FEASIBILITY STUDY                                    ANALYST LUNCHEON                                       APRIL 11, 2013...
Forward Looking Information                                                                                               ...
Agenda                                                                TSX: RR• Introduction          • Ray Threlkeld, Pres...
The Rainy River Gold Project (RRGP)                                                                         TSX: RR•   Hig...
Defining Canada’s Newest Gold District   RRGP Feasibility Study Highlights, April 2013                                    ...
Located in Mining-Friendly Ontario, Canada                                                               TSX: RRHalf of th...
Making the Grade - Comparison to Peer Projects                                                                            ...
Lowest Quartile Cash Cost Producer                                                                                        ...
TSX: RR      Mike Mutchler, VP and COO      FEASIBILITY STUDY© 2013 RAINY RIVER RESOURCES LTD.             9
Production and Cash Flow Profile                                                                                          ...
Feasibility Design Basis                                                            TSX: RR RRGP designed as follows: • Co...
Feasibility Study Assumptions                                                                         TSX: RRGold Price   ...
Open Pit Designfor Elevated Grade                                     TSX: RR                                    overburde...
Underground DesignHigher margin, lower risk approach                       TSX: RR                                    N   ...
TSX: RR© 2013 RAINY RIVER RESOURCES LTD.             15                                              15
Mine Design – Open PitSliding cut-off to maximize grade in early years                                                    ...
Mine Design – Underground3.5 g/t cut-off, 1,000 tpd high grade mill feed                                                  ...
Mine Operating Costs                                                                                   TSX: RR  Open pit m...
Process Plant Design                                                                      TSX: RRProcess Design Criteria• ...
Process Flow Sheet                                                                                                        ...
Tailings & Infrastructure                                                                                         TSX: RRA...
RRGP Infrastructure Excellent access to project site & power                                            TSX: RRCommunicati...
Production schedule – Processed grade                                                                                     ...
Production schedule – Metal production                                                                                    ...
Project Capital: Open Pit Components                                                                             TSX: RR  ...
Project Capital: Underground Components                                                                                   ...
Consultants and Contractors                                                                                TSX: RR•      E...
TSX: RR      Kyle Stanfield, VP Environment and Sustainability      COMMUNITY AND ENVIRONMENT© 2013 RAINY RIVER RESOURCES ...
Community Relations                                                              TSX: RR• Quarterly Community Newsletter• ...
First Nations & Métis Engagement                                                                    TSX: RR•      Communit...
Provincial and Federal Agency Discussions                                                                  TSX: RR• The RR...
Site Photos                                    TSX: RR© 2013 RAINY RIVER RESOURCES LTD.             32
Baseline Environmental Assessment                                                                       TSX: RR• Fourth ye...
Mine Environmental Assessment & Permitting                                                                             TSX...
TSX: RR      Nick Nikolakakis, VP and CFO      FINANCIAL REVIEW© 2013 RAINY RIVER RESOURCES LTD.              35
Strong Capital Structure and Institutional Support                                                                        ...
RRGP – Robust Project Metrics                                                                                       TSX: R...
Production and Cash Flow Profile                                                                                          ...
Capital Plan                                                                           TSX: RR• $102 million in cash and e...
RRGP - An Undervalued Story                                                                               TSX: RRRR NAV, B...
TSX: RR      Kerry Sparkes, VP Exploration      EXPLORATION:      DISTRICT AND UNDERGROUND© 2013 RAINY RIVER RESOURCES LTD...
An Emerging Canadian Gold District                                                         TSX: RR                        ...
Rainy River Resource: Organic Growth in Gold           October 2012 based on drill data as of June 10:                    ...
Rainy River Resource: Organic Growth in Silver           October 2012 based on drill data as of June 10:                  ...
District Potential for Growth                                       TSX: RR   © 2013 RAINY RIVER RESOURCES LTD.           ...
46                                    TSX: RR© 2013 RAINY RIVER RESOURCES LTD.
TSX: RR© 2013 RAINY RIVER RESOURCES LTD.             47
Pit Outline and Ramp Design:      Intrepid Conveniently Located                                       TSX: RR             ...
TSX: RR  NR121256: 1.1 & 5.1 / 9.0  NR121256: 1.9 & 7.5 / 3.8        NR121256: 34.8 & 6.9 / 1.5            NR121256: 1.2 &...
Approximately 4 km   TSX: RRVertical Longitudinal Section   © 2013 RAINY RIVER RESOURCES LTD.                             ...
TSX: RR      Raymond Threlkeld, President and CEO      NEXT STEPS© 2013 RAINY RIVER RESOURCES LTD.                      51
Project Timeline: Focus on De-Risking                                                 TSX: RR      Feasibility Study     ...
Why Rainy River?                                                                                                          ...
RRGP Stands Out Amongst Its Peers                                                                                         ...
