Project Update and Water

Treatment Overview

Mining in the NT 12 September 2013

Brent Murdoch

Director & General Manager

Vista Gold

Mt Todd Gold Project

• Acquired by Vista Gold and its wholly owned subsidiary Vista Gold Australia in 2006.

• Vista Gold is currently working a decision to bring the world-class Mt. Todd gold project back into production.

• Recent drilling results estimate that the Batman deposit now contains 7.4 million ounces of gold in the Measured and Indicated categories and 1.7 million ounces in the Inferred category, ranking Mt. Todd as the largest undeveloped gold resource in Australia.

Slide 2

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts that address activities, events or developments that Vista expects or anticipates will or may occur in the future, including future business goals, strategy and plans, competitive strengths, growth of Vista’s business, project development, valuation of Vista relative to other resource companies; Vista’s potential status as a producer including plans and timing, mineral reserve and mineral resource estimates, future mineral reserve and mineral resource projections, scheduling, mine plans, performance of and results of preliminary feasibility and feasibility studies, the timing and completion of the preliminary feasibility and feasibility studies on the Mt. Todd gold project and the evaluation of a larger plant at the Mt. Todd gold project, the development of the Mt. Todd gold project into a world-class deposit and Australia as a favorable mining jurisdiction, the anticipated growth of the mineral resource estimate and the ability to increase the estimated contained gold ounces at the Mt. Todd gold project, ability to process hard ore at the Mt. Todd gold project, expected gold recovery rates at the Mt. Todd gold project, the modifications necessary to existing infrastructure at the Mt. Todd gold project, potential for favorable implications and timing of gold production from the existing heap leach pad at the Mt. Todd gold project, including the ability to generate early project revenues from the heap leach pad, timing for permitting, completion of future studies, exploration, testing and completion of an environmental impact statement at the Mt. Todd gold project, risks relating to the future

effectiveness of the water treatment program and risks related to the discharge of water into the Edith River; the potential effects of Major Project Status for allowing project decisions to be made in an efficient and timely manner and

minimizing the potential for delays in obtaining critical decisions; risks related to the exploration and preliminary economic assessment (“PEA”) results at Guadalupe de los Reyes gold/silver project (“GDLR”); potential for high grades of minerals at GDLR, Vista’s continued exploration at GDLR, conventional processing could result in high recovery of minerals at GDLR, risks related to Invecture Group completing the earn-in rights; the exploration and development success at the Golden Meadows project; the value and upside potential at the Golden Meadows project and the potential value of Vista’s investment in Midas and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained herein include the following: the Corporation’s approved business plans, exploration and assay results, mineral resource and reserve estimates and results of preliminary economic assessments, preliminary feasibility studies and feasibility studies on Vista’s projects, if any. When used in this presentation, the words “estimate,” “plan,” “anticipate,” “expect,” “intend,” “believe,” “will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of preliminary assessment results and of feasibility study results and the estimates on which such results are based; risks relating to scheduling for feasibility studies; risks relating to cost increases for capital and operating costs including cost of power; risks relating to delays in commencement and completion of construction at the Mt. Todd gold project; risks of shortages of equipment or supplies; risks of inability to achieve anticipated production volume or manage cost increases; risks relating to the

future effectiveness of the water treatment program and risks related to the discharge of water into the Edith River; risks related to project decision making processes of the NT Government changing or taking longer than expected; risks that

