Vista Gold (VGZ) Emerging Growth Virtual Conference summary

Corporate and project overview

• Mount Todd Gold Project in Northern Territory, Australia, is fully permitted and ready to build, with significant existing infrastructure and a large resource base of 9.4 million ounces, including 7.8 million measured and indicated ounces.

• The company is listed on NYSE American and TSX, with 124.5 million shares outstanding, a $94 million market cap, $16.9 million in cash, and no debt.

• Board and management own 4.2% of shares, and Sun Valley Gold is the largest institutional holder.

Feasibility study and development strategy

• A new feasibility study is underway, focusing on a smaller 15,000 tpd operation (down from 50,000 tpd), targeting $400 million initial CapEx—a 60% reduction from prior studies.

• Reserve grade is targeted at 1 gram/ton, a 25% increase, with annual production estimated at 150,000–200,000 ounces (35–40% of previous study output).

• The study is on track for mid-year completion and is expected to be a catalyst for attracting strategic partners or transactions.

• Multiple development paths are considered: joint venture, project/corporate transaction, or standalone build, depending on market conditions and financing.

Exploration and resource growth

• Recent drilling identified higher-than-expected grades and new mineralization, especially at the South Cross Lode, with thick, high-grade quartz veins encountered at depth.

• Drilling results are expected to add resources, some of which may convert to reserves in the new feasibility study.

• The exploration licenses cover nearly 1,600 sq km, with multiple targets along known gold-bearing trends, indicating strong district-scale potential.