Vista Gold (VGZ) 2025 Precious Metals Summit - Beaver Creek summary

Strategic project shift and feasibility study

• Completed a feasibility study for a 15,000 tpd operation, enabling a path to near-term production at Mount Todd.

• Shifted from a 50,000 tpd, $1B+ CapEx model to a smaller scale with a 59% CapEx reduction to $425M.

• Prioritized higher grade ore (0.5 g/t cutoff) over tonnes, increasing reserve grade by 23%.

• Adopted fit-for-purpose Australian design principles and contract mining to align with local practices.

• Incorporated fly-in, fly-out workforce with plans to increase local employment over time.

Project economics and resource update

• Average annual gold production projected at 153,000 oz for the first 15 years, 146,000 oz over 30 years.

• Proven and probable reserves now 5.2M oz at higher grade; lower grade material stockpiled for future processing.

• After-tax NPV at $2,500/oz gold is $1.1B (5% discount), IRR 27.8%; at $3,300/oz, NPV rises to $2.2B, IRR near 45%.

• All-in sustaining cost just under $1,500/oz, slightly below the Australian median.

• Resource base expanded through recent drilling campaigns, supporting future growth.

Operational approach and next steps

• Mining and processing to follow conventional Australian methods, with a 4:1 stripping ratio and simple flow sheet.

• Production profile stabilized at 153,000 oz/year for the first half of mine life.

• Gold recovery expected at 88.5% using carbon-in-leach circuit.

• Minor permit modifications underway to align with new project design.

• Advancing detailed engineering and strategic transaction options, including joint ventures or asset-level deals.