Corporate Member

Vista holds the Mt Todd gold project, a near-term development opportunity located in the Tier-1 jurisdiction of Northern Territory, Australia. Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility.

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”) over the first 15 years of operations and 0.97 g Au/t over the life of mine
• Life of mine average gold recovery of 88.5% from 3-stage crush, single-stage sort, 2-stage grind, and carbon-in-leach (“CIL”) recovery circuit
• Contract mining and third-party power generation reduce capital costs and operational risks
• Future expansion opportunities not evaluated in the Study, but considered in designs and layouts
• After-tax NPV5% of $1.1 billion, IRR of 27.8% and 2.7 year payback at a $2,500 per ounce gold price
• After-tax NPV5% of $2.2 billion, IRR of 44.7% and 1.7 year payback at spot gold price ($3,300 per ounce)
• After-tax free cash flow at a $2,500 gold price of $1.6 billion for first 15 years of commercial operations
• Initial capital requirements of $425 million, a 59% reduction from the 2024 FS
- Capital Efficiency: $93 per ounce (initial capital : total ounces of gold produced)
- Benefit to Cost Ratio of 2.5 (NPV5% : initial capital)
• All-in Sustaining Cost of $1,449 per oz years 1-15 and $1,499 per oz years 1-30

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