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EQUITY RESEARCH oom Vista Gold Corporation BUY (AMEX: VGZ; TSX: VGZ) Pa Share Recommendation Steck totes ae ioe 19 . pur vor sist 20 t seat sun sts 30 Tas SAW Reape 145-5335 «@ $007 Sharesourcam w "ooh Mit Cp. ON vets Naa Executive Summary > Two Significant Gold Asse 5 the Paredones Amarillos project in Mexico and the Mt, Todd project in Australi In the eurrent gold price eavironment, both of Vista’s projects appear to be economicaily robust. Vista has a total of 17.5MM oz of Resources, is actively pursuing permitting at Paredones Amavillos, and has a pre-feasibility study underway at Mt. Todd, High Value Potential and High Leverage: Based on our calculation of intrinsic value for the company’s asseis, Vista appears to be trading st an extraordinarily low multiple vs. its peer group of | junior miners with development assets at the pre-construction stage. Perhaps this is due in part to the perceived risk in the development of its key assets due to permitting issues (Paredones Amarillos) or perceived technical & politicaltax risk (Mt. Todd). In addition, shares offer artong the highest leverage to changes in gold price by our methodology. > Experienced Management: We believe that management has both the capability and perseverance to bring Mt. Todd forward to feasibility construction and ultimately to production. In addition, with rising a gold price (and a stable Mexican Peso), Paredones Amarillos continues to grow in value, incentivizing ‘management to pursue permitiing there despite the difficulties and disappointments experienced in the past. Management has a proven track record for value creation as demonstrated by the spin-off of Allied ‘Nevadda in 2007, Investment Thesis Vista offers investors exposure (o two advancing development projects. While these gold projects are perceived as challenged, we believe the company has the experience and perseverance to bring these assets forward and move them into production, At current gold prices, these assets offer high returns, are trading at excessively low ‘multiples, and provide strong leverage to a rising gold price. We believe that Vista's assets will get revalued once ignificant milestones are reached, the assets are devrisked, and the market becomes mote comfortable, Paredones Amaiillos can move to construction once all permits are received, which has been the key impediment. A pre- feasibility study at Mt, Todd is expected to be completed soon and Reserves are expected to be declared. Satellite deposits at Mt. Todd are being tested and evaluated, Additional carly stage assets with existing Resources provide 1 Jonge- term pipeline. MEMBER: FINRAYSIPC. wwidanimranrose.com EQUITY RESEARCH one Key Drivers tion has and > Receiving Permits: The perpetual delay of permitting at Paredones Amarillos and local oppo: caused the markets to largely dismiss this project. While we understand the market's frustr Project Development: We would expect the market to award shares with multiple expansion from completing the pre-feasibility on Mt. Todd, completing any re-permitting needed for which existing operation, and moving to construction, In our view, Mt. Todd appears robust at the current metal prices even when factoring in a potential 40% tax rate and the impact of a stronger Australian dollar. Resources and economics at Mt. Todd could increase materially with exploration at satellite deposits. With permitting at Paredones Amarillos, moving to construction and production would also be a major driver. > Gold Price: By our estimates, Vista maintains strong leverage to gold price through the growth in value of their two principle projects, Higher diesel prices, a stronger Mexican peso and « stronger Australian ollar would negatively impact company value. As gold prices reach new highs, larger miners should become more acquisitive, thus bidding up the value of higher profile junior miners. > Exploration Success: Exploration principally at Mt. Todd is ongoing to define additional extensions and satellite ore