What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-02-23 compared with 2022-02-24 · 108 added, 104 removed, 610 unchanged (26% of the section changed)

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Rozelle is a qualified person as defined by S-K 1300 and NI 43-101.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summary for the Mt Todd project which is included as an exhibit to, and incorporated by reference into, this Form 10-K.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the technical report summary of the Mt Todd FS (as described below) which is included as an exhibit to this Form 10-K.

Mt Todd Gold Project, Northern Territory, Australia

Summary Disclosure

The Company has only one material mining property, the Mt Todd project located in the Northern Territory of Australia.

The Company has one material mining property, the Mt Todd gold project located in the Northern Territory of Australia.

We hold Mt Todd through our wholly owned subsidiary Vista Gold Australia Pty.

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Technical Report Summary

The 2022 FS for Mt Todd is the technical report summary, prepared pursuant to S-K 1300, that was filed on EDGAR on February 24, 2022 and is entitled “S-K 1300 Technical Report Summary - Mt Todd Gold Project - 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of December 31, 2021 and an issue date of February 9, 2022 (the “2022 FS”).

The 2022 feasibility study for Mt Todd is the technical report summary, prepared pursuant to S-K 1300, that was filed on EDGAR on February 24, 2022 and is entitled “S-K 1300 Technical Report Summary - Mt Todd Gold Project - 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of December 31, 2022 and an issue date of February 9, 2022, as amended February 7, 2023 (the “Mt Todd FS”).

The technical report summary remains current in all material respects.

A companion feasibility study for Canadian purposes, pursuant to NI 43-101, was filed on SEDAR on February 24, 2022 and is entitled “NI 43-101 Technical Report - Mt Todd Gold Project - 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of December 31, 2021 and an issue date of February 9, 2022.

The technical data and economic conclusions of these reports are identical, with minor differences between the reports resulting only from the respective disclosure requirements of S-K 1300 and NI 43-101.

The companion report is referenced herein for informational purposes only.

The technical data and economic conclusions of these reports are materially identical, with differences in the formatting of the reports and details of certain assumptions resulting only from the respective disclosure requirements of S-K 1300 and NI 43-101.

The reports were prepared by Sabry Abdel Hafez, Ph.D., P.Eng.;

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and Keith Thompson, CPG, member AIPG, each of whom is a qualified person under S-K 1300 and NI 43-101.

The following description of Mt Todd has been sourced, in part, from the 2022 FS and readers should consult the 2022 FS to obtain further particulars regarding Mt Todd.

The 2022 FS is available for review at www.sec.gov and under our profile at www.sedar.com.

The 2022 FS is not incorporated by reference into this annual report on Form 10-K.

Certain capitalized terms in this section not otherwise defined have the meanings ascribed to them in the 2022 FS.

The following description of Mt Todd has been derived, in part, from the Mt Todd FS and readers should consult the Mt Todd FS to obtain further particulars regarding Mt Todd.

The Mt Todd FS is available for review at www.sec.gov and under our profile at www.sedar.com.

The Mt Todd FS is not incorporated by reference into this annual report on Form 10-K.

Certain capitalized terms in this section not otherwise defined have the meanings ascribed to them in the Mt Todd FS.

Project Location and Access

Mt Todd is located 56 kilometers by road northwest of Katherine, NT, Australia, and approximately 290 kilometers by road southeast of Darwin.

Mt Todd is located 56 kilometers by road northwest of Katherine, NT, Australia, and approximately 290 kilometers by road southeast of Darwin, NT.

Access is by existing paved public roads and approximately four kilometers of paved private road.

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Temperatures are moderate, allowing for year-round mining operations.

Topography is relatively flat.

The tenements encompass a variety of habitats forming part of the northern Savannah woodland region,

which is characterized by eucalypt woodland with tropical grass understories.

The topography is relatively flat.

The tenements encompass a variety of habitats forming part of the northern Savannah woodland region, which is characterized by eucalypt woodland with tropical grass understories.

Surface elevations are approximately 130 to 160 meters above sea level in the area of the previous and planned mine plant site and waste rock dumps.

Project Stage

The Mt Todd project is a development stage property with proven and probable mineral reserves.

The Mt Todd gold project is a development stage property with proven and probable mineral reserves.

