Vista Gold Corp Announces 2025 Financial Results and Strategic Advancements at Mt Todd Project

Denver, Colorado, March 11, 2026 – Vista Gold Corp. (NYSE American and TSX: VGZ) has released its audited financial results for the year ended December 31, 2025, and provided a comprehensive update on the Mt Todd gold project, its flagship asset in Northern Territory, Australia.

Key Financial Highlights

• Consolidated Net Loss: \$7.5 million, or \$0.06 per common share for 2025, compared to net income of \$11.2 million, or \$0.09 per common share in 2024.
• Cash Position: Cash and cash equivalents totalled \$13.6 million at year-end 2025, down from \$16.9 million at year-end 2024.
• Equity Raise: On March 9, 2026, Vista completed an underwritten public offering of 17,940,000 common shares, raising gross proceeds of \$44.85 million.
• No Debt: Vista remains debt-free.
• Other Income: 2025 results benefited from a \$1.3 million tax recovery related to the 2020 Los Reyes gold project sale. The prior year included a \$16.9 million gain from granting a royalty interest in Mt Todd and a \$0.8 million gain from selling mill equipment.

Operational and Strategic Developments at Mt Todd

• New Feasibility Study Completed: The pivotal 2025 Mt Todd Feasibility Study (FS) was completed in July, outlining a scalable and lower-risk path to near-term production. The approach focuses on a smaller initial operation prioritizing higher-grade ore, significantly reducing initial capital costs, and utilizing contract services to mitigate development and operational risks.
• Safety and Environmental Excellence: The company marked four consecutive years without a workplace incident and reported zero environmental incidents, underscoring its strong safety culture and environmental stewardship.
• Advancing Project Readiness: Following the 2025 FS, Vista prioritized work to enable detailed engineering and design. Recent drilling provided core samples for selective metallurgical testing, confirming grind size, gold recoveries, and optimizing grinding equipment. A geotechnical review is underway, with potential drilling around the Batman pit to steepen the west pit wall, reduce stripping, and potentially convert additional mineral resources to mineral reserves.
• Permitting Progress: Modifications to key permits have been initiated to align with the new FS design, with submissions filed and more applications planned.
• Australian Team Expansion: Vista is establishing a Perth-based executive team, with plans for a larger operational presence in the Northern Territory to support project execution.
• Pathway to Production: The company is targeting commencement of detailed engineering and design in 2027. This milestone is expected to launch a 27-month period of design, construction, and commissioning, culminating in first gold production.

Shareholder-Relevant and Price Sensitive Information

• Significant Equity Raise: The closing of a major equity financing in March 2026 substantially strengthens the company’s treasury, supporting ongoing permitting, technical studies, organizational build-out, and engineering activities. This capital injection is vital for future project milestones and may positively impact share valuation.
• Transition from Net Income to Net Loss: The shift to a net loss for 2025, driven by the absence of one-time gains seen in 2024, is important for shareholders to note. However, the loss aligns with management’s expectations and is offset by strategic investment in Mt Todd’s development.
• Project De-risking: The updated feasibility study’s focus on lower initial capital, higher-grade ore, and contract services reduces operational and development risks, which could increase investor confidence and positively affect the share price if milestones are met.
• Upcoming Milestones: The anticipated start of detailed engineering in 2027, coupled with ongoing permitting and organizational growth, positions Mt Todd for potential value realization and news flow that could drive share price movements.

Mt Todd Project Overview

Mt Todd remains one of Australia’s largest development-stage gold projects, offering strong project economics, significant initial production, and compelling expansion and exploration potential. The project benefits from advanced infrastructure, multiple development scenarios, and broad community support, which together underpin its potential to become a long-lived, globally significant gold operation.

Management Conference Call

The company will host a conference call on March 13, 2026, at 10:00 a.m. MDT (12:00 p.m. EDT) to review financial results and discuss corporate and project activities. An audio replay will be available through March 27, 2026, and questions can be directed to [email protected].

Forward Looking Statements

This news release contains forward-looking statements, including expectations regarding project milestones, financial results, permitting, engineering, and organizational plans. Actual results may differ materially due to risks such as resource and reserve uncertainties, capital and operating cost fluctuations, commodity price volatility, regulatory changes, and other factors detailed in the company’s 10-K and regulatory filings.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should review Vista Gold Corp’s regulatory filings for a detailed discussion of risks and uncertainties. Forward-looking statements are subject to change and actual results may differ. Please consult your financial advisor before making investment decisions.

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