Vista Gold Corp · AMEX:VGZ
Vista Gold — Investor Presentation (February 2026)
24 slides from Vista Gold's investor presentation, February 2026
Slide 1: Charting a New Path for Mt Todd Development
February 2026 CHARTING A NEW PATH FOR MT TODD DEVELOPMENT VGZ NYSE American & TSX
Slide 2: Cautionary Statement
Information contained in this presentation, unless otherwise noted, CAUTIONARY STATEMENT has been prepared and issued by and on behalf of Vista Gold Corp. Summary: If you are risk-averse you should not buy shares in Vista Gold Corp. (the “Company” or “Vista”). Unexpected and Exchange Commission and
Slide 3: 2025 Feasibility Study Demonstrates Achievable Path to Near-Term Production
VISTA GOLD CORP. 2025 Feasibility Study Demonstrates Achievable Path to Near-Term Production Among the Largest Development Stage Projects in Australia 15 ktpd Feasibility Study Incorporates Fit for Purpose Design and Preserves Expansion Optionality Prioritizes Grade over Tonnes and Significantly Low
Slide 4: Charting a New Path for Development
MT TODD GOLD PROJECT CHARTING A NEW PATH FOR DEVELOPMENT 2024 FS 15 ktpd (5.3 Mtpa) Feasibility Study 59% REDUCTION IN PRIORITIZES GRADE OVER • 50 ktpd (17.8 Mtpa) INITIAL CAPEX FROM THE TONNES 2024 FS • $1.03 B initial capex • 0.35 g Au/t cut-off grade CONTRACT MINING & CONSISTENT ANNUAL • 479 koz/
Slide 5: 15 ktpd Feasibility Study Highlights
MT TODD GOLD PROJECT 15 ktpd FEASIBILITY STUDY HIGHLIGHTS 1.04 g Au/t 153,000 oz $425 Million AVERAGE ORE GRADE AVERAGE GOLD PRODUCTION INITIAL YEARS 1-15 YEARS 1-15 CAPEX 5.2 Million oz Au 10.6 Million oz Au 1 2 MINERAL RESERVES MINERAL RESOURCES $1.1 Billion 27.8% 3 AFTER-TAX NPV5% AT $2,500 GOLD3
Slide 6: Mineral Resources and Mineral Reserves
MT TODD GOLD PROJECT MINERAL RESOURCES AND MINERAL RESERVES Increased Reserve Grade by 23% – 1.04 g Au/t Years 1-15 and 0.97 g Au/t LoM Mineral Resources Estimate1 Mineral Reserves Estimate 2 • M & I gold resources now exceed 9 Moz • Proven and probable – 5.2 Moz at raised cutoff grade of 0.50 g Au/
Slide 7: Value Proposition
VALUE PROPOSITION Driving Outcomes to Achieve a Producer Re-Rating Comparison to Australian Gold Producers Premier Asset in Tier 1 Mining Jurisdiction Economics Demonstrated through 2025 Feasibility Study Establishing Path to Near- Term Production Expansion Opportunities Drive Outcomes Vista Gold’s
Slide 8: 2026 Strategic Objectives
2026 STRATEGIC OBJECTIVES Prioritize Work to Support the Start of Detailed Engineering and Design in 2027 Modify Existing Permits to Align with 2025 Feasibility Study Build Australian-based Team to Lead Project Development and Operating Activities Complete Testing and Evaluations as Recommended in t
Slide 9: Tight Capital Structure with No Debt
VISTA GOLD CORP. Tight Capital Structure with No Debt CAPITAL STRUCTURE Symbol (NYSE American & TSX) VGZ Share Price (February 10, 2026) $2.93 Shares Outstanding 1 126.0M Market Capitalization $369.1M Cash 2 $13.7M Debt Nil 1 Outstanding shares as of September 30, 2025. Fully diluted 130.6 million.
