<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2014-01-02</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001319009</issuerCik>
        <issuerName>Midway Gold Corp</issuerName>
        <issuerTradingSymbol>MDW</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001564324</rptOwnerCik>
            <rptOwnerName>INV-MID, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>17 STATE STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 3230</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10004</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001563948</rptOwnerCik>
            <rptOwnerName>Investure Evergreen (GP), LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O INVESTURE, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>126 GARRETT STREET, SUITE J</rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTESVILLE</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22902</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001476993</rptOwnerCik>
            <rptOwnerName>Investure, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>126 GARRETT STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE J</rptOwnerStreet2>
            <rptOwnerCity>CHARLOTTESVILLE</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22902</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001478203</rptOwnerCik>
            <rptOwnerName>Handy Alice</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MSCI, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>88 PINE STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10005</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares, no par value (the &quot;Common Shares&quot;)</value>
            </securityTitle>
            <transactionDate>
                <value>2014-01-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>788200</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2075799</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The Common Shares reported herein were issued to INV-MID, LLC, a Delaware limited liability company (&quot;INV-MID&quot;), as a dividend payment on the Series A Preferred Shares of the Issuer held by it and were approved in advance by the Issuer's board of directors in the manner prescribed by Rule 16b-3(d).</footnote>
        <footnote id="F2">Investure Evergreen (GP), LLC, a Delaware limited liability company (&quot;Investure GP&quot;), is the general partner of Investure Evergreen Fund, LP - 2012 Term Tranche, a Delaware limited partnership (the &quot;Fund&quot;) and a member of INV-MID. Alice W. Handy (&quot;AH&quot;) is the managing member of Investure, LLC, a Delaware limited liability company (&quot;Investure&quot;), the managing member of Investure GP and the investment manager of the Fund. Each of INV-MID, AH, Investure, Investure GP and the Fund disclaims beneficial ownership of the securities reported herein except to the extent of her or its pecuniary interest therein.</footnote>
    </footnotes>

    <remarks>Martin M. Hale, Jr., the Chief Executive Officer of Hale Fund Management, LLC, a member and the manager of INV-MID, is a director of the Issuer. Accordingly, INV-MID, Investure, Investure GP and AH may be deemed to be directors by deputization.</remarks>

    <ownerSignature>
        <signatureName>/s/ Martin M. Hale, Jr., as Managing Member of Hale Fund Management, LLC, as Manager of INV-MID, LLC</signatureName>
        <signatureDate>2014-01-06</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Alice W. Handy, individually and as Managing Member of Investure, LLC, for itself and as Managing Member of Investure Evergreen (GP), LLC</signatureName>
        <signatureDate>2014-01-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
