1 1 STIBNITE GOLD PROJECT MAX.TSX Idaho, USA MDRPF.OTCQX “We can take an area abandoned after 100 years of mining and use a sustainable approach to restore the environment September 2019 and develop a modern mining industry.”
2 FORWARD LOOKING STATEMENTS Statements contained in this presentation that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; and business objectives. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "could" or "may", "occur" or "be achieved". Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward- Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward- Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, the industry-wide risks and project-specific risks identified in the technical report titled "Stibnite Gold Project, Prefeasibility Study Technical Report, Valley County, Idaho" dated effective December 8, 2014 and amended March 28, 2019 (the "PFS") and summarized above; risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds of such financing(s); operations and contractual obligations; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under US federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation‘s planned exploration and development activities on the Stibnite Gold Project; certainty of mineral title; community relations; fluctuations in mineral prices; the Corporation‘s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation‘s lack of operating revenues; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the review process under the National Environmental Policy Act (including a joint review process involving the U.S. States Forest Services ("USFS"); uncertainty surrounding input to be received pursuant to the public comment period; risks related to unforeseen delays in the review process including availability of personnel from the USFS, State of Idaho and other agencies and regulatory bodies (including, but not limited to, future U.S. government shutdowns); uncertainty as to what further actions or steps, if any, the Nez Perce Tribe will take; risks related to opposition to the Stibnite Gold Project; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation's public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that 04 Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this presentation to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Cautionary Note The presentation has been prepared by Midas Gold management and does not represent a recommendation to buy or sell these securities. Investors should always consult their investment advisors prior to making any investment decisions. All references to “dollars” or “$” shall mean United States dollars unless otherwise specified.
3 We are driven by the belief that building a strong and successful business for our employees, partners and shareholders starts with doing business the right way. For a modern mining company, this means we designed a mining project that restores the environment, creates opportunity and benefits the surrounding communities. We believe that economic success and environmental success are inseparable, and this drives everything we do.
4 HIGHLIGHTS Midas Gold & the Stibnite Gold Project World Class Gold Project (1,2) Strength & Support • IPO in 2011 with sole focus on advancing the Stibnite Gold Project, • Community Support › Strong local and state support Idaho, USA • Key investors › Paulson, Barrick, Franco-Nevada and Teck • ~US$182m spent on the Project since 2011 • Corporate Depth › Experienced management team and strong • Low geopolitical risk › Idaho, USA – a stable mining jurisdiction boards with local, state & federal experience • Brownfields site › Restoration of extensive prior disturbance • Funding › ~US$32.8 million cash at June 30, 2019 • Positive 2014 Pre-Feasibility Study › US$832 million NPV & 19.3% IRR (after tax at 5% discount rate) at $1,350/oz gold Multi-million ounce deposit › 7 th largest gold reserve in USA* • • Size › 4 million oz gold produced over 12 year mine life Superior grade › 1.7g/t gold; 4 th highest grade open pit deposit in • USA* • Scale › 388,000oz gold/year (yrs 1-4) & 337,000oz gold/year (LOM) • Modest capital intensity › US$242/oz life of mine production • Low all-in sustaining costs › US$526/oz for first 4 years (cash cost + royalties + sustaining capital), US$616/oz LOM In this presentation, “M” = million, “k” = thousands, all • Strong after-tax cash flow › US$294 million/year (Years 1-4) & amounts in US$, “LOM “ = Life-of-mine US$254 million/year (Years 1-8) (1) The Pre-Feasibility Study (“PFS”) is intended to be read as a whole and sections • Strategic by-products › Antimony + silver with production proven should not be read or relied upon out of context. The information in this metallurgy presentation is subject to the assumptions, exclusions and qualifications contained • Exploration potential › All deposits open to expansion and multiple in the PFS. See “Regulatory Information” at the end of this presentation. (2) See non-IFRS measures at conclusion exploration prospects already drilled * S&P Global
5 ANALYST COVERAGE Shares Outstanding (at June 30/19) 270.5 million Haywood Securities Geordie Mark 604.697.6112 Options 19.1 million PI Financial Chris Thompson 604.718.7544 Warrants 2.0 million Cormark Tyron Breytenbach 416.943.6407 Convertible Notes 140.9 million Paradigm Don Blyth 416.361.9892 Fully Diluted 432.5 million ESTIMATED SHAREHOLDINGS Market Capitalization C$222million 1% Institutional Institutional (Based on issued shares & share price of C$0.82) 19% Paulson 15% Barrick 22% 32% Barrick Paulson High Net Worth 4% High Net Worth Individuals 20% 28% 6% Teck & Vista Individuals Teck & Vista 2% 11% 8% Directors & CAPITAL STRUCTURE Management 15% 13% 4% Directors and Retail & Other Management FULLY DILUTED ISSUED Franco Nevada Retail and Other Strong and supportive shareholder base (warrants) • Major shareholders include: Barrick, M&G, Sun Valley, Franklin, VanEck, Teck Corp., Gabelli, Oppenheimer • 2013: Franco Nevada purchased a 1.7% NSR for US$15m • 2016 & 2019: Paulson invested US$25 million and US$5.8 million, respectively • 2018 & 2019: Barrick invested US$38 million and US$4.4 million, respectively
6 STIBNITE GOLD PROJECT
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