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Item 2. Properties

2026-03-11 compared with 2025-02-28 · 467 added, 500 removed, 231 unchanged (81% of the section changed)

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Qualified Persons

The scientific and technical disclosures about Mt Todd in this annual report on Form 10-K have been reviewed and approved by Maria Vallejo Garcia, Vista’s Director of Projects and Technical Services, and a designated qualified person (or “QP”) as defined by S-K 1300 and NI 43-101.

The scientific and technical disclosures about Mt Todd in this annual report on Form 10-K have been reviewed and approved by Maria Vallejo Garcia of P&G Consulting Services LLC, independent technical consultant, previously Vista’s Director of Projects and Technical Services through October 2025, and a designated qualified person (or “QP”) as defined by S-K 1300 and NI 43-101.

For a description of the key assumptions, parameters and methods used to estimate mineral resources and mineral reserves 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.

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Summary Disclosure

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

The Company has one material mining property, being the Mt Todd Gold Project located in Northern Territory, Australia (“NT”).

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

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Technical Report Summary

The Mt Todd FS is the technical report summary, prepared pursuant to S-K 1300, is attached as an exhibit to this Annual Report on Form 10-K 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 March 12, 2024 and an issue date of March 14, 2024.

A companion feasibility study for Canadian purposes, pursuant to NI 43-101, was filed on SEDAR+ on April 16, 2024 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 March 12, 2024.

The Mt Todd FS is the technical report summary, prepared pursuant to S-K 1300, is attached as an exhibit to this Annual Report on Form 10-K and is entitled “ S-K 1300 Technical Report Summary – Mt Todd Gold Project – 15 ktpd Feasibility Study – Northern Territory, Australia ” with an effective date of July 29, 2025 and a filing date of September 11, 2025 in accordance with S-K 1300 and filed on EDGAR at www.sec.gov on September 11, 2025.

A companion technical report for Canadian purposes, pursuant to NI 43-101, was filed on SEDAR+ at www.sedarplus.ca on September 11, 2025 and is entitled “NI 43-101 Technical Report – Mt Todd Gold Project – 15 ktpd Feasibility Study – Northern Territory, Australia”, with an effective date of July 29, 2025.

The companion report is referenced herein for informational purposes only and is not incorporated herein by reference.

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 Maurie Marks, P.Eng.;

Rex Clair Bryan, Ph.D., SME RM;

Dyer, P.E., SME RM;

Hudson, Ph.D., CPG, SME RM;

April Hussey, P.E.;

Chris Johns, M.Sc., P.Eng.;

Max Johnson, P.E.;

Deepak Malhotra, Ph.D., SME RM;

Zvonimir Ponos, BE, MIEAust, CPeng, NER;

Scharnhorst, P.E., LEED AP;

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 derived, in part, from the Mt Todd FS.

The reports were prepared for the Company by GR Engineering Services Limited, Mining Plus, Tetra Tech, BBA Consultants International LP (formerly Tierra Group), Deepak Malhotra, Ph.D., SME RM, and WSP Australia Pty Limited, each of whom is a qualified person under S-K 1300 and NI 43-101.

None of the qualified persons or any associates of the qualified persons employed in the preparation of this report have any beneficial interest in the Company or the Mt Todd Project and are not employed by the Company.

The qualified persons are not insiders, associates, or affiliates of the Company.

The results of the Mt Todd FS are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between the Company and the qualified persons.

The qualified persons are being paid a fee for their work in accordance with normal professional consulting practices.

The following disclosure regarding the Company’s Mt Todd Gold Project has been derived, in part, from the Mt Todd FS.

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.sedarplus.com.

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

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

For a description of the key assumptions, parameters and methods used to estimate Mineral Resources and Mineral Reserves 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 Mt Todd FS.

Certain capitalized terms in this section not otherwise defined herein 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, NT.

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

We control and maintain the private paved road.

The area has a sub-tropical climate with a distinct wet season and dry season.

The area receives most of its rainfall between the months of January and March.

Project Location, Access, Ownership and Climate

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

Access to the property is via high quality, two lane paved roads from the Stuart Highway, the main arterial within the territory.

The following figure illustrates the location of Mt Todd:

The Project area has a sub-tropical climate with a distinct wet season and dry season.

The area receives most of its rainfall between the months of December and March.

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

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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.

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

Project Stage

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Feasibility Study Results

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

The Mt Todd FS evaluates a 15 ktpd project that optimizes payable gold, capital efficiency, operating costs, and net present value (“NPV”) at this scale.

The Mt Todd FS highlights include:

● estimated proven and probable mineral reserves of 6.98 million ounces of gold (280 million tonnes at 0.77 g Au/t) using a gold price of $1,500 per ounce for the reserves estimate and a cut-off grade of 0.35 g Au/t (1)(2) ;

● average annual production of 395,000 ounces of gold over a 16-year life of mine, 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 $913 per ounce, including average cash costs of $845 per ounce during the first seven years of operations following commissioning and ramp-up (3) ;

● initial capital requirements of $1.03 billion which assume an owner-operated mining fleet, power generated on-site by a third-party, and a locally based employee workforce;

● after-tax NPV 5% of $1.13 billion and IRR of 20.4% at a gold price of $1,800 per ounce and an AUD:USD exchange rate of 0.69.

● Estimated Proven and Probable Mineral Reserves of 5.2 million ounces of gold (172 million tonnes at 0.94 g Au/t) using a gold price of $1,800 per ounce for the Mineral Reserves estimate and a cut-off grade of 0.50 g Au/t (1)(2) ;

● Initial capital of $425 million, a 59% reduction from the Company’s feasibility study issued in 2024 for a 50 ktpd case;

• Capital Efficiency of $93 per ounce (initial capital :

total ounces of gold produced) (3)

• Benefit to Cost Ratio of 2.5 (NPV 5% :

initial capital) (3) ;

● 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 a 30-year life of mine;

● Average annual gold production of 153,000 ounces during years 1-15 and 146,000 over the life of mine;

● All-in Sustaining Cost (“AISC”) of $1,449 per oz years 1-15 and $1,499 per oz years the life of mine (3) ;

● After-tax NPV 5% of $1.1 billion and IRR of 27.8% at a gold price of $2,500.

(1) Note to investors:

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Business – Cautionary Note to Investors Regarding Estimates of Measured, Indicated and Inferred Resources and Proven and Probable Mineral Reserves” in this annual report on Form 10-K for additional information.

(3) Cash costs per ounce is a non-U.S.

GAAP financial measure;

(3) Capital efficiency, benefit to cost ratio, and AISC per ounce are non-U.S.

GAAP financial measures;

GAAP Financial Measures for additional disclosure.

Key statistics of the Mt Todd FS are presented in the table below:

Years 1-7 (1)

Life of Mine (16 years) (2)

Life of Mine (1)

Average Plant Feed Grade (g Au/t)

Average Annual Gold Production (kozs)

Payable Gold Total (kozs)

Average Annual Gold Production (koz)

Gold Production (koz)

Average Recovery (%)

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Strip Ratio (waste:ore)

Initial Capital ($ billions)

After-tax NPV 5% ($ billions)

Initial Capital ($ millions)

After-tax NPV 5% ($ millions)

After-tax IRR

After-tax Payback (years)

Table economics presented using $1,800/oz gold and an AUD:USD exchange rate of 0.69.

(1) Years 1-7 start after the 6-month commissioning and ramp up period.

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

(3) Post-sorting grinding circuit feed grade.

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

GAAP financial measure;

Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-U.S.

GAAP Financial Measures for additional disclosure.

(5) All-in Sustaining Costs (“AISC”) per ounce is a non-U.S.

Table economics presented using a gold price of $2,500/oz.

Life of mine refers to years 1-30.

Life of mine does not include 167 koz produced during reprocessing of the heap leach material in years 31-33.

Cash Costs per ounce and AISC per ounce are non-U.S.

GAAP financial measure;

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GAAP Financial Measures for additional disclosure.

The following chart presents the Mt Todd FS annual after-tax cash flows using $1,800/oz gold and an AUD:USD exchange rate of 0.69:

The following table provides additional details of the Mt Todd FS economics at variable gold price per ounce and foreign exchange assumptions:

Gold Price and Foreign Exchange Rate Sensitivity Table ($ Billions)

Exchange Rate

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

Key capital expenditures for the Mt Todd FS initial and sustaining capital requirements are:

The following figure presents the Mt Todd FS annual after-tax cash flows using a gold price of $2,500/oz:

The Project is most sensitive to changes in the gold price.

Sensitivity to operating and capital costs changes are closely matched with the Project being slightly more sensitive to operating costs changes as shown in the following figure.

The following table provides the sensitivity of IRR and NPV at various discount rates to changes in the gold price.

Gold Price Sensitivity

After-Tax NPV5%

After-Tax NPV8%

After-Tax NPV10%

Capital expenditures for the Mt Todd FS initial and sustaining capital requirements include:

Capital Expenditures ($ Millions, except per ounce amounts)

Process Plant

Project Services

Project Infrastructure

Site Establishment & Early Works

Management, Engineering, EPCM Services

Preproduction Costs

Asset Sale and Salvage

Total Capital

Total Capital per Payable Ounce of Gold (2)

Site Establishment and Facilities

Management, Engineering and EPC Services

Preproduction Costs and Capital Spares

Capital Expenditures

Heap Leach Pad, Reclamation and Closure

Engineering Growth and Contingency (6 -10% by area)

Capital Expenditures

Capital Efficiency (2)

Amounts may not add to total due to rounding.

Asset sale and salvage value assumptions include end of life re-sale values for mining and processing equipment;

and recycle value for steel and pipe from the process plant and other facilities.

(1) Net of asset sales.

(2) Total capital per payable ounce of gold is a non-U.S.

(1) Sustaining capital is inclusive of reclamation and closure costs but excludes an estimated $88 million of pre-tax cash operating margin considered as self-funding reclamation associated with reprocessing heap leach pad ore material.

(2) Capital efficiency is a non-U.S.

GAAP financial measure;

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GAAP Financial Measures for additional disclosure.

The Mt Todd FS contemplates an owner-operated mining fleet with an initial capital cost of $100 million and sustaining capital of $620 million, inclusive of contingency.

The study assumes the mining equipment will be sold when retired from operations, at an estimated salvage value of $24 million.

Fleet operators, along with other employees, are expected to be community based, providing benefits by lower camp-related capital and operating costs.

Mining equipment would be maintained through a full maintenance and repair contract with the manufacturer’s authorized dealer.