bodies within the company’s large land package. As exploration results in expanded Resources and longer mine life, the intrinsic value of enlarged Resources should be reflected in the stock. Risks > Permitting/Environmental/Political: The company has su‘fered several delays at Paredones Amarillos ue to the permitting process particular to that asset, While permitting in Mexico is usually straight forvard, the CUSF particular to this asset has been unusually difficult to attain and has delayed project construction. The company may be forced to write down the book value of this asset if they determine ‘that permits are unatiainable. Vista has inherited certain reclamation obligations for previous mining ‘operations at Mt. Todd, should they go ahead and re-open the rine. Australia has recently announced an additional potential tax on miners of 40%, which we have factored into our model, The threat of higher taxes could hinder both financing and attraction of a potential buyer. > Project Development/Technical Risk: Constructing a mine and putting it into operation is not without its risks. Our valuation model relies on the company’s ability to develop projects according to our envisioned time table, capital budget, and forecasted operating costs. Delays to time table or significant cost over-runs could impair our valuation, The Mt, Todd project plan continues to be revised as results come in from the detailed engineering and metallurgical studies. Previous mining at Mt. Todd was negatively impacted by copper contamination in the ore, and because of the ore hardness and an under designed process, The company believes it has solved these issues with its current design plan, > Exploration RiskiCash Burn: Exploration and development can be a capital intensive business. Even after a discovery is made, a large amount of capital is offen required to proveup the resource, construct the mine, and move it into operation, MEMBER: FINRASIPC waw.dahtmanrose.com EQUITY RESEARCH oon Company Overview Vista Gold Corp. is an international gold mining company based in Littleton, CO that is traded on both the TSX and NYSE — Amex exchange, From 2006 to 2007, the company completed transactions that resulted in divesture of its Nevada assets inio Allied Nevada Corp, (AMEX & TSX: ANV; BUY, $29.50/sh ~ June 17, 2010). The ANV property consists of the Hyeroft producing mine, with an estimated 1.3MM oz of gold of Proven and Probable Reserves, 128MM oz of gold of Measured and Indicated Resources and 4,6MM Inferred oz of gold. Vista has since advanced exploration and development programs al the Paredones Amarillos gold project in Baja California Sur, Mexico and the Mt. Todd gold project in Australia. The company also has interests in the Yellow Pine project in Idaho, the Guadalupe de Los Reyes gold project in Mexico, the Long Valley gold project in California and the Awak Mas gold project in Indonesia. The company is also led by an experienced management team with both international and domestic experience within both senior and junior mining companies. Mexico Paredones Amarillos ‘The Patedones Amarillos project is located in the state of Baja California Sur, Mexico, An access roed from the site to ahighway is approximately 11 miles and includes both gravel and paved roads. ‘The city of La Paz. has port facilities, and electrical power forthe site would be supplied via an 11 mile 115kW line from La Paz, Gold mineralization occurs primarily within cataclasite (a rock composed of angular fragments/pieces within a finer matrix) along a low-angle shear zone. Gold occurs as native gold end electrum and is associated with sulfides, Gold grades vary with sulfide content, ‘The site currently contains 13MM oz of gold Reserves and 800,000 oz of Resources at an average grade of 0.031 ‘oziton of Proven and Probable Reserves. These Reserves were based upon $771/oz gold prize and 0.011 oz/ton cutoff grade. A PEA was performed in Sept. 2009 based upon the above Reserve figures. Results from that analysis show capital costs are estimated at $150MM, cash operating costs are estimated to be $406/0z over the 9.3 ‘year life-of-mine and a 2.9 year payback period: Annual production is expected to be 143,000 07 of gold per year for the first five years and the company expects carbon-in-pulp recovery to be 91.5%. Gold production is expected to begin approximately one year after permits are received. Recently, the company had received their Temporary Occupation Permits ("TOP"), The TOP (one for each of the seven mining concessions that cover the area of the Paredones Amauilles gold project) had granted Minera Paredones Amarillos S.A, de C.V. (“MPA”), Vista’s wholly owned Mexican subsidiary, the right to use the surface land in the project area owned by the Mexican federal government. With the TOP received, the company will have had all of the documents necessary to file its application for the Change of Forest Land Use Permit (*CFLUP” or “CUSF”) which is required before the company can commence development of the Paredones Amarillos gold project; however, in February 2010, MPA received notice from the Mexican Secretariat of Environmental and Notural Resources (“SEMARNAT”) that it dismissed MPA’s application for the CUSF for the Paredones Amauillos gold project on administrative grounds. SEMARNAT dismissed the CUSF application without a review of its merit for MPA’s alloged failure to satisfy certain procedural and informational requirements. SEMARNAT also noted thai they do not recognize the Temporary Occupation Permits granted to MPA by the Mexican General Direction of Mines on the basis that the project is located in an environmentally protected aren over which the ican General Direction of Mines does not have jurisdiction. In addition to re-filing its CUSF application, the company is working with its legal counsel and political expers in Mexico on a broader strategy for the advancement of the permitting process for the Paredones Project This includes a potential court challenge to MEMBER: FINRAYSIPC \wwwdahimanrose.com EQUITY RESEARCH a SEMARNAT’s dismissal of the CUSF appli dismissal was incorrect, mn as the company's advisors believe the legal basis for the In May 2010, Viste appointed Hector Araya as Vice President, General Manager and Legal Representative of Minera Paredones Amarillos S.A. de C.V, Mr. Araya will be responsible for advancing the permitting process at nes Amarillos, local, regional and national government relations and overseeing the day-to-day development is for the Paredones Amarillos gold project. The company is undertaking technical studies to support a new CUSF application and expects to present the new CUSF application in 3Q10, Exhibit 1: Vista Gold — Paredones Amarillos Pro ee “Soeee Pasdones Arvin a1) Teil Report -Sep-2009 Guadalupe de los Reyes ‘The Guadalupe de los Reyes project is located in the Sima Madre Range in the state of Sinaloa Mexicy. Bused ‘upon ar: NI 43-101 report in Jul 2009, the project contains 484,000 oz of Measured and Indicated gold and 317,000 0z of Inferred gold. Additionally, it coniains over 8M oz of MAl silver and 9.4MM oz of Inferced silver. The company has noted they expect fo commence an exploration program at the site in 2010. Australia Mi. Todd ‘The Mt, Todd project is located in the Northem Territory, Australia and was acquired for $1.6MM in June 2006. ‘Access to the property is via a two-lane paved road and is 155 miles southeast of Darwin, NT. MEMBER: FINRA/SIPC wnwdahimanrose.com EQUITY RESEARCH ‘An updated NI 43-101 report was completed in 2009 which estimated combined Mesured and Indicated gold Resources of 5,1MM oz of gold at an average grade of 0.024 oz/ion; Inferred Resources are estimated at 2.2MM oz of gold at an average grade of 0.021 oz/ton. The updated NI 43-101 included 14 core holes drilled in 2008 and based upon a cutoff grade of 0.014 oziton. These were in addition to the 755 previously drilled holes, of which 250 were cere, 435 were reverse circulation, and 70 were rotary drill holes, completed previously by BHP Resources Pty Ltd, Zapopan NL, Pegasus Gold Australia