Vista Gold (VGZ) Emerging Growth Conference 91 summary

Project Overview and Strategic Vision

• Mt Todd is one of the largest undeveloped gold projects in Australia, positioned in a Tier 1 jurisdiction with strong infrastructure and significant expansion potential, confirmed by a 2025 feasibility study.

• The project is designed for near-term production with flexibility for phased expansion and a fit-for-purpose approach.

• The company is focused on disciplined execution, value realization, and transitioning from developer to producer status, aiming for a producer re-rating.

• An independent development strategy is being executed, but openness to strategic transactions or joint ventures remains at appropriate valuations.

Financial Position and Capital Structure

• Raised $44.85 million in March, resulting in $55.5 million cash and a market cap of $305 million; pro forma market capitalization was $284.1 million as of March 2026.

• No debt and a tight capital structure; 144.9 million shares outstanding.

• Major institutional holders include Kopernik Global Investors (5.8%) and board/management (3.2%).

Project Economics, Resources, and Production Profile

• Initial CapEx is $425 million; after-tax NPV (5%) is $1.1 billion at $2,500/oz gold and $2.2 billion at $3,300/oz gold.

• After-tax IRR is 27.8% at $2,500/oz gold and 44.7% at $3,300/oz gold.

• Proven and probable reserves total 5.2 million oz; measured and indicated resources exceed 9 million oz, with total resources at 10.6 million oz.

• Reserve grade is 1.04 g/t for the first 15 years; average annual production is projected at 153,000 oz for years 1-15, with a 30-year mine life.

• All-in sustaining costs are just under $1,500/oz for the mine life, estimated at $1,449/oz for years 1-15.