Vista Gold Corp.

Good day, ladies and gentlemen, and welcome to the VISTA Gold's 2025 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, you will conduct a question and answer session. At that time, participants are asked to press star 1 to register for a question. For assistance during the call, please press star 0 on your touchstone phone. As a reminder, this conference call is being recorded. Today is Friday, March 13, 2026. It's now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.

Thank you, John, and good day, everyone. Thank you for joining the VISTA Gold 2025 Financial Results and Corporate Update Conference Call. I'm Pamela Solly, Vice President of Investor Relations. On the call today is Fred Ernest, President and Chief Executive Officer and Doug Todler, Chief Financial Officer. On March 11, 2026, Vista reported its operating and financial results for the year ended December 31, 2025. Copies of the news release and the annual report on Form 10-K are available on our website at www.vistagold.com. During the course of this call and the question and answer session, we will be making forward-looking statements. These statements involve known and unknown risks uncertainties, and other factors that may cause actual results, performance, or achievements of VISTA to be materially different from results, performance, or achievements expressed or implied by such statements. Please refer to our most recently filed Form 10-K for details of risks and other important factors that could cause actual results to differ materially from those in our forward-looking statements and the cautionary note regarding estimates of mineral resources and mineral reserves. I'll now turn the call over to Fred Ernest.

