Vista Gold Confirms Strong Economics for Mt Todd Gold Project with Re-sized 15,000 tonnes per day Feasibility Study 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
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__________________ NEWS _________________
Vista Gold Confirms Strong Economics for Mt Todd Gold Project with Re-sized 15,000 tonnes per day
Feasibility Study
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
Trading Symbol: VGZ
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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
The 2025 FS prioritizes an initial project scale designed to significantly reduce initial capital costs , development
risk, and operating risks. Vista leveraged GRES’ extensive experience in designing and building similarly sized gold
projects in Western Australia to achieve these objectives.
Additionally, the Study prioritizes grade over tonnes. The cut-off grade was raised from 0.35 g Au/t to 0.50 g Au/t
resulting in average plant feed grade of 1.04 g Au/t in years 1 -15 and 0.97 g Au/t over the life of mine. The
metallurgical recovery is dependent to a small degree on mill feed grades. We expect gold recoveries to range from
87-89% resulting in average annual gold production of approximately 153,000 ounces (years 1-15) and 146,000
ounces (life of mine).
The 2025 FS contemplates contract mining and third -party power generation using experience d Australian
contractors, contributing to capital cost savings and reducing operational risks. Staffing assumptions have also been
adjusted to provide the Project with a highly experienced operating team with a balance of fly-in-fly-out and
community-based employees. The Study does not evaluate future expansions, but the designs and layouts have
allowed for this opportunity.
Production
The Batman deposit has a large, higher grade central core. The Study concentrates on mining that core at a higher
cut-off grade. Ore stockpiles will be used to prioritize higher grade ore to the processing plant in early years. Material
below the cut-off grade with economic potential (0.35-0.50 g Au/t) is not included in Mineral Reserves but will be
segregated in the waste rock dump for possible future processing.
Processing will include primary gyratory, secondary cone , and third stage high pressure grinding roll crushing
followed by single-stage x-ray transmission sorting and two stages of grinding (ball mill and vertical mill) to produce
a final product with an 80% passing size of 40 microns. This final product of the comminution circuit will be leached
in a conventional CIL circuit followed by adsorption on activated carbon, stripping, electrowinning and smelting to
produce doré bars. Tailings will be deposited in one of two tailings storage facilities (“TSF”). The existing tailings
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storage facility (TSF 1) has an approved expansion capacity for approximately 90 million tonnes. Construction of
the second facility is expected to commence in year 19.
The Study contemplates c oncurrent reclamation of the waste rock dump and tailings storage facilities. A water
treatment facility is planned as part of the water management plan, with installation to take place during the initial
Project development phase.
Key production metrics are summarized in the following table.
Years 1-15 Life of Mine1
Design Throughput (ROM feed)2 Mtpa 5.3 5.3
Gold Grade (ROM feed)2 g Au/t 1.04 0.97
Gold Recovery (ROM feed)2 % 88.6 88.5
Average Annual Gold Production koz 153 146
Total Gold Production koz 2,298 4,368
Mining Cut-off Grade g Au/t 0.50 0.50
Inter-ramp Pit slopes (variable around the pit) degrees ° 45-55 45-52
Ore and Waste Bench Heights m 12 m 12 m
Stripping Ratio (W:O) 4.15 3.98
Concurrent Reclamation Yes Yes
Bond Work Index of Ore kWh/t 25.7 25.7
Post-sorting Mill Feed Bond Work Index kWh/t 24.4 24.4
Primary Crusher Product (80% Passing size) mm 120 120
Secondary Circuit Product (80% Passing size) mm 32 32
HPGR Circuit Product (80% Passing size) mm 3.25 3.25
Ball Mill Circuit Product (80% Passing size) μm 250 250
Regrind Circuit Product/Leach Circuit Feed (80% Passing size) μm 40 40
Cyanide Detoxification Yes Yes
Tailings Deposition Location TSF 1 TSFs 1 & 2
Settled Tailings Density t/m3 1.5 1.5
1 Life of Mine comprises years 1-30.
2 “ROM” means run of mine.
Capital Costs
Capital costs have been developed from first principles with quotes for all major equipment components. A turnkey
engineering, procurement and construction model has been used as the basis for project construction. The 2025 FS
contemplates a 27-month period for engineering, construction and commissioning. Contract mining at an average rate
of 32 Mtpa (ore and waste) and a third-party gas-fired generating plant capable of producing 64 MW are included in
the Study. Capital costs include a permanent camp facility near the mine site with housing, dining, and recreation
facilities for approximately 90% of the initial workforce.
The majority of sustaining capital is related to increasing tailings storage capacity in TSF 1 and the construction of TSF
2 starting in year 19.
