QMI Corporate Presentation

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Upper Beaver Gold Project Located in Kirkland Lake, Canada April 2012

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Disclosures This presentation contains certain statements regarding future events, results or outlooks that are considered forward looking statements within the meaning of securities regulation. These forward looking statements reflect management�s best judgment based on current facts and assumptions that management considers reasonable and include the words �anticipate�, �believe�, �could�, �estimate�, �expect�, �intend�, �may�, �plan�, �potential� and �should�. Forward looking statements contain significant risks and uncertainties. A number of circumstances could cause results to differ materially from the results discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions, metal prices, political issues, permitting, environmental and other risk factors. The forward looking statements contained in this document are based on what management believes to be reasonable assumptions, however, we cannot assure that the results will be compatible to the forward looking statements as management assumes no obligation to revise them to reflect new circumstances. The Mineral Resources reported in this document are not Mineral Reserves and do not demonstrate economic viability. Historic mineral resources should not be relied upon as they have not been verified by a Qualified Person. Historical information contained in this presentation has been derived from information provided by certain third parties. The Corporation has no knowledge that would indicate the information is not true or incomplete and the Corporation assumes no responsibility for the accuracy and completeness of the information. Readers should not place reliance on forward looking statements. More information concerning risks and uncertainties that may affect the Company�s business is available in Queenston�s most recent Annual Information Form and other regulatory filings which are posted on SEDAR (www.sedar.com).

Quality Control The design of the drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Queenston’s geological staff including Qualified Persons (“QPs”) employing a QA/QC program consistent with NI 43-101 and industry best practices. A detailed review of Queenston’s QA/QC procedure is filed in the 2010 Annual Information Form on SEDAR. Drill core is logged and split with half-core samples shipped to one of four laboratories (Swastika Laboratories; ALS Minerals; PolyMet Resources Inc. or SGS Canada Inc.) and analyzed employing the appropriate gold fire assaying technique. For QA/QC purposes the Company as well as the lab submits standards and blanks every 25 samples. Approximately 5% of sample rejects and/or pulps are sent to other laboratories for check assaying.

Qualified Persons The PEA was prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent QP in accordance with NI 43-101 and has reviewed and approved the contents of this Presentation. A NI 43-101 compliant PEA Technical Report was filed by P&E on SEDAR on March 29, 2012.

The Company’s QP’s (as defined in NI 43-101, Standards of Disclosure for Mineral Projects) for the Company’s mineral projects in Kirkland Lake, Ontario including Upper Beaver, Upper Canada, Lebel, Anoki/McBean, AK are William McGuinty, P.Geo., Frank Ploeger, P.Geo., Michael Sutton, P.Geo., William McGuinty, P.Geo. and David Gamble, P.Eng. respectively.

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The Queenston Advantage Significant Holdings in a Proven Canadian Gold Camp Large land package in a proven mining district that provides great infrastructure, people, power, rail, smelter and year round access Advancing to Feasibility PEA completed on Upper Beaver high-grade gold and copper deposit and is on track for production in 2016

Expansion 3.4 million ounces of gold – 1.5 M oz. @ 5.0 g/t Au (Indicated) 1.9 M oz. @ 5.2 g/t (Inferred) – currently defined with a target of 8 million ounces from Upper Beaver and satellite deposits

Still Finding More Gold Opportunity for New discoveries along 60 km of proven gold structures within the massive land package

Skilled Team Management has record of discovery plus experience as underground gold mine operators

Strong Financial Position $80 million cash (+ $20 M August 30th, + $30 M December 3rd), no debt

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Centred in Canada’s Richest Gold District �  “Abitibi Greenstone Belt” �  Historic Production: (1911-2011) of 200 million oz. �  Reserves + Resources: 100 million oz. �  District hosts 10 of the world’s largest gold deposits

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A Leading Edge in a Major Gold Camp �  Queenston has established the largest holdings in the Kirkland Lake Camp covering 230 km² �  Land package covers 60 km along all major gold structures with interests in 11 deposits �  Home of abandoned gold mines and famous for high-grade �  Past production of 40 M oz. over 100 years �  Camp hosts 9 deposits that contained >1 million oz. of gold

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Vision for Queenston Operations �  Company’s first stand alone high-grade mine to be built at Upper Beaver �  Mill to be supplemented with feed from 5 separate 100%-owned satellite deposits �  Initial production forecast of 120,000 oz. Au/year with 5.3 M lbs. Cu/year with

growth potential to +200,000 oz. Au/year �  Current resource base of 3.3 M oz. with potential for 8 M oz. �  Area renowned for mining expertise and infrastructure

