Rubicon 2017 Red Lake Community Information Session

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2017 Red Lake Community Information Session

George Ogilvie, P.Eng.President and CEO


Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes

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This corporate presentation contains statements that constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicableCanadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "intends", "may", "will", "should","plans", "anticipates", "potential", "expects", "estimates", "forecasts", "budget", "likely", "goal" and similar expressions or statements that certain actions, events or results may or may not be achieved or occur inthe 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, performanceor 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 plans and outcomes relating to the Company’s ammonia levels and water treatment system at the Phoenix Gold Project, theexploration potential in Red Lake, the potential growth to the Company’s mineral resources, the potential advancement of the Phoenix Gold Project to development and pre-production, the targeted zones ofthe planned drilling, drifting and bulk sampling programs, the objectives and outcomes of the planned additional analysis of the geology of the deposits, the objectives and outcomes of the planned additionaltesting of the resource model, the objectives and outcomes of the planned drilling, drifting and bulk sampling programs, the areas of focus in a future updated resource estimate, the anticipated components ofthe 2017 and 2018 Exploration Programs, the proposed development and trial mining at the Phoenix Gold Project, the anticipated headcount of the Company and the anticipated Exploration Program timeline.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management's best judgment based on facts and assumptions thatmanagement considers reasonable. If such opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed in the forward-looking statements. The materialassumptions upon which such forward-looking statements are based include, among others, that: the demand for gold and base metal deposits will develop as anticipated; the price of gold will remain at orattain levels that would render the Phoenix Gold Project potentially economic; that any proposed operating and capital plans will not be disrupted by operational issues, title issues, loss of permits,environmental concerns, power supply, labour disturbances, financing requirements or adverse weather conditions; Rubicon will continue to have the ability to attract and retain skilled staff; and there are nomaterial unanticipated variations in the cost of energy or supplies.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rubicon to be materially different from anyfuture results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: possible variations in mineralization, grade or recovery or throughputrates; uncertainty of mineral resources, inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of current exploration activities; actual results of reclamationactivities; uncertainty of future operations, delays in completion of exploration plans for any reason including insufficient capital, delays in permitting, and labour issues; conclusions of future economic orgeological evaluations; changes in project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays andother risks related to operations; timing and receipt of regulatory approvals; the ability of Rubicon and other relevant parties to satisfy regulatory requirements; the ability of Rubicon to comply with itsobligations under material agreements including financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms; the ability of third-partyservice 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 andpotential environmental liabilities; dissatisfaction or disputes with local communities or First Nations or Aboriginal Communities; failure of plant, equipment or processes to operate as anticipated; marketconditions and general business, economic, competitive, political and social conditions; the implementation and impact of the Restructuring Transaction; our ability to generate sufficient cash flow fromoperations 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 toremain listed and traded on the TSX; our ability to maintain relationships with suppliers, customers, employees, stockholders and other third parties in light of our current liquidity situation and the CCAAproceedings.

It is important to note that the information provided in this corporate presentation is preliminary in nature. There is no certainty that a potential mine will be realized. A mine production decision that is notbased on a feasibility study demonstrating economic and technical viability does not provide adequate disclosure of the increased uncertainty and specific risks of failure associated with such a productiondecision.

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 newinformation, 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 Management's Discussionand Analysis for period ending December 31, 2015 under the heading "Risk Factors" for a discussion of the factors that could cause Rubicon's actual results, performance and achievements to be materiallydifferent 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 riskfactors 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 corporatepresentation. The forward-looking statements contained herein are expressly qualified by this cautionary statement.


Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes

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Securities legislation in certain of the Canadian provinces provides purchasers, in addition to any other rights they may have at law, with a remedy for rescission or damages where an offeringmemorandum, such as this presentation, or any amendment to it, and in some cases, advertising and sales literature used in connection therewith, contains a misrepresentation.

This corporate presentation does not constitute an offer of securities for sale in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or anexemption from registration.

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 byNI 43-101.

Cautionary Note to U.S. Readers Regarding Estimates of Indicated and Inferred ResourcesThis corporate presentation uses the terms “measured” and “indicated” mineral resources and “inferred” mineral resources. The Company advises U.S. investors that while these terms are recognized andrequired by Canadian securities administrators, they are not recognized by the SEC. The estimation of “measured”, “indicated” and “inferred” mineral resources involves greater uncertainty as to theirexistence 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 viabilitythan the estimation of other categories of resources. It cannot be assumed that all or any part of a “measured”, “indicated” or “inferred” mineral resource will ever be upgraded to a higher category.

