Vista Gold (VGZ) investor relations material

Executive summary

• Advanced Mt Todd gold project development with progress in permitting, technical optimization, and project execution planning, including a new feasibility study in July 2025 emphasizing a scalable, lower-capital operation and a 30-year mine life.

• Strengthened Australia-based leadership and project teams to support technical, legal, and social performance, and upcoming engineering and design phases.

• Maintained strong ESG commitments, with zero reportable incidents and a new social impact assessment initiated.

• No revenues reported; company remains in development stage.

Financial highlights

• Ended Q2 2026 with $49.54 million in cash, up from $13.6 million at 2025 year-end, supported by a $44.85 million equity offering in March 2026.

• Reported Q2 2026 net loss of $3.0 million ($0.02/share), compared to $2.4 million in Q2 2025; six-month net loss was $6.10 million versus $5.06 million year-over-year.

• No debt outstanding at quarter end.

• Higher exploration, property, and holding costs, as well as increased administrative expenses, drove the larger net loss.

• Interest income partially offset cost increases, contributing $300,000 for the period.

Outlook and guidance

• Final permitting approvals for Mt Todd expected in 2027, with detailed engineering and design to commence that year, followed by a 27-month construction and commissioning period.

• Estimated cash expenditures for the 12 months following June 30, 2026: $14.3 million for recurring operations and $13.9 million for non-recurring project activities and capital expenditures, to be funded from existing cash.

• Management believes current cash resources are sufficient for planned activities through at least the next twelve months.

• Ongoing optimization and technical programs to further de-risk the project and support future development.

• Recruitment for key leadership roles continues to support project execution.