MT TODD

Northern Territory, Australia

Vista’s ready-to-build 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.

A feasibility study for Mt Todd was completed in 2022, with material project costs and economic returns updated in 2024 (the “Mt Todd FS”). The Mt Todd FS 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) and demonstrated strong economics for development of a 50,000 tonnes per day, nominally 17.5 million tonnes per annum, operation.

In December 2024, Vista commenced a new Mt Todd feasibility study that aims to increase the reserve grade to 1 g Au/t using a higher cut-off grade and reduce the initial capex by 60% to about $400 million while achieving average annual gold production ranging from 150,000 – 200,000 ounces from 15,000 tpd or 5.2 million tonnes per annum throughput. 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 new feasibility study will leverage prior technical studies and the work completed for the Mt Todd FS, preserve the potential for future expansion, and demonstrate the opportunity for Mt Todd to deliver attractive economic returns. Completion of the new feasibility study is expected mid-2025.

The Company undertook a drilling program during 2024 with a total of 34 holes for 6,776 meters drilled. The program was completed in December 2024. Results of the program indicate the potential to increase gold mineral reserves in the Batman deposit and successfully delineated the South Cross Lode over a 400-meter strike length. These drill results, and those from the 2020-2022 drilling program, will be included in the block model for the updated Mt Todd mineral resources estimate and the new feasibility study.

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 the 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.