Under Canadian rules, estimates of “inferred mineral resources” may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in apreliminary economic assessment under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute “reserves” as in-place tonnage and grade withoutreference to unit measures. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legallyproduced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part or all of a “measured”, “indicated” or “inferred” mineral resource exists or iseconomically or legally mineable. Information concerning descriptions of mineralization and resources contained herein may not be comparable to information made public by U.S. companies subject tothe reporting and disclosure requirements of the SEC.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimation of mineral resources is inherently uncertain, involves subjective judgement about manyrelevant factors and may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred resources inthis estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further explorationwill result in upgrading them to an indicated or measured mineral resource category. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptionsmade and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences thatmay ultimately prove to be inaccurate. Mineral resource estimates may have to be re-estimated based on: (i) fluctuations in mineral prices; (ii) results of drilling and development; (iii) results of test stopingand other testing; (iv) metallurgical testing and other studies; (v) proposed mining operations, including dilution; (vi) the evaluation of mine plans subsequent to the date of any estimates; and (vii) thepossible failure to receive required permits, approvals and licenses.

The mineral resources in this corporate presentation were reported using Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards.


Health, Safety, & Environment

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Health, Safety and Environment Policies

Health and Safety Policy

“Rubicon Minerals Corporation is committed to the health and safety of ouremployees. A safe and accident free workplace with a strong safety culture with zeroharm is a core value of our business. Protection of employees from injury andoccupational disease is our primary concern and is an ongoing effort…”

Environmental Policy

“Rubicon Minerals Corporation is committed to responsible mining that takes intoaccount the environmental impact of all aspects of our business. We acknowledgethat mining by its very nature impacts the natural and human environment as well asthe economic environment…”

Our goals are:

• To be below industry injury frequency averages, and• That we continue to meet our environmental obligations

Please visit our website www.rubiconminerals.com to review our full Environment and Health and Safety policies.


Systems in Place to Promote Safety

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Safety numbers:

• 285 days since last reported Lost Time Incident

• 164 days since last reported Medical Aid

Safety Systems:

• Internal Responsibility System (IRS)

• 5 point safety system

• Pre-op cards

• Supervisor compliance – job observations and planned inspections

• Toolbox/huddle safety meetings

• Training

• Health and Safety Reps


Achievements in Environment

Ammonia treatment successful• Ammonia was treated in-situ (within TMF) with nutrients and sewage sludge

• Ammonia levels are now well below effluent objectives (we discharged 66,200 m3 in 2016)

MOECC Director’s Order revoked• The director’s order was revoked August 9, 2016 as Rubicon had met all the conditions

listed in the order

Amended Environmental Compliance Approval (ECA) received• Rubicon received an amended ECA on August 5th, 2016 that allows it to continue

operations at the Phoenix Gold Project

New effluent diffuser installed• A new multi-port diffuser was installed in East Bay of Red Lake. This diffuser allows the

effluent to be dispersed at a high rate which assures water quality objectives are met

• The company was able to meet its effluent objectives in 2016

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Achievements in Environment

Source Control is the Solution for Ammonia• An explosives management plan will be developed to limit the generation of ammonia in

underground operations

• Rubicon expects ammonia levels will be manageable given source control measures and the known in-situ treatment method

Water Treatment System• Rubicon is investigating an upgrade to its permanent Actiflo water treatment system

Rubicon expects to monitor and manage water quality during the advanced exploration program

Amended Closure Plan• Rubicon is in the process of updating the closure plan for the site

• Financial Assurance is in place for the facility.

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CEO Vision and Strategy

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About George Ogilvie, P.Eng.+27 years of management, operating, and technical experience

Former President and CEO of Kirkland Lake Gold (2013-2016)• Oversaw the turnaround of the company and the Macassa Mine – spent first 6 months at mine site

• Focused on higher-grade, profitable ounces; Enforced good mining practices – ore handling, dilution control, appropriate mining method, etc.; Changed the organizational culture; restructured the Board and added new management; acquired St. Andrew Goldfields; increased production profile to ~280Koz/annum

Former President, CEO, COO of Rambler Metals in Newfoundland (2007-2013)• Helped evolve Rambler from a grassroots exploration to junior producer; Ming mine generated positive

cash flow and declared commercial production; and Project financing and permitting completed in 2 years.

