2

Cautionary Statements on Forward Looking Information
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation and certain oral statements of management related thereto contain or may contain forwardlooking 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 the equivalent under Canadian securities laws), that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements
include, without limitation, statements regarding the Company's business strategy, plans and goals, plans for reactivation of the Hycroft Mine including anticipated scheduling
and production estimates, and direction of production, as well as estimated capital and other costs; anticipated cash flows and returns if production is resumed at the Hycroft Mine;
future gold and silver prices; reserve and resource estimates; estimated gold and sliver potential for expansion of existing resources; timing and results of drilling programs; expected
royalty revenues; hedging practices; currency exchange rate fluctuations; government regulation of mining operations; environmental risks; unanticipated reclamation expenses;
share valuation, including valuation relative to other resource companies and other statements that are not historical facts. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”
“anticipates” or “does not anticipate”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be
taken”, “occur” or “be achieved”. Forward-looking statements are based on our current expectations and assumptions. The anticipated timing and cost of reactivation of the Hycroft
Mine as well as the expected production from the mine are based on the following assumptions: Capital and operating cost estimates are based on recent cost estimates of
construction and mining costs developed by independent consultants and Allied personnel. Production estimates are based upon the actual gold recovery achieved on Brimstone
ores. Ore tonnage estimates and gold and silver grades are per the mine plans and production schedules developed by an independent consultant. 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 include, among others; risks relating to the planned reactivation of the Hycroft Mine including
risks of delays in receipt of reclamation bond approval and delays in completion of construction, uncertainties relating to availability and timing of capital for financing the planned
reactivation, risks relating to availability of outside contractors, risks of shortages of equipment or supplies, uncertainties relating to obtaining approvals and permits from government
regulatory authorities, and risks of inability to achieve anticipated production volume or manage cost increases; risks that Allied Nevada’s acquisition, exploration and property
advancement efforts will not be successful; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; and uncertainties concerning
reserve and recourse estimates 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) including, without limitation, its latest Quarterly Report on Form 10-Q. 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. The Company does not intend to publicly update any forward-looking statements, 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 reserves. Inferred
resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. As set forth in this presentation, certain reserves
disclosed herein have been calculated in accordance with Canadian National Instrument 43-101 (“NI 43-101”), and these may not be comparable to reserves calculated by U.S.
companies subject to the SEC 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 U.S. 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 profile, for each of the material properties discussed herein. The technical information contained herein was reviewed by Mike Doyle, a qualified person under NI 43101, who is an officer of Allied Nevada.
Allied Nevada uses the term “cost of sales per gold ounce” which is a non-GAAP measure, but is a comparative measurement commonly used in the mining industry. Cost of sales
per gold ounce is calculated as ounces of gold sold divided by cost of sales as per the financial statements.
All dollar amounts in this presentation are expressed in US dollar, unless otherwise noted.

3

Allied Nevada – Corporate Highlights
• Began trading on TSX and NYSE-Amex in May 2007
• Cash position: approx. US$100 million (Q3/09)
• 100% owned Hycroft mine began operation in July 2008
− First gold produced Dec/08
− Cash flow positive in Q3/09

• 4 advanced exploration properties



Mountain View
Hasbrouck/Three Hills
Maverick Springs
Wildcat

• Experienced Management Team
– proven track record
– 75+ years of heap leach experience

• Strong, Talented Board
• Net operating loss carry forward: US$71.6 million (at 12/31/08)

4

Delivering on our Promise
2 Years of Achievement:


Formed public company (all systems in place)
Commenced production at Hycroft on target
− First gold produced in 4th quarter 2008




Production ramp up virtually complete
Cash flow positive in Q3/09, posted first quarter of earnings in Q3/09
Completed Phase 1 and Phase 2 pad expansions, all new cells are
under leach and performing as expected

Assembled experienced board and management team
Significantly increased total resource at Hycroft
Demonstrated ability to raise capital
- 2008 IPO raised $75 million
- Completed a C$100.4 million public offering (31/08/09)

5

Enviable Cost Profile Among US Operations
800

600
500
400
300

Marigold

Bald Mountain

Mesquite

Fort Knox

Cortez

Turquoise Ridge

Round Mountain

Nevada Operations

Goldstrike

Hycroft

Cripple Creek

200
Ruby Hill

Cash cost per ounce (US$)

700

Source: Corporate reports, based on the average cash cost per ounce for the nine months ended September 30, 2009.

6

Hycroft Mine – Key Highlights

Wholly owned, open pit, heap leach gold and silver mine
− 2010 gold sales expected to be approximately 100,000 at a cost of sales per
gold ounce sold of $400-$4501

Hosts significant resource profile with future potential2
Contained Ounces (millions)
Gold
Silver
Gold Equivalent
Proven & Probable
Oxide
Measured & Indicated
Oxide
Sulphide
Inferred
Oxide
Sulphide

1.1
4.0
0.8

70.5
47.0

6.4
1.7

1.4
4.4

19.0
159.0

6.4
7.3

Operations ramping up
− Refinery fully operational
− $15.6 million exploration program planned for 2010
− Crusher expansion and review of optimal mining rate underway

1.
2.

