Vista Gold (VGZ) Emerging Growth Conference77 summary

Financial and operational highlights

• Ended Q3 with $19 million in cash and no debt, supporting ongoing activities and feasibility work.

• Annual fixed costs for maintaining the project are about $7 million, with additional costs for drilling and feasibility studies.

• Current cash runway is sufficient to cover fixed costs, drilling, and feasibility study expenses.

Project development and exploration updates

• Completed a 7,000-meter drilling program in two phases, targeting both Batman North and Southern Cross Lobe.

• Phase I drilling at Batman North defined mineralized boundaries, likely resulting in a modest resource increase.

• Phase II at Southern Cross Lobe identified two mineralization styles, with deeper intercepts showing higher grades and potential for underground mining.

Feasibility study and project strategy

• Preparing a new feasibility study targeting a reserve grade of 1 gram per ton and initial CapEx under $400 million, a 60% reduction from previous estimates.

• The new project scale aims for annual gold production of 150,000–200,000 ounces, with construction decision possible by mid-2026 and 18-month build period.

• All permits and water rights are secured, positioning the project as ready-to-build.