1

www.AlliedNevada.com NYSE MKT/TSX: ANV

Canaccord Genuity Global Resources Conference October, 2012 | Miami, FL

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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 information 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,” “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 information 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 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.

Cautionary Statement on Forward Looking Information

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• Leading US‐based, mid‐tier gold producer with one of North America’s largest development projects underway

– Near‐term production growth through heap leach expansion (on schedule for 2012/2013 completion)

– Long‐term growth through mill expansion (on schedule to come on‐line in 2014/2015)

• Operating in one of the world’s most prolific, mining‐friendly jurisdictions – Nevada ranks among the top 5 favorable mining jurisdictions globally (Fraser Institute)

– Permitting proceeding well with better than expected turnaround times • Permits to construct and operate gyratory crusher and atmospheric strip plant received ahead of

expectation • Recently received record of decision for EIS (16 months from submitting Plan of Operations)

• Robust financial position – Cash balance of $577 million at June 30, 2012

• $389 million in net proceeds raised in recent high-yield debt offering (May 2012)

• Significant internal growth prospects beyond Hycroft with one of the largest property portfolios in Nevada

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

– Significantly strengthened owners team with addition of top shelf construction personnel

Allied Nevada Overview

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Hycroft Overview

Brimstone Leach Pad

Main office, lab and truck shop

Brimstone Pit

• Located 54 miles west of Winnemucca, Nevada

• 350 employees • Aggregate land position of 96 square miles • Open pit, run‐of‐mine and crushed ore

heap leach (HL) operation • Current production from the recently‐

expanded Brimstone/Lewis leach pads (9.1mm square feet)

‐ 2011 production: 104,002oz Au; 479,440oz Ag ‐ 2011 adjusted cash costs (with Ag credit): $488/oz

• Merrill Crowe plant processing capacity recently expanded to 5,000 gallons per minute

• Expanded mining fleet & infrastructure being brought on line to accelerate production

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5 Source: Metals Economics Group Silver and copper converted to gold equivalent ounces using ratios of 57.14:1 and 0.21:1, respectively.

Positioned Among Global Giants Primary Gold Producers - Globally Total Gold Equivalent Resources

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• 2012 sales of approximately 150,000 ounces of gold and 700,000 ounces of silver

• Adjusted cash cost1 expected to be $475‐$495 per ounce (with silver as a byproduct credit)

• Operational results in the first half of 2012 met management’s expectations

• Second half of 2012 will benefit from: – Mining of higher grade Bay area (approx. 50% higher gold grade than average reserve grade) – Strip ratio to decline below 1:1 – Increases from the ramp up of mining rate over the last 12 months – Solution pumping capacity has recently been increased from 8,000 gpm to 12,000 gpm – Increases in solution stacking – Lewis leach pad in operation

• More ore tons under leach, faster leach kinetics

– Full fleet of mining equipment • Unit mining costs continued to decrease through 1H/12 as new equipment came online (35% decrease in

average unit mining costs in July compared with June)

2012 Operations: Guidance

(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 “Non-GAAP Measures” for further information regarding these measures.

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North American Gold Mines – Cash Costs

-$1,500

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North American Gold Mining Operations - 2011 Cash Costs

(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 “Non-GAAP Measures” for further information regarding these measures.

(2) Source: Metals Economics Group

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Hycroft Expansion Projects

Staged Development Project for Increased Mining & Production Rates

• Heap leaching operations recommenced at Hycroft in 2008

• Accelerated heap leach mine plan began in mid‐2010

• Adding larger fleet of mining equipment, upgrading infrastructure to process more solution

• Increasing mining rate from 34M tons of material in 2011 to 125M tons by end of 2014; 235M tons post‐mill construction

• In 2011, the Company decided to accelerate construction of a large gyratory crushing unit

• Excavation completed, foundation work in progress

• Major crushing components have been ordered and begun arriving on site

• Expected to be operational by Q3 2013

• Average heap leach recoveries are expected to increase to 63% Au and 21% Ag

• 130,000 tpd mill is planned to be constructed to process higher‐grade oxide, transitional, and sulfide material

• Crushing and milling operation followed by conventional flotation and leaching

• Long‐lead components of the grinding circuit have been ordered

• Excavation in progress

• Expected to be operational by late 2014

Avg. Production (2015‐24): ~582,300 oz Au ~29.1M oz Ag Avg. cash cost (2015‐24): $166/oz LOM Avg. cash cost: $283/oz

1. Existing Heap Leach Expansion 2. Gyratory Crushing Project 3. Mill Expansion Project

~250,000 oz of Au production by 2013 ~2.0M oz of Ag production by 2013

Initial Capital of $1.2 billion

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9 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.

