10 September 2013

Veris Gold is a research client of Edison Investment Research Limited

With mine production appearing to have stabilised, Veris is now looking to secure further toll milling agreements on top of the two primary ones it has with Newmont and Klondex (we do not factor in the Atna agreement beyond FY13 due to the Pinson mine closing), to maintain its all-in total operating cost base below US$1,100/oz. Effectively this means maintaining ore tonnages delivered to the mill at 1.5Mt or more. As long as Newmont and Klondex deliver close to the maximum tonnages stated in their respective agreements, starting in Q313, and Jerritt’s mines perform as per H113, we consider Veris could achieve, in principle, this requirement to end FY14. Based on this and adjusting our valuation for the new data in the 11 July 2013 NI 43-101 technical report and interim financial results, we value Veris at US$1.99/share (at gold prices of US$1,353/oz [2013], US$1,578/oz [2014], US$1,676/oz long-term and a 10% discount rate).

Year end Revenue (US$m)

PBT* (US$m)

EPS* (c)

DPS (c)

P/E (x)

Yield (%)

12/11 105.1 (70.2) (69.8) 0.0 N/A N/A 12/12 160.6 (6.2) 1.8 0.0 29.4 N/A 12/13e 202.5 21.4 18.1 0.0 2.9 N/A 12/14e 269.3 69.8 50.3 0.0 1.1 N/A

Note: *PBT and EPS are normalised, excluding intangible amortisation, exceptional items and share-based payments.

Q213 records best ever production at Smith The Smith and the new Starvation Canyon mines have produced the highest quarterly mined tonnages under the current management. Smith recorded production of 137kt (20% higher than Q113) yielding 18,778oz gold (5.6% lower than Q1, primarily due to a greater focus in Q2 on capital development). Starvation Canyon, while only in production since April 2013, was only 13% off its 600tpd LOM production rate.

Debt to be restructured Veris has five derivative debt instruments active, three gold forward sales agreements (currently scheduled to end in Q313, Q114 and Q315), US$10.5m of convertible debt (11% interest December 2015 to April 2016 maturity) and a US$10m eight-month 9% bridge loan, with final payment due in December 2013. Veris has stated it is committed to restructuring its debt to better match current production projections and mine life. We await details of when and how this will be achieved.

Valuation: Adjusted for July NI 43-101 and H1 results We have revised our production forecasts based on Veris releasing a revised NI 43-101 on 11 July 2013. This report details revised operating costs, mine plan and resource and reserve statements. We assume that mining ends in 2020 (though this is likely to extend as has been the case with Jerritt’s reserve estimation since 1981). We have also adjusted for Veris’s H113 unaudited financial results. Our base case valuation is therefore US$1.99/share (at Au prices of US$1,353/oz [2013], US$1,578/oz [2014], US$1,676/oz long-term and a 10% discount rate).

Veris Gold H113 results and outlook

Mine production stable, increasing throughput key

Price C$0.53 Market cap C$74m

US$0.95/C$ Net cash (US$m) at end June 2013 5.2

Shares in issue 138.8m

Free float 74%

Code VG

Primary exchange TSX:VG

Secondary exchange OTCQB:YNGFF

Share price performance

% 1m 3m 12m

Abs 6.5 (22.2) (82.2)

Rel (local) 3.9 (25.1) (83.2)

52-week high/low C$3.29 C$0.36

Business description

Veris Gold Corp operates its Jerritt Canyon mine and processing plant in north Nevada, US. It currently extracts gold from three mines (Smith, SSX/Steer and Starvation Canyon).

Next events

Further toll milling agreements H213

Analysts

Tom Hayes +44 (0)20 3077 5725

Charles Gibson +44 (0)20 3077 5724

mining@edisongroup.com

Edison profile page

Metals & mining

Veris Gold | 10 September 2013 2

Investment summary

Company description: Costs stabilising, throughput increasing Veris Gold operates its main asset, the Jerritt Canyon mine site in north Nevada, US, through its wholly-owned subsidiary Veris Gold USA Inc. The site has been in operation since 1981 and has produced over 8.0Moz gold from 13 open pits and eight underground operations. Veris bought the property in 2007 and operates three underground mines, Smith, SSX/Steer and the newly opened Starvation Canyon.