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

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 Mt Todd FS incorporates purchasing electrical power from a third-party.

The power plant will be third-party owned and operated by a power generating company, and will provide power to the Project on a dedicated contract.

The following table presents a breakdown of Mt Todd FS operating costs.

The following table presents the Mt Todd FS operating costs on per ore tonne processed and per ounce produced bases.

Operating Cost

First 7 Years

Life of Mine Cost

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Site General and Administrative

Royalties (1)

Water Treatment

Tailings Management

Jawoyn Royalties (1)

Wheaton Royalty (1)

Refining Costs

Total Cash Costs (2)

Cash Costs (2)

Table may not add to total due to rounding

(1) Royalties (as defined below) and refining costs calculated at $1,800 per ounce gold and an AUD:USD exchange rate of 0.69.

(2) Total Cash Costs is a non-U.S.

(1) Royalties are based on the contractual terms as described below.

(2) Cash Costs is a non-U.S.

GAAP financial measure;

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GAAP Financial Measures for additional disclosure.

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

In November 2020, we modified our agreement with the Jawoyn Association Aboriginal Corporation (“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.

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

The combined royalty (“Jawoyn Royalty”) range is now from 1.125% to 3.0% and is reflected in the table above.

In December 2023, Vista entered into a royalty agreement (the “Royalty Agreement”) with Wheaton Precious Metals (Cayman) Co., an affiliate of Wheaton Precious Metals Corp., in relation to Mt Todd.

Pursuant to the terms of the Royalty Agreement, Vista granted Wheaton a royalty in the amount of 1% of gross revenue from the sale or disposition of minerals from the Project, subject to adjustments in certain circumstances (the “Wheaton Royalty” and together with the Jawoyn Royalty, the “Royalties”).

The life of mine production schedule contemplates 280.4 million tonnes of ore containing an estimated 6.98 million ounces of gold at an average grade of 0.77 g Au/t to be processed over a 16-year life of mine.

Total recovered gold is expected to be 6.31 million ounces.

Average annual gold production over the life of mine is expected to be 395,000 ounces, which includes averaging 479,000 ounces during the first seven years of commercial operations.

Commercial operations are anticipated to begin after two years of construction and a six-month commissioning and ramp-up period.

The following table summarizes the production schedule.

The shaded portion of the table presents the impact of ore sorting.

Ore sorting reduces the tonnage processed through the grinding, leaching and tailings handling areas by approximately 10% with a contained gold loss of approximately 1.3%.

This results in an increase in the post-sorting processed grade of approximately 8.0%.

The effects of reducing post-sorting tonnes and increasing grade results in capital and operating cost savings in the grinding, leaching and tailings handling areas.

Pit Ore Mined (kt)

Waste Mined (kt)

Ore Crushed (kt)

Crushed Grade (g/t)

Contained Ounces (kozs)

Ore to CIP (Post Sorting) (kt)

CIP Grade (g/t)

Contained Ounces (kozs)

Gold Produced (kozs)

Amounts may not add due to rounding.

† Six-month startup and commissioning period ahead of full production

‡ Total milled ore includes material from the existing heap leach pad that is processed in years 16 and 17.

The combined royalty (“Jawoyn Royalty”) ranges from 1.125% to 3.0%.

Based on a gold price of $2,500/oz and the AUD/USD foreign exchange rates used in for the Mt Todd FS economic analysis, the Jawoyn Royalty was assumed to be 3.0%.

In December 2023, Vista entered into a royalty agreement with Wheaton Precious Metals (Cayman) Co., an affiliate of Wheaton Precious Metals Corp., in relation to Mt Todd (the “Royalty Agreement”).

Based on the timing to achieve

the Royalty Agreement’s defined completion test, the Wheaton Royalty was assumed to be 1.13% for purposes of the Mt Todd FS economic analysis.

The production schedule contemplates 158.6 million tonnes of ore from the Batman deposit containing an estimated 4.96 million ounces of gold at an average grade of 0.97 g Au/t to be processed over a 30-year life of mine.

As part of the closure plan, 13.4 million tonnes of heap leach pad material from previous operations containing an estimated 0.23 million ounces of gold will be reprocessed and then placed in Tailings Storage Facility (“TSF”) 2.

Cashflow from this closure activity provides a form of self-funding reclamation.

Total gold to be produced is expected to be 4.55 million ounces.

Average annual gold production over the life of mine is expected to be 146,000 ounces, which includes an average of 153,000 ounces per year during the first 15 years.

The following table summarizes the production schedule for the 30-year life of mine and the subsequent reprocessing of gold Mineral Reserves from the heap leach pad.

ROM Ore Mined

Ore Processed

Processed Grade

Contained Ounces

Gold Produced

Life of Mine (1)

Table may not add to total due to rounding.

(1) Life of mine includes all run of mine ore from the Batman deposit, including the final tonnes of ore from the Batman deposit that are scheduled for processing in Year 31.

(2) Years 31-33 reflects the reprocessing of heap leap pad material that results in a form of self-funding reclamation .

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.

Mt Todd Gold Project – Summary of Gold Mineral Resource (Exclusive of Gold Mineral Reserves)

Based on US$1,300/oz Gold

The Mineral Resources and Mineral Reserves reported in this section were prepared in accordance with both S-K 1300 standards and Canadian Institute of Mining Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves.

The table below presents the estimated Mineral Resources for the Batman and the Quigleys deposits, excluding the Heap Leach Pad due to the entirety of the Heap Leach Pad Mineral Resource being converted to Mineral Reserves, therefore, a Mineral Resource exclusive of Mineral Reserves is not reported.

Mt Todd Gold Project – Summary of Gold Mineral Resources (Exclusive of Gold Mineral Reserves)

Based on $1,950/oz Gold Price

Batman Deposit

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Measured & Indicated

● Measured & indicated mineral resources exclude proven and probable mineral 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.

Heap Leach mineral resources are the average grade of the heap, no cut-off applied.

Mineral resources constrained within a US$1,300/oz gold Whittle TM pit shell.

Pit parameters:

Mining Cost US$1.50/tonne, Milling Cost US$7.80/tonne processed, G&A Cost US$0.46/tonne processed, G&A/Year 8,201 K US$, Au Recovery, Sulfide 85%, Transition 80%, Oxide 80%, 0.2g-Au/t minimum for resource shell.

Mineral resources constrained within a US$1,300/oz gold Whittle TM pit shell.

● Mineral Resources are reported exclusive of Mineral Reserves.

● Batman and Quigleys Mineral Resources are quoted at a 0.4 g Au/t cut-off grade.

Heap Leach Pad Mineral Resources were fully converted to Mineral Reserves.

● The Point of Reference for the Batman and Quigleys Mineral Resources estimates is in-situ at the property.

The Point of Reference for the Heap Leach Pad Mineral Resources estimates is the physical Heap Leach Pad at the property.

● Batman and Quigleys Mineral Resources are constrained within a $1,950/oz gold pit shell.

Pit parameters:

Mining cost US$1.90/tonne, Processing Cost US$9.779/tonne processed, Royalty 1% GPR, Gold Recovery Sulfide, 82.0% and Ox/Trans 78.0%, water treatment US$0.09/tonne, Tailings US$0.985/tonne.

● 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.

● 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 Batman Deposit, Heap Leach Pad, and Quigleys Deposit mineral resources estimates under the requirements of SK-1300 is December 31, 2024.

There have been no changes in the mineral resource estimates since December 31, 2023 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, 2024.

● 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, 2024.

Mining Cost $3.00/tonne mined, Processing Cost $17.50/tonne processed, General and Administrative Cost $1.50/tonne processed, Au Recovery 89.7%.

● Kira Johnson MMSA of Tetra Tech is the QP responsible for the Statement of Mineral Resources for the Batman deposit, Quigleys deposit and Heap Leach Pad.

● The effective date of the Batman, Quigleys and Heap Leach Pad Mineral Resources estimates is July 25, 2025.

● Mineral Resources that are not Mineral Reserves have no demonstrated economic viability and do not meet all relevant modifying factors.

There was no change in mineral resource estimates as of December 31, 2024 compared to December 31, 2023 as the same material assumptions and criteria were determined to continue to apply to the mineral resource estimates and there was no conversion of mineral resources into mineral reserves in the fiscal year ending December 31, 2024.

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

● The Mineral Resources were estimated in accordance with S-K 1300 and NI 43-101.

● “–“ indicates no reported value.

● The effective date of the Batman Deposit, Heap Leach Pad, and Quigleys Deposit mineral resource estimates under the requirements of S-K 1300 is December 31, 2025.

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 $1,500 per Ounce Pit Design

Mt Todd Gold Project – Summary of Gold Mineral Reserves Based on 15 ktpd, 0.50 g Au/t cut-off and $1,800/oz Gold Price Pit Design

Batman Deposit

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Proven & Probable

Economic analysis conducted only on proven and probable mineral reserves.

Dyer, P.E., is the QP responsible for reporting the Batman Deposit Proven and Probable mineral reserves.

● Batman pit optimization and design are based on a gold price of US$1500 per ounce of gold with an elevated cutoff grade of 0.35 g Au/t.

● Batman deposit Proven and Probable mineral reserves are reported with a net smelter return royalty based on a gold price of $1,800 per ounce of gold.

The Mt Todd FS economic analysis was conducted only on Proven and Probable Mineral Reserves.

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

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

● Colin McVie and Peter Lock of Mining Plus are the QP's responsible for the Statement of Mineral Reserves for Batman deposit Proven and Probable Mineral Reserves.

● Because all the Heap Leach Pad Mineral Reserves are to be fed through the processing plant, these Mineral Reserves are reported without a cutoff grade applied.

● Deepak Malhotra is the QP responsible for reporting the Heap-Leach Pad Mineral Reserves.

● Because all the Heap Leach Pad reserves are to be fed through the mill, these reserves are reported without a cutoff grade applied.

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

● The effective date of the Batman and Heap Leach Pad Mineral Reserves estimates is July 25, 2025.

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

● The Mineral Reserves were estimated in accordance with S-K 1300 and NI 43-101.

● The effective date of the mineral reserve estimates under the requirements of S-K 1300 is December 31, 2025.

There have been no changes in the mineral reserve estimates since December 31, 2023 because the Company and the relevant qualified persons determined that the same material assumptions and criteria continued to apply as of December 31, 2024, 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, 2024.

Cautionary note to investors:

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Risk Factors.”

