

Project Specific Risks

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SLIDE 29

29 December 15, 2014 Gold, rediscovered.

Project Specific Opportunities

That could increase after-tax NPV5% by more than $100 million

Reserve additions in and around pits

  • In pit, increasing payable metal and reducing strip ratio:
  • Conversion of mineral resources to mineral reserves
  • Unclassified material currently treated as waste rock to mineral reserves
  • Improved grade of higher grade gold mineralization in the Yellow Pine pit, particularly around the

area with excluded or limited use of historic data

  • Additional antimony mineralization and/or grade in areas where some historical data was eliminated

and/or areas where antimony was not assayed

  • Immediately adjacent to pits increasing payable metal:
  • Existing mineral resources on pit limits
  • Areas at West End where only CN assays were available

Reserve additions from new deposits

  • Higher grade, higher margin underground mineral reserve at Scout and Garnet prospects
  • Numerous other prospects

Other Opportunities

  • Improved metallurgical recoveries, secondary processing of antimony concentrates, steeper

pit slopes, onsite quicklime generation, and third party funding of off-site infrastructure.

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SLIDE 30

30 December 15, 2014 Gold, rediscovered.

Existing Deposits:

  • Resource to reserve conversion
  • Resource/reserve expansion immediately adjacent to pits
  • In pit unclassified materials
  • Grade &/or oz increases in historic data areas

Priority Prospects:

  • Small tonnage, high grade

e.g. Garnet, Scout, Upper Midnight

  • Bulk tonnage

e.g. Cinnamid-Ridgetop, Saddle-Fern, Rabbit

  • Undefined airborne targets

e.g. Mule, Salt & Pepper, Blow-out

  • 500

1,000 1,500 2,000 2,500 3,000 < 1M oz 1-2M oz 2-5M oz 5-10M oz 10-30M oz >30M oz # of Deposits Contained oz of Gold

Stibnite Gold Project

(1) Source: Mineral Economics Group, RBC Capital Markets

Rarity of Global Gold Deposits >5m oz(1)

Resource & Reserve Potential

slide-31
SLIDE 31

2014 2014 PF PFS VS. S. 2012 2012 PEA PEA

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SLIDE 32

32 December 15, 2014 Gold, rediscovered.

PFS vs PEA – Net Present Value (NPV)

$1,482 $832

  • $74
  • $387
  • $120
  • $63
  • $6

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600

PEA NPV Change in Opex Change in Payable Metal Change in Metal Prices Addition of Royalty Change in Capex PFS NPV

Project NPV at 5% Discount Rate ($ millions)

Life-of-Mine After-tax NPV5% - Comparing PEA to PFS

Changes:

  • Decrease in payable metal:
  • Inferred resources excluded in PFS
  • Changes in mineral resource estimation

process

  • Decrease in metal prices
  • Increases to OPEX
  • Finer grinding
  • Increased electricity costs & consumption,

grinding media consumption

  • Unit mining costs
  • Lower cost Hangar Flats material eliminated
  • More detailed haulage profiles
  • Addition of 1.7% royalty

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

PEA NPV5% Changes in OPEX Changes in Payable Metal Changes in Metal Prices Addition of Royalty Changes in CAPEX PFS NPV5%

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SLIDE 33

33 December 15, 2014 Gold, rediscovered.

PFS vs PEA – Life-of-Mine Capital Costs (CAPEX)

Changes:

  • Reductions in mining related costs
  • Smaller Hangar Flats pit reduces waste

rock and additional equipment requirements

  • Leasing major mining equipment
  • Contingency reduced
  • Refined project estimates
  • Increases in process plant CAPEX
  • Related to design changes
  • Increased onsite & offsite infrastructure
  • Power line and access road
  • Increased closure costs
  • Improved quantification of

requirements

$1,182 $31 $97 $19 $1,125

  • $176
  • $28

200 400 600 800 1,000 1,200 1,400

LOM PEA CAPEX Mining Processing and Utilities Infrastructure Owner Costs Mitigation and Closure Contigency LOM PFS CAPEX

Life-of-Mine CAPEX ($ millions)

Life-of-Mine CAPEX - Comparing PEA to PFS

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 34

34 December 15, 2014 Gold, rediscovered.

PFS vs PEA – Life-of-Mine Operating Costs (OPEX)