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Mineral Resources (NI 43-101 Compliant) Indicated Inferred…

Deposit Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.) Upper Beaver * 3,074,000 8.04 795,000 3,093,000 6.99 696,000

Upper Canada 238,000 4.25 33,000 3,622,000 4.78 557,000

Anoki/McBean 1,436,000 4.69 217,000 1,558,000 4.73 237,000

AK 1,145,000 4.47 164,000 1,530,000 4.21 207,000

Bidgood 26,000 3.28 3,000 76,000 3.09 8,000

SMC* 46,000 48.30 72,000 51,400 46.30 77,000

Ironwood, Que. 121,600 17.30 68,000

Total 5,965,000 6.70 1,284,000 10,052,000 5.72 1,850,000

Indicated Inferred… Deposit Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.) Upper Canada 1,721,000 1.88 104,000 1,273,000 1.86 76,000

Bidgood 1,438,000 1.66 76,000 242,000 1.68 13,000

Total 3,159,000 1.78 180,000 1,515,000 1.83 89,000

Underground Resources

Open Pit Resources

* Note: Upper Beaver resource grade includes gold equivalent using $1050/oz. for Au and $3.00/lb. for Cu from Indicated Resource: 3,074,000 t @ 7.0 g/t Au with 0.54% Cu, Inferred Resource: 3,093,000 t @ 6.2 g/t Au with 0.41% Cu

Indicated Inferred… Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.)

Total 9,124,000 5.00 1,464,000 11,567,000 5.20 1,939,000

Combined Resources

* SMC resource is subject of sale to Kirkland Lake Gold (due to close on August 30, 2012)

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Upper Beaver Proving up a stand-alone operation in the eastern portion of the Camp

�  Developing the first new mine in the camp since 1985

�  Potential for 3 million ounces of gold with an important copper credit

�  Targeting initial production in 2016 for a LOM average rate 120,000 oz. Au & 5.3 M lbs. Cu/year

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Upper Beaver – Robust Economics

PEA Resource: Indicated: Inferred:

690,000 oz. Au @ 7 g/t + 36.6 M lbs. Cu @ 0.54%; 616,000 oz. Au @ 6 g/t + 28.0 M lbs. Cu @ 0.42%

LOM Annual Average Production: 120,000 oz. Gold and 5.3 M lbs. Copper

LOM Metal Production: 1.1 M oz. Gold and 50.5 M lbs. Copper

Production Rate: 2,000 tpd

Pre Production Capital: Cdn$240 M (includes 15% contingency)

Mine Life: 10 years

Average LOM Cash Costs: US$386/oz. net of Copper credits (includes 20% contingency)

IRR / NPV(5%) base case: $1275 Au, $3.00 Cu 26.5% / $345 (pretax) 22.1% / $233 (aft tax) � payback 2.5 years

IRR / NPV(5%) current metal prices: $1700 Au, $3.80 Cu 41.6% / $688 (pretax) 35.0% / $475 (aft tax) � payback 1.5 years

Opportunities: Extend mine life with additional resources and satellite deposits

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Building a New, Low-Cost Gold Mine � Production rate of 2,000 tpd � New 3,000 tpd capacity shaft planned

to depth of 1,300 m � Competent ground conditions and

favourable deposit geometry leads to low-cost, mechanized mining technique

� Conventional: • Mechanized, long-hole mining method • Crushing, grinding, flotation and CIL process • Paste fill plant

� Expandable mill � Future central milling facility capable

to process all of Queenston’s deposits in the Kirkland Lake camp

� Metallurgical recovery: • 98% gold (95% payable) • 90% copper (90% payable)

Mine Design Schematic

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Upper Beaver Mine Site Plan

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Project Enhancements Resource Expansion

� 84 drill holes (41,019 m) not included in current resource estimate � Next resource update planned for Q3 2012 � 6 surface drill rigs on the project to upgrade the resource for feasibility and step out drilling to further explore and expand deposit footprint

Satellite Deposits � Five 100%-owned satellite deposits with current resource estimates of 1.7 M oz � Provides production flexibility and will add years to the life of mine

Mining � Underground mine optimization

Milling � Mill expansion to accommodate a larger deposit

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Deposit remains open down plunge and along strike