Feasibility Study Results

The 2022 FS evaluates a 50,000 tpd project (“50,000 tpd Project”) that optimizes payable gold, capital efficiency, operating costs and net present value (“NPV”).

The Mt Todd FS evaluates a 50,000 tpd project (“50,000 tpd Project”) that optimizes payable gold, capital efficiency, operating costs and net present value (“NPV”).

The 50,000 tpd Project highlights include:

● Estimated proven and probable mineral reserves of 6.98 Moz of gold (280 Mt at 0.77 g Au/t) at a cut-off grade of 0.35 g Au/t (1)(2) ;

● Average annual production of 395,000 ounces of gold over the mine life, including average annual production of 479,000 ounces of gold per year during the first seven years of operations following ramp-up and commissioning;

● Life of Mine average cash costs of $817 per ounce, including average cash costs of $752 per ounce during the first seven years of operations following ramp-up and commissioning;

● estimated proven and probable mineral reserves of 6.98 million ounces of gold (280 Mt at 0.77 g Au/t) at a cut-off grade of 0.35 g Au/t (1)(2) ;

● average annual production of 395,000 ounces of gold over the 16-year mine life, including average annual production of 479,000 ounces of gold per year during the first seven years of operations following commissioning and ramp-up;

● life of mine average cash costs of $817 per ounce, including average cash costs of $752 per ounce during the first seven years of operations following commissioning and ramp-up;

● a 16-year operating life;

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● after-tax NPV 5% of $999.5 million and internal rate of return (“IRR”) of 20.6% at a gold price of $1,600 per ounce and an AUD:USD exchange rate of 0.71;

● After-tax NPV 5% of $1,458 million and IRR of 26.7% at a price of $1,800 per ounce of gold and an AUD:USD exchange rate of 0.71 based on the Gold Price and Foreign Exchange Sensitivity Table below.

● after-tax NPV 5% of $1.7 billion and IRR of 29.4% at a price of $1,900 per ounce of gold and an AUD:USD exchange rate of 0.71 based on the Gold Price and Foreign Exchange Sensitivity Table below.

(1) Note to investors:

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(2) Life of mine is from start of commissioning and ramp up through the final closure.

(3) Post-sorted grinding circuit feed grade.

(3) Post-sorting grinding circuit feed grade.

(4) Cash Costs per ounce is a non-U.S.

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Exchange Rate

† Reflects the assumptions used for the economic analysis in the 2022 FS.

† Reflects the assumptions used for the economic analysis in the Mt Todd FS.

Key capital expenditures for the 50,000 tpd Project initial and sustaining capital requirements are:

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(1) Net of asset sales.

The 2022 FS contemplates an owner-operated mining fleet at initial capital of $86 million and sustaining capital of $565 million, inclusive of contingency.

The Mt Todd FS contemplates an owner-operated mining fleet at initial capital of $86 million and sustaining capital of $565 million, inclusive of contingency.

The study assumes the equipment will be sold when retired from operations, at an estimated salvage value of $21 million.

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Overall, this approach is expected to produce lower operating costs compared to contract mining.

The 2022 FS utilizes the efficiency of ore sorting across a broad range of head grades, the natural concentration of gold in the screen undersize material prior to sorting, the efficiency of fine grinding and the resulting improved gold recoveries at a final grind size of P 80 40 µm, and the selection of FLSmidth’s VXP mill as the preferred fine grinding mill.

The Mt Todd FS utilizes the efficiency of ore sorting across a broad range of head grades, the natural concentration of gold in the screen undersize material prior to sorting, the efficiency of fine grinding and the resulting improved gold recoveries at a final grind size of P 80 40 µm, and the selection of FLSmidth’s VXP mill (“VXP Mills”) as the preferred fine grinding mill.

The 50,000 tpd Project incorporates purchasing electrical power from a third-party.

The power plant will be owned, operated, and provide power on a dedicated contract.

The power plant will be owned, operated, and provide power to the Project on a dedicated contract.

The following table presents a breakdown of 50,000 tpd Project operating costs.

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Table may not add to total due to rounding

(1) Jawoyn Royalty and refining costs calculated at $1,600 per ounce gold and an A$1.00 :

(1) Jawoyn Royalty (as defined below) and refining costs calculated at $1,600 per ounce gold and an A$1.00 :

$0.71 exchange rate.

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GAAP Financial Measures for additional disclosure.

In November 2020, we modified our agreement with the Jawoyn.

