1

S T R AT EG I C I N V E S T M E N T F E B R U A R Y 2 2 , 2 0 1 6

MAX.TSX MDRPF.OTCQX

Not for distribution in the U.S.

2 F O R WA R D LO O K I N G S TAT E M E N T S 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 the plans for completion of the Offerings, expected use of proceeds 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", "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, including, without limitation, the risks and uncertainties related to the Offerings not being completed in the event that the conditions precedent thereto are not satisfied; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms. In making the forward-looking statements in this news release, Midas Gold has applied several material assumptions, including the assumptions that (1) the conditions precedent to completion of the Offerings will be fulfilled so as to permit the Offerings to be completed in or about April of 2016; (2) all necessary approvals and consents, including shareholder approval, in respect of the Offerings will be obtained in a timely manner and on acceptable terms; and (3) general business and economic conditions will not change in a materially adverse manner. 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. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 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 PFS and summarized above; risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; 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; delays in obtaining governmental approvals or financing; 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; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; 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 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. Exchange rates and share prices used, where appropriate, are based on the spot prices as of Feb. 19th, 2016.

3 PAULSON MAKES STRATEGIC INVESTMENT IN MIDAS GOLD • Up to C$55.2 million investment

backstopped by Paulson (~US$40 million) – Current shareholders can participate up to

C$20.7 million (~US$15 million) – Paulson to take up balance

• 0.05% coupon, senior unsecured convertible debenture

• 7-year term, redeemable after 4 years • Funds the permitting process and

feasibility for the Stibnite Gold Project • Funding certainty for 3+ year period • Adds cornerstone committed gold investor

with strong balance sheet

“We are excited to be investing in one of North America’s largest, highest quality gold development projects. With funding certainty, the team at Midas Gold will be able to continue to advance the Stibnite Gold Project. Following shareholder approval, we look

forward to working with Midas Gold to see this project through the regulatory process, and into site restoration and development.” -Victor Flores, Partner, Paulson & Co.

4 T R A N S A C T I O N T E R M S

C$55.2 million Convertible Debentures

• 7-year term • 0.05% interest rate • Conversion price of C$0.3541 per share • Holders can convert at any time • Midas Gold can redeem after 4 years

– If shares exceed C$0.7082 for 20 trading days

• Current shareholders can participate up to C$20.7 million • Paulson to backstop whole transaction • Subject to shareholder approval (50%+1) • Paulson to appoint two directors as long as they own

>20%, no offtake rights, no hedges

5 U S E O F P R O C E E D S - P E R M I T T I N G & F E A S I B I L I T Y

~20% •Baseline data

collection •Land title

~20% •Permitting •Regulatory

~30% •Technical

studies •Feasibility •Exploration

~10% •Legal •Sustainability

~20% •Corporate •Working

capital

C$55.2m

Multi-year Investment (all percentages are approximate)

Continued Cost Reductions: • G&A and other cost reductions • Focus on efficiencies • Streamlined cost centres

Illustrative Timeline

2019

2018

2017

2016

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Regulatory CSR Development

Feasibility Study

Project optimization, drilling, site

characterization

Finalize PoO

Permitting, Joint

Review, EIS

Ongoing community & government

relations -

50

100

150

200

0.0

1.0

2.0

3.0

4.0

2011 2012 2013 2014 2015

US$

Mill

ions

G&A (US$) Employment

6

Stibnite Gold Project is at a cross-roads: • Midas Gold has limited working capital

• US$4.5 million at year end

• Next step would be to enter the regulatory process for mine development by submitting Plan of Operations (PoO):

• Triggers Federal Environmental Impact Statement under National Environmental Policy Act

• Regulators use a 3rd party contractor funded by Midas Gold

• Estimated ~3+ year permitting timeframe

• Requires financial certainty that Midas Gold can sustain the process and fund 3rd party expenditures

• Requires environmental baseline to remain current

T R A N S A C T I O N R AT I O N A L E

7

• Continue to maintain baseline data collection - Retain value of spending to date

• Maintain only essential staff to preserve institutional knowledge and team

• Continue with G&A - Holding pattern

• Use best efforts to sustain community support - Patience will wear thin

T R A N S A C T I O N R AT I O N A L E - O P T I O N S 7

STOP Cease work and idle the project in the

hope of better capital market conditions in the future

• Stop spending on baseline - Break continuous baseline

collection, losing value of data collected to date

• Stop spending on salaries - Eliminate highly qualified staff

and lose institutional knowledge, which has required much time and cost to build

• Stop spending locally - Lose community and stakeholder

support

• File Plan of Operations - Trigger an EIS under NEPA - Commence other permitting

processes in parallel • Permitting is the critical de-

risking event for the project - Rare, fully permitted, world-

class, US gold project • Exit regulatory process at best

time to capitalize on market and commodity cycle

• Shovel ready

PAUSE Go into holding pattern, but still spending to stay on ‘start line’