Drill Results from Shallow Q Zone 42.2 g/t Au over 10.0 m 5.78 g/t Au over 27.0 m 3.41 g/t Au over 54.0 m 4.97 g/t Au over 26.5 m

2.01 g/t Au over 101.0 m Deep Drilling extends deposit 200 m to depth

13.7 g/t Au with 0.60% Cu over 6.0 m High-Grade infill drilling results include:

13.2 g/t Au with 1.14% Cu over 13.5 m 21.4 g/t Au with 0.54% Cu over 6.0 m 18.7 g/t Au with 0.25% Cu over 5.0 m 11.6 g/t Au with 1.60% Cu over 8.0 m

11.5 g/t Au with 0.40% Cu over 25.0 m 49.9 g/t Au with 0.78% Cu over 7.0 m

All 2011 drilling (84 holes) and 2012 not in resource. New estimate planned for 3rd Quarter

High Grade, Continuous and Expanding

Cross-Section, Porphyry Zone

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Project Timeline

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�  Inventory of 5 other 100%-owned deposits �  Each deposit displays growth for expansion �  Ore from these satellite deposits

will increase mine life and supplement production to +200,000 oz./year

Growth Satellite deposits will provide future mill feed, flexibility and longer life

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� Past gold producer, 1.5 M oz. of gold � Drilling in 2010 identifies potential for

bulk tonnage mining, pit and UG �  Includes historic tailings site

Initial Pit Resource 104,000 oz. Au @ 1.9 g/t Indicated

76,000 oz. Au @ 1.9 g/t Inferred

Initial Underground Resource (C Zone) 33,000 oz. Au @ 4.3 g/t Indicated 557,000 oz. Au @ 4.8 g/t Inferred

200 + holes not in resource estimate Update planned for 3rd Quarter

East West

-1800 m

C Zone open

open

-500 m

Historic Resource 773,475 t @ 7.7 g/t

Pit Resource

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Upper Canada Mine 1965

High-Grade Drill Results

•  42.4 g/t Au over 5.5 m •  22.9 g/t Au over 6.6 m •  13.2 g/t Au over 5.5 m •  11.5 g/t Au over 5.5 m •  10.0 g/t Au over 7.0 m

•  4.47 g/t Au over 37.2 m •  4.40 g/t Au over 26.2 m •  3.89 g/t Au over 17.7 m •  3.69 g/t Au over 13.7 m •  3.53 g/t Au over 24.2 m

Upper Canada – 2nd Largest and Growing

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New Upper Canada Results – Expand Pit + UG �  New drilling extends footprint of mineralization to 3 km �  High-grade potential at Upper L and H, M & Q Zones confirm underground bulk mining concept �  200 + holes not in resource estimate, update planned for 3rd Quarter

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Shallow Satellite Deposits Anoki-McBean Deposits

217,000 oz. Au @ 4.69 g/t Indicated 237,000 oz. Au @ 4.73 g/t Inferred

Located 5 km from proposed mill site

Anoki deposit developed with ramp McBean is a past gold producer (50,000 oz)

Bidgood Deposit (Past Producer)

Initial Pit Resource 79,000 oz. Au @ 1.7 g/t Indicated 21,000 oz. Au @ 2.0 g/t Inferred

Located 12 km from proposed mill site

New drill results include: 38.8 g/t Au over 4.0 m 5.2 g/t Au over 11.8 m 1.6 g/t Au over 23.7 m

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�  Recent sale of JV properties to KL Gold for $60 M + royalty

�  Investigating the 100% AK property for SMC potential

�  Exploring Rand and Toburn properties

Kirkland West Exploration in the Western Portion of Camp

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Kirkland West JV – Sale of Non-Core Assets �  Interest in 6 year old JV sold to 50% partner Kirkland Lake Gold �  SMC orebody extends onto the South Claims, HM and AK properties �  Sale will net Queenston $60 M cash plus a production royalty

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Sale of JV Delivers Valuable Cash �  Kirkland Lake Gold enters agreement to purchase QMI’s JV interests for $60M

� $10 M cash deposit on signing (March 28, 2012) � $20 M cash on closing (August 31, 2012) � $30 M balance backed by promissory note (mortgage terms) bearing interest rate of

prime plus 2.5% payable Dec. 3, 2012 � Plus royalty payable after production of the first 1.3M oz. of Au

�  Opportunity to monetize resources not available for production until well into the future

�  Mitigates financing risk with non-dilutive funds �  Book value of the JV assets equals $4M

