Rubicon Minerals May 2018 Corporate Presentation

TSX : RMX | OTCQX : RBYCF
Corporate Presentation
May 2018
Building Long-Term Shareholder Value

Cautionary Statement regarding Forward-Looking Statements and other Cautionary Notes
This corporate presentation contains statements that constitute “forward-looking statements” and “forward looking information” (collectively, “forward-looking statements”) within the meaning of applicable
Canadian 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 or
occur 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 statements
include, 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 from
test 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 potential
advancement 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 Mineral
Resource 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, the
additional 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 further
steps 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 results
from 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 Resources
Estimate, 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 that
management 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 any
future 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 throughput
rates; uncertainty of mineral resources, inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of current exploration activities; actual results of reclamation
activities; 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 or
geological 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 and
other 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 its
obligations 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 service
providers 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 and
potential environmental liabilities; dissatisfaction or disputes with local communities or First Nations or Aboriginal Communities; failure of plant, equipment or processes to operate as anticipated; market
conditions 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 expenditures
and 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
2

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 of
new 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’s
annual 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 that
could 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-looking
statements. 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 of
Rubicon’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 Person
The 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 by
NI 43-101.
Cautionary Note to U.S. Readers Regarding Estimates of Measured, Indicated and Inferred Resources
This 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 and
required 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 and
economic 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 the
estimation 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 a
preliminary 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 without
reference 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 legally
produced 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 or
is 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 to
the reporting and disclosure requirements of the SEC.
Cautionary Statements Regarding Forward-Looking
Statements and Cautionary Notes
3

Corporate Vision
Three-pronged approach to build long-term shareholder value
4
Potentially building a mid-tier gold Company:
1. Advancement of the Phoenix Gold Project to commercial
production;
2. Organic growth opportunities with exploration targets
within 2 km of the Phoenix Gold Project; and
3. Exploring our vast Red Lake Properties land package.

Capital Structure and Shareholder Info
Strong balance sheet and institutional support
Balance Sheet and Capital Structure
Approximate cash balance***: ~C$24 M
Nominal long-term debt outstanding
(December 31, 2020):
C$12.0 M
Lease liabilities C$2.5 M
Shares outstanding: 65,853,092
Options outstanding: 4,199,703
Institutional
Investors
70.72%
George
Ogilvie
0.72%
CPPIB
Credit
15.19%
Retail
8.24%
Royal
Gold
5.13%
Equity ownership breakdown*
5
Analyst Coverage
BMO Andrew Mikitchook
TD Securities Daniel Earle
Laurentian Bank Ryan Hanley
Mackie Research Stuart McDougall
Market Data (April 27, 2018)**
RMX share price: C$1.24
Market capitalization: C$81.7 M
Avg. 30-day daily trading volume
(TSX & OTC markets)
27,463
*Numbers may not add due to rounding
**Source: TSX and OTC markets, as of April 27, 2018
***Including equity financing, which closed on February 26, 2018
Institutional shareholders include:
Mackenzie Financial Ninepoint Partners
Donald Smith & Co. Greywolf
Sentry Investments Sun Valley Gold
Franklin Templeton RBIM
(475,940 shares)

• Head frame and hoist
commissioned
• 9 km of U/G development;
Shaft completed to 730 m
below surface
200-person camp
Tailings management
facility completed
• Surface roads, earth and civil works in place
• Power line and substation on site
6
Infrastructure and Permits in Place
>C$770 million spent on infrastructure and development
Item: Capital spent/Tax pools (C$)
Mill construction ~$150 M
Surface construction ~$95 M
Underground exploration,
development, sampling, etc.
~$525 M
Total $770 M
Tax loss pools (April 2018)
$687 M
$387M – Phoenix Gold Project
$300M – can be used externally
6
• 1,250 tpd mill
• 91.5% recoveries during 2015
• Substantially permitted

