----

|   |   |                                                                                  |
|--------|--------|---------------------------------------------------------------------------------------|
| o      |   | REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934. |

|   |   |                                                                           |
|--------|--------|--------------------------------------------------------------------------------|
| þ |   | ANNUAL REPORT PURSUANT TO SECTION 13(a) OF THE SECURITIES EXCHANGE ACT OF 1934 |

----

|                                                    |   |                                   |
|---------------------------------------------------------|--------|----------------------------------------|
| 1040                                                    |   | None                                   |
| (Primary Standard IndustrialClassification Code Number) |   | (I.R.S. EmployerIdentification Number) |

----

----

|                |   |                                      |
|---------------------|--------|-------------------------------------------|
| Title of each class |   | Name of each exchange on which registered |
|  Common Shares |   |  New York Stock Exchange             |

----

----

----

----

----

|                             |                                     |                                                                            |   |   |
|----------------------------------|------------------------------------------|---------------------------------------------------------------------------------|--------|--------|
| Date:  March 14 , 2012 | Pretium Resources Inc.    |                                                                            |
|                             | By:                                      |  /s/ Robert A. Quartermain                                                 |   |
|                             |                                     | Name: Robert A. Quartermain                                                |   |
|                             |                                     | Title:   President, Chief Executive Officer & Director  |
|                             |

----

| Exhibit  |   | Description                                                                                                                                                            |
|----------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |   |                                                                                                                                                                        |
| 99.1 **  |   | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accountant                                                                                             |
|     |   |                                                                                                                                                                        |
| 99.2 *   |   | Consents of Hassan Ghaffari, P.Eng., Jianhui (John) Huang, P.Eng., and Sabry Abdel Hafez, Ph.D., P.Eng., of Wardrop, a Tetra Tech Company and Wardrop, a Tetra Tech Company |
|     |   |                                                                                                                                                                        |
| 99.3 *   |   | Consents of Pierre Pelletier, P.Eng., of Rescan Environmental Services Ltd. and Rescan Environmental Services Ltd.                                                          |
|     |   |                                                                                                                                                                        |
| 99.4 *   |   | Consents of Tracy Armstrong, P.Geo., and Fred H. Brown, Pr.Sc.Nat., of P&E Mining Consultants Inc. and P&E Mining Consultants Inc.                                  |
|     |   |                                                                                                                                                                        |
| 99.5 *   |   | Consents of Caroline J. Vallat, P.Geo., of GeoSpark Consulting Inc. and GeoSpark Consulting Inc.                                                                            |
|     |   |                                                                                                                                                                        |
| 99.6 *   |   | Consents of H. Warren Newcomen, P.Eng., Hamish Weatherly, P.Geo., and Lori-Ann Wilchek, P.Eng., of BGC Engineering Inc. and BGC Engineering Inc.                            |
|     |   |                                                                                                                                                                        |
| 99.7 *   |   | Consents of Peter Mokos, MAusIMM (CP), of AMC Mining Consultants (Canada) Ltd. and AMC Mining Consultants (Canada) Ltd.                                                     |
|     |   |                                                                                                                                                                        |
| 99.8 *   |   | Consent of Ian I Chang M.A.Sc., P.Eng.                                                                                                                                      |
|     |   |                                                                                                                                                                        |
| 99.9 *   |   | Consent of Kenneth C. McNaughton, M.A.Sc., P.Eng.                                                                                                                           |
|     |   |                                                                                                                                                                        |
| 99.10 ** |   | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                          |
|     |   |                                                                                                                                                                        |
| 99.11 ** |   | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                          |
|     |   |                                                                                                                                                                        |
| 99.12 ** |   | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                          |
|     |   |                                                                                                                                                                        |
| 99.13 ** |   | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                          |
|     |   |                                                                                                                                                                        |

----

----

----

----

|  “Robert A. Quartermain”                                  |   | “Peter de Visser”                      |   |
|----------------------------------------------------------------------------|--------|----------------------------------------------------|--------|
|  Robert A. Quartermain  Chief Executive Officer   |   |  Peter de Visser Chief Financial Officer |   |

