World class Exploration value drivers by-products Proven Low Well-funded management risk proven metallurgy Photo courtesy of the Idaho Historical Society Ref# 80-57-11 Stibnite – looking into the pit (1940s)
A Unique & Exciting Project World class, high grade, open pit resource Exploration Near-term Strategic upside value drivers by-products Proven Production Low geopolitical management Well-funded proven metallurgy risk & board 2
World Class, High Grade Gold Resource * April 2011 • Open pit resource High grade 4,000 Mineral Resources (000s oz Gold) Sulphide – Indicated Brownfield site 3,500 Oxide – Indicated ~1m oz of past production Sulphide – Inferred 3,000 Oxide – Inferred • 2,250 holes to end of 2011 2,500 Average Grade - Sulphides (g/t Au) 2,000 174,832m of drilling 1,500 Mostly in historic mining areas 1,000 • Q2/12 Update resource estimate 500 2.27 1.48 2.30 1.90 17,000m of new drilling already 0 West End Yellow Pine Total Hangar Flats Hangar Hangar West End West End Yellow Yellow Total Total completed in 2012 Flats Flats Inferred Indicated Pine Pine Inferred Indicated Inferred Indicated Inferred Indicated Drilling continuing for PFS in 2013 * 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. 3
District Consolidation • Consolidated land holdings First time district 100% owned Sugar Homestake Royalty free West End Yellow Pine Stibnite • 10,968ha patented & unpatented Hermes Monday Fiddle Mineral resource almost all on North Scout Cinnamid - Smokin’ Boulder Ridge Top Fern patented ground DMEA Garnet Hangar Flats Mule Rabbit • Encompasses: Blow-Out 3 defined deposits • Open to expansion 16 priority prospects 10 priority Airborne EM targets 4
Hangar Flats Deposit • 1927-38 produced ~50,000 oz of gold plus significant antimony • 21,510m of drilling (149 holes) to end of 2011 • 2012 infill and step-out drilling 5
West End Deposit • 1982-97 ~0.4m oz gold from oxides • 55,407m of drilling in 622 holes Focussed on shallow oxides Including 1,353m of drilling in 9 holes in 2011 • 2012 Infill and step-out drilling 6
Yellow Pine Deposit • Significant historic work by: Bradley Mining, Bureau of Mines, Ranchers, Hecla, Canadian Superior, Barrick • 54,270m of drilling in 621 holes to end of 2011 • Open in all direction • 2012 drilling aimed on expanding known resources 7
Yellow Pine – Resource + Potential 8
Production Proven Metallurgy • Sulphides Yellow Pine Mill Production 1938-52 600 25 year history of successful milling operations 500 Pre-feasibility level test work by prior operators ~20:1 concentration ratios 400 Milled Tonnes (000s) Two concentrates • Au/Ag 300 • Sb/Ag Gold concentrate amenable to 200 pressure oxidation • Oxides 100 15 yr. history of operations Excellent, quick recoveries 0 • Recent & ongoing met testing confirms historical experience 9
Strategic By-Products: Antimony • The British Geological Survey’s Risk List 2011 ranked Antimony (Sb) in highest risk category (higher than REEs) based on: Antimony Uses in 2000 Scarcity Other uses Production concentration (China) 20% Flame Batteries & Reserve base distribution Retardants alloys 60% 20% Governance • Potential for new U.S. legislation aimed at expediting permitting of “strategic” projects World Antimony Production 2010 (USGS) • Updated resource estimate to include Sb & Ag Bolivia Russia 2% South Africa 3% Metals Bulletin - Antimony Metal Standard Grade II 2% 20,000 (US$/tonne) Tajikistan 1% China 15,000 Turkey 90% 1% Canada 10,000 1% 5,000 0 10 2006 2007 2008 2009 2010 2011 2012
Low Geopolitical Risk in mining friendly Idaho • A mining friendly jurisdiction Ranked 5th in the US by Fraser Institute Supportive local communities Established mining state • Project area has extensive history of mining Brownfields site, not pristine wilderness Good access Local infrastructure • Streamlined permitting Interagency Joint Review Process Proposed US legislation to expedite permitting for projects deemed to be strategic 11
