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www.AlliedNevada.com NYSE MKT/TSX: ANV

Scotia Capital Mining Conference Toronto | November 27-29, 2012

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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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• Allied Nevada is a $3.0 billion market cap, US-based gold and silver producer, focused on growth in Nevada

• ANVs flagship, Hycroft is expanding to become one of North America’s largest heap leach and milling operations by 2015

– Annual gold production is expected to triple by 2015

– Annual silver production to increase significantly to over 29 million ounces, to become one of the largest silver operations in the world

• Exceptionally low political risk with all Nevada focus

• Building within an existing operation in a region where infrastructure is established; mining parameters are well known and costs are declining presents low execution risk

• Significant 41.2 million oz AuEq1 reserve and resource base at Hycroft, along with large portfolio of exploration properties in Nevada, provide opportunity for organic growth

• Board and management have extensive construction, development and mine operating experience on large projects and operations globally

• Financially well positioned, cash on hand of $503 million plus operating cash flow

1. Gold equivalent resources comprised of proven, probable, measured, indicated and inferred gold and silver converted to gold equivalent (26.2 mm oz Au, 854.1 mm oz Ag)

Allied Nevada Overview

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• 2012 sales of approximately 130,000 ounces of gold and 800,000 ounces of silver

• Adjusted cash cost1 expected to be just under $600 per ounce (with silver as a byproduct credit)

• Fourth quarter of 2012 will benefit from:

– Mining of higher grade Bay area – Record ore tons placed in the fourth quarter to date of approx. 9.0 million tons (to Nov. 25) – Waste to ore ratio to be below 1:1 – Increased solution pumping capacity to the pads from 8,000 gpm to 12,000 gpm and increased solution

stacking – Carbon strip plant is fully operational (October 2012) – Aggressive recruiting and training

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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Performance and Capitalization

Share Price Performance

Source: Bloomberg, Company filings

1. Indexed average gold peer performance includes: African Barrick, Alacer, Alamos, Argonaut, AuRico, Centamin, Centerra, Dundee PM, IAMGOLD, New Gold,

Osisko, Perseus, Petropavlovsk and Semafo.

2. Inclusive of mineral reserves.

P&P (Hycroft, Moz Au)

M&I&I (Hycroft, Moz Au) (2)

1.1

8.0

2.4

11.0

2.4

12.6

2.6

18.9

10.2

18.9

12.7

26.2

0

1

2

3

4

5

$0

$10

$20

$30

$40

$50

May-07 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12

Vo

lum

e (M

illion

s)S

ha

re P

ric

e (

C$

)

Volume Allied Nevada Share Price Indexed Peer Performance Indexed Spot Gold Performance

Announces C$400 mm 8.750% Senior

Note offering; swapped to 8.375%

Releases first NI43-101 for Hasbrouck;

1.2 Moz Au, 29.3 Moz Ag (inferred)

Increases P&P reserves to 12.7 Moz

Au, 481.9 Moz Ag

Increases P&P reserves to 10.2 Moz Au, 388.6

Moz Ag

Board approves expanded exploration program for Hycroft

Announces final 2010 drill program results including 134 m of 2.63 g/t Au eq.

Reports increased M&I resources of 8.0 Moz Au at 0.014 opt, 259.2

Moz Ag at 0.45 opt

Reports combined reserves and resources of 16.1 Moz Au and 598.1 Moz Ag; updates scoping study

Provides updated Hycroft scoping study

Completes C$283.5 mm offering of 13.5 mm shares at C$21.00

Increases P&P reserves to 2.4 Moz

Au at 0.014 opt, 32.3 Moz Ag at 0.18

opt

Announces M&I resource increase to 1.9 Moz Au at 0.014 opt, 22.0 Moz Ag at

0.76 opt

(1)

Receives approval to expand heap leach

operations at Hycroft

Completes public offering raising C$65.6 mm issuing 14.4 mm

shares at C$5.25

Announces Hasbrouck drill results: 97 m at 2.3

g/t Au, 34 g/t Ag

Closes C$8.0 mm loan facility bearing 15%

Completes C$100 mm offering of 11.15 mm

shares at C$9.00

Announces first gold

production at Hycroft

Board approves reactivation of Hycroft

mine

Closes C$17.0 mm private placement of 3.7 mm units

(shares at C$5.75, warrants at C$11.50)