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.

There was no change in mineral reserve estimates as of December 31, 2024 compared to December 31, 2023 as the same material assumptions and criteria were determined to continue to apply to the mineral reserve estimates and there was no depletion of mineral reserves in the fiscal year ending December 31, 2024 as Mt.

Todd is in the development stage.

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

Property Holdings

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The latter agreement was extended in 2017 through the end of 2023 and further extended in 2023 through December 31, 2029, with the option for an additional three-year extension.

Total land holdings controlled by Vista Gold Australia are approximately 1,637 Km 2 .

A map showing the location of the mineral licenses (“MLs”) and exploration licenses (“ELs”) is set out above under the section heading “Project Location and Access.” A table listing the MLs and ELs and the required annual rents and holding fees is 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.

A map showing the location of the mineral leases (“MLs”) and exploration licenses (“ELs”) is set out below.

A table listing the MLs and ELs and the provisions of each tenement is set out below.

All estimated Mineral Resources and Mineral Reserves are located within the boundaries of the MLs, with the majority of estimated Mineral Resources and Mineral Reserves contained in the Batman deposit.

The Batman and Quigleys deposits are located within the MLs.

Should a deposit be discovered on the ELs, that portion of the related EL would have to be converted to an ML before mining operations could start.

Mt Todd Land Holdings of Vista Gold Australia

Should a deposit be discovered on the ELs, that portion of the related EL would need to be converted to an ML before mining operations could start.

Mt Todd Tenements of Vista Gold Australia

Estimated Holding

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Location Date/

Mineral Licenses

Mineral Leases

Mining License Block

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Centered at approximately 176100E, 8428700N

Centered at approximately 164000E, 8430550N

November 21, 2019

November 20, 2025

(due November 20)

Centered at approximately 160180E, 8445150N

Under application

Totals US$ (exchange rate of A$1.00 = $0.62 on December 31, 2024)

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.

The surface land of the contiguous MLs and ELs is freehold land owned by the Jawoyn Association.

Because the Jawoyn Association has 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 an MMP (now called a Deemed Mining License) for care and maintenance 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 was changed to a Deemed Mining License in July, 2024.

This authorization is the operating permit that sets out how the mine operating strategy will be implemented throughout the life of mine in compliance with the EIS and EPBC requirements.

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

Any future mining will require sufficient surety bonding to fund mine closure.

Annually, we are required to submit an MMP (now called a Deemed Environmental (Mining) License) (“DEML”) for care and maintenance that details work to be done on the property.

We received our operational MMP (also now a DEML) in June 2021 based on the parameters of the 50 ktpd 2020 Mt Todd prefeasibility study.

This authorization is the operating permit that sets out how the mine operating strategy will be implemented throughout the mine life in compliance with the associated approved EIS and Environmental Protection and Biodiversity Conservation Act 1999 (“EPBC”) requirements.

Modifications to align existing approvals with the plans and designs in the Mt Todd FS have been initiated.

Infrastructure

Because Mt Todd was an operating mine, infrastructure exists that reduces initial capital expenditure and significantly reduces capital risk related to infrastructure construction, which has been a major source of capital cost overruns in the mining industry over the last decade.

Existing mining infrastructure items include:

● a tailings storage facility with capacity for approximately 80 million tonnes of additional material;

● a fresh water storage reservoir that would receive a two-meter dam raise and would harvest stormwater expected to exceed process water requirements for year-round operations for a 50,000 tpd operation;

● a natural gas pipeline at site that can supply sufficient natural gas to meet the Project’s energy requirements which, coupled with the planned third-party-operated power generating plant, would save considerably on Project operating costs compared to grid-supplied power;

Because Mt Todd was an operating mine, certain existing infrastructure was contemplated for future use in preparing the Mt Todd FS and resulted in reduced initial capital expenditures in developing the economic analysis.

Existing infrastructure includes:

● TSF 1, with expansion capacity for approximately 90 million tonnes of additional material;

● a heap leach pad with approximately 13.4 million tonnes of Mineral Reserves to be reprocessed at the end of the mine life as a form of self-funding reclamation;

● initial stage of a waste rock dump;

● a freshwater reservoir with sufficient storage capacity to meet the Mt Todd FS raw water requirements;

● a natural gas pipeline spur to site that can supply sufficient natural gas to meet the Project’s primary energy requirements;

● a paved road to site;

● current electrical connection to the NT electric grid;

In addition, we expect reduced earthworks costs due to the process plant location being in the same general area as the previous process plant, which was cleared and graded at the time of original construction.

Other benefits of Mt Todd’s location in the NT include:

● the Stuart highway – the main North / South highway in the NT is less than 10 kilometers from the Project site;

● rail line parallel to the Stuart highway;

● the regional center of Katherine, with a population of approximately 12,000, is located 56 kilometers from the Project site and the NT capital of Darwin approximately 290 kilometers from the Project site, which has port access.

The area has both historical and current mining activity and therefore a portion of the skilled workforce should be able to be sourced locally.

In addition, Katherine offers the necessary support functions that are typically found in a medium-sized city with regard to supplies, accommodations, communications, etc.

● miscellaneous other buildings and equipment that may be re-purposed.

In addition, we expect reduced earthworks costs due to the new process plant location being in the same general area as the previous process plant, which was cleared and graded at the time of original construction.

Other non-owned regional infrastructure that Vista expects to benefit Mt Todd include:

● the Stuart Highway, the main north/south highway in the NT, is less than 10 km from the Project;

● a rail line parallel to the Stuart Highway;

● a natural gas transmission pipeline also parallel to the Stuart Highway;

● the regional center of Katherine, with a population of approximately 14,000, is located 56 km from the Project site and provides access to various local commercial resources, short-term accommodations, schools and a satellite university, and the Katherine Tindal Civilian Airport;

● the NT capital of Darwin is located approximately 290 km by road from the Project and provides access to a broad range of commercial resources, the deepwater Port of Darwin, the Darwin International Airport, and other resources common to a small-medium urban center.

Planned infrastructure for the site includes the following:

● 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);

● small accommodation camp for occasional contractor use;

● water treatment plant;

● power supply;

● pit dewatering;

● mine services;

● communications;

● expanded existing and additional tailings storage facilities.

● mine infrastructure will be supplied and installed by a mining contractor and includes – workshop and warehouse, maintenance support facilities, contractor laydown and storage yards, fuel and lubricant farm, explosives storage and facilities, water cart filling point, mine administration and personnel facilities, information and communication systems;

● expansion of the existing waste rock dump;

● upgraded water retention pond dam below the waste rock dump;

● 250-person accommodation camp with all facilities;

● a water treatment plant;

● pit dewatering system;

● communications system;

● emergency services building;

● process plant and administration building;

● process plant workshop and stores building with offices;

● reagents storage facility;

● process plant control rooms;

● sample preparation and laboratory;

● solid and liquid waste disposal facilities;

● expansion of TSF 1 and additional of a second tailings storage facility.

Geological Setting, Mineralization, and Deposit Type

Mt Todd is situated within the southeastern portion of the Early Proterozoic Pine Creek Geosyncline.

Meta-sediments, granitites, basic intrusives, acidic and intermediate volcanic rocks occur within this geological province.

The Project is situated within the southeastern portion of the Early Proterozoic Pine Creek Geosyncline.

Meta-sediments, granitoids, basic intrusives, acidic and intermediate volcanic rocks occur within this geological province.

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 minor volcanics.

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

The sedimentary sequence incorporates slump structures, flute casts and graded beds, as well as occasional

crossbedding.

The 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.

The Finniss River Group strata have been folded about northerly trending F1 fold axes.

The folds are closed to open style and have moderate westerly dipping axial planes with some sections being overturned.

A later north-south compression event resulted in east-west trending open style upright D2 folds.

The Finniss River Group strata have been folded about northerly trending F1 fold axes, which are folds in bedding.

The folds are closed to open style and have moderately westerly dipping axial planes with some sections being overturned.

A later north-south compression event resulted in east-west trending open style upright D2 folds, which is associated with the second deformation event in the area.

The Finniss River Group has been regionally metamorphosed to lower green schist facies.

Late and Post Orogenic granite intrusions of the Cullen Batholith occurred from 1,789 Ma to 1,730 Ma and brought about local contact metamorphism to hornblende hornfels facies.

The Batman pit geology consists of a sequence of hornfelsed interbedded greywackes and shales with minor thin beds of felsic tuff.

Bedding consistently strikes at 325 degrees, dipping 40 degrees to 60 degrees to the southwest.

Northerly trending sheeted quartz sulfide veins and joints striking at 0 degrees to 20 degrees and dipping 60 degrees to the east are the major controls for mineralization in the Batman pit.

The veins are 1 to 100 millimeters in thickness with an average thickness of around 8 to 10 millimeters and occur in sheets with up to 20 veins per horizontal meter.

These sheeted veins are the main source of gold mineralization in the Batman pit.

In general, the Batman pit extends 1,600 meters in length by 1,100 meters in width and has been drill tested to a depth of 800 meters down-dip.

The deposit is open along strike and at depth.

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

The lithological units impact the orientation and intensity of mineralization.

Late and Post Orogenic granitoid intrusion of the Cullen Batholith occurred from 1,789 Ma to 1,730 Ma and brought about local contact metamorphism to hornblende hornfels facies.

Unconformably overlying the Burrell Creek Formation are sandstones, shales and tuffaceous sediments of the Phillips Creek sandstone, with acidic and minor basic volcanics of the Plum Tree Creek Volcanics.

Both of these units form part of the Edith River Group and occur to the south of the Project area.

The geology of the Batman deposit consists of a sequence of hornfelsed interbedded greywackes, and shales with minor thin beds of felsic tuff.

Bedding is striking consistently at 325°, dipping at 40° to 60° to the southwest.

Minor lamprophyre dykes trending north-south pinch and swell, cross cutting the bedding.

Bedding parallel shears are present in some of the shale horizons.

These bedding shears are identified by quartz/calcite sulfidic breccias.

Pyrite, pyrrhotite, chalcopyrite, galena and sphalerite are the main primary sulfides associated with the bedding parallel shears.

East-west trending faults and joint sets crosscut bedding.

Only minor movement has been observed on these faults.

Calcite veining is sometimes associated with these faults.

These structures appear to be post mineralization.

Northerly trending quartz sulfide veins and joints striking at 0° to 20°, dipping to the east at 60° are the major location for mineralization in the Batman deposit.