Changes:

  • Operating costs have increased 28%
  • Reduction in by-product credits
  • Leasing costs for mining equipment
  • More detailed mine planning
  • Finer grinding
  • Addition of 1.7% royalty
  • Reduced G&A
  • Modest impact on NPV5%

$19.06 $1.30 $1.91 $1.82 $0.94 $24.40

  • $0.63

$0 $3 $6 $9 $12 $15 $18 $21 $24 $27

PEA Total Cash Costs By-Product Revenue Mining & Stockpiling Processing General & Administration Royalty PFS Total Cash Costs

Life-of-Mine OPEX ($/t)

Life-of-Mine OPEX - Comparing PEA to PFS

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

slide-35
SLIDE 35

MOVIN ING FO FORW RWARD

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SLIDE 36

36 December 15, 2014 Gold, rediscovered.

Regulatory Steps

  • Use PFS to engage with regulators, communities, other stakeholders
  • Consider and optimize options
  • Mitigate impacts
  • Demonstrate:
  • Concurrent environmental & fisheries enhancement as part of overall mine plan
  • A robust closure and final reclamation plan
  • Significant local benefits through employment & business opportunities
  • Consider Plan of Operations & Environmental Impact Statement for mining & processing operation
  • Participation of USFS, US EPA, US Army Corps of Engineers, NOAA Fisheries at federal level, Idaho DEQ, Idaho
  • Dept. of Water Resources, Idaho Dept. of Lands, Idaho Dept. of Fish & Game, et al.
  • 50+ permits required
  • Ongoing regulatory cooperation through Idaho’s Joint Review Process
  • Continued regulator, community and stakeholder engagement
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SLIDE 37

37 December 15, 2014 Gold, rediscovered.

The EIS & Permitting Process (Major Permits)

National Environmental Policy Act (NEPA) And Idaho Joint Review Process Federal Permits and Authorizations

Initial Plan of Operations NDPES – water discharges Corps 404 – wetlands and streams SWPPP – stormwater SPCCC – spill prevention Section 7 ESA – endangered species consultation NOAA Fisheries – consultation Native Consultation Cultural and Historical issues Air Quality Waste Rock Management Powerline Right-of-Way

State Permits

Water Rights Cyanidation Dam Safety (Tailings Dam) Reclamation Plan Stream Channel Alteration TMDL Ground Water Domestic Water Supply Waste Water Treatment Air Quality 401 Water Quality Certification

Local Permits

Comprehensive Plan Zoning Local Health District Building Permits Road Use Authorization Conditional Use Permit

Final Plan of Operations & Reclamation Plan & Reclamation Bond

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SLIDE 38

38 December 15, 2014 Gold, rediscovered.

A Sustainable Project Planned For Closure & Reclamation

Remediate legacy disturbance

  • Tailings, waste dumps, mill & smelter site,

Design for closure

  • Wetlands, restore drainage channels

Protect and enhance water quality, fisheries, wetlands, groundwater

  • Restore fish passage, reduce sedimentation

Engage, inform, consult & consider stakeholders’ input

  • Address local priorities

Demonstrate significant net local benefits

  • Employment, tax benefits and environment

Evaluate & incorporate options to reduce environmental footprint

  • Innovative design concepts

Do What is Right:

Current After

slide-39
SLIDE 39

39 December 15, 2014 Gold, rediscovered.

Sustainability: Taking a Proactive Approach

A positive local impact now - be a good citizen:

  • Hire locally
  • Use local suppliers & contractors
  • Participate in and support local activities
  • Openness & engagement

Do more than is required:

  • Voluntary environmental remediation
  • 26,500 trees planted, more to come
  • Sediment reduction measures
  • High environmental and safety standards
  • Zero lost time incidents in 2013 and 2014

Restore the site

  • Incorporate remediation and restoration into project

design and planning

  • Restore fish passage, cleaner water
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SLIDE 40

40 December 15, 2014 Gold, rediscovered.

Restore the Site: Yellow Pine

Barrier to fish migration since 1938 Midas Gold would:

  • Install temporary tunnel for fish passage during operations
  • Complete upstream and downstream habitat restoration
  • Backfill pit and restoration of creek for

permanent fish passage post-closure

slide-41
SLIDE 41

ADDITI TION ONAL I INFOR ORMATI TION ON

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SLIDE 42

42 December 15, 2014 Gold, rediscovered.

PFS Team

Midas Gold team led by John Meyer, VP Development. Responsible Qualified Persons are: Conrad E. Huss, P.E., M3 Engineering & Technology Corp.

