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www.AlliedNevada.com NYSE MKT/TSX: ANV

Exploration Update Conference Call | December 6, 2012

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Cautionary Statement on Forward Looking Information

CAUTIONARY NOTE REGARDING FORWARD‐LOOKING STATEMENTS This presentation and certain oral statements of management related thereto contain or may contain forward‐looking statements within the meaning of the U.S. Securities Act of 1933 and U.S. Securities Exchange Act of 1934 and the United States Private Securities Litigations Reform Act of 1995 (and forward-looking 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.

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2012 Hycroft Drill Program

• 2012 drilling has been directed towards:

• Infill drilling to upgrade inferred resources within the reserve pit will be included in the Q1 2013 reserve and resource update

• Collection of material in support of engineering and ongoing metallurgical work

• Condemnation drilling related to new facility placement

• Limited step-out drilling

• Drill data collected up to October 2012 will be included in the reserve/resource update in Q1 2013

• Post resource model update drilling on the west periphery of the Brimstone reserve pit indicate encouraging zones of mineralization that remain open to the west, highlights include:

• 81 meters grading 2.6 g/t Au and 47.8 g/t Ag (3.4 g/t AuEq)

• 95 meters grading 0.4 g/t Au and 42.38 g/t Ag (1.14 g/t AuEq)

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Hycroft Overview

Brimstone Leach Pad

Main office, lab and truck shop

Brimstone Pit

Bay

Are

a

Vortex

1 mile

(Und

er

co

nstr

uctio

n)

Nort

h L

each

Pad E

xpansio

n

~ 3

.0 m

iles

Focus area – Slide 5

5

39200 N

44300 N

5

2012 Core Drillhole

2012 RC Drillhole

2012 Hydro Drillholes

Pre-2012 Drilling

1,000 FT

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Hycroft Operation – 39200 N

2012 Exploration Drilling West of Central Reserve Pit 61 m

123m @ 0.34 g/t Au and 10.6 g/t Ag 143m @ 0.27 g/t Au and 60.9 g/t Ag

including 30m @ 0.51 g/t Au and 184.3 g/t Ag

Open

LOOKING NORTH

6

7

Hycroft Operation – 44300 N

2012 Exploration Drilling West of Brimstone Reserve Pit 61 m

4395:

81m @ 2.60 g/t Au and 47.8 g/t Ag

including 9m @ 18.6 g/t Au and 21 g/t Ag

LOOKING NORTH

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Hycroft Operation: Capital Drilling – In Pit Inferred Material

East Central

(active dump area)

Silver Camel

(proposed drilling 2013-14)

Brimstone

(active mining area)

West Brimstone

Devils Corral

(Proposed drilling 2013-14

Active mining area)

Inferred Material

> 0.010 opt AuEq

Material Type Tons Au Grade Ag Grade AuEq Grade Contained

Au Oz

Contained

Ag Oz

Contained

AuEq Oz

Inferred Heap Leach 28,226 0.006 0.26 0.011 169 7,339 298

Inferred Mill 68,066 0.013 0.40 0.020 885 27,226 1,361

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9

Oscar

Chance

Hades/Wild Rose

Floka

Pond

Blowout

Rabbit

District Exploration – Hycroft Property

Chalcedony

9

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2012 Exploration Highlights – Hasbrouck Property

Hasbrouck/Three Hills

• Drilling north of the current Hasbrouck resource

• Initial drill program at Three Hills

– Previous metallurgical testing indicates better metallurgical characteristics than Hasbrouck

– Two potential targets of interest identified

– Drilling highlights include 66-meters grading 3.33 g/t Au and 2.41 g/t Ag (3.37 g/t AuEq)

• Updated resource and PEA expected in Q2/13

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Hasbrouck/Three Hills Locations

HASBROUCK

THREE HILLS

~4.8 miles

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Hasbrouck – Silver King Trend