The modified agreement provides the Jawoyn with a gross proceeds royalty (“GPR”) ranging between 0.125% and 2.0%, depending on prevailing gold prices and foreign exchange rates, instead of its previous right to become a 10% participating joint venture partner in Mt Todd.

In November 2020, we modified our agreement with the Jawoyn Association.

The modified agreement provides the Jawoyn Association with a gross proceeds royalty (“GPR”) ranging between 0.125% and 2.0%, depending on prevailing gold prices and foreign exchange rates, instead of its previous right to become a 10% participating joint venture partner in Mt Todd (“Jawoyn Royalty”).

The modified agreement did not affect the previously agreed 1.0% GPR.

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Mineral Resources and Mineral Reserves Estimates

The mineral resources and mineral reserves reported in this section were prepared in accordance with both S-K 1300 standards and CIM Definition Standards.

The table below presents the estimated mineral resources for the Project.

The effective date of the resource estimates is December 31, 2021.

The following mineral resources and mineral reserves were prepared in accordance with both S-K 1300 standards and CIM Definition Standards.

Mt Todd Gold Project – Summary of Gold Mineral Resources at the End of the Fiscal Year Ended December 31, 2021 based on US$1,300/oz.

Mt Todd Gold Project – Summary of Gold Mineral Resources based on US$1,300/oz Gold

Batman Deposit

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Measured & Indicated

● Measured & indicated resources include proven and probable reserves.

● Measured & indicated resources exclude proven and probable reserves.

● The Point of Reference for the Batman and Quigleys deposits is in situ at the property.

The Point of Reference for the Heap Leach is the physical Heap Leach pad at the property.

● Batman and Quigleys resources are quoted at a 0.40g-Au/t cut-off grade.

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Differences between Batman and Quigleys mining and metallurgical parameters are due to their individual geologic and engineering characteristics.

● Rex Bryan of Tetra Tech is the QP responsible for the Statement of Mineral Resources for the Batman, Heap Leach Pad and Quigleys deposits.

● Rex Bryan of Tetra Tech, Inc.

is the QP responsible for the Statement of Mineral Resources for the Batman, Heap Leach Pad and Quigleys deposits.

● Thomas Dyer of RESPEC is the QP responsible for developing the resource Whittle TM pit shell for the Batman Deposit.

● The effective date of the Heap Leach, Batman and Quigleys resource estimate is December 31, 2021.

● The effective date of the Batman Deposit, Heap Leach Pad, and Quigleys Deposit mineral resources estimates under the requirements of SK-1300 is December 31, 2022.

There have been no changes in the mineral resource estimates since December 31, 2021 because upon review the Company and the relevant qualified persons determined that the same material assumptions and estimates, including all economic parameters for resource estimation purposes, continued to apply as of December 31, 2022.

● The effective date of the Batman Deposit, Heap Leach Pad, and Quigleys Deposit mineral resource estimates under the requirements of NI 43-101 is December 31, 2021.

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

The mine plan in the 2022 FS includes both proven and probable mineral reserves and estimated total recovered gold at 6.31 million ounces.

The following table presents the estimated mineral reserves for the Project.

Mt Todd Gold Project – Summary of Gold Mineral Reserves at the End of the Fiscal Year Ended December 31, 2021 based – 50,000 tpd, 0.35 g Au/t cut-off and $1,125 per ounce pit design

There was no change in resource estimates as of December 31, 2022 compared to December 31, 2021 as the same material assumptions and criteria were determined to continue to apply to the resource estimates and there was no conversion of resources into reserves in the fiscal year ending December 31, 2022.

The mine plan in the Mt Todd FS includes both proven and probable mineral reserves and results in estimated total recovered gold of 6.31 million ounces.

The table below presents the estimated mineral reserves for the Project.

Mt Todd Gold Project – Summary of Gold Mineral Reserves based on 50,000 tpd, 0.35 g Au/t cut-off and $1,125 per Ounce Pit Design

Batman Deposit

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● The reserves point of reference is the point where material is fed into the mill.

● The effective date of the mineral reserve estimates is December 31, 2021.

● The effective date of the mineral reserve estimates under the requirements of S-K 1300 is December 31, 2022.