The veins are 1 millimeter (“mm”) to 100 mm in thickness, with an average thickness of around 8 mm to 10 mm.

The veins consist of dominantly quartz with sulfides on the margins.

The veining occurs in sheets with up to 20 veins per horizontal meter (“m”).

These sheet veins are the main source of mineralization in the Batman deposit.

The Batman deposit extends approximately 2,400 m along strike, 600 m across dip and drill tested to a depth of 800 m.

Drilling indicates the Batman mineralization to be open along-strike and down-dip.

The mineralization within the Batman deposit 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.

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

Galena and sphalerite are also present, but appear to be post-gold mineralization, and are related to calcite veining in the bedding plains and the east-west trending faults and joints.

Two main styles of mineralization have been identified in the Batman pit.

Two main styles of mineralization have been identified in the Batman deposit.

These are the north-south trending vein mineralization and bedding parallel mineralization.

Gold mineralization in the Batman deposit occurs in sheeted veins within silicified greywackes/shales/siltstones.

The Batman deposit strikes north-northeast and dips steeply to the east.

Higher grade zones of the deposit plunge to the south.

The core zone is approximately 200-250 meters wide and 1.5 kilometers long, with several hanging wall structures providing additional width to the orebody.

Mineralization is open at depth as well as along strike, although the intensity of mineralization weakens to the north and south along strike.

The north-south trending mineralization in the Batman deposit occurs in all rock units and is most dominant in the shales and greywackes.

The north-south trending mineralization can be divided into three major zones based on veining and jointing intensity.

Mineralization in the core complex is consistent and most, to all, joints have been filled with quartz and sulfides.

The core complex occurs in all rock types and vein frequency per meter is high.

Mineralization in the hanging wall zone is patchier than in the core complex due to quartz veining not being as abundant as it is in the core complex.

The lithology controls the amount of mineralization within the hanging wall zone, and a large quartz/pyrrhotite vein defines the boundary of the hanging wall zone and core complex in places.

Like the hanging wall zone, the footwall zone mineralization is patchier than is found in the core complex and jointing is more prevalent than quartz veining.

Footwall zone mineralization style is controlled by the lithology and occurs in all lithological units.

Additionally, bedding parallel mineralization occurs to the east of the Batman core complex.

Veining is both bedding parallel and north south trending.

The mineralization appears to have migrated from the south along narrow north-south trending zones and ballooned out parallel to bedding around the felsic tuffs.

Historical Operations

The Batman gold prospect is located in the Pine Creek Geosyncline that was worked from early in the 20th century.

The Mt Todd area is part of a goldfield that was worked from early in the 20th century.

Gold and tin were discovered in the Mt Todd area in 1889.

Most deposits were worked in the period from 1902 to 1914.

Most deposits were worked during the period from 1902 to 1914.

A total of 7.80 tonnes of tin concentrate was obtained from cassiterite-bearing quartz-kaolin lodes at the Morris and Shamrock mines.

The Jones Brothers reef was the most extensively mined gold-bearing quartz vein, with a recorded production of 28.45 kg Au.

This reef consists of a steeply dipping ferruginous quartz lode within tightly folded greywackes.

The Yinberrie Wolfram field, discovered in 1913, is located 5 kilometers west of Mt Todd.

The Jones Brothers reef was the most extensively mined gold-bearing quartz vein, with a recorded gold production of 28.45 kilograms (“kg”).

The Yinberrie Wolfram field, discovered in 1913, is located 5 km west of Mt Todd.

Tungsten, molybdenum, and bismuth mineralization was discovered in greisenized aplite dykes and quartz veins in a small stock of the Cullen Batholith.

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Small uranium prospects were discovered in sheared or greisenized portions of the Cullen Batholith in the vicinity of the Edith River.

Australian Ores and Minerals Limited (“AOM”) in a joint venture with Wandaroo Mining Corporation and Esso Standard Oil took out a number of mining leases in the Mt Todd area during 1975.

Initial exploration consisted of stream sediment sampling, rock chip sampling, and geological reconnaissance for a variety of commodities.

A number of geochemical anomalies were found primarily in the vicinity of old workings.

Follow-up work concentrated on alluvial tin and, later, auriferous reefs.

Backhoe trenching, costeaning, and ground follow-up were the favored mode of exploration.

diamond drillholes were drilled at Quigleys.

Despite determining that the gold potential of the reefs in the area was promising, AOM ceased work around Mt Todd.

The area was explored previously by Esso for uranium without any economic success.

Australian Ores and Minerals Limited (“AOM”) in joint venture with Wandaroo Mining Corporation and Esso took out a number of mining leases in the Mt Todd area during 1975.

The joint venture conducted reconnaissance work for a variety of commodities and drilled two diamond holes at Quigleys.

Despite determining that the gold potential of the reefs in the area was promising, their work ceased around Mt Todd.

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 meters, to test the gold content of Quigleys Reef over a strike length of 800 meters.

In late 1981, CRA Exploration’s program included a 14-diamond drill hole program to test the gold content of Quigleys reef over a strike length of 800 m, with an aggregate meterage of 676.5 m.

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 carbon in pulp (“CIP”) plant owned by Pacific at Moline.

This continued until December 1987.

Pacific ceased operations in the area in February 1988 having produced approximately 86,000 tonnes grading 4 g Au/t (historical reported production, not S-K 1300 or NI 43-101 compliant).

Subsequent negotiations between the joint venture partners Shell Company of Australia (“Billiton”), Zapopan NL (“Zapopan”) and Pacific resulted in the acquisition of this ground and incorporation into the joint venture.

Billiton, who was the managing partner in an exploration program in the joint venture with Zapopan, discovered the Mt Todd mineralization, or more specifically the Batman deposit, in May 1988.

In 1992, Pegasus acquired a shareholding in Zapopan, following which Zapopan acquired Billiton’s interest.

During late 1986, Pacific Gold Mines NL (Pacific Gold Mines) 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 carted to a carbon-in-pulp (“CIP”) plant owned by Pacific Gold Mines at Moline.

Pacific Gold Mines ceased operations in the area in February 1988 having produced approximately 86,000 tonnes grading 4 g Au/t.

Subsequent negotiations between the Mt Todd Joint Venture partners (Billiton Australia Gold Pty.

Ltd (“Billiton”) and Zapopan) and Pacific Gold Mines resulted in the acquisition of this ground and incorporation into the joint venture.

Billiton, who was the managing partner in an exploration program in joint venture with Zapopan, discovered the Batman deposit in May 1988.

Zapopan acquired Billiton’s interest in 1992 by way of placement of shares to Pegasus.

Pegasus progressively increased their shareholding until they acquired full ownership of Zapopan in July 1995.

Historical preliminary studies (not S-K 1300 or NI 43-101 compliant) for the Phase I project, a heap leach operation which focused predominately on the oxide portion of the deposit, commenced during 1992 culminating in an engineering, procurement, construction management (“EPCM”) award to Minproc Engineers Pty.

in November of that year.

The Phase I project was predicated upon a 4 million tpa heap leach plant, which came on stream in late 1993.

The treatment rate was subsequently expanded to a rate of 6 million tpa in late 1994.

Based on our review of the historical project files, we believe that approximately 21.4 million tonnes grading 1.05 grams gold per tonne and containing 723,795 ounces of gold were extracted between 1993 and the termination of mining in 2000.

Processing was by a combination of heap leach production from oxide ore and cyanidation of sulfide ore.

The remaining mineralization consists of sulfide mineralization lying below and along strike of the existing open pit, and in hanging wall structures parallel to the main zone in the existing open pit.

Historical heap leach production is shown in the table below:

Feasibility studies (not NI 43-101 or S-K 1300 compliant) for Phase I, a heap leach operation which focused predominately on the oxide portion of the deposit, commenced during 1992.

The Phase I project was predicated upon a 4 million tonne per annum (“Mtpa”) heap leach pad, which came on stream in late 1993.

The treatment rate was subsequently expanded to a rate of 6 Mtpa on an annualized basis in late 1994.

Historical heap leach production is shown in the following table:

Historical Heap Leach Production Reported

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Gold Recovered (oz)

Cost/oz (AUD)

All tonnages and grades are historical production numbers that pre-date Vista’s ownership.

The QPs and issuer consider historical estimates to be relevant but not current.

The Phase II project involved expanding to 8 million tpa and treatment through a flotation and carbon-in-leach circuit.

The feasibility study was conducted by a joint venture between Bateman Kinhill and Kilborne (“BKK”) and was completed in June 1995.

The Pegasus board approved the project on August 17, 1995 and awarded an EPCM contract to BKK in October 1995.

All tonnages, grades, recovery figures, and costs are historical production numbers that predate Vista’s ownership.

Historical estimates are considered relevant but not current.

Phase II involved expanding to 8 Mtpa and treatment through a flotation and CIL circuit.

A feasibility study was conducted by a joint venture between Bateman Kinhill and Kilborne (“BKK”) and was completed in June 1995.

The Pegasus board approved the Phase II project on August 17, 1995, and awarded an EPCM contract to BKK in October 1995.

Commissioning commenced in November 1996.

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

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

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

The reported final capital cost to complete the project was A$232 million.

Design capacity was never achieved due to inadequacies in the crushing circuit.

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

however, problems with the flotation circuit, which resulted in reduced recoveries, necessitated closure of this circuit.

Subsequently, high reagent consumption, as a result of cyanide soluble copper minerals, further hindered efforts to reach design gold production.

Subsequently, high reagent consumption because of cyanide soluble copper minerals further hindered efforts to reach design production.

Operating costs were above those predicted in the feasibility study.

The spot price of gold deteriorated from above $400 in early 1996 to below $300 per ounce at the end of 1997.

This, combined with underperformance of the project and higher operating costs led to the mine being closed and placed on care and maintenance on November 14, 1997.

The spot price of gold deteriorated from above $400 per ounce in early 1996 to below $300 per ounce during 1997.

According to the 1997 Pegasus Annual Report, the economics of the project were seriously affected by the slump.

Underperformance of the project and higher operating costs led to the mine being closed and placed on care and maintenance on November 14, 1997.

In February 1999, General Gold Resources Pty.

(“General Gold”) agreed to form a joint venture with Multiplex Resources Pty Ltd (“Multiplex”) and Pegasus to own, operate, and explore the mine.

Initial equity participation in the joint venture was General Gold 2%, Multiplex 93%, and Pegasus 5%.

(“General Gold”) agreed to form a joint venture with Multiplex Resources Pty Ltd (“Multiplex Resources”) and Pegasus to own, operate, and explore the mine.