The Rainy River Gold Project                                                                         TSX: RR•   High quali...
TSX: RR      APPENDIX© 2013 RAINY RIVER RESOURCES LTD.             56
Management Team: Over 160 years of experience   Proven Mine Builders and Financiers                                       ...
RRGP – Reserves (April 2013)                                                                                              ...
TSX: RR© 2013 RAINY RIVER RESOURCES LTD.             59
TSX: RR© 2013 RAINY RIVER RESOURCES LTD.             60
DEFINING CANADA’S NEWEST GOLD DISTRICT                                            Indi Gopinathan, Director, Investor Rela...
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Rainy River Resources Ltd. Analyst Day - April 2013

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Rainy River Resources Ltd. Analyst Day - April 2013

  1. 1. FEASIBILITY STUDY ANALYST LUNCHEON APRIL 11, 2013 RR TSX:© 2013 RAINY RIVER RESOURCES LTD. 1
  2. 2. Forward Looking Information TSX: RRThis presentation contains “forward-looking information” as defined in applicable securities laws (referred to herein as “forward-looking statements”). Forwardlooking statements include, but are not limited to, statements with respect to the cost and timing of the development of the Rainy River project, the othereconomic parameters of the project, as set out in its feasibility study; the success and continuation of exploration activities; estimates of mineral reserve andresources; acquisitions of additional mineral properties; the future price of gold; government regulations and permitting timelines; estimates of reclamationobligations that may be assumed; requirements for additional capital; environmental risks; and general business and economic conditions. Often, but notalways, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,“continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or statementsthat certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involveknown and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materiallydifferent from any of its future results, performance or achievements expressed or implied by forward-looking statements. These risks, uncertainties and otherfactors include, but are not limited to, the assumptions underlying the feasibility study not being realized, decrease of future gold prices, cost of labour,supplies, fuel and equipment rising, availability of financing on attractive terms, actual results of current exploration, changes in project parameters, exchangerate fluctuations, delays and costs inherent to consulting and accommodating rights of First Nations, title risks, regulatory risks and uncertainties with respect toobtaining necessary surface rights and permits or delays in obtaining same, and other risks involved in the gold exploration and development industry, as wellas those risk factors discussed in the section entitled “Description of Business-Risk Factors” in Rainy Rivers 2012 Annual Information Form and its otherSEDAR filings from time to time. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limitedto, the availability of financing for the Company’s exploration and development activities; the timelines for the Company’s exploration and developmentactivities on the Rainy River Property; the availability of certain consumables and services; assumptions made in mineral resource estimates, includinggeological interpretation grade, recovery rates, gold price assumptions and operational costs; and general business and economic conditions. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. TheCompany undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or futureevents or otherwise, except as may be required by law.This presentation uses the terms “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and“inferred mineral resources”. The Company advises readers that these terms are defined in accordance with Canadian regulations (under National Instrument43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)). The United States Securities and Exchange Commission does not recognize mineralresources. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. Inaddition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or anypart of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form thebasis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI 43-101. Investors are cautioned notto assume that part or all of an inferred resource exists, or is economically or legally mineable.For additional information with respect to the key assumptions, parameters, risks and other technical information underlying to the mineral resource estimatesand the preliminary economic assessment discussed in this presentation, refer to: (i) the press release dated October 10, 2012 with respect to the mineralresource estimates, available at www.sedar.com; (ii) the press release dated April 10, 2013”, with respect to the feasibility study,, available at www.sedar.com;and (iii) the technical report entitled “NI 43-101 Feasibility Study of the Rainy River Gold Property, Ontario, Canada”, with respect to the feasibility study, whichwill be available on www.sedar.com.© 2013 RAINY RIVER RESOURCES LTD. 2
  3. 3. Agenda TSX: RR• Introduction • Ray Threlkeld, President and CEO• Feasibility Study • Mike Mutchler, VP and COO• Community and Environment • Kyle Stanfield, VP Environment and Sustainability• Financial Review • Nick Nikolakakis, VP and CFO• Exploration: District and Underground • Kerry Sparkes, VP Exploration• Next Steps • Ray Threlkeld, President and CEO© 2013 RAINY RIVER RESOURCES LTD. 3
  4. 4. The Rainy River Gold Project (RRGP) TSX: RR• High quality, low risk project • Proven Management Team• “Unrealized District Potential” • Strong Financial Position N © 2013 RAINY RIVER RESOURCES LTD. 4
  5. 5. Defining Canada’s Newest Gold District RRGP Feasibility Study Highlights, April 2013 TSX: RR AN INTERMEDIATE PRODUCER WITH LOW CASH COSTS AND 4.0 MOZ IN RESERVESOpen Pit Reserve: 70.1 Mt @ 1.34 g/t gold, 3.07 g/t silver and Stockpile: 43.1 Mt @ 0.37 g/t gold, 1.97 g/t silver = 3.5 Moz gold and 9.6 Moz silverUnderground Reserve 3.1 Mt @ 5.07 g/t gold, 6.69 g/t silver = 0.51 Moz gold and 0.67 Moz silverMill head grade: 1.46 g/t gold, 3.19 g/t silver (first 10 years)Strip ratio (waste/ore): 3.1:1*. Operating 2.8:1***Excludes overburden material. **Excludes overburden and capitalized waste.Recoveries: 90.4% (gold), 64.1% (silver)Annual Production: 326 koz (gold), 494 koz silver (first 10 years)Cash costs: US$468 per ounce gold (first 10 years)“All-in” cash costs***: US$771 per ounce gold (first 10 years) ***includes depreciation.Initial Capital: C$713 MNPV5% C$931 M, after-taxIRR$1400/oz gold, $25/oz silver 24% , after-tax © 2013 RAINY RIVER RESOURCES LTD. 5
  6. 6. Located in Mining-Friendly Ontario, Canada TSX: RRHalf of the 12 recently announced junior gold acquisitions were for projects located in Canada, a safe, mining-friendly jurisdiction. Rainy River Gold Project© 2013 RAINY RIVER RESOURCES LTD. 6
  7. 7. Making the Grade - Comparison to Peer Projects TSX: RR Highest Grade M&I Resources of 8 Canadian Bulk Tonnage Gold Deposits 1.40 (at a 0.30 g/t gold-equivalent cut-off) 1.20M&I Resource Grade - g/t gold 1.00 0.80 0.60 0.40 0.20 0.00 RRGP (Rainy Malartic Borden Cote Magino Detour Lake Blackwater Hammond River) (Osisko) (Probe) (Iamgold) (Argonaut) (Detour) (New Gold) Reef (Osisko) Note: Borden at 0.50 g/t cut-off Blackwater at a 0.40 g/t cut-off Malartic at a 0.32 g/t cut-off © 2013 RAINY RIVER RESOURCES LTD. 7
  8. 8. Lowest Quartile Cash Cost Producer TSX: RR FIRST QUARTILE SECOND QUARTILE THIRD QUARTILE FOURTH QUARTILE $1,6002017 Cash Costs Including Royalties $1,400 $1,200 $1,000 (US$/oz) $800 Rainy River 5-Year Average Cash Cost: US$413/oz gold (open pit) $600 $400 Rainy River 10-year Average Cash Cost: US$468/oz gold $200 $0 0% 20% 40% 60% 80% 100% Cumulative 2017 Production Source – Brook Hunt , courtesy of BMO Capital Markets. Brook Hunt data includes global open pit cash costs in 2017, including Royalties © 2013 RAINY RIVER RESOURCES LTD. 8
  9. 9. TSX: RR Mike Mutchler, VP and COO FEASIBILITY STUDY© 2013 RAINY RIVER RESOURCES LTD. 9