One of the main factors affecting Veris Gold’s profitability since its current management decided to renovate Jerritt Canyon’s mines and plant in 2008 has been low throughput at the mill and the resultant high operating costs (due to the largely fixed-cost nature of gold processing plants). Increasing throughput, while maintaining a low operating cost base, is key to improving profitability. The Jerritt Canyon processing plant was originally designed to handle the bulk tonnages resulting from gold mining using an open-pit/cut method of extraction, not the currently used and lower tonnage underground mining methods (Veris, however, is currently looking to move as much of its underground mining as appropriate to larger tonnage the long-hole stope mining method and has already implemented this at its owner-operated SSX/Steer and Starvation Canyon operations).

From our analysis of Jerritt’s operating cost structure as calculated using its 11 July 2013 NI 43-101, we conclude that for Veris to maintain all in costs at around the US$1,100/oz mark will require maintaining throughput into the mill at c 1.5Mtpa or above. Jerritt Canyon’s three mines – Smith, SSX/Steer Complex and the recently opened Starvation Canyon mine – have mined in H113 a total of 477kt, with an additional c 13kt derived from its Atna Resources and Newmont toll milling agreements for total processed tons of 490k. We forecast that Veris, as long as its toll milling agreements are fully utilised and using current and planned mining rates, will process 1.5Mt in 2014.

The current mined ore tonnages of 477kt have yielded 82,661oz of gold in H113, with Veris targeting 145koz-155koz in total for FY13. Taking a median 150koz gold production target and a simple average of the current mine head grades of 5.08g/t (0.16opt) will require mining and processing of approximately 421,000t in H213, notably 11.7% lower than that already processed in H113. Current mining and processing rates therefore support Veris’s ability to produce 145koz to 155koz gold for 2013.

Production metrics: Continuing signs of stability

The focus on improving daily tonnages (ie throughput) to the mill, coupled with toll milling of third-party ores is at present the main focus of Veris to improve profitability. The following exhibits provide a quarterly view of mining rates and grade trends for Veris’s three gold mines and its Jerritt Canyon processing plant, and in general highlight the improved mining rates achieved since Q311 (when Veris, then Yukon-Nevada Gold, reported its peak gross loss from operations of US$7.1m).

The Smith mine is the longest running underground mine of the three currently operating at Jerritt Canyon. Exhibit 1 shows consistent increasing production since Q211 with a stable head grade of over 5g/t gold other than for Q112 and Q213. We note the reason behind the decrease in head grade for Q213 was due to a greater focus on waste development in the months of May and June.

Veris Gold | 10 September 2013 3

Exhibit 1: Smith mine – historical and forecast quarterly tonnages vs head grade (g/t Au) Q110-Q414e

Source: Veris Gold quarterly MD&A and Edison Investment Research

Exhibit 2 provides historical quarterly production tonnages and grade data for the SSX/Steer mine. While it has only been in production for a little under two years, the successful ramp of the mine from Q411 to Q312 (which was also the first quarter that recorded production above 1,000tpd), demonstrates that mining ore at SSX/Steer, and soon Saval 4, has been consistent with Veris’s production objectives to date.

Exhibit 2: SSX/Steer/Saval mine – quarterly tonnages vs head grade (g/t Au), Q411-Q414e

Source: Veris Gold quarterly MD&A and Edison Investment Research

Although the Starvation Canyon mine has only been in production since Q113, the tonnage produced in Q213 of 47,390, or an average daily tonnage rate of 521, is only c 13% below the long-term budget of 600 tons per day.

Exhibit 3: Starvation Canyon tonnages vs head grade (g/t Au), Q113-Q414e

Source: Veris Gold quarterly MD&A and Edison Investment Research

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Tons - Starvation Canyon Implied Starvation Canyon head grade (g/t)

Veris Gold | 10 September 2013 4

Available processing capacity of 8,900tpd – two-thirds refractory, one-third oxide The Jerritt Canyon processing facility was originally designed to process both primary refractory gold mineralisation and secondary gold mineralisation resulting from near-surface oxidation, this being the most desirable type of gold mineralisation in Jerritt Canyon’s early days of operation due to the low operating costs and large tonnages available near-surface.

