Rubicon Minerals Corp. Announces the Filing of its First Quarter 2020 Results

Financial Highlights from the quarter ended March 31, 2020

• Cash position: As of March 31, 2020, the Company had cash and cash equivalents and short-term investments of approximately $15.8 million.
  
  On February 27, 2020, the Company closed a public flow-through share offering of 6,294,000 common shares on a "flow-through" basis under the Income Tax Act (Canada) at a price of $1.43 per flow-through share for aggregate gross proceeds of approximately $9.0 million (the "Offering"). The proceeds from the Offering will be used to incur Canadian exploration expenses (within the meaning of the Income Tax Act (Canada), "CEE") related to Rubicon's Phoenix Gold Project, McFinley Zone, Pen Zone, and other regional exploration targets in Ontario. The Company will renounce such CEE to the purchasers of the flow-through common shares under the Offering with an effective date of no later than December 31, 2020.
  
  
• Exploration and evaluation expenditures: For the quarter ended March 31, 2020, the Company spent approximately $3.2 million in expenditures related to drilling, maintenance and technical consulting fees, including work on the Feasibility Study for the Project. Expenditures were lower by $0.3 million compared to the same period in 2019 as the Company did not incur expenditures on underground development as part of its 2020 drilling campaign focused on infill and exploratory drilling and potential updates to the 2020 Mineral Resource Estimate to support the ongoing feasibility study work.
  
  
• General and administrative expenses (including salaries and benefits, and consulting and professional fees): The Company spent approximately $0.9 million on expenditures related to general and administrative, salaries and benefits, and consulting and professional fees in Q1/2020, marginally lower than expenditures in Q1/2019.

Outlook

As of May 7, 2020, the Company had cash and cash equivalents of approximately $14.3 million. The Company has sufficient financial resources to carry out the Company's planned activities:

• Additional safety measures in response to COVID-19: as of March 12, 2020, the Company had implemented additional precautionary measures aimed at enhancing the health and safety for its employees (see the Company's March 23, 2020 news release for further details). In March 2020 and updated April 3, 2020, all non-essential businesses were ordered to close their physical workplaces by the Government of Ontario. To-date mining is considered an essential business under guidelines of the Government of Ontario and the Company continues to operate. At the present time, Rubicon's exploration activities and feasibility study work have not been impacted. It is not possible to reliably estimate the financial impact of the length or severity of COVID-19.
  
  
• Feasibility Study remains on track for H2/2020 completion: The Company commenced feasibility work on the Project in the fourth quarter of 2019. Rubicon estimates that it has completed approximately 59% of the feasibility study. Much of the stope design and mine planning has substantially progressed. Request for proposals ("RFP") for various surface and underground work and equipment, including tailings management facility upgrades, have either been sent out to vendors or received and are under review. An RFP related to the underground development is currently being finalized. Ammonia treatment plant designs are currently being evaluated.
  
  
• Lower Level Infill Drilling to Upgrade Inferred Mineral Resource estimates to the Measured and Indicated Mineral Resource Categories: The 2020 Mineral Resource Estimate between the 976- and 1,098-m Levels, includes approximately 190,000 ounces of estimated Inferred Mineral Resources. The Company intends to infill drill this area with the goal of upgrading those Inferred Mineral Resource estimates to at least the Indicated Mineral Resource category. If successful, Rubicon could potentially include any of such potentially upgraded Mineral Resource estimates in the mine plan to be contemplated by the anticipated feasibility study. The Company plans to drill up to 7,500 m of orientated diamond drilling with the goal of expanding the Measured and Indicated Mineral Resource estimates. Assay results are pending for infill drilling incurred to-date.
  
  
• Exploring McFinley and Close Proximity Targets: Rubicon plans to complete more than 5,000 m of underground diamond drilling to determine the Mineral Resource potential of the historic McFinley Zone ("McFinley") (approximately 420 m west of the F2 Gold Zone) and the Pen Zone (approximately 500 m northwest of the F2 Gold Zone). The drilling will follow-up on the historic high-grade drill intercepts that were intersected in these two targets. Rubicon expects to deliver Mineral Resource estimates for both McFinley and the Pen Zone in 2020 and 2021, respectively. Due to the proximity of these targets to the existing underground and surface infrastructure of the Phoenix Gold Project, mineralized material at McFinley and the Pen Zone areas have the potential to augment the conceptual production profile of the Phoenix Gold Project. The Company has completed back sampling of target areas at McFinley (results pending) and has commenced drilling. Rubicon has completed 1 of 4 holes planned for the Pen Zone, with assay results pending.