  10. 10. Production and Cash Flow Profile TSX: RR Average Annual Production: 326,000 ounces gold, 494,000 ounces silver = 335,000 gold-equivalent ounces $2.0B 450 2,000,000 $1.6BPRODUCTION (koz gold-equivalent) Cumulative Free Cash Flow (C$000) 400 1,500,000 350 300 1,000,000 250 500,000 200 150 0 100 -500,000 50 0 -1,000,000 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 YEAR Silver in GEO Underground Sustaining Capital Gold Open Pit Development Open Pit: $322 M Cumulative FCF C$000 (US$1400/oz gold, US$25/oz silver) Preproduction ($68M) Underground: $95 M Cumulative FCF C$000 (US$1600/oz gold, US$30/oz silver) ($713M) Notes: “GEO” = gold equivalent ounces. Cumulative FCF is after-tax © 2013 RAINY RIVER RESOURCES LTD. 10
  11. 11. Feasibility Design Basis TSX: RR RRGP designed as follows: • Combined pit and underground mine, owner operated • Open pit scaled for 21,000 to 20,000 tpd ore • Underground sized for 1,000 tpd ore • Conventional on-site processing to gold dore • Crush, grind, gravity and CIP leach • Processing throughput of 21,000 tpd (7.65 Mtpy) • Site infrastructure includes: • Tailings impoundment, overburden storage, waste dumps, power transmission line, road access and re- routing of Hwy 600© 2013 RAINY RIVER RESOURCES LTD. 11
  12. 12. Feasibility Study Assumptions TSX: RRGold Price $1,400 USD/ozSilver Price $25 USD/oz 1.00 CAD: 1.00 USD (Initial)Exchange rate 1.07 CAD: 1.00 USD (Operations)Discount rate 5%Mine Equipment Lease 4.5% over 8 yearsGold Recovery 90.4% (variable by grade)Silver Recovery 64.1% (variable by grade)Open Pit Production 21,000 tpd, scaling down to 20,000 tpdUnderground Production 1,000 tpdProcess Plant Capacity 21,000 tpdMine Life 16 years© 2013 RAINY RIVER RESOURCES LTD. 12
  13. 13. Open Pit Designfor Elevated Grade TSX: RR overburden FS Pit Design Resource Pit© 2013 RAINY RIVER RESOURCES LTD. 13
  14. 14. Underground DesignHigher margin, lower risk approach TSX: RR N Portal Open Pit 17E ODM Cut & Fill Longhole© 2013 RAINY RIVER RESOURCES LTD. 14
  15. 15. TSX: RR© 2013 RAINY RIVER RESOURCES LTD. 15 15
  16. 16. Mine Design – Open PitSliding cut-off to maximize grade in early years TSX: RR Open Pit Specifications • 70.1 Mt @ 1.34 g/t Au, 3.07 Ag direct ore to mill • 43.1 Mt @ 0.37 g/t Au, 1.97 Ag ore to stockpile N • 350 Mt waste rock • 80 Mt overburden (OB) • 2.8:1 operating strip ratio (excl. OB and capitalized waste) • 3.8:1 total strip ratio • Maximum mining rate – 63 Mtpy Pit dimensions – 1.7km x 1.5 km x 400m Major equipment • 19 x 226t haul trucks • 3 x 28 m3 hydraulic shovels • 1 x 16 m3 front end loader • 3 production drills, 2 RC drills • 6 x 580 hp dozers • 2 x 300 hp graders© 2013 RAINY RIVER RESOURCES LTD. 16
  17. 17. Mine Design – Underground3.5 g/t cut-off, 1,000 tpd high grade mill feed TSX: RR METHOD TONNAGE Au g/t Ag g/t Longhole (80%) 2.40 Mt 5.29 3.04 Cut & Fill (20%) 0.65 Mt 4.22 20.5 Development 0.10 Mt 5.44 3.06 Total UG 3.11 Mt 5.07 6.69Total development = 28,000 metres N Vent Raise 433 Vent Raise ODM 17E Longhole Cut & Fill© 2013 RAINY RIVER RESOURCES LTD. 17
  18. 18. Mine Operating Costs TSX: RR Open pit mining Costs Overburden $1.42 Open pit parameters Ore & Waste $1.95 • 1.7km x 1.5 km x 400m deep Stockpile re-handle $0.91 • Max 63 Mtpy production ($0.85/litre diesel price) • 10m benches Underground mining Costs Cut & fill consumables $ 5.76 Underground parameters Cut & fill opex development $ 2.19 • Long-hole (80% by volume) Longhole consumables $ 14.08 • Primary stopes 10m x 10m Longhole opex development $ 3.86 • Secondary stopes 10m x 20m Fixed costs $ 11.90 • Cut-and-Fill (20% by volume) Labour costs $ 37.73 • 5m lifts Total $/t mined $ 75.52 • Fleet of 5.4m3 load-haul dump trucks and 27m3 trucks© 2013 RAINY RIVER RESOURCES LTD. 18
  19. 19. Process Plant Design TSX: RRProcess Design Criteria• AxB = 24.2• Bond work index = 15.0• Crusher work index = 25.0• 80th percentile BWI & AXB used for mill designMajor Process Equipment• Crusher: 54” x 75”; 448 kW (600 HP)• Coarse ore stockpile – 60,000 tonnes w/ 20,000 tonne live storage• SAG Mill: 36’ x 20’; 15 MW (20,000 HP)• Ball Mill: 26’ x 40.5’; 15 MW (20,000 HP)• P80 = 75 micron grind• Pebble Crusher: 448 kW (600 HP)• Leach Tanks: 8 x 18 m Ø, 30-hour leach• CIP Tanks: 7 x 330 m3Life of mine metal recoveries & Opex• Gold: 90.4%• Silver: 64.1%• $8.65/t milled© 2013 RAINY RIVER RESOURCES LTD. 19
