Gold and tin were discovered in the Mt Todd area in 1889 and most early production from the area occurred in the period 1902 to 1914. Regional exploration turned to tungsten in 1913, followed by uranium in the 1950s before returning to gold exploration in the 1970s. The Billiton-Zapopan JV discovered the Batman deposit in May 1988, and commercial production from Batman commenced in 1993. Pegasus Gold made its first investment in the Mt Todd gold project in 1992 and was the sole owner and operator of the site from 1995 until mid–1997. Mt Todd was operated briefly in 1999-2000 by a joint venture comprised of Multiplex Resources and General Gold Resources. Operations ceased in July 2000 and most of the equipment was sold and removed from the site when the project went into receivership.

Vista acquired Mt Todd in 2006 and has invested over US$110 million to advance the Mt Todd gold project. Significant investments have been made in areas related to Vista’s environmental stewardship for the site, drilling, and metallurgical testing. The gold resource of the project has tripled (now almost 9.5 million ounces) with over 60,000 meters of core drilling. Extensive metallurgical testing has been completed to optimize the metallurgical flow sheet and achieve an estimated gold recovery of 91.6%. Vista has also received the approval of all major environmental and operating permits to initiate development.

The Project offers strategic optionality through development as a large or mid-scale project and has all major operating and environmental permits necessary to initiate development. A feasibility study for Mt Todd was completed in 2022 with material project costs updated in 2024 demonstrating strong economics for development of a 50,000 tonnes per day (50 “ktpd”), 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, with completion expected mid-2025.