The term “cost of sales per gold ounce” is a non-GAAP financial measure. Please see the cautionary statements for more information.
See the reserve and resource tables on slides 33 & 34 of this presentation for detail regarding Hycroft reserves and resources. Gold equivalent
ounces are based on metals prices of $650 for gold and $12.00 for silver.

CAUTIONARY NOTE ON RESOURCES AND RESERVES U.S. Investors are cautioned that the terms “Measured”, “Indicated” and “Inferred” Resources 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 reserves. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.

7

Hycroft Optimization Opportunities – ROM
› Run of mine expansion – increased mining rate

Used a contract miner since May to mine approximately 30% more
material per month (completed Oct/09)

Completed an internal study which indicates continued mining is
favourable

Currently reviewing options to continue mining at an increased rate

Initiated optimization study to determine optimal rate
− Study will identify optimal mining rate, equipment and staffing
requirements

Phase 2 pad expansion nearing completion

8

Hycroft Optimization Opportunities – Crushing
› Board approved crusher expansion in January 2010
- Capital cost of ultimate expansion expected to be approx. $15 million
- Ultimate crushing circuit would consist of three 12,000 ton per day mobile crushing
units

Units will be phased in over two years to accommodate transition from acid leach material
to more siliceous material

Phase I - One unit in place in 2010
Phase II - The remaining two units will be phased in by end of 2011 as ore feed becomes available

Once all systems are in place, this circuit will be capable of crushing 13 million tons per
annum, to a size of 80% passing 1/2 inch

Incremental operating cost – $1.80/ton

May require expansion to Merrill Crowe plant and refinery

Potential to increase production by about 20%

− Historical gold recoveries of crushed material of approx. 78%

Metallurgical test work confirm historical recoveries for crushed material of 78%

- Establish a silver recovery for run of mine and crushed material

Historical testing indicated silver recoveries could be as high as 30%

Current run of mine production suggests a silver recovery of approx. 10%

9

Hycroft Expansion Opportunities – Sulphide
› Sulphides:

Initial measured & indicated resource of 0.8 million ounces of gold
and 47.0 million ounces of silver (1.7 mm ozs Au Eq)

Inferred resource: 4.4 mm oz Au; 159.0 mm ounces Ag (7.3 mm oz Au Eq)

Completed three phases of positive metallurgical testing

Amenable to concentration using simple, conventional flotation technology

Rougher flotation: +80% recovery of gold and silver using coarse grind

Cleaner flotation: overall flotation concentration in excess of 20:1

Direct relationship between recovery of sulphides and metals
– Key sulphides are pyrite, marcasite (Au) and pyrargerite (Ag)

Flotation concentration is amenable to pressure oxidation

Bond work index of 15.6 kWh/t, moderate hardness

Potential to calculate initial proven & probable sulphide reserves
by mid-2010

CAUTIONARY NOTE ON RESOURCES AND RESERVES U.S. Investors are cautioned that the terms “Measured”, “Indicated” and “Inferred” Resources 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 reserves. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.

10

Feasibility Study – Abbreviated Timeline
› The following table presents significant milestones to completion
of a feasibility study:

Project milestones
J

F

M A

M

2010
J J

A

S

O

N

D

Metallurgical program
Sulphide material
Oxide & mixed material
Acid leach material
Drilling
Pit design
Feasibility study
43-101 Report

CAUTIONARY NOTE ON RESOURCES AND RESERVES U.S. Investors are cautioned that the terms “Measured”, “Indicated” and “Inferred” Resources 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 reserves. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.

2011
J F M

11

Hycroft: Gold Resource Growth
12,000

Resource Ounces (000s)

Measured & Indicated Resource
Oxide
Sulfide

9,000

Inferred Resource
Oxide
Sulfide

6,000

3,000

0
May 10, 2007

May 8, 2008

September 3, 2008

March 31, 2009

CAUTIONARY NOTE ON RESOURCES AND RESERVES U.S. Investors are cautioned that the terms “Measured”, “Indicated” and “Inferred” Resources 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 reserves. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.

12

Hycroft: Silver Resource Growth
400,000

Resource Ounces (000s)

Measured & Indicated Resource
Oxide
Sulfide

300,000

Inferred Resource
Oxide
Sulfide

200,000

100,000

0

NO SILVER

May 10, 2007

May 8, 2008

September 3, 2008

March 31, 2009

CAUTIONARY NOTE ON RESOURCES AND RESERVES U.S. Investors are cautioned that the terms “Measured”, “Indicated” and “Inferred” Resources 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 reserves. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.

