Vista Gold (VGZ) investor relations material

Project overview and development strategy

• Mt Todd is positioned as one of Australia's largest development-stage gold projects, with a 15 ktpd feasibility study supporting a fit-for-purpose design and expansion optionality, prioritizing grade over tonnes and significantly reducing initial capex by 59% compared to the 2024 study.

• The 2025 feasibility study demonstrates strong project economics and an achievable path to near-term production, targeting the start of detailed engineering and design in 2027, which will initiate a 27-month design, construction, and commissioning process.

• Strategic objectives for 2026 include permit modifications, building an Australian-based team, and completing recommended testing and evaluations.

Financial highlights and project economics

• Initial capex for the 15 ktpd project is $425 million, with an after-tax NPV (5%) of $1.1 billion and IRR of 27.8% at a $2,500 gold price; at $3,300 gold, NPV rises to $2.2 billion and IRR to 44.7%.

• Average annual gold production is projected at 153,000 oz for years 1-15, with a 30-year mine life and all-in sustaining costs of $1,449/oz for the same period.

• Market capitalization as of March 2026 is $342.1 million, with no debt and $13.6 million in cash following a $44.85 million public offering.

Mineral resources and reserves

• Proven and probable reserves total 5.2 Moz at a 0.50 g Au/t cutoff, with measured and indicated resources exceeding 9 Moz.

• Average ore grade is 1.04 g Au/t for years 1-15 and 0.97 g Au/t life of mine, with a life-of-mine gold recovery rate of 88.5%.