2018 Rubicon Capital Markets Site Visit: Operations and ...s21.q4cdn.com/960886365/files/doc_presentations/2018/2018-Phoe… · and working capital needs and meet our other obligations;

TSX : RMX | OTCQX : RBYCF

2018 Rubicon Capital Markets Site Visit:

Operations and Exploration Review


Cautionary Statement regarding Forward-Looking Statements and other Cautionary NotesThis corporate presentation contains statements that constitute “forward-looking statements” and “forward looking information” (collectively, “forward-looking statements”) within the meaning of applicableCanadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “intends”, “may”, “will”, “should”,“plans”, “anticipates”, “potential”, “expects”, “estimates”, “forecasts”, “budget”, “likely”, “goal” and similar expressions or statements that certain actions, events or results may or may not be achieved oroccur in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect.Forward-looking statements reflect our current expectations and assumptions, and are subject to a number of known and unknown risks, uncertainties and other factors which may cause our actual results,performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statementsinclude, but are not limited to statements regarding the anticipated timing of the filing of the NI 43-101 Technical Report, observations from the 2018 infill drilling and underground development samples fromtest mining, impact of the data from the 5,000 m of drilling completed in the fourth quarter of 2017 and activities from the 2018 Exploration Program on the 2018 Mineral Resource Estimate, the potentialadvancement of the Phoenix Gold Project to a viable commercial operation, the potential value of the Company’s tax loss pools, the potential to improve the quantities and classification of the 2018 MineralResource Estimate, the impact of the new 2018 geological model and information on the Company’s understanding of the F2 Gold Deposit and evaluation of mining methods for the Phoenix Gold Project, theadditional exploration work required to further improve and reconcile the geological model for the F2 Gold Deposit, the anticipated timing of the reactivation of the Phoenix Gold Project’s mill, the furthersteps necessary to potentially improve upon the 2018 Mineral Resource Estimates, including targeted infill and step-out drilling to potentially convert Inferred Resources to Indicated Resources, using the resultsfrom the bulk sampling program for reconciliation and validation purposes, the evaluation of the McFinley Deposit and other close proximity targets for potential inclusion in a future Mineral ResourcesEstimate, and follow-up drilling of the F2 Gold Deposit at depth and along strike.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management’s best judgment based on facts and assumptions thatmanagement considers reasonable. If such opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed in the forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rubicon to be materially different from anyfuture results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: possible variations in mineralization, grade or recovery or throughputrates; uncertainty of mineral resources, inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of current exploration activities; actual results of reclamationactivities; uncertainty of future operations, delays in completion of exploration plans for any reason including insufficient capital, delays in permitting, and labour issues; conclusions of future economic orgeological evaluations; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays andother risks related to operations; timing and receipt of regulatory approvals; the ability of Rubicon and other relevant parties to satisfy regulatory requirements; the ability of Rubicon to comply with itsobligations under material agreements including financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms; the ability of third-party serviceproviders to deliver services on reasonable terms and in a timely manner; risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures andpotential environmental liabilities; dissatisfaction or disputes with local communities or First Nations or Aboriginal Communities; failure of plant, equipment or processes to operate as anticipated; marketconditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expendituresand working capital needs and meet our other obligations; the volatility of our stock price, and the ability of our common stock to remain listed and traded on the TSX.

Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes

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Forward-looking statements contained herein are made as of the date of this corporate presentation and Rubicon disclaims any obligation to update any forward-looking statements, whether as a result ofnew information, future events or results or otherwise, except as required by applicable securities laws. Readers are advised to carefully review and consider the risk factors identified in the Company’sannual information form dated March 22, 2018 under the heading “Risk Factors” and in other continuous disclosure documents of the Company filed at www.sedar.com for a discussion of the factors thatcould cause Rubicon’s actual results, performance and achievements to be materially different from any anticipated future results, performance or achievements expressed or implied by the forward-lookingstatements. Readers are further cautioned that the foregoing list of assumptions and risk factors is not exhaustive and it is recommended that prospective investors consult the more complete discussion ofRubicon’s business, financial condition and prospects that is included in this corporate presentation. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Qualified PersonThe content of this corporate presentation relating to geology and exploration has been read and approved by George Ogilvie, P.Eng., President, CEO, and Director, who is a Qualified Person as defined byNI 43-101.Cautionary Note to U.S. Readers Regarding Estimates of Measured, Indicated and Inferred ResourcesThis corporate presentation uses the terms “Measured” and “Indicated” Mineral Resources and “Inferred” Mineral Resources. The Company advises U.S. investors that while these terms are recognized andrequired by Canadian securities administrators, they are not recognized by the SEC. The estimation of “Measured” and “Indicated” Mineral Resources involves greater uncertainty as to their existence andeconomic feasibility than the estimation of Proven and Probable Reserves. The estimation of “Inferred” resources involves far greater uncertainty as to their existence and economic viability than theestimation of other categories of resources. It cannot be assumed that all or any part of a “Measured”, “Inferred” or “Indicated” mineral resource will ever be upgraded to a higher category.Under Canadian rules, estimates of “inferred mineral resources” may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in apreliminary economic assessment under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute “reserves” as in-place tonnage and grade withoutreference to unit measures. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legallyproduced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part or all of a “measured”, “indicated” or “inferred” mineral resource exists oris economically or legally mineable. Information concerning descriptions of mineralization and resources contained herein may not be comparable to information made public by U.S. companies subject tothe reporting and disclosure requirements of the SEC.

Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes

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Health and Safety Stats 2015-2017, 2018 YTD Injury Summary

Note: Currently there has been two reportable injuries (Contractor and Rubicon) YTD for 2018

* Includes company and contractor injuries** One of these injuries was a hearing loss claim

2015* 2016 2017 18-Jan 18-Feb 18-Mar 18-Apr 18-May

No Lost Time Injuries (NLTI) (Medical Aids) 13 2** 1 1 0 1 0 0

Lost Time Injuries (LTI) 2 1 0 0 0 0 0 0

Total Injuries (NLTI + LTI) 15 3 1 1 1 2 2 2

WSN Rate Group 110 Injury Frequency (LTFR+MAFR) 4.24 3.87 3.6 3.6 1.87 1.87 2.99

__

WSN Rubicon Injury Frequency (LTFR+MAFR) 3.19 7 0 0 0 4.3 2.71 2.51

Rubicon+Contractors Injury Frequency (LTFR+MAFR)

__ __1.9 14.4 6.7 8.67 6.44 5.02

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Surface Infrastructure

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TSX : RMX | OTCQX : RBYCF 6

Phoenix Gold Project Site:>C$770 million in sunk capital

Mill building areaWater treatment

Hoist and headframe

Tailings management facility

200-person camp


Phoenix Gold Project: Mill overview

• 1,250 tpd mill (permit limit): potential to operate at 1,800 tpd at current configuration and permit amendment

• Large mill building interior: additional room for extra ball mill, pebble crusher, concentrators, etc.

• Achieved recoveries of 91.5% (2015 test mining) prior to care and maintenance (PEA design 92.5%)

• 2013 PEA contemplated expansion to 2,500 tpd processing throughput for bulk mining

• Approximately C$150M capital sunk


Phoenix Gold Project: Mill overview – Simplified flow sheet

Mineralized material


Phoenix Gold Project: Effluent Treatment and Tailings Management Facility (TMF)

• Based on the 2013 PEA, TMF designed to handle approximately 9.1Mt of mineralized material (assuming 50% paste backfill and dam raises). Feasibility study required to further understand TMF capacity

• Previous studies conducted to determine other alternative sites if current TMF doesn’t have enough capacity

• Water treatment plant (ACTIFLO) upgraded

• Main requirements to get full operating permits (which will be included in a future feasibility study):

• Ammonia Reactor• Septic field beds


2017/2018 ACTIFLO Upgrade & Metals Treatment

ACTIFLO system - current (Phase 1)ACTIFLO system - (Phase 2) Metals Treatment Actiflo system - (Phase 3) Ammonia/Cyanates oxidation

Actiflo system - (Phase 2) Sludge ContainmentActiflo system - (Phase 3) Sludge thickening

New Actiflo metals reactor (Phase 2) on site and installed To be commissioned on June 19th.