Pty Lid., and Vista. Pegasus Gold hed previously attempted to mine the Mt Todd asset from 1993 to 1997 after investing over $200MM; however, dus to technical difficulties processing the ore and low gold prices it was sold to another joint venture. Pegasus then regained the asset and liquidated the equipment on site. Viste acquired the property in 2006, Gold ~ Mt. Todd Proj ‘ovrces My Todd #101 Techatcl Report Tore 2009 ‘The technical issues at Mt. Todd primarily concemed the metallurgical and processing techniques of the Mt. Todd ore type. The previous operator had experienced higher operating costs due high copper content that robbed the impregnated cyanide of its gold molecules, thus inereasing cyanide consumption and lowering gold recovery, and thus increasing operating costs. Vista has since completed a drilling program totaling over 62,000-ft of drilling. Results have indicated a less cyanide soluble copper remaining in the resouree, thus making the project amendable to heap leaching, The ote was also noted to have been much harder and required significanily more power to grind to subsequent gold processing liberation size, The company has since investigated High Pressure Grind Roll (HPGR) testing could result in 82% gold recovery with a 46% reduction in energy costs. HPGR consists of a fixed roll anda floating roll where the feed and speed of the rolls is controlled to optimize throughput size, whereas the alternative grinding application, a SAG mill, rotates the ore in a drum where the ore is broken by other ore wit the chamber and hardened steel media in the rotation drum. The HPGR allows better control of the grinding process, thus allowing grinding variability for specific types of ore, rather than a one-size-fts-all option fiom the standard SAG mill, Additionally, the previous company had poor tailings management for which the company now believes they are addressing. Finally, prices of gold have appreciated considerably sirce prices in 2000 where robust economies were generated using $750/0z gold, MEMBER: FINRAYSIPC \wwwedainianrose.com EQUITY RESEARCH an Based upon a June 2009 PEA, the company reported a pre-tax NPV@8% of $237MM using the following parameters: An assumed gold price of $750/oz and an annual production Life-OfMine ("LOM") of 15 years and ‘annual production of 245,000 oz, cash costs are expected to average $453/0z. over the LOM with production starting in 2013. The project would require capital costs of $323MM and yield the company an average annual cash flow of 870MM. The primary arca of historic mining and the current area of resource focus has been the Batman Deposit st Mt. ‘Todd, However, the Batman deposit appears open at depth and in both to the noith and to the south. Parallel structures and mineralization may exist to the east of the Batman deposit. The Quigleys and Golf-Tollis deposits and other areas of mineralization in proximity to Batman may prove to be economic with additional work and infill deilling Vista expects to complete an updated Preliminary Feasibility Study at Mt. Todd in 2H110. Exhibit 3: Vista Gold — Mt, Todd Processing Techniques Fottguat tide tas ‘rnin ntaist lpia ats ete Shem (@) SAG Mill (b)HPGR Mill MEMBER: FINRA/SIPC. ‘wwew.danimanrose.com EQUITY RESEARCH Exhibit 4: Mt, Todd — District Expansion Targets ‘Boece Company pension Indonesia Awak Mas ‘The Awak Mas deposit is located in Sulawesi, Indonesia with the closest major tows approximately 25 miles away. The nearest port town is approximately 42 miles away. The project area is mountainous with steep ridges and sloze gradients. The project itself is nt an elevation of 11,200 feet. Finally, the area is covered by primary rainforests and receives over 120 inches of rainfall per year. Gold mineralization is mesothermal (formed st high-temperature), which is atypical of the more ubiquitous low- tempersture (epithermal) precious metal mineralization within many island are environments in Indonesia, The majority of the gold mineralization is predominantly hosted within dipping geologic