  20. 20. Process Flow Sheet TSX: RR PROCESS GYRATORY PRE-LEACH WATER CRUSHER THICKENER TANK CYCLONES SAG MILL SCALPING SCREEN PEBBLE CRUSHER BALL MILL CYANIDE LEACH PUMP BOX & PUMP CARBON-IN- GRAVITY PULP CONCENTRATORS PROCESS PRE-DETOX WATER CARBON STRIPPING THICKENER TANK ELECTRO INTENSIVE WINNING CYANIDATION REACTOR CYANIDE DESTRUCTION TAILINGS POND DORÉ BAR REFINING ELECTRO WINNING© 2013 RAINY RIVER RESOURCES LTD. 20
  21. 21. Tailings & Infrastructure TSX: RRArea DescriptionPower transmission line 16.7 km of 230 kV line, switchyard and substationRoad access Highway 600 bypass (10 km) East access road (5 km)Tailings impoundment 13 M m3 of total dam construction, 250k m3 of diversion and spillway excavation. Mine supplies bulk of construction materials (clay, NPAG waste)Water management system McCallum creek water intake – 20% of spring flow, 15% of fall flow required from Pinewood River. Daily water consumption 20,350 m3. 92% water recycled © 2013 RAINY RIVER RESOURCES LTD. 21
  22. 22. RRGP Infrastructure Excellent access to project site & power TSX: RRCommunications Mill location – Roen Road Tailings area 230 kV & 115 kV lines – 17km away Waste Dump © 2013 RAINY RIVER RESOURCES LTD. 22
  23. 23. Production schedule – Processed grade TSX: RR Combined Mill Feed Grade 6 Year 1-10 average grade: 1.46 g/t Au, 3.19 g/t Ag 5 Gold Silver 4Feed Grade (g/t) 3 2 1 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 © 2013 RAINY RIVER RESOURCES LTD. 23
  24. 24. Production schedule – Metal production TSX: RR Combined Gold and Silver Production 800,000 Year 1-10 average: 326k oz Au, 494k oz Ag 700,000 Gold Silver 600,000Production (oz) 500,000 400,000 300,000 200,000 100,000 - 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 © 2013 RAINY RIVER RESOURCES LTD. 24
  25. 25. Project Capital: Open Pit Components TSX: RR Pre-Production Capital: $713M 6% Waste Stripping $41.9M6% Tailings and Water Management $44.9M 4% Equipment $26.2M6% Overburden Stripping 40% Process Plant $283.7M $43.1M8% Contingency $55.0M15% Site and Mine Infrastructure $105.7M 16% Indirect Costs $112.8M Sustaining Capital: $322 M 7% Tailings Dam 1% Site Development, Facilities, net Construction $23.6M $3.4M 50% Equipment Capital Lease 19% Waste Stripping $161.5M Costs $62.7M 22% Overburden Stripping Cost $70.7M © 2013 RAINY RIVER RESOURCES LTD. 25
  26. 26. Project Capital: Underground Components TSX: RRDevelopment Capital: $68 M 76% Mining Equipment and Infrastructure $16.1M 24% Vertical & Horizontal Development $51.7MSustaining Capital: $95 M 41% Mining Equipment and Infrastructure $38.7M 59% Vertical Development $55.9M© 2013 RAINY RIVER RESOURCES LTD. 26
  27. 27. Consultants and Contractors TSX: RR• Engineering and Procurement – BBA • Osisko, Detour, Thompson Creek• Construction Management – Merit Consulting • Copper Mountain, Goldcorp Red Lake• Permitting & Environmental – AMEC • Detour Lake (Detour), Victor (De Beers), Hollinger (Goldcorp)• Resources – SRK • Fresnillo, Agnico Eagle, Queenston/Osisko• Metallurgical Testwork – SGS • Barrick, Teck, Goldcorp, Agnico Eagle• UG Mine Planning – Golder Associates • Mercedes (Yamana), Kiggavik (AREVA)• Energy Consulting – SanZoe • Detour Lake (Detour)• Road Consulting – TBT Engineering • MTO© 2013 RAINY RIVER RESOURCES LTD. 27
  28. 28. TSX: RR Kyle Stanfield, VP Environment and Sustainability COMMUNITY AND ENVIRONMENT© 2013 RAINY RIVER RESOURCES LTD. 28
  29. 29. Community Relations TSX: RR• Quarterly Community Newsletter• Environmental Assessment Community Open Houses underway• Extremely strong grassroots Community support PDAC Mining Matters Program 2012 Class © 2013 RAINY RIVER RESOURCES LTD. 29
  30. 30. First Nations & Métis Engagement TSX: RR• Community Liaison Position in place since the spring of 2010• Regular Community updates, site tours and meetings• Participation Agreement in support of Mine Environmental Assessment• Supporting training and business development opportunities© 2013 RAINY RIVER RESOURCES LTD. 30
  31. 31. Provincial and Federal Agency Discussions TSX: RR• The RRGP was recently selected by the Federal/Provincial Regulatory Reform Working Group to receive enhanced project involvement from senior government executives and Ministers thereby providing direct support towards an efficient and effective project review. © 2013 RAINY RIVER RESOURCES LTD. 31