However, the current processing capacity available to Veris relates to the refractory circuit as the oxide processing circuit, or ‘wet mill’, is currently undergoing renovation via cash lent to Veris by Klondex as part of the toll milling agreement. This upfront ‘refurbishment’ payment will be recouped by Klondex by offsetting this loan against future toll milling costs of its ores (each ton of Klondex ore is to be processed at a cost of US$112.5 excluding transport costs, paid for by Klondex, of US$36/t).

Veris has now secured the maximum available permitted capacity for processing refractory material of 6,000tpd (this is based on two roasters operating at the maximum rate of 125tph for 24 hours a day). Based on the average daily mined tonnages processed during Q213 of 3,316 and the 158 tons per day of toll milling, the refractory processing circuit in Q213 was 58% utilised.

We forecast that as the Newmont toll milling agreement starts to come into effect during the current quarter (Q313), mill utilisation will increase to 64% (ie 1,200tpd from Smith, 1,350tpd from SSX/Steer and a total of 1,300tpd resulting from toll milling).

Toll milling agreements – primarily Newmont Mining and Klondex Mines We include our understanding of Veris Gold’s three toll milling agreements with Newmont mining, Atna Resources and Klondex Mines. We note that Atna Resources announced on 26 June 2013 that it had placed its Pinson Gold mine onto care and maintenance, primarily due to the effect of a much lower gold price on the profitability of the operation. Further, we note from Veris’s interim results conference call of 20 August 2013 that management does not expect to receive any more ore from Atna’s Pinson gold mine in 2013, beyond the 8,152t it has already toll treated.

Concerning the Newmont and Klondex agreements we forecast that these agreements will significantly contribute to both Q313 and Q413 production. The Newmont toll milling agreement is for up to 45,000 tons per month to be shipped to Jerritt Canyon, and we therefore assume that this maximum monthly shipment is maintained for the entire course of the contract, which currently ends 31 December 2014. We forecast that Klondex Mines deliver the maximum amount of ore permissible under its bulk sampling permit at its Fire Creek mine of 26.5Kt per annum, with half this amount delivered to Jerritt Canyon in Q313 and Q413. The following exhibit details the total tonnages derived from mining operations as well as the tonnages derived from the Klondex and Newmont toll milling agreements until Q414.

Exhibit 4: Quarterly mined tonnages versus total processed tons, Q110-Q414e.

Source: Veris Gold MD&A and Edison Investment Research

050,000

100,000150,000200,000250,000300,000350,000400,000450,000500,000

Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313e Q413e Q114e Q214e Q314e Q414e

Shor

t tons

per q

uarte

r

Total Tons mined from SSX/Steer/Smith/Starvation Total tons processed by mill

Veris Gold | 10 September 2013 5

An alternative annual view of the above data shows that by end 2013 we forecast that the Jerritt Canyon mill will be operating at 68% of its total 2.08Mt nameplate (refractory ore) capacity, and 86% by end 2014 (see Valuation section from page 7 for further detail).

Exhibit 5: Comparison of tonnages derived from mining and additional tonnages from toll milling contracts – annual mined tons vs tons processed 2010-14e

Source: Veris Gold and Edison Investment Research

The effect of toll milling on cash costs One of the main reasons behind increasing the amounts of toll milling at Jerritt Canyon is to reduce average operating costs by offsetting toll milling revenues against them. Based on our model and using Veris’s own guidance on toll milling revenues and cash costs as outlined in its corporate announcements and August presentation, we have provided (Exhibit 6) a breakdown of its cash costs net of toll milling credits as well as an all-in total cost value. The latter has been given using the recently published (27 June 2013) World Gold Council’s ‘Guidance note on non-GAAP metrics – All-in Sustaining Costs and All-in Costs’.

Exhibit 6: Effect of toll milling on cash costs, 2013e and 2014e 2013e 2014e

Gross toll milling revenue to charge against costs 18,673 41,672 Total operating costs (US$'000s) (145,012) (168,755) Total operating costs net of toll milling credits (126,339) (127,083) Cash costs (US$/oz Au) 969 989 Toll milling credit against costs (US$/oz) (125) (244) Cash costs net of toll milling credits (C1 equivalent) 844 745 Capital costs per ounce 150 335 G&A per ounce 56 24 All-in total costs 1,050 1,103 Source: Edison Investment Research

The effect on operating costs of toll milling is clear. Assuming Klondex and Newmont fully utilise the Jerritt Canyon mill as per their agreements and our assumption concerning tons delivered by Klondex, then average 2013 cash costs could potentially decrease by c 15% from US$969/oz to US$844/oz. Factoring in corporate G&A costs and capital costs (2013e capex is lower due to Veris stating no further large capex spend in H213), then we forecast all-in total costs could come in at US$1,050/oz.