structures. Furthermore, gold mineralization is associated with abundant quartz veining and silica-albite-pyrite alteration; however, some quartz veins are noted to have been barren of mineralization. The two main styles of mineralization are first represented by shallow-dipping zones of shected and stockwork quartz veining and associated alternation. The other style consists of steeper dipping zones of quartz veining and breccias associated with high-angle faults. A previous feasibility study was performed in 1997 to determine the optimal processing techniques to be used for the Awak Mas ore, Run-of-mine (ROM) ore would be crushed, ground and classified where coarse gold would be recovered and finer gold associated with sulfur would be sent to a flotation plant, Concentrate from the flotation process would be sent to carton-in-leach tanks to further increase recovery. The property contains Measured and Indicated Resources of 16MM oz of gold at an average grade of 0.036 coalton, Vista noted that they have recently reached an agreement with Pan Asia Resources Corporation who may carn upto a 60% interest by extending the Contract of Work (COW) with the Indonesia government by completing environmental and feasibility studies required under COW. Additionclly, Pan Asia must spend $3MM within the MEMBER: FINRAYSIPC. ‘www danimanrose.com EQUITY RESEARCH a next 30 months and complete an environmental impact assessment and feasibility study as well as issue 2MM ‘shares of Pan Asia and the right to purchase an additional 2MM shares of Pan Asia in the event of an initial public offering Ex Vista Gold Mas Property ‘Sources Avak Blas ropeny 45101 Totaled Repos fan 0S USA Yellow Pine, Idaho ‘The Yellow Pine project is located in the Stibnite mining district, 60 miles east of the town of McCall, Idaho. The istrict is reported to have produced more than 750,000 oz of gold to dats, of which 400,000 oz of gold were mined as by-product of antimony and/or tungstsn from sulfide ores. The project has Measured and Indicaied Resources of 2.2MM oz of gold at an average grade of 0.06 oz/ton and Inferred Resources of 819,000 oz of gold according to a Dec. 2006 NI 43-101 report. A PEA compleied in 2006 noted a the project would have a 10 year mine life using a 8,600 short-ton per day (“TPD") plant and produce 190,000 o2.of gold per year at an initial capital cost of $150MM. Furthermore the project would have net eash flow ‘of $266 per year over the life of the project. This PEA was based ona very conservative gold price of $630/o2, The company is advancing permitting in 2010 as well as collcting environmental baseline data for permitting. The ‘company believes that the district may contain up to SMM oz on a consolidated basi Long Valley, California The Loag Valley project is an epithermal deposit and is located 30 miles northwest of Bishop in Mono County, California, Vista had an NI 43-101 report completed in 2008 that showed the project contained M&I Resources of 12MM oz of gold 0.029 cz/ton and Inferred Resources of 572,000 or of gold st an average grade of 0.016 oz/ton. Vista also completed 2 PEA in 2008 which showed the site could operate utilizing a heap leach at gold prices above $5560/07. The project also showed positive economics at NPV@S% of $7MM at $550/o7. gold. The project ‘would require at least 862MM in eapital costs and would operate at a cash cost $415/07 based upon 2008 input prices. MEMBER: FINRAYSIPC 30 wwv.dahimanrase.com EQUITY RESEARCH ann Model Overview and Valuation Our model for Vista Gold Corp. utilizes NAV methodology (see Section 1: Investment Methodology and ‘Valuation of the fl initition report) to determine a discounted cash flow value for each ofthe advanced projects. Forward curves were utilized for metal prices and Key cost inputs to determine future cash flows where possible. ‘We generally assume full conversion of Resources to Reserves when determining mine life, with the qualification that annual free cash flows must be positive under current pricing and cost assumptions. Exhibit 6: Model Summary