Begins trading on TSX and AMEX

Capitalization Summary

Capitalization

Share Price, as at 21-Nov-12 (C$) $32.93

Share Price, as at 21-Nov-12 (US$) $33.13

FD ITM Shares Outstanding (mm) 91.5

FD ITM Market Cap (US$ mm) $3,032

Add: Debt (US$ mm) $506

Less: Cash(1) (US$ mm) ($503)

Less: ITM Proceeds (US$ mm) ($3)

Less: Equity Investments (US$ mm) --

Trading Summary

52-Week High(2) (US$) $40.25

52-Week Low(2) (US$) $23.93

20-Day VWAP (US$) $36.67

Avg. Daily Vol (1-Year) (000's) 794

Valuation

P / NAV (Ratio) 0.7x

P / 2013E CF (Ratio) 13.3x

Reserves & Resources

P&P Reserves (mm oz Au Eq) 21.4

Allied Nevada has outperformed its peers and spot gold on the back of its growth in resources and expansion plans.

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Unparalleled Growth | Exceptional Address

Reserves and Resources by Geopolitical Risk (Au Eq.)

Source: Company filings, select Street Research, ISS risk rankings

100%

100%

93%

86%

86%

55%

49%

42%

40%

32%

7%

14%

14%

33%

51%

58%

97%

63%

60%

28%

12%

58%

60%

10%

37%

40%

72%

98%

100%

100%

100%

100%

Allied Nevada

Osisko

Hecla

New Gold

AuRico

Coeur d'Alene

Argonaut

Alacer

IAMGOLD

Hochschild

Petropavlovsk

Dundee PM

Alamos

Pan Am. Silver

Centerra

African Barrick

Centamin

Perseus

Semafo

Low Medium High

2011A - 2015E Gold Production Growth (%) Reserves and Resources by Geopolitical Risk (Au Eq.)

Source: BMO Equity Research, select Street Research Note: ANV based on Street consensus production growth; Silver peers shown on an Au Eq. basis 1. Considers 2012E - 2015E production growth and CAGR.

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Source: Metals Economics Group

Silver and copper converted to gold equivalent ounces using ratios of 57.14:1 and 0.21:1, respectively.

Hycroft Positioned Among Global Giants

Primary Gold Producers - Globally

Total Gold Equivalent Resources

0

10

20

30

40

50

60

70

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8

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

Section 40,400N

Hycroft Expansion ProfileApril 2012

Mine Plan

Mill Start Q4 2014

Reserve

Gold (million ounces) 12.7

Silver (million ounces) 481.9

Mill Throughput (tpd) 130,000

Strip Ratio (average LOM) 1.26

Average mill grade - gold/silver (opt) 0.013/0.53

Average heap leach grade - gold/silver (opt) 0.008/0.22

Average mill recovery - gold/silver (opt) 69%/84%

Average heap leach recovery - gold/silver (opt) 63%/21%

Estimated mine life (years) 20

Average annual production

Gold (ounces) 582,260

Silver (ounces) 29,133,900

10-yr average cash cost/ounce (2015-2024) $166

Initial Capex $1.24 billion ~ 3

.0 m

iles

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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 $1.24 billion

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Permitting & Construction Timelines

2012E 2013E 2014E 2015E 2016E 2017E 2018E

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Permitting

Oxide Expansion EIS

"Starter" Tailings and Dumps EIS

Full Tailings and Dumps, Mining below Water Table, Autoclave EIS

Equipment

3rd Large Capacity Hydraulic Shovel

Initial 320-ton trucks

Gyratory Crusher Installation

Mill Construction

3 Electric Rope Shovels and remaining 320-ton trucks

Production Milestones

North Leach Pad and 20,000 gpm Merrill Crowe

Gyratory Crusher Operational

Mill Start-up

Capex Estimates ($mm) $221 $314 $460 $251 $138

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

-

200,000

400,000

600,000

800,000

2009 2010 2011 2012 E 2013 E 2015 - 2024 E

Silv

er P

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(000

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Go

ld P

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(ou

nce

s)