TSX : RMX | OTCQX : RBYCF 7
Conceptual Asset Values Mitigate Downside Risk
Assets carry conceptual values comparable to the Company’s market cap
7
Red Lake Properties (28,266 ha):
Based on precedent land transactions in Red Lake,
Rubicon’s Red Lake Properties could have a
conceptual value of between C$30-50 M
Hard assets and equipment at site:
More than ~C$300 M of equipment and hard assets
could potentially have a resale value of ~C$30 M
Tax loss pools and end working capital:
Potential value of C$10-15 M
Red Lake Properties
Hard assets and
equipment
Financial assets
Rubicon current market
capitalization: C$81.7 M

Exploration at the Phoenix Gold Project:
• New Geological Structural Interpretation
• 2018 Mineral Resource Estimate demonstrates
material growth versus 2016 estimates
• Test mining activities underway

Steps to Bring Confidence Back to the
Phoenix Gold Project
9
• Hired reputable consultant and peer reviewer from the start: Golder Associates and T.
Maunula & Associates have been working with Rubicon since early 2017.
• Focus on structural geology: 3,500 m structural oriented drilling, 10,000 m historical core re-
logged, and extensive underground mapping shows discrepancies with the 2016 geological model.
• 2017 infill and step out drilling showing higher grades compared to 2016 block
model: 25,000 m drilled in 2017 and 20,000 m planned for 2018
• Structural Interpretation shows better continuity: Simplified interpretation allows for the
evaluation of bulk mining methods
• 2018 Mineral Resource Estimate demonstrates significant growth
• 25,000-30,000 tonnes of test mining/bulk sampling in 2018: To further refine and
potentially validate 2018 Mineral Resource Estimate; Processing slated for mid-2018
• Potential to significantly enhance the quantities and classifications of the 2018
Mineral Resource Estimate

Historical drill holes
HiTi Basalt Units
Ultramafic Flow Units
High-grade domain
D1 N-S structures
D2 E-W structures
Quartz-Breccia Zones
(higher grade)
Riedel veins system
(orientations):
R’ veins
R veins
P veins
D2 dextral transpresion
2013 Structural
Interpretation
2016 Structural
Interpretation
2018 Structural
Interpretation
Structural Interpretation10
Comparison of structural interpretations of the F2 Gold Deposit
10
• Riedel vein system:
System of mineralized
quartz-actinolite veins that
appear to be primary
structural controls on gold
mineralization at the F2
Gold Deposit
• More continuity of gold
mineralization within the
HiTi Basalt Units (main host
rock) compared to the 2016
geological model
• Evaluating bulk mining
methods: Test mining
sublevel longhole method
on current test stopes
North
(mine-grid)
(10) Refer to endnote #10

Conceptual diagram of F2 Gold Deposit local geology
11
50 m
Historic
McFinley
Deposit area
Hanging
Wall Basalt
West Limb
Basalt
F2 Basalt
610-metre
level
305-metre level
HiTi Basalt Units
Drill hole intersecting
Felsic Intrusive Units
Underground
development
HiTi Basalt Units
• Three HiTi Basalt lenses:
• Zone 1 (domain): F2 Basalt
• Zone 2 (domain): West Limb Basalt, and
Hanging Wall Basalt (larger zone at depth)
• Mineralization encountered at 1,600 m
below surface: Deeper F2 Gold Deposit is
sparsely drilled; further exploration work
required to better understand the geology at
depth
• Structural Interpretation will continue to be
refined, enhanced, and supported with data
and observations collected from the 2018
Exploration Program
Section view
looking north