Thank you, Pam, and thank you, everyone, for joining us on the call today. We'll begin with an overview of our 2025 achievements and then discuss our outlook for 2026. Our achievements in 2025 underscore our commitment to creating greater value for our shareholders and positioning Vista and Mt. Todd for long-term success. 2025 was a pivotal year for our company. The completion of the Mount Todd feasibility study in July marked an important milestone for both the project and VISTA. Throughout the year, we remained focused on safety, environmental stewardship, financial discipline, and delivering value for our shareholders. In November, we surpassed four years without a workplace incident and maintained zero reportable environmental events and ended the year with a strong treasury, further strengthened by a recent equity raise that will support permitting, technical studies, and early engineering work as we continue to advance Mt. Pod. Earlier this week, we closed a $44.85 million public offering and were pleased with the demand and broad range of interest from resource investors. We are committed to prioritizing the efficient use of our cash and creating value for our shareholders through disciplined execution of our strategy for the Mt. Todd Gold Project. I will discuss some of these topics in greater detail later in the call, but I'll now turn the time over to Doug Tobler for a review of our financial results for the year ended December 31st, 2025. Thank you, Fred. Thanks everybody for joining the call as well. My comments today will provide a recap of our financial position and results of operation as presented in our 2025 Form 10-K. For additional details about our audited financial statements, this 10-K is available for review at sec.gov or cdarplus.ca. And all of the amounts that I mentioned today will be in U.S. dollars. VISTA ended 2025 with cash on hand of $13.6 million and has recently completed an equity offering with net proceeds of $41.9 million. Securing these funds comes at a very important time because it provides VISTA with immediate ability to fund the programs that Fred will mention later in this discussion. We are now well positioned from a financial perspective to execute on our objective to begin detailed engineering in 2027. We also continue to have a clean balance sheet with no debt. Turning to our results of operations, 2025 concluded as we expected with the majority of our expenditures relating to Mt. Todd, while we held our corporate costs consistent with 2024. Overall, VISTA reported a net loss of $7.5 million for the year ended December 31, 2025. This compared to net income of $11.2 million for 2024. The swing between years is largely accounted for by three things. First, we recognized a $16.9 million gain in 2024 that related to our grantable royalty interest to Wheaton Precious Metals. Secondly, during 2024, we capitalized a $1.9 million of drilling and other cost expenditures that qualified as development costs. And lastly, we sold used mill equipment in 2024 for net proceeds of $800,000. Key components of our results of operations include Mount Todd related expenditures and corporate administration. Our exploration and other expenses for Mount Todd were $5.6 million in 2025 compared to $3.5 million in 2024. This variance is mostly the result of having capitalized $1.9 million of development costs in 24, as I mentioned previously. Aside from our recurring site-related activities at Mt. TOG, our priorities in 25 were largely associated with completing the 2025 feasibility study, while in 24 we carried out a drilling program in the area of the Batman Pit and the South Crossload. And as I mentioned, we continued to hold our corporate administration expenses steady on a year-over-year basis. In 2025, these expenses totaled $3.6 million, compared to $3.7 million for 2024. That concludes my remarks. I'll turn the call back to Fred now. Thank you. Thank you, Doug. As I indicated previously, in July of 2025, we completed a new feasibility study for our Mount Todd Gold project that presents a new vision for the project as a 15,000 ton per day operation. The completion of the new feasibility study was a defining moment for Mount Todd and VISTA. The study demonstrates an achievable path to near-term production centered on a smaller initial operation that prioritizes higher-grade ore to the processing plant, significantly lowers initial capital costs, and incorporates contract services to reduce development and operational risks. At the feasibility study gold price of $2,500 per ounce, the net present value at a 5% discount rate, or NPV5, was estimated to be $1.1 billion. The internal rate of return was estimated to be 27.8%. And the payback period was 2.7 years. At a $3,300 gold price, the NPV-5 was estimated to be 2.2 billion with an IRR, or an internal rate of return of 44.7%, and a payback period of 1.7 years. At a $5,000 gold price, The NPV-5 is estimated to be $4.5 billion, and the IRR is estimated to be 74.5% with a 1.3-year payback period. For additional information on the feasibility study results, please refer to VISTA's news release dated July 29, 2025, and the feasibility study presentation, both of which can be found on our company website. Since completing the 2025 feasibility study, we have prioritized work to support the start of detailed engineering and design. Recent drilling has provided core for selective metallurgical testing to confirm grind size, gold recoveries, and optimal selection and sizing of grinding equipment. We've completed a preliminary geotechnical review to assess the opportunity to steepen the west pit wall. reduce stripping, and potentially convert additional mineral resources to mineral reserves. I'm pleased to report that based on this review, we plan to commence geotechnical drilling at the conclusion of the wet season in Mount Todd, in other words, in the next month or so, and complete a new geotechnical study for the Batman Pit. During the fourth quarter of 2025, we began the process of modifying our existing key permits to align with the designs and operating plans in the 2025 Mount Todd Feasibility Study. Applications were submitted for several modifications with additional applications planned for this year. In January, we hired an approvals manager, Dr. Francis Karanchi, to complement our operations team in Darwin. His primary responsibility is to manage the permit modification and approval processes. talking for a moment about safety and ESG. Throughout 2025, we remain firmly committed to safety, environmental stewardship, and the interests of our stakeholders. In November, we've surpassed four consecutive years without a workplace incident, which is a testament to our strong safety culture. Our site team continued to successfully advance Mt. Todd's environmental initiatives with zero reportable incidents and management continued its proactive engagement with the Jowan Aboriginal Association Corporation and other key stakeholders. In 2026, we are focused on building the technical and organizational foundation required for project execution. This includes advancing the technical studies I mentioned earlier, completing ongoing permit modification activities and building an Australian-based team to lead the development and operation of Mount Cod. This team is expected to include a small executive group based in Perth and a larger operational presence based in the Northern Territory. In addition to the recently hired approvals manager, in February, we announced two key appointments to our Perth team, including an executive general manager of projects and technical services, and an executive general manager of external relations and social performance. We expect to make additional announcements in the coming months as we continue to add to our project team. Completing this work is an important prerequisite to initiating detail engineering and design, which we expect to begin in 2027. The decision to commence detail engineering and design is expected to mark the start of an approximately 27-month period of design construction and commissioning, culminating in first gold production. Looking ahead, we believe Mt. Todd holds tremendous intrinsic value and represents an exceptional investment opportunity at conservative long-term gold prices. With an all-in sustaining cost of roughly $1,500 per ounce and a very conservative gold price of $3,300 per ounce, the Mt. Todd project will generate $300 million of free cash flow annually. At a $2,500 gold price, the study net asset value per share is $7.31 per share on the currently number of issued and outstanding shares. And at a $3,300 gold price, the study net asset value per share is $14.89 per share, which is a little over seven times our current share price. We were very pleased with our share price performance in 2025, which reflects not only the rising gold price, but also the market's strong support of the new Mt. Todd 15,000 ton-per-day feasibility study. For the year ended 2025, VISTA's shares increased almost 252% compared to the year-end 2024. Following our recent financing that closed earlier this week, our current market capitalization is approximately 300 million. We anticipate that sustained strength in the gold price will continue to positively influence Vista's share price performance. Today, with higher gold prices and growing investor interest, Mount Todd is positioned as one of the most attractive development stage projects in the gold sector. Its strong project economics, favorable jurisdiction, permitting status, and existing infrastructure make it well-suited for near-term development. We are confident that this is the right market environment in which to advance Mount Todd. In conclusion, VISTA is committed to seeing Mount Todd developed in compliance with the highest mining and ESG standards and will work diligently toward that goal. For more information about Mt. Todd and Vista Gold, I refer you to our corporate presentation which can be found on our website at www.vistagold.com. We believe that Vista Gold represents an exceptional investment opportunity and that current prices represent a tremendous opportunity to establish a position or increase one's holdings in Vista Gold. This concludes my formal remarks and we will now respond to any questions from participants on the call.