Slide 1: Mt Todd Feasibility Study – 5.3 Mtpa
July 2025 MT TODD FEASIBILITY STUDY – 5.3 Mtpa Designed for Near Term Development VGZ NYSE American & TSX
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT MT TODD GOLD PROJECT Summary: If you are risk-averse you should not buy shares in Vista Gold Corp. Unexpected events shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold happen and may change forecasts and targets. This pr
Slide 3: A Paradigm Shift in the Development Strategy
MT TODD GOLD PROJECT A PARADIGM SHIFT IN THE DEVELOPMENT STRATEGY 2024 FS 15,000 TPD (5.3 MTPA) 59% REDUCTION IN PRIORITIZES GRADE OVER • 50 ktpd (17.8 Mtpa) INITIAL CAPEX TONNES • US$1.03 B initial capex • 0.35 g Au/t cut-off grade CONTRACT MINING & CONSISTENT ANNUAL • 479 koz/yr years 1-7 POWER GE
Slide 4: 15,000 TPD Feasibility Study Highlights
MT TODD GOLD PROJECT 15,000 TPD 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 3 AFTER-TAX NPV5% AFTER-TAX
Slide 5: A Leading Near-Term Development Opportunity
MT TODD GOLD PROJECT A LEADING NEAR-TERM DEVELOPMENT OPPORTUNITY Designed as an Australian Project • Australian consultants and engineers experienced in delivering gold projects of similar size Right Size – Right Scope • 15,000 tpd throughput, fit for purpose, FIFO operation comparable to many highl
Slide 6: 15,000 TPD Feasibility Study Results Summary
MT TODD GOLD PROJECT 15,000 TPD 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 $1,413 All-in Sustaining Co
Slide 7: Tier 1 Jurisdiction and Experienced Consultants
MT TODD GOLD PROJECT TIER 1 JURISDICTION AND EXPERIENCED CONSULTANTS Technical Consultants with Proven Track Records GR Engineering Services (Perth, Australia) – Feasibility Study author • Process area designs, major infrastructure, processing capital and operating cost estimates, and project econom
Slide 8: Mining
MT TODD GOLD PROJECT MINING Overview End of Mine Layout • Mine designs and schedules prepared by Mining Plus • Early contractor engagement from Tier 1 contractor to deliver specific mining cost estimates • Conventional truck and shovel open pit operation • Blast fragmentation study by Orica provided
Slide 9: Metallurgy
MT TODD GOLD PROJECT METALLURGY Metallurgy Overview • Free milling/non-refractory ore • 5-25 micron gold particle size • Gold is found in quartz-calcite-sulfide veins (not in the host rock) • Batman deposit Bond Work Index (BWi) deposit average BWi 25.7 kWhr/t sorter rejects BWi 27-29 kWhr/t grindin
Slide 10: Conventional Gold Recovery Circuit
MT TODD GOLD PROJECT CONVENTIONAL GOLD RECOVERY CIRCUIT VGZ | VISTA GOLD 9
Slide 11: Gold Production – 4.6 Moz
MT TODD GOLD PROJECT GOLD PRODUCTION – 4.6 MOZ 1 Note: Yr 1 is a partial year of production during ramp-up. 1 Inclusive of gold production from re-processed heap leach pad. VGZ | VISTA GOLD 10
Slide 12: Competitive All-In Sustaining Costs
MT TODD GOLD PROJECT COMPETITIVE ALL-IN SUSTAINING COSTS 11
Slide 13: After-Tax Cash Flows
MT TODD GOLD PROJECT AFTER-TAX CASH FLOWS Upside from Current Gold Price 12
Slide 14: Capital Cost Summary
MT TODD GOLD PROJECT CAPITAL COST SUMMARY INITIAL CAPITAL SUSTAINING CAPITAL CAPITAL EXPENDITURES 1 ($M) ($M) Mining $22 $33 Process Plant $154 $49 Project Infrastructure $91 $167 Site Establishment and Facilities $40 $9 Management, Engineering, EPC Services $70 $9 Preproduction Costs and Capital Sp
Slide 15: Operating Cost Summary
MT TODD GOLD PROJECT OPERATING COST SUMMARY Years 1 – 15 Life of Mine 1 $/t $/t $/t $/t $/oz $/oz MINED PROCESSED MINED PROCESSED Mining Costs $3.00 $18.49 $3.30 $16.55 Processing Costs 2 $17.70 $17.62 Administrative Costs $2.09 $2.09 Jawoyn Royalty $2.22 $2.08 Wheaton Royalty $0.84 $0.73 Refining $
Slide 16: Sensitivity Analysis
MT TODD GOLD PROJECT SENSITIVITY ANALYSIS Robust Economics and Significant Leverage to Gold Price $2,500 $3,300 $2,100 $2,900 (Base Case) (spot price) After-tax NPV 5% $ millions $524 $1,060 $1,610 $2,159 After-tax IRR % 18.1% 27.8 36.6 44.7 After-tax Payback Years 3.6 $2.7 2.1 1.7 “Goldman Sachs (G
Slide 17: Producer Re-Rating Potential
MT TODD GOLD PROJECT PRODUCER RE-RATING POTENTIAL $3,500 Genesis $3,000 Capricorn $2,500 Gold Road $2,000 Market Cap ($M) Emerald $1,500 Bellevue Pantoro Catalyst $1,000 Ora Banda Vista Gold 5.2Moz $500 Tribune Kingsgate $- Alkane Bubble size: Mineral Reserves $(500) - 20,000 40,000 60,000 80,000 10
Slide 18: Mt Todd – Water Supply and Water Management
MT TODD GOLD PROJECT MT TODD – WATER SUPPLY AND WATER MANAGEMENT Project Water Supplied from Existing Water Storage Reservoir Project Water Supply • Mt Todd freshwater reservoir has existing capacity of 4.7 GL • Water reservoir refills annually during wet season when site receives 1.2-1.3 meters of