Material Growth in 2018 Mineral Resources11
Consideration for potential bulk mining methods
Resource
Category
Quantity
(000'tonnes)
Grade
(g/t Au)
Contained
Gold Ounces
Measured (M) 188 6.80 41,000
Indicated (I) 1,186 6.30 240,000
M + I 1,374 6.37 281,000
Inferred 3,884 6.00 749,000
2018 Mineral Resource Estimate – April 30, 2018*
@ 3.0 g/t Au Cut-off
• 113% increase in M+I Resources*;
80% increase in Inferred Resources*;
improved grades: Mainly attributed
to a re-interpretation of geological
and structural controls on
mineralization along with recognizing
the potential for larger scale mining
which resulted in broader mineral
domains
• Golder (lead) & T. Maunula (peer
reviewer): More than 12 months of
collaboration with Rubicon
• Encouraging results: Initial
observations from test mining
consistent with 2018 Mineral
Resources; too early to draw
conclusions
• Effective date for this Mineral Resource is April 30, 2018
• Mineral Resource Estimate uses a break-even economic cut-off grade of 3.0 g/t Au based on assumptions
of a gold price of US$1,300 per ounce, an exchange rate of US$/C$ 0.77, mining cash costs of C$97/t,
processing costs of C$20/t, G&A of C$5/t, sustaining capital C$10/t, refining, transport and royalty costs
of C$53/oz, and average gold recoverability of 92%
• Mineral Resources are not Mineral Reserves and do not demonstrate economic viability
• There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve
• All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly
*There is no certainty that the Inferred Mineral Resources will be converted to the Measured and Indicated Mineral Resource categories, that the
Measured and Indicated Mineral Resources will be converted to the Proven and Probable Mineral Reserve categories and there is no certainty that
the updated Mineral Resource statement will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability; the estimate of Mineral Resources in the updated Mineral Resource statement may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant issues.

Increased tonnes, grade and ounces at all cut-offs and categories
Quantity (000’ tonnes) Grade (g/t Au) Contained Gold Ounces
2018 20162 Change 2018 20162 Change 2018 20162 Change
3.0 g/t Au
Measured (M) 188 0 N/A 6.80 0 N/A 41,000 0 N/A
Indicated (I) 1,186 719 65% 6.30 5.71 10.3% 240,000 132,000 81.8%
Total M+I 1,374 719 91% 6.37 5.71 11.6% 281,000 132,000 112.9%
Inferred 3,884 2,491 56% 6.00 5.18 15.8% 749,000 415,000 80.5%
3.5 g/t Au
Indicated (I) 964 601 60% 7.01 6.19 13% 217,000 120,000 81%
Total M+I 1,119 601 86% 7.08 6.19 14.4% 255,000 120,000 113%
Inferred 3,146 1,959 61% 6.64 5.71 16.3% 672,000 360,000 87%
4.0 g/t Au
Indicated (I) 779 492 58% 7.78 6.73 16% 195,000 106,000 84%
Total M+I 909 492 85% 7.86 6.73 17% 230,000 106,000 117%
Inferred 2,556 1,519 68% 7.31 6.28 16% 601,000 307,000 96%
Comparison between 2018* and 2016** Estimated Quantities
at Reported Cut-Off Grades
*There is no certainty that the Inferred Mineral Resources will be converted to the Measured and Indicated Mineral Resource categories, that the
Measured and Indicated Mineral Resources will be converted to the Proven and Probable Mineral Reserve categories and there is no certainty that
the updated Mineral Resource statement will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability; the estimate of Mineral Resources in the updated Mineral Resource statement may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant issues.
**2016 Estimates are no longer current and should not be relied upon.

Material Growth in 2018 Mineral Resources
Potential to enhance quantities and classifications
• 24,000 m of infill/step-out
drilling: To Potentially improve the
classification of Inferred Resources;
potential to grow resources from
Exploration Target
• Model reconciliation based on
25,000-30,000t bulk sampling: To
increase confidence and validate a
future Mineral Resource Estimate
• Evaluating McFinley and Close
Proximity Targets: Evaluating data
from historical McFinley Deposit
and Close Proximity Targets, which
could possibly included in any
future Mineral Resource Estimate
• F2 Gold Deposit open at depth
and along strike: High-grade
intercepts at 1,600 m, below
current bottom of 2018 Mineral
Resource Estimate
2018 Mineral Resource Block Model Diagram Zone 2
(Hanging Wall and West Limb Basalts)
Section View Looking West (Mine-Grid)

