Vista Gold : Corporate Presentation (Vista Gold Investor Presentation Apr 2026 WEBSITE 042326)

April 2026

MT TODD GOLD PROJECT VALUE REALIZATION THROUGH DISCIPLINED EXECUTION

VGZ

NYSE American & TSX

VISTA GOLD CORP.

Realizing Shareholder Value Through Disciplined Execution

Mt Todd is Among the Largest Development Stage Projects in Australia

2025 Feasibility Study for 15 ktpd Operation Confirms Strong Economics and Preserves Expansion Optionality

2026 Key Work Programs Underway Leading to Detailed Engineering and Design in 2027

Executing Independent Development Strategy, but Open to Strategic Transaction at Appropriate Valuation

Driving Outcomes to Achieve a Producer Re-Rating

Sources for all references to the 2025 Feasibility Study throughout this presentation:

S-K 1300 Technical Report Summary, Mt Todd Gold Project 15,000 tpd Feasibility Study, Northern Territory, Australia, effective date July 29, 2025 NI 43-101 Technical Report, Mt Todd Gold Project 15,000 tpd Feasibility Study, Northern Territory, Australia, effective date July 29, 2025

Sources for all references to the 2024 Feasibility Study throughout this presentation:

S-K 1300 Technical Report Summary, Mt Todd Gold Project 50,000 tpd Feasibility Study, Northern Territory, Australia, effective date March 12, 2024 NI 43-101 Technical Report, Mt Todd Gold Project 50,000 tpd Feasibility Study, Northern Territory, Australia, effective date March 12, 2024

VGZ | VISTA GOLD 2

Tight Capital Structure with No Debt

CAPITAL STRUCTURE

INSTITUTIONAL HOLDERS AND INSIDERS AS OF 3/9/26

VISTA GOLD CORP.

Symbol (NYSE American & TSX)	VGZ
Share Price (April 1, 2026)	$2.06
Shares Outstanding (Pro forma)1	144.9M
Market Capitalization (Pro forma)1	$298.5M
Cash (Pro forma)1	$55.5M
Debt	Nil

Kopernik Global Investors	5.8%
Vista Board and Management	3.2%
Cetera Investment Advisors	1.5%
Trek Financial LLC	1.4%
Marshall Wace LLP	0.9%
Two Sigma Investments LP	0.7%

1 Pro forma values are based on the stated share price, shares outstanding, and cash at December 31, 2025, plus the 17.9 million shares issued and $41.9 million net proceeds of the March 9, 2026 Offering.

$425 Million

INITIAL CAPEX

1.04 g Au/t

AVERAGE ORE GRADE YEARS 1-15

153,000 oz

AVERAGE GOLD PRODUCTION

YEARS 1-15

FEASIBILITY STUDY DRIVING VALUE CREATION

5.2 Million oz Au

MINERAL RESERVES1

10.6 Million oz Au

MINERAL RESOURCES2

$1.1 Billion

AFTER-TAX NPV5%

AT $2,500 GOLD3

27.8%

AFTER-TAX IRR AT $2,500 GOLD3

$2.2 Billion

AFTER-TAX NPV5% AT $3,300 GOLD

44.7%

AFTER-TAX IRR AT $3,300 GOLD

$1,449/OZ

AISC YEARS 1-15

30 YEAR

MINE LIFE 4

1. At $1,800 gold price and 0.50 g Au/t cutoff – see slide 13 for details.

2. At $1,950 gold price and 0.40 g Au/t cutoff – see slide 12 for details.

3. Feasibility Study gold price of $2,500.

4. Excludes years 31-33 of self-funding reclamation when heap leach ore from previous operations is re-processed.

   
   KEY CATALYSTS NEXT 6 TO 12 MONTHS
   

   Completing Work Programs Leading up to Detailed Engineering and Design in 2027

   Completing Pre-Development Optimizations

   • Metallurgical Testing

   • Geotechnical Study

     Project Execution Planning Permit Modifications

   • Aligning existing permits with the designs and operating plans defined in the 2025 Feasibility Study

     Expanding Australian-based Team

   • Small executive team in Perth with larger operating presence in the Northern Territory to lead development efforts

   • Building team of experienced mine builders and operators

DRIVING OUTCOMES TO ACHIEVE A PRODUCER RE-RATING

Comparison to Australian Gold Producers

VGZ | VISTA GOLD

Vista Gold’s average annual gold production is based on Years 1-15 as estimated in the 2025 FS. Other Sources: See slide 21 in the Appendix.