Initial equity participation in the joint venture was General Gold 2%, Multiplex Resources 93%, and Pegasus 5%.

The joint venture appointed General Gold as mine operator, which contributed the operating plan in exchange for a 50% share of the net cash flow generated by the project, after allowing for acquisition costs and environmental sinking fund contributions.

General Gold operated the mine from March 1999 to July 2000.

Operations ceased in July 2000, and Pegasus, through the Deed Administrators, regained possession of various parts of the mine assets in order to recoup the balance of purchase price owed to it.

Pegasus, through the Deed Administrators, regained possession of various parts of the mine assets to recoup the balance of purchase price owed to it.

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 access rights from the Jawoyn Association and entered into a contract with the NT Government.

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

Exploration Licenses

Since acquiring the Mt Todd ELs, Vista has conducted an ongoing exploration program that includes prospecting, geologic mapping, rock and soil sampling, geophysical surveys and exploration drilling.

Equipment and personnel were mobilized from the site or from an exploration base camp established in the central part of the ELs.

The work was conducted by geologists and field technicians.

Since acquiring the Mt Todd ELs, Vista has conducted exploration programs that included prospecting, geologic mapping, rock and soil sampling, geophysical surveys and exploration drilling.

The exploration effort initially focused on follow up work on targets developed by Pegasus during their tenure on the property.

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

These included the RKD target, Golden Eye, and Silver Spray, among others.

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.

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

The geophysical targets were prioritized following review of historical work in the area and site visits.

To date, two of the geophysical targets, Golden Eye and Snowdrop, have been drilled and a third, Black Hill, has been covered by soil sampling.

The Wandie target has a different magnetic signature.

Field examination identified small-scale pits on an iron-rich outcropping.

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

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

Exploration sampling summary:

To date, two of the geophysical targets (Golden Eye and Snowdrop) have had some drilling and a third has been covered by soil sampling (Black Hill).

The Wandie target has a different

magnetic signature, where field examination identified small-scale pits on an iron-rich outcropping.

There are no reportable Mineral Resources or Mineral Reserves on the ELs, and no data from the ELs were used in the development of the Mt Todd FS results.

The quantity and type of exploration samples collected on the ELs is summarized in the following table.

Total Samples

Exploration Potential for MLs

Based on airborne geophysical survey data, we have identified several magnetic targets within our controlled land holdings surrounding the Batman pit.

The targets are distinct magnetic highs 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.

Mineralization at the Quigleys deposit is interpreted to occur within a series of mineralized shears that strike north northwest and dip 30 to 35 degrees to the west.

The main shear extends for nearly one kilometer along the strike and has been drilled to a vertical depth of 230 meters.

The mineral resource estimate has been defined by 632 drill holes drilled by Pegasus and Billiton Australia Gold Pty.

in the late 1980s through the mid-1990s.

Tetra Tech reviewed the integrity of the drill-hole database and developed a computer model to estimate and classify the estimated mineral resources.

The model reflected Tetra Tech’s geological interpretation of the deposit, which constrained the mineralization to the shear zones using geological information and assays from 49,178 samples obtained from the drilling.

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 Mt Todd FS, as part of the overall Project sampling and assaying methodology.

Batman Deposit

The Batman deposit resource drillhole database consists of both pre-Vista and Vista drill holes.

All of the Vista resource drill holes are HQ-size core holes.

Vista has drilled a total of 96 HQ diamond drill holes totaling 52,424 meters.

All of the Vista diamond drill core samples were sawn into half splits for assaying purposes.

The pre-2007 exploration database (pre-Vista) consists of 730 drill holes, of which 226 are diamond drill holes and 504 are percussion drill holes.

These drill holes total approximately 98,000 meters.

The diamond core was a combination of NQ and HQ sizes, with the NQ core being sawed into half splits and the HQ core being sawed into quarter splits.

The table below shows a summary of Batman Deposit drilling from 1988 to 2017.

A large percentage of the historical drilling was by reverse circulation (“RC”) of less than 100 meters in depth.

The RC drilling was used for ore grade control during the mining operations of Pegasus and General Gold Resources.

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

The Vista exploration program at the Batman deposit consisted of diamond core drill holes that targeted both infill definitional drilling and step-out drilling.

Historical drilling for the Batman deposit is summarized in the table below.

Batman Deposit Drilling History

Percussion (m)

Reverse Circulation

Kenny, Wegmann, Fuccenecco

Wegmann, Fuccenecco, Gibbs

General Gold Resources

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 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.

A large percentage of the historical drilling was by reverse circulation drilling of less than 100 m in depth.

Vista’s drilling discovered a larger Batman Mineral Resource by probing deeper with diamond drilling averaging 550 m in depth.

Most of the diamond drilling was angled to be approximately perpendicular to the mineralization.

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

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.

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

Exploring the deeper portions of the deposit has required drill collars to be offset to the east with longer drillhole lengths to reach the mineralized zone.

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

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.

While there are random high-grade intercepts outside of the core zone, the majority of higher-grade mineralization resides in the core zone of the deposit.

Eight drill holes were completed for metallurgical testing in 2017-2018.

These holes were not included in the Mineral Resource estimation due to a difference in the data collection and type.

The data from the metallurgical drilling was used as a verification check of the Mineral Resource model estimation in section view.

Vista drilled additional holes during 2020-2022 and 2024.

The 2024 drilling program consisted of infill drilling at the Batman deposit, as well as step out drilling to define the mineralization in the area to the north and northeast of the Batman deposit, towards the historical Golf-Tollis pits.

This area has been named the South Cross Lode zone (“SXL”).

The 2020-2022 and 2024 holes were included in the Mt Todd FS.

Four drill holes were completed for metallurgical testing in late 2025 and early 2026.

The mineralized intervals were assayed to assist in the selection of sample composites for the testing program.

Quigleys Deposit

The table below shows the Quigleys deposit drilling history.

The Quigleys Deposit was mined from 1982 to 1987 during which the largest amount of drilling was percussion type used for ore grade control.

Relevant intervals of mineralization are contained within blanket-like zones which are modeled with 3-D wireframes for resource estimation.

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 Quigleys deposit was mined from 1982 to 1987 during which time the largest amount of drilling was percussion type used for ore grade control.

Relevant intervals of mineralization are contained within blanket-like zones which are modelled with 3-D wireframes for Mineral Resource estimation.

Most of the drilling has been angled to be approximately perpendicular to the mineralized core zone.

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

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

In 2011, Vista explored the potential for a deeper deposit with three diamond drillholes, each over 350 meters in depth.

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

In 2011, Vista explored the potential for a deeper deposit with three diamond drill holes, each over 350 m in depth.

Quigleys Deposit Drilling History

Percussion (m)

Australian Ores and Minerals/Esso

Reverse Circulation (m)

Arafura Mining Corp / CRA

Pacific Gold Mines NL (Small Scale Mining)

Pacific Gold Mines

Quigleys Total

Drilling Results

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.

While there are random high-grade intercepts outside of the core, the majority of higher-grade mineralization at Batman resides in the core zone of the deposit.

Relevant intervals of mineralization at Quigleys Deposit are contained within blanket-like zones which are modeled with 3-D wireframes for resource estimation.

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.

The results of drilling at the Batman deposit and Quigleys deposit were used to estimate gold Mineral Resources and Mineral Reserves.

Vista’s drilling discovered a larger Batman Mineral Resource by probing deeper with diamond drilling, which averaged approximately 550 m in depth.

While there are random high-grade intercepts outside of the Batman core zone, most higher-grade mineralization at Batman resides within the core zone of the deposit.

Relevant intervals of mineralization at the Quigleys deposit are contained within blanket-like zones which are modeled with 3-D wireframes for Mineral Resource estimation.

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

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.

This program consisted of 26 drill holes totaling 8,887 m 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.

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2024 Drilling Program Results and Exploration Targets

During 2024, we completed a drilling program designed to upgrade mineral resources, validate mineralization extension at the north portion of the Batman deposit and add gold ounces within the existing Batman resource shell, as well as define the boundaries of the SXL zone, a known mineralized structure adjacent to the Batman core zone.

This program consisted of 34 drill holes totaling 6,776 meters of HQ diamond core.

The program consistently intersected mineralization within the Batman deposit resource shell and along the strike of the SXL.

During 2024, we completed a drilling program designed to upgrade the Mineral Resources, validate mineralization extension at the north portion of the Batman deposit and add gold ounces within the existing Batman resource shell, as well as define the boundaries of the SXL.

This program consisted of 34 drill holes totaling 6,776 m of HQ diamond core.

The program consistently intersected mineralization within the Batman deposit resource shell and along strike of the SXL.

Results to date support the thesis that the structure remains open at depth and along the strike to the northeast of the concession.

Sampling, Analysis and Data Verification

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.

The plastic core boxes were transported to the sample preparation building where the core was marked, geologically logged, geotechnically logged, photographed, and cut into halves.

One-half was placed into sample bags as nominal one-meter sample lengths, and the other half retained for future reference.

The only exception to this was when a portion of the remaining core had been flagged for use in the ongoing metallurgical test work.

The bagged samples had sample tags placed both inside and on the outside of the sample bags.

The individual samples were grouped into “lots” for submission to Northern Australian Laboratories Pty.

(“NAL”) for sample preparation and analytical testing.

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 Mt Todd FS resource update.

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

When possible, the core handling crew was recruited locally.

Facilities for the core processing included an enclosed core logging shed and a covered cutting and storage area that was fenced in.

Both of these facilities were considered to be limited access areas and kept secured when work was not in progress.

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

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

Facilities for the core processing included an enclosed logging shed and a covered cutting and storage area that is fenced in.

Both of these facilities are considered to be limited access areas and kept secured when work is not in progress.

The diamond drill core was boxed and stacked at the rig by the drill crews.

Core was then picked up daily by members of the core handling crew and transported directly to the core logging shed.

Core was transported directly into the logging shed by Vista staff.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling.

The nominal sample interval was one meter to a maximum of 1.2 meters.

When this process was completed, the core was moved into the core cutting/storage area where it was laid out for cutting and sampling.

The core was logged using the following procedures:

● one-meter depth intervals were marked out on the core by a member of the geologic staff;

● core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and were used for structural measurements.

When orientation marks were insufficient an estimated orientation was indicated by a dashed line;

● geologic logging was then done by a member of the geologic staff.

Assay intervals were selected at that time and a cut line marked on the core.