There have been no changes in the mineral reserve estimates since December 31, 2021 because the Company and the relevant qualified persons determined that the same material assumptions and criteria continued to apply as of December 31, 2022, including that the Company used a cutoff grade higher than the economic cutoff grade such that any intervening changes in the underlying economic assumptions were not material and did not require use of a cutoff grade greater than 0.35 g Au/t for mineral reserve estimation purposes.

● The effective date of the mineral reserve estimates under the requirements of NI 43-101 is December 31, 2021.

Cautionary note to investors:

Proven and probable mineral reserves are estimated in accordance with each of S-K 1300 and CIM Definition Standards.

Proven and probable mineral reserves are estimated in accordance with S-K 1300 and CIM Definition Standards.

A number of risk factors may adversely affect estimated mineral reserves and mineral resources, any of which may result in a reduction or elimination of reported mineral reserves and mineral resources.

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Risk Factors.”

There was no change in reserve estimates as of December 31, 2022 compared to December 31, 2021 as the same material assumptions and criteria were determined to continue to apply to the reserve estimates and there was no depletion of reserves in the fiscal year ending December 31, 2022 as the Mt.

Todd Gold Project is in the development stage

The tables below show the resource classification criteria and variogram parameters for the Batman resource model.

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In 2006, through an agreement with Pegasus Gold Australia Pty.

(“Pegasus”), the NT Government, and the Jawoyn, we acquired the concession rights and access to Mt Todd.

Also in 2006, through an agreement with the NT Government, we established the rights and obligations of both parties with respect to Mt Todd site care and maintenance and potential future development.

In 2017, the latter agreement was extended through the end of 2023.

(“Pegasus”), the NT Government, and the Jawoyn Association, we acquired the concession rights and access to Mt Todd.

Also in 2006, through an agreement with the NT Government, we established the rights and obligations of Vista and the NT Government with respect to Mt Todd site care and maintenance and potential future development.

In 2017, the latter agreement was extended through the end of 2023 and the Company has requested an additional extension.

Total land holdings controlled by Vista Gold Australia are approximately 1,705 Km 2 .

A map showing the location of the mineral licenses (“MLs”) and exploration licenses (“ELs”) and a table with a list of MLs and ELs and the holding

requirements are set out below.

All of the estimated mineral resources are located within the boundaries of the MLs and substantially all of the estimated mineral resources at Mt Todd are located in the Batman deposit.

A map showing the location of the mineral licenses (“MLs”) and exploration licenses (“ELs”) and a table with a list of MLs and ELs and the holding requirements are set out below.

All of the estimated mineral reserves and resources are located within the boundaries of the MLs and substantially all of the estimated mineral reserves and resources at Mt Todd are located in the Batman deposit.

The Batman and Quigleys deposits are located within the MLs.

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Totals US$ (exchange rate of A$1.00 = $0.682 on December 31, 2022)

The surface land in the area of the contiguous MLs and ELs (excluding EL 32004) is freehold land owned by the Jawoyn.

Because the Jawoyn have title to the land, such land is not part of the lands classified by the government as indigenous lands, and as a result such lands are not subject to an Indigenous Land Use Agreement.

Vista has a private agreement with the Jawoyn for access to the land.

The surface land in the area of the contiguous MLs and ELs (excluding EL 32004) is freehold land owned by the Jawoyn Association.

Because the Jawoyn Association have title to the land, such land is not part of the lands classified by the government as indigenous lands, and as a result such lands are not subject to an Indigenous land use agreement.

Vista has a private agreement with the Jawoyn Association for access to the land.

Annually, we are required to submit a care and maintenance MMP to the DITT that details work to be done on the property.

We have received approval for all work done on the Project to date and obtained approval for the EIS.

We received our operational MMP in June 2021, which is the operating permit that sets out how mine operating strategy will be

implemented throughout the mine life in compliance with the EIS and EPBC requirements.

The MMP will be amended to align with the design changes in the 2022 FS.

We received our operational MMP in June 2021, which is the operating permit that sets out how mine operating strategy will be implemented throughout the mine life in compliance with the EIS and EPBC requirements.

The MMP is in the process of being amended to align with the design changes in the Mt Todd FS.

The remaining permitting processes are relatively straight-forward and are not expected to impede, to a material extent, our exploration and future development plans.

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● current electrical connection to the NT electric grid.

● reduced earthworks costs due to the process plant location being the same as the previous process plant, which has already been cleared and graded.