Hasbrouck Mountain

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Historic Resource

Area

TH12R-15 66m @ 3.33 g/t Au

including 11m @ 18.5 g/t Au

TH12R-10 31m @ 0.65 g/t Au

Three Hills Historical Indicated Resource

5.7 Mt grading 0.023 opt Au 133.6 Koz Au Contained

(0.010 opt cutoff)

Three Hills – Tonopah Nevada: Plan View

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30 m

ANV 2012 Drilling TH12R-15

66m @ 3.33 g/t Au including 11m @ 18.5 g/t Au

Siebert Fm

Oddie

Rhyolite

Fraction Tuff

WEST EAST

TH88-10

78m @ 0.88 g/t Au

TH88-10

71m @ 1.37 g/t Au

Three Hills – Tonopah, Nevada: 21600N Cross Section

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2012 Exploration Highlights – Wildcat

Wildcat

• Confirm the historical resource on the property

– 35 m grading 0.82 g/t Au (WCT-002) and 81 m grading 1.19 g/t Au (WCT-009) in the Hero Zone

– 73 m grading 0.60 g/t Au (WCT-021) and 62 m grading 0.57 g/t Au (WCT-028) in the Main Hill Zone

• Drill testing and channel sampling of prospective high-grade veins that were mined historically

– Channel sampling of the surface exposure of the historic vein material returned values of 29 m grading 3.79 g/t Au

– Drilling encountered high grade gold mineralization associated with coarse gold and quartz veins in WCT-011 (1.5 m grading 24.4 g/t Au)

• First pass exploration drilling on property wide targets demonstrated potential outside the known historical resource

– 96 m grading 0.42 g/t Au and 47 m grading 0.36 g/t Au, respectively), and will be followed-up with later exploration programs.

• Updated resource expected in Q2/13

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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.

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.

Horseshoe Zone/Hero-Tag

High-grade veins are associated with multiple rhyolite intrusives with bulk tonnage disseminated mineralization within

granodiorite and overlying volcanic breccia.

Main Hill, Money Zone, and Cross Roads

Bulk tonnage disseminated mineralization hosted by volcanic breccia with north

trending high-grade structural feeders.

meters

0 300

600

Hero-Tag

Zone

Wildcat 2012

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Wildcat 2012 Drilling

Main Hill

Hero/Tag

Money

Knob

Money Zone

LOOKING NORTHEAST

A

A’

Approximately

150 meters

Scale

rhyolite

rhyolite

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18

WCT-008

WCT-007

WCT-002

WCT-004

WCT-003

WCT-005

WCT-009

WCT-014

WCT-006

WCT-011

A’ A

WCT-033 (In progress)

Hero

Insert

35m grading

0.97 g/t AuEq

22m grading

1.55 g/t AuEq

53m grading

1.86 g/t AuEq

5m grading

9.44 g/t AuEq

18m grading

1.22 g/t AuEq

25.2 m @ 2.21 g/t

Au

Hero/Tag Zone

Plan View – Main Hill and Hero/Tag Zone

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65 Vein

1.5m grading

24.4 g/t Au

Hero/Tag Zone: Cross Section A-A’

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Plan View – Hero Vein

WCT-006

WCT-011

WCT-018

Visible Coarse Gold at 18 meters

1.5 m @ 32.24 g/t Au

Hero Vein

350 g/t Au underground

sample

16.2 g/t

8.14 g/t

0

meters

25

21

Main Hill

Hero North

Money Zone

Money Zone North

B B’

D’

47.2 m @ 1.05 g/t AuEq

(pending)

(pending)

(pending)

13.7 m @ 0.53 g/t Au

195 m

WCT-012

WCT-010

WCT-025

WCT-022

WCT-013

WCT-028 (pending)

WCT-020

WCT-021

WCT-023

WCT-024 (pending)

10.0 m @ 1.49 g/t Au

WCT-033 (in progress)

2012 Main Hill Drilling