  • Introductory and background information, infrastructure, capital and operating costs, economic analysis, conclusions

and recommendations

Garth Kirkham, P. Geo, Kirkham Geosystems Ltd.

  • Geology, drilling, data verification and mineral resource estimates

Christopher Martin, C.Eng., Blue Coast Metallurgy Ltd.

  • Mineral processing and metallurgical testing

John M. Marek, P.E., Independent Mining Consultants Inc.

  • Mineral reserves, mine planning and related capital and operating costs

Allen R. Anderson, P.E., Allen R. Anderson Metallurgical Engineer Inc.

  • Recovery methods;

Richard C. Kinder, P.E., HDR Engineering Inc.

  • Access road

Peter E. Kowalewski, P.E., Tierra Group International Ltd.

  • Climatology, hydrology, tailings and water management infrastructure, closure and related matters
  • r

INDEPENDENT

MINING CONSULTANTS, INC.

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SLIDE 43

43 December 15, 2014 Gold, rediscovered.

Mineral Resources (in metric units, except oz)

Classification Metric Tonnes (000s) Gold Grade (g/t) Contained Gold (000s oz) Silver Grade (g/t) Contained Silver (000s oz) Antimony Grade (%) Contained Antimony (000s lbs) Indicated: Hangar Flats 21,389 1.60 1,103 4.30 2,960 0.11 54,180 West End 35,974 1.30 1,501 1.35 1,567 0.008 6,563 Yellow Pine 44,559 1.93 2,762 2.89 4,133 0.09 84,777 Historic Tailings 2,583 1.19 99 2.95 245 0.17 9,648

Total Indicated 104,506 1.63 5,464 2.65 8,904 0.07 155,169

Inferred: Hangar Flats 7,451 1.52 363 4.61 1,105 0.11 18,727 West End 8,546 1.15 317 0.68 187 0.006 1,083 Yellow Pine 9,031 1.31 380 1.50 437 0.03 5,535 Historic Tailings 140 1.23 6 2.88 13 0.18 563

Total Inferred 25,168 1.32 1,066 2.15 1,743 0.05 25,908

Notes:

(1) All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument 43-101 (“NI43-101”). (2) Mineral Resources are reported in relation to a conceptual pit shell in order to demonstrate potential for economic viability, as required under NI43-101; mineralization lying outside of these pit shells is not reported as a

Mineral Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. These Mineral Resource estimates include inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is also no certainty that these inferred Mineral Resources will be converted to the measured and indicated categories through further drilling, or into Mineral Reserves, once economic considerations are applied. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.

(3) Open pit sulfide Mineral Resources are reported at a cutoff grade of 0.75 g/t Au and open pit oxide Mineral Resources are reported at a cutoff grade of 0.45 g/t Au.

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SLIDE 44

44 December 15, 2014 Gold, rediscovered.

Mineral Reserves

Deposit Tonnage Average Contained Grade Total Contained Metal

Gold Antimony Silver Gold Antimony Silver

Imperial Units

(000s tons) (oz/ton) (%) (oz/ton) (000s oz) (000s lbs) (000s oz) Yellow Pine 43,985 0.057 0.098 0.090 2,521 86,376 3,973 Hangar Flats 15,430 0.045 0.132 0.086 690 40,757 1,327 West End 35,650 0.035 0.000 0.040 1,265

  • 1,410

Historic Tailings 3,001 0.034 0.165 0.084 102 9,903 252

Total Probable Mineral Reserve 98,066 0.047 0.070 0.071 4,579 137,037 6,962

Notes:

(1) All Mineral Reserves have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National

Instrument 43-101 (“NI43-101”).

(2) Metal prices used for Mineral Reserves: $1350/oz Au, $22.50/oz Ag, $4.50/lb Sb. (3) Block MUST be economic based on gold value only in order to be included as ore in Mineral Reserve. (4) Numbers may not add exactly due to rounding.

