Vista Gold (VGZ) Corporate presentation summary

Project overview and strategy

• Mt Todd is one of Australia's largest development-stage gold projects, with a 30-year mine life and significant expansion potential confirmed by the 2025 feasibility study.

• The standalone development strategy focuses on a 15,000 tpd operation, lowering initial capex to $425 million and prioritizing higher-grade ore.

• Key 2026 work programs include permit modifications, team expansion in Australia, and front-end engineering design to support detailed engineering in 2027.

• The project benefits from existing brownfield infrastructure and previously approved major permits, reducing development risk.

• Strong ESG practices and a robust social license are highlighted, including four years without a lost-time incident and strong community relationships.

Financial highlights and economics

• Initial capex is $425 million, with an after-tax NPV5% of $1.1 billion and IRR of 27.8% at a $2,500 gold price.

• Average annual gold production is projected at 153,000 oz for years 1-15, with an average ore grade of 1.04 g/t.

• All-in sustaining costs (AISC) are estimated at $1,449/oz for years 1-15.

• Mineral reserves total 5.2 Moz at a 0.50 g/t cutoff, and measured & indicated resources exceed 9 Moz.

• The company holds $49.5 million in cash as of June 30, 2026, with no debt, warrants, or options outstanding.

Development timeline and catalysts

• Permit modifications and optimizations are underway in 2026, with detailed engineering and design set to begin in 2027.

• A 27-month design, construction, and commissioning period will follow the start of detailed engineering.

• Key near-term catalysts include expanding the Australian-based team, metallurgical testing, geotechnical studies, and project execution planning.