After-Tax NPV (5%) of US$1.1 Billion with an After-Tax IRR of 27.8% at $2,500/oz
After-Tax NPV (5%) of US$2.2 Billion with an After-Tax IRR of 44.7% at $3,300/oz

Denver, Colorado, July 29, 2025 – Vista Gold Corp. (NYSE American and TSX: VGZ) is pleased to announce positive results of a 15,000 tonnes per day (“tpd”) feasibility study (the “Study” or the “2025 FS”) for its Mt Todd gold project (“Mt Todd” or the “Project”). The Study provides a favorable development alternative to Vista’s previous feasibility study completed in 2024 at 50,000 tpd (the “2024 FS”). All currency values are reported in U.S. dollars, unless otherwise noted.

Frederick H. Earnest, President and CEO commented, “This Study marks a significant shift in the strategy for Mt Todd, demonstrating the potential for near-term development of a smaller initial project by prioritizing higher grade ore to the processing plant, significantly lowering initial capital costs, and incorporating contractors to reduce development and operational risks.”

FEASIBILITY STUDY HIGHLIGHTS

Strong and Stable Gold Production from Well-Defined Deposit

Average annual gold production of 153,000 ounces during years 1-15 and 146,000 over the 30-year life of mine
Average ore grade of 1.04 grams gold per tonne (“g Au/t”) over the first 15 years of operations and 0.97 g Au/t over the life of mine
Life of mine average gold recovery of 88.5% from 3-stage crush, single-stage sort, 2-stage grind, and carbon-in-leach (“CIL”) recovery circuit
Contract mining and third-party power generation reduce capital costs and operational risks
Future expansion opportunities not evaluated in the Study, but considered in designs and layouts
Robust Economics

After-tax NPV5% of $1.1 billion, IRR of 27.8% and 2.7 year payback at a $2,500 per ounce gold price
After-tax NPV5% of $2.2 billion, IRR of 44.7% and 1.7 year payback at spot gold price ($3,300 per ounce)
After-tax free cash flow at a $2,500 gold price of $1.6 billion for first 15 years of commercial operations
Initial capital requirements of $425 million, a 59% reduction from the 2024 FS
Capital Efficiency: $93 per ounce (initial capital : total ounces of gold produced)
Benefit to Cost Ratio of 2.5 (NPV5% : initial capital)
All-in Sustaining Cost of $1,449 per oz years 1-15 and $1,499 per oz years 1-30
Mr. Earnest concluded, “The results of the Study demonstrate a very attractive development alternative for Mt Todd. It positions Mt Todd as a project with technical and economic parameters that are comparable to several highly valued Australian gold producers. We continue to focus on advancing Mt Todd in ways that demonstrate the underlying value of the Project and position it for near-term development.”

Technical Consultants with Proven Track Records for Australian and International Projects

GR Engineering Services (“GRES”) (Perth, Australia) – process area designs, major infrastructure, processing capital and operating cost estimates, project economic analysis, and feasibility study author
Mining Plus (Perth, Australia) – Mineral Reserves estimate, mine plans and schedules
Tetra Tech (Lakewood, Colorado) – Mineral Resources estimate, water management, closure, permitting, environmental, and community studies
Tierra Group International, Ltd. (Lakewood, Colorado) – tailings management and designs, waste rock dump geotechnical services, and waste rock dump construction plan
WSP (Perth, Australia) – pit geotechnical services
Early contractor engagement to obtain contract mining cost estimates under confidentiality
Third-party power generation pricing was provided under confidentiality from industry-leading provider
Each of GRES, Mining Plus, Tetra Tech, Tierra Group International, Ltd., and WSP are independent of Vista.

Approach to 2025 FS see & read more on

https://vistagold.com/news/news-2025/873-vista-gold-confirms-strong-economics-for-mt-todd-gold-project-with-re-sized-15-000-tonnes-per-day-feasibility-study