----

----

|                                     |   | Notes  |     |   | December 31, 2011 |       |        | December 31, 2010 |   |
|------------------------------------------|--------|--------|----------|--------|-------------------|------------|-------------|-------------------|--------|
|                                     |   |   |     |   |              |       |        |              |   |
| ASSETS                                   |   |   |     |   |              |       |        |              |   |
|                                     |   |   |     |   |              |       |        |              |   |
| Current assets                           |   |   |     |   |              |       |        |              |   |
| Cash and cash equivalents                |   |   |     |   | $                 | 16,447,223 |        |              | $      | 48,533,766 |   |
| Receivables                              |   |   | 10       |   |              |       | 6,790,658   |              |   |   | 32,166 |   |
| Deposits and prepaid expenses            |   |   |     |   |              |       | 373,346     |              |   |   | 106,405 |   |
| Due from Silver Standard Resources Inc.  |   |   | 6        |   |              |       | 501,989     |              |   |   | 600,000 |   |
| Total current assets                     |   |   |     |   |              |       | 24,113,216  |              |   |   | 49,272,337 |   |
|                                     |   |   |     |   |              |       |        |              |   |   |   |   |
| Non-current assets                       |   |   |     |   |              |       |        |              |   |   |   |   |
| Reclamation deposits                     |   |   | 4        |   |              |       | 378,755     |              |   |   | - |   |
| Property, plant and equipment            |   |   | 8        |   |              |       | 2,775,871   |              |   |   | - |   |
| Mineral interests                        |   |   | 4        |   |              |       | 490,762,469 |              |   |   | 450,000,000 |   |
| Total non-current assets                 |   |   |     |   |              |       | 493,917,095 |              |   |   | 450,000,000 |   |
|                                     |   |   |     |   |              |       |        |              |   |   |   |   |
| Total Assets                             |   |   |     |   |              | $          | 518,030,311 |              |   | $ | 499,272,337 |   |
|                                     |   |   |     |   |              |       |        |              |   |   |   |   |
| LIABILITIES                              |   |   |     |   |              |       |        |              |   |   |   |   |
|                                     |   |   |     |   |              |       |        |              |   |   |   |   |
| Current liabilities                      |   |   |     |   |              |       |        |              |   |   |   |   |
| Accounts payable and accrued liabilities |   |   |     |   |              | $          | 5,414,233   |              |   | $ | 1,131,915 |   |
| Convertible promissory note              |   |   | 7        |   |              |       | -           |              |   |   | 39,753,000 |   |
| Total current liabilities                |   |   |     |   |              |       | 5,414,233   |              |   |   | 40,884,915 |   |
| Non-current liabilities                  |   |   |     |   |              |       |        |              |   |   |   |   |
| Asset retirement obligation              |   |   | 9        |   |              |       | 174,127     |              |   |   | - |   |
| Property payment                         |   |   | 4        |   |              |       | 400,000     |              |   |   | - |   |
| Deferred income tax liability            |   |   | 11       |   |              |       | 1,533,472   |              |   |   | - |   |
| Total liabilities                        |   |   |     |   |              |       | 7,521,832   |              |   |   | 40,884,915 |   |
|                                     |   |   |     |   |              |       |        |              |   |   |   |   |
| EQUITY                                   |   |   |     |   |              |       |        |              |   |   |   |   |
|                                     |   |   |     |   |              |       |        |              |   |   |   |   |
| Share capital                            |   |   | 5        |   |              |       | 511,262,747 |              |   |   | 458,738,330 |   |
| Share based payment reserve              |   |   | 5        |   |              |       | 30,747,469  |              |   |   | 13,779,108 |   |
| Deficit                                  |   |   |     |   |              |       | (31,501,737 | )                 |   |   | (14,130,016 | ) |
| Total equity                             |   |   |     |   |              |       | 510,508,479 |              |   |   | 458,387,422 |   |
|                                     |   |   |     |   |              |       |        |              |   |   |   |   |
| Total Equity and Liabilities             |   |   |     |   |              | $          | 518,030,311 |              |   | $ | 499,272,337 |   |
|                                     |   |   |     |   |              |       |        |              |   |   |   |   |
| Commitment                               |   |   | 4   |   |              |       |        |              |   |   |   |   |
| Subsequent events                        |   |   | 12  |   |              |       |        |              |   |   |   |   |

| On behalf of the Board:                       |   |                            |   |
|-----------------------------------------------|--------|---------------------------------|--------|
| "Ross A. Mitchell"                            |   |  "Robert A. Quartermain"   |   |
| Ross A. Mitchell(Chairman of Audit Committee) |   | Robert A. Quartermain(Director) |   |

----

|                                                       |   | Notes  |   |   | 2011   |   |        | 2010   |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|--------|-------------|--------|--------|
|                                                       |   |   |   |   |   |   |        |   |   |
| EXPENSES                                                   |   |   |   |   |   |   |        |   |   |
|                                                       |   |   |   |   |   |   |        |   |   |
| Accretion of asset retirement obligation                   |   |   | 9      |   |   | $      | 1,193       |   |   | $ | - |   |
| Amortization                                               |   |   |   |   |   |   | 97,765      |   |   |   | - |   |
| Consulting                                                 |   |   |   |   |   |   | 219,237     |   |   |   | - |   |
| General and administrative                                 |   |   |   |   |   |   | 429,059     |   |   |   | 18,100 |   |
| Insurance                                                  |   |   |   |   |   |   | 93,296      |   |   |   | 1,637 |   |
| Investor relations                                         |   |   |   |   |   |   | 876,926     |   |   |   | 70,732 |   |
| Listing fees                                               |   |   |   |   |   |   | 186,160     |   |   |   | 200,000 |   |
| Professional fees                                          |   |   |   |   |   |   | 480,197     |   |   |   | - |   |
| Salaries                                                   |   |   |   |   |   |   | 2,791,963   |   |   |   | 14,852 |   |
| Share-based compensation                                   |   |   | 5      |   |   |   | 12,558,810  |   |   |   | 13,779,108 |   |
| Travel and accommodation                                   |   |   |   |   |   |   | 122,788     |   |   |   | 65,000 |   |
|                                                       |   |   |   |   |   |   |        |   |   |   |   |   |
| Loss before other items                                    |   |   |   |   |   |   | (17,857,394 | )      |   |   | (14,149,429 | ) |
|                                                       |   |   |   |   |   |   |        |   |   |   |   |   |
| OTHER ITEMS                                                |   |   |   |   |   |   |        |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |        |   |   |   |   |   |
| Interest income                                            |   |   |   |   |   |   | 400,730     |   |   |   | 19,413 |   |
| Other income                                               |   |   | 6      |   |   |   | 250,000     |   |   |   | - |   |
|                                                       |   |   |   |   |   |   |        |   |   |   |   |   |
| Loss before taxes                                     |   |   |   |   |   |   | (17,206,664 | )      |   |   | (14,130,016 | ) |
| Deferred income tax expense                                |   |   | 11     |   |   |   | 165,057     |   |   |   | - |   |
|                                                       |   |   |   |   |   |   |        |   |   |   |   |   |
| Net loss and comprehensive loss for the period             |   |   |   |   |   | $      | (17,371,721 | )      |   | $ | (14,130,016 | ) |
|                                                       |   |   |   |   |   |   |        |   |   |   |   |   |
|  Basic and diluted loss per common share              |   |   |   |   |   | $      | (0.20       | )      |   | $ | (1.25 | ) |
|  Weighted average number of common shares outstanding |   |   |   |   |   |   | 85,746,508  |   |   | $ | 11,263,513 |   |