The standard sample interval was one meter, with a minimum of 0.2 meters and a maximum of 1.2 meters;

The nominal sample intervals were one meter.

When this process was complete, the core was moved into the core cutting/storage area where it was laid out for sampling.

The core was laid out using the following procedures:

● One meter depth intervals were marked out on the core by a member of the geology staff.

● Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements.

When orientation marks were insufficient, an estimation orientation was indicated by a dashed line.

● Lithology, mineralogy, alteration, and geotechnical logging was then done by a member of the Vista geology staff in the core logging facility.

Assay intervals were selected at that time and a cut line was marked on the core.

The standard sample interval was one meter, with a minimum of 0.2 m and a maximum of 1.2 m.

The sample interval was selected to have the identified vein in the middle of the sample, when possible.

● Blind sample numbers were then assigned based on pre-labeled sample bags.

Sample intervals were then indicated in the core tray at the appropriate locations.

● each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in a pre-labeled sample bag.

At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment.

A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high-grade intervals additional blanks sample were added.

● Each core tray was photographed at a photography station, with a mounted camera, light and water sprayer, and then transported to the cutting area via a roller conveyor.

● The core was then cut in half using diamond saws, with each interval half-core placed in sample bags with a sample tag.

● The standards and blanks were also placed in the plastic bags for inclusion in the shipment to the laboratory, with a reference standard or a blank inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added.

● Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets.

When a sequence of four samples was completed, they were placed in a shipping bag and closed with a zip tie.

All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with approximately 100 samples per crate (20 shipping bags) and sealed.

The sealed crates were stacked outside the core logging shed to be shipped and transported to the laboratory by Vista employees.

The standards were selected from the six commercially purchased standards at site, which are stored under refrigeration.

● When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie.

All samples were kept in the secure area until crated for shipping.

● Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags).

The crates were stacked outside the core shed until transport.

● Samples were delivered to the laboratory by Vista staff.

The following laboratories have been used for sample preparation, analyses, and check assays:

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Check Analyses

Unable to verify

ISO/IEC 17025 Certified

North Australian Laboratories Pty.

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Pine Creek, NT 0847

Assay analyses and Alternative assay analyses

Alternative assay analyses

ISO 17025 Certified

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Check Analyses

Vista is completely independent of each of the above listed analytical testing entities, other than the engagement of said entities as a service provider.

Each of the laboratories listed follow their own quality controls based on international standards.

For example, ALS uses accredited methods specified by ISO/IEC 17025 in North America and Australia.

The standards specify a recipe and set of quality control steps that the laboratory should follow including how the sample should be coded to obscure its relationship to the drilling geometry;

Vista is independent of each of the above listed analytical testing entities, other than the engagement of said entities as a service provider.

Prior to the 2011 drilling campaign, the majority of samples were transported first to ALS in Alice Springs, NT for sample preparation.

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

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

For the 2011-2025 drilling campaign, samples for assay were sent to NAL in Pine Creek, NT.

At the end of each drilling campaign, Vista also submitted samples to Intertek in Darwin and Perth for confirmation of the NAL values.

This umpire sampling is standard practice and meets the requirements for QA/QC on a project at this level.

The crushing equipment is cleaned between samples, and the laboratory processes one job at a time, to ensure that there is no cross contamination.

LIMS software is used to track the samples and the results, as well as tracking the QA/QC standards for the facility.

Certified standard material from Ore Research & Exploration Pty Ltd is utilized for QA/QC purposes for the laboratory.

The procedure defined by the Vista geology staff was to duplicate the fire assay of any sample that has an assay value greater than 10 ppm.

Any discrepancies in the testing initiated a re-assay of the samples, before reporting data to Vista.

Results were transmitted to the Vista geologist by email, including an un-editable PDF file, and an Excel file.

Overall, the laboratory met the requirements for testing and was appropriate for samples of this type.

Vista is completely independent of any analytical testing entity presented herein.

Each of the laboratories listed follow their own quality controls based on international standards and accredited methods specified by ISO/IEC 17025 in North America and Australia.

The standards specify sample preparation procedures, analytical methods and set of quality control steps that the laboratory should follow, including:

● How the sample should be coded to obscure its relationship to the drilling geometry.

● How the received sample should be prepared.

what analytical steps need be taken, given the required detection level and material analyzed, what instruments should be employed, what internal quality controls should be done such as:

● The analytical steps to be taken.

● Given the required detection level and material analyzed, what instruments should be employed.

● Internal quality controls should be done such as:

periodic assaying of duplicate samples, the insertion of certified calibration samples;

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and including a required number of randomized samples.

Mt Todd as a gold project requires assays to be done with the industry standard of fire assay.

To get these fire assay results core samples from drillholes are split at Mt Todd into two with one archived and the other sent to an analytical laboratory.

At the lab the sample is pulverized into a powder, with a subsample taken for fire assay.

This subsample is then mixed with a fluxing agent.

The remaining pulverized material is called a pulp archive, which can be used for within and between laboratory validations.

The chosen sample is then heated in a furnace where it fuses and separates into a “button” which contains the gold.

There are several methods to extract the gold from the button.

The most common method is by combining the button with lead as a collector.

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 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.

The resultant assay values are reported by an assay certificate which is electronically or physically sent to the staff at Mt Todd.

The assay results are entered with the drilling database.

A comprehensive check of the quality of 12,365 assays in the database was undertaken by an outside auditor.

Records were selected from among those that relate to mineralization that is still in situ.

These were divided into three subsets, to be checked by three individual checkers.

An additional 1,812 records were spot-checked in greater detail by a fourth individual.

After the checking was done, from the original 12,365 records, 95% were selected that had gold value in the database and a gold assay in a source document such as an assay certificate.

Of the assay pairs, 8,549 were “historical” in the sense of dating prior to Vista’s acquisition of the project and 3,262 assay pairs originate with Vista’s work.

For context, Mt Todd assay table as of August of 2011 contained 118,550 records, 26,579 of them originating from Vista’s work.

Eight significant outliers were found with gold values in the database that differed from the source documents.

Those eight were double-checked and were found to be real cases of the database containing data that differ from the source documents.

The below table shows that most of the differences between the gold values in the database and those gleaned from the

source documents are very small, although around economic cutoff grades the differences may well represent large percentages.

More than 99% of the differences fall in the range -0.1 ppm Au to +0.1 ppm Au which is below the 0.4 ppm cutoff grade.

However, a Mann-Whitney Test suggests that the differences between the two populations are not statistically different.

Prior to the 2011 drilling campaign, the majority of samples were transported first to ALS in Alice Springs, NT for sample preparation.

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 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 were shipped back to the Project site and stored.

Comparison of Assay Values between the Database and Source Documents

Center of Cell Range in ppm

(+/- 0.1 ppm Au)

Differences with no rounding or truncation of data

The tables show the comparison of the gold grade assays within the database and source documents.

One of the three data sets checked contained 3,262 assays from drilling campaigns by Vista in 2007 and 2008.

Checks of the Vista data against original sources were done by one individual, using essentially the same procedures as had been used for checking the historical assays.

A summary table of the findings is presented below.

Of the 12 differences noted, two are significant.

A gold value of 0.005 ppm Au in the database compared to the correct gold value of 0.8 ppm Au.

A gold value of 1.08 ppm Au in the database compared to the correct gold value of 0.01 ppm Au.

In addition, a separate detailed audit was done on 638 assays on Vista drillhole VB08-036.

This audit shows that discrepancies within the database on the global resource estimate are not material.

Summary of Comparisons of Historical Assays

Historical Assays

Differences, Source - Database in PPM

Differences > 0.01 ppm Au

Differences < 0.01 ppm Au

Summary of Comparisons of Vista Assays

Differences, Source - Database in PPM

Differences > 0.01 ppm Au

Differences < 0.01 ppm Au

The Company requires periodic rechecking of assays both within and between laboratories.

As described by the previous Vista QP, an example, prior to the 2011 drilling campaign, the majority of samples were transported first to ALS in Alice Springs, NT for sample preparation.

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 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.

No bias in assays was found with a slope of 0.992 and a correlation of 99%.

There was only one significant difference that was detected from a total of 2,948 comparisons.

The Company’s assaying protocols are observed and required for every assay program, regardless of whether the exploration work is for resource estimation or metallurgical testing.

Regarding data verification, this section summarizes the extensive verification efforts undertaken from 2007 to 2024, highlighting the methodologies employed to validate both historical and recent assay results.

Through systematic audits, inter-laboratory comparisons, and quality control measures, these verification activities ensure that the assay data used for Mineral Resource modeling meets the various requirements for gold projects.

In 2007, a verification exercise was conducted as part of the exploration program to validate historical assay results and ensure compliance with reporting standards for Mineral Resources.

This program included re-assaying a portion of historical drill holes and analyzing new core drill holes.

A multi-phase approach was implemented to assess the accuracy of gold assays generated by NAL on Mt Todd core samples.

The phases included cross-checking assay standards between NAL and ALS, preparing and assaying intervals of remaining half-core, and conducting screen sieve assay analysis of coarse reject samples.

The findings indicated that finer material tended to yield higher grades, which were lost during handling.

Consequently, Vista adopted commercial polyester sample bags to mitigate this issue.

The inter-laboratory analyses demonstrated strong reproducibility across all tests, particularly at grade ranges typical of the deposit.

In 2011, an external audit by Mine Development Associates reviewed the quality of 12,365 assays in the database, focusing on records related to in situ mineralization.

The review revealed that 95% of these records had corresponding gold values in source documents.

Among the historical assays, eight significant outliers were identified, confirming discrepancies between the database and source documents.

The audit concluded that the historical and Vista assays in the Mt Todd database are reliable for Mineral Resource modeling.

For the March 2018 Mineral Resources estimates, Tetra Tech conducted a detailed verification of the assay database, which included results from the 2012-2017 exploration programs.

This involved comparing assay results with laboratory certificates and reviewing field QA/QC samples.

The analysis of 13 drill holes from the 2012 program and nine from the 2015-2017 programs showed no significant errors, although one drill hole had erroneous selenium results, which were corrected.

A spot-check of approximately 14% of the database against laboratory certificates confirmed a 100% correlation of reported values.

Field QA/QC samples were also analyzed, revealing that the majority fell within acceptable limits, with only a few exceptions.

The verification process continued through the 2020 to 2022 program, where each sample interval was assayed at NAL.

Assays for gold were conducted using fire assay methods, with additional multi-element analyses performed.