Modifications Underway to Align with 2025 Feasibility Study Designs

MODIFICATIONS TO EXISTING KEY PERMITS

Modifications of Existing Key Permits	2026				2027
	Q2	Q3		Q4	Q1	Q2	Q3	Q4
Approval of Additional Aboriginal Areas Protection Authority Certificate Conversion of Deemed Environmental Mining License to Environmental Mining License Amendment of Environmental Impact Statement Amendment of Environmental Mining License Approval of Environmental Protection and Bio-Diversity Conservation Authorization

WHY MT TODD?

Development-Stage Project that Appeals to Investors and Strategic Partners

Scarcity of Large Deposits in Tier-1 Mining Jurisdictions

“Too Big to Ignore”

Opportunity for Resource Growth

District-Scale Exploration Potential

Development Flexibility as Smaller Initial Project or Large-Scale Project

Designed for Future Expansion

Partner Strategy Provides Options to Deliver Ample Production to both Parties

VISTA GOLD CORP.

Focused on Value Realization

Designed as an Australian Project with the Goal of Near-Term Production

• Fit for purpose and right sized for initial development

  Completing Pre-Development Optimizations Leading to Front-End Engineering Design

  Targeting Start of Detailed Engineering and Design in 2027

• This milestone will initiate an estimated 27-month design, construction, and commissioning process as set out in the

  2025 FS

  Attractive Development Opportunity

• Initial capex $425 million

• 1.04 g Au/t average ore grade over first 15 years; 0.97 g Au/t LoM

• Steady gold production of approximately 153,000 oz/yr years 1-15; 146,000 LoM

  Leverage to Gold Price

• After-Tax NPV5% of $1.1 billion and IRR of 27.8% at $2,500 gold price

• After-Tax NPV5% of $2.2 billion and IRR of 44.7% at $3,300 gold price

Designed for Future Expansion

Contact

Pamela A. Solly

VP of Investor Relations

Phone: (720) 877-0132

Email: psolly@vistagold.com

NYSE AMERICAN & TSX: VGZ

https://www.vistagold.com

APPENDIX

VGZ | VISTA GOLD 11

MT TODD GOLD PROJECT

MINERAL RESOURCES AND MINERAL RESERVES

Mineral Resources Estimate1

• M & I gold resources now exceed 9 Moz

  Total Mineral Resources

  Increased Reserve Grade by 23% – 1.04 g Au/t Years 1-15 and 0.97 g Au/t LoM

  Mineral Reserves Estimate2

• Proven and probable – 5.2 Moz at raised cutoff grade of 0.50 g Au/t

Proven and Probable Mineral Reserves

Tonnes	Grade	Gold Oz		Tonnes	Grade	Gold Oz3
(000)	(g Au/t)	(000)		(000)	(g Au/t)	(000)
Measured & Indicated 340,428	0.83	9,122	Batman Deposit	158,623	0.97	4,959
Inferred 57,099	0.78	1,433	Heap Leach Pad	13,352	0.54	232
						5,190