----

|                                                                                     |   | Notes  |   |   | 2011   |        |             | 2010   |   |
|------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|-------------|------------------|--------|--------|
|                                                                                     |   |   |   |   |   |        |             |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                     |   |   |   |   |   |        |             |   |   |
|   Net loss for the period                                                           |   |   |   |   | $      | (17,371,721 | )                |   | $      | (14,130,016 | ) |
| Items not affecting cash:                                                                |   |   |   |   |   |        |             |   |   |   |   |
|         Accretion of asset retirement obligation |   |   | 9      |   |   |        | 1,193            |   |   |   | - |   |
|         Amortization                             |   |   |   |   |   |        | 97,765           |   |   |   | - |   |
|         Share-based compensation                 |   |   | 5      |   |   |        | 12,558,810       |   |   |   | 13,779,108 |   |
|         Deferred income tax expense              |   |   | 11     |   |   |        | 165,057          |   |   |   | - |   |
| Changes in non-cash working capital items:                                               |   |   |   |   |   |        |             |   |   |   |   |   |
|    Receivables                                                            |   |   |   |   |   |        | (3,378,492       | )      |   |   | (32,166 | ) |
|    Prepaid expenses                                                       |   |   |   |   |   |        | (266,941         | )      |   |   | (106,405 | ) |
|    Due from Silver Standard Resources Inc.                                |   |   | 6      |   |   |        | 98,011           |   |   |   | - |   |
|    Accounts payable and accrued liabilities                               |   |   |   |   |   |        | 534,680          |   |   |   | 460,708 |   |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
| Net cash used in operating activities                                                    |   |   |   |   |   |        | (7,561,638       | )      |   |   | (28,771 | ) |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES     Common shares issued   |   |   | 5      |   |   |        |  15,081,500 |   |   |   |  265,020,000 |   |
|      Share issuance costs                                            |   |   | 5      |   |   |        | (941,668         | )      |   |   | (2,937,463 | )  |
|      Underwriters’ exercise of over allotment option      |   |   | 7      |   |   |        | 18,000,000       |   |   |   | - |   |
|      Settlement of convertible promissory note                  |   |   | 7      |   |   |        | (18,000,000      | )      |   |   | - |   |
|      Preferred share issuance                                   |   |   |   |   |   |        | -                |   |   |   | 1,500,000 |   |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
| Net cash generated by financing activities                                               |   |   |   |   |   |        | 14,139,832       |   |   |   | 263,582,537 |   |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
|      Reclamation bonds                                          |   |   | 4      |   |   |        | (378,755         | )      |   |   | - |   |
|      Expenditures on mineral interests                          |   |   | 4      |   |   |        | (35,130,360      | )      |   |   | (215,020,000 | ) |
|      Purchase of property, plant and equipment                  |   |   | 8      |   |   |        | (3,155,622       | )      |   |   | - |   |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
| Net cash used in investing activities                                                    |   |   |   |   |   |        | (38,664,737      | )      |   |   | (215,020,000 | ) |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
| Change in cash and cash equivalents for the period                                       |   |   |   |   |   |        | (32,086,543      | )      |   |   | 48,533,766 |   |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                                           |   |   |   |   |   |        | 48,533,766       |   |   |   | - |   |
|                                                                                     |   |   |   |   |   |        |             |   |   |   |   |   |
| Cash and cash equivalents, end of period                                                 |   |   |   |   |   | $           | 16,447,223       |   |   | $ | 48,533,766 |   |