The closure plan includes re-processing 13 million tonnes of heap leach material from previous operations and then
placing that material in the TSF. This is expected to generate approximately $88 million of pre-tax cash operating
margin and has been treated as self-funding reclamation, even though the heap leach pad material is included in Mineral
Reserves.
Summaries of capital costs are shown in the following tables.
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Capital Costs Summary Pre-
Production
Years
1-30
Heap Leach, Reclamation
and Closure
Initial Capital1 $M $425 - -
Sustaining Capital1 $M - $256 $10
Reclamation and Closure Costs1, 2 $M - $121 $56
Total Capital $M $425 $376 $66
Less: Pretax Self-Funding Reclamation and Closure $M - - $(88)
Total Capital After Self-Funding Reclamation $M $425 $376 $(22)
Note: Components may not add to totals due to rounding.
1 Includes contingency and growth factors.
2 Includes concurrent closure of waste rock dump, TSF 1, and TSF 2 during the life of the Project.
Capital Expenditures1 Initial Capital
($M)
Sustaining Capital
($M)
Mining $22 $33
Process Plant $154 $49
Project Infrastructure $91 $167
Site Establishment and Facilities $40 $9
Management, Engineering, EPC Services $70 $9
Preproduction Costs and Capital Spares $48 -
Reclamation2 - $122
Sub-total: Capital Expenditures (years 1-33) $425 $388
Closure (years 34-43) - $54
Total Capital Costs $425 $442
Capital Efficiency (Total Capital Costs : total ounces of gold
produced) $93 $97
Note: Components may not add to totals due to rounding.
1 Includes contingency and growth factors.
2 Includes concurrent closure of waste rock dump, TSF 1, and TSF 2 during the life of the Project.
Operating Costs
Mining costs have been provided by a well-established Australian contract miner. Power costs are based on a proposal
from one of Australia’s leading mine site contract power generators.
The Study uses a fixed natural gas price of A$8.50 per gigajoule. The Northern Territory is host to extensive natural
gas reserves and it is expected that there will be a steady and competitively priced source of natural gas throughout the
life of the Project. Vista has not yet negotiated a gas supply contract as it is not in a position at this time to execute a
take or pay contract.
Processing and administrative costs have been developed from first principles with major consumable supply
component quotes and competitive Australian labor rates. The operating costs contemplate that approximately 90% of
the initial workforce will be contracted on a fly-in-fly-out basis and be housed in a 250-bed permanent camp facility
near the mine site.
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Operating costs on a unit cost basis are shown in the following table.
Years 1-15 Life of Mine1
Mining Costs $/t mined $3.00 $3.30
Mining Costs $/t processed $18.49 $16.55
Processing Costs2 $/t processed $17.70 $17.62
Administrative Costs $/t processed $2.09 $2.09
Jawoyn Royalty $/t processed $2.22 $2.08
Wheaton Royalty $/t processed $0.84 $0.73
Refining $/t processed $0.15 $0.14
Total: Cash Costs $/t processed $41.49 $39.20
All-In-Sustaining Costs (“AISC”) $/oz $1,449 $1,499
1 Life of Mine comprises years 1-30.
2 Inclusive of water management costs of approximately $0.78/t processed.
The following chart highlights the ramp-up to full production in year 1, the optimization of grade delivered to the
plant in years 2-4, and the steady gold production over years 5-15.
Annual Gold Production and All-in Sustaining Costs/oz
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The following chart highlights the short payback of initial capital, stable cash flow through year 18, and investments
made in years 19 and 20 to extend the life of the mine, including additional stripping and the start of construction of
TSF 2.
After-tax Cash Flow
Sensitivity Analysis
Mt Todd has strong leverage to the gold price, as shown in the following table.
Gold Price
$2,100
$2,500
$2,900 $3,300
Spot Gold Base Case
After-tax NPV5% ($M) $524 $1,060 $1,610 $2,159
After-tax IRR (%) 18.1 27.8 36.6 44.7
After-tax Payback (years) 3.6 2.7 2.1 1.7
Mineral Resources and Mineral Reserves Estimates
The tables below present the estimated Mineral Resources and Mineral Reserves, prepared in accordance with Canadian
Institute of Mining, Metallurgical and Petroleum (“CIM”) definition standards. The effective date s of the Mineral
Resources and Mineral Reserves estimates are July 25, 2025. The Batman Deposit estimates include Mineral Resources
and Mineral Reserves for the South Cross Lode.
