MT TODD

Northern Territory, Australia

Vista’s Mt Todd gold project is one of the largest development-stage gold deposits in Australia with measured and indicated gold resources totaling 9.1 million ounces. Situated 250 kilometers southeast of Darwin, Mt Todd offers significant scale, development optionality as a large or mid-scale project, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility.

A new feasibility study for Mt Todd was completed in July 2025 (the “2025 FS”). The 2025 FS reported 5.2 million ounces of proven and probable reserves (171.9 million tonnes with an average grade of 0.94 g Au/t at a cut-off grade of 0.50 g Au/t) and demonstrated strong economics for development of a 15,000 tonnes per day, nominally 5.3 million tonnes per annum, operation.

The 2025 FS reported after-tax NPV5% of US$1.1 billion, after-tax IRR of 27.8%, and payback of 2.7 years at a gold price of $2,500/oz. At $3,300/oz, after-tax NPV5% is $2.2 billion, after-tax IRR is 44.7%, and payback is 1.7 years. Initial capital requirements are estimated to be $425 million, a 59% reduction from the previous feasibility study.

The results also demonstrated strong and stable gold production. Average annual gold production is estimated to be 153,000 ounces during years 1-15 of operations and 146,000 over the 30-year life of mine. The average ore grade over the first 15 years of operations is estimated to be 1.04 grams gold per tonne (g Au/t) and 0.97 g Au/t over the life of the mine. All-in sustaining costs are estimated to be $1,449/oz years 1-15 and $1,499/oz years 1-30.

The 2025 FS marks a significant shift in the strategy for Mt Todd, demonstrating the potential for near-term development of a smaller initial project by prioritizing higher grade ore to the processing plant, significantly lowering initial capital costs, and incorporating contractors to reduce development and operational risks.

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 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, are included in the block model for the updated Mt Todd mineral resources estimate of the 2025 Mt Todd FS.

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.