----

|                                                        |   | Note   |   |   | Number ofcommon shares |       |   | Amount |   |        | Share-basedpaymentsreserve |   |   | Deficit    |   |   | Total  |        |
|-------------------------------------------------------------|--------|--------|--------|--------|------------------------|------------|--------|--------|--------|-------------|----------------------------|--------|--------|------------|--------|--------|--------|-------------|
| Initial public offering                                     |   | 5      |   |   |                   | 44,170,000 |   |   | $      | 265,020,000 |                       |   | $      | -          |   |   | $      | -           |   |   | $ | 265,020,000 |   |
| Share issue costs                                           |   |   |   |   |                   |       |   |   |   | (3,008,670  | )                          |   |   | -          |   |   |   | -           |   |   |   | (3,008,670 | ) |
| Shares issued under AcquisitionAgreement                    |   | 5      |   |   |                   | 32,537,833 |   |   |   | 195,227,000 |                       |   |   | -          |   |   |   | -           |   |   |   | 195,227,000 |   |
| Conversion of preferred sharesto common shares              |   | 5      |   |   |                   | 2,136,753  |   |   |   | 1,500,000   |                       |   |   | 11,320,513 |   |   |   | -           |   |   |   | 12,820,513 |   |
| Value assigned to optionsgranted                            |   | 5      |   |   |                   | -          |   |   |   | -           |                       |   |   | 2,458,595  |   |   |   | -           |   |   |   | 2,458,595 |   |
| Loss for the period                                         |   |   |   |   |                   | -          |   |   |   | -           |                       |   |   | -          |   |   |   | (14,130,016 | ) |   |   | (14,130,016 | ) |
| Balance – December 31, 2010                           |   |   |   |   |                   | 78,844,586 |   |   | $      | 458,738,330 |                       |   | $      | 13,779,108 |   |   | $      | (14,130,016 | ) |   | $ | 458,387,422 |   |
|  Underwriters’ exercise of over allotment option |   | 5      |   |   |                   | 3,000,000  |   |   |   | 18,000,000  |                       |   |   | -          |   |   |   | -           |   |   |   | 18,000,000 |   |
|  Shares issued on conversion of promissory note        |   | 7      |   |   |                   | 3,625,500  |   |   |   | 21,753,000  |                       |   |   | -          |   |   |   | -           |   |   |   | 21,753,000 |   |
|  Value assigned to options granted                     |   | 5      |   |   |                   | -          |   |   |   | -           |                       |   |   | 16,968,361 |   |   |   | -           |   |   |   | 16,968,361 |   |
| Shares issued underFlow-through Agreement                   |   | 5      |   |   |                   | 1,390,000  |   |   |   | 12,788,000  |                       |   |   | -          |   |   |   | -           |   |   |   | 12,788,000 |   |
| Share issue costs                                           |   | 5      |   |   |                   | -          |   |   |   | (941,668    | )                          |   |   | -          |   |   |   | -           |   |   |   | (941,668 | ) |
|  Deferred income tax on share issuance costs           |   |   |   |   |                   | -          |   |   |   | 925,085     |                       |   |   | -          |   |   |   | -           |   |   |   | 925,085 |   |
| Loss for the year                                           |   |   |   |   |                   | -          |   |   |   | -           |                       |   |   | -          |   |   |   | (17,371,721 | ) |   |   | (17,371,721 | ) |
| Balance – December 31, 2011                           |   |   |   |   |                   | 86,860,086 |   |   | $      | 511,262,747 |                       |   | $      | 30,747,469 |   |   | $      | (31,501,737 | ) |   | $ | 510,508,479 |   |

----

|   |
|--------|

| 1.  | NATURE OF OPERATIONS |
|----------|----------------------|

| 2.  | SIGNIFICANT ACCOUNTING POLICIES |
|----------|---------------------------------|

----

|   |
|--------|

| 2. | SIGNIFICANT ACCOUNTING POLICIES (Cont’d) |
|----|------------------------------------------------|

|   | · | significant financial difficulty of the issuer or counterparty; or |
|--------|--------|--------------------------------------------------------------------|

|   | · | default of delinquency in interest or principal payments; or |
|--------|--------|--------------------------------------------------------------|

|   | · | it becoming probable that the borrower will enter bankruptcy or financial re-organization. |
|--------|--------|--------------------------------------------------------------------------------------------|

----

|   |
|--------|

| 2. | SIGNIFICANT ACCOUNTING POLICIES (Cont’d) |
|----|------------------------------------------------|

----

|   |
|--------|

| 2. | SIGNIFICANT ACCOUNTING POLICIES (Cont’d) |
|----|------------------------------------------------|

|   | · | Impairment |
|--------|--------|------------|

|   | · | Share-based payment  transactions |
|--------|--------|---------------------------------------------|

----

|   |
|--------|

| 2. | SIGNIFICANT ACCOUNTING POLICIES (Cont’d) |
|----|------------------------------------------------|

| 3.  | NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS |
|----------|----------------------------------------------------|

|   | · | IFRS 9, Financial Instruments, addresses classification and measurement of financial assets.  It replaces the multiple category and measurement models in IAS 39 for debt instruments with a new mixed measurement model having only two categories: amortized cost and fair value through profit or loss.  IFRS 9 also replaces the models for measuring equity instruments.  Such instruments are either recognized at fair value through profit or loss or at fair value through other comprehensive income, dividends are recognized in profit or loss to the extent they do not clearly represent a return of investment; however, other gains and losses (including impairments) associated with such instruments remain in accumulated comprehensive income indefinitely.  This standard is effective January 1, 2015. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | IFRS 10, Consolidated Financial Statements, requires an entity to consolidate an investee when it has power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.  Under existing IFRS, consolidation is required when an entity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.  IFRS 10 replaces SIC 12, Consolidation – Special Purpose Entities and parts of IAS 27, Consolidated and Separate Financial Statements. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |
|--------|