Vista’s acquisition, exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; uncertainties concerning mineral reserve and mineral resource estimates; potential effects on Vista’s operations of environmental and other government regulations in Canada, the United States and in the countries in which it operates; risks related to the exploration and preliminary economic assessment results at Guadalupe de los Reyes; risks relating to obtaining the CUSF and EIS permits required for the Las Cardones gold project; risks relating to Vista’s receipt of future payments in connection with our disposal of the Amayapampa gold project; risks related to the development of the Awak Mas project; risks due to legal proceedings; uncertainty of being able to raise capital on favorable terms or at all; risks relating to repayment of debts; possible challenges to title to Vista’s properties; risks from political and economic instability in the countries in which Vista operates; intense competition in the mining industry; recent market events and conditions; and external risks relating to the economy and credit markets in general, uncertainty of resource estimates, estimates of results based on such resource estimates; risks relating to completing metallurgical testing; risks relating to cost increases for capital and operating costs; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in Vista’s latest Annual Report on Form 10-K (as amended), Quarterly Report on Form 10-Q and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to U.S. investors Concerning Estimates of Proven and Probable Mineral Reserves: The estimates of mineral reserves shown in this presentation have been prepared in accordance with the definition standards on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Accordingly, Vista’s disclosure in this presentation of mineral reserves may not be comparable to information from U.S. companies subject to the reporting and disclosure requirements of the SEC.

Cautionary Note to U.S. Investors Concerning Estimates of Measured and Indicated Resources: This presentation uses the terms “measured resources,” “indicated resources” and “measured and indicated resources.” We advise U.S. investors that while these terms are recognized and required by Canadian regulations, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. The term “contained gold ounces” shown in this presentation is not permitted under the rules of the SEC. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Cautionary Note to U.S. Investors Concerning Estimates of Inferred Resources: This presentation uses the term “inferred resources.” We advise U.S. investors that while this term is recognized and required by Canadian regulations, this term is not a defined term under SEC Industry Guide 7 and is normally not permitted to be used in reports and registration statements filed with the SEC. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. The term “contained gold ounces” shown on this presentation is not permitted under the rules of the SEC. U.S. Investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally minable.

Cautionary Note to All Investors Concerning Economic Assessments that Include Inferred Resources: The preliminary assessments on GDLR, Long Valley, and Awak Mas gold projects are preliminary in nature and include “inferred mineral resources” that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary assessments at GDLR, Long Valley and Awak Mas gold projects will ever be realized.

Slide 3

Mt Todd Project History

Discovery and evaluation (late 1980s)

• Joint Venture between Zapopan and Billiton in 1987

• Exploration and drilling resulted in a 1990 pre-feasibility study

Heap leach production (1993)

• Focused predominately on the “oxide” portion of Mt. Todd

• Produced ~ 220k ozs over 4 year period

Mill production (1996)

• Zapopan purchased by Pegasus Mining in 1995

• Flotation and CIL circuit designed to recover 2m ozs over 8 years, commissioned in November 1996

• Designed throughput and recovery rates were never achieved and mine was closed November 1997

Multiplex & General Gold (1999)

• Resolved ore control issues encountered by Pegasus

• Used up loss carry-forwards and stopped production in 2000

Slide 4

Mt Todd Project – Vista Involvement

Vista purchased Mt. Todd through 3 agreements (~$2M acquisition cost)

• Deed Administrators for Pegasus Gold Australia Pty Ltd. (mining licenses)

• Northern Territory Government (site management & operation)

- Legacy environmental liabilities retained by NT Government until permits are received by Vista and a development decision has been made

• Jawoyn Association Aboriginal Corporation (use of surface lands)

Purchase Rationale

• Low-cost purchase of known, significant gold resource

• Belief that technical issues could be overcome

• Known gold project with existing infrastructure and significant exploration upside in a mining-friendly jurisdiction

Extensive technical analysis

• Six years of geologic, metallurgic and technical evaluation ($70m spent to date)