0

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Hycroft - GoldHycroft - Silver

2012 2013 2014 2015 • Continue current heap leach

production • Continue to introduce mining

equipment and increase mining rate

• Completed excavation of crusher foundation

• Addition of crushing and conveying system associated with heap leach expansion

• Increased recoveries • Completion of detailed

engineering for mill • Receive mill construction

permits • Begin mill construction

• Mechanical completion of mill and commissioning

• Sulfide production ramp‐up in Q3

• Target a rate of 125 million tons of material mined/year

• First full year of milling production

Enviable Production Growth Profile

Average Annual Production (2015‐24):

Au – 582,260 oz

Ag – 29.1 million oz

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Major Expansion Developments – YTD 2012 • Approximately $495 million (40%) of the capital cost had been fixed through purchases and

commitments • Initial expansion capital of $1.2 billion • Long‐lead mining and processing equipment has been secured

• Early receipt of the construction permit for the heap leach crushing system at Hycroft • Excavation completed in August 2012, ahead of schedule ‐ foundation work in progress • Recently received air quality permit modification approval for operation of crushing system

• Receipt of positive record of decision for EIS (07/2012), allows for: • Excavation of mill area began ahead of schedule • Expanded mining areas including acceleration of mining in higher grade Bay area • Construction of large north and south leach pads has begun, contractor has begun • Construction of new Merrill‐Crowe facility and upgrade to refinery to increase solution processing capacity

• Received permit to construct and operate carbon strip plant ahead of schedule • Components on‐site, expected to be operational in Q4/12

• Heap leach expansion mobile equipment in place • Two additional CAT trucks secured • Wire‐rope shovel deliveries accelerated

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Mill Area GA & Excavation / Bay Area Mining

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Permitting work has been conducted 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.

Permitting & Construction Timelines

2015 2014 2013 2012

Commence excavation of crusher foundation

Begin installing crushing

components

Commence construction of mill foundation and 120 kVa power line

Begin installing mill components

Commence construction of rail siding Pit expansions

Begin mining sulfide material

Mechanical completion of mill and commissioning

Mill at name-plate throughput capacity

Commencement of Excavation and Construction of Gyratory Crushing Circuit Q1 2012 Commence excavation of Milling Plant Location Q3 2012 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

Major Project Engineering and Construction Milestones:

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• 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

– 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 versus offsite.

Payable Metal Produced Onsite vs. Offsite

2012‐14 2015‐17 2018‐20 2021‐23 2024‐26 2027‐

Closure Total Gold onsite 79% 70% 53% 71% 75% 33% 64% 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%

Percentage of payable metal produced onsite vs. offsite:

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Gold Ounces (000s)

Silver Ounces (000s)

P+P Reserves 12,651 481,881

M+I Resources 8,170 236,851

HYCROFT MINE

Gold Ounces (000s)

Silver Ounces (000s)

Inferred Resources 1,200 29,300

HASBROUCK/THREE HILLS PROJECT

• 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

• PEA completed in Q1 2012

A Leading U.S. Precious Metals Miner

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

WILDCAT

Gold Ounces (000s)

Silver Ounces (000s)

Measured & Indicated 686

Inferred Resources 425

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• Planned exploration spending in 2012 of $7M • Infill program at Hycroft completed

– Conversion of inferred resources contained in the feasibility study pit (reducing strip ratio or allowing raising of cut off grade)

• Hycroft resource updated expected Q1/13 • Regional exploration targets at Hycroft

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

• 2012 resource expansion drilling at Hasbrouck completed – Drilling on Three Hills deposit to begin in the second half of 2012 – Updated resource expected in Q1/13

• Initial drill campaign at Wildcat completed – Updated resource expected in Q1/13

• Field work on other properties to identify drill targets for next year

• Plan to provide exploration update in Q4/12

2012 Exploration Program

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Hycroft Regional Exploration Targets

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• One of the largest expansion projects in North America in progress

• Focus on building the mill

• Permitting is proceeding very well – EIS record of decision received – Earlier than anticipated receipt of the gyratory crusher construction permit – Very positive and cooperative relationship with local, state and federal authorities

• 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

* 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).