| 3. | NEW ACCOUNTING STANDARDS AND RECENT PRONOUNCEMENTS (Cont’d) |
|----|-------------------------------------------------------------------|

|   | · | IFRS 13, Fair Value Measurement, is a comprehensive standard for fair value measurement and disclosure for use across all IFRS standards.  The new standard clarifies that fair value is the price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction between market participants, at the measurement date.  Under existing IFRS, guidance on measuring and disclosing fair value is dispersed among the specific standards requiring fair value measurements and does not always reflect a clear measurement basis or consistent disclosures. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | There have been amendments to existing standards, including IAS 27, Separate Financial Statements (IAS 27), and IAS 28, Investments in Associates and Joint Ventures (IAS 28).  IAS 27 addresses accounting for subsidiaries, jointly controlled entities and associates in non-consolidated financial statements.  IAS 28 has been amended to include joint ventures in its scope and to address the changes in IFRS 10 – 13. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | IAS 1, Presentation of Financial Statements, has been amended to require entities to separate items presented in OCI into two groups, based on whether or not items may be recycled in the future.  Entities that choose to present OCI items before tax will be required to show the amount of tax related to the two groups separately.  The amendment is effective for annual periods beginning on or after July 1, 2012 with earlier application permitted. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine, sets out the accounting for overburden waste removal (stripping) costs in the production phase of a mine.  Stripping activity may create two types of benefit: i) inventory produced and ii) improved access to ore.  Stripping costs associated with the former should be accounted for as a current production cost in accordance with IAS 2, Inventories.  The latter should be accounted for as an addition to or enhancement of an existing asset. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |
|--------|

| 4.  | MINERAL INTERESTS |
|----------|-------------------|

|                                     |   | December 31, |        |   | Additions |   |       | December 31, |   |
|------------------------------------------|--------|--------------|-------------|--------|-----------|--------|------------|--------------|--------|
|                                     |   | 2010         |        |   | 2011      |   |       | 2011         |   |
| BRITISH COLUMBIA, CANADA                 |   |         |        |   |      |   |       |         |   |
| Snowfield Project                        |   |         |        |   |      |   |       |         |   |
| Acquisition                              |   | $            | 309,064,110 |   |      | $      | -          |         |   | $ | 309,064,110 |   |
| Exploration costs:                       |   |         |        |   |      |   |       |         |   |   |   |   |
|   Aircraft rentals             |   |         | -           |   |      |   | 1,708      |         |   |   | 1,708 |   |
|   Amortization                 |   |         | -           |   |      |   | 18,561     |         |   |   | 18,561 |   |
|   Contract services            |   |         | -           |   |      |   | 7,599      |         |   |   | 7,599 |   |
|   Consulting                   |   |         | -           |   |      |   | 88,964     |         |   |   | 88,964 |   |
|   Environmental                |   |         | -           |   |      |   | 100,205    |         |   |   | 100,205 |   |
|   Field costs                  |   |         | -           |   |      |   | 16,919     |         |   |   | 16,919 |   |
|   Freight, shipping, courier   |   |         | -           |   |      |   | 2,937      |         |   |   | 2,937 |   |
|   Geology consulting           |   |         | -           |   |      |   | 7,800      |         |   |   | 7,800 |   |
|   Government fees and licenses |   |         | -           |   |      |   | 13,150     |         |   |   | 13,150 |   |
|   Miscellaneous                |   |         | -           |   |      |   | 18,302     |         |   |   | 18,302 |   |
|   Overhead costs               |   |         | -           |   |      |   | 1,661      |         |   |   | 1,661 |   |
|   Travel and transportation    |   |         | -           |   |      |   | 1,096      |         |   |   | 1,096 |   |
|                                     |   |         | 309,064,110 |   |      |   | 278,902    |         |   |   | 309,343,012 |   |
|                                     |   |         |        |   |      |   |       |         |   |   |   |   |
| Brucejack Project                        |   |         |        |   |      |   |       |         |   |   |   |   |
| Acquisition                              |   |         | 140,935,890 |   |      |   | 1,952,277  |         |   |   | 142,888,167 |   |
| Exploration costs:                       |   |         |        |   |      |   |       |         |   |   |   |   |
| Aircraft rentals                         |   |         | -           |   |      |   | 6,403,356  |         |   |   | 6,403,356 |   |
| Amortization                             |   |         | -           |   |      |   | 280,719    |         |   |   | 280,719 |   |
| Assaying                                 |   |         | -           |   |      |   | 2,931,079  |         |   |   | 2,931,079 |   |
| Bridge construction                      |   |         | -           |   |      |   | 205,752    |         |   |   | 205,752 |   |
| Camp construction and supplies           |   |         | -           |   |      |   | 4,470,891  |         |   |   | 4,470,891 |   |
| Consulting                               |   |         | -           |   |      |   | 1,177,878  |         |   |   | 1,177,878 |   |
| Contract services                        |   |         | -           |   |      |   | 4,344,236  |         |   |   | 4,344,236 |   |
| Drilling                                 |   |         | -           |   |      |   | 9,224,634  |         |   |   | 9,224,634 |   |
| Engineering                              |   |         | -           |   |      |   | 465,248    |         |   |   | 465,248 |   |
| Environmental                            |   |         | -           |   |      |   | 1,146,608  |         |   |   | 1,146,608 |   |
| Equipment rent and maintenance           |   |         | -           |   |      |   | 311,262    |         |   |   | 311,262 |   |
| Field costs                              |   |         | -           |   |      |   | 36,180     |         |   |   | 36,180 |   |
| Freight, shipping, courier               |   |         | -           |   |      |   | 362,524    |         |   |   | 362,524 |   |
| Government fees and licenses             |   |         | -           |   |      |   | 95,375     |         |   |   | 95,375 |   |
| Geotechnical                             |   |         | -           |   |      |   | 411,787    |         |   |   | 411,787 |   |
| Metallurgical consulting                 |   |         | -           |   |      |   | 51,936     |         |   |   | 51,936 |   |
| Miscellaneous                            |   |         | -           |   |      |   | 1,085,148  |         |   |   | 1,085,148 |   |
| Overhead costs                           |   |         | -           |   |      |   | 208,837    |         |   |   | 208,837 |   |
| Resource estimate                        |   |         | -           |   |      |   | 54,453     |         |   |   | 54,453 |   |
| Road construction                        |   |         | -           |   |      |   | 1,823,996  |         |   |   | 1,823,996 |   |
| Share-based compensation                 |   |         | -           |   |      |   | 4,409,551  |         |   |   | 4,409,551 |   |
| Storage                                  |   |         | -           |   |      |   | 184,441    |         |   |   | 184,441 |   |
| Travel and transportation                |   |         | -           |   |      |   | 302,623    |         |   |   | 302,623 |   |
| Underground work                         |   |         | -           |   |      |   | 1,008,801  |         |   |   | 1,008,801 |   |
| Wages                                    |   |         | -           |   |      |   | 913,975    |         |   |   | 913,975 |   |
|                                     |   |         | 140,935,890 |   |      |   | 43,863,567 |         |   |   | 184,799,457 |   |
|                                     |   |         |        |   |      |   |       |         |   |   |   |   |
| Mineral property costs                   |   |         | 450,000,000 |   |      |   | 44,142,469 |         |   |   | 494,142,469 |   |
| BC Mineral Tax Credit receivable         |   |         | -           |   |      |   | (3,380,000 | )            |   |   | (3,380,000 | ) |
|                                     |   |         |        |   |      |   |       |         |   |   |   |   |
| Mineral property costs                   |   | $            | 450,000,000 |   |      | $      | 40,762,469 |         |   | $ | 490,762,469 |   |