Resources and reserves – support six-year LOM

Jerritt Canyon reserves The company has upgraded specific resources amenable to mining into reserves and applied a revised gold price of US$1,490/oz to its resource estimation process. In doing so, the cut-off grade has dropped, resulting in a greater proportion of the gold mineralisation being captured in the economic model and therefore increasing ounces. It should be noted that, historically, the

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Veris Gold | 10 September 2013 6

conversion of resources to reserves is greater than 100% at Jerritt Canyon, demonstrating the irregular shape and diffuse mineralisation of each ore body. Typical resources to reserve conversions for other gold mines are in the region of 50-70%.

Historically a four-year rolling reserve, now pushed out to six Exploration at Jerritt Canyon has concentrated on delineating new gold resources and reserves to replenish depleted stocks. Veris Gold currently has a six-year life of mine plan at Jerritt Canyon, whereas historically it typically proved around four years of reserves. This reflects the amount of exploration and resource delineation drilling undertaken, predominantly over the last three years. While a greater reserve base is more favourable and will reassure investors, such complex and podiform gold deposits rarely allow for mine reserves to be delineated more than around five to six years ahead of actual mining, due to the irregular nature of ore distribution and the amount of drilling required to produce NI 43-101 compliant resource estimates. To accommodate this, Veris Gold has employed a policy of continual production drilling to define further pods of ore. This is accomplished using the company’s underground reverse circulation drill rig, while contracting external drilling companies to identify further resources at surface.

The following exhibits detail Veris’s current code-compliant resources and reserves.

Exhibit 7: NI 43-101 compliant resources currently delineated at Jerritt Canyon Measured Indicated Measured & indicated Inferred

Area kt opt g/t koz kt opt g/t koz kt opt g/t koz kt opt g/t koz Open pit Burns Basin 46 0.106 3.30 4.9 430 0.096 2.99 41.4 476 0.097 3.02 46.3 5 0.061 1.90 0.3 Mill Creek 3 0.089 2.77 0.3 299 0.094 2.92 28.0 302 0.094 2.92 28.3 4 0.153 4.76 0.6 Saval 51 0.148 4.60 7.6 315 0.085 2.64 26.7 367 0.093 2.89 34.3 10 0.083 2.58 0.8 Wright Window

5 0.174 5.41 0.9 115 0.090 2.80 10.3 120 0.094 2.92 11.2 5 0.088 2.74 0.4

Pie Creek 0 0.000 0.00 0.0 225 0.086 2.67 19.2 225 0.086 2.67 19.2 5 0.089 2.77 0.5 Road Canyon 0 0.000 0.00 0.0 17.0 0.070 2.18 1.2 17 0.070 2.18 1.2 187 0.081 2.52 15.2 Stockpiles 37 0.124 3.86 4.6 254 0.049 1.52 12.4 291 0.059 1.84 17.1 216 0.082 2.55 17.8 Open-pit resources

142 0.128 3.98 18.3 1,654 0.084 2.61 139.3 1,798 0.088 2.74 157.6 432 0.082 2.55 35.4

Underground Smith 2,980 0.200 6.22 597.3 2,214 0.204 6.35 452.1 5,193 0.202 6.28 1,049.4 977 0.179 5.57 174.9 SSX Incl. West Mahala

1,205 0.201 6.25 242.6 2,438 0.198 6.16 481.7 3,643 0.199 6.19 724.3 2,508 0.173 5.38 433.9

Saval 17 0.276 8.58 4.6 160 0.247 7.68 39.6 177 0.25 7.78 44.2 51 0.238 7.40 12.2 Murray 142 0.163 5.07 23.1 404 0.165 5.13 66.8 545 0.165 5.13 89.9 61 0.162 5.04 9.9 Starvation 24 0.238 7.40 5.8 946 0.176 5.47 166.8 970 0.178 5.54 172.6 21 0.170 5.29 3.6 Winters Creek 0 0 0.00 0.0 117 0.112 3.48 13.1 117 0.112 3.48 13.1 10 0.145 4.51 1.5 Underground resources