Well Funded • Good relative share performance $62 million in cash (Mar.31) Analyst Coverage Joe Mazumdar – Haywood Michael Gray – Macquarie Adam Melnyk – Desjardins Michael Curran – RBC John Hayes - BMO • Well funded with strong insider and institutional support Share Capital Top Institutions Issued & outstanding 114,466,936 RBC Global Precious Metals • Vista Gold 31,802,615 (27.8%) American Century • Insiders & Founders 17,427,666 (15.2%) Passport Options 9,615,000 GCIC (Dynamic) Warrants @ $0.48 1,333,334 Craton Capital Franklin Fully diluted 125,415,270 CIBC Asset Management 12
Experienced Board Stephen Quin , President, CEO & Director Ex-Capstone, Sherwood, Miramar, Northern Orion • Peter Nixon , Chair Ex-Goepel Shields & Partners; current director of Dundee Precious & Kimber • Fred Earnest Current President & CEO of Vista Gold; ex-Pacific Rim, Dayton • Jerry Korpan Ex-Yorkton Securities UK, former Bema Gold director, current director of B2Gold • Wayne Hubert Ex-Andean CEO, Meridian Gold VP Business Development • Mike Richings Current Chair & former CEO of Vista Gold; ex-Allied Nevada, Atlas, Lac Minerals • Don Young , Audit Committee Chair Ex-KPMG, Placer Dome; current director of Dundee Precious Metals & Kimber • John Wakeford Ex-Hemlo, Battle Mountain & Miramar; former Sr. VP with Sabina Gold & Silver and • current Director 13
Proven Management Stephen Quin President & CEO Bob Barnes VP Development Experienced mine operator with regulatory experience P.Geo. with 30-year track record of project acquisition, advancement & value creation Former VP Operations with Capstone Mining, responsible for operations in Canada and Mexico President & COO, Capstone Mining Corp. to Dec./11; formerly President Responsible for permitting & operation of Wharf Au Mine, S. Dakota & CEO, Sherwood Copper; formerly Executive VP, Miramar Mining & John Meyer Manager, Development Northern Orion Explorations P. Eng. with extensive experience in mine development Darren Morgans CFO Former Project Manager for Kinross Gold’s Fruta del Norte (FDN) gold project in Formerly Controller & Corporate Secretary with Terrane Metals Ecuador, managing the design and development of this high-grade refractory gold project from PEA to FS; Prior to Kinross, held positions with Aurelian and Prior experience with Placer Dome, MIM Holdings & PwC Barrick Chris Dail Exploration Manager Anne Labelle VP Legal & Sustainability CPG with 25-year track record of greenfield and brownfields gold Previously Manager of Legal Affairs & Sustainability with discoveries (Nevada, Alaska, Montana, Western Australia) Capstone Mining Worked with Chevron, Cominco, Asarco, Kennecott, Anschutz, Electrum, Piedmont, Gold Crest Responsible for permitting and regulatory matters for Yukon & BC Mines Richard Moses Field Operations Manager Geologist and a lawyer P.Geo with expertise in cold-weather drill definition Liz Caridi Manager of IR, Corporate Secretary Formerly site manager for International Tower Hill’s Livengood project, Previously Director of IR & Corporate Secretary with Rainy River Previously responsible for major drill programs at Pebble and Donlin Ck. Rick Richins Regulatory/permitting Consultant Prior to that Corporate Communications & Compliance with Rubicon Minerals 30 years experience in permitting/compliance for large mining projects in US EIS for Kensington Mine, Alaska & Thunder Mtn. (Idaho); Rochester (Nevada) and Stibnite (Idaho) EIS & permitting; Beartrack, Grouse Creek, Thunder Mtn. and West End mines in Idaho 14
Exploration Upside 16 priority prospects 10 priority EM targets 15
Near-term Value Drivers 2012 2013 Q1 Q2 Q3 Q4 Q1 Q3 Q3 Q4 Ongoing Infill & Step-out Drilling Ongoing Exploration Resource Update PEA PFS • Ongoing drill results from infill, step-out and exploration drilling • Independent PEA will allow informal permitting discussions to commence with regulators, communities and stakeholders • Ongoing metallurgical work, engineering and other studies • Formal permitting process commences with completion of PFS • Significant exploration upside of the district warrants systematic, intensive exploration across Golden Meadows 16
Key Components for Success 17
REGULATORY INFORMATION 18 18
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