----

|   |
|--------|

| 4. | MINERAL INTERESTS (Cont’d) |
|----|----------------------------------|

| Reclamation deposits            |   |   |    |
|---------------------------------|--------|--------|---------|
| Balance, December 31, 2010      |   | $      | -       |   |
| Deposits lodged during the year |   |   | 365,000 |   |
| Accrued interest                |   |   | 13,755  |   |
| Balance, December 31, 2011      |   | $      | 378,755 |   |

| 5.  | CAPITAL AND RESERVES |
|----------|----------------------|

----

|   |
|--------|

| 5. | CAPITAL AND RESERVES (Cont’d) |
|----|-------------------------------------|

| Expiry date                                         |   | Exercise price ($) |   |   | December31, 2010 |   |      | Granted |   |   | Exercised (Forfeited) |   |   | December 31, 2011 |    |   | Exercisable |      |
|-----------------------------------------------------|--------|--------------------|--------|--------|------------------|--------|-----------|---------|--------|--------|-----------------------|--------|--------|-------------------|---------|--------|-------------|-----------|
| December 21, 2015                                   |   |               | 6.00   |   |             |   | 2,725,000 |    |   |   |                  |   |   | -                 |    |   |        | 2,725,000 |   |   |   | 2,043,750 |   |
| January 28, 2016                                    |   |               | 6.10   |   |             |   | -         |    |   |   | 1,575,000             |   |   |              | -       |   |        |      | 1,575,000 |   |   |   | 787,500 |   |
| February 10, 2016                                   |   |               | 8.73   |   |             |   | -         |    |   |   | 100,000               |   |   |              | -       |   |        |      | 100,000 |   |   |   | 50,000 |   |
| March 16, 2016                                      |   |               | 11.01  |   |             |   | -         |    |   |   | 655,000               |   |   |              | (10,000 | )      |        |      | 645,000 |   |   |   | 322,500 |   |
| August 11, 2016                                     |   |               | 9.55   |   |             |   | -         |    |   |   | 125,000               |   |   |              | -       |   |        |      | 125,000 |   |   |   | 31,250 |   |
| November 2, 2016                                    |   |               | 9.73   |   |             |   | -         |    |   |   | 275,000               |   |   |              | -       |   |        |      | 275,000 |   |   |   | 68,750 |   |
| December 15, 2016                                   |   |               | 11.78  |   |             |   | -         |    |   |   | 1,435,000             |   |   |              | -       |   |        |      | 1,435,000 |   |   |   | 358,750 |   |
|                                                |   |               |   |   |             |   | 2,725,000 |    |   |   | 4,165,000             |   |   |              | (10,000 | )      |        |      | 6,880,000 |   |   |   | 3,662,500 |   |
|                                                |   |               |   |   |             |   |      |    |   |   |                  |   |   |              |    |   |        |      |   |   |   |   |   |   |
| Weighted average exercise price                     |   |               | $      | 6.00   |             |   | $         | 9.24    |   |   | $                     | 11.01  |   |              | $       | 7.95   |        |      |   |   |   |
| Weighted average remaining contractual life (years) |   |               |   |   |             |   |      |    |   |   |                  |   |   |              |    | 4.28   |        |      |   |   |   |