�  Acquisition values resource at $405/oz. �  72,000 oz. Au @ 48.30 g/t Indicated �  77,000 oz. Au @ 46.30 g/t Inferred

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AK 100% Owned – Evidence of SMC Potential �  AK deposit is

adjacent to SMC ore body

�  New drilling confirms continuity leading to initial underground resource

�  Drilling continues to expand and explore deposit to depth where the SMC may be present

Initial AK Resource 164,000 oz. Au @ 4.47 g/t Indicated 207,000 oz. Au @ 4.21 g/t Inferred

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�  $35 million exploration/development budget – 12 rigs 160,000 m of drilling

� Continue resource definition and exploration drilling leading towards updated mineral resource studies

� Begin Advanced Underground Exploration at Upper Beaver

� Commence New Exploration including drilling along proven structures

Aggressive Plans Momentum building as we advance to feasibility

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2012 Work Activity – News and Value Drivers

�  Continuous stream of exploration results from core properties �  Upper Beaver, Upper Canada, Bidgood, AK and Anoki-McBean

�  Begin new exploration along 60 km of proven gold-structures �  Rand, Toburn, Victoria Creek, AK

�  NI 43-101 resource updates at Upper Beaver and Upper Canada in Q3

�  Continue to build development/production team � 

�  Procure key lead time items for underground development (hoist, electrical equip.)

Exploration ($25 M with 12 drill rigs)

Development ($10 M) �  Commence advanced exploration leading to new shaft development

�  Site preparation, power line, road improvements, permitting

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Share Performance and Structure SHARE PERFORMANCE (April 10, 2012) ANALYST COVERAGE 52 Week High-Low $8.07 - $3.99 CIBC $8.00 3 Month Average Daily Volume 120,000 shares Desjardins Capital Markets $8.60 Price at close April 10, 2012 $4.10 Dundee Capital Markets $8.50 Market Capitalization $340 M Scotia Capital $8.75 Cash $80 million Stifel Nicolaus $6.50 Exchanges TSX, OTCQX Stonecap Capital $7.00

SHARE STRUCTURE (at April 10, 2012)

Shares Outstanding 82,930,623 Options (weighted avg. $4.23; avg. life 3 yrs.) 8,646,000 Warrants (weighted avg. $6.45; expire Nov 2, 2013) 3,301,887 Fully Diluted 94,878,510

Institutional Holders: Pinetree, Northfield Capital, Agnico Eagle, Goodman & Co., RBC Global, Primary, Oppenheimer

55% of Issued

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Management & Board Management Charles Page, P.Geo., President and CEO � Joined Queenston in 1987 � Professional Geologist with over 30 years experience

Philip Ng, P.Eng., COO � Joined Queenston in 2012 � Mining Engineer with over 18 years experience � Built and operated mines in Sask., Man., Ont.

John Francis, CA, CFO � Joined Queenston in 2006 � Chartered Accountant with over 25 years experience

William McGuinty, P.Geo., VP Exploration � Joined Queenston in 2009 � Professional Geologist with over 20 years experience

Jennifer McGuinty Corporate Secretary � Joined Queenston in 2010 � 9 years experience in corporate management

Directors Michael Brown, P. Eng. – Chairman John Arnold, CA – Director Charles Bartliff – Director Hugh Harbinson – Director Edmund Merringer, LLB – Director Charles Page, P. Geo. – Director Barry Simmons, P. Eng. – Director Technical Team � 40 person exploration office in Kirkland Lake � Includes 12 geologists with extensive Canadian experience

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QMI: More Than Just the Gold Price

A Premier Asset, as well as the financial ability and skill set to become a junior gold producer

PEA delivers robust economics

Dominant land holding in a developed, high-grade Canadian gold camp

Focused on building a low-cost gold mine at Upper Beaver

Inventory of satellite deposits will provide mining flexibility and expanded mine life

Quality prospects with ability to expand current gold resources from 3.3 M oz. to 8 M oz.