2018 Exploration Program
Phoenix Gold Project underground diagram looking north
15
Surface
Fresh air
raise
337-metre loading pocket
685-metre loading pocket
Crusher station
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 ramp
to surface
2018 Exploration Program:
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
2017 Exploration Program
COMPLETED:
• 3,500 m of structural N-S
oriented drilling
• 10,000 m of historical core
re-logging for structure
• 25,000 m of oriented
infill/step out drilling
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

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 Diagram9
Between 25,000-30,000 tonnes planned starting mid-2018
Long section looking west
• 10,000 tonnes of mineralized
material currently on surface
(7,000 tonnes from #977 test
stope; 3,000 tonnes of low-
grade material)
• Test stopes are previously
well developed and drilled,
allowing the Company to
take advantage of sunk
capital for reduced costs and
timelines
Please refer to the Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes at the
beginning of this presentation with respect of the Company’s Qualified Person.
16

Anticipated 2018 Exploration Program Timeline
17
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
Structural Interpretation will
continue to be refined with data
from test stoping and drilling
~10,000t of material
stockpiled on surface
Significant expansion of Mineral Resources;
potential for further expansion and improvement
in classifications; NI-43-101 to be filed mid-June

Long-Term Organic Growth Potential:
• Close proximity targets
• Red Lake Regional properties

Cochenour (G)
Red Lake Gold Mines (G)
Phoenix Gold Project (RMX)
D2 Structures
Red Lake, ON
N
RMX claims: 28,776 hectares ~40% of claims in Red Lake
Goldcorp (G) claims
Ultramafic units
F2 folds
Gold projects in active exploration
Existing gold mines
RMX prospective exploration targets
Slate Bay
(RMX)
DMC
(RMX)
Adams Lake
(RMX)
East Bay
(RMX)
Prolific Red Lake Gold District:
Camp has produced more than 29 million ounces of gold
19
Rahill-Bonanza (PG/G)
H.G. Young (G)
Hasaga (PG)
McCuaig
(RMX)

Recent Land Transactions in Red Lake
Rubicon owns a sizeable land package in Red Lake
Date Property
Size
(ha)
Seller Buyer Sale price* Price/ha
Additional
info
Nov 2017 McCuaig (40%) 50 Golden Tag Rubicon C$0.7 M C$14,630/ha
Land
transaction
Mar 2017
Derlak (near
Madsen)
219 Orefinders Pure Gold C$1.2 M C$5,465/ha
Land
transaction
Dec 2015
Buffalo claims
(near Hasaga)
513 Pure Gold
Premier
Gold
~C$5.0 M C$9,747/ha
Land
transaction;
Pure Gold
gets 1.0%
NSR
Nov 2015 Springpole 32,448 Gold Canyon
First Mining
Finance
~C$56.2 M C$1,732/ha
Company
acquisition;
MRE
Jun 2014
Newman-
Madsen
>807
Sabina Gold
& Silver
Pure Gold ~C$2.8 M C$3,463/ha
Land
transaction
Mar 2014 Madsen 4,193
Claude
Resources
Pure Gold ~C$8.8 M C$2,087/ha
Asset
transaction
500 tpd mill,
MRE
Rubicon Red Lake Exploration Land Package
(excluding Phoenix Gold Project claim)
28,266 ha
Source: Company reports and Rubicon estimates 20
*Total consideration of cash and share
values at the time of acquisition

1000 m
244-metre level
exploration drift
Shaft
Island Zone
CARZ
Northern
Peninsula
F2 Gold Deposit
McFinleyCamp
F2 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
21
Close Proximity Targets
Potential 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 m
244-17-C03:
244-17-C03:
Scale: 200 m
Drill hole
U/G development
Close Proximity Targets – McFinley Deep
Plan View
22
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

Cross Sections of “B” and “C” Zone Structures
23
244-17-C02:
244-17-C03:
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
244-17-C03:
Drill hole
U/G development
Potential gold-bearing structure
Historic McFinley Deposit (2002)1
1Not compiled according to NI 43-101