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 45

45 December 15, 2014 Gold, rediscovered.

PFS Totals (all cases)

Item Unit Value General LOM Production Statistics Waste Rock Mined million tons 346.7 Ore Mined (including Historic Tailings) million tons 98.1 Strip Ratio (waste rock tons : ore tons) tons:tons 3.5:1 Daily Mill Throughput tons/day 22,050 Annual Mill Throughput million tons 8.05 Mine Life production years 12 LOM Mill Feed & Average Head Grade Tons million tons 98.1 Gold

  • z/ton Au

0.047 Silver

  • z/ton Ag

0.071 Antimony % Sb 0.070 LOM Concentrate Production Antimony Concentrate dry tons 84,620 LOM Payable Metal Gold 000s oz 4,006 Silver 000s oz 1,467 Antimony 000s lbs 67,900

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 46

46 December 15, 2014 Gold, rediscovered.

PFS Highlights*

Component Years 1-4 Life-Of-Mine (12 years) Annual Average Total Annual Average Total Recovered Gold (oz) 388,000 1,551,000 337,000 4,040,000 Recovered Antimony (lbs) 14 million 56 million 8.3 million 99.9 million Cash Costs (2) (Net of by-product credits) $483/oz $568/oz All-in Sustaining Costs(2) (Net of by-product credits) $526/oz $616/oz Initial Capital - including 17.2% contingency $970.2 million Pre-tax NPV5%

(3)

$1,093 million After-tax NPV5%

(3)

$832 million IRR (Pre-tax/After-tax) (4) 22.0%/19.3% Payback period in Years (Pre-tax/After-tax) 3.2 years/3.4 years

Notes: (1) In this presentation, “M” = million, tons = short tons, all amounts in US$. (2) See non-IFRS measures at end of presentation. (3) NPV5% = Net present value at a 5% discount rate.

*The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

(4) IRR = internal rate of return. (5) All numbers have been rounded in above table

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SLIDE 47

47 December 15, 2014 Gold, rediscovered.

(Ore mined in Year -1 is stockpiled and then processed in Year 1)

Pit Sequencing

0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

  • 1

1 2 3 4 5 6 7 8 9 10 11 12 Average Gold Grade to Mill (oz/ton) Ore Mined (000s tons) Year of Operation

YP Phase 1 YP Phase 2 YP Phase 3 HF Phase 2 WE Phase 1 WE Phase 2 WE Phase 3 Historic Tailings Average Au Grade

Key points:

  • Phases designed to:
  • Even out waste rock stripping over

mine life

  • Move higher-grade ore forward in

mine life

  • 3 Yellow Pine phases
  • 2 Hangar Flats phases
  • 3 West End phases
  • Historic tailings blended with Yellow

Pine mill feed

  • West End waste rock used to backfill

Yellow Pine pit to restore fish passage

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 48

48 December 15, 2014 Gold, rediscovered.

Pre-tax NPV5% Sensitivities by Case

Case Variable Pre-tax NPV5% (millions $)

  • 20%

Variance 0% Variance 20% Variance Case A CAPEX 862 662 463 OPEX 1,017 662 308 Metal Price, Recovery, or Grade

  • 27

662 1,352

Case B (Base Case) CAPEX 1,292 1,093 894 OPEX 1,447 1,093 739 Metal Price, Recovery, or Grade 318 1,093 1,869

Case C CAPEX 1,723 1,524 1,325 OPEX 1,878 1,524 1,170 Metal Price, Recovery, or Grade 662 1,524 2,386 Case D CAPEX 2,154 1,955 1,755 OPEX 2,309 1,955 1,600 Metal Price, Recovery, or Grade 1,007 1,955 2,902

Key points:

  • Base case:
  • Pre-tax NPV5%

$1,093 million

  • Most sensitive to:
  • Gold price
  • Recovery
  • Grade

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

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SLIDE 49

49 December 15, 2014 Gold, rediscovered.

After-tax NPV5% Sensitivities by Case

Case Variable After-Tax NPV5% (Millions $)

  • 20%

Variance 0% Variance 20% Variance Case A CAPEX 676 513 346 OPEX 760 513 239 Metal Price, Recovery, or Grade

