DEVELOPING THE HARPER CREEK PROJECT IN BRITISH COLUMBIA

Vancouver Resource Investment Conference January 2013

TSX : YMI OTCQX:YHMGF

TSX : YMI OTCQX:YHMGF 2

Ian Smith, President and CEO of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this document. The information contained in this presentation is provided by Yellowhead Mining Inc. (“Yellowhead”) for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of Yellowhead or other financial products. The information contained herein is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The views, opinions and advice provided in this presentation reflect those of the individual presenters, and are provided for information purposes only. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Yellowhead nor its directors, officers, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. Except for statements of historical fact, this presentation contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, including, among others, the accuracy of mineral grades and related assumptions, inherent operating risks, planned expenditures, proposed exploration and development at the Harper Creek Project, operating and economic aspects of the Harper Creek Project, as well as those risk factors identified in Yellowhead’s Annual Information Form and other disclosure documents available at www.sedar.com under Yellowhead’s name. Yellowhead undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Yellowhead. This presentation does not constitute an offer of shares for sale in the United States or to any person that is, or is acting for the account or benefit of, any U.S. person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")) ("U.S. Person"), or in any other jurisdiction in which such an offer would be illegal. Yellowhead’s shares have not been and will not be registered under the Securities Act. Cautionary Notes regarding Technical Information This presentation includes disclosure of scientific and technical information, as well as information in relation to the calculation of resources, with respect to the Harper Creek Project. Yellowhead’s disclosure of mineral resource information is governed by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM (“CIM Standards”). There can be no assurance that mineral resources will ultimately be converted into mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. For further information regarding the Harper Creek Project, reference should be made to the NI 43-101 compliant Technical Report and Feasibility Study of the Harper Creek Project, dated March 29, 2012 and available on www.sedar.com, prepared by Merit Consultants International Inc. in conjunction with the following Qualified Persons (as defined by NI 43-101), all independent of Yellowhead Mining Inc.: Jay Collins, P. Eng., Merit Consultants International Inc.; Mark Dobbs, P.Eng., Allnorth Consultants Limited; Ronald Simpson, P.Geo., GeoSim Services Inc.; Kenneth Brouwer, P.Eng., Knight Piesold Ltd.; John Fox, P.Eng., Laurion Consulting Inc.; and John Nilsson, M.Sc., P.Eng., Nilsson Mine Services Ltd. This presentation uses the terms “measured”, “indicated” and “inferred” resources. U.S. persons are advised that while such terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. “Inferred Resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred resources may not form the basis of feasibility or other economic studies. U.S. persons are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

TSX : YMI OTCQX:YHMGF 3

• Harper Creek project is large scale copper-gold-silver project 100%-owned by Yellowhead (1)

• Feasibility Study completed March 2012

• Proven & Probable reserves 704.4 Mt @ 0.262% Cu, 0.029 g/t Au and 1.14 g/t Ag; producing 3.63B lbs Cu @0.14% Cu cut-off

• Pre-tax NPV8: US$749.7M; IRR 20.2% at US$2.50 Cu

OVERVIEW

• Site advantages: adjacent rail, highway, towns and power, two access roads to site, low strip ratio 0.81:1; low Bond Work Index

• Low environmental impact: Tailings dam site – no lakes, no fish

• Overwhelming community support; excellent relations with Simpcw First Nation

• YMI development strategy: engineer, permit, finance, construct & operate

(1) Subject to 3% NSR royalty capped at $2,500k, adjusted for inflation, on claims within the resource estimate, plus a further 2.5% NSR royalty on approximately 1.5 million tonnes of ore late which is expected to be mined beginning in year 16 of the mine plan.

