Corporate Member

Vista holds the Mt Todd gold project, located in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is among the largest development-stage projects in Australia. The Company is advacing key work programs leading to the start of detailed engineering and design. This milestone is expected to initiate an approximately 27-month period of design, construction, and commissioning, culminating in first gold production. Mt Todd offers strong project economics, significant initial production, and compelling expansion and exploration upside. Mt Todd benefits from advanced local infrastructure, multiple development scenarios, and broad community support, underpinning its potential to become a long-lived, globally significant gold operation.

On July 29, 2025, Vista announced the results of its 15,000 tpd Mt Todd feasibility study. Highlights include:

• Average annual gold production of 153,000 ounces during years 1-15 and 146,000 over the 30-year life of mine
• Average ore grade of 1.04 grams gold per tonne (“g Au/t”) years 1-15 and 0.97 g Au/t over the life of mine
• Future expansion opportunities not evaluated in the Study, but considered in designs and layouts
• After-tax NPV5% of $1.1 billion, IRR of 27.8% and 2.7 year payback at a $2,500 per ounce gold price
• After-tax NPV5% of $2.2 billion, IRR of 44.7% and 1.7 year payback at spot gold price ($3,300 per ounce)
• After-tax free cash flow at a $2,500 gold price of $1.6 billion for first 15 years of commercial operations
• Initial capital requirements of $425 million
- Capital Efficiency: $93 per ounce (initial capital : total ounces of gold produced)
- Benefit to Cost Ratio of 2.5 (NPV5% : initial capital)
• All-in Sustaining Cost of $1,449 per oz years 1-15 and $1,499 per oz years 1-30

For more information on the feasibility study results, see Vista's news release dated July 29, 2025.