Vista Gold Corp.

Vista Gold holds the Mt Todd gold project, located in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is among the largest development-stage projects in Australia. The Company has defined a clear pathway to value realization, targeting the commencement of detailed engineering and design in 2027. This milestone is expected to initiate an approximately 27-month period of design, construction, and commissioning, culminating in first gold production. Mt Todd offers strong project economics, significant initial production, and compelling expansion and exploration upside. Mt Todd benefits from advanced local infrastructure, options for future expansion, and broad community support, underpinning its potential to become a long-lived, globally significant gold operation.

Management Profile

Frederick Earnest, President and CEO

Mr. Earnest has served as director since 2007 and was appointed CEO of the Company in January 2012. He served as the Company’s President and Chief Operating Officer from 2007-2012 and as Senior Vice President, Project Development from 2006-2007. He served as a director of Midas Gold Corp. from April 2011 – May 2014. Mr. Earnest has over 35 years’ experience in the mining industry, including project evaluation, design and construction, mine operations, project optimization and turn-around, mine closure and senior executive roles. He holds a B.S. in Mining Engineering from Colorado School of Mines.

What are your key goals in 3 months, 6 months, 12 months?

3 Months:

1. Advance permit modifications, with key approvals anticipated throughout 2026 and the final approval targeted in 2027.

2. Advance pre-development optimization initiatives identified in the 2025 Mt Todd Feasibility Study.

3. Continue advancing execution planning activities for the Mt Todd gold project.

6 Months:

1. Complete the metallurgical testing program to optimize grind size and gold recoveries, and provide data for the optimal selection and sizing of equipment in the process plant.

2. Complete the geotechnical review, with drilling and geotechnical mapping underway in the Batman pit to assess the opportunity to steepen the west pit wall, reduce stripping, and potentially convert additional mineral resources to mineral reserves.

3. Continue to expand corporate capabilities in Australia, with the establishment of a small executive office in Perth. Three key Australian-based team members have been hired, and Vista is currently recruiting for an Australian-based managing director who will be responsible for delivering the Mt Todd project. Later this year, the Company plans to begin building the broader project development team in Northern Territory, Australia.

12 Months:

Commence detailed engineering and design in 2027. This milestone is expected to initiate an approximately 27-month period of design, construction, and commissioning, culminating in first gold production.

What do you think makes your company such a compelling investment?

Vista Gold owns the Mt Todd gold project, one of the largest development stage gold projects in Australia, with strong appeal to investors and strategic partners. Vista Gold is significantly undervalued and remains focused on creating shareholder value. Upcoming catalysts over the next 6 to 12 months are expected to drive key milestones and support a potential producer re-rating. At a conservative $2,500 gold price used in the 2025 Feasibility Study, Vista's NPV5% is $1.1 Billion with IRR of 27.8%. At a 3,300 gold price, NPV5% is $2.2 Billion and IRR is 44.7%.