TSX : YMI OTCQX:YHMGF 4

MANAGEMENT

T. Gregory Hawkins, P.Geo., MSc. – Interim Chief Executive Officer

• Involved in the Mining Exploration and Investment industry since 1969

• In 1990 he founded CME & Company an international full service consultancy and contracting firm

• Variously responsible for the identification and/or delineation of 10 mineral deposits in Canada, USA and Chile

Ronald L. Handford, P.Eng., BASc, MBA – Executive Vice President, Corporate Development • 35+ years of international experience in development

and finance relating to resources and technology • Prior to 1996 was an investment officer with

International Finance Corporation and resource industry banker with Barclays Bank

Saurabh Handa, BSc, CA – Chief Financial Officer

• Past Corporate Controller for SouthGobi Resources Ltd. • Prior to that Senior Staff Accountant at Deloitte and

Touche LLP working in its audit and valuation practices primarily on international mining companies

Alastair Tiver, P.Eng – Vice President, Operations

• 24+ years international experience in operating roles ranging from exploration stage to large scale operating mines in a variety of commodities – most recently Chief Engineer of Copper Mountain Mining Corp.

Charlene Higgins, MSc, PhD – Vice President – Environment, Community & First Nations Relations

• 14+ years as a senior negotiator and policy advisor working with Aboriginal communities and organizations

• Expertise in the areas of consultation, sustainable use and management of natural resources, multi-stakeholder engagement

TSX : YMI OTCQX:YHMGF 5

CAPITAL STRUCTURE AND OWNERSHIP – December 31, 2012

Capital Structure Shares

Common shares 63,450,170

Options ($1.00 - $1.25; wtd. avg. $1.17) 4,752,500

Warrants – $2.00 (Apr. 5 ‘13) 8,582,316

Compensation Warrants – $1.45 (Apr. 5 ‘13) 952,200

Fully diluted shares 77,737,186

Issued shares owned or controlled by Management and Board

15.2%

12 month trading range CDN$1.37 – 0.52

Average volume (3 mo.) 55,514

TSX : YMI OTCQX:YHMGF 6

BLOCK MODEL LONG SECTION 5711600N PIT SHELL – $2.50 Cu

TSX : YMI OTCQX:YHMGF 7

BLOCK MODEL CROSS SECTION 305080E PIT SHELL – $2.50 Cu

TSX : YMI OTCQX:YHMGF 8

SUBSTANTIAL GROWTH POTENTIAL

• Geophysics targets over 9km x 10 km grid (9,000 ha)

• Potential strike and dip extension over several km

• Geological model supports large scale potential

• Total YMI property 42,636 ha

TSX : YMI OTCQX:YHMGF 9

OPEN PIT AREA

TSX : YMI OTCQX:YHMGF 10

INFRASTRUCTURE ADJACENT TO PROJECT – Town Of Vavenby; Looking West

TSX : YMI OTCQX:YHMGF 11

LOADOUT PROPERTY – VAVENBY Purchased Nov. 2011; area 79.3 ha

TSX : YMI OTCQX:YHMGF 12

SITE LAYOUT

Tailings Management

Facility

Open Pit

Plant Site

Primary Crusher

Main Waste Dump

Area

Western Waste Dump

TSX : YMI OTCQX:YHMGF 13

TAILINGS MANAGEMENT FACILITY

Starter Embankment

and Final Dam

Configuration:

Rockfill

TSX : YMI OTCQX:YHMGF 14

* The effective date of the resource estimate is December 20, 2011. This resource estimate includes estimates on

precious metals. Qualified Person Ron Simpson, P.Geo; Refer to News Release Feb 16, 2012 “Yellowhead Mining Updates Mineral Resource Estimate for Harper Creek Project”

** Inferred gold and silver grades cannot be correlated to the copper resource tonnage and shall not be used to calculate precious metal mineral content.