• PFS published January 2011 defining 4.1m ozs P&P Reserves

• Successful drilling program – resource growth to 7.6m ozs

• Pre Feasibility Study completed May 2013

Slide 5

Mt Todd Geology

Slide 6

Granite

Core Zone

Hanging Wall Zones

• Gold occurs in quartz veinlets within

silicified shear zones

• Host rocks are interbedded marine

siltstones and greywackes

• Mineralization occurs adjacent to a

buried granitic intrusion

• Bedding very consistent – strikes NW

325º and dips SW 40-60º

• Main Core Zone is fairly consistent at 200

meters wide

Mt Todd Exploration Potential

Slide 7

Pine Creek District hosts over 250 gold occurrences

and ~20 million gold ounces

• Five plus-million ounce deposits

• Mt. Todd (Batman) accounts for ~50%

Vista controls 1,100 Km2 of highly prospective land

that has historically been underexplored

Defined Resources at Quigleys deposit

Structure, intrusive rocks and favorable host rocks

all present

Advanced Targets include Golden Eye and

Snowdrop

Several reconnaissance exploration targets

Vista has maintained modest exploration budget in

recent years; focused on Batman

Mt Todd Block Model

Slide 8

Mt Todd Inventory

• Vista growing higher-quality Measured & Indicated category ounces

• Cutoff grade maintained at 0.4 g/t – not growing ounces by lowering cutoff grade

Slide 9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2006 2007 2008 2009 2010 2011 2012 2013

1.50 1.50 1.53 2.22 2.22 2.61 2.09 1.73

1.76 1.76 2.90

5.13

3.10 1.87 2.90

1.73

2.03 4.11 4.11

5.90

Mill

ion

oz

Mt. Todd Project - Batman and Heap Leach Resources & Reserves

Proven & Probable Reserves M & I Resources Inferred Resources

5.13

5.99 7.01 7.63

Project Video

Vista’s Technical Evaluation

Three issues jointly caused Mt Todd to fail in the past – all manageable

• Hard ore – Pegasus did not achieve designed throughput rates

• Mineralogy & Metallurgy – Pegasus did not achieve designed recovery rates

• Low gold prices – gold approached $300/oz as mill was commissioned

Hard Ore

• Mt Todd bond work index is 26

• Pegasus comminution circuit was designed for BWi of 17 – equipment not capable of efficiently

processing harder ore

• Result: Pegasus never reached design throughput levels

Mineralogy & Metallurgy

• Flotation circuit failed because of lack of cyanide detoxification circuit

• With all ore going to CIL circuit, secondary copper minerals (bornite & chalcocite) consumed

cyanide

• Result: Pegasus never reached design recovery levels

Slide 11

Mt Todd Pegasus Mineralogy

Slide 12

Flotation circuit designed to recover 65-70% gold in

bulk sulfide

• Flotation performed poorly – recoveries were <50%

of gold in concentrate

• Free cyanide in process water depressed sulfide

minerals in flotation

• Cyanide detox plant would have improved flotation

CIL process recovery was also challenged with

copper consuming cyanide

• Total gold recoveries were much lower than

expected

• High reagent costs (cyanide consumption was 10x

expected)

Pegasus only assayed for gold and silver prior to

mill commissioning

Mt Todd Vista Solution

Over 48,000 meters of drilling has improved

Vista’s understanding of Mt. Todd orebody

• Vista has assayed for 31 elements giving Vista a

thorough understanding of Mt. Todd ore body

• Copper mineralogy important to processing

schedule and flowsheet design

Six years of study and extensive metallurgical

testing

• Feasibility Study metallurgic test work supports

81.7% recovery (net of solution losses)

• 99 variability tests demonstrate consistent

metallurgical results

Majority (+96%) of ore body contains primary

copper mineral (chalcopyrite) that is non-cyanide

reactive

• 4% of ore will be pre-stripped, stockpiled, and

blended throughout mine life, plus use of reagent

to further reduce copper leaching

Slide 13

Mt Todd Mining Plan

Mt. Todd is planned to be an open pit operation

• Existing open pit has high-grade mineralization at surface

• Strip ratio anticipated to be ~2.5 but will

be finalized by Feasibility Study

• Drilling and blasting, to loosen rock ahead of mining, will be

undertaken and designed to produce rock sizes that

conform to processing requirements. Blasted ore will be

loaded into haul trucks for transportation either directly to

the primary crusher, ROM pad or Low grade stockpile(s)

Geotechnical

• Pit slope design completed

• Geotechnical holes drilled

• Packer tests completed (water flow)