685-17-C04:
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
Potential LOM incremental feed of the Phoenix Gold Project
Historic McFinley Deposit (2002)
• 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
24

Close Proximity Targets
Northern Peninsula, CARZ & Island Zone
25
• 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-15-19: 8.43 g/t Au over 1.05 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

Red Lake Regional Properties
Highly-prospective exploration targets
26
• Several highly-prospective
grassroots exploration targets
• Potential exploration work will
commence if the Phoenix Gold
Project’s advancement is on
the right path
• Targets were evaluated and
prioritized by an exploration
consultant with +20 years of
experience in Red Lake
3# Sidace
1# McCuaig
2# East Bay
4# Slate Bay

Key Takeaways to the Rubicon Story
Advanced exploration. Red Lake. High-grade gold potential
27
1. Encouraging drill results and Structural Interpretation: Data and
observations collected to-date demonstrate discrepancies with the 2016
estimates; potential to evaluate bulk mining methods with the Structural
Interpretation;
2. Significant growth in 2018 Mineral Resources: Overall increase in
grade, tonnes, and ounces; potential for further improvement in
quantities, classification, and confidence with 2018 Exploration drilling
and test mining activities;
3. Mitigated Risk: conceptual resale value of assets are comparable to the
market capitalization of the company, potentially mitigating downside
risk; and
4. Exploration upside potential: excellent potential with McFinley Deep
and Close Proximity targets and vast land package in a prolific high-
grade gold camp.

Appendices
28

Potential to enhance quantities and classifications
2018 Mineral Resource Block Model Diagram
– Plan View, 244-Metre Level
2018 Mineral Resource Block Model Diagram Zone 1
– Section View Looking West (Mine-Grid)

History of Mineral Resource Estimates
Historical estimates are not current and should no be relied upon
GEOEX – Amended2,6
(2011)
AMC3,6
(2011)
SRK4,6
(2013)
SRK5,6,7
(2016)
Grade
(g/t Au)
17.3 (inferred, capped) 14.5 (indicated)
17.0 (inferred)
8.5 (indicated)
9.3 (inferred)
6.7 (indicated)
6.3 (inferred)
Ounces 3.1 M (inferred) 0.5 M (indicated)
2.3 M (inferred)
1.1 M (indicated)
2.2 M (inferred)
0.1 M (indicated)
0.3 M (inferred)
Tonnes (t) 5.500 M (inferred) 1.028 M (indicated)
4.230 M (inferred)
4.120 M (indicated)
7.452 M (inferred)
0.492 M (indicated)
1.519 M (inferred)
Grade
interpolation
polygonal inverse distance
cubed
ordinary kriging ordinary kriging
Grade capping 10-5-2 oz
(311-155.5-62.2 g/t Au)
270 g/t Au 200 g/t Au (Main)
150 g/t (HW), 30 g/t (Ext)
10–120 g/t Au (HG domains)
5–45 g/t Au (LG domains)
Cut-off grade
(g/t Au)
5.0 5.0 4.0 4.0
Metres drilled at
F2 Gold Deposit
166,886 m 259,000 m +
2,000t bulk sample
355,611 m 450,175 m + trial stoping
Metrics from PEA
Grade to the mill
(g/t Au)
n/a 13.9 8.1 n/a
Average stope
width
n/a 2.0 m 7.8 m n/a
Overall dilution n/a 18% 44% n/a
30
(2) Refer to endnote #2, (3) Refer to endnote #3, (4) Refer to endnote #4, (5) Refer to endnote #5, (6) Refer to endnote #6 (7) Refer to endnote #7
Please refer to the Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes at
the beginning of this presentation with respect of the Company’s Qualified Person.