  32. 32. Site Photos TSX: RR© 2013 RAINY RIVER RESOURCES LTD. 32
  33. 33. Baseline Environmental Assessment TSX: RR• Fourth year of baseline environmental study now completed – the most environmental data collected for any project of its kind in Eastern Canada.• No lakes located within the Project footprint and the streams that are present do not support a commercial or recreational fishery.• Working closely with the Ministry of Natural Resources and our consultants to understand Species at Risk in support of management and project permitting. Includes funding a 2 year research study. © 2013 RAINY RIVER RESOURCES LTD. 33
  34. 34. Mine Environmental Assessment & Permitting TSX: RR• Coordinated Federal/Provincial Mine Environmental Assessment (EA) underway with mine EA schedule developed with the Federal and Provincial agencies.• Provincial Process: Proposed Terms of Reference submitted• Federal Process: EIS Guidelines issued December 2012• Mine Environmental Assessment Report to Agencies – Q3 2013• Ontario and Federal Ministers EA Decision, Construction Authorization – 1H 2014• Operating Permits and Approvals – 2H 2015 to 1H 2016 © 2013 RAINY RIVER RESOURCES LTD. 34
  35. 35. TSX: RR Nick Nikolakakis, VP and CFO FINANCIAL REVIEW© 2013 RAINY RIVER RESOURCES LTD. 35
  36. 36. Strong Capital Structure and Institutional Support TSX: RRBasic Shares Outstanding 99.9 millionFD Shares Outstanding 109.8 millionCash and Equivalents (Dec 31, 2012) C$102 millionDebt C$0Market Value Basic (based on $2.70 share price) C$270 millionEnterprise Value (based on $2.70 share price) C$168 millionRated by 9 Analysts 6 “buys”, 3 “holds” 60% InstitutionalOwnership 37% Retail 3% ManagementSignificant Institutional Shareholder Base Top 5 own ~30%Ticker Symbol RR on the TSX Main Board© 2013 RAINY RIVER RESOURCES LTD. 36
  37. 37. RRGP – Robust Project Metrics TSX: RR • At $1400 Au, $25 Ag: NPV5% of $931M, after tax IRR of 23.7% Payback of 3.2 years Free cash flow over $2 B, first 10 yearsGold / Silver $1250 / $25 $1400 / $25 $1600 / $30 $1800 / $35US$ per ozNPV @ 5% - Pre-tax $1.0B $1.3B $1.7B $2.1B - After-tax $0.7B $0.9B $1.2B $1.5BIRR - Pre-tax 23.5% 27.8% 32.8% 37.6% - After-tax 19.9% 23.7% 27.9% 32.1%Annual free cash flow Over 5 years, pre-tax $244M $284M $335M $387M Over 5 years, after-tax $214M $245M $278M $316M © 2013 RAINY RIVER RESOURCES LTD. 37
  38. 38. Production and Cash Flow Profile TSX: RR Average Annual Production: 326,000 ounces gold, 494,000 ounces silver = 335,000 gold-equivalent ounces $2.0B 450 2,000,000 $1.6BPRODUCTION (koz gold-equivalent) Cumulative Free Cash Flow (C$000) 400 1,500,000 350 300 1,000,000 250 500,000 200 150 0 100 -500,000 50 0 -1,000,000 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 YEAR Silver in GEO Underground Sustaining Capital Gold Open Pit Development Open Pit: $322 M Cumulative FCF C$000 (US$1400/oz gold, US$25/oz silver) Preproduction ($68M) Underground: $95 M Cumulative FCF C$000 (US$1600/oz gold, US$30/oz silver) ($713M) Notes: “GEO” = gold equivalent ounces. Cumulative FCF is after-tax © 2013 RAINY RIVER RESOURCES LTD. 38
  39. 39. Capital Plan TSX: RR• $102 million in cash and equivalents, as at Dec 31, 2012• Secure remaining financing over a 3 year window• Numerous funding alternatives under review, including: • Monetization of silver production from the mine 10.3 Moz • Project financing • Lease financing • High yield debt financing • Convertible debentures • Equity Plan is to raise the necessary capital, while minimizing equity dilution.© 2013 RAINY RIVER RESOURCES LTD. 39
  40. 40. RRGP - An Undervalued Story TSX: RRRR NAV, Base Case =$931 M (RRGP NAV) + $102 M (Cash) =$1033 M Value Gap =$763 MCurrent Market Cap =$ 270 MPrice / NAV = 0.26xYet to come: Intrepid Zone Regional Exploration WHAT IS THE TRUE VALUE GAP?© 2013 RAINY RIVER RESOURCES LTD. 40
  41. 41. TSX: RR Kerry Sparkes, VP Exploration EXPLORATION: DISTRICT AND UNDERGROUND© 2013 RAINY RIVER RESOURCES LTD. 41
  42. 42. An Emerging Canadian Gold District TSX: RR Location: • “Mining-Friendly” Ontario. • 65 km from Fort Frances.© 2013 RAINY RIVER RESOURCES LTD. 42