GO Advance into regulatory process

Complete restart = 3-year setback

Spending for no progress Have been working towards this for past 5 years, everything in place,

~US$137 million spent to date US$3-4m/year US$7-8m/year US$10-12m/year

8 P R O F O R M A I M PA C T

Current Post Financing Issued & Outstanding 160,829,280 160,829,280 Convertible Debentures 0 155,899,463 Options* 15,797,000 15,797,000 Finders Options 410,750 410,750 Warrants* 18,645,905 18,645,905 Fully Diluted 195,682,935 351,582,398

Capital Structure

What the analysts have to say:

* 7.1 million warrants, 0.4 million finders options, and 5.8 million options expire by April 2016

“Valuation – We have updated our model to incorporate additional working capital dilution, which drove our target price decrease.”

- Michael Gray, Macquarie Dec. 18/15

“Additional funding likely required in 2016. The company will likely need to issue further equity in 2016 to advance the Stibnite project through optimization and permitting.”

- Stephen Walker, RBC Jan. 6/16

Investors are expecting a financing

9 P R O F O R M A N AV I M PA C T

NAV Impact (US$)

(1) PFS Case A: $1,200/oz Au, $20/oz Ag, $4.00/lb Sb, after-tax (2) PFS Case B (Base Case): $1,350/oz Au, $22.50/oz Ag, $4.50/lb Sb, after-tax

(3) PFS Case C: $1,500/oz Au, $25/oz Ag, $5.00/lb Sb, after-tax

US$1,200/oz Au(1) US$1,350/oz Au(2) US$1,500/oz Au(3)

Current Post Financing Current Post Financing Current Post Financing

Project NPV5% $513M $513M $832M $832M $1,129M $1,129M

Cash on Hand $4.5M $44.0M $4.5M $44.0M $4.5M $44.0M

Net Asset Value $518M $557M $837M $876M $1,134M $1,173M

NAVPS(4) $3.22 $1.76 $5.20 $2.77 $7.05 $3.70

Price to NAV(5) 0.08x 0.15x 0.05x 0.09x 0.04x 0.07x (4) Assumes debentures converted to common shares (5) CAD/USD of 1.38

Source: Midas Gold December 2014 PFS

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

US$1,200/oz Au US$1,350/oz Au US$1,500/oz Au

Net

Ass

et V

alue

(US$

Mill

ions

)

Post

-Fin

anci

ng N

AVPS

Net Asset Value NAVPS

10

VA LU E O P P O R T U N I T Y

• Development costs lower through a down-cycle • Construction readiness for a medium-term improvement to gold price • Fully permitted projects traditionally attract higher valuation multiples

Rainy/Romarco Comparison: Large scale deposits

often get acquired after permitting, feasibility

$0

$500

$1,000

$1,500

$2,000

$2,500

0.00x

0.10x

0.20x

0.30x

0.40x

0.50x

0.60x

0.70x

0.80x

0.90x

TMAC GoldenQueen

Pretium Kaminak Sabina Almaden MAX Post-Transaction

Econ

omic

Stu

dy P

roje

ct N

AV5%

- U

S$1,

250/

oz A

u (U

S$M

)

Pric

e to

NAV

(US$

1,25

0/oz

Au)

ADVANCED GOLD DEVELOPERS – NORTH AMERICA

Price to Proj NAVProject NAV5% (US$1,250 Au)*

Takeover Precedents Rainy River Romarco

Date Acquired 31-May-13 30-Jul-15 Acquirer New Gold OceanaGold Takeover Value (C$M) $385 $856 Premium (%) 67% 72% 43-101 Reserves (Moz Au) 4.0 2.0 Per Oz Reserves (C$/oz) $77 $293 Project Rainy River Haile Stage at Takeover

Post BFS, Adv. Permitting

Post BFS, Permitted

Project NPV5% (US$M)* $656 $329 Takeover P/NAV* 0.50x 1.22x Takeover Consensus P/Target** 0.65x 0.84x *BFS Study, After-Tax NPV5%, US$1,250 Au **Analyst Consensus * Haywood Securities compilation of Company reported economic studies after-tax NAV5%

