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Here are 1-2 brief analogies for Vista Gold:

• A smaller, earlier-stage Barrick Gold, focused entirely on bringing one large gold project into production.

• Think of it as a Newmont, but all its value is tied to developing a single, massive gold deposit that isn't yet a mine.

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• Gold Project Development: Vista Gold's primary business involves advancing its flagship Mt Todd gold project towards commercial production through exploration, engineering, and permitting.
• Gold Resources: The company focuses on identifying and delineating significant gold deposits within its properties, which represent its principal assets and future potential for gold extraction.

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Vista Gold Corp. (symbol: VGZ) is a gold exploration and development company. As an exploration and development stage company, it is not currently in commercial gold production.

Consequently, Vista Gold Corp. does not have "major customers" in the traditional sense of selling a finished gold product or raw materials to other companies or individuals. Its activities are focused on advancing its Mt Todd gold project towards a production decision, including engineering, permitting, and securing financing.

Therefore, it does not currently serve distinct categories of customers that purchase its primary product.

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Frederick H. Earnest, President and Chief Executive Officer

Mr. Earnest has served as a director of Vista Gold Corp. since 2007 and was appointed CEO in January 2012. Prior to this, he served as the Company's President and Chief Operating Officer from 2007 to 2012, and as Senior Vice President, Project Development from 2006 to 2007. He previously served as a director of Midas Gold Corp. from April 2011 to May 2014. With over 35 years of experience in the mining industry, his expertise spans project evaluation, design and construction, mine operations, project optimization and turn-around, mine closure, and various senior executive roles. Mr. Earnest also held positions as President of Pacific Rim El Salvador SA de CV and General Manager and Legal Representative of Compania Minera Dayton. He holds a B.S. in Mining Engineering from the Colorado School of Mines.

Douglas L. Tobler, Chief Financial Officer

Mr. Tobler was appointed Chief Financial Officer of Vista Gold Corp. in July 2019. He brings over 35 years of corporate financial management experience, having served as a chief financial officer, CPA, and corporate advisor. His background includes extensive experience with growth-stage resource companies. Most recently, he was the CFO of Lydian International from 2014 to 2019, and prior to that, he served as the CFO of Alacer Gold Corp. from 2004 to 2012, overseeing the development and early operations of the Çöpler Gold Mine in Turkey. As a CPA and advisor, Mr. Tobler assisted numerous mining clients with strategic financial and corporate accounting objectives. He was also a fellow with Coopers & Lybrand's National Accounting and SEC Directorate. Mr. Tobler holds a B.S. in Business Administration (Accounting) from the University of Colorado.

Pamela A. Solly, Vice President of Investor Relations

Ms. Solly joined Vista Gold Corp. as Vice President of Investor Relations in April 2019. She has over 25 years of public company experience in strategically developing, coordinating, and executing investor relations and corporate communications programs. Before joining Vista Gold, Ms. Solly was Vice President of Investor Relations at Lydian International. Her career includes various investor relations positions at Thompson Creek Metals Company, Keating Investments, and Cyprus Amax Minerals Company. Ms. Solly earned a Bachelor of Science degree in Business Administration and Economics from Regis University and a Master of International Management degree from the University of Denver. She is also a Director of the Denver Gold Group and a member of the National Investor Relations Institute and Women in Mining.

Brent D. Murdoch, General Manager, Vista Gold Australia

Mr. Murdoch joined Vista Gold Australia as the General Manager in November 2012. He has more than 25 years of industry experience, with over ten years specifically focused on mine start-ups and large project construction. His substantial mining industry experience covers gold, manganese, iron ore, and copper. Previous management roles include positions with Leighton Contractors at the Solomon and Yandi mines in Western Australia, General Manager of OM Manganese Pty Ltd, and General Manager Construction for Harmony Gold at the Hidden Valley Mine. Mr. Murdoch is responsible for building the Mt Todd operating team, managing local stakeholder relationships, and ultimately managing the operation of the Mt Todd mine. He holds an MBA (2007) and a Diploma in Electronic Business (2004) from Murdoch University in Perth, Australia, and a Diploma in Occupational Health and Safety.

John W. Rozelle, Senior Vice President

Mr. Rozelle serves as a Senior Vice President at Vista Gold Corp.

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Key Risks to Vista Gold (VGZ)

• Uncertainty of Developing and Financing the Mt Todd Gold Project: Vista Gold is a development-stage company with no current mining operating revenues, making the successful development and financing of its primary asset, the Mt Todd gold project, a paramount risk. The company requires substantial expenditures to establish mineral reserves, develop metallurgical processes, and construct mining and processing facilities. There is no assurance that these activities will be commercially successful or lead to gold production or added value. Securing the necessary financing for the project's construction is identified as a key catalyst, and the company's current liquid assets have a limited lifespan if additional capital is not raised.

• Fluctuations in the Price of Gold: As a gold development company, Vista Gold's future profitability and the economic viability of the Mt Todd project are highly sensitive to prevailing gold prices. Significant decreases in the price of gold could negatively impact the project's economics, making it less attractive for development and potentially hindering the company's ability to raise capital or secure favorable financing terms.

• Inherent Hazards of Mining Activities and Regulatory Compliance: The mining industry inherently involves risks such as uncertainties in resource and reserve estimates, operational hazards, potential cost increases for capital and operating expenses, shortages and fluctuating costs of equipment or supplies, and the impact of environmental regulations. Changes in regulations, including those related to climate change, could lead to increased operating costs and affect the company's ability to advance its projects.

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Vista Gold (symbol: VGZ) is a development-stage gold company, and its financial activities are currently focused on advancing its flagship Mt Todd gold project in Australia, rather than generating revenue from gold production. Therefore, the expected drivers of future revenue growth over the next 2-3 years are directly tied to the successful development and eventual operation of this project.

The key drivers for future revenue growth for Vista Gold include:

1. Securing Financing or a Strategic Partnership for the Mt Todd Gold Project: Vista Gold is actively seeking partners or exploring self-financing options to fund the development of its Mt Todd project. The successful securing of the necessary capital or a joint venture partner is a critical prerequisite for moving the project into the construction phase and ultimately generating revenue.

2. Advancement Through Construction and Commissioning of the Mt Todd Gold Mine: Following a positive development decision and securing financing, the actual construction and commissioning of the Mt Todd gold mine will be the next major driver. The timeline for engineering to commissioning is estimated at 27 months. Progress through these stages is essential for the project to become operational and begin producing gold.

3. Commencement of Commercial Gold Production at Mt Todd: The ultimate driver of revenue growth will be the successful initiation of commercial gold production from the Mt Todd project. A new feasibility study completed in July 2025 outlines a plan for a 15,000 tonnes per day operation, which is expected to produce an average of 153,000 ounces of gold annually for the first 15 years, and 175,000 ounces annually for the first three years, over a 30-year mine life.

4. Prevailing Market Gold Prices: While not directly controlled by Vista Gold, the price of gold in the market will significantly influence the magnitude of revenue once production commences. The project's robust economics are highly sensitive to gold prices, with the feasibility study demonstrating an after-tax net present value (NPV5%) of $1.1 billion at a $2,500 per ounce gold price and $2.2 billion at a $3,300 per ounce gold price.

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Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• Vista Gold's outstanding shares have generally increased from approximately 100 million in 2020 to about 124.9 million as of November 2025, indicating share issuance over this period.

Inbound Investments

• In 2024, Vista Gold reported a $16.9 million gain on the grant of a royalty interest in Mt Todd.
• The company received the remaining $17.0 million royalty proceeds in the first half of 2024, stemming from its 2023 royalty transaction.
• Vista Gold is actively exploring strategic pathways for value realization, including potential joint venture partnerships for its Mt Todd project.

Capital Expenditures

• Capital expenditures were reported as $1.3 million in 2020, $2.2 million in 2021, $51,000 in 2022, $5,000 in 2023, and $139,000 in 2024.
• Future capital expenditures for the Mt Todd gold project are projected to be significantly reduced by 60% to approximately $400 million for a new 15,000 tonnes per day development strategy, down from previous estimates exceeding $1 billion.
• The primary focus of these expenditures is on advancing the Mt Todd gold project in Australia's Northern Territory, including drilling programs and ongoing feasibility studies.