In addition, we expect reduced earthworks costs due to the process plant location being the same as the previous process plant, which has already been cleared and graded.

Other benefits of Mt Todd’s NT location include:

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Planned infrastructure for the site includes the following:

● ammonium nitrate and fuel oil (ANFO) facility;

● mine support facilities (heavy vehicle (HV) workshop, lube farm, washdown and tire change, warehouse, fuel farm, mining offices, core storage facility);

● ammonium nitrate and fuel oil facility;

● mine support facilities (heavy vehicle workshop, lube farm, washdown and tire change, warehouse, fuel farm, mining offices, core storage facility);

● heap leach facility;

● small accommodation camp for occasional contractor use;

● water treatment plant (WTP);

● water treatment plant;

● power supply;

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● communications;

● expanded existing and additional TSF.

● expanded existing and additional tailings storage facility.

Geological Setting, Mineralization, and Deposit Type

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Within the Mt Todd region, the oldest outcropping rocks are assigned to the Burrell Creek Formation.

These rocks consist primarily of interbedded greywackes, siltstones, and shales of turbidite affinity, which are interspersed with the minor volcanics.

The Burrell Creek Formation is overlain by interbedded greywackes, mudstones, tuffs, minor conglomerates, mafic to intermediate volcanics and banded ironstone of the Tollis Formation.

These rocks consist primarily of interbedded greywackes, siltstones, and shales of turbidite affinity, which are interspersed with minor volcanics.

Burrell Creek Formation is overlain by interbedded greywackes, mudstones, tuffs, minor conglomerates, mafic to intermediate volcanics and banded ironstone of the Tollis Formation.

The Burrell Creek Formation and Tollis Formation comprise the Finniss River Group.

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The mineralization within the Batman pit is directly related to the intensity of the north-south trending quartz sulfide veining.

The lithological units impact on the orientation and intensity of mineralization.

The lithological units impact the orientation and intensity of mineralization.

Sulfide minerals associated with the gold mineralization are pyrite, pyrrhotite and lesser amounts of chalcopyrite, bismuthinite and arsenopyrite.

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The Arafura Mining Corporation, CRA Exploration, and Marriaz Pty Ltd all explored the Mt Todd area at different times between 1975 and 1983.

In late 1981, CRA Exploration conducted grid surveys, geological mapping and a 14 diamond drillhole program, with an aggregate meterage of 676.5 m, to test the gold content of Quigleys Reef over a strike length of 800 meters.

In late 1981, CRA Exploration conducted grid surveys, geological mapping and a 14 diamond drillhole program, with an aggregate meterage of 676.5 meters, to test the gold content of Quigleys Reef over a strike length of 800 meters.

Following this program CRA Exploration did not proceed with further exploration.

During late 1986, Pacific Gold Mines NL (“Pacific”) undertook exploration in the area which resulted in small-scale open cut mining on the Quigleys and Golf reefs, and limited test mining at the Alpha, Bravo, Charlie and Delta pits.

Ore was transported to a CIP plant owned by Pacific at Moline.

Ore was transported to a carbon in pulp (“CIP”) plant owned by Pacific at Moline.

This continued until December 1987.

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Final capital costs to complete the project were AUD232 million (USD181 million).

Design capacity was never achieved due to inadequacies in the 3 rd and 4 th stages of the crushing circuit.

Design capacity was never achieved due to inadequacies in the third and fourth stages of the crushing circuit.

A throughput rate of just under 7 Mtpy was achieved by mid-1997;

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Most of the equipment was sold in June 2001 and removed from the mine.

In March 2006, Vista acquired the concession rights from the Deed Administrators and surface rights from the Jawoyn and entered into a contract with the NT Government.

In March 2006, Vista acquired the concession rights from the Deed Administrators and surface rights from the Jawoyn Association and entered into a contract with the NT Government.

Exploration Licenses

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These included the RKD target, Tablelands, and Silver Spray.

During a review of Pegasus’ airborne geophysical survey data, five distinct magnetic highs were observed located within sedimentary rocks that should have a low magnetic

During a review of Pegasus’ airborne geophysical survey data, five distinct magnetic highs were observed located within sedimentary rocks that should have a low magnetic signature.

These features are similar to those at Batman, which, as a result of the included pyrrhotite, exhibits a strong magnetic high.

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There are no reportable mineral resources and mineral reserves on the ELs.