Independent laboratory checks by Intertek Genalysis Perth (INT) were also carried out to further validate the results.

In 2024, Tetra Tech professionals visited the NAL facility to observe the ongoing processing of samples from the Vista 2024 drill program.

The verification procedures adhered to the standards outlined in S-K 1300.

The assay results were meticulously entered into the database after thorough checks by Vista's senior geologist.

Quality control samples, including CRMs and blanks, were incorporated into the sampling sequence to monitor for contamination and ensure data integrity.

The results from the independent laboratory checks indicated a strong correlation with NAL's assays, affirming the reliability of the data for the Mineral Resource estimation at Mt Todd.

Sample Security

NAL is the primary laboratory we use for analysis of drill core assays.

The NAL laboratory is located in the town of Pine Creek, approximately 50 kilometers distant by road from the Project site.

Samples were picked up and transported by NAL employees.

Sample shipments were scheduled for approximately once a week.

The sealed crates were picked up on site by NAL for direct road transport to the assay lab.

A sample transmittal form was prepared and included with each shipment and a copy was filed in the geology office on site.

When the shipment left site, sample transmittals were prepared and e-mailed to NAL.

NAL was the primary laboratory used for Vista’s drilling programs.

The NAL laboratory is located in the town of Pine Creek, approximately 65 km distant by road from Mt Todd site.

A sample transmittal form was prepared and included with each shipment and a copy is filed in the geologist office on site.

When a shipment leaves the site, sample transmittals were prepared and e-mailed to NAL.

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 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.

Maria Vallejo Garcia, Vista’s Director of Projects and Technical Services, and a designated qualified person as defined by S-K 1300 under the Exchange Act and NI 43-101, has verified the data disclosed in this document, including sampling, analytical and test data underlying the information contained in the disclosure.

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

Vista has completed more than 60,000 m of core drilling in the Batman deposit, to verify the approximately 98,000 m of historical drilling.

Statistical analysis of the various drilling populations and QA/QC samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade.

Mining Operations

As defined in the Mt Todd FS, the Project is designed to be a large open-pit mining operation that will utilize large-scale mining equipment in a drill/blast/load/haul operation.

Ore is planned to be processed in a comminution circuit consisting of large-scale equipment, including:

a gyratory crusher, cone crushers, high pressure grinding roll (“HPGR”) crushers followed by X-ray 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 CIP recovery circuit.

The Mt Todd FS contemplates that the Batman deposit will be mined in eight stages using a conventional truck and excavator approach with all material requiring drilling and blasting for fragmentation prior to excavation.

Mining operations will be undertaken via contract mining with the contractor utilizing 400 tonne class excavators and 190 tonne class rigid frame trucks.

Multiple stages will be developed at any one time to manage mill feed tonnage and grade requirements, waste movement and stockpile balances.

Ore material will be designated as high grade, medium grade, or low grade with approximately 15 ktpd being fed to the processing plant.

High and medium grade material not fed directly to the processing plant will be stockpiled on a run of mine pad adjacent to the processing plant.

Low grade material will be placed on a dedicated low-grade stockpile.

Based on its sulfur content, waste material will be classified as non-acid forming or potentially acid forming (“PAF”) with management plans and dumping strategies in place to ensure containment of the PAF material on a single waste rock landform.

Mined unclassified waste material with no sulfur assays will be deemed as low level PAF.

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.

The flowsheet for the Project is illustrated below.

The Mt Todd processing facility has been designed to process 15 ktpd of hard ore from the Batman open pit, equating to an annualized throughput rate of 5.325 Mtpa.

The processing facility unit processes are based on well-proven technologies for gold recovery and treatment of hard ore, following a processing circuit consisting of:

● Primary crushing in open circuit using a gyratory crusher to produce a nominal product P 80 of 120 mm.

● Secondary crushing incorporating a cone crusher operating in closed circuit with a double deck vibrating screen to produce a nominal circuit product P 80 of 30 mm.

● Coarse ore stockpile (COS) with reclaim via apron feeders.

● Tertiary crushing circuit incorporating a HPGR in closed circuit with two double deck wet vibrating screens to produce a nominal circuit product P 80 of 3.25 mm.

● Sorting the HPGR product screen top deck oversize -29.5+16 mm fraction with a single stage of XRT ore sorters.

● Primary grinding in an overflow ball mill operating in closed circuit with hydro-cyclones to a produce P 80 of 250 µm.

● Secondary grinding utilizing four Vertimill mills operating in parallel to produce P 80 of 40 µm.

● Pre-leach thickening to produce an underflow of increased pulp density suitable for leaching.

● Conditioning/pre-oxidation of the leach feed slurry with lead nitrate and oxygen in two agitated pre-conditioning/oxidation tanks.

● Direct cyanide leaching and adsorption in a hybrid CIL circuit comprising two leach tanks followed by six adsorption tanks.

● Acid washing and elution of the loaded carbon in a split AARL elution circuit, and thermal regeneration of the barren carbon prior to its return to the CIL circuit.

● Smelting of cathode sludge from electrowinning to produce the final gold doré product.

● Detoxification of leach tailings via the Air/SO2 process.

● Transfer of the final tailings to the TSF for deposition with the supernatant water recovered from the surface of the TSF for re-use in the process plant.

An overall schematic flowsheet depicting the unit operations incorporated in the selected process flowsheet is presented below.

Metallurgical Testing

Our metallurgical test work programs have confirmed:

(1) ore hardness of the Batman deposit is consistent throughout the deposit and does not change at depth;

No new metallurgical test work has been completed since 2019.

The Company is currently undertaking a metallurgical testing program to provide data for detailed engineering and design, with results expected mid-year 2026.

Consideration of the results of our prior metallurgical testing resulted in the process flowsheet presented above.

The only significant change to the process flowsheet between the 2024 FS and the Mt Todd FS was the exclusion of laser sorting.

Our metallurgical testing programs have confirmed:

(1) ore hardness of the Batman deposit is consistent throughout the deposit;

(2) the selection of HPGR crusher technology as part of the comminution circuit;

(3) the selection of ore sorting technology to eliminate low-grade material after crushing and prior to grinding;

(3) the selection of ore sorting (XRT) technology to eliminate waste material after crushing and prior to grinding;

(4) estimated gold recovery rates based on optimized grind size and leach conditions;

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The test results indicate the following:

● The BWi for the ore sorter feed (plus 5/8” screened HPGR crusher product) was higher than the composite samples prepared from the minus 5/8” screened HPGR crusher product.

● The BWi for the ore sorter feed (+5/8” screened HPGR crusher product) was higher than the composite samples prepared from the -5/8” screened HPGR crusher product.

Hence, it is reasonable to conclude that the uncrushed material from the HPGR is harder than the crushed product.

● The rejected waste material had a BWi higher than both the composite sample prepared from the minus 5/8” HPGR crusher product and the XRT ore sorting product that is returned to the HPGR crushers.

● The rejected waste material had a BWi higher than both the composite sample prepared from the -5/8” HPGR crusher product and the XRT ore sorting product that is returned to the HPGR crushers.

● The BWi for the final HPGR product ranged from 23.10 to 26.63.

A BWi of 24.50 was selected for the design of the primary ball mill circuit.

The results of this test work support two main conclusions:

(1) that the hardness of ore at the Batman deposit is relatively constant;

and (2) that ore hardness at the Batman deposit does not change at depth.

This test work validates the Company’s prior test work and supports Vista’s revised comminution circuit design, which is designed to crush and grind material with an average BWi of 26.2 kWh/t.

HPGR Crusher Selection

The proposed 50,000 tpd project comminution circuit incorporates the use of a gyratory crusher and two cone crushers for the primary and secondary stages, respectively, and the use of two HPGR crushers as the third-stage of the crushing circuit.

The test work assessed the difference in power requirements between a primary/SAG/ball mill circuit, a conventional 3-stage crush/ball mill circuit, and a 3-stage HPGR crush/ball mill circuit (with 3 rd stage HPGR crushing and 2-stage grinding) to generate a P80 passing 40 μm product.

This test work also confirms our prior test work and supports our comminution circuit design.

The proposed 15 ktpd project comminution circuit incorporates the use of a gyratory crusher followed by secondary cone crushing.

Secondary crushed ore will be further crushed by a tertiary stage HPGR to produce a ball mill feed.

XRT ore sorting has been included on the HPGR circuit.

HPGR testing was conducted in 2018, the drill core was HPGR crushed and screened at 16 mm (5/8”) at the facilities of Thyssen Krupp Industries near Dusseldorf, Germany.

HPGR testing was also conducted at Weir Metals.

The screened +16mm material was sent to the test facility of Tomra Sorting Solutions near Hamburg, Germany.

The test work confirmed prior test work and supports the comminution circuit design.

The use of HPGR crushers is anticipated to (a) produce a product that can be ground more efficiently (lower BWi);

and (b) reduce energy requirements when compared to a SAG Mill design.

The bulk ore sorting tests comprised four, five-tonne composites;

and one, one-tonne composite prepared from 3.75" drill core.

In addition to these composites, three one-tonne composites were made from 2.75” drill core.

Four of the 3.75” composites contained predominately sulfide mineralization and one composite contained mixed oxide/sulfide material that is encountered on the periphery of the deposit.

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

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.

A total of 12 sorting tests were completed.

The XRT rejects were then subjected to laser sorting to produce a final reject.

All material (minus 5/8” HPGR crushed, XRT product, laser product and sorting reject) was sent to the metallurgical laboratory of Resource Development Inc.

(now Forte Dynamics Laboratory) in Wheat Ridge, Colorado for subsequent sample preparation, assaying and additional metallurgical testing.

On a material mass basis, the combined XRT and laser sorting tests confirmed the Company’s expectation that it can reject approximately 10% of the run-of-mine feed as waste (test results range from 6.8% to 11.0%).

The average grade of the rejected material is estimated to be 0.12 g Au/t (results range from 0.06 g Au/t to 0.23 g Au/t) compared to the mine cut-off grade of 0.35 g Au/t, resulting in a gold loss from the rejected waste of approximately 1.3%.

The improvement in mill feed grade is expected to be approximately 8%, resulting in run-of-mine average mill feed grade of 0.84 g Au/t compared to the life-of-mine Batman Pit mineral reserve grade of 0.79 g Au/t.

The crushing circuit design utilizing a primary gyratory crusher, secondary cone crusher and HPGR tertiary crushing is robust, proven technology to generate a grinding circuit feed F80 size of 3.25 mm.