• Upper pit walls have been exposed to 20 years of weather

and are in good condition

Slide 14

Mt. Todd Mining Plan

Slide 15

Mt Todd Process Flowsheet

Slide 16

Mt. Todd Processing

Plant Video

Mt Todd – Prefeasibility Study

Slide 18

Base Case – 50,000 tonnes per day (tpd)

scenario

- Maximizes development of resource

- Generates larger NPV at all gold prices

- Larger reserve supports higher production

rate and longer mine life

- More leverage to a rising gold price

Alternate Case – 33,000 tpd scenario

- Develops a smaller, higher-grade reserve

- Shorter mine life due to smaller reserve

- Higher returns (IRR) at today’s gold price

- Lower capital requirements

- Allows later expansion if justified

Robust PFS

- Study exceeds typical PFS standards

- All major equipment and majority of minor

equipment capital estimates based on

actual vendor quotes

- Approximately 4 months and $2.5 million

to complete feasibility study

- Not anticipating significant changes in

capital and operating cost through

completion of feasibility study

Two scenarios illustrate the flexibility and

quality of Mt. Todd gold project

Provides options to develop mine most

appropriate when a development decision is

made

Mt. Todd PFS – May 29, 2013 presents two development scenarios

Mt Todd – Prefeasibility Study

50,000 tpd mill operation

(Base Case) 33,000 tpd mill operation

(Alternate Case)

Open Pit Reserve 5.90 m ozs (222.8 million tonnes @ 0.82 g/t gold)

3.56 m ozs (123.7 million tonnes @ 0.90 g/t gold)

Cut-off grade and reserve price 0.40 g Au/t, $1,360/oz Au pit design 0.45 g Au/t, $925/oz Au pit design

Mine Life 13 years 11 years

Production (Life of mine) 4.81 m ozs 2.89 m ozs

Recoveries 81.5% 81.2%

Average Annual Production (1st 5 years)

370 k ozs 481 k ozs

263 k ozs 295k ozs

Cash Cost (1st 5 years)

$773/oz $662/oz

$684/oz $676/oz

“All-in” cash costs (LOM)1 $1,066/oz $1,020/oz

Initial CapEx $1,046m $761m

Sustaining CapEx $359m $211m

Pre-Tax NPV5%2 $1,094m $777m

Pre-Tax IRR2 21.8% 22.1%

After-Tax NPV5%2 $591m $440m

After-Tax IRR2 15.9% 16.9% Slide 19

Item PFS level analysis FS level analysis Mt. Todd level

Geologic Assessment Basic assessment and Review Detailed assessment of structures and rock contacts,

alteration, mineralization, and deposit trends 100% FS

Mineralogical Sampling & Analysis Preliminary mineralogical sampling and analysis, and

mineralogical study complete Detailed mineralogical sampling and mapping, and

detailed mineralogical study complete 100% FS

Reserves – Calculation Parameters Known or Estimated Detailed analysis and determinations 100% FS

Pit Design / Slopes Preliminary estimation by rock type, preliminary haul

road incorporated Detailed pit designs with phases and access for

equipment operation 100% FS

Production Schedule Yearly and LOM ore and waste tonnages and grades Detailed annual schedules showing ore tonnages, product quality, and waste tonnages and grades

95% FS

Ore Sampling and Test Work Sampling of core, preliminary bench-scale testing to

determine recoveries, ore characterization, and processing parameters for flowsheet development

Sampling of core for different ore body zones, flowsheet confirmed, comprehensive beneficiation test

program to determine recoveries; or and product characterizations, finalization of process parameters

100% FS

Flow Sheets Establishment of probable flowsheet from test work

data; major process flow diagrams; initial determinations of material and heat balances