No data from the ELs were used in the development of the 2022 FS results.

No data from the ELs were used in the development of the Mt Todd FS results.

Exploration sampling summary:

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Lower grade, erratic mineralization in the hanging wall of the shears has not been included in the mineral resource estimate.

Sampling and assaying were performed under the supervision of prior operators in conjunction with evaluation of the Batman pit and are discussed in the 2022 FS, as part of the overall Project sampling and assaying methodology.

Sampling and assaying were performed under the supervision of prior operators in conjunction with evaluation of the Batman pit and are discussed in the Mt Todd FS, as part of the overall Project sampling and assaying methodology.

Batman Deposit

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Vista Drilling 2012 – 2017

Between the fourth quarter of 2012 and the end of the first quarter of 2017, the Vista exploration program at the Batman Deposit consisted of 22 diamond core drillholes containing 12,530 m that targeted both infill definitional drilling and step-out drilling.

Between the fourth quarter of 2012 and the end of the first quarter of 2017, the Vista exploration program at the Batman Deposit consisted of 22 diamond core drillholes containing 12,530 meters that targeted both infill definitional drilling and step-out drilling.

The majority of drilling was angled so as to be approximately perpendicular to the mineralized core.

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The Batman Deposit mineralization forms a set of stacked plates that strike to the north and plunge steeply to the east.

These mineralized zones have been defined by wireframes

which are used to constrain the higher grades for resource estimation.

These mineralized zones have been defined by wireframes which are used to constrain the higher grades for resource estimation.

Early drilling sampled the deposit near the surface allowing for shorter drillhole depths.

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Recent Vista drilling in particular has targeted the deeper portions of the Batman Deposit.

The positioning of the Vista drillhole collars were constrained to be outside of the flooded historical mine pit.

The positioning of the Vista drillhole collars was constrained to be outside of the flooded historical pit.

Most Vista drilling has been oriented so as to transect the higher-grade mineralized zone.

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The mineralized zones have been defined by wireframes which are used to constrain the higher grades for the resource estimation.

The majority of drilling was angled so as to be approximately perpendicular to the mineralized core.

The majority of drilling was angled so as to be approximately perpendicular to the mineralized

This orientation more accurately transects the true thickness of the mineralization.

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Drilling Results

The results of drilling at the Batman Deposit and Quigleys Deposit were used to determine the gold mineral resource estimates for the Batman and Quigleys Deposit.

The results of drilling at the Batman Deposit and Quigleys Deposit were used to determine the gold mineral reserves and resources estimates for the Batman Deposit and Quigleys Deposit.

Vista’s drilling discovered a larger Batman resource by probing deeper with diamond drilling averaging 550 meters in depth.

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While there are random high-grade intercepts outside of the core zone, the majority of higher-grade mineralization at the Quigleys Deposit resides within the defined zones.

2020-2021 Drilling Program Results

Vista continued the “proof of geologic concept” exploration drilling started in 2020.

In 2021, a total of 13 additional exploration drill holes were drilled on the MLs.

The results of these drill holes continue to confirm the Vista interpretation of the mineralization and geologic structures between the Batman and Quigleys deposits along ta 5.4 Km trend.

This drilling is widely spaced and not sufficient to develop any geologic resource estimates.

Drill Hole ID

2020-2022 Drilling Program Results and Exploration Targets

Between late 2020 and early 2022, we completed an exploration drilling program designed to demonstrate that the Batman, Golf Tollis, and Quigleys deposits are not independent of each other but connected by structure and mineralization.

This program consisted of 26 drill holes totaling 8,887 meters of HQ diamond core.

The program consistently intersected mineralization predicted by our geologic model and demonstrated both horizontal and vertical continuity of the targeted structures.

Additionally, the program identified four quality exploration targets as well as other potential structures along a 5.4-km portion of the 24-km Batman-Driffield Trend that contains the Batman, Golf Tollis, and Quigleys deposits.

Sampling, Analysis and Data Verification

The sampling method and approach for drillholes completed between 2012 and 2018 was the same as has been used by Vista for all of the Vista diamond drilling.

The same sampling method and approach has been used for all diamond drillholes completed by Vista at Mt Todd.

The drill core, upon removal from the core barrel, was placed into plastic core boxes.

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All of this work was done under the supervision of a Vista geologist.