  43. 43. Rainy River Resource: Organic Growth in Gold October 2012 based on drill data as of June 10: 657,500 metres 1,424 diamond drill holes TSX: RRQualified Persons – The mineral resource statement was prepared by Dorota El-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo (APGO #1416), of SRK, both “independent qualified persons” as that term is defined inNational Instrument 43-101. Rainy River’s exploration program in Richardson Township is being supervised by Kerry Sparkes, P.Geo (APEGBC #25261), Vice-President Exploration and a Qualified Person as defined by NationalInstrument 43-101. The Company continues to implement a rigorous QA/QC program to ensure best practices in sampling and analysis of drill core. The procedures of the QA/QC program are detailed on Rainy River’s websiteat www.rainyriverresources.com. © 2013 RAINY RIVER RESOURCES LTD. 43
  44. 44. Rainy River Resource: Organic Growth in Silver October 2012 based on drill data as of June 10: 657,500 metres 1,424 diamond drill holes TSX: RRQualified Persons – The mineral resource statement was prepared by Dorota El-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo (APGO #1416), of SRK, both “independent qualified persons” as that term is defined inNational Instrument 43-101. Rainy River’s exploration program in Richardson Township is being supervised by Kerry Sparkes, P.Geo (APEGBC #25261), Vice-President Exploration and a Qualified Person as defined by NationalInstrument 43-101. The Company continues to implement a rigorous QA/QC program to ensure best practices in sampling and analysis of drill core. The procedures of the QA/QC program are detailed on Rainy River’s websiteat www.rainyriverresources.com. © 2013 RAINY RIVER RESOURCES LTD. 44
  45. 45. District Potential for Growth TSX: RR © 2013 RAINY RIVER RESOURCES LTD. 45
  46. 46. 46 TSX: RR© 2013 RAINY RIVER RESOURCES LTD.
  47. 47. TSX: RR© 2013 RAINY RIVER RESOURCES LTD. 47
  48. 48. Pit Outline and Ramp Design: Intrepid Conveniently Located TSX: RR N © 2013 RAINY RIVER RESOURCES LTD. 48
  49. 49. TSX: RR NR121256: 1.1 & 5.1 / 9.0 NR121256: 1.9 & 7.5 / 3.8 NR121256: 34.8 & 6.9 / 1.5 NR121256: 1.2 & 6.7 / 10.5Deposit Cross Section © 2013 RAINY RIVER RESOURCES LTD. 49
  50. 50. Approximately 4 km TSX: RRVertical Longitudinal Section © 2013 RAINY RIVER RESOURCES LTD. 50
  51. 51. TSX: RR Raymond Threlkeld, President and CEO NEXT STEPS© 2013 RAINY RIVER RESOURCES LTD. 51
  52. 52. Project Timeline: Focus on De-Risking TSX: RR Feasibility Study April 2013• Environmental Assessment Q3-2013• Environmental Approvals Q3-2014• Commence Construction Q3-2014• Production Q3-2016• Intrepid Resource Q3-2013• Intrepid Scoping Q4-2013© 2013 RAINY RIVER RESOURCES LTD. 52
  53. 53. Why Rainy River? TSX: RR•HIGH QUALITY, LOW RISK PROJECT •4 million ounces of Proven and Probable gold reserves •Low “all-in” costs of $7711,2 per ounce gold •Low cash costs of US$4681 per ounce gold •Milled grade of 1.46 g/t1 •Location, location, location•UNREALIZED DISTRICT POTENTIAL •New discovery, Intrepid Zone, with potential for near-term cash flow •Further potential for discovery along 6km trend•PROVEN MANAGEMENT TEAM •Team has financed and built mines around the world•STRONG FINANCIAL POSITION •$102 M as of Dec 31, 2012 CURRENTLY TRADING AT 0.3x NAV 1. First 10 years. 2. Includes depreciation of pre-production and sustaining capital costs.© 2013 RAINY RIVER RESOURCES LTD. 53
  54. 54. RRGP Stands Out Amongst Its Peers TSX: RR RRGP Malartic Detour Blackwater Cote (years 1-10)Head grade, g/t 1.46 0.97 0.96 0.86 0.85Tonnes per day, 21,000 60,000 58,000 60,000 52,000milledAverageounces gold 326,000 541,000 597,000 523,000 481,000per yearStart-Up Year 2016 2011 2013 2017 2017Initial Capex $713 $839 $1,733 $1,815 $1,696Sustaining $484* $709 $1,206 $537 $725CapexCash cost, $468 $679 $775 $599 $729US$/oz goldAll-in** cost, $771 $957 $1,178 $1,205 $1,189US$/oz gold Comparison data courtesy of BMO Capital Markets. *Includes underground development and sustaining capital, in addition to open pit sustaining capital. **“All –in” costs include pre-production, development and sustaining capital costs, as well as cash costs (including royalties and site G&A, and net of silver credits) © 2013 RAINY RIVER RESOURCES LTD. 54