Conclusions

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ANAL

YST

COVE

RAG

E Corporate Information

NYSE‐Amex: 52-week trading range High – US$45.90 Low – US$23.69

Average daily volumes (3 months) TSX 132,662 NYSE Amex 674,006

Total 806,668

TSX: 52-week trading range High – CDN$45.54 Low – CDN$23.96

At Sept. 1, 2012

Bank of America: Mike Parkin

Canaccord Genuity: Steve Butler

CIBC: Barry Cooper

Cormark: Mike Kozak

Dahlman Rose: Adam Graf

Desjardins: Brian Christie

Dundee: Ron Stewart

GARP Research: Seth Dadds

GMP Securities: Craig West

Macquarie: Michael Gray

RBC Securities: Sam Crittenden

Scotia Capital: Trevor Turnbull

At Sept. 1, 2012

# units at Equity instruments outstanding at June 30, 2012 30/06/12 Common shares 89,620,544 Stock options (US$4.79 – wtd avg exercise price) 746,042 Restricted share units 882,830

Appendix

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Section 40100N – Central West and Vortex

$1000/$18 Dec. 31, 2011 Reserve Pit

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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

see the section in our recently filed Form 10‐Q titled “Non‐GAAP Measures” for further information regarding these measures.

Hasbrouck Project: PEA Highlights • Estimated initial capital cost of $78.1million

• Conventional 40,000 tpd ROM/crush heap leach mine • Smaller mining equipment from Hycroft will be refurbished for Hasbrouck • Process higher recovery Three Hills material first • Potential for a 6,000 tpd mill to take advantage of increased recovery and coarse gold as additional

high-grade is discovered • Inferred mineral resources of 1.2mm oz of contained Au and 29.3mm oz of

contained Ag (128.6mm tons grading 0.009 opt Au and 0.228 opt Ag) • 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) • Property located approximately 5 miles north of Hasbrouck • Three Hills heap leach gold recovery of 87.8% (material crushed to 3/8 inch)

• 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

• 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

Ownership2:

Annual production: Gold Silver

Adjusted cash cost3:

Mine Life:

IRR:

NPV (6%):

Payback:

Assumptions:

Au price: Ag price:

100%

135,000 oz 540,000 oz $555/oz

5 years

60%

$89.7 million

18 months

$1,000/oz $18/oz

Metal Prices NPV @ 0% NPV @ 6% After Tax

IRR Average Adjusted

Cash Cost/oz* Au Ag $ Million $ Millions % $/ounce

$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

* With silver as a byproduct credit

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• Follow‐up on three high‐grade discovery zones currently identified on the hill

– Open to north, south and at depth

– Possibility of parallel high‐grade zones (on the “hill” and regionally)

• Continue step‐out drilling • Advance permitting • Drill to provide material for

further metallurgical testing of Three Hills

• Initiate baseline environmental studies

• Review district for potential complementary opportunities

– Klondike Flats – Three Hills

Hasbrouck 2012 Program Goals

Three Hills

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Wildcat

Tons Au, opt Au ozs. Ag, opt Indicated 38,108,000 0.018 686,000 0.16 Inferred 28,355,000 0.015 425,000 n/a 1,111,000

Resources1

1. Resources are from the August 14, 2006 Technical Report.

Current Resource Target Areas

Money Zone

Target

Horseshoe Zone

Target

Historic production of 158,000 oz Au was recorded from the Seven Troughs district, which includes

Wildcat, though only 152,000 tons of material were mined.

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› Updated technical report completed in April 2012

• Estimated initial capital cost of $1,243 million (includes heap leach and crusher expenditures)

— 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)

Metal Prices NPV @ 0% NPV @ 6% After Tax

IRR

Average Adjusted Cash

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

$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

Hycroft Updated Feasibility Study – April 2012

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

filed Form 10‐Q titled “Non‐GAAP Measures” for further information regarding these measures.

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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.

Project Economics: Sensitivities

Base Case Assumptions Mining cost/ton of material $/ton $ 1.03 Milling cost/ton of ore milled (includes all treatment costs)

$/ton $ 6.79

After tax IRR /Delta

NPV (6%)/Delta (Billions)

Adjusted Cash Cost/oz

Base Case 37% $1.6 $283

Mining Cost/ton

+10% 34% (‐3%) $1.5 (‐$0.1) $312

+20% 31% (‐6%) $1.4 (‐$0.2) $341

+30% 28% (‐9%) $1.2 (‐$0.4) $370

+50% 23% (‐14%) $1.0 (‐$0.6) $429

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)