Detailed flowsheet based on comprehensive beneficiation test program; detailed equipment list;

diagrams for all process flows; material and heat balances finalized

100% FS

Process Design General design basis; preliminary engineering drawings;

tradeoff studies optional Complete design basis; basic engineering drawings

complete; tradeoff studies performed 70% FS

Power Power sources and requirements identified; unit costs

obtained from supplier Power requirements and unit costs derived from

detailed engineering study; unit costs from quotes 100% FS

Water Sources / Uses Preliminary study, volumes and unit costs estimated Specific source identified, volumes from detailed

engineering study, costs from quotes 100% FS

Capital Cost Estimate Preliminary equipment list, budget or historical price

quotes, some factoring Detailed equipment list, firm price quotes for all major

equipment, all capital items identified 85% FS

Operating Cost Estimate Quantified estimates for labor, power, and

consumables; budget or historical price quotes for unit prices, some factoring

Detailed engineering estimate by project area, based on quotes and studies

90% FS

Prefeasibility Study

Mt Todd – Prefeasibility Study

Capital Cost– Base Case (50,000tpd) $ millions Initial Sustaining

Capitalized Stripping & Dewatering $57 $40

Mobile Equipment $139 $151

Process Facility $410 -

Tailings $20 $184

Power Plant $91 -

Water Supply & Treatment $19 -

Owners Cost $203 ($10)

Sub-Total $938 $366

Contingency $107 $23

Salvage Value - ($124)

Mine Closure $1 $94

Total Capital $1,046 $359

Total Capital per Ounce Produced $218 $75

Mt Todd – Prefeasibility Study

Slide 22

Operating Cost – Base Case (50,000tpd) First 5 Years Cost Life of Mine Cost

Per tonne processed

Per Ounce produced

Per tonne processed

Per Ounce produced

Mining $8.18 $302.03 $6.95 $321.88

Processing $8.71 $321.47 $8.78 $406.86

Site General and Administrative $0.49 $18.27 $0.50 $22.94

Jawoyn Royalty $0.39 $14.50 $0.31 $14.50

Water Treatment $0.07 $2.60 $0.07 $3.39

Refining Costs $0.09 $3.19 $0.07 $3.19

Power Credit - - - -

Total Cash Costs $17.93 $662.06 $16.68 $772.76

Permitting

23

Permitting

24

There are four main permits / approvals required

EIS (NT) – controls anything going off the minesite and closure

SEWPaC1 (Federal) – approval for development next to four endangered species near Mt. Todd

(Finch, Crested shrike-tit (northern), Mertons Water monitor and the Bustard)

MMP (NT) – Mine Management Plan controls operating the mine / site

Notice of intent (NT)

There is a large number of other approvals but they are minor and perfunctory (i.e.

storage of dangerous goods license)

All impacts have been analyzed and the EIS was submitted to the NT EPA in June, public

comments have been received.

1. Federal Government Department of Sustainability, Environment, Water, Population and Communities

Permitting

25

• There are a significant number of

expert studies that constitute the EIS

• The EIS is most likely the critical path

to final approval as it has various

public consultation stages

• The EIS is likely to take ~6 months

from the time it is first submitted

• We submitted a draft to the EPA to

allow them an initial review

• We submitted the EIS to the EPA

formally in late June

Reports that constitute the EIS;

Permitting

26

Government Relations

27

Mt. Todd awarded Major Project Status

Demonstrates NT Government support for the project

One of two projects in NT with such status (Inpex Ichthys $34b LNG facility is the other)

Minister of Mines & Energy is local member of Parliament from Katherine and supportive

Mayor of Katherine & town council are briefed regularly and are supportive of the project

NT EPA has demonstrated willingness to streamline EIS approval process

Department of Mines & Energy is revising MMP (mining permit) procedures to allow

greater efficiency through multi-year authorizations in place of annual renewals)

Treasury working with Vista on various issues of common interest

Community Engagement

28

Community and political engagement

29

Vista has worked extensively with governments from Darwin and Katherine

and has support from all levels

Vista has retained the JAAC as a cultural consultant had is committed to

maximizing Jawoyn participation and benefit from Mt. Todd

Vista hosts community events and meetings to keep locals informed,

encourage participation in project.