  55. 55. The Rainy River Gold Project TSX: RR• High quality, low risk project • Proven Management Team• “Unrealized District Potential” • Strong Financial Position N © 2013 RAINY RIVER RESOURCES LTD. 55
  56. 56. TSX: RR APPENDIX© 2013 RAINY RIVER RESOURCES LTD. 56
  57. 57. Management Team: Over 160 years of experience Proven Mine Builders and Financiers TSX: RR 30+ years in industry.Raymond Threlkeld, President and CEO Former President & CEO of Western Goldfields. Former VP Project Development of Barrick Gold Corp. 30+ years in industry. 20 years with ASARCO as Engineer, Mine Manager and General Manager. Former Kinross VP, ProjectMike Mutchler, VP and COO Development Services, Project Manager Paracatu, Mining Manager Cerro Casale. 18 years in corporate finance, accounting, including as VPNick Nikolakakis, VP and CFO Finance at Barrick Gold Corp, Regional CFO at Placer Dome. Former investment banker with BMO Nesbitt Burns. 22+ years experience in mineral exploration; P. Geo.Kerry Sparkes, VP Exploration Instrumental in the discovery and delineation of the Voisey’s Bay nickel deposit. 17 years experience in mine engineering and operations.Garett Macdonald, VP Operations Professional Engineer and MBA. Previously with Placer Dome and Suncor Energy. 17 years environmental assessment and mine permitting.Kyle Stanfield, VP, Environment & Sustainability Led BC’s largest harmonized mining environmental assessment. Previously with Placer Dome: Africa, South America, Canada 30+ years as a lawyer, advising public and private entities.Gerry Shields, VP and General Counsel Advised on equity financings, M&A, corporate governance and general corporate and securities law. © 2013 RAINY RIVER RESOURCES LTD. 57
  58. 58. RRGP – Reserves (April 2013) TSX: RRMineral Reserves, Rainy River Gold Project, BBA and Golder, April 10, 2013 Quantity Grade Metal Mt Au gpt Ag gpt Au ‘000 oz Ag ‘000 ozOpen Pit* Proven 27.7 1.14 1.94 1,015 1,728 Probable 85.5 0.91 2.88 2.511 7,919 Total 113.2 0.97 2.65 3.525 9,647Underground* Proven - - - - - Probable 3.1 5.07 6.69 506 668 Total 3.1 5.07 6.69 506 668Combined Mining* Proven 27.7 1.14 1.94 1,015 1,728 Probable 88.6 1.06 3.01 3,017 8,587 Total 116.3 1.08 2.76 4,031 10,315*Open Pit Reserves have been estimated using a cut-off grade of 0.30 g/t gold-equivalent, and Underground Reserves have been estimated using a cut-off grade of 3.5 g/t gold-equivalent. Open Pit Reserveshave been estimated using a dilution of 9.7% at 0.22 g/t Au and 1.31 g/t Ag, and Underground Reserves have been estimated using a CAF dilution of 9% at 0.61 g/t Au and 4.16 g/t Ag and LH dilution of 10% at1.56 gpt Au and 1.28 gpt Ag. Open Pit Reserves have been estimated using a mine recovery of 95%, and Underground reserves have been estimated using a mine recovery of 95%.Qualified persons - The mineral reserve statement was prepared by Patrice Live (OIQ #38991) of BBA and Donald Tolfree (APEGBC #32557), of Golder , both "independent qualified persons" as that term isdefined in National Instrument 43-101. Rainy Rivers engineering assessment in Richardson Township is being supervised by Garett Macdonald, P.Eng. (PEO #90475344), Vice-President Operations and aQualified Person as defined by National Instrument 43-101.Reserves are derived from the October 10. 2012 Resource Statement, prepared by Dorota El-Rassi, P.Eng. (APEO #100012348) and Glen Cole, P.Geo (APGO #1416), of SRK, both "independent qualifiedpersons" as that term is defined in National Instrument 43-101. Rainy River’s exploration program in Richardson Township is being supervised by Kerry Sparkes, P.Geo. (APEGBC #25261), Vice-PresidentExploration and a Qualified Person as defined by National Instrument 43-101. The Company continues to implement a rigorous QA/QC program to ensure best practices in sampling and analysis of drill core. © 2013 RAINY RIVER RESOURCES LTD. 58
  59. 59. TSX: RR© 2013 RAINY RIVER RESOURCES LTD. 59
  60. 60. TSX: RR© 2013 RAINY RIVER RESOURCES LTD. 60
  61. 61. DEFINING CANADA’S NEWEST GOLD DISTRICT Indi Gopinathan, Director, Investor Relations TSX: RR Telephone: 416.645.7289 Email: igopinathan@rainyriverresources.com© 2013 RAINY RIVER RESOURCES LTD. 61

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