Extensive experience in Manitoba, Northern Ontario, and South Africa (1989-2007): • Area Manager for Sudbury Basin (Dynatec)• Mine Manager at McCreedy West (Dynatec)• Mine Superintendent of Ruttan Mine in Northern Manitoba (Hudbay)• Mine Captain and various operational roles at the Witwatersand Basin in South Africa

(AngloGold)

1989: B.Sc. (Hons.) in Mining and Petroleum Engineering – Strathclyde University, Glasgow)

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The New Rubicon Story Resetting expectations and rebuilding confidence

New leadership with turnaround experience

High-grade gold exploration potential in Red Lake, ON

>C$770M in significant infrastructure in place

Improved balance sheet with reduced debt and converted stream

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CEO’s VisionSteps to deliver value to shareholders

1. Explore, explore, explore: Extensive drilling/drifting/sampling of the F2 Gold Deposit needed to gain a better understanding of the geology and to potentially grow the Company’s mineral resources

2. Updated mineral resource estimate in 18-24 months: Following Phase 1 of the exploration program, provide an updated mineral resource estimate and conduct a feasibility study

3. Set realistic goals: Managing expectations to rebuild confidence and credibility in the Company and its assets; execute on the plan

4. Long-term objective: Instill the right culture and appropriate management practices and systems; potentially build a profitable Company with the goal of delivering a healthy return on capital to investors; and explore on the regional land package

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Board and Management Team Strengthened Expertise in geology, underground mining, finance and law

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Management Team Additions

George Ogilvie, P.Eng., President and CEO • Led the successful turnaround of Kirkland Lake Gold and its acquisition of St. Andrew Goldfields

• Grew Rambler Metals from grassroots exploration to profitable junior producer

Mike Willett, P.Eng., Director of Projects • Led the increase in mineral resources and permitting as President and CEO of Tamerlane Ventures Inc.

• Held senior roles with March Consulting Associates/Hudbay.

Board of Directors

Julian Kemp, BBA, CPA, CA, C.Dir (Chair) • Led Rubicon through a successful strategic review and CCAA process

• Former CFO Fortune Minerals

Peter R. Jones, P.Eng. • Led the successful IPO of Hudbay Minerals Inc. and its turnaround• Former Chair and CEO of Adanac Molybdenum, Chair of Medusa

Mining and Augyva Mining Resources

Dr. David A.S. Palmer, PhD, P.Geo. • Led the discovery of the Borden Deposit as President and CEO of Probe Mines and the sale of the company to Goldcorp in 2015

• Current President and CEO of Probe Metals

Daniel Burns, JD, MBA, CPA, CMA, ICD.D, ACC • Experienced director in fields of financial services• President and CEO of NDC Solutions Inc.• Current Chair of World Council of Credit Unions

George Ogilvie, P.Eng.

New members


Exploration Path ForwardFurther exploration is key to gaining a better understanding of the F2 Gold Deposit’s complex geology and potentially delivering confidence and ounces back to the model

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Structural Analysis of the F2 Gold Deposit Warranted4

Main zone remains largely untested

• The revised geological interpretation of the F2 Gold Main Zone was largely based on limited exposures from stopes drawn down from in the Hanging Wall of the deposit, where the mineralized zones were narrower and may not be representative;

• Stopes in the F2 main zone have not been extracted and require additional testing; and

• The planned exploration drilling and development is intended to target the main zone of the F2 Gold Deposit and test this geological interpretation.

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(4) Refer to endnote #4

Please refer to the Cautionary Statements Regarding Forward-Looking Statements and CautionaryNotes at the beginning of this presentation with respect of the Company’s Qualified Person.