  • 30

513 1,012

Case B (Base Case) CAPEX 980 832 674 OPEX 1,057 832 577 Metal Price, Recovery, or Grade 244 832 1,357

Case C CAPEX 1,266 1,129 982 OPEX 1,341 1,129 903 Metal Price, Recovery, or Grade 513 1,129 1,696 Case D CAPEX 1,548 1,414 1,277 OPEX 1,623 1,414 1,200 Metal Price, Recovery, or Grade 770 1,414 2,035

Key points:

  • Base case:
  • After-tax NPV5%

$832 million

  • Most sensitive to:
  • Gold price
  • Recovery
  • Grade

The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Regulatory Information” at the end of this presentation.

slide-50
SLIDE 50

REGULATOR TORY I INFOR ORMATI TION

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SLIDE 51

51 December 15, 2014 Gold, rediscovered.

The technical information in this presentation (the “Technical Information”) has been approved by Stephen P. Quin, P. Geo., President & CEO of Midas Gold Corp. (together with its subsidiaries, “Midas Gold”) and a Qualified Person. Midas Gold’s exploration activities at Stibnite Gold were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Exploration Manager and Richard Moses, C.P.G., Qualified Person and Site Operations Manager. For readers to fully understand the information in this presentation, they should read the Pre-Feasibility Study Report (to be available on SEDAR or at www.midasgoldcorp.com) in its entirety (the “Technical Report”), including all qualifications, assumptions and exclusions that relate to the information set out in this presentation that qualifies the Technical Information. The Technical Report is intended to be read as a whole, and sections or summaries should not be read or relied upon out of context. The technical information in the Technical Report is subject to the assumptions and qualifications contained therein. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred mineral resources will be converted to the Measured and Indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. The mineral resources and mineral reserves at the Stibnite Gold Project are contained within areas that have seen historic disturbance resulting from prior mining activities. In order for Midas Gold to advance its interests at Stibnite, the Project will be subject to a number of federal, State and local laws and regulations and will require permits to conduct its

  • activities. However, Midas Gold is not aware of any environmental, permitting, legal or other reasons that would prevent it from advancing the project.

The PFS was compiled by M3 Engineering & Technology Corp. (“M3”) which was engaged by Midas Gold Corp.’s wholly owned subsidiary, Midas Gold, Inc. (“MGI”), to evaluate potential options for the possible redevelopment of the Stibnite Gold Project based on information available up to the date of the PFS. Givens Pursley LLP (land tenure), Kirkham Geosystems Ltd. (mineral resources), Blue Coast Metallurgy Ltd. (metallurgy), Pieterse Consulting, Inc. (autoclave), Independent Mining Consultants Inc. (mine plan and mineral reserves), Allen R. Anderson Metallurgical Engineer Inc. (recovery methods), HDR Engineering Inc. (access road), SPF Water Engineering, LLC (water rights) and Tierra Group International Ltd. (tailings, water management infrastructure and closure) also contributed to the PFS. Additional details of responsibilities are provided at the end of this news release and in the technical report to be filed on SEDAR by the end of 2014. The PFS supersedes and replaces the technical report entitled ‘Preliminary Economic Assessment Technical Report for the Golden Meadows Project, Idaho’ prepared by SRK Consulting (Canada) Inc. and dated September 21, 2012 (PEA) and that reporte PEA should no longer be relied upon. "Cash Costs", “All-in Sustaining Costs” and “Total costs” are not Performance Measures reported in accordance with International Financial Reporting Standards (“IFRS”). These performance measures are included because these statistics are key performance measures that management uses to monitor performance. Management uses these statistics to assess how the Project ranks against its peer projects and to assess the overall effectiveness and efficiency of the contemplated mining operations. These performance measures do not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

Compliance With NI43-101 Non-IFRS Reporting Measures

slide-52
SLIDE 52

FO FOR R MORE RE I INFO FORMA MATIO ION: N:

Tel: 778.724.4700 Fax: 604.558.4700 E-mail: info@midasgoldcorp.com Suite 1250 – 999 West Hastings Street Vancouver, BC CANADA V6C 2W2 www.midasgoldcorp.com