Project Development Timeframe

Pre-Permit Post-Permit/Construction

Price to NAV

11 A B O U T M I DA S G O L D

• IPO in 2011 with sole focus on advancing the Stibnite Gold Project, Idaho, USA • ~US$137m spent on the project since 2009

• ~99,450m of drilling by Midas Gold • ~136,400m of drilling pre-Midas Gold • PFS completed • 3+ years of environmental baseline data collected

• 160.8 million shares issued* • Major shareholders include:

• Teck Corp. • M&G • Franklin

• Franco Nevada purchase a 1.7% NSR in 2013 • Experienced management team • Strong boards with local connections

• Sprott • Vista Gold • Gabelli

• EuroPac

-

10

20

30

40

50

60

2011 2012 2013 2014 2015

US$

Mill

ions

Project Expenditures

* pre-financing

12 - 500 1,000 1,500 2,000

Newmont NevadaBarric Cortez

Barrick GoldstrikeStibnite Gold (Yrs 1-4)*

Round MountainFort Knox

Stibnite Gold (Life-of-mine)*Pogo

Cripple CreekLeeville

Bingham CanyonTurquoise Ridge

- 10,000 20,000 30,000 40,000

Donlin GoldHycroft

Newmont NevadaTurquoise Ridge JV

Barrick CortezLivengood

Barrick GoldstrikeCripple Creek & Victor

GoldrushCarlin Underground

ConverseBald MountainStibnite Gold*

MesquiteTwin Creeks

Spring ValleyFort Knox

Sleeper

0 10,000 20,000 30,000

Newmont NevadaBarrick Cortez

Barrick GoldstrikeHycroft

Turquoise Ridge JVPogo

Cripple Creek and VictorStibnite Gold*

MarigoldFort Knox

Bald MountainMesquite

Round MountainJerritt Canyon

Kensington

0.00 0.50 1.00 1.50 2.00 2.50

Mineral RidgeCortez

Golden SunlightStibnite Gold*

Ruby HillNevada Operations

WharfCripple Creek and Victor

Buckskin RawhideBorealis

BriggsRound Mountain

Bald MountainMesquite

Florida CanyonMarigold

Fort KnoxHycroft

Source: USGS data for 2012 excluding mines/projects that are primarily copper or silver

4th largest years 1-4

6th largest LOM 8th largest

13th largest

4th highest grade

Largest US Gold Mines 2012 Production 000s oz Gold

Largest US Gold Mine Reserves 000s oz Gold

Largest US Gold Resources (Measured + Indicated) 000s oz Gold

Highest Grade US Open Pit Gold Mines g/t

Barrick Cortez

* Stibnite Gold PFS, December 2014

* Based on the Stibnite Gold 2014 Pre-Feasibility Study

ONE OF THE LARGEST, BEST GRADE GOLD PROJECTS IN THE USA

13 S T I B N I T E G O L D P R O J EC T P FS *

WORLD CLASS GOLD DEPOSIT PFS COMPLETED IN DECEMBER 2014

• 4.6 million oz open pit Probable Reserve grading 0.047 oz/t (1.6 g/t) Au

• Also contains 137 million lbs of antimony • Additional 885,000 oz of Indicated Resource

grading 1.77 g/t Au • Additional 1.07 million oz of Inferred Resource

grading 1.32 g/t Au

• 337,000 oz/year gold production for 12 years • 388,000 oz/year first 4 years

• Cash costs US$568/oz, AISC US$616/oz Life-Of-Mine average

• US$483/oz and US$526/oz in first 4 years • Opportunities to extend life through resource

conversion & exploration

* The PFS is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the PFS. See “Compliance with NI43-101” at the end of this presentation. PFS Base Case at US$1,350/oz Au. Yellow Pine pit constrained at US$800/oz, Hangar Flats and West End pits constrained at US$1,100/oz Au.

14 R E S TO R AT I O N O P P O R T U N I T Y

Actively explored & mined (gold, antimony, tungsten) for ~100 years • Several open pits, haul roads, tailings, waste dumps, mill site, smelter site,

town sites, hydro dam, heap leach pads, spent heap leach ore stockpiles, etc. contributing to sediment run-off and degraded water quality

• Extensive forest fire damage contributing to erosion and sediment run-off • Fish passage cut off since 1938

PFS integrates remediation & reclamation of legacy impacts, and mostly completed early in mine life • Reprocess historic tailings, re-use waste rock and spent heap leach ore • Remediate failed hydro dam, mill site, smelter site, etc. • Restore fish passage during construction and permanent channel later in mine

life • Develop wetlands, restore historically impacted waterways, enhance fish

habitat

It is our goal to protect the environment, repair legacy impacts, and restore the site to a naturally sustainable ecosystem.