and Key Assumptions for Vista Gold aredanes Amarilos Mesto) ‘Average Geld rodacioa (evenge LON) o 134900 ‘Toul Gast Cons cwerage LOM) Socaw sss99 Exyected Set Up Date year 2013 Mine Lite yeas rr MeTodd Ausra) ‘Average Ged Drodnetin (everage LON) = 206 400 ‘Toul Cask Coss (average LOM) SiozAw usss6s Exgecte Se Up Date yer 014 Mine Lite jan Ey ZG Corpornte Dest a¥10) ussamns 50 Cain (o¥ 10) USSMINS 3 ‘Shares Ou (Pally Bitte) mat a6 ‘Souce Dillman Ross & Co ‘While only summary numbers are presented in Exhibits 6 and 7, we fully model out each project on an annual production basis. All of the company's mines are discounted at our derived rates for base or precious metal projects. We have modeled mine life to the end of current Resources and Reserves. However, we believe itis likely that Resources and mining would ultimately extend well beyond current Resources, as these ore bodies extend beyond the pit shells calculated at lower gold prices. For Mt. Todd in Australia, we have assumed a 40% cash tax raie and have increased the upfiont capital to 442MM to account for a stronger Australian dollar and higher cost design clements (such as the tailings treatment and impoundment), Exhibit 7: Vista Gold Model Results Summary "ADVANCED PROJECTS WAVIShare Paredones Amatlos (Mexico) 128 Mt-Todd (Austral) 144 RESOURCES. ‘Guadalupe de os Reyes (Merleo} 08 ‘Yelow Pine (kaho) 212 Long Valley (caters) 1 ‘Arak Mas (indonesia) 14 Total OperetngNAY 27 NAV los Net Debt $26.84 ‘Tous Dinan Rowe Go.com MEMBER: FINRAYSIPC ‘wovw.daninanrase.com an 91 EQUITY RESEARCH oan Exhibit 8: Calculated Vista Gold NAV Matris for Major Price Inputs AAUDIUSD Exchange Rae $190 110 $120 5190 suo igo ‘oune Denn Rove Co eninater Now DossNOT insrporne clang Tooter commnodiy picevor crates Wat WOO Maly Fo en awa onelaons Exhibit 9: Vista Gold Modeled Gold Production Profile 00 e000 x00 000 2090 000 ‘000 ‘000 som #aa8 8 2 € EE ag a 8 {rare Anan lo) a Ta usa) Souce Diniman Rove Gn etmacr ‘MEMBER: FINRA/SIPC ‘wvnw dannimanvose.com EQUITY RESEARCH is ac a & Cost Profile sen0 - 1900 sn910 sco seng10 0 ssnota a 00 mnat0 00 ‘010 0 ‘angea s 100 0000 40 vom sia wom $00 ware o a Bf & 8 &€ € & & & & FRE FE rt roscton cate) “+ hewn Cot Go for Tones Diliman Rowe Cored Management Overview Directors and Management > Michael B. Richings, Chief Executive Officer & Director: Mt, Richings has over 35 years experience in the development and operations in the mining industry and is also the Executive Chairman and Disector for Vista Gold. He was previously President of Atlas Comp. and President of Lac South America in Santiago, Chile, Mr, Richings graduated from the Cambome School of Mines and has a Master's degree from Queens University in Canada. » Gregory G. Manlier, Chief Financial Officer: Mr. Marlier has over 25 years experience in corporate finance, accounting and securities regulatory compliance, primarily within the mining industry. He joined ‘Vista in June 2004 and graduated from John Carroll University > Frederick H, Earnest, President and Chief Operating Officer & Director: Mr. Earnest has over 20 years experience in the mining industry. He recently served as President of Pacific Rim El Salvador and as General Manager and Legal Representative for Compaitia Minera Dayton in Chile. Mr. Earnest graduated from the Colorado Schoo! of Mines with a BS. in Mining Engineering. > Frank K, Fenne, Head of Exploration: Mr, Fenne has over 25 years of experience in exploration, project development and mine operations. Prior to Vista, he had worked for Kinross Gold Corp., Union Carbide, Cyprus Mines, Altas Precious Metals and Echo Bay Mines, He holds « BS. in Geology from the University of California and a MS. in Geology from the University of Idsho and is a Professional Geologist registered in the State of Idaho. MEMBER: FINRA/SIPC ‘wrew.dahimanrose.com EQUITY RESEARCH one > Thomas J. DeMull, Senior Vice President off Project Development: Mr. DeMull has over 30 years of mineral processing and project management experience. He has been involved in the development of