The following section describes the sample preparation, analyses and security undertaken by Vista through the December 31, 2021 resource update.

The following section describes the sample preparation, analyses and security undertaken by Vista through the Mt Todd FS resource update.

The diamond drilling program was conducted under the supervision of the geologic staff composed of a chief geologist, several experienced geologists, and a core handling/cutting crew.

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The lead oxidizes and is absorbed into a cupel leaving a gold bead.

Due to the relatively low concentration of gold at Mt Todd the lab must choose an analytical method able to detect a least 5ppb gold.

The methods are generally by atomic absorption (AA) or inductively coupled plasma-mass spectrometry (ICP-MS).

Due to the relatively low concentration of gold at Mt Todd the lab must choose an analytical method able to detect at least 5ppb gold.

The methods are generally by atomic absorption or inductively coupled plasma-mass spectrometry.

The bead is dissolved in aqua regia or dissolved in hydrochloric acid and then analyzed by the selected instrument.

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After preparation, samples were then forwarded on to ALS in Malaga, WA for assay analyses.

One in every 20 pulp or reject was sent from ALS in Alice Springs to Northern Australian Laboratories (“NAL”), Vista was notified by email which samples were sent to NAL.

One in every 20 pulp or reject was sent from ALS in Alice Springs to NAL, Vista was notified by email which samples were sent to NAL.

For the 2011-2012 drilling campaign samples for assay were sent to NAL lab in Pine Creek, NT.

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After preparation, samples were then forwarded on to ALS in Malaga, Western Australia for assay analyses.

One in every 20 pulp or reject was sent from ALS in Alice Springs to Northern Australian Laboratories (NAL), Vista was notified by email which samples were sent to NAL.

One in every 20 pulp or reject was sent from ALS in Alice Springs to NAL, Vista was notified by email which samples were sent to NAL.

For the 2011-2012 drilling campaign samples for assay were sent to NAL lab in Pine Creek, NT.

Check assays on one in every 20 pulps or rejects were completed by NT Environmental Laboratories.

Following completion of assay results, all pulps and reject material was shipped back to the Project site and stored.

Following completion of assay results, all pulps and reject material were shipped back to the Project site and stored.

Comparison of Assay Values between the Database and Source Documents

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(+/- 0.1 ppm Au)

Center of Cell Range in ppm

(+/- 0.1 ppm Au)

Differences with no rounding or truncation of data

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After preparation, samples were then forwarded on to ALS in Malaga, WA for assay analyses.

One in every 20 pulps or rejects was sent from ALS in Alice Springs to Northern Australian Laboratories (NAL), Vista was notified by email which samples were sent to NAL.

One in every 20 pulps or rejects was sent from ALS in Alice Springs to NAL, Vista was notified by email which samples were sent to NAL.

For the 2011-2012 drilling campaign samples for assay were sent to NAL lab in Pine Creek, NT.

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When the shipment arrived at the preparation facility the samples were lined out and a confirmation of sample receipt was e-mailed back to Vista.

Statistical analyses of the various drilling populations and quality assurance/quality control (QA/QC) samples have neither identified nor highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

Statistical analyses of the various drilling populations and quality assurance/quality control samples have neither identified nor highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

Mining Operations

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transmission (“XRT”) and laser sorting, and primary ball mills, followed by VXP Mills, as discussed in greater detail below.

Vista plans to recover gold in a conventional carbon-in-pulp (“CIP”) recovery circuit.

Vista plans to recover gold in a conventional CIP recovery circuit.

Mineral Processing

The flowsheet consists of open-circuit primary crushing, closed-circuit secondary crushing, closed-circuit tertiary crushing using HPGR crushers, ore sorting, two-stage grinding, cyclone classification, pre-leach thickening, leach and adsorption, elution electrowinning and smelting, carbon regeneration, tailings detoxification and disposal to conventional tailings storage facility (“TSF”).

The flowsheet for the Project is illustrated below.

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The remaining three 2.75” drill core composites all contained sulfide material.

The drill core was HPGR crushed and screened at plus 5/8” at the facilities of Thyssen Krupp Industries near Dusseldorf, Germany.

The drill core was HPGR crushed and screened at 5/8” at the facilities of Thyssen Krupp Industries near Dusseldorf, Germany.