4,367 0.200 6.22 873.4 6,278 0.194 6.03 1,220.1 10,645 0.197 6.13 2,093.5 3,845 0.17 5.29 635.4

Source: Veris Gold NI 43-101 dated 11 July 2013, effective date 31 December 2012

Veris Gold | 10 September 2013 7

Exhibit 8: NI43-101 compliant reserves currently delineated at Jerritt Canyon Area Proven Probable Proven + Probable

kt opt koz kt opt koz kt opt koz Open pit Burns Basin 32 0.100 3.2 391 0.101 39.6 423 0.101 42.8 Mill Creek 3 0.089 0.3 194 0.090 17.4 197 0.090 17.7 Saval 51 0.155 7.9 32 0.089 2.9 83 0.129 10.8 Wright window 5 0.174 0.9 109 0.093 10.1 114 0.096 11.0 Stockpiles 37 0.124 4.6 167 0.053 8.9 204 0.066 13.5 Open pit reserve 128 0.131 17.0 892 0.088 78.9 1,021 0.094 95.7 Underground Smith 1,750 0.162 283.5 1,262 0.168 211.8 3,012 0.164 495.3 SSX including West Mahala 566 0.172 97.5 1,056 0.159 167.4 1,621 0.163 272.0 Saval 18 0.239 4.3 150 0.203 30.4 168 0.207 34.8 Murray 142 0.163 23.1 354 0.166 58.6 495 0.165 81.7 Starvation 24 0.238 5.8 946 0.176 166.8 970 0.178 172.6 Underground Reserve 2,500 0.166 414.3 3,766 0.169 635.0 6,266 0.167 1,049.3 Reserve Total 2,628 0.164 431.1 4,659 0.153 713.9 7,287 0.157 1,145.0 Source: Veris Gold NI 43-101 dated 11 July 2013, effective date 31 December 2012

Key assumptions and valuation parameters

We have revised our production model to account for the release of an updated NI 43-101 technical report on Jerritt Canyon, announced by Veris on 11 July 2013 (the report itself has an effective date of 31 December 2012). The cost data contained within this report forms the basis for our valuation assumptions and is presented in summary in the following exhibit.

Exhibit 9: Operating cash costs per ton by mine Previous NI 43-101 July 2013 NI 43-101 Area Cash cost per ton (US$/t) Cash cost per ton (US$/t) Variance (%) Underground Smith 140.56 135.21 -4% SSX Complex 121.57 142.92 18% Saval UG 134.58 143.20 6% Starvation 146.11 135.92 -7% Murray 140.41 135.79 -3%

Open pit Burns Basin 71.86 117.59 64% Mill Creek 81.25 90.44 11% Saval OP 92.89 111.68 20% Wright Window 49.42 60.19 22% Stockpiles 40.91 54.2 32% LOM average (OP) 73.9 94.98 29% LOM average given in NI 43-101 112.98 137.46 22% Source: Veris Gold NI 43-101

Exhibit 9 above details the difference in operating costs by mine from the NI 43-101 dated 27 April 2012 compared with the cost data contained within the NI 43-101 released 11 July 2013. Of particular note are the higher costs involved in mining the open-pit resources at Jerritt Canyon, with the Burns Basin seeing the largest increase is production costs due to the high 23:1 stripping ratio resulting from a pit-wall cut-back needed before any ore is made accessible. This is one reason why Veris has no current plans to extract these open-pit resources, and why we do not include these open-pit resources in our base case valuation.

The production schedule we use is based on that contained within the 11 July 2013 NI 43-101 technical report, amended to exclude any production resulting from available open-pit resources due to the aforementioned higher mining costs involved. Instead, toll milling tonnages are included

Veris Gold | 10 September 2013 8

to end 2014 to help reduce average mine operating costs. The mine and processing schedule that underpins our base case valuation is given in the following exhibit.

Exhibit 10: Mine schedule and Edison’s estimates of potential toll milling tonnages Unit 2013 2014 2015 2016 2017 2018 2019 2020 Smith ktpa 473 428 532 569 540 510 510 510 SSX/Steer/West Mahala ktpa 438 364 343 174 211 211 211 211 Saval UG ktpa 0 102 58 0 0 0 0 0 Starvation ktpa 159 313 308 106 0 0 0 0 Murray ktpa 0 13 69 161 210 210 210 210 Newmont ktpa 226 540 0 0 0 0 0 0 Klondex ktpa 18 36.5 0 0 0 0 0 0 Atna Resources ktpa 8 0 0 0 0 0 0 0 Source: NI 43-101 Technical Report on Jerritt Canyon, effective 31 December, announced 11 July 2013

The data in Exhibit 10 is portrayed in graph form along with annual gold production (line) for 2013 to 2020 in Exhibit 11 below.

Exhibit 11: Mine schedule and gold production, based on July 2013 NI 43-101 amended for toll milling tonnages

Source: Veris Gold NI 43-101 and Edison Investment Research

Valuation: Adjusted for NI 43-101, toll milling and financials

We note from Veris’s July NI 43-101 that its newly estimated gold reserves support a six-year life-of-operations at Jerritt Canyon. We consider that this de-risks our previous assumption that mining is undertaken at Jerritt Canyon until at least 2020. As we have stated before, gold production has continued at Jerritt Canyon effectively uninterrupted since 1981 (production ceased in 2008 due to US authorities closing operations as a result of higher than allowed mercury emissions – a loss of 206 operating days). This supports our view that the Jerritt Canyon project will continue to yield further resources and reserves despite only a circa four to six year rolling reserve being defined, as has been the tradition since production started in 1981. Based on the above information we provide our own estimates of EPS, theoretical DPS and discounted dividend flow, as outlined in Exhibit 12.

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Veris Gold | 10 September 2013 9

Exhibit 12: Edison’s estimate of theoretical EPS, diluted EPS and DPS, FY13-20.

Source: Edison Investment Research

Based on the above data from Veris’s NI 43-101 technical document, as well as the information contained within its August corporate presentation, its toll milling and equity raising announcements, and assuming Veris produces c 150koz by end 2013 and thereafter implements the mine schedule as per Exhibit 11, we value the company’s shares at US$1.99 (using a 10% discount rate to reflect general equity risk). This valuation uses gold prices of US$1,353/oz (2013), US$1,578/oz (2014) and US$1,676/oz long-term. This valuation uses the re-payment schedule for the Deutsche Bank gold forward sales agreements as per the Veris corporate announcements dated 15 August 2011 and 8 February 2012.

Sensitivities: Commodity price, operational

Veris is exposed to the usual geological, geotechnical, engineering, processing, socioeconomic and macroeconomic (commodity) risks associated with producer-stage mining companies. In addition we highlight the following sensitivities most pertinent to Veris Gold.

Debt restructuring: We note the complexity of Veris’s derivative financial liabilities affect cash outflows and our valuation and are very variable and difficult to forecast. To help ameliorate this situation Veris has stated it is ‘committed’ to restructuring the terms of its derivative financial instruments, so that they are more in line with the current envisaged mine life (of six years based on current reserves) and production projections. We await further clarification from Veris as and when this debt restructuring has been completed.

Mill recovery factor: Veris reported in Q213 an 83% recovery for the Jerritt Canyon processing plant, against a planned 88.9% given in the 11 July 2013 NI 43-101. This is in part due to the lower head grade from the Smith mine during Q213 as a result of a greater focus on capital development. We forecast that as mining re-focuses on ore production at Smith, and the process plant performance continues to improve, mill recoverability will increase from 83% in 2013, to 85% in 2014 and reach its LOM average of 88.9% from 2015 onwards.

In addition, we have identified the following specific quantitative risks for Veris’s projects and operations:

Exhibit 13: Sensitivity to discount rate Discount rate 0 5 10 15 20 51 DDF (US$) 3.14 2.48 1.99 1.62 1.34 0.53 Source: Edison Investment Research

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$0.50

$1.00

$1.50

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$3.00

0.000.200.400.600.801.001.201.401.60

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EPS Dil EPS DPS DDF (RHS)

Veris Gold | 10 September 2013 10

Market yet to factor US$1,400/oz gold (which implies a US$1.03 share price) The following sensitivity analysis to the gold price includes the price at which our dividend discount model reduces to break-even (ie a gold price of US$1,000/oz), which correlates well with the average of our estimates of all-in total costs for life of mine of US$1,083/oz. We also note that the current Veris Gold share price of US$0.52 implies a US$1,211/oz gold price, and therefore suggests the market has not yet factored in the recent rally in the gold price to US$1,400/oz. This latter gold price of US$1,400/oz implies a value to Veris’s shares of US$1.03. All gold prices used are from 2014 onwards; we use US$1,353 for 2013.

