Updated Jan. 11/12 Highlights Multi-million ounce gold mineral - PowerPoint PPT Presentation

Updated Jan. 11/12

Highlights • Multi-million ounce gold mineral resource already defined – Open pit, high grade • Potential for important by-products of silver, antimony & tungsten – Open to expansion • Extensions to existing deposits • Discovery of new deposits • Located in mining-friendly jurisdiction – Idaho, USA • Proven management & board of directors – Track record of delivering results and shareholder value 2

Mineral Resources * 4,000 4.0 Indicated Mineral Resources* (000s oz Gold) Inferred 3,500 3.5 Gold Grade (g/t) 3,000 3.0 Gold Grade (g/t) 2,500 2.5 2,000 2.0 2.30 2.27 1,500 1.5 1.90 1.48 1,000 1.0 0.94 0.93 500 0.5 0.79 - 0.0 Hangar Flats Hangar Flats West End West End Yellow Pine Yellow Pine Total Oxide Sulphide Oxide Sulphide Oxide Sulphide * See NI43-101 slide at the back of this presentation for responsibility and disclaimers. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further 3 drilling, or into mineral reserves, once economic considerations are applied.

CORPORATE INFORMATION 4

Share Capital As of January 10, 2011 Issued & outstanding 105,281,936 • Vista Gold 31,802,615 (30.2%) • Management, Directors, Founders 17,407,666 (16.5%) Options 9,345,000 • 450,000 @ $3.95 • 350,000 @ $4.10 • 200,000 @ $3.98 • 450,000 @ $3.76 • 910,000 @ $3.25 • 6,635,000 @ $2.50 • 350,000 @ $0.19 Warrants @ $0.48 1,333,334 Fully diluted 115,960,270 Approximately C$37 million in cash 5

GOLDEN MEADOWS PROJECT 6

District History 1880-1910 Thunder Mountain gold rush to NE 1920-1927 Prospecting & discovery of gold lodes 1928-1952 450,000 oz gold as by-product of antimony sulphide & tungsten milling operations 1974-1997 520,000 oz gold from heap leaching 1997-2009 District idle, fragmented title 2009 Midas acquires control of district 2009-2010 Midas exploration & data compilation 2011 Midas & Vista combine land positions 2011 Inaugural resource estimate and major ramp up in exploration 7

Idaho • Mining friendly jurisdiction – Ranked 5 th in the US by Fraser Institute – Supportive local communities • Established mining district – Extensive history of mining – Good access – Local infrastructure • Streamlined permitting – Interagency Joint Review Process 8

Regional Setting • Central Idaho Gold Belt past production of >8M oz of gold – Porphyry-epithermal transition exposed in tilted Tertiary caldera margin setting – Multiple intrusive events – Basin and Range structural styles and ore controls – Reactive host rocks unique to district 9

Property & Drilling 11,600 hectares: • Mineral resources almost all on patented claims • No royalties 2,250 holes to end of 2011 • 174,832m of drilling mostly in historic mining areas • shallow holes drilled for oxides • Significant gaps along well defined mineralized trends • Several high priority geophysical targets 10

Geology, Deposits & Prospects • Intrusive-related & sediment- hosted Au-Ag • Paleozoic-age roof pendant with favorable carbonate host rocks • At least 5 intrusive events documented • Sb+As+W+Hg association 11

Geology Sections 12

Hangar Flats Deposit Meadow Creek Fault Mineralized Zone 13

Hangar Flats Results • 1927-38 ~50,000 oz of Au + Sb • 21,510m of drilling (149 holes) 46.3 m @ 1.29 g/t Au and 12 g/t Ag to end of 2011 • 2,652 underground samples (4,173m) & 1,295m of trenching • 2009-10 example gold 40.2 m @ 2.69 g/t Au, 146 m @ 1.93 g/t Au, 11.4 g/t Ag, 0.76% Sb intercepts : 6.68 g/t Ag, 0.48% Sb & 120 m @ 1.71 g/t Au, 4.45 g/t Ag, 0.3% Sb • 177 m @ 2.4 g/t • 71 m @ 3.5 g/t • 163 m @ 2.2g/t • 63 m @ 3.5 g/t • 126 m @ 2.3 g/t • 56 m @ 4.0 g/t • 75 m @ 4.7 g/t 45.6 m @ 2.86 g/t Au & 4.6 m @ 1.04 g/t Au • 2011 drilling infill & step-out & 46.6 m @ 2.66 g/t Au • 2012 continued infill and step- out drilling 14