| Share purchase options for the period ended December 31, 2010 |   |              |   |   |    |   |      |
|---------------------------------------------------------------|--------|-------------------|--------|--------|---------|--------|-----------|
| Expiry date                                                   |   | ExercisePrice ($) |   |   | Granted |   |      | Exercised(Forfeited) |   |   | December31, 2010 |   |   | Exercisable |   |
| December 21, 2015                                             |   |              | 6.00   |   |    |   | 2,725,000 |   |   |   | - |   |   |   | 2,725,000 |   |   |   | - |   |
|                                                          |   |              |   |   |    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average exercise price                               |   |              |   |   |    | $      | 6.00      |   |   |   |   |   |   | $ | 6.00 |   |   |   | - |   |
| Weighted average remaining contractual life (years)           |   |              |   |   |    |   |      |   |   |   |   |   |   |   | 5.0 |   |   |   | - |   |

----

|   |
|--------|

| 5. | CAPITAL AND RESERVES (Cont’d) |
|----|-------------------------------------|

|                    | 2011    | 2010    |
|-------------------------|---------|---------|
| Risk-free interest rate | 1.87%   | 2.38%   |
| Expected volatility     | 56.1%   | 65.7%   |
| Expected life           | 5 years | 5 years |
| Expected dividend yield | Nil     | Nil     |

| 6. | RELATED PARTIES |
|----|-----------------|

|   | Transactions with key management personnel |
|--------|--------------------------------------------|

|                                                        |   | For the year endedDecember 31, 2011 |       |   | For the period endedDecember 31, 2010 |   |
|-------------------------------------------------------------|--------|-------------------------------------|------------|--------|---------------------------------------|--------|
| Salaries and management fees                                |   | $                                   | 3,151,650  |   |                                  | $      | 31,846 |   |
| Share-based compensation                                    |   |                                | 9,975,848  |   |                                  |   | 1,714,249 |   |
| Share-based compensation – Preferred share conversion |   |                                | -          |   |                                  |   | 11,320,513 |   |
| Total Management Compensation                               |   | $                                   | 13,127,498 |   |                                  | $      | 13,066,608 |   |

|   | The Company and Silver Standard Resources Inc. (Silver Standard) have an agreement to share certain share issuance costs related to the Company’s IPO and subsequent sales of the Company’s shares by Silver Standard (the “Secondary Offering”). The Company had recorded a receivable of $600,000 due from Silver Standard at December 31, 2010 with a corresponding offset to share issuance costs. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | During the year ended December 31, 2011, the Company paid an additional $608,570 on behalf of Silver Standard for consulting and legal expenses in connection with the Secondary Offering increasing the receivable to $1,208,570.  Silver Standard repaid $706,581 of this amount resulting in a balance outstanding of $501,989. The Company also received $250,000 from Silver Standard as a fee for arranging the Secondary Offering. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |
|--------|

| 6. | RELATED PARTIES (Cont’d) |
|----|--------------------------------|

|   | Employment agreements |
|--------|-----------------------|

| Name of Subsidiary       | Place of Incorporation   |   | Proportion of Ownership Interest |   | Principal Activity                                     |
|--------------------------|--------------------------|--------|----------------------------------|--------|--------------------------------------------------------|
| Pretium Exploration Inc. | British Columbia, Canada |   | 100%                             |   | Holds interest in the Brucejack and Snowfield projects |
| 0890696 BC Ltd.          | British Columbia, Canada |   | 100%                             |   | Holds real estate in Stewart, BC                       |

| 7. | CONVERTIBLE PROMISORY NOTE |
|----|----------------------------|

|   | As part of the Snowfield and Brucejack acquisition (note 4), the Company had issued to Silver Standard a convertible promissory note in the amount of $39,753,000. During the year ended December 31, 2011, $18,000,000, being the proceeds from the over allotment option on the Company’s Initial Public Offering, was paid to Silver Standard to reduce the note to $21,753,000. The remainder was converted and settled through the issuance of 3,625,500 common shares of the Company. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.  | PROPERTY, PLANT AND EQUIPMENT |
|----------|-------------------------------|

|                  |   | December 31, 2011 |      |   | December 31, 2010 |   |
|-----------------------|--------|-------------------|-----------|--------|-------------------|--------|
|                  |   |              |      |   | Accumulated       |   |   | Net Book |   |   | Net Book |   |
|                  |   | Cost              |      |   | Amortization      |   |   | Value |   |   | Value |   |
| Building              |   | $                 | 297,297   |   |              | $      | 2,973 |   |   | $ | 294,324 |   |   | $ | - |   |
| Camp trailers         |   |              | 250,000   |   |              |   | 2,083 |   |   |   | 247,917 |   |   |   | - |   |
| Computer hardware     |   |              | 129,829   |   |              |   | 42,394 |   |   |   | 87,435 |   |   |   | - |   |
| Computer software     |   |              | 207,728   |   |              |   | 115,398 |   |   |   | 92,330 |   |   |   | - |   |
| Exploration equipment |   |              | 2,175,141 |   |              |   | 204,047 |   |   |   | 1,971,094 |   |   |   | - |   |
| Office equipment      |   |              | 95,627    |   |              |   | 12,856 |   |   |   | 82,771 |   |   |   | - |   |
| Total                 |   | $                 | 3,155,622 |   |              | $      | 379,751 |   |   | $ | 2,775,871 |   |   | $ | - |   |

