The Energy Report

Allied Nevada Gold Corp. TICKER: ANV:TSX; ANV:NYSE.A Visit Company Website Allied Nevada is advancing gold exploration and development projects in Nevada. Its 100%-owned flagship, Hycroft Mine, is currently producing at an annual rate of ~100 Koz. gold and 300 Koz. silver. ANV has begun an oxide-expansion project to increase production to >300 Koz. gold and 1 Moz. silver. The low-risk, high-reward project aims to more than triple production by 2013 and maximize extraction of the current reserve estimate of 2.4 Moz. gold.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Ron Stewart, Dundee Securities (2/2/12) "We estimate Allied Nevada Gold Corp.'s compound annual production growth rate through 2016 for gold at 49% and for silver at 109% when compared to 2011 actual gold and silver production at the Hycroft gold silver mine. . .we are of the view that Allied Nevada has a top quality management team and board that they are committed to delivering shareholder value. . .if you share our opinion that the evidence points to the fact that Hycroft can emerge as a major gold silver mine over the next few years, you will likely agree with our Buy Recommendation."

Brian Christie, Desjardins Securities (1/26/12) "Allied Nevada Gold Corp.'s 2011 production was better than expected. . .gold production in 2011 at Hycroft of 104 Koz was in line with our expectation of 99.6 Koz, while silver production of 479,440 oz was higher than our forecast of 396,236 oz. . .the company expects company-wide exploration expense to decrease compared with 2011 to US$6.9M, as it focuses on the Hycroft expansion projects"

Tara Hassan, National Bank Financial (1/10/12) "Allied Nevada Gold Corp. announced the final drill results from its H211 drill program at the company’s Hycroft mine in Nevada. . .we expect the results to positively benefit the current resource at Hycroft in a resource update scheduled for Q112. . .Allied Nevada's exploration-stage Hasbrouck project represents the biggest potential source of upside. . .we look toward the resource update and preliminary economic assessement for Hasbrouck in Q112, additional drilling at Hycroft and Hasbrouck in the new year, and significant production growth in the near- and mid-term to drive our valuation."

Scott Wright, Zeal Reports (12/30/11) "Allied Nevada Gold Corp. investors are treated with the ownership of a massive portfolio of projects located in one of the most prolific gold-mining jurisdictions in the world. . .as of the latest estimate in August 2011, Hycroft is now host to 20.6 Moz gold and 695 Moz silver. . .the company is in the midst of rolling out a combination heap-leach and milling expansion that will transform Hycroft into a mega mine. . .this would deliver annual production of 617 Koz gold and 26 Moz silver over an initial 10-year mine life. . .not only will Hycroft be one of the largest gold mines in the U.S. and one of the largest silver mines in the world, it will be a super-low-cost cash cow. . .we've only seen the tip of the iceberg with this colossal deposit."

Tara Hassan, National Bank Financial (12/13/11) "Allied Nevada Gold Corp. announced the final drill results from its 2011 program at its Hasbrouck project, Nevada. Results have extended the Franco zone, demonstrated the extension of mineralization on the east and south side of the hill and confirmed continuity between the Franco and Crossroads zones. . .highlights include: 1.1 g/t Au and 33.5 g/t Ag over 171m including 2.4 g/t Au and 35.1 g/t Ag over 32m. . .Hasbrouck continues to showcase the potential to host a significantly larger resource (both on higher grades and expansion of zones) than previously estimated."

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