1. See Appendix – Mineral Resources slide 12 for details.

2. See Appendix – Mineral Reserves slide 13 for details.

3. Amounts may not add to total due to rounding.

   MT TODD GOLD PROJECT

   MINERAL RESOURCES ESTIMATE
   

   Mt Todd Gold Project – Mineral Resources 0.40 g Au/t Cutoff and US$1,950 per ounce
   	Batman Deposit			Heap Leach Pad			Quigleys Deposit			TOTAL
   	Tonnes (000)	Grade (g Au/t)	Contained Ounces (000)	Tonnes (000)	Grade (g Au/t)	Contained Ounces (000)	Tonnes (000)	Grade (g Au/t)	Contained Ounces (000)	Tonnes (000)	Grade (g Au/t)	Contained Ounces (000)
   Measured (M)	124,502	0.82	3,301	–	–	–	3,702	1.13	134	128,204	0.83	3,435
   Indicated (I)	191,907	0.84	5,156	13,352	0.54	232	6,965	1.34	299	212,224	0.83	5,687
   Measured & Indicated	316,409	0.83	8,457	13,352	0.54	232	10,667	1.26	433	340,428	0.83	9,122
   Inferred	54,338	0.78	1,369	–	–	–	2,761	0.71	63	57,099	0.78	1,433

   Notes:

   1. Measured & Indicated resources include Proven and Probable Reserves.

   2. Batman and Quigley Resources are quoted at a 0.40g-Au/t cut-off grade. Heap Leach resources are the average grade of the heap, no cut-off applied.

   3. Batman: Resources constrained within a $1,950/oz gold pit shell. Pit parameters: Mining Cost $3.00/tonne, Milling Cost $17.50/tonne processed, G&A Cost $1.50/tonne processed, Au Recovery metallurgical equation averaging 89.7%.

   4. Quigleys: Resources constrained within a $1,950/oz gold pit shell. Pit parameters: Mining Cost $3.00/tonne, Milling Cost $17.50/tonne processed, G&A Cost $1.50/tonne processed, Au Recovery metallurgical equation averaging 89.7%.

   5. Differences in the table due to rounding are not considered material. Differences between Batman and Quigleys mining and metallurgical parameters are due to their individual geologic and engineering characteristics.

   6. Kira Johnson, MMSA, of Tetra Tech is the QP responsible for the Statement of Mineral Resources for the Batman, Quigleys deposits and Heap Leach pad.

   7. The effective date of the Heap Leach, Batman and Quigleys resource estimate is July 25, 2025.

   8. Mineral resources that are not mineral reserves have no demonstrated economic viability and do not meet all relevant modifying factors.

   9. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Reserves.

Sources for above data:

S-K 1300 Technical Report Summary, Mt Todd Gold Project 15,000 tpd Feasibility Study, Northern Territory, Australia, effective date July 29, 2025 NI 43-101 Technical Report, Mt Todd Gold Project 15,000 tpd Feasibility Study, Northern Territory, Australia, effective date July 29, 2025

MT TODD GOLD PROJECT

MINERAL RESERVES ESTIMATE

Mt Todd Gold Project – Mineral Reserves 0.50 g Au/t Cutoff and US$1,800 per gold ounce
	Batman Deposit			Heap Leach Pad			Total
	Tonnes (000)	Grade (g Au/t)	Contained Ounces (000)	Tonnes (000)	Grade (g Au/t)	Contained Ounces (000)	Tonnes (000)	Grade (g Au/t)	Contained Ounces (000)
Proven	77,359	0.95	2,371				77,359	0.95	2,371
Probable	81,263	0.99	2,588	13,352	0.54	232	94,615	0.93	2,820
Proven & Probable	158,623	0.97	4,959	13,352	0.54	232	171,975	0.94	5,190

Notes:

1. The Mineral Reserves point of reference is the point where material is fed into the processing plant.

2. Batman deposit Mineral Reserves are reported using a 0.50 g Au/t cutoff grade and $1,800/oz gold price.

3. Colin McVie, FAusIMMand Peter Lock , FAusIMM of Mining Plus are the QP’s responsible for the Statement of Mineral Reserves for Batman Deposit Proven and Probable mineral reserves.

4. Because all the heap-leach pad reserves are to be fed through the mill, these Mineral Reserves are reported without a cutoff grade applied.

