Vista Gold (VGZ) investor relations material

Project updates and strategic direction

• Mt Todd Gold Project's new feasibility study outlines a shift to a smaller, higher-grade operation with a 59% reduction in initial CapEx, now at AUD 425 million, and a focus on near-term production.

• Average grade increased from 0.77 g/t to 0.97 g/t, with a new cutoff grade of 0.5 g/t, resulting in a reserve of 5.2 million oz and a stabilized production profile of 150,000 oz/year for 15 years after an initial 175,000 oz/year for three years.

• Adoption of contract mining, third-party power, and a fly-in, fly-out workforce aims to reduce operational and staffing risks.

• Project economics are robust, with an after-tax NPV-5 of AUD 1.1 billion at AUD 2,500/oz gold and up to AUD 2.7 billion at AUD 3,700/oz, with IRR exceeding 50% at higher gold prices.

• The project is positioned for expansion and has attracted positive market response, with share price surging after feasibility results.

Value proposition and market positioning

• Valuation remains significantly below peers despite larger reserves and production capability, with management expecting market cap to rise toward AUD 1 billion or more as development advances.

• Net asset value per share at current gold prices is nearly 10x the current trading price, highlighting substantial intrinsic value.

• The project leverages proven Australian mining practices and experienced consultants to minimize development and operating risks.

• The feasibility study has opened doors to multiple development options, supporting flexibility in future growth.

• Management emphasizes the project's strong leverage to gold price and its attractiveness as a near-term production asset.