13

Hycroft: 2009/10 Exploration Program
2010 Hycroft Exploration Program
− 30,500 meter drill program
− Plan to spend approx. $15.6 million in 2010
− 4 drills: 2 core, 2 reverse circulation

Key goals of 2010 exploration program:
− Upgrade oxide and sulphide resources to the reserve category in preparation
for a feasibility study
− Further increase the reserve and resource base
− Follow-up on drilling of high-grade silver targets in 2009
− Identify extent of silver mineralization
− Test selective geophysical anomalies on the Hycroft property

14

Gold/Silver Resource
N

Hycroft: Au/Ag
Resource Outline

Allied Nevada Gold
Corp.
Hycroft Gold Mine

Gold resource
Silver resource

15

Oxide Resource
N

Brimstone
Pad

Allied Nevada Gold Corp.
Hycroft Gold Mine

Measured & indicated oxide
resource

Crofoot Pad

Proven & probable oxide
reserve

1km

16

Sulphide Resource
N

Brimstone
Pad

Allied Nevada Gold Corp.
Hycroft Gold Mine

Crofoot Pad

Sulphide Inferred Resource

Section 1

1km

17

Section 1 – Vortex High-grade Targets

18

Hycroft Vortex Zone

March 31, 2009 Vortex Inferred Resource
Cutoff

Type

(g/t)

Tonnes

Grade

(thousands)

(g/t)

Contained
Gold
Ounces
(thousands)

0.45

Sulphide
gold

61,973

0.78

1,548

12.41

Sulphide
silver

48,080

68.14

105,328

Vortex Inferred Resource Envelope

19

Allied Nevada: Gold Mineral Resource

Tonnes

Grade

000s

g/t

Proven &
Probable
Ounces

Measured &
Indicated
Ounces

Inferred
Ounces

000s

000s

000s

Hycroft
Proven and probable
Measured and indicated
Inferred

66,369
374,496
357,933-

0.55
0.41
0.51
-

Wildcat
Measured and indicated
Inferred

34,571
25,723-

0.62
0.51
-

686

Maverick Springs
Measured and indicated
Inferred

63,167
77,610-

0.34
0.27
-

696

Mountain View
Measured and indicated
Inferred

21,064
4,051-

0.45
1.34
-

303

Hasbrouck/Three Hills
Measured and indicated
Inferred

23,619
7,439

0.79
0.72

599

Total

1,143
4,750
6,041

425

684

175

172
1,143

7,034

7,497

CAUTIONARY NOTE ON RESOURCES AND RESERVES U.S. Investors are cautioned that the terms “Measured”, “Indicated” and “Inferred” Resources 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 reserves. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.

20

Other Growth Opportunities
• Advanced Exploration Projects
− Advanced Properties:



Hasbrouck/Three Hills – 100% ownership
Maverick Springs – 45% ownership (joint venture with Silver Standard Resources Inc.)
Wildcat – 100% ownership
Mountain View – 100% ownership

• Other Exploration Opportunities
− Significant land position in Nevada
− Exploration by others
− Retain royalties, back-in right

• Growth through M&A
− Accretive transactions


Operating mine(s) or near-term development projects, royalty stream
~100,000 ounces
North American focus, will consider parts of South and Central America

21

Looking Ahead
• Ongoing metallurgical results

Oxide gold and silver recovery
Sulphide recoveries and processing

• Announce resource update in Q2/2010
• Continued exploration

Expand gold and silver resource

Follow-up on 2009 high-grade silver
discovery

• Hycroft Oxide expansion

Implement initial crushing system
Optimized mining rate decision

• Complete sulphide feasibility study by
Q1 2011
• Other organic growth opportunities

Sulfide resource
Regional exploration

SanGold

Andean

Alamos Gold

Osisko Mining

Aurizon Minerals

Centamin Egypt

Gammon Gold

AuEx Ventures

Golden Star

Capital Gold

New Gold

Minefinders

Allied Nevada

300

Northgate

Apollo Gold

EV/Total Resource Ounce (US dollars/oz)

22

Enterprise Value/Total Mineral Inventory
400

In Production
In Development
Advanced Exploration

200
Peer Average - $142/oz

100

-

Source: ThomsonOne Analytics

Corporate Information
Cormark:

Mike Kozac

Average daily volumes (3 months)
TSX
523,894
NYSE Amex
487,619
Total
743,247

Analyst Coverage

Dahlman Rose: Adam Graf
Desjardins Sec.: Brian Christie
Dundee:

Ron Stewart

Genuity:

Michael Gray

GMP:

Craig West

National Bank:

Tara Hassan

RBC Dominion: Stephen Walker

NYSE-Amex: 52-week trading range
High – US$16.44
Low – US$3.85

TSX:

52-week trading range
High – $16.99
Low – $5.00

Equity instruments outstanding at Sept. 30, 2009
Common shares
Stock options (US$4.77 wtd avg exercise price)
Special stock options (US$ 3.79 wtd avg exercise price)
Restricted share units

# of units at
30/09/09
73,548,000
2,605,808
143,668
808,500

www.alliednevada.com

25

Hycroft: Annual Cashflow Summary

For technical information associated with this chart, readers should refer to www.sedar.com under the Allied Nevada profile – Allied Nevada Gold Corp. Technical Report – Hycroft Mine, Winnemucca, Nevada, USA