NI 43-101 RESOURCE ESTIMATE *

Cut-off Grade 0.2% Cu

Resource Tonnage

[kt]

Cu Grade [%Cu]

Cu Contained

[B lb]

Au Grade ** [g/t]

Ag Grade ** [g/t]

Measured 348,515 0.31 2.38 0.034 1.3

Indicated 466,482 0.28 2.88 0.030 1.3

Measured & Indicated

814,997 0.29 5.26 0.032 1.3

Inferred ** 80,169 0.30 0.53 0.033 1.4

TSX : YMI OTCQX:YHMGF 15

• 28 year project life at a milling rate of 70,000 tpd

• Life-of-mine (“LOM”) stripping ratio after reprocessing of stockpiled material is 0.81:1

• Capital costs estimated C$839 million in Q4 2011 dollars, including contingency of $76.4 million

• Onsite cash operating costs estimated US$0.95/lb Cu (US$0.80/lb Cu first 5 years) after PM credits

• Total onsite and offsite cash operating costs estimated US$1.56/lb Cu after PM credits

• IRR = 20.2%; NPV8 = $749.7M (both pre-tax) based on US$2.50/lb Cu, US$1,250/oz Au, US$20/oz Ag and US$/C$ 0.86:1

FS – OPERATING AND ECONOMIC PARAMETERS

TSX : YMI OTCQX:YHMGF 16

FS – HARPER CREEK PRODUCTION ESTIMATES

Metal Average Annual Production Total Production

Years 1 to 5 LOM Years 1 to 5 LOM

Copper (tonnes)

69,220 58,830 346,000 1,650,000

Gold (oz)

17,200 13,300 85,145 372,000

Silver (oz)

527,000 525,000 2,640,000 14,700,000

Concentrate (dry tonnes)

271,000 230,600 1,357,000 6,458,000

TSX : YMI OTCQX:YHMGF 17

• Yellowhead has commenced environmental review process with BC Environmental Assessment Office and Canadian Environmental Assessment Agency; Section 11 Order issued

• Working Group of Governments and First Nations has been established

• Draft Application Information Requirements (terms of reference) for permitting process under review

• Community and First Nations engagement and consultation programs underway

• Baseline studies since 2007

ENVIRONMENTAL ASSESSMENT AND PERMITTING

TSX : YMI OTCQX:YHMGF 18

Section 11 Order (specifies the scope and methods by which a EA review must be conducted) issued Sept. 2009 identified that the Harper Creek project was in the vicinity of the traditional territories of the Simpcw First Nation and the Adams Lake Indian Band; amended Oct. 2012 to add Neskonlith Indian Band and Little Shuswap Indian Band

The Project lies with the asserted traditional territory of the Simpcw. They are the primary First Nations we are consulting with.

• Signed a General Services Agreement for involvement in the Baseline studies; in discussions on an impact and benefit-sharing agreement.

We are also consulting with the Adams Lake Indian Band

• Signed a General Services Agreement for involvement in the Baseline studies. We are working with them on the identification of employment and business opportunities associated with the development of the Project and Operations.

FIRST NATIONS

TSX : YMI OTCQX:YHMGF 19

(1) Subject to 3% NSR royalty capped at $2,500k, adjusted for inflation, on claims within the resource estimate, plan a further 2.5% NSR royalty on an estimated 1.5 million tonnes of ore which is expected to be mined beginning in year 16 of the mine plan.

INVESTMENT ADVANTAGES

Size M&I Resource of 5.3 B lbs Cu, open along strike, down dip and at depth

Location Adjacent rail, road, power, town and water infrastructure

Political risk BC and North Thompson Valley have a mining-friendly political climate

Management Extensive experience in large scale open pit copper projects

Quality Very clean concentrate – attractive for blending

Robust Economics

Pre-tax NPV8 of US$749.7M; IRR 20.2% at US$2.50 Cu; low capital intensity

Operating Cost Net site cash operating costs estimate US$0.95/lb Cu (US$0.80/lb Cu first 5 years)

Permitting Expect EA certificate Q4 2013; low environmental impact (no lakes, no fish)

Valuation Low valuation vs peer group

For more information please contact: Ronald Handford, Executive Vice President, Corporate Development T: 604.681.1709 Ext 204 M: 604.230.4263 rhandford@yellowheadmining.com www.yellowheadmining.com Twitter: YMI_Mining Facebook: Yellowhead Mining Inc.

YMI : TSX OTCQX:YHMGF