----

|   |
|--------|

| 9. | ASSET RETIREMENT OBLIGATIONS |
|----|------------------------------|

|   | The Company’s asset retirement obligations relate to various governmental regulations associated with site restoration and clean-up costs.  The Company assesses cost estimates and other assumptions used in the valuation of asset retirement obligations (ARO’s) to reflect events, changes in circumstances and new information available.  Changes in these cost estimates and assumptions have a corresponding impact on the fair value of the ARO.  See also Note 4. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The following table summarizes the changes in the Company’s ARO’s: |
|--------|--------------------------------------------------------------------------------|

|                            |   | For the year endedDecember 31, 2011 |    |
|---------------------------------|--------|-------------------------------------|---------|
| ARO – December 31, 2010   |   | $                                   | -       |   |
| ARO’s arising in the year |   |                                | 172,934 |   |
| Accretion during the year       |   |                                | 1,193   |   |
| ARO – December 31, 2011   |   | $                                   | 174,127 |   |

|                                 |   | 2011     |    |
|--------------------------------------|--------|----------|---------|
| Total undiscounted value of payments |   | $        | 185,350 |   |
| Discount rate                        |   |     | 2.76    | % |
| Expected life                        |   | 10 years |    |

| 10. | FINANCIAL RISK MANAGEMENT |
|-----|---------------------------|

----

|   |
|--------|

| 10. | FINANCIAL RISK MANAGEMENT (Cont’d) |
|-----|------------------------------------------|

----

|   |
|--------|

| 11. | TAXATION |
|-----|----------|

|                          |   | December 31, 2011 |       |   | December 31, 2010 |   |
|-------------------------------|--------|-------------------|------------|--------|-------------------|--------|
| Tax loss carry forwards       |   | $                 | 1,654,560  |   |              | $      | - |   |
| Financing costs               |   |              | 735,534    |   |              |   | - |   |
| Other                         |   |              | (39,461    | )      |              |   | - |   |
| Mineral interests             |   |              | (3,884,105 | )      |              |   | - |   |
| Deferred income tax liability |   | $                 | (1,533,472 | )      |              | $      | - |   |

|                             |   | Year endedDecember 31, 2011 |   |   | Period endedOctober 22, 2010 to December 31, 2010 |   |
|----------------------------------|--------|-----------------------------|--------|--------|---------------------------------------------------|--------|
| Tax loss carry forwards          |   | $                           | -      |   |                                              | $      | 238,161 |   |
| Financing costs                  |   |                        | -      |   |                                              |   | 601,734 |   |
| Unrecognized deferred tax assets |   | $                           | -      |   |                                              | $      | 839,895 |   |

|                        |   | Year endedDecember 31, 2011 |    |   | Period endedOctober 22, 2010 to December 31, 2010 |   |
|-----------------------------|--------|-----------------------------|---------|--------|---------------------------------------------------|--------|
| Current tax expense         |   | $                           | -       |   |                                              | $      | - |   |
| Deferred tax expense        |   |                        | 165,057 |   |                                              |   | - |   |
| Deferred income tax expense |   | $                           | 165,057 |   |                                              | $      | - |   |

----

|   |
|--------|

| 11. | TAXATION (Cont’d) |
|-----|-------------------------|

|                                              |   | Year endedDecember 31, 2011 |       |   | Period endedOctober 22, 2010 to December 31, 2010 |   |
|---------------------------------------------------|--------|-----------------------------|------------|--------|---------------------------------------------------|--------|
| Expected tax recovery                             |   | $                           | (4,559,766 | )      |                                              | $      | (4,027,055 | ) |
| Share-based compensation and other items          |   |                        | 3,261,835  |   |                                              |   | 3,927,045 |   |
| Flow-through shares                               |   |                        | 3,770,375  |   |                                              |   | - |   |
| Other                                             |   |                        | 826,008    |   |                                              |   | 117,585 |   |
| Flow-through share premium                        |   |                        | (2,293,500 | )      |                                              |   | - |   |
| Recognition of previously unrecognized tax assets |   |                        | (839,895   | )      |                                              |   | (17,575 | ) |
| Income tax expense                                |   | $                           | 165,057    |   |                                              | $      | - |   |

| 12. | SUBSEQUENT EVENTS |
|-----|-------------------|

|   | (a) | On January 19, 2012, the Company closed a private placement of 1,250,000 flow-through common shares at a price of $18.50 per flow-through share for aggregate gross proceeds of approximately $23 million. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | On February 27, 2012, the Company announced the filing of a preliminary short form base shelf prospectus that when made final, will allow for an offering of up to an aggregate principal amount of $180 million of securities, which includes up to $36 million in common shares owned by Silver Standard that may be offered by way of a secondary offering under the prospectus. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----