Slide 10: Charting a New Path for Mt Todd
VISTA GOLD CORP. Charting a New Path for Mt Todd Targeting Start of Detailed Engineering and Design in 2027 • This milestone will initiate an estimated 27-month design, construction, and commissioning process as set out in the 2025 FS Designed as an Australian Project with the Goal of Near -Term Pro
Slide 11: Contact
Contact Pamela A. Solly Phone: (720) 877-0132 VP of Investor Relations Email: psolly@vistagold.com NYSE AMERICAN & TSX: VGZ www.vistagold.com
Slide 12: Appendix
MT TODD GOLD PROJECT APPENDIX VGZ | VISTA GOLD 11
Slide 13: Mineral Resources Estimate
MT TODD GOLD PROJECT MINERAL RESOURCES ESTIMATE Mt Todd Gold Project - Mineral Resources 0.40 g Au/t Cutoff and US$1,950 per ounce Batman Deposit Heap Leach Pad Quigleys Deposit TOTAL Contained Contained Contained Contained Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade Ounces Ounces Ounces Oun
Slide 14: Mineral Reserves Estimate
MT TODD GOLD PROJECT MINERAL RESERVES ESTIMATE Mt Todd Gold Project – Mineral Reserves 0.50 g Au/t Cutoff and US$1,800 per gold ounce Batman Deposit Heap Leach Pad Total Contained Contained Contained Tonnes Grade Tonnes Grade Tonnes Grade Ounces Ounces Ounces (000) (g Au/t) (000) (g Au/t) (000) (g A
Slide 15: 15 ktpd Feasibility Study Results Summary
MT TODD GOLD PROJECT 15 KTPD FEASIBILITY STUDY RESULTS SUMMARY YEARS 1-15 LIFE OF MINE 1 Average Annual Gold Production koz 153 146 Gold Grade (ROM feed) 2 g Au/t 1.04 0.97 Gold Recovery (ROM) 2 % 88.6% 88.5% Total Gold Production koz 2,298 4,368 Cash Costs $/oz $1,399 $1,413 All-in Sustaining Costs
Slide 16: Mining and Processing
MT TODD GOLD PROJECT MINING AND PROCESSING Fit for Purpose Design Supports Conventional Australian Mine and Plant Operations 1 Mining Overview Processing • Conventional truck and excavator open pit • Stockpiling used to deliver higher and consistent operation grades • Drill and blast on 12-meter ben
Slide 17: Conventional Gold Recovery Circuit
MT TODD GOLD PROJECT CONVENTIONAL GOLD RECOVERY CIRCUIT VGZ | VISTA GOLD 16
Slide 18: Exploration
MT TODD GOLD PROJECT EXPLORATION Mining Leases and Exploration Licenses • Four mining leases (MLs) 55 km2 • Four exploration licenses (ELs) 1,337 km2 Batman deposit and other previously mined open pits. Section is not representative of location and scale. VGZ | VISTA GOLD 17
Slide 19: Exploration
MT TODD GOLD PROJECT EXPLORATION District-Scale Exploration Potential 1,337 km2 Contiguous Exploration Licenses • Largely unexplored, host to known occurrences of precious and base metals, and highly prospective for new discoveries Prior Drilling within Boundaries of Mining Leases • Identified four
Slide 20: Committed to Sustainable and Socially Responsible Development
MT TODD GOLD PROJECT COMMITTED TO SUSTAINABLE AND SOCIALLY RESPONSIBLE DEVELOPMENT Environmental Social • Transparent environmental management programs with • Committed to health, well being, and safety online site water management data of our employees and contractors • Successful collection, stora
Slide 21: Key Permits, Authorizations and Licenses
MT TODD GOLD PROJECT KEY PERMITS, AUTHORIZATIONS AND LICENSES Permitting Milestones Achieved • Environmental Impact Statement • Mine Management Plan (now Deemed Mining License) Authorizations Received • Environmental Protection and Biodiversity Conservation Act Authorization • Aboriginal Areas Prote
Slide 22: Source Information – Comparison to Gold Producers
MT TODD GOLD PROJECT SOURCE INFORMATION – COMPARISON TO GOLD PRODUCERS Annual Company Name Production Sources Market Cap Production FS Market Capricorn Metals 2025 Annual Report https://announcements.asx.com.au/asxpdf/20251023/pdf/06qxfcdcdskp3z.pdf Company (USD) (2025) Reserves Cap (USD) Emerald 20
Slide 23: Experienced Board of Directors
VISTA GOLD CORP. Experienced Board of Directors Tracy Stevenson John Clark Frederick Earnest Deborah J. Friedman Patrick Keenan Mike Sylvestre Chair Compensation Committee Chair President, CEO & Director Governance Committee Chair Audit Committee Chair HSE&SR Committee Chair Former director of Urani
Slide 24: Proven Management Team
VISTA GOLD CORP. Proven Management Team Highly qualified Proven track record Management and Technical Team of Exploration, Development and Operations Successes Frederick H. Earnest Douglas L. Tobler Pamela A. Solly Brent Murdoch President, CEO and Director Chief Financial Officer Vice President, Inv