Mr. Joseph Ovsenek reports

PRETIVM REPORTS FIRST QUARTER 2016 RESULTS

Pretium Resources Inc. has released the following highlights from the first quarter of 2016 and has provided updates for its high-grade gold Brucejack project in Northern British Columbia.

First quarter 2016 highlights:

• During the quarter, the underground definition drill program continued to confirm the style and grade distribution of the Valley of the Kings gold mineralization and continued to intersect high-grade and visible gold (see news releases dated Jan. 12, 2016, and March 8, 2016).
• On Feb. 17, 2016, the company announced an updated cost and working capital estimate for the Brucejack project. The estimated total project capital cost to complete design, construction, installation and commissioning, including contingencies and working capital, is $696.8-million (U.S.).
• On March 1, 2016, the company closed a marketed offering of 28,384,000 common shares at a price of $4.58 (U.S.) per common share for gross proceeds of $130-million (U.S.). Subsequent to the close of the marketed offering, certain holders exercised their participation rights to maintain their proportionate ownership interest in the company. The total number of common shares issued in connection with the marketed offering and private placement was 31,923,755 for aggregate gross proceeds of approximately $146.2-million (U.S.).
• Working capital at March 31, 2016, was $455.8-million.
• Subsequent to the end of the quarter, on April 18, 2016, the company reported on the progress of site construction activities at the Brucejack project, including the camp, mill site, portal excavation and transmission line. Construction and underground development remain on schedule and on budget for commissioning of the underground mine in mid-2017.
• On April 5, April 26 and May 12, 2016, the company announced additional results from the underground infill program at the Brucejack project's Valley of the Kings. Results continue to demonstrate high-grade gold mineralization, including hole VU-722, which intersected 37,117 grams of gold per tonne uncut over 0.50 metre.

Advancing the Brucejack project -- construction progress

The foundation for the 330-person camp at Brucejack is complete, and the installation of prefabricated modules for the camp is under way. The camp is expected to be operational early in the third quarter of this year.

Excavation to level the site for the mill facility has been completed, and concrete works are well under way. The structural steel installation for the mill building is scheduled to begin in June, with full enclosure of the mill building expected in the third quarter. Installation of internal structural steel and mechanical equipment will commence prior to full enclosure.

Surface excavation for the Valley of the Kings portal pad advanced during the quarter. The portal will serve as the primary access point to convey the gold ore from the underground crusher to the mill.

Underground development remains on schedule, and crews are advancing at a rate of over 20 metres a day. Current underground activity at the Valley of the Kings includes excavation of the 1,260-metre level ramp, development of the 1,320-metre level, installation of ladderways and platforms in the fresh air raise, and the excavation of headings for infrastructure.

The transmission line towers have begun arriving at site from the fabricator, and installation will be in progress throughout the second and third quarters, with connection to the BC Hydro power grid expected in the fourth quarter.

Project engineering and procurement

Detailed project engineering is in progress. All long-lead-time items have been ordered, including the ball and SAG mills, which are scheduled to arrive on site in the third quarter.

Project financing

On Sept. 21, 2015, the company completed a $540-million (U.S.) construction financing with Orion Mine Finance Group and Blackstone Tactical Opportunities. The financing was composed of a credit facility for $350-million (U.S.), a $150-million (U.S.) prepayment under a callable gold and silver stream agreement, and a private placement of common shares for $40-million (U.S.).

During the first quarter, on Feb. 22, 2016, the company announced the filing of a preliminary prospectus supplement to its short-form base-shelf prospectus in connection with a $120-million (U.S.) marketed offering of common shares through a syndicate of underwriters. On Feb. 23, 2016, the company announced the underwriters had agreed to purchase 26.21 million of its common shares at $4.58 (U.S.) per share, for gross proceeds of approximately $120-million (U.S.). The underwriters were also granted an overallotment option to purchase an additional 2,174,000 common shares at $4.58 (U.S.) per share, exercisable for a period of 30 days following closing. On March 1, 2016, the company announced the closing of the marketed offering of common shares for gross proceeds of approximately $130-million (U.S.), which included the exercise of the overallotment option.

Subsequent to the closing of the marketed offering on March 1, 2016, Orion Co-Investments (ED) Ltd. and Zijin Mining Group Co. Ltd. exercised their participation rights to maintain their respective proportionate ownership interests in the company in connection with the marketed offering. Orion agreed to subscribe for 752,906 common shares, and Zijin agreed to subscribe for 2,786,849 common shares at a price of $4.58 (U.S.) per share in a non-brokered private placement. On March 31, 2016, the company announced the closing of the non-brokered private placement of 3,539,755 common shares for gross proceeds of approximately $16.2-million (U.S.). The total number of common shares issued in connection with the marketed offering and private placement was 31,923,755 for aggregate gross proceeds of approximately $146.2-million (U.S.). The net proceeds will be used: (i) to finance development of the Brucejack project, (ii) for working capital during start-up and (iii) for general corporate purposes.

With the $540-million (U.S.) construction financing, available cash on hand and the completion of the equity offering of $146.2-million (U.S.), the $696.8-million (U.S.) estimated development cost of the Brucejack project is fully financed.

Revised Brucejack project capital costs and economics

Based on the achievement of the 60-per-cent engineering milestone, a capital cost estimate was carried out in late 2015 to update the June, 2014, feasibility study cost estimate for the Brucejack project. The estimated total project capital cost to complete design, construction, installation and commissioning, including contingencies and working capital, is $696.8-million (U.S.). Working capital for the three-month period of postplant commissioning and initial gold production covers the cost of operations, but does not take into account any revenue generated during this period (see news release dated Feb. 17, 2016).

The 2015/2016 underground infill drill program

The Valley of the Kings underground infill drill program, which had commenced in 2015, continued through the quarter. The program was designed to target stope areas in years one through three of the current mine plan (1,320-metre level to 1,200-metre level) and was subsequently expanded to include extensions of Domain 20, which are adjacent to areas planned to be mined in the early years of the 2014 feasibility study mine plan.

The primary purpose of the drilling was grade control, with the additional benefit of infill drilling inferred and non-stope indicated resources in the same area. Results from the program confirmed the style and grade distribution of the gold mineralization in the area being tested, and included the intersection of high-grade and visible gold.

The infill drill program has now been completed. The program drilled an area of roughly 200 vertical metres over a strike length of 250 metres at 7.5- to 10-metre centres. An updated resource estimate for the Valley of the Kings is under way and expected to be completed in the third quarter of this year. On completion of the resource estimate, the mine plan for the Valley of the Kings will be updated.

Ian I. Chang, MASc, PEng, vice-president, project development, Pretium Resources, is the qualified person responsible for Brucejack project development. Kenneth C. McNaughton, MASc, PEng, chief exploration officer, Pretium Resources, is the QP responsible for the Brucejack project exploration program.

The company's unaudited condensed consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2016, are filed on SEDAR and available on the company's website.

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