Hycroft - Gold

Hycroft - Silver

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Recent Expansion Developments – YTD 2012

• Approximately $550 million (44%) of the capital cost had been fixed through purchases and commitments

• Experienced owners team in place and fully integrated with Fluor

• Heap Leach Expansion

‐ Mobile equipment in place to achieve desired mining rate

‐ Placed record ore tons in October and November (9.0 million tons of ore to Nov. 25)

‐ Wire-rope shovels being moved forward to Q3 2013

‐ Construction of new 20,000 gpm Merrill-Crowe facility and north leach pad has begun, expected to be completed in Q3 2013

‐ Carbon strip plant fully operational

• Gyratory Crusher Construction

‐ All permits to construct and operate have been received

‐ Cement poured on reclaim tunnels and primary crusher foundation

‐ Expected to be operational in Q3 2013

• Mill Expansion

‐ Engineering to construct in progress and on schedule

‐ Excavation of mill area in progress

‐ Construction of south leach pad and starter tails has begun

• Other Developments

‐ New housing development being established in Winnemucca

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Crusher Reclaim Tunnels & Mill GA

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Crusher Foundation

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North Leach Pad Construction

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Hycroft Expansion: Capital Cost Estimate

Description (millions)

Expansion Projects:

Mill processing plant (does not include autoclave) $ 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 (20,000 gpm), refinery upgrade 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

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 45 499 503 599 559 573 207 314 460 251 138

275

483 460 480

797

1,369

275

483

358

234 304

597

-

200

400

600

800

1,000

1,200

1,400

1,600

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

US

Do

llars

(m

illio

ns)

Debt

Capital Expenditures

Cash ($1,600/$28)

Cash ($1,200/$21)

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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

• Updated PEA expected in Q2 2013

Strong Nevada Presence

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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• 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

– Post resource model update drilling on the west periphery of the Brimstone reserve pit indicate impressive 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)

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

– Condemnation drilling related to new facility placement

– Limited step-out drilling

Hycroft Drill Program

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Section 40400N – Central West and Vortex

1,000 feet

0.004 – 0.009 opt

0.009 – 0.011 opt

0.011 – 0.020 opt

0.020 – 0.070 opt

+ 0.070

Grade Distribution

(opt AuEq)

$1,000 Pit Current Reserve

Pit

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Hycroft Regional Exploration Targets

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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

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 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

2012 Exploration Highlights

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Short Term (0-6 months)

• Metallurgy update Q4 2012

• Hycroft reserve/resource and mine plan update Q1 2013

– May benefit from accelerated wire rope shovels, improved recoveries

• Hycroft updated capital estimate Q2 2013

• Hasbrouck resource and PEA update

• Wildcat resource update

Mid-term (6-12 months)

• Wire rope shovels in operation

• Commissioning of gyratory crusher

• Completion of north leach pad

• Completion of south leach pad and starter tails

• Start up of Merrill-Crowe plant

Long Term (>12 months)

• Mill commissioning and start-up

Near and Long-Term Catalysts

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ANV Valuation & Rerating Potential

P/NAV Multiples vs. Production Growth

• ANV has one of the highest growth

profiles which is not reflected in it’s

share price

• ANV should expected to reach Tier II

status upon achieving annual production

rates above 250,000/ounce similar to

peers with that production profile

Source: RBC Research Report dated August 8, 2012

EV/Reserve Ounce

$-

$200

$400

$600

$800

$1,000 Source: Company reports

• ANV has not seen full valuation from its large

reserve base

• Continued derisking of mill project should

improve reserve ounce valuation

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• 44% of the $1.2 billion expansion committed; On budget

• Company could become a tier 2 producer as early as June 2013

• Experienced Management and Board • Expansion Owners Team fully staffed

• Permitting is ahead of schedule • Costs for equipment and labor are declining • Power, rail, concentrate processing capacity available

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

ANV: An Investment In The Future

Unparalleled Growth

Exceptional Address/Low Risk

Excellent leadership

Fully Funded

Rerating Potential

Appendix

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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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• 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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• 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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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 cost

0% 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

35

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 Au

Sulfide 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 tonnes

Rougher con produced/day 9,490 tons 8,600 tonnes

Cleaner 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.