Community and political engagement

30

Extensively developed website

Ongoing program of advertisements, letters to update communities

Environmental Management

• Contaminated Water

• Environmental Impact Statement

• Tailings Management - via a detox circuit

• Rehabilitation – “We are committed to ensuring that

present conditions are not repeated following the final

closure of the Mt Todd mine.” Brent Murdoch - GM

Slide 31

Water Treatment Infrastructure

Water Treatment

Water Treatment

• Over the past decade +10GL of water has accumulated in the Batman

Pit

• Due to oxidation of the sulphides present in some of the waste rock

the water has become acidic (3.3pH)

• If the water is not treated and discharged then it is likely that there

would be an uncontrolled discharge of untreated water from Mt Todd

• Extensive bench top tests and a 31ML pilot trial were conducted

2011/12 to prove a treatment process

• At the end of October we started to treat the mine affected water

adding 10,000t of Limestone and 2,000t of Quicklime into the Batman

pit

• On 5th Feb-13 the Waste Discharge Licence, WDL178-2, was

approved

Slide 33

Adding Limestone to Batman Pit

Site management and water treatment

35

In late-2012, Vista began aggressively treating water in the Batman pit

Average pH levels have increased from 3.3 to 7.0

Site management and water treatment

36

With significant reductions in contained metal levels

Water Treatment Infrastructure

Slide 37

Site management and water treatment

38

We even got Alison Bevege (NT News) to say something nice …

THE results are in and they look good for mining company Vista Gold. Locals were concerned the miner planned to pump the entire 10-gigalitre contents of the Batman Pit at Mt Todd, 45km north of Katherine, into the Edith River by the end of next wet season. The acid water was contaminated with a suite of heavy metals including cadmium, which can cause birth defects. It is being treated with finely crushed lime, which raises the pH level of the water, causing the metals to fall out and settle to the bottom. But cadmium is a problem, as it usually requires highly alkaline pH levels to make it fall out and stay out. Observers were also concerned that all the scientific testing was being paid for by either Vista Gold or the NT Government— both of which want the project to go ahead. The NT News took its own sample of water from the Batman Pit and had it tested by independent laboratory Intertek NT Environmental Laboratories. The water was taken from a pump sucking 5m below the surface in the middle of the 114m deep pit. There were 8.8 micrograms a litre of cadmium in the water and the pH level was 7.5 — close to neutral. This is similar to Vista’s latest published results of 8 micrograms a litre at a similar pH, which is four times the safe drinking water standard. The results are vastly better than the 56 micrograms a litre predicted by Vista Gold’s pilot study. Australian National University water quality scientist Tony Weber said it was far better than he expected and said that could be because of the length of time the metals have had to settle. High metal concentrations — including cadmium at 140 micrograms a litre — can still be found at 45m deep. But the mining company has said it will only pump from the top layer.

Mt Todd – What’s Next

Slide 39

Targeting receipt of permits by end of this year

Targeting initial production by late 2015 or early 2016

Mt Todd – What’s Next

Continuation of value-adding activities

• Complete permitting of 50,000 tpd project

• Finalize natural gas off-take arrangement

• Complete treatment and release of water in the Batman pit

• Work with the office of the Chief Minister to reach mutually acceptable agreements on

key fiscal, environmental and employment readiness initiatives

• Exploration to further evaluate district potential

Evaluate financing opportunities for Mt. Todd gold project

• Continue to drive project financing discussions and evaluation

Poised to move forward with project development as appropriate

• Feasibility would require approximately 4 months and $2.5M to complete

Slide 40

For more information

www.vistagold.com

Slide 41

ww.mttodd.com.au

Questions?

Mt. Todd Reserves and Resources

43 Note: Measured & Indicated Resources include Proven and Probable Reserves. Batman and Quigleys resources are quoted at a 0.40g Au/t cut-off grade. Heap Leach resources are the average grade of the heap, no cut-off applied. Economic analysis conducted only on proven and probable reserves. Thomas Dyer of Mine Development Associates is the Qualified Person responsible for developing reserves for the Batman deposit. Deepak Malhotra of Resource Development Inc. is the Qualified Person responsible for developing reserves for the heap leach.