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Appendix

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Summary of PEA Economic Parameters Item Value Gold Price (US$ per ounce) $1,275 Copper price (US$ per pound) $3.00 Foreign Exchange Rate 0.96 Tax Rate 30% Pre-Production Capital (Cdn$ millions)

Infrastructure $31M Process Plant $69M Mining $105M Indirect Costs $4M Contingency $31M

Total Pre-Production Capital (Cdn$ millions) $240M Sustaining Capital & Mine Closure (Cdn$ millions) $178M

Average mining cost ($ per t milled) $37 Milling costs ($ per t milled) $18 General and Administration $6 Contingency (20%) $12

Total Operating Cost (Cdn$ per t milled) $73 Smelter payables (%)

Payable Gold 95% Payable Copper 90%

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Pre-Production Capital Costs

Item Cost (Cdn$M) Development $22.6 Shaft Sinking $50.0 Shaft Head frame, Hoist & Hoist Room, LP $14.4 Mine Equipment $18.3 Underground Infrastructure $2.8 Surface Infrastructure, Power Line, Road Upgrade $28.7 Process Plant $68.5 Closure Bond $3.6 Contingency (15%) $31.2

Total Pre-production Capital $240.1

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Operating Costs

Item Cost (Cdn$/t) Mining $20.70 Backfill, Waste and Paste $7.00 Tailings $1.32 Process Plant $17.81 Under Ground Haulage $3.50 Under Ground Hoisting Services $1.50 Mine Air Heating $3.05 General and Administration $6.00 Contingency (20%) $12.18

Total Operating Costs $73.06

(Cdn$/t) $20.70

$7.00

$1.32

$17.81

$3.50

$1.50

$3.05

$6.00

$12.18

$73.06

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Global Mineral Resources Indicated Inferred…

Deposit Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.) Upper Beaver * 3,074,000 8.04 795,000 3,093,000 6.99 696,000

Upper Canada 1,959,000 2.17 137,000 4,895,000 4.02 633,000

Anoki/McBean 1,436,000 4.69 217,000 1,558,000 4.73 237,000

AK 1,145,000 4.47 164,000 1,530,000 4.21 207,000

Bidgood 1,464,000 1.69 79,000 318,000 2.02 21,000

SMC 46,000 48.30 72,000 51,400 46.30 77,000

Ironwood, Que. 121,600 17.30 68,000

Total 9,124,000 5.00 1,464,000 11,567,000 5.21 1,939,000

Indicated Inferred… Deposit Tonnes Grade (g/t) Gold (oz.) Tonnes Grade (g/t) Gold (oz.) Upper Canada 774,000 7.70 192,000

180 East 327,000 4.10 43,000

Victoria Creek 1,342,000 5.10 222,000

Cadillac, Que. 3,045,000 4.70 458,000

Total 1,101,000 6.60 235,000 4,387,000 4.80 680,000

Current Resources (NI 43-101 Compliant)

Historic Resources (non NI 43-101 Compliant) •  Note: Upper Beaver resource includes 36.6 M lbs. Cu (0.54%) Indicated and 28 M lbs. Cu (0.41%) Inferred. In this table copper has been converted to a gold equivalent using $1050/oz. for Au and $3.00/lb. for Cu

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Resource Growth of 2600% Since 2007

Year Expenditure NI 43-101 Resources (ounces of gold)

2007 $4,750,000 96,000 Indicated / 29,000 Inferred

2008 $7,400,000

2009-10 $25,000,000

2011 $10,200,000

Total $47,350,000

500,000 475,000

660,000 720,000

1.5 million 1.9 million

“$14/ounce discovery cost”

Indicated Inferred

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�  2 properties adjacent to mines operated by Agnico-Eagle

� Pandora 100% owned, Wood-Pandora 50% JV with Globex

� Contains 4 shallow gold deposits � Drilling on JV property reports new

high grade results •  28.86 g/t Au over 4.9 m •  14.75 g/t Au over 2.9 m •  13.90 g/t Au over 3.0 m •  10.85 g/t Au over 3.7 m

Mineral Resource 68,000 oz. Au @ 17.30 g/t Inferred

Historic Resource 458,000 oz. Au @ 4.70 g/t Inferred

Agnico-Eagle’s Lapa Mine 2010

Cadillac Camp, Quebec – 2 Key Properties on Break

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New Exploration along Proven Structures

Larder Lake – Cadillac Break

Victoria Creek – commence drilling to define 222,000 oz. historic resource and plan deeper exploration Northland – target historic mineralized porphyry that was developed by shaft in 1930’s McBean West – exploring for McBean-type mineralization on newly acquire ground on the Larder Lake Break Anoki Deep – follow up on deep drilling below Anoki deposit Toburn – target Kirkland Lake Main Break below 500,000 oz. past producer with drilling Gateford – explore potential along trend of this small past producer on the Larder Lake Break

Total Field Magnetics

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201-133 Richmond Street West Toronto, Ontario M5H 2L3 T: 416-364-0001 F: 416-364-5098 E: [email protected] www.queenston.ca