The plus 5/8” material was sent to the test facility of Tomra Sorting Solutions near Hamburg, Germany where this material was initially sorted using XRT sorting.

7 unchanged sentences

Gold Recoveries

We continued evaluating gold recoveries using two-stage grinding and a finer product size.

We evaluated gold recoveries using two-stage grinding and a finer product size.

This test work has confirmed that the introduction of ore sorting to reduce the leach tonnage by approximately 10% and finer grinding to P 80 of 40 µm yields an increase in recovery to ~91.6% on a weighted-average basis, net of solution losses.

13 unchanged sentences

These results ranged between 71 and 91% with the average being 82.2% for this material when processed through the proposed CIP flowsheet.

The 2022 FS assumes that the existing heap leach pad will be left in place and processed through the mill at the end of mine life.

The Mt Todd FS assumes that the existing heap leach pad will be left in place and processed through the mill at the end of mine life.

This ultimately is expected to reduce the scope of reclamation of the heap leach pad to the pad liner and regrading only.

During September 2014, the EIS was approved.

In its Assessment Report, the NTEPA advised that it had assessed the environmental impacts of Vista’s development plans for Mt Todd and concluded that it can proceed, subject to a number of recommendations which are outlined in the Assessment Report.

The NTEPA Assessment Report includes 28 recommendations which are addressed as part of the MMP.

In its Assessment Report, the NT EPA advised that it had assessed the environmental impacts of Vista’s development plans for Mt Todd and concluded that it can proceed, subject to a number of recommendations which are outlined in the Assessment Report.

The NT EPA Assessment Report includes 28 recommendations which are addressed as part of the MMP.

The approval of the EIS resulted in the requirement to obtain an authorization of a controlled activity as required under the EPBC as it relates to the Gouldian Finch.

1 unchanged sentence

In November 2018, we applied for the MMP approval, which is the operating permit that sets out how the mine operating strategy will be implemented throughout the mine life in compliance with the EIS and EPBC requirements.

The MMP was approved in June 2021 and will be amended to align with the larger-scale design in the 2022 FS.

The MMP was approved in June 2021 and is in the process of being amended to align with the larger-scale design in the Mt Todd FS.

The changes to the waste rock dump design have been referred to the NT EPA as required under the Environmental Protection Act 2019 for its consideration.

Environmental, Social and Community Factors

3 unchanged sentences

The document was prepared by independent consultants, GHD Pty Ltd., to identify potential environmental, social, transport, cultural and economic impacts associated with reopening and operating the mine.

NTEPA provided its final assessment of the Project in June 2014.

NT EPA provided its final assessment of the Project in June 2014.

Final approval was given in September 2014.

7 unchanged sentences

The present volume of water in the pit will not present any major issues when resuming operations in the Batman pit.

2022 Project Development Plans and Budget

Completing the 2022 FS during the first quarter of 2022 was Vista’s most significant development achievement.

With the results of the 2022 FS announced February 9, 2022, our priority is now directed towards engaging with potential partners, investors and lenders as we pursue a range of development alternatives.

Vista will also continue the “proof of geologic concept” exploration drilling started in 2020 to further confirm our interpretation of the mineralization and geologic structures between the Batman and Quigleys.

As with drilling carried out during 2020 and 2021, our plan for 2022 includes widely spaced drill holes that are not expected to provide sufficient data to develop any mineral resource estimates.

Recurring programs at Mt Todd will include continuation of our site-wide water management plan, geologic studies on the ELs, and required care and maintenance activities.

Vista expects to incur expenditures of approximately $4,000 during 2022 to carry out the development plans and other Mt Todd site activities as outlined above.

Other activities may be undertaken as Vista continues to consider programs that that have potential to further increase the value of Mt Todd in a cost-effective manner.

2023 Project Development Plans

The Company is evaluating a smaller scale project at Mt Todd, targeting a significantly lower initial capital cost while maintaining operating costs very close to those estimated in the Mt Todd FS.

A smaller project would be scalable, allowing for throughput expansion or mine-life extension.

The completion of this study is expected in the first quarter of 2023.

The strategic process with CIBC Capital Markets is ongoing and remains a top priority.

Vista reduced its recurring costs in 2022, and reducing costs and maximizing effectiveness continue to be high priorities in 2023.

Vista expects to incur expenditures of approximately $2,100 for its Mt Todd site maintenance and environmental stewardship activities.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties