MT TODD

Northern Territory, Australia

Vista’s shovel-ready Mt Todd gold project is one of the largest development-stage gold deposits in Australia with measured and indicated gold resources totaling more than 7.8 million ounces. Situated 250 kilometers southeast of Darwin, Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility. All major operating and environmental permits necessary to initiate development are in place.

The Mt Todd feasibility study was completed in February 2022 and reported 6.98 million ounces of proven and probable reserves (280.4 million tonnes with an average grade of 0.77 g Au/t at a cut-off grade of 0.35 g Au/t). In March 2024, the feasibility study was updated to reflect Q1 2024 estimates for material capital and operating cost components. Mt Todd mineral resources and mineral reserves, mine plans, gold recoveries, and gold production schedules remain unchanged.

In 2023, the Company completed an internal scoping study for a 15 ktpd operation, nominally 5.2 mtpa. A project of this scale offers the potential to provide shareholders with lower exposure to financing, development, and operating risks.

Later in 2024, the Company plans to start a feasibility study targeting throughput in the range of 4 – 6 mtpa, with 150,000 to 200,000 ounces of annual gold production, an initial capital cost of less than $400 million, and a reserve grade of approximately 1 gram gold per tonne. By using contract mining, third-party power generation, and construction practices commonly used in Australia, the Company believes there is opportunity to maintain high capital efficiency at this project scale. The feasibility study will leverage the extensive work completed for the 50 ktpd feasibility study, preserve the potential for future expansion and is expected to be completed by mid-2025.

The Company undertook a drilling program in January 2024 as a precursor to beginning the feasibility study for the alternative development plan. This program is nearing completion of the planned 6,000-7,000 meter program and has successfully confirmed the extension of the core zone and the mineralized boundaries in the northern section of the Batman deposit and identified multiple high-grade intercepts in the South Cross Lode zone (the “SXL”), a known mineralized structure that intersects the Batman deposit and extends up to 400 meters northeast.

Effective July 1, 2024, the NT Government passed legislation to enact the Mineral Royalties Act 2024. Pursuant to the Royalties Act, the royalty rate applicable to gold doré from Mt Todd will be 3.5% of the value of gold produced, which represents nearly a 50% reduction in payable royalties and a meaningful opportunity for improved project economics and earlier shareholder returns compared to our 2024 updated feasibility study.

Mt Todd is a “brownfield development” project with significant existing infrastructure (with current replacement value of approximately $130 million) including: paved access from the major transportation corridor, a natural gas pipeline to site for future power generation, medium-tension power lines for present power needs, a freshwater reservoir, tailings impoundment facility, and readily available labor and technical personnel.

Vista is committed to the sustainable and socially responsible development of Mt Todd. Our vision is to create a positive impact on our environment, society, and economy while delivering outstanding results for our stakeholders. With this in mind, we have set our focus on embedding sustainability and social responsibility at the core of every decision and action we take.