Mt. Todd Gold Project Reserves, Base Case (50,000tpd) 0.40 g Au/t cut-off. Reserves calculated at $1,360 per ounce gold

Batman Deposit Heap Leach Deposit Quigleys Deposit Total

Tonnes (000s)

Grade (g/t)

Contained Ounces

Tonnes (000s)

Grade (g/t)

Contained Ounces

Tonnes (000s)

Grade (g/t)

Contained Ounces

Tonnes (000s)

Grade (g/t)

Contained Ounces

Proven 72,495 0.88 2,057 - - - - - - 72,495 0.88 2,057

Probable 136,955 0.82 3,612 13,354 0.54 232 - - - 150,309 0.80 3,844

Proven & Probable 209,451 0.84 5,669 13,354 0.54 232 - - - 222,805 0.82 5,901

Mt. Todd Gold Project Resources, Base Case (50.000 tpd)

Batman Deposit Heap Leach Deposit Quigleys Deposit Mt. Todd Gold Project Total

Tonnes (000s)

Grade (g/t)

Contained Ounces

Tonnes (000s)

Grade (g/t)

Contained Ounces

Tonnes (000s)

Grade (g/t)

Contained Ounces

Tonnes (000s)

Grade (g/t)

Contained Ounces

Measured 77,793 0.88 2,193 - - - 571 0.98 18 78,364 0.88 2,211

Indicated 201,792 0.80 5,209 13,354 0.54 232 6,868 0.82 181 222,014 0.79 5,622

Measured & Indicated 279,585 0.82 7,401 13,354 0.54 232 7,439 0.83 199 300,378 0.81 7,832

Inferred 72,458 0.74 1,729 - - - 11,767 0.85 320 84,225 0.76 2,049

Economic sensitivity to Au and AUD

44

Mt. Todd Gold Project NPV (5%), in Millions Sensitivity Table

$1,300/oz Au NPV / IRR (after-tax)

$1,450/oz Au NPV / IRR (after-tax)

$1,600/oz Au NPV / IRR (after-tax)

$1,800/oz Au NPV / IRR (after-tax)

AUD$1.10 : USD$1.00 $155.9 / 7.8% $448.4 / 13.3% $734.5 / 18.7% $1,114.1 / 25.5%

AUD$1.00 : USD$1.00 $304.5 / 10.5% $591.3 / 15.9% $876.6 / 21.1% $1,255.1 / 27.7%

AUD$0.90 : USD$1.00 $448.3 / 13.1% $733.6 / 18.4% $1,017.2 / 23.4% $1,395.9 / 29.9%

AUD$0.80 : USD$1.00 $591.0 / 15.7% $874.4 / 20.7% $1,157.9 / 25.6% $1,536.1 / 31.9%

Base Case (50,000 tpd scenario)

Alternate Case (33,000 tpd scenario)

Note: Sensitivity to Australian Dollar exchange rate applied only to operating costs. All capital costs (initial and sustaining) remain expressed in US Dollars based on a AUD$1.00 : USD$1.00 exchange rate over the life of the mine

Mt. Todd Gold Project NPV (5%), in Millions Sensitivity Table

$1,300/oz Au NPV / IRR (after-tax)

$1,450/oz Au NPV / IRR (after-tax)

$1,600/oz Au NPV / IRR (after-tax)

$1,800/oz Au NPV / IRR (after-tax)

AUD$1.10 : USD$1.00 $187.2 / 10.1% $363.2 / 14.9% $538.2 / 19.5% $773.2 / 25.5%

AUD$1.00 : USD$1.00 $265.6 / 12.2% $440.2 / 16.9% $615.6 / 21.4% $850.9 / 27.4%

AUD$0.90 : USD$1.00 $342.4 / 14.2% $517.1 / 18.8% $693.2 / 23.3% $928.6 / 29.2%

AUD$0.80 : USD$1.00 $419.3 / 16.2% $594.6 / 20.7% $770.9 / 25.2% $1,006.3 / 30.9%

Waste characterization sample locations

(ABA, PAG, and Humidity Cell Testing)

45

Reclamation and closure – waste rock dump

46

Reclamation and closure – waste rock dump

47

Reclamation and closure - tailings

48