About Rubicon Minerals Corporation
Rubicon Minerals Corp. is an advanced gold exploration company that owns the Phoenix Gold Project, located in the prolific Red Lake gold district in northwestern Ontario, Canada. Additionally, Rubicon controls the second largest land in Red Lake consisting of over 285 square kilometres of prime, strategic exploration ground, and more than 900 square kilometres of mineral property interests in the emerging Long Canyon gold district that straddles the Nevada-Utah border in the United States. Rubicon's shares are listed on the Toronto Stock Exchange (RMX) and the OTCQX markets (RBYCF). For more information, please visit our website at www.rubiconminerals.com.

Rubicon Minerals Corp.
George Ogilvie, P.Eng.
President, CEO, and Director

Cautionary Statement regarding Forward-Looking Statements and other Cautionary Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release, including any information as to the outlook and future performance of the Company, 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 "aimed", "anticipate", "conceptual", "contemplate", "could", "development", "emerging", "estimate", "expect", "exploration", "feasibility", "focus", "future", "goal", "intends", "on track", "outlook", "pending", "plan", "potential", "profile", "project", "strategic", "study", "target", "upgrade", "view" and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will (or 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 include statements regarding the use of proceeds from the February 2020 flow-through common share offering including incurring and renouncing CEE; potential for future exploration success at the Company and the Phoenix Gold Project; Mineral Resource estimates (including the current 2020 Mineral Resource Estimate, upgrading and/or expanding Mineral Resource estimates); expected or planned exploration and development activities at the McFinley and Pen Zones, "Close Proximity Targets" and other regional exploration targets, and any impact of such activities; geological and structural modelling; the anticipated feasibility study for the Phoenix Gold Project including percentage and timing of completion, planning and other details of underlying work, impact of ongoing and planned exploration on included Mineral Resource estimates and contemplated mine plan or otherwise.

Forward-looking statements are based on the assumptions, estimates, expectations and opinions of management, which management considers reasonable and represent its best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth herein, and in the Company's Management's Discussion and Analysis for the quarter ended March 31, 2020 (the "Q1, 2020 MD&A") and the accompanying financial statements, and the technical report for the Phoenix Gold Project effective December 6, 2019 and effective January 3, 2020 (the "2020 Technical Report") www.sedar.com and on its website at www.rubiconminerals.com, as well as: (1) permitting, exploration and development at the Phoenix Gold Project being consistent with the Company's current expectations including, without limitation, the maintenance of existing permits, licenses and other approvals and the timely receipt of other permits, licenses and other approvals necessary from time to time; (2) political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations; (3) the completion of exploration and other drilling, and any studies, including the anticipated feasibility study on the Phoenix Gold Project, on the timelines currently expected (notwithstanding the risks, uncertainties, contingencies and other factors described below including the rapidly evolving COVID-19 coronavirus ("COVID-19") pandemic), and the results being consistent with the Company's current expectations; (4) the exchange rate between the Canadian dollar and the U.S. dollar being approximately consistent with current levels; (5) certain price assumptions for gold; (6) prices for diesel, natural gas, electricity and other key supplies being approximately consistent with current levels; (7) the accuracy of the 2020 Technical Report including the updated Mineral Resource estimates (including but not limited to ore tonnage and ore grade estimates), and the 2019 preliminary economic assessment ("2019 PEA") and Mineral Resource estimate relied upon thereby, disclosed in the 2020 Technical Report, and the Company's internal models; (8) labour and materials availability and costs being consistent with the Company's current expectations; and (9) the Company's ability to meet current and future debt obligations or to complete future financings to raise additional capital as and when needed (including renegotiation, repayment or refinancing of the current loan facility and renewal, replacement or refinancing of the current reclamation and closure surety bond).

Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies 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: gold price fluctuations; possible variations in mineralization, grade or recovery or throughput rates; uncertainty of Mineral Resource estimates, inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of exploration activities; delays in completion of exploration and other drilling or plans, and any studies, including the anticipated feasibility study, for any reason including insufficient capital and other risks, uncertainties, contingencies and factors identified herein; labour issues at the Company or third parties, such as government and regulatory agencies, suppliers and service providers, including labour shortages and/or work curtailments or stoppages as may result from COVID-19; conclusions of economic or geological evaluations including the 2019 PEA, and the anticipated feasibility study and any other studies (including the timing of their completion); 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; the ability to obtain and maintain permits and other regulatory approvals (as well as the timing and terms thereof) and to comply with such permits, approvals and other applicable regulatory requirements; the ability of Rubicon to comply with its obligations under material agreements including the Loan Facility and other financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms and in a timely manner; the ability to meet, repay, or refinance, or replace, or renegotiate current and future debt obligations on reasonable terms and in a timely manner including the current loan facility and closure and reclamation surety bond; risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; relations with local communities including First Nations; failure of plant, equipment or processes to operate as anticipated; cost of supplies; 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; epidemics, pandemics and other public health crises, including COVID-19 or similar such viruses; and the "Risk Factors" in the Company's annual information form dated March 27, 2020 ("2020 AIF") as well as the risks, uncertainties, contingencies and other factors identified in the 2020 Technical Report and the Q1, 2020 MD&A and accompanying financial statements, all of which are available under the Company's profile at www.sedar.com and on its website at www.rubiconminerals.com. The foregoing list of risks, uncertainties and other factors is not exhaustive; readers should consult the more complete discussion of Rubicon's business, financial condition and prospects that is provided in the 2020 AIF.

The forward-looking statements referenced or contained herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the Q1, 2020 MD&A, the 2020 AIF and the 2020 Technical Report. Forward-looking statements contained herein are made as of the specified and the Company 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 laws.

Cautionary Statement Regarding Mineral Resources
Until mineral deposits are actually mined and processed, Mineral Resources must be considered as estimates only. Mineral Resource estimates that are not Mineral Reserves do not have demonstrated economic viability. The estimation of Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the foregoing Cautionary Statements, in the Q1, 2020 MD&A and accompanying financial statements as well as in the 2020 AIF and the 2020 Technical Report. The quantity and grade of reported "Inferred" Mineral Resource estimates are uncertain in nature and there has been insufficient exploration to define "Inferred" Mineral Resource estimates as an "Indicated" or "Measured" Mineral Resource and it is uncertain if further exploration will result in upgrading (or converting) "Inferred" Mineral Resources 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 assumptions made 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 that may ultimately prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling and development; (iii) results of test stoping and 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) the possible failure to receive required permits, licenses and other approvals. The Mineral Resources estimates referenced in this press release were reported using Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves in accordance with National Instrument 43-101 of the CSA ("NI 43-101").

Cautionary Statement to U.S. Readers
Information concerning descriptions of mineralization and "Mineral Resources" contained in this AIF may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission ("SEC") under applicable United States securities laws. Canadian reporting requirements for disclosure of mineral properties are governed by National Instrument 43-101 ("NI 43-101") of the Canadian Securities Administrators (the "CSA"). The definitions used in NI 43 101 differ from the definitions under applicable United States securities laws. For example, this this press release uses the terms "Measured" and "Indicated" Mineral Resources and "Inferred" Mineral Resources which, while defined by NI 43-101 and recognized and required by the CSA, they are not recognized by the SEC. The estimation of "Measured", "Indicated" and "Inferred" Mineral Resources involves greater uncertainty as to their existence and economic feasibility than the estimation of a "Reserve". The estimation of "Inferred" Mineral Resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of Mineral Resources. It cannot be assumed that all or any part of a "Measured", "Indicated" or "Inferred" Mineral Resource estimate will ever be upgraded (or converted) to a higher category.

It should not be assumed that any part or all of a "Measured", "Indicated" or "Inferred" Mineral Resource estimate exists or is economically or legally mineable. Under Canadian securities laws, 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 (or PEA) 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.

Qualified Persons
The scientific and technical content of this press release has been reviewed, verified and approved by Michael Willett, P.Eng., Director of Projects, a Qualified Person as defined by NI 43-101.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

(All references to dollars herein are in Canadian dollars ("$") unless otherwise specified)

SOURCE Rubicon Minerals Corp.



Contact
contact Allan Candelario, CFA, Director, Investor Relations and Corporate Development Phone: +1 (416) 766-2804 | E-mail: ir@rubiconminerals.com | www.rubiconminerals.com; Rubicon Minerals Corp. | Suite 830-121 King St. W. | Toronto ON, CANADA M5H 3T9