$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

Gold price ‐ $1,000/ounce* Silver price ‐ $18/ounce* Fuel Price ‐ $100/barrel

Labor ‐ current pricing

Lime ‐ current pricing

Process reagents ‐ current pricing

Power ‐ $0.0672/kWh

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• As of 06/30/12, approximately 40% of the capital cost had been fixed through purchases and commitments

• Crushing and milling equipment

• Capital optimization work continues

– Mine planning strategies – Combined tails and heap leach

facility – Unified Merrill-Crowe strategy – Continuing to lock in commodity

prices and deliveries (aggregate, steel, cement)

Hycroft Expansion: Capital Cost Estimate Description (millions)

Expansion Projects: Mill processing plant $ 583.1

Mining equipment $ 279.1

Heap leach pads $ 39.6

Tailings Management Facility $ 89.3

Crushing and conveying system $ 73.3

Tails leach plant $ 56.2

Rail siding $ 18.0

Merrill-Crowe, refinery and other infrastructure $ 18.6

Capitalized stripping $ 21.1

Contingency $ 65.0

Initial Expansion Capex (2012-2015) $ 1,243.3

Future Expansion Capital (excluding sustaining capital):

Autoclave Circuit (2019-2020) $ 243

Autoclave contingency $ 40

Capital Cost Sensitivity IRR / (Delta) NPV (6%) / (Delta)

+10% ($1.3 billion) 32% (-5%) $1.5 (-$0.1)

+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)

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

Operating Costs

Labor, 12%

Reagents / Grinding

Media, 34%

Equipment, 16%

Power, 15%

Fuel & Lube, 12%

Explosives, 2%

Other, 2%

Concentrate Freight &

Treatment, 7%

2015 Hycroft Cost Breakdown

Labor, 22%

Reagents, 21%

Equipment, 25%

Power, 1%

Fuel & Lube, 23%

Explosives, 4%

Other, 4%

2012 YTD Hycroft Cost Breakdown

Mobile Equipment,

19%

Fixed Equipment,

2%

Tires, 4%

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Key operating and financial statistics for the Milling Feasibility Study LOM Production (2011‐2024) Ore tons mined ‐ heap leach 000s 381,852 Ore tons mined – mill 000s 752,816 Waste tons mined 000s 1,442,814 Total tons mined 000s 2,577,482 Strip ratio 1.26 Gold ounces sold 8,640,747 Silver ounces sold 351,702,795 Average Annual Production (2015‐2024) Mining rate Tpd 563,500 Operating days/year 365 Ore tons processed ‐ heap leach 000s 32,000 Ore tons processed – mill 000s 47,450 Annual average waste tons mined 000s 110,500 Total annual average tons mined 000s 190,000 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 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% Overall gold recovery % 67% Overall silver recovery % 73%

Major Assumptions Applied to the Feasibility Study Fuel price/barrel $100 Gold equivalent ratio (silver:gold) 57.14:1 Metals prices used for reserve estimation ‐ gold $800 ‐ silver $14 Metals prices used for feasibility study economics* ‐ gold $1,000 ‐ silver $18 Power/kWh $0.067 NaCN/ton $0.74 Lime/ton $0.048

Feasibility Study: Summary Parameters

* Note: Metal prices used for 2012 are $1,400 Au and $25 Ag, consistent with the 2012 Budget.

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.

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$676

$39$73

$140$187

$388

$983

Funds Spent Cash on B/S HY Bond AdditionalFunding Sources

Total

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

Additional funding sources

• Equipment leasing program

• Strong operating cash flow generation

• Revolving credit facility $389

$675

45 499 503 599 559 573 207 314 460 251 138

275

563 540 560

877

1449

275

563 438

314 384

677

0

200

400

600

800

1,000

1,200

1,400

1,600

2011A 2012E 2013E 2014E 2015E 2016E

US

dolla

rs (m

illio

ns)

DebtCapital ExpendituresCash ($1,600/$28)Cash ($1,200/$21) Base Case

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Cash Sensitivities: Changes in Production and Capital Sensitivity to changes in Capital Expenditures

Note: Sensitivities are calculated at $1,400 Au and $25 Ag for 2012 and $1,200 Au and $21 Ag thereafter. Debt includes high yield debt and capital leases.