• Drawings and sludge management plan approval under review by MOECC• Minimum 6 month process – currently assigned and under review

10


Phoenix Gold Project: Other surface infrastructure

• Modern hoist and headframe• Ore storage bin• Compressors• Back-up generators• Burners• Electric substation• 200-person camp

(Surface Tour Commences)


2018 Exploration, Test Mining and Grade Control

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2018 Exploration ProgramConceptual underground section diagram looking north

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Surface

Fresh air raise

337-metre loading pocket

685-metre loading pocket

Shaft

610-metre haulage level

305-metre haulage level

Diagram looking north (not to scale)

Conveyer system

Ore and waste passes

Main F2 Gold Deposit

Completed development Drilling platforms

More than 9km of U/G development

Conceptual rampto surface

25,000-30,000t of test mining between the 122-and 244-metre levels; up to 4,000 m of bazooka drilling at the stope faces

20,000 m of infill/step-out drilling at the 305-, 610- and 685-metre levels;Building exploration drift at 610-metre level

Planned development

200-metre exploration drift, parallel to the strike of the F2 Gold Deposit


Zone 2 Long Section - Looking East (3.0 g/t Au MSO shapes)

46mL

305 m L

610 m L

1586mL

1285mL

1098mL

976 mL

854 mL

720 mL

793 mL

488mL

366mL

2018 Exploration ProgramTarget area for mineral resource conversion

Focus area for 20,000 m of infill and step-out drilling


122-metre level

244-metre level

305-metre level

183-metre level

161 test stope

977 test stope

015 test stope

Existing underground development

60 m

2018 planned test stopes

Previously mined test stopes

997 mined test stope



2018 Test Mining – Conceptual DiagramBetween 25,000-30,000 tonnes planned starting mid-2018

Long section looking west

• Three test stopes, each stope will be test mined and stockpiled sequentially

• ~15,000 tonnes of mineralized material currently on surface

• Test stopes are previously well developed and drilled, allowing the Company to take advantage of sunk capital for reduced costs and timelines

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Sublevel Longhole StopingBulk mining method


New Development

977 Stope

015 Stope

Historic Development N

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Underground Development244 m level sublevel development (plan view)

Not to scale

TSX : RMX | OTCQX : RBYCF18

Test Stopes977 Stope

Not to scale


Test Stopes977 Stope – CMS shapes (Isometric view)

Not to scale


Test Stopes977 Stope – CMS shapes (Isometric view)

Overbreak

Underbreak


Test Stopes015 Stope


Underground Development183 m level sublevel development (plan view)


Test Stopes161 Stope development


Upper Stope

183 m level

18 Holes, 15-112m length

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Isometric ViewLooking N/NW

Waste Block

Lower Block

Test Stopes161 Stope development and production drilling


Grade Control and Model Reconciliation Between 25,000-30,000 tonnes planned starting mid-2018

Stope shape(Rubicon/Golder)

Stope Development

Bazooka drilling (4-metre centres)

Sample point

Drill assays

Longhole drilling & Blasting

Mucking & Haulage

Skipping &3 separate

stockpiles on surface

Mill processing

Mill partial clean out for each test stope

Mill full cleanout Sample tailings

CMS of empty stope

Sample point

Sample point

Sample point

Potential gold produced

Mill Results Block model reconciliation

Potential validation of existing and future mineral

resource estimate


2018 Exploration Program:

20,000 m of infill and step-out drilling

Structural Interpretation

Exploratory development in the main F2 Gold Deposit

Test mining, bulk sampling, and bazooka drilling

2018 Mineral Resource Estimate

Results from bulk sampling; Decision on feasibility study

2018

H1 H2

Anticipated 2018 Exploration Program Timeline

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Structural Interpretation will continue to be refined with data from test stoping and drilling

~15,000t of material stockpiled on surface

Significant expansion of Mineral Resources; potential for further expansion and improvement in classifications


McFinley and Close Proximity Targets(Optional)

