Vista Gold(VGZ) - 2025 Q4 - Annual Report

Project Overview - The Mt Todd Gold Project is expected to produce a total of 4.55 million ounces of gold over a 30-year life of mine, with an average annual production of 146,000 ounces[183]. - The initial capital expenditures for the project are estimated at $425 million, while sustaining capital expenditures are projected to be $442 million[175]. - The after-tax NPV at a 5% discount rate is estimated to be $1,060 million based on a gold price of $2,500 per ounce[174]. - The project has a sensitivity analysis indicating that a 10% increase in gold price would raise the IRR from 27.8% to 30.7%[174]. - The total estimated mineral reserves amount to 4.959 million ounces, with proven reserves of 2.371 million ounces and probable reserves of 2.588 million ounces[190]. Production and Costs - The cash costs per ounce for the first 15 years are projected to be $1,399, decreasing to $1,413 over the life of mine[178]. - The production schedule anticipates processing 158.6 million tonnes of ore from the Batman deposit[183]. - The project is sensitive to changes in gold prices, with a notable impact on both operating and capital costs[172]. - The effective date for the Batman and Heap Leach Pad Mineral Reserves estimates is July 25, 2025[194]. - The average grade of ore processed over the life of mine is expected to be 0.97 g Au/t[183]. Mineral Reserves and Resources - Batman deposit Mineral Reserves are reported using a 0.50 g Au/t cutoff grade and a gold price of $1,800 per ounce[192]. - Heap Leach Pad Mineral Reserves consist of approximately 13.4 million tonnes to be reprocessed at the end of the mine life[206]. - The Batman and Quigleys Mineral Resources are constrained within a $1,950/oz gold pit shell[191]. - The total surface area of mineral leases is 55.4 km², with the majority of estimated Mineral Resources contained in the Batman deposit[197]. - The core complex of the Batman deposit shows consistent mineralization with high vein frequency, while the hanging wall and footwall zones exhibit patchier mineralization due to lithological controls[218]. Exploration and Drilling - The Batman deposit mineralization extends approximately 2,400 m along strike and has been drill tested to a depth of 800 m[213]. - The Batman deposit drilling history includes a total of 890 holes, with 8,239 meters of percussion drilling and 91,670 meters of diamond drilling, averaging 550 meters in depth[238]. - Between late 2020 and early 2022, the exploration drilling program consisted of 26 drill holes totaling 8,887 meters, confirming mineralization continuity and identifying four quality exploration targets along a 5.4 km section of the Batman-Driffield Trend[247]. - Vista's drilling efforts at the Batman deposit have resulted in a larger mineral resource estimation, with most higher-grade mineralization residing within the core zone of the deposit[246]. - The 2024 drilling program consisted of 34 drill holes totaling 6,776 meters, successfully intersecting mineralization within the Batman deposit resource shell[248]. Processing and Metallurgy - The Mt Todd processing facility is designed to process 15,000 tonnes per day (ktpd) of hard ore, equating to an annualized throughput rate of 5.325 million tonnes per annum (Mtpa)[273]. - The overall processing circuit includes primary crushing, secondary crushing, and tertiary crushing, with a focus on gold recovery and treatment of hard ore[273]. - The metallurgical testing program confirmed consistent ore hardness throughout the Batman deposit and the selection of HPGR crusher technology[278]. - A carbon adsorption efficiency of 99.1% for gold has been factored for an average gold recovery of 89.9% based on a life of mine average gold head grade of 0.97 g Au/t[290]. - Gold recovery from the heap leach pad is estimated at 72% during reprocessing as part of self-funded reclamation activities[292]. Financial and Operational Planning - The company estimates recurring expenditures for the ensuing twelve months will total approximately $9,100, including $4,600 for site management and environmental stewardship[305]. - Non-recurring project program costs are estimated at approximately $10,200 for the same period, primarily for pre-development evaluations and project planning[305]. - The company has initiated activities to modify existing authorizations to align with the designs and operating plans as set out in the Mt Todd FS[293]. - The company is planning to treat and discharge accumulated water in preparation for the resumption of operations, with a current volume of approximately 5.3 GL in the Batman pit[302]. Quality Control and Verification - Quality control measures include the use of certified reference materials and blanks to monitor contamination and ensure data integrity[265]. - Vista's verification process from 2007 to 2024 included systematic audits and inter-laboratory comparisons to validate assay results[259]. - The laboratory used for assays, NAL, is located approximately 65 km from the Mt Todd site, ensuring secure sample transport and verification[267].