Conceptual diagram of F2 Gold Deposit local geology; Plan View
31
N
50 m
Shaft
West Limb
BasaltHanging Wall
Basalt
F2 Basalt
Historic McFinley
Deposit area
HiTi Basalt Units
Felsic Intrusive Units
Underground
development
HiTi Basalt Units
Remains open
along strike
Remains open
along strike

West Limb
Basalt Zone
Hanging
Wall Zone
Main F2 Gold Deposit
Shaft
015 test stope
977 test stope
N
Existing underground
development
50 m
2018 planned
test stopes
Previously mined
test stopes
030 mined
test stope
2018 Test Mining – Conceptual Diagram9
Testing various mining methods
Plan view of the 244-metre level
• Test stopes located in the upper-
portion of the main F2 Gold
Deposit mineralized envelope
• Mining methods tested include
mechanized cut-and-fill and
sublevel longhole
Please refer to the Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes at the
beginning of this presentation with respect of the Company’s Qualified Person.
32

685-metre level
685-17-10:
(incl. 9.53 over 0.8 m)
23.39 g/t Au over 2.0 m
(incl. 46.73 g/t Au over 1.0 m)
2016 Mineral Resource
block model grades
1-3 g/t Au
5-10 g/t Au
>10 g/t Au
3-5 g/t Au
Scale: 100 m
Drill hole
U/G development
2017 highlight
drill intercepts
5-10 g/t Au
>10 g/t Au
3-5 g/t Au
1-3 g/t Au
Diagram 9: Infill and step-out drilling cross section (looking north)
Section (3) Infill and step-out drill hole 685-17-09, 685-17-10, and 685-17-11
685-17-09:
14.25 g/t Au over 1.8 m
(incl. 61.51 g/t Au over 0.4 m)
685-17-11:
Preliminary Observations1
Diagram from February 20, 2018 news release
33

1. For more information regarding 2017 Exploration program drilling results, please refer to the news releases dated
September 18, 2017, November 16, 2017, December 14, 2017, and February 20, 2018, which are available on our website at
www.rubiconminerals.com.
2. For more information regarding the amended inferred mineral resource and geological potential estimates prepared by
Geoex Ltd. please refer to the news release dated March 31, 2011, which is available on our website at
www.rubiconminerals.com and the Technical Report dated April 11, 2011 available on under Rubicon’s profile in SEDAR at
www.sedar.com.
3. For more information regarding the 2011 PEA study prepared by AMC Mining Consultants, please refer to the news release
dated June 29, 2011, which is available on our website at www.rubiconminerals.com and the Technical Report dated August
11, 2011 available on under Rubicon’s profile in SEDAR at www.sedar.com.
4. For more information regarding the 2013 PEA study prepared by SRK Consulting (Canada) Inc., please refer to the news
release dated June 25, 2013, which is available on our website at www.rubiconminerals.com and the Amended & Restated
Technical Report dated February 28, 2014 available under Rubicon’s profile in SEDAR at www.sedar.com.
5. For more information regarding the 2016 SRK mineral resource estimate prepared by SRK Consulting (Canada) Inc., please
refer to the news release dated January 11, 2016, which is available on our website at www.rubiconminerals.com and the
Technical Report filed on February 25, 2016 available under Rubicon’s profile at www.sedar.com.
6. Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures are rounded to reflect
the relative accuracy of the estimate. Samples have been capped where appropriate.
7. Underground mineral resources reported at a cut-off grade of 4.0 g/t Au of gold per tonne assuming a gold price of
US$1,125/oz. and a gold recovery of 92.5%.
8. For more information regarding the first trial stope reconciliation, please refer to the news release dated November 3,
2015, which is available on our website at www.rubiconminerals.com.
9. For more information regarding 2018 Exploration program please refer to the news release dated January 23, 2018 which is
available on our website at www.rubiconminerals.com.
10. For more information regarding the Structural Interpretation, please refer to the news release dated March 12, 2018 which
is available on our website at www.rubiconminerals.com.
11. For more information regarding the 2018 Mineral Resource Estimate, please refer to the news release dated April 30, 2018
which is available on our website at www.rubiconminerals.com.
34
Endnotes

For more information, please contact:
Allan Candelario, CFA
Director, Investor Relations and Corporate Development
416-766-2804
acandelario@rubiconminerals.com
36

Rubicon Minerals May 2018 Corporate Presentation

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