Vista Gold Corp · AMEX:VGZ
Vista Gold — Investor Presentation (June 2026)
24 slides from Vista Gold's investor presentation, June 2026
Slide 1: Mt Todd Gold Project: Value Realization Through Disciplined Execution
June 2026 MT TODD GOLD PROJECT VALUE REALIZATION THROUGH DISCIPLINED EXECUTION 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 Company’s latest Annual Repo
Slide 3: Realizing Shareholder Value Through Disciplined Execution
VISTA GOLD CORP. Realizing Shareholder Value Through Disciplined Execution Mt Todd is Among the Largest Development Stage Projects in Australia 2025 Feasibility Study for 15 ktpd Operation Confirms Strong Economics and Preserves Expansion Optionality 2026 Key Work Programs Underway Leading to Detail
Slide 4: Tight Capital Structure with No Debt
VISTA GOLD CORP. Tight Capital Structure with No Debt CAPITAL STRUCTURE INSTITUTIONAL HOLDERS AND INSIDERS Symbol (NYSE American & TSX) VGZ Kopernik Global Investors 9.5% Share Price (June 2, 2026) $2.39 Vista Board and Management 3.2% Shares Outstanding1 145.9M Trek Financial LLC 2.6% Market Capita
Slide 5: Feasibility Study Driving Value Creation
FEASIBILITY STUDY DRIVING VALUE CREATION $425 Million 1.04 g Au/t 153,000 oz INITIAL AVERAGE ORE GRADE AVERAGE GOLD PRODUCTION CAPEX YEARS 1-15 YEARS 1-15 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 AFTER-TAX IRR AT
Slide 6: Key Catalysts Next 6 to 12 Months
KEY CATALYSTS NEXT 6 TO 12 MONTHS Completing Work Programs Leading up to Detailed Engineering and Design in 2027 Completing Pre-Development Optimizations • Metallurgical Testing • Geotechnical Study Project Execution Planning Permit Modifications • Aligning existing permits with the designs and oper
Slide 7: Driving Outcomes to Achieve a Producer Re-Rating
DRIVING OUTCOMES TO ACHIEVE A PRODUCER RE-RATING Comparison to Australian Gold Producers Vista Gold’s average annual gold production is based on Years 1-15 as estimated in the 2025 FS. Other Sources: See slide 21 in the Appendix. VGZ | VISTA GOLD 6
Slide 8: Modifications to Existing Key Permits
MODIFICATIONS TO EXISTING KEY PERMITS Modifications Underway to Align with 2025 Feasibility Study Designs 2026 2027 Modifications of Existing Key Permits Q2 Q3 Q4 Q1 Q2 Q3 Q4 Approval of Additional Aboriginal Areas Protection Authority Certificate Conversion of Deemed Environmental Mining License to
Slide 9: 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 Development Flexibility as Smaller Initial Project or Large-Scal
Slide 10: Focused on Value Realization
VISTA GOLD CORP. Focused on Value Realization Designed as an Australian Project with the Goal of Near-Term 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
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
APPENDIX VGZ | VISTA GOLD 11
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: Conventional Gold Recovery Circuit
CONVENTIONAL GOLD RECOVERY CIRCUIT VGZ | VISTA GOLD 17
Slide 19: 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 18
Slide 20: Exploration: District-Scale 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 21: 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 22: 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 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