The +16 mm composite fractions were sent to the Tomra-Outotec for ore sorting assessment.

The fractions were weighed on arrival and washed to remove fines which were accounted for within the mass balance.

The composites were split into equal fractions with each fraction subjected to two-step sorting design to separate gold bearing sulfide mineralization and quartz from non-fold bearing waste material.

The first step used XRT to separate material based on density to target the gold bearing sulfide material with a higher specific gravity.

Two different sensitivities were tested (2% and 5%).

The second stage used laser to separate out the quartz (gold bearing) mineralization from the gangue non-gold bearing waste.

On a material mass basis, sorting tests confirmed that a single-stage XRT sorting circuit is expected to:

● reject approximately 8% of the run-of-mine feed as waste;

● produce a gold loss from the rejected waste of approximately 1.7%.

Gold Recoveries

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.

A total of 71 additional leach tests were completed using the above mentioned two-staged grinding to confirm our resulting leach recoveries of 91.9%, net of solution losses.

This test work has also confirmed a cyanide consumption rate of 0.88 kg per tonne.

Our recovery plant design utilizing a conventional, industry-proven, CIP circuit remains unchanged.

A series of batch leach tests were performed on six composites to evaluate the effect of feed grade against gold extraction at various grind sizes at the ALS Metallurgy Laboratory in Australia.

A total of 123 tests were conducted including duplicate tests.

Alternative milling types were also applied to the test procedure, utilizing an FLS VXP mill, IsaMill and a

Lab steel ball mill.

The tests demonstrated that gold extraction is size dependent, increased gold extraction was recorded with finer grind size.

In the same manner, a correlation that relates mill feed gold grade to gold extraction was derived from the historical leach test work for predicting gold recoveries in the plant according to the production schedule.

The test results from both the 2018 and 2019 leach tests were used to derive the gold recovery model, based on mill feed gold grade.

The samples selected for gold head grade analysis ranged from 0.6 g/t to 2.1 g/t Au.

Tests done on samples reported grind sizes well below the design P 80 size of 40 µm were excluded from the assessment.

A carbon adsorption efficiency of 99.1% for gold has been factored for an average gold recovery of 89.9% (net of solution loss) based on mill feed from the life of mine average gold head grade of 0.97 g Au/t.

This equates to 88.5% based on the processing plant feed.

Existing Heap Leach Pad

In addition to analysis of freshly-mined material from the Batman deposit, Vista has analyzed the potential to process nearly 13.4 million tonnes of material from the existing heap leach pad at Mt Todd.

The historical Mt Todd mine started as a heap leach operation with historical records indicating that the average grade of material placed on the pad was 0.96 g Au/t.

Although the material was partially leached in the mid-1990s, Vista has drilled 24 air-rotary holes into the heap leach pad and assayed 361 samples, and Tetra Tech created a 3D resource model that has an average grade of 0.54 g Au/t.

Initial evaluation efforts focused on re-starting the heap leach pad.

Bottle roll and column tests were completed, both of which supported the leachability of the material with gold recovery rates around 35%.

However, poor in situ permeability rates caused Vista to ultimately abandon plans to re-start the heap.

A total of 16 tests were completed on composites taken from 11 of the heap leach pad drill holes.

The samples were ground to the size of P80 of 40 μm and pre-treated with lime and 100 g/t of lead nitrate to suppress copper leaching.

The material was then leached for 24 hours.

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

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 life of mine.

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

A historical heap leach pad adjacent to the current Mt Todd pit was analyzed for gold.

The heap leach pad is a remnant of the Pegasus operation, pre-2006.

The heap leach pad’s geometry was analyzed using historical maps to determine the pile bottom and current surveys of the present-day surface.

This work produced two surfaces which were used to calculate the volume of the pile.

The concentration of gold was analyzed with 24 vertical drillholes separated by approximately 100 m.

Density was measured using a dual density sidewall gamma probe.

A total of 1,162 samples were collected from 11 drill holes, and the density was estimated to be 2.01 for the heap leach pad material.

A nearest neighbor method was employed to estimate grades within the heap leach pad since there is no apparent spatial correlation between samples.

The existing heap leach pad is estimated to contain 232,000 ounces of gold within 13.4 million tonnes at an average grade of 0.54 g Au/t.

Bottle roll and column leach test work undertaken at the ALS Metallurgy Laboratory in Australia indicated:

● Cyanidation leach tests on “as is” material on the heap will extract ± 30% of the gold;

● CIP cyanidation tests at a grind size of P 80 of 90 μm will extract on average 72% of gold (range:

64.14% to 80.37%) in 24 hours of leach time.

The average lime and cyanide consumptions were 1.75 kg/t and 0.78 kg/t, respectively.

The heap leach pad ore material will be reprocessed following processing of ore from the Batman deposit.

Reprocessing of this material, with gold recovery estimated at 72%, will be completed as part of self-funded reclamation and closure activities.

Following reprocessing of this material, the leap leach pad footprint will be reclaimed by cutting and removing the liner for consolidation in TSF 2.

Vista has initiated activities to modify its existing authorizations to align with the designs and operating plans as set out in the Mt Todd FS and to obtain an additional AAPA Authority Certificate to cover additional project activity areas.

The history of existing authorizations that Vista is presently seeking to modify includes:

In September 2014, the EIS was approved.

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 Deemed Mining License.

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.

The EPBC authorization was granted by the Australian Commonwealth Department of Environment and Energy in January 2018.

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 life of mine in compliance with the EIS and EPBC requirements.

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

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

The EPBC authorization of a controlled activity was granted by the Australian Commonwealth Department of Environment and Energy in January 2018.

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

The MMP was approved in June 2021.

In July 2024 all MMPs were changed to Deemed Mining Licenses with all of the rights and responsibilities previously conferred by the MMP.

All companies have four years to convert the Deemed Mining License to a Mining License.

In most cases, existing designs and management plans will be submitted for review and subsequent approval as a Mining License.

As a result of changes in legislation by the NT Government, in July 2024 all MMPs were converted to DEMLs with the same rights and obligations in regard to the operating plans for Mt Todd previously conferred by the MMP.

All companies have four years from July 2024 to convert a DEML to an EML.

In most cases, existing designs and management plans will be submitted for review and are expected to receive subsequent approval as an EML.

In 2012 and 2021, authority certificates were issued to Vista under the NT Aboriginal Areas Protection Act (“AAPA Authority Certificate”) that indicate the nature of, and areas where, project activities can proceed without risk of damage or interference with Aboriginal sacred sites.

We also hold permits to interfere with a waterway and a water extraction license.

Environmental, Social and Community Factors

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Final approval was given in September 2014.

The Jawoyn Association have been consulted with and involved in the planning of the Project.

Areas of aboriginal significance have been designated, and the mine plan has avoided development in these restricted works areas.

The EIS is among the authorizations that Vista is seeking to modify to align with the designs and plans in the Mt Todd FS.

The Jawoyn Association has been consulted as part of the planning process for the future of the Project.

Areas of Aboriginal significance have been designated, and the mine plan has avoided development in these areas.

Consultation with the Jawoyn Association is ongoing, including in regard to Vista’s plans to obtain an additional AAPA Authority Certificate.

Water Treatment

We obtained approval of a waste discharge license from the NT Government that authorized the release of treated water from the Mt Todd site during the wet season in accordance with an 80% protection limit environmental standard.

We have discharged treated water in compliance with the standards.

The existing Batman pit has the capacity to contain approximately 11.5 gigaliters of water.

At December 31, 2024, the volume of water in the pit was approximately 2.63 gigaliters.

It is expected this volume of water will not present any major issues when resuming operations in the Batman pit.

The existing Batman pit has the capacity to contain approximately 11.5 gigaliters (“GL”) of water.

Historically, we have treated and discharged approximately 10.5 GL of treated water from the site in compliance with a waste discharge license issued by the NT Government.

The Batman pit is used for ongoing water management to store excess water from other site locations.

As of December 31, 2025, the volume of water in the pit was approximately 4.1 GL;

however, this volume has increased to approximately 5.3 GL as a result of abnormally heavy seasonal precipitation.

Beginning in 2025, the Company implemented an enhanced evaporation program to stabilize and begin reducing the overall volume of water on site.

The Company is also in the planning stages for a program to begin treating and discharging the accumulated water in preparation for the resumption of operations.

Water treatment of acid rock drainage and metal laden water will occur once Project development begins.

A water treatment plant will be installed for active water treatment prior to operations, during mining operations, and for a period following cessation of operations.

Passive water treatment will be conducted at the site following closure in addition to use of the active water treatment plant, as required.

Project Development Plans

The Company is positioning Mt Todd as a leading development opportunity and continues to work with CIBC Capital Markets as it seeks to realize the best value at the right time.

The Company completed a drilling program during 2024.

The total meters drilled was 6,776 and focused on the north end of the Batman deposit and the adjacent SXL.

The Company has since initiated the 2025 FS that is anticipated to increase the mineral reserve grade to approximately 1 gram gold per tonne and reduce the initial capex to approximately $400 million while achieving average annual gold production ranging from 150,000 to 200,000 ounces from 5.2 million tpa ore throughput.

Reducing costs and maximizing effectiveness continue to be high priorities in 2025.

Vista expects to incur expenditures of approximately $2,400 for its Mt Todd site maintenance and environmental stewardship activities plus $3,200 related to work plans at Mt Todd for:

purchase of equipment for expansion of Mt Todd’s enhanced water evaporation system;

and various planned maintenance projects.

With completion of the Mt Todd FS, the Company has started activities expected to lead to the transition of Mt Todd to a producing operation.

The Company has filed modifications and is preparing additional filings to align its existing major permits and approvals with the current Mt Todd FS parameters.

The Company is undertaking studies that address recommendations in the Mt Todd FS to optimize the development plan and provide data for detailed engineering.

To achieve its objectives, Vista will also advance plans to build the internal organizational capabilities and obtain the financing needed to make the transition of Mt Todd to a producing operation.

The Company estimates recurring expenditures for the ensuing twelve months following December 31, 2025, will total approximately $9,100, including $4,600 for its Mt Todd site management, environmental stewardship activities, and expanding its corporate capability by building an Australia-based team.

Additionally, expenditures of approximately $10,200 in non-recurring project program costs are estimated for the same period.

Non-recurring costs are expected to primarily include pre-development evaluations, project planning and early development work, initial project financing costs, and site maintenance requirements.

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