Sensitivity to changes in Operating Costs

45

499 503 599 559 573

563

438

314 384

677

275

506

292

30 23

274

0

200

400

600

800

2011A 2012E 2013E 2014E 2015E 2016E

US

Dol

lars

(mill

ions

)

Debt Base Increased by 10% Increased by 20% Increased by 30%

45

499 503 599 559 573

275

563

438

314 384

677

275

518

361

189 148

293

0

200

400

600

800

2011A 2012E 2013E 2014E 2015E 2016E

US

Dol

lars

(mill

ions

)

Sensitivity to changes in Production

45

499 503 599 559 573

275

563 438

314 384

677

494 276

24 -144 -134 -200

0

200

400

600

800

2011A 2012E 2013E 2014E 2015E 2016E

US

Dol

lars

(mill

ions

)

Debt Base Decreased by 10% Decreased by 20% Decreased by 30%

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Metallurgical test work completed to date includes: • Heap Leach Material

– Column tests – Crushing amenability and recoveries at various

particle sizes

• Mill Material – 137 individual composite samples for variability – Six domain master composites for flotation – Six bulk samples for flotation to create a

concentrate for oxidation – 89 core samples for standard BWI and 60 samples

for SPI – Lock-cycle testing of the six domain master

composites for cleaning

Historical Metallurgical Test Work

Pilot Plant Flotation Test

Composite – Sample of material taken from consecutive sections of core from a drill hole, generally with a weight of approximately 45 kgs. The composite is geologically consistent.

Domain Master Composite – is compiled similar to the composite, but is sampled from core drilled in different areas of the same domain to represent the whole domain.

Bulk Sample – A bulk sample is typically approximately 1 ton of material taken from an area and is used to generate large amounts of concentrate for testing onsite and offsite.

Bench Scale – a bench scale test is a smaller test usually meant to determine amenability to certain treatment types such as flotation.

Pilot Plant – A pilot plant is larger-scale and typically follows the proposed flow sheet to determine its effectiveness.

Lock-cycle – a test meant to represent the flow sheet from grinding through flotation and cleaning.

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LOM Hycroft Ultimate Recoveries Gold Silver

Contained Oz

Recovered Oz

Recovery %

Contained Oz

Recovered Oz

Recovery %

Heap Leach - ROM 538,045 257,829 47.9% 13,896,566 1,503,408 10.8%

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 • Recovery percentages shown in the chart are rounded to a whole value. Calculations are based on more precise number

Au/Ag / Absolute Delta from Base Case

After tax IRR/Absolute Delta

NPV (6%)/Delta (Billions)

Adjusted Cash Cost/oz

Base Case – (67% Au/73% Ag) 37% $1.6 $283

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

IRR Cash cost0% 6% % $/oz

No con sales 713.6$ 261.7$ 13 306$ 50% con sales 1,945.9$ 932.5$ 27 295$

Metal price assumptions: $1,400/oz Au for 2012 and $1,000 thereafter$25/oz Ag for 2012 and $18 thereafter

NPV (millions)

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• Cleaner Concentrate Mineralogy

Concentrate Mineralogy

Mineral Constituent Mineral Mass %

Pyrite/Marcasite 72.00 % 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 %

Other Oxides 0.04 % Native Sulfur 0.25 %

Sulfates 1.04 % Carbonates 0.01 % Ag Minerals 0.01 %

Other 0.05 % Total 100.00 %

Visible Silver in Pyrargyrite

• Gold is associated with the pyrite/marcasite

• Silver occurs in the cyanide soluble minerals pyrargyrite, miargyrite and naumannite

Liberated Silver Mineral in Concentrate

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Proven and Probable Reserves as of 12/31/11

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

Hycroft Reserves/Resources Summary

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

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

Metal Prices Total Tons Waste Tons Total Contained Ounces (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

Hycroft Resource Sensitivity to Metal Prices

Whittle cones at various metal prices:

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Concentrate and Processing Metrics

Ore hardness (bond work index) 17.3 kWh/ton 19.1 kWh/tonne

Sulfide to gold oz ratio for rougher 1.62 tons/oz Au 1.47 tonnes/oz AuSulfide to AuEq oz ratio for rougher 0.90 tons/oz AuEq 0.82 tonnes/oz AuEq

Grind size: Rougher (p80) 100 mesh 150 microns Cleaner (p80) 325 mesh 45 microns

Mass Pull 13.8%

Rougher concentration ratio 8.3%Cleaner concentration ratio 32.5%

Ore processed/day 130,000 tons 117,900 tonnesRougher con produced/day 9,490 tons 8,600 tonnesCleaner con produced/day 3,084 tons 2,800 tonnes

% sulfides in rougher 11.9%% sulfides in cleaner 37.9%

US Customary Metric

Rougher or cleaner concentrate production numbers are not cumulative. Either rougher or cleaner would be produced, or a combination thereof, depending on a number of factors, primarily the requirements of the destination offsite oxidation plant.