Vista Gold Corp · AMEX:VGZ
Vista Gold — Investor Presentation (September 2025)
23 slides from Vista Gold's investor presentation, September 2025
Slide 1: Charting a New Path for Value Realization at Mt Todd
September 2025 CHARTING A NEW PATH FOR VALUE REALIZATION AT MT TODD VGZ NYSE American & TSX
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Summary: If you are risk-averse you should not buy shares in Vista Gold Corp. Unexpected events happen and factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s may change forecasts and targets. This presentation should be
Slide 3: New Feasibility Study Demonstrates Achievable Path to Near-Term Production
VISTA GOLD CORP. New Feasibility Study Demonstrates Achievable Path to Near-Term Production Australia’s Second Largest Undeveloped Gold Project 15 ktpd Feasibility Study Incorporates Fit for Purpose Design and Preserves Expansion Optionality Prioritizes Grade over Tonnes and Significantly Lowers Ini
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 Sun Valley Gold Fund 13.2% Share Price (September 2, 2025) $1.38 Vista Board & Management 4.3% Shares Outstanding 1 125.1M Kopernik Global Investors 3.2% Market
Slide 5: Charting a New Path for Value Realization
MT TODD GOLD PROJECT CHARTING A NEW PATH FOR VALUE REALIZATION 2024 FS 15 ktpd (5.3 MTPA) Feasibility Study 59% REDUCTION IN PRIORITIZES GRADE OVER • 50 ktpd (17.8 Mtpa) INITIAL CAPEX TONNES • $1.03 B initial capex • 0.35 g Au/t cut-off grade CONTRACT MINING & CONSISTENT ANNUAL • 479 koz/yr years 1-
Slide 6: 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 3 AFTER-TAX NPV5% AFTER-TAX IRR
Slide 7: 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 • Total gold resources now exceed 10.5 Moz • Proven and probable – 5.2 Moz at raised cutoff grade of 0.50 g A
Slide 8: 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 shovel open pit operation • Stockpiling used to deliver higher and consistent grades • Drill and blast on 12-meter benche
Slide 9: Next Steps
VISTA GOLD CORP. Next Steps Broadly Increase Awareness of the Value of Mt Todd Gold Project • Feasibility Study demonstrates strong economics and 30-year mine life with excellent opportunity for expansion • Technical and economic parameters are comparable to several highly valued Australian gold pro
Slide 10: Vista Gold Corp. – Value Proposition
VISTA GOLD CORP. – VALUE PROPOSITION Pursuing Development Options to Achieve Producer Re-Rating Premier Asset in Tier 1 Comparison to Australian Gold Producers Mining Jurisdiction Demonstrated Economic Feasibility Achievable Near-Term Production Expansion Opportunities Strategic Path • Corporate or
Slide 11: Charting a New Path for Value Realization at Mt Todd
VISTA GOLD CORP. Charting a New Path for Value Realization at Mt Todd Designed as an Australian Project for Near-Term Production • Fit for purpose and right sized Attractive Development Option • 1.04 g Au/t average ore grade over first 15 years; 0.97 g Au/t LoM • Reduced capex by 59% to $425 million
Slide 12: 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 13: Appendix
MT TODD GOLD PROJECT APPENDIX VGZ | VISTA GOLD 12
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: 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 treatment and dis
Slide 21: Key Permits, Authorizations and Licenses
MT TODD GOLD PROJECT KEY PERMITS, AUTHORIZATIONS AND LICENSES All Major Environmental and Operating Permits Approved for a 50 ktpd Project Permitting Milestones Achieved • Environmental Impact Statement • Mine Management Plan (now Deemed Mining License) Authorizations Received • Environmental Protec
Slide 22: 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 23: 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 Maria Vallejo President, CEO and Director Chief Financial Officer Vice