ten projects, six of which beeame operating mines. Mr. DeMull holds a M.S. in Metallurgical Engineering. > John M. Claris, Director: Mr. Clark is « chartered accountant and has been President of Investment and Technical Management Corp. since 1999. He is a director of Alberta Clipper Energy Inc., Marketvision Direct Inc, and CFO and Direetor of Polaris Geothermal Ine, He was previously Executive Chairman of Laurasia Resources Ltd., an cil and gas company, from 1988 until iis merger with Startech Energy Inc. in 1997, > W.Darand Eppler, Director: Mr. Eppler is a founding partner at Sierra Partners, LLC. He has served in vatious senior management positions, including President of New World Adviso:s, since August 2004 and was the Chief Executive Officer and a Director of Coal Intemational PLC, from 2005 to 2008. He is also a Director of Augusta Resource Corp., Allied Nevada Gold Corp. and Northern Energy and Mining Inc. Previously, with Newmont Mining Corporation, he held positions of Vice President of Newmont Capital, Ltd., President of Newmont Indonesia, Vice President of Corporate Development and Vice President of Corporate Planning, > C. Thomas Ogryzlo, Director: Mr. Ogryzlo also currently serves as President, CEO and Director of Polaris Geothermal Inc; he is also a Director of Baja Miniag Corp. and was previously the President and CEO of Canatec Development Corp., Black Hawk Mining Inc. and its subsidiary Triton Mining Corp, > Tracy A, Stevenson, Director: Mr. Stevenson has over 26 years of experience in the mining sector and hhad previously worked for Rio Tinto, He was Global Head of Information and Technology and Global Head of Business Process Improvement. Formerly, he was Executive Vice President, CRO and Director of Comaleo Ltd., and a Director of Kennecott Corporation. MEMBER: FINRAYSIPC wmvvvdahimanrose.com EQUITY RESEARCH on8 Ownership Profile Asof June 17, 2010 the top 15 holders of Vista Gold Corp. were institutional investors and company insiders who hold 15.01% of the 44,600,000 outsianding shares of the company according to Exhibit 11. Low institutional ownership and Street coverage vs. its peer group, may suggest further upside potential with increased institutional exposure. The average institutional ownership for the Hunting the Big Game II peer group is 36.80%; the average institutional ownership of the Dahlman Rose Precious Metals and Emerging Miners group is 46.49%; the average institutional ownership for the stocks that compose the Dow Jones Industrial Average is 68.10%, Vista Gold's Management and Directors, or Insiders, hold 0.37% of the company as shown in Exhibit 12. The average insider ownership for the Hunting the Big Game I peer group is 2.79%; the average insider ownership of the Dahiman Rose Precious Metals and Emerging Miners group is 837%; the average insider ownership for the stocks that compose the Dow Jones Industrial Average is 2.44%, Exhibit 11: Vista Gold Corp. - Major Shareholders Tnittional Owners Holder Name AmtHeld____% Out sche | ___ 1861885) 1 Wan Eck Associates Ca. 4527562) 342% | Blackrock rsttutional Trust 867201 | 1828 | ‘Commonwoath of Pemsyivara Publ 442461 | 090% | PR Herzig & Co. lao 267330 | 058% | Renaissance Technologies Cap 74000) 052% | IFA independant Fund Nlansgemont 79430|—05t% | Puplava Financial Senicas 724340) 050% | Perit Capital Nanagemert 202000 | 045% organ Stanly & Co 173336) 039% “Torenio orion Baie e100 | 036% | (California Public Emploees (CALPERS) i2goiT | 029% Folly Haragement 116040) 0268 | {Bank of New York Melon ioaito) 023% | |eode Captal Management I 87308) 020% | “Top 15 Holders $Sot% TaneBboes Exhibit 12: Vista Gold Corp, ~ Insider Holders Insider Owners HollerName Amt Held Out Latest Change _ File Date Tchings, i T rT] T = 1 |ayzlo, Charles 45,162 C.10% = | rere007 | |Eppler, W. Duand i744) 008% =| fovasia007 | (Eames, Frederick 14750) 0.03% | =| fe iR008 | Total asrh 000 MEMBER: FINRAYSIPC wnwdahlmanrose.com EQUITY RESEARCH aon Institutional ] | Insider Ownership* | Tieter | \cuyana Goldielés uy | erm | to2e% | |ote: Resour Cop. ra | 355% | | 40% | [ot Tene Hi noe TM aso | |S ago [Mista Gold Corp. voz | wore | | osm | |osisko Ming Co. osk | 52% | | tare | |Dotou Cad Co. pec | asm || 1mm | |erane Nets Core Tex | 24% || 10% | |Teseho Mines Lid | tKo | 187% | 2% | | Centemin Egypt Ltd. | cee | asm | | omem | |Estrre Gold Mines Ut xe | tee | | one | DRCO HBGII Avg 36.81% 279% —— ‘Tare Dillon Rowe Company Future Development In February 2010, Vista Gold received notice from the Mexican Secretariat of the Environmental and Natural Resources (SEMARNAT) has dismissed, on administrative grounds, the company’s application for the Change of Forest Land Use Permit (CUSF) for the company’s Paredones Amarillos gold project in Baja California Sur, Mexico. Specifically, SEMARNAT dismissed the CUSF application due to the company’s alleged feilure to satisfy certain procedural and information requirements. SEMARNAT also refused (o recognize the validity ofthe ‘Temporary Occupation Permits granted to MPA by the Mexican General Direction of Mines, which are a pre~ requisite to filing for a CUSF, on the basis thatthe project is located in an environmentally protected area over hich the Mexican General Direction of Mines does not have jutisdiction, The company noted that they will continue to work with their Mexican representatives and officials from the Mexican federal government to resolve this issue and obtain the CUSF permit required for the project. In regards to Paredones Amarillos, Vista management reports that they are working at both the federal, regional, and local levels to complete new studies in order to satisfy the regional office of SEMARNAT. The company is working with threc regional universities to complete new environmental studies and could re-submit for its CUSF as carly as July, Should the CUSF be received by 4Q10, permits could be in place to begin construction at Paredones Amatillos as early as 1HII1, with frst production by 3Q12. Vista recently hired a new General Monager and Legal Representative for Paredones Amarillos, Hector Araya, who will be responsible for advancing the permitting process at Paredones Amarillos, government relations, and operations. Mr. Araya has a wealth of experience building and operating mines in Latin America, Vista Gold is currently performing activities to produce a pre-feasibility study at Mt. Todd and is actively drilling to both upgrade and grow Resources. The satellite Quigleys deposit of roughly 150,000 07 of high grade resource on MEMBER: FINRA/SIPC 96 wivwdahimanrose.com EQUITY RESEARCH nan (2.3e/t gold grade), could perhaps be used as a starter pit to shorten the payback period. The company is further evaluating metallurgical and processing results and expects a pre-feasibility report in early 2H10. ‘The company has noted they expect to commence an exploration program at the Guadalupe de los Reyes project in 2010, as well as advancing permitting in 2010 at the Yellow Pine project with baseline environmental data being. collected as well MEMBER: FINRAYSIPC vnwwdahlmanrose.com aan seeds 3 soog mmonee 28805 . a a a “ o a ® a = = « sect eo oyow's oom ateorz orion mtr ers atone snort ovoar ——woses tare eee) wre unease er reaver ° ° ' 3 (Sa ceumeuneo aed ecw aroore = wroerwreezuruet eer ° ‘ ‘ eo Sa ions wroce wists wveE | WrtE WEEE FMRE ° e : es 90 vr nos zm zm za zs ze ae zs = oo ico ‘Sovaumasoa aes as a Py as = ps er i ss ™ seine eo ban oo oe fo oo 0 oo coo ‘eared ‘ : : : : ° : (oxen om ts wo a fm fo wo fe a enti roc arom wero untae ero roa (ea eco e o e fe « = & cone a (ese sk ovens avtss—— tos euoens moms ems rt a0 (eon saecea e019 a oven tape re ae ae io me Be ae ee savegame we we ca ore = i a ovat mao enn wo ae on oe 0 oo rt eran Py ue n. te wh = a eens eur wu ater iemis vies etka teem ° mosneo ay o a so 2 rs e oe is fore thwart coma oo ‘oo. (esp ey trae ann HOWWESIY AUNT 65 ann ann Houvasay ALINDa EQUITY RESEARCH owe ex ee) evireaave ures cor soorcoare eri poem Tore Dehlnne Row & Goopey 100 ann Houvasaa AND’ 5 5 E & QSaS59223 2899955 Tae Dates Raw & Company ann 102,