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1000 m

244-metre levelexploration drift

Shaft

Island ZoneCARZNorthern

Peninsula

F2 Gold Deposit

McFinleyCampF2 North

• 5-6 close proximity targets within 2 km of the Phoenix Gold Project

• All are potentially accessible from underground

• In-house modelling of the mineralized zones and generate conceptual tonnes and grade for the zones; rank each zone as to potential to fit in pipeline

• Build “Rubicon Red Lake” model to look at bigger picture (structural and lithological model)

• Evaluating the resource potential of Historic McFinley, Northern Peninsula, CARZ, and Island Zone

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Close Proximity TargetsPotential LOM incremental feed of the Phoenix Gold Project

Long section looking north west

McFinley Deep


Main F2 Gold Deposit

Shaft

Historic McFinley Deposit

“B Zone” Structure

“C Zone” Structure

244-17-C02:2.66 g/t Au over 0.5 m1.05 g/t Au over 0.6 m



Scale: 200 m

Drill hole

U/G development

Close Proximity Targets – McFinley Deep Plan View

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Historic McFinley Deposit (2002)1

Inferred: 66,801 oz Au(303,006 tonnes grading 6.86 g/t Au)

1Not compiled according to NI 43-101


Close Proximity Targets – McFinley Deep Cross Sections of “B” and “C” Zone Structures

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Historic McFinley Deposit

122-metre level

183-metre level

244-metre level

305-metre level

122-metre level

183-metre level

244-metre level

305-metre level


Drill hole

U/G development

Potential gold-bearing structure

Historic McFinley Deposit (2002)1

Inferred: 66,801 oz Au(303,006 tonnes grading 6.86 g/t Au)

1Not compiled according to NI 43-101


685-17-C04:3.66 g/t Au over 0.4 m2.93 g/t Au over 0.7 m3.48 g/t Au over 1.0 m5.55 g/t Au over 0.7 m

More than 550 m deep from the bottom of the historic McFinley Deposit mineral resource

Scale: 200 m

Drill hole

U/G development

122-metre level

183-metre level

244-metre level

305-metre level

610-metre level

685-metre level

Main F2 Gold

Deposit

Shaft

Close Proximity Targets – McFinley DeepPotential LOM incremental feed of the Phoenix Gold Project

Historic McFinley Deposit (2002)Inferred: 66,801 oz Au(303,006 tonnes grading 6.86 g/t Au)

• Drilling intersected gold-bearing quartz veins and sulphides through four zones, similar to the lithological sequence in the historic McFinley Deposit

• Drill hole ended in HiTi basalts, suggesting that mineralization remains open to the west (mine grid)

Isometric view looking northwest

31


Close Proximity TargetsNorthern Peninsula, CARZ & Island Zone

32

• Historical high-grade intercepts along strike and adjacent to the F2 Gold Deposit warrant follow up drilling

• Compiling dataset and evaluating mineral resource potential for eventual drill program

Select historical high-grade intercepts:

Island Zone (not true widths) • PZ-23: 70.1 g/t Au over 3.1 m• PZ-12: 28.7 g/t Au over 1.4 m• PZ-47: 22.2 g/t Au over 1.7 m• PZ-25: 15.8 g/t Au over 3.5 m• PZ-03: 15.5 g/t Au over 4.8 m• PZ-02: 15.0 g/t Au over 2.8 m

Carbonate Zone (“CARZ”)(not true widths)• PR-15-11: 24.17 g/t Au over 2.00 m• PR-15-11: 4.88 g/t Au over 10.50 m (incl. 6.43 g/t Au over 7.00 m) • PR-15-16: 8.48 g/t Au over 3.25 m (incl. 11.10 g/t Au over 2.25 m)• PR-15-19: 8.43 g/t Au over 1.05 m• PR-15-19: 2.30 g/t Au over 12.00 m (incl. 5.76 g/t Au over 2.00 m)• PR-15-06: 10.77 g/t Au over 2.65 m• PR-15-09: 7.84 g/t Au over 1.50 m

Plan view

F2 North

Documents

2018 Rubicon Capital Markets Site Visit: Operations and ...s21.q4cdn.com/960886365/files/doc_presentations/2018/2018-Phoe… · and working capital needs and meet our other obligations;