Exhibit 14: Sensitivity to gold price (US$/oz) flat from 2014 onwards Gold US$/oz 1,163 1,200 1,400 1,500 1,676 1,900 DDF (US$) 0.00 0.15 0.97 1.37 2.09 3.00 Source: Edison Investment Research

Financials

In its unaudited interim financial statements announced 15 August 2013, Veris reported Q213 revenue of US$46.6m from the sale of 38,018 gold ounces at a cash cost of US$1,066/oz, which itself is a 29% improvement over the US$1,509/oz seen in Q113. We forecast that all three of its mines will operate as envisaged to end 2013, resulting in c 40.6koz gold being sold in Q313, increasing to 42.0koz in Q414 as the Saval underground reserves are accessed and extracted. We therefore forecast an end 2013 cash position of US$48.1m or 17.1c per share. This equates to a P/E of 1.9x forecast 2013 earnings, reflecting in our view a lack of understanding by the market of Veris Gold’s demonstrable progress towards ensuring stable gold production at favourable all-in total cash costs, or that it awaits detail of Veris’s debt restructuring. Post-balance sheet events include Veris raising via issue of c 15.7m shares gross proceeds of US$7.5m. Veris also announced on 30 August 2013 a proposed private placement of c 15.4m subscription receipts at US$0.52 for proceeds of up to US$8m. Each subscription receipt will entitle the holder to receive one unit of the company, upon receipt of necessary shareholder and TSX approvals of the offering. Each unit will consist of one common share in Veris and one-half of one warrant to purchase one common share. Each whole warrant will have a term of 36 months and an exercise price of $0.60.

Veris states this money will be used to continue refurbishment of its mill, complete development of underground mine facilities at the Saval 4 gold deposit, fund bonding related to future reclamation obligations and ensure that debt payments are met, and for working capital purposes.

Veris Gold | 10 September 2013 11

Exhibit 15: Financial summary US$'000s 2010 2011 2012 2013e 2014e Year end 31 December IFRS IFRS IFRS IFRS IFRS PROFIT & LOSS Revenue 71,370 105,116 160,561 202,511 269,287 Cost of Sales (82,943) (130,975) (134,350) (126,339) (127,083) Gross Profit (11,573) (25,859) 26,211 76,172 142,204 EBITDA (18,020) (34,017) 17,724 30,623 95,234 Operating Profit (before amort. and except.) (23,448) (40,693) 5,691 20,306 69,076 Intangible Amortisation 0 0 0 0 0 Exceptionals (745) 0 (31,763) 0 0 Other (963) (781) 0 0 0 Operating Profit (25,156) (41,474) (26,072) 20,306 69,076 Net Interest 251 137 0 1,124 721 Other financial items (62,089) (29,676) (11,889) 0 0 Exceptionals (105,024) 97,203 10,032 0 0 Profit Before Tax (norm) (85,286) (70,232) (6,198) 21,431 69,796 Profit Before Tax (FRS 3) (192,018) 26,190 (27,929) 21,431 69,796 Tax 1,630 192 7,914 0 0 Profit After Tax (norm) (83,656) (70,040) 1,716 21,431 69,796 Profit After Tax (FRS 3) (190,388) 26,382 (20,015) 21,431 69,796 Average Number of Shares Outstanding (m) 64.7 100.3 97.4 118.5 138.8 EPS - normalised (c) (129.4) (69.8) 1.8 18.1 50.3 EPS - normalised and fully diluted (c) (87.3) (53.3) 1.4 14.0 40.2 EPS - (IFRS) (c) (294.4) 26.3 (20.6) 18.1 50.3 Dividend per share (c) 0.0 0.0 0.0 0.0 0.0 Gross Margin (%) (16.2) (24.6) 16.3 37.6 52.8 EBITDA Margin (%) (25.2) (32.4) 11.0 15.1 35.4 Operating Margin (before GW and except.) (%) (32.9) (38.7) 3.5 10.0 25.7 BALANCE SHEET Fixed Assets 193,457 302,367 299,238 310,885 341,811 Intangible Assets 0 0 0 0 0 Tangible Assets 828 736 663 10,218 10,218 Mineral Properties 157,936 231,040 243,602 255,742 286,668 Restricted funds/other 34,693 70,591 54,973 44,925 44,925 Current Assets 25,784 25,279 49,221 86,287 77,152 Stocks 21,280 14,476 21,725 13,423 18,987 Debtors 4,504 8,542 10,201 16,645 22,133 Cash 0 2,261 9,295 56,220 36,032 Other 0 0 8,000 0 0 Current Liabilities (77,450) (78,001) (83,062) (123,241) (74,515) Creditors (68,524) (78,001) (83,062) (51,412) (10,445) Short term borrowings (8,926) 0 0 (7,759) 0 Other (19,543) (37,467) (45,689) (64,070) (64,070) Long Term Liabilities (212,608) (162,495) (162,500) (113,641) (113,641) Long term borrowings (15,030) 0 0 0 0 Derivatives (139,943) (1,785) (8,700) 0 0 Other long term liabilities (57,635) (160,710) (153,800) (113,641) (113,641) Net Assets (70,817) 87,150 102,897 160,290 230,807 CASH FLOW Operating Cash Flow (19,240) 61,448 (22,264) 25,085 43,934 Net Interest 251 137 0 1,124 721 Tax 0 0 0 0 0 Capex (16,292) (100,621) (29,476) (12,558) (57,084) Acquisitions/disposals 0 2,137 0 0 0 Financing 35,217 39,191 49,670 15,959 0 Forward gold purchase repayment 0 0 0 0 Dividends 0 0 0 0 0 Equity portion of debt/derivatives/other (32) 0 9,104 9,555 0 Net Cash Flow (96) 2,292 7,034 39,166 (12,429) Opening net debt/(cash) (185) 0 (2,261) (9,295) (48,461) HP finance leases initiated 0 0 0 0 0 Other (89) (31) 0 0 0 Closing net debt/(cash) 0 (2,261) (9,295) (48,461) (36,032) Source: Company accounts, Edison Investment Research

