Vista Gold Corp · AMEX:VGZ
Vista Gold — Investor Presentation (July 2026)
27 slides from Vista Gold's investor presentation, July 2026
Slide 1: Value Realization Through Disciplined Execution
MT TODD GOLD PROJECT VALUE REALIZATION NYSE American & TSX VGZ THROUGH DISCIPLINED EXECUTION Corporate Presentation | July 2026
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 events Vista Gold Corp. Qual
Slide 3: Vista Gold Corp: Realizing Shareholder Value through Disciplined Execution
VISTA GOLD CORP Realizing Shareholder Value through Disciplined Execution Mt Todd is among the 2025 Feasibility Study for 15 ktpd largest development operation confirms strong stage projects in economics and preserves Australia expansion optionality 2026 key work programs Executing independent under
Slide 4: Feasibility Study Underpins Standalone Strategy
FEASIBILITY STUDY UNDERPINS STANDALONE STRATEGY $425 Million 1.04 g Au/t 153,000 oz INITIAL CAPEX AVERAGE ORE GRADE YEARS 1-15 AVERAGE GOLD PRODUCTION YEARS 1-15 5.2 Million oz Au 10.6 Million oz Au MINERAL RESERVES 1 MINERAL RESOURCES 2 $1,449/oz 30 YEAR AISC YEARS 1-15 MINE LIFE 4 $2,500 $3,300 $4
Slide 5: Why Vista Gold Stands Out
WHY VISTA GOLD STANDS OUT Key Advantages over Other Miners and Development Projects Brownfield Permitting head start infrastructure Major environmental and operating already in place permits for the larger project were previously approved, with Paved roads, powerline, modifications underway for the
Slide 6: Vista Gold Strengthens Its Balance Sheet
VISTA GOLD STRENGTHENS ITS BALANCE SHEET Mt Todd Advancement Funded US$44.85M US$42.0M US$52.7M No debt gross proceeds net proceeds cash at March 31, 2026 no warrants or options Funds to complete permit modifications, project optimization, and front-end engineering work 5
Slide 7: Mt Todd Development Timeline
MT TODD DEVELOPMENT TIMELINE Detailed Engineering & Design Targeted for 2027 With Path to First Gold 2025 2026 2027 2028 2029 Feasibility Study Permitting Commence Detailed First Gold People Engineering and Design Decision to • First gold targeted late 2029 • Initiate an approximately 27-month desig
Slide 8: Key Catalysts Next 6 to 12 Months
KEY CATALYSTS NEXT 6 TO 12 MONTHS Permitting, People and Engineering Permit Modifications • Aligning existing permits with the designs and operating plans defined in the 2025 Feasibility Study Expanding Australian-based Team • Small executive team in Perth with larger operating presence in the North
Slide 9: Driving Outcomes to Achieve a Producer Re-rating
DRIVING OUTCOMES TO ACHIEVE A PRODUCER RE-RATING Vista Gold Comparison to Australian Gold Producers Vista Gold’s average annual gold production is based on Years 1-15 as estimated in the 2025 Feasibility Study | Other Sources: See slide 23 in the Appendix. 8
Slide 10: Why Mt Todd?
WHY MT TODD? Development-stage Project that Appeals to Investors and Strategic Partners Scarcity of Large Deposits in Tier-1 Mining Jurisdictions “Too Big to Ignore” Opportunity for Resource Growth District-Scale Exploration Potential Designed for Future Expansion 9
Slide 11: Tight Capital Structure with No Debt
VISTA GOLD CORP. Tight Capital Structure with No Debt INSTITUTIONAL HOLDERS CAPITAL STRUCTURE AND INSIDERS Symbol (NYSE American & TSX) VGZ Kopernik Global Investors 9.5% Share Price (July 1, 2026) $1.86 Vista Board and Management 3.2% Shares Outstanding1 145.9M Trek Financial LLC 2.6% Market Capita
Slide 12: Focused on Value Realization
VISTA GOLD CORP. Focused on Value Realization Designed as an Australian Project with Path to Production • Fit for purpose and right sized for initial development Completing Pre-Development Optimizations Leading to Front-End Engineering Design Targeting Start of Detailed Engineering and Design in 202
Slide 13: Contact
NYSE American & TSX VGZ Contact Pamela A. Solly VP of Investor Relations Phone: (720) 877-0132 Email: psolly@vistagold.com NYSE AMERICAN & TSX: VGZ www.vistagold.com
Slide 14: Appendix
NYSE American & TSX VGZ APPENDIX VGZ | VISTA GOLD 13
Slide 15: 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 Estimate2 • M & I gold resources now exceed 9 Moz • Proven and probable – 5.2 Moz at raised cutoff grade of 0.50 g Au/t
Slide 16: 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 17: 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 18: 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 19: 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 operation • Stockpiling used to deliver higher and consistent grades • Drill and blast on 12-meter ben
Slide 20: Conventional Gold Recovery Circuit
MT TODD GOLD PROJECT CONVENTIONAL GOLD RECOVERY CIRCUIT 19
Slide 21: Exploration: Mining Leases and Exploration Licenses
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. 20
Slide 22: Exploration: District-Scale Exploration Potential
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 23: 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 24: Source Information – Comparison to Gold Producers
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 2025 Annual Report http
Slide 25: Experienced Board of Directors
VISTA GOLD CORP EXPERIENCED BOARD OF DIRECTORS Disciplined Execution Backed by Experienced Mining and Finance Leadership Tracy Stevenson John Clark Frederick Earnest Deborah J. Friedman Patrick Keenan Mike Sylvestre Chair Compensation President, Governance Committee Audit Committee HSE&SR Committee
Slide 26: Highly Qualified Management Team
VISTA GOLD CORP HIGHLY QUALIFIED MANAGEMENT TEAM Proven Track Record of Exploration, Development and Operation Successes Frederick H. Earnest Douglas L. Tobler Pamela A. Solly President, CEO and Director Chief Financial Officer Vice President, Investor Relations CEO since January 2012 More than 40 y
Slide 27: Vista Gold Australia Pty Ltd.
VISTA GOLD AUSTRALIA PTY LTD. VISTA GOLD AUSTRALIA PTY LTD. Strengthening Executive Project Execution Capabilities in Perth and NT Jeff Dang Sharon Goddard Julie Jones Brent Murdoch Executive General Manager, Executive General Manager, External General Counsel and Company General Manager of Mt Todd