5. Deepak Malhotra SME registered member, is the QP responsible for reporting the heap-leach pad Mineral Reserves.

6. The effective date of the Batman and Heap Leach Mineral Reserves estimate is July 25, 2025.

7. Differences in the table due to rounding are not considered material

8. The Mineral Reserves were estimated using the CIM Definition Standards for Mineral Resources and Mineral Reserves.

Sources for above data:

S-K 1300 Technical Report Summary, Mt Todd Gold Project 15,000 tpd Feasibility Study, Northern Territory, Australia, effective date July 29, 2025 NI 43-101 Technical Report, Mt Todd Gold Project 15,000 tpd Feasibility Study, Northern Territory, Australia, effective date July 29, 2025

MT TODD GOLD PROJECT

15 KTPD FEASIBILITY STUDY RESULTS SUMMARY

		YEARS 1-15	LIFE OF MINE 1
Average Annual Gold Production	koz	153	146
Gold Grade (ROM feed) 2	g Au/t	1.04	0.97
Gold Recovery (ROM) 2	%	88.6%	88.5%
Total Gold Production	koz	2,298	4,368
Cash Costs	$/oz	$1,399	$1,413
All-in Sustaining Costs	$/oz	$1,449	$1,499
Stripping Ratio	W:O	4.15	3.98
Initial Capital	$ millions	–	$425
Capital Efficiency (initial capital : total oz Au produced)	$/oz	$93	$97
Benefit Cost Ratio (NPV5% : initial capital)		–	2.5
Sustaining Capital	$ millions	$85	$256
Reclamation and Closure, Net	$ millions	$29	$176
After-tax NPV5%3	$ millions	–	$1,060
After-tax IRR 3	%	–	27.8%
After-tax Payback 3	Years	–	2.7

1. Life of Mine comprises years 1-30.

2. “ROM” means run of mine.

3. Feasibility Study gold price of $2,500.

MT TODD GOLD PROJECT

Fit for Purpose Design Supports Conventional Australian Mine and Plant Operations

MINING AND PROCESSING

Mining Overview

• Conventional truck and excavator open pit operation

• Drill and blast on 12-meter benches (ore and waste)

• Pit slope parameters re-evaluated

• 71 M tonnes of below cut-off material with economic potential to be segregated in waste rock dump for possible future processing

  0.35-0.5 g Au/t (average grade of 0.43 g Au/t)

  982 Koz contained gold

• Batman pit stripping ratio (W:O) 4:1

  Processing1

  • Stockpiling used to deliver higher and consistent grades

  • Life of mine average gold recovery of 88.5%

  • 3-stage crush (gyratory, cone and HPGR)

  • Single-stage sorting (XRT)

  • 2-stage grind (P80 40 microns)

  • Carbon-in-leach recovery circuit

    1 See Appendix – Conventional Gold Recovery Circuit slide 16 for process flowsheet details.

    CONVENTIONAL GOLD RECOVERY CIRCUIT
    

    MT TODD GOLD PROJECT

    EXPLORATION
    

    Mining Leases and Exploration Licenses

• Four mining leases (MLs)

  55 km2

• Four exploration licenses (ELs) 1,337 km2

  Batman deposit and other previously mined open pits. Section is not representative of location and scale.

  MT TODD GOLD PROJECT

  EXPLORATION
  

  District-Scale Exploration Potential

  1,337 km2 Contiguous Exploration Licenses

• Largely unexplored, host to known occurrences of precious and base metals, and highly prospective for new discoveries

  Prior Drilling within Boundaries of Mining Leases

• Identified four promising targets to date on the 24 km Batman-Driffield Trend with potential to add gold ounces to resource base

  Quigleys

• Newly updated Mineral Resources estimate

• MI&I Mineral Resources estimate of 496 koz gold at 1.15 g Au/t1

  South Cross Lode

• South Cross Lode located adjacent to the Batman deposit and extends with a defined strike length of 400 meters northeast

• Open at depth and along strike to the northeast, potentially connecting to other identified exploration targets

1 See Appendix – Mineral Resources slide 12 for details.

S

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Vista Gold Corporation published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:48 UTC.