Veris Gold | 10 September 2013 12

Contact details Revenue by geography Veris Gold Corp. 900-688 West Hastings St Vancouver BC V6B 1P1 Canada +1 (604) 688-9427 www.verisgold.com

CAGR metrics Profitability metrics Balance sheet metrics Sensitivities evaluation EPS 2010-14e N/A EPS 2012-14e 428% EBITDA 2010-14e N/A EBITDA 2012-14e 132% Sales 2010-14e 39.4% Sales 2012-14e 12.3%

ROCE 13e 19.8% Avg ROCE 2010-14e N/A ROE 13e 13.4% Gross margin 13e 37.6 Operating margin 13e 10.0% Gr mgn / Op mgn 13e 3.8x

Gearing 13e N/A Interest cover 13e N/A CA/CL 13e 0.7 Stock days 13e 24.2 Debtor days 13e 30.0 Creditor days 13e 92.7

Litigation/regulatory Pensions Currency Stock overhang Interest rates Oil/commodity prices

Management team CEO & President: Llee Chapman CFO: Shaun Heinrichs Mr Chapman, an accomplished financial and business development executive, brings 32 years of mining experience with some of the world's leading natural resource and engineering companies to Veris Gold.

Mr Heinrichs has been with the company since 2008 as CFO. He has over 15 years of financial accounting experience, beginning with seven years of public practice experience with Ernst & Young, where he was lead assurance or advisory manager on several large US and Canadian plcs.

COO: Graham C Dickson VP Exploration: Todd W Johnson Mr Dickson has been working in the mining industry in North America for the last 28 years. Has acted as general manager of a turnkey construction company for gold milling facilities in remote locations, including the Snip Mill for Cominco Ltd., Golden Patricia Mill for Bond Gold and Seabee Mill for Claude Resources.

Mr Johnson has over 22 years of experience in the precious and base metal resource industry and an additional four years of geotechnical engineering experience ranging from grass-roots exploration to mine predevelopment.

Principal shareholders (%) Orifer SA 16.25 Sprott Inc 10.08 Sprott Asset Management 4.58 Francois Marland 8.43 Deutsche Bank 4.85 683 Capital Management 1.42 Robert F Baldock 0.99

Companies named in this report Newmont USA, Klondex Mines, Atna Resources

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