15 EC O N O M I C O P P O R T U N I T Y

• Local well-paid employment • ~700 construction jobs over 3 years, including

contractors • ~500 operations jobs over 12-15 years, and similar

number of indirect jobs • Significant local, state and federal tax contributions • Enhanced local infrastructure (roads, power, etc.) • Local purchasing and contracting opportunities

16 M OV I N G F O R WA R D

Ready to enter regulatory process PFS completed

Post-PFS optimization completed

Environmental baseline data collected to support an EIS

Draft of Plan of Operations for mine development completed

Project extensively discussed with local communities and stakeholders

Management team in place

Financing provides multi-year certainty Can complete the process

Support of a well funded strategic investor

17

The technical information in this presentation (the “Technical Information”) has been approved by Stephen P. Quin, P. Geo., President & CEO of Midas Gold Corp. (together with its subsidiaries, “Midas Gold”) and a Qualified Person. Midas Gold’s exploration activities at Stibnite Gold were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Exploration Manager and Richard Moses, C.P.G., Qualified Person and Site Operations Manager. For readers to fully understand the information in this presentation, they should read the Pre-Feasibility Study Report (available on SEDAR or at www.midasgoldcorp.com) in its entirety (the “Technical Report”), including all qualifications, assumptions and exclusions that relate to the information set out in this presentation that qualifies the Technical Information. The Technical Report is intended to be read as a whole, and sections or summaries should not be read or relied upon out of context. The technical information in the Technical Report is subject to the assumptions and qualifications contained therein. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred mineral resources will be converted to the Measured and Indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. Section 2.3 of NI 43-101 states that: Despite paragraph (1) (a), an issuer may disclose in writing the potential quantity and grade, expressed as ranges, of a target for further exploration if the disclosure

(a) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource; and (b) states the basis on which the disclosed potential quantity and grade has been determined.

The mineral resources and mineral reserves at the Stibnite Gold Project are contained within areas that have seen historic disturbance resulting from prior mining activities. In order for Midas Gold to advance its interests at Stibnite, the Project will be subject to a number of federal, State and local laws and regulations and will require permits to conduct its activities. However, Midas Gold is not aware of any environmental, permitting, legal or other reasons that would prevent it from advancing the project. The PFS was compiled by M3 Engineering & Technology Corp. (“M3”) which was engaged by Midas Gold Corp.’s wholly owned subsidiary, Midas Gold, Inc. (“MGI”), to evaluate potential options for the possible redevelopment of the Stibnite Gold Project based on information available up to the date of the PFS. Givens Pursley LLP (land tenure), Kirkham Geosystems Ltd. (mineral resources), Blue Coast Metallurgy Ltd. (metallurgy), Pieterse Consulting, Inc. (autoclave), Independent Mining Consultants Inc. (mine plan and mineral reserves), Allen R. Anderson Metallurgical Engineer Inc. (recovery methods), HDR Engineering Inc. (access road), SPF Water Engineering, LLC (water rights) and Tierra Group International Ltd. (tailings, water management infrastructure and closure) also contributed to the PFS. Additional details of responsibilities are provided in the technical report filed on SEDAR in December 2014. The PFS supersedes and replaces the technical report entitled ‘Preliminary Economic Assessment Technical Report for the Golden Meadows Project, Idaho’ prepared by SRK Consulting (Canada) Inc. and dated September 21, 2012 (PEA) and that PEA should no longer be relied upon.

"Cash Costs", “All-in Sustaining Costs” and “Total costs” are not Performance Measures reported in accordance with International Financial Reporting Standards (“IFRS”). These performance measures are included because these statistics are key performance measures that management uses to monitor performance. Management uses these statistics to assess how the Project ranks against its peer projects and to assess the overall effectiveness and efficiency of the contemplated mining operations. These performance measures do not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

N O N - I F R S R E P O R T I N G M E A S U R E S

C O M P L I A N C E W I T H N I 4 3 - 1 0 1

18

F O R M O R E I N F O R M AT I O N: T E L : 7 7 8 . 7 2 4 . 4 7 0 0 F A X : 6 0 4 . 5 5 8 . 4 7 0 0 E - M A I L : I N F O @ M I D A S G O L D C O R P . C O M S U I T E 1 2 5 0 – 9 9 9 W E S T H A S T I N G S S T R E E T V A N C O U V E R , B C C A N A D A V 6 C 2 W 2 W W W . M I D A S G O L D C O R P . C O M