Hangar Flats Deposit – Section NE-15 15

Hangar Flats Deposit – Section NE-20 16

Hangar Flats Mineral Resources By SRK Consulting for Midas Gold (Feb.22/11)* Tonnes Gold Grade Contained (millions) (g/t) Gold (000’s oz) Oxide (0.3g/t cut-off) Inferred 1.5 0.789 38.2 Sulphide (0.65g/t cut-off) Indicated 9.7 2.002 624.6 Inferred 15.6 2.437 1,223.3 Combined Indicated 624.6 Inferred 1,261.5 * See NI43-101 slide at the back of this presentation for responsibility and disclaimers. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. 17

West End Deposit West End Pit Yellow Pine Pit & Deposit Stibnite Pit Midnight Pit 18

West End Deposit – Plan View • Past production 1982-97 from oxide operations ~400,000 oz gold • Past drilling focused on 71.6 m @ 4.21 g/t Au leachable oxide ores • 55,407m in 622 holes • Sample of 2010 Intercepts: 70.1 m @ 2.19 g/t Au • 33 m @ 3.43 g/t Au (MGI-10-36) • 39 m @ 2.84 g/t Au (MGI-10-36) • 47 m @ 2.64 g/t Au (MGI-10-48) 33.5 m @ 2.74 g/t Au • 2011 – 1,353m of drilling in 9 & 30.5 m @ 2.02 g/t Au holes as focus was on Hangar Flats and Yellow Pine • 2012 – infill and step-out drilling in summer 19

West End Deposit – Section NE-18 20

West End Deposit – Cross Section NE-35 21

West End Deposit – Cross Section NE-41 22

West End Mineral Resources By SRK Consulting for Midas Gold (Feb.16/11)* Tonnes Gold Grade Contained (millions) (g/t) Gold (000’s oz) Oxide (0.274 g/t cut-off) Indicated 7.50 0.963 232 Inferred 1.16 0.826 31 Sulphide (0.549 g/t cut-off) Indicated 18.30 1.512 889 Inferred 7.71 1.402 348 Combined Indicated 1,121 Inferred 379 * See NI43-101 slide at the back of this presentation for responsibility and disclaimers. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further 23 drilling, or into mineral reserves, once economic considerations are applied.

Yellow Pine Deposit 24

Yellow Pine Deposit – Plan View 35.1 m @ 4.07 g/t Au 71.6 m @ 2.2 g/t Au • Mineral resource limited by lack of drilling to west, on strike & to depth 53.3 m @ 4.15 g/t Au • Significant historic 36.6 m @ 2.21 g/t Au, 35.1 g/t Ag work by: 38.1 m @ 2.84 g/t Au, 54.0 g/t Ag • Bradley Mining 242.0 m @ 2.21 g/t Au • Bureau of Mines 100.3 m @ 2.95 g/t Au & 117.7 m @ 2.29 g/t Au • Ranchers 65.8 m @ 2.57 g/t Au • Hecla & 135.6 m @ 2.30 g/t Au 122.2 m @ 2.28 g/t Au & 42.5 m @ 1.49 g/t Au • Canadian Superior • Barrick • 2011-12 drilling to infill 59.4 m @ 2.80 g/t Au and expand mineral resources 25

Yellow Pine Deposit – Cross Section NE-07 26

Yellow Pine Deposit – Cross Section NE-26 • 621 drill holes for 54,270m of drilling to the end of 2011 • Mineralization in hanging wall/to west of Meadow Creek Fault • Possible exploration opportunities to NW and SE • Open along strike & to depth • Potential for significant Ag, Sb & W credits, based on past production • 2011-2012 – infill and step- out drilling 27

Yellow Pine Deposit – Cross Section NE-41 Homestake Area 28

Yellow Pine Deposit – Long Section 29