VISTA GOLD CORP

In this annual report on Form 10-K, unless the context otherwise requires, the terms we , us , our , Vista , Vista Gold , or the Company refer to Vista Gold Corp. and its subsidiaries. References to AUD or A$ refer to Australian currency and USD or $ refer to United States currency, all in thousands, unless specified otherwise, except per share-related, per tonne, and per ounce amounts. Overview Vista Gold Corp. and its subsidiaries operate as a development-stage company in the gold mining industry. Vista does not currently generate cash flows from mining operations. Our flagship asset is the Mt Todd Gold Project ( Mt Todd or the Project ), a development-stage gold deposit located in the Tier-1 jurisdiction of Northern Territory, Australia (the NT ). Mt Todd offers a large gold mineral reserve, development optionality, expansion opportunities, exploration upside, advanced local infrastructure, community support, and demonstrated economic feasibility. On July 29, 2025, the Company announced the results of a new Mt Todd feasibility study focused on developing a 15,000 tonnes per day ( tpd ), or 5.3 million tonnes per annum ( tpa ), operation (the Mt Todd FS or the Study ). The Mt Todd FS significantly decreased the initial capital requirement, prioritized grade over tonnes, delivered stable gold production over the extended life of the project, and provided a fresh perspective for developing the Project using design and operating practices commonly employed by Australian gold operations.