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 total resource, 7.8 million measured and indicated.

• The company is listed on NYSE American and TSX, with 124.5 million shares, a $94 million market cap, $16.9 million cash, and no debt as of year-end.

• Board and management own 4.2% of shares, with Sun Valley Gold as 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.

• Reserve grade is targeted at 1 g/t, a 25% increase, with annual production estimated at 150,000–200,000 ounces, about 35–40% of previous plans.

• The study is on track for mid-year completion and is expected to be a catalyst for attracting partners or strategic 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 at South Cross Lode revealed thicker, higher-grade quartz veins, with intercepts up to 50 g/t over 0.5m and 13–26 g/t over 1–2m.

• The 2023 program is expected to add resources, some of which may convert to reserves in the new feasibility study.

• The project area covers nearly 1,600 sq km, with significant exploration potential along the Batman-Driffield and Cullen-Australis trends.