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Mt Todd Gold Project – Mineral Resources
0.40 g Au/t cut-off at $1,950 per gold ounce
BATMAN DEPOSIT HEAP LEACH PAD QUIGLEYS DEPOSIT TOTAL
Tonnes
(000)
Grade
(g Au/t)
Contained
Gold
(000)
Tonnes
(000)
Grade
(g
Au/t)
Contained
Gold
(000)
Tonnes
(000)
Grade
(g Au/t)
Contained
Gold
(000)
Tonnes
(000)
Grade
(g Au/t)
Contained
Gold
(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 (F) 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 Mineral Reserves.
2) Batman and Quigleys Resources are quoted at a 0.40 g 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 $17.5 0/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 (as defined below) 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 CIM Definition Standards for Mineral Resources and Reserves.
Mt Todd Gold Project – Mineral Reserves
0.50 g Au/t cut-off at $1,800 per gold ounce
BATMAN DEPOSIT HEAP LEACH PAD TOTAL
Tonnes
(000)
Grade
(g Au/t)
Contained
Gold
(000)
Tonnes
(000)
Grade
(g Au/t)
Contained
Gold
(000)
Tonnes
(000)
Grade
(g Au/t)
Contained
Gold
(000)
Proven (P) 77,359 0.95 2,371
77,359 0.95 2,371
Probable (P) 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 cut-off grade and $1,800/oz gold price.
3) Colin McVie, FAusIMM and Peter Lock, FAusIMM of Mining Plus are the QP's responsible for the Statement of Mineral Reserves for
Batman Deposit Proven and Probable Mineral Reserves.
4) Because all the heap-leach pad reserves are to be fed through the mill, these mineral reserves are reported without a cut-off grade
applied.
5) Deepak Malhotra SME registered member, is the QP responsible for reporting the heap-leach pad Mineral Reserves.
6) The effective date of the Batman and Heap Leach Mineral Reserves estimate is July 25, 2025.
7) Differences in the table due to rounding are not considered material.
8) The Mineral Reserves were estimated using the CIM Definition Standards for Mineral Resources and Reserves.
Feasibility Study Comparison
The following table highlights key differences between the 2025 FS (15,000 tpd) and the 2024 FS (50,000 tpd)
projects.
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2025 FS 2024 FS Change
Nameplate Capacity (tpd) 15,000 50,000 -70%
Mine Operator Contractor Owner
Mine Life (years) 30 16 87.5%
Average Run of Mine Grade (g Au/t) 0.97 0.79 22.8%
Mine Cut-off grade (g Au/t) 0.50 0.35 42.9%
Total Gold Produced 1 (Moz) 4.55 6.31 -27.9%
Initial Capital Cost ($M) $425 $1,030 -58.7%
AISC ($/oz) $1,499 $1,034 45.0%
Capital Efficiency (per oz) $93 $163 -42.9%
Benefit to Cost Ratio 2.5 1.1 127%
1 Includes self-funded reclamation gold ounces.
The design of the Mt Todd project at 15,000 tpd presents distinct advantages with regards to initial capex, average
grade and stable production over a long mine life. The design in the Study provides optionality to expand the Project
as deemed appropriate and realize benefits from part of the economies of scale demonstrated in the 2024 FS for a
50,000 tpd operation.
Next Steps
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.
This 2025 FS demonstrates a very competitive development alternative for Mt Todd. We anticipate this smaller scale
project may be attractive to many existing producers and gold investors and could be financed on attractive terms in
the current market. We plan to continue to raise broad awareness of the Project and seek to identify the best pathway
for value realization for Vista Shareholders.
To further complement the results of the Study, Vista and its consultants have identified opportunities for material
project improvements that can be accomplished in relatively short periods of time with modest work programs prior to
detailed engineering and design, including:
Fine-Grinding Optimization – Additional grinding studies may result in grind-size and equipment selection
changes that result in improved economics and lower initial capex.
Geotech Drilling & Pit Slope Refinement – The pit Geotech recommendations for the Study resulted in a flatter
west pit slope when compared with previous studies. Additional geotechnical data for the west pit slope area
is expected to result in an improved Pit Geotech recommendation for this area of the Batman pit leading to a
reduction in the amount of waste to be mined on the west side of the pit.
Desktop Studies of Expansion Alternatives – evaluations to consider opportunities to increase throughput and
optimal timing for an operation expansion.
Operating and environmental permits necessary to commence construction for the 50,000 tpd Project are in place and
are currently being amended to conform with the 2025 FS. Various additional minor permits (e.g. explosives use,
construction, septic/sanitation and camp operation) are required in the ordinary course as project development moves
forward. The NT enacted legislation in 2024 that establishes new mining licensing and requires that current mining
management plans be converted to the new licensing by mid-2028. Some modifications of permits are also likely to be
required to reflect the smaller-scale project contemplated in the 2025 FS. We anticipate these permit modifications
could be completed and approved in 12-18 months.