Slide 19: Key Permits, Authorizations and Licenses
MT TODD GOLD PROJECT KEY PERMITS, AUTHORIZATIONS AND LICENSES All major environmental and operating permits have been approved for a 50,000 tpd project Permitting Milestones Achieved • Environmental Impact Statement • Mine Management Plan (now Deemed Mining License) Authorizations Received • Environ
Slide 20: Responsibly Advancing One of Australia's Largest Gold Projects
MT TODD GOLD PROJECT RESPONSIBLY ADVANCING ONE OF AUSTRALIA’S LARGEST GOLD PROJECTS Designed as an Australian Project Right Size – Right Scope • 15,000 tpd throughput drives 59% reduction in initial capex Attractive Development Option • 1.04 g Au/t average ore grade over first 15 years • Steady gold
Slide 21: Appendix
MT TODD GOLD PROJECT APPENDIX VGZ | VISTA GOLD 20
Slide 22: Mineral Resources Estimate
MT TODD GOLD PROJECT MINERAL RESOURCES ESTIMATE Mineral Resources Estimate Based on $1,950 Au Price and 0.40 g Au/t Cutoff Grade 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 Conta
Slide 23: Mineral Reserves Estimate
MT TODD GOLD PROJECT MINERAL RESERVES ESTIMATE Mineral Reserves Estimate Based on $1,800 Au Price and 0.50 g Au/t Cutoff Grade 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
Slide 24: Proven Management Team
MT TODD GOLD PROJECT 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 Maria Vallejo President, CEO and Director Chief Financial Officer V
Slide 25: Experienced Board of Directors
MT TODD GOLD PROJECT 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 U
Slide 26: Property Description
MT TODD GOLD PROJECT PROPERTY DESCRIPTION Mining and Exploration Licenses • Four mining licenses (MLs) 55 km2 • Four exploration licenses (ELs) 1,337 km2 Batman deposit and other previously mined open pits. VGZ | VISTA GOLD 25
Slide 27: Geology
MT TODD GOLD PROJECT GEOLOGY Location and Regional Geology • Mt Todd is in the southeastern portion of the Pine Creek Gold District in an area dominated by: Metamorphosed, fine-grained sedimentary rocks (silicified siltstones, shales, and greywackes) Coarse to medium grained igneous rocks (granites
Slide 28: Geology
MT TODD GOLD PROJECT GEOLOGY Batman Deposit Characteristics • Batman Deposit lies within a wide transverse fault zone subject to intense tensional and shear forces that resulted in extensive fracturing of the country rock • These fractures were subsequently filled by magnetic silica rich fluids with
Slide 29: 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 Licenses • Identified fou
Slide 30: Mineralogy
MT TODD GOLD PROJECT MINERALOGY Gold Origin and Deposition • Mt Todd is an orogenic gold deposit (thermal aureole gold style) with the Yinberrie Country Rock Virtually Unmineralized intrusive being the heat engine that mobilized gold in silica rich fluids Gold Mineralization Typical Mineralized • Mt
Slide 31: Metallurgy – Gold Recovery Curve
MT TODD GOLD PROJECT Metallurgy Gold Recovery Curve Extraction against Head Grade (30µm<P80<53µm) 100 98 96 38 38 94 53 53 36 Extraction % Au 92 39 39 38 30 38 38 39 49 29 31 31 90 49 35 38 36 29 38 49 35 30 88 36 38 86 84 Sample grind sizes (µm). 82 80 0.5 0.7 0.9 1.1 1.3 1.5 1.7 1.9 2.1 2.3 Head G
Slide 32: Mineral Processing – Design Criteria
MT TODD GOLD PROJECT MINERAL PROCESSING – DESIGN CRITERIA DESIGN CRITERIA UNIT VALUE Annual Ore Feed Rate Mt/a 5.3 Operating Days per Year d/a 355 Daily Ore Feed Rate t/d 15,000 Crushing Rate (6,637 hours per year availability) tph 802 HPGR Rate (7,838 hours per year) tph 679 Ore Sorting Rate (7,838
Slide 33: Infrastructure
MT TODD GOLD PROJECT INFRASTRUCTURE Project Layout Existing Infrastructure • Paved roads to the plant site (~10 km) • Connected to the Northern Territory electric grid • Natural gas pipeline to the site • Fresh water storage reservoir • Tailings facility with 90M tonnes of additional capacity throug
Slide 34: Infrastructure
MT TODD GOLD PROJECT INFRASTRUCTURE On-site 56 MW Power Generation • 3rd party power generation minimizes from POWER PLANT LOCATIONS certain construction and operating risks and provides lower cost of power • Jenbacher J620 (3.3 MW each) gas-fired, reciprocating engine generators selected as primary
Slide 35: Taxation and Royalties
MT TODD GOLD PROJECT TAXATION AND ROYALTIES Northern Territory Minerals Royalty Act 2024 • 3.5% ad valorem tax applied to gold production Australian Commonwealth Income Tax • 30% of taxable income Jawoyn Association Aboriginal Corporation • 1.0% gross proceeds royalty, plus • Gross proceeds royalty