Highlights

Robust Economics1

  • Cash Cost of $769/oz Au, AISC of $801/oz Au, $28.2MM Initial CAPEX, $14.8MM Sustaining CAPEX, Pre-tax Net Cash Flow of $204MM
  • Average LOM production of 91,000 oz Au/year
  • Conveyor Stacking

Attractively Valued

  • Potential for multiple re-rating as Relief Canyon Mine approaches production
  • ~$138MM NPV at $1,250/oz Au on Relief Canyon Mine alone, PGLC trading at ~$35MM market capitalization2

Growing Resource and Reserve, Significant Exploration Potential

  • 2017 Reserve Estimate: Proven and Probable, 635,000 oz Au
  • 2017 Resource Estimate: Measured and Indicated, 789,000 oz Au, Inferred 45,200 oz Au
  • Large and prospective land position with significant exploration potential
    • Over 29,000 acres of claims with only ~20% that has been explored to date
    • Located in the Pershing Gold & Silver Trend which has produced over 5.7 M Au equivalent oz
  • Strong potential for resource expansion, deposit geologically open to the west, east and south

Fully Permitted Processing Facility

  • The project is the re-start of the Relief Canyon Mine, successfully operated by Pegasus Gold in the 1990’s
  • State-of-the-art ~16,000 tpd heap-leach production rated facility built in 2011
  • ADR plant size can accommodate future growth and process discoveries from satellite deposits
    • 3,000 gpm capacity and permitted leach pad capacity of 21 million tons

Low Risk, Proven Mining Jurisdiction

  • Relief Canyon is located in Nevada, one of the most productive, lowest risk gold mining jurisdictions in the world
  • Excellent access to infrastructure with processing facilities in place, and electricity and water available

1. Based on Relief Canyon Mine FS, 5/24/18. Assumes $1,290/oz Au
2. Contract-mining, Pre-Tax, 5% discount rate, market capitalization as of 9/15/18