Conceptual diagram – plan view


2017 Exploration Program

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ObjectiveApproximate

timeline

Site clean up and U/G infrastructure upgrades

To get the site positioned to commence exploration activities

Throughout 2017

Re-logging of approximately 10,000 m of core samples from historical drilling

To better understand the structural geology of the F2 Gold Deposit and the relationship of the D2 structures relative to the high-grade gold mineralization

Throughout2017

Engagement of primary external consultant

To engage consultant at the beginning and throughout the exploration program and to assist with the interpretation of the structural geology and the eventual formulation of an updated mineral resource estimate

Q1/17completion

3,500 m of orientated drilling at the upper F2 Gold Deposit

To gain further knowledge of the east-west (mine grid) trending D2 structures and update the geological model

70-90 days(drilling)

20,000 m of orientated drilling at the 610-metre level

Follow up on high-grade intercepts between the 366-and 854-metre levels and improve drill density

150-180 days(drilling)

Development into the main mineralized zone

The Company anticipates opportunistic drifting into the main zone of the F2 Gold Deposit, between the 305- and 366-metre levels, to gather more information for geological mapping and sampling purposes

Starting H2/17and beyond


3,500 m Upper Deposit Drilling 244- and 305-metre levels

Long section looking south

305-metre level

244-metre level

17Please refer to the Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes at thebeginning of this presentation with respect of the Company’s Qualified Person.

Plan View – 305 metre level

Planned Drilling

Potential East-West mineralized shear swarms

(Diagrams not to scale)

The coloured areas represent the high-grade domains from the 2016 SRK mineral resource estimate, at a 3.0 g/t Au cut-off


20,000 m Drilling Program from 610-Metre LevelTargeting the deposit between the 366- to 854-metrel levels

610-metre level

305-metre level

122-56 - 18.2g/t Au over 5.5m

122-60 - 24.0g/t Au over 5.5m

Planned 20,000 m drilling program will in-fill historic drill intersections to test continuity and potentially build resource at depth

F2-35 – 41.89g/t Au over 2.15m

122-10 – 14.08g/t Au over 44.9m

122-16 – 16.8g/t Au over 3.0m

305-73 – 11.1g/t Au over 4.0m

305-03-162 – 13.5g/t Au over 13.8m

F2-05 – 6.0g/t Au over 17m

305-03-167 – 152.4g/t Au over 1.5m

F2-42 – 15.52g/t Au over 4m

Long section looking west2016 SRK Mineral Resource Estimate4

The coloured areas represent the high-grade domains at a 3.0 g/t Au cut-off grade, along with selected significant drill intersections

(Diagram not to scale)

18(4) Refer to endnote #4

Planned drill holes

Please refer to the Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes atthe beginning of this presentation with respect of the Company’s Qualified Person.


2018 Exploration Program

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ObjectiveApproximate

timeline

Trial mining

This will allow Rubicon to gather more information for geological mapping, sampling purposes, evaluation of mining techniques and reconciliation to the mineral resource block model

Mid-2018

Updated mineral resource estimate and decision on Feasibility Study

The ultimate goals of the exploration program are to increase the quality and quantity of mineral resources and, through a future planned feasibility study, determine the economics of the Project to upgrade mineral resources to reserves.

H2/2018


305-metre levelDown Ramp

The coloured areas represent the high-grade domains from the 2016 SRK mineral resource estimate, at a 3.0 g/t Au cut-off

East-West “D2 structures”

West Limb Basalts (HiTi)

F2 Gold Deposit Main Zone (HiTi)

N

Plan view of 366-metre level


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Proposed Development and Trial Mining

Planned development

Existing development

Please refer to the Cautionary Statements Regarding Forward-Looking Statements and Cautionary Notes at thebeginning of this presentation with respect of the Company’s Qualified Person.

305-metre level

Dark blue – planned trial miningDark purple – waste development

West Limb

HiTi Zone

F2 MainHiTi Zone

Long section looking north


TSX : RMX | OTC : RBYCD 21

Labour – Anticipated HeadcountIncluding both Employees and Contractors

0

5

10

15

20

25

30

35

40

45

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Underground Operations MaintenanceEngineering Site AdministrationHealth, Safety & Security EnvironmentGeology Land


Anticipated Exploration Program Timeline

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2017 Exploration Program:

Underground clean up & infrastructure upgrades

Re-logging of core and structural geology analysis

3,500 m drilling

Exploratory development in the main F2 Gold Deposit

20,000 m drilling

2018 Exploration Program:

Trial mining

NI 43-101 Mineral Resource Estimate

Decision on Feasibility Study

2017 2018

H1 H2 H1 H2

Partnership with external consultant


Questions?

Presentations & Public Speaking

Rubicon 2017 Red Lake Community Information Session