Vista Gold Corp. Annual Report 2021

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FY2021 Annual Report · Vista Gold Corp.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

☒

☐

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-9025

VISTA GOLD CORP.
(Exact Name of Registrant as Specified in its Charter)

British Columbia
(State or other jurisdiction of incorporation or organization)

98-0542444
(I.R.S. Employer Identification No.)

7961 Shaffer Parkway, Suite 5
Littleton, Colorado
(Address of Principal Executive Offices)

80127
(Zip Code)

(720) 981-1185
(Registrant’s Telephone Number, including Area Code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of Each Class
Common Shares, no par value

Trading Symbol
VGZ

Name of Each Exchange on Which Registered
NYSE American

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ◻ No⌧

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ◻ No⌧

Indicate by checkmark whether the registrant (1) ﬁled all reports required to be ﬁled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to ﬁle such reports), and (2) has been subject to such ﬁling requirements for the past
90 days.
Yes ⌧ No ◻

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated ﬁler, an accelerated ﬁler, a non-accelerated ﬁler, a smaller reporting company, or an emerging
growth company. See the deﬁnitions of “large accelerated ﬁler,” “accelerated ﬁler,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the
Exchange Act.

Large Accelerated Filer ◻ Accelerated Filer ◻ Non-Accelerated Filer ⌧ Smaller Reporting Company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over
financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit
report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No⌧

State the aggregate market value of the voting and non-voting common equity held by non-aﬃliates computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second ﬁscal
quarter: $85,760,855

The number of shares of the Registrant’s Common Stock outstanding as of February 14, 2022 was 117,189,232.

Documents incorporated by reference: To the extent herein speciﬁcally referenced in Part III, portions of the Registrant’s Deﬁnitive Proxy Statement on Schedule
14A for the 2022 Annual General Meeting of Shareholders are incorporated herein. See Part III.

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TABLE OF CONTENTS

PART I

ITEM 1. BUSINESS
METRIC CONVERSION TABLE
GLOSSARY
CAUTIONARY NOTE TO INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND

INFERRED RESOURCES AND PROVEN AND PROBABLE MINERAL RESERVES

NOTE REGARDING FORWARD-LOOKING STATEMENTS
ITEM 1A. RISK FACTORS
ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 2. PROPERTIES
ITEM 3. LEGAL PROCEEDINGS
ITEM 4. MINE SAFETY DISCLOSURES

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND

ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL

DISCLOSURE

ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9B. OTHER INFORMATION

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 11. EXECUTIVE COMPENSATION
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND

PART III

RELATED STOCKHOLDER MATTERS

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
ITEM 16. FORM 10-K SUMMARY

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ITEM 1. BUSINESS.

PART I

In this annual report on Form 10-K, unless the context otherwise requires, the terms “we”, “us”, “our”, “Vista”, “Vista
Gold”, or the “Company” refer to Vista Gold Corp. and its subsidiaries. References to AUD or A$ refer to Australian
currency and USD or $ refer to United States currency, all in thousands, unless speciﬁed otherwise, except per share-
related, per tonne, and per ounce amounts.

Overview

Vista Gold Corp. and its subsidiaries operate in the gold mining industry. We are focused on evaluation, acquisition,
exploration and advancement of gold exploration and potential development projects, which may lead to gold production
or value adding strategic transactions such as earn-in right agreements, option agreements, leases to third parties, joint
venture arrangements with other mining companies, or outright sales of assets for cash and/or other consideration. We
look for opportunities to improve the value of our gold projects through exploration drilling and/or technical studies
focused on optimizing previous engineering work. We do not currently generate cash flows from mining operations.

The Company’s ﬂagship asset is its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory,
Australia (“NT”). With the approval of the Mining Management Plan (“MMP”) in June 2021, all major operating and
environmental permits for Mt Todd have been received. Mt Todd is the largest undeveloped gold project in Australia.

Vista recently completed the Mt Todd Feasibility Study (“2022 FS”), which is highlighted by:

● Estimated proven and probable mineral reserves of 6.98 Moz of gold (280 Mt at 0.77 g Au/t) using a gold

price of $1,125 for the reserve estimate and a cut-off grade of 0.35 g Au/t(1)(2);

● Average annual production of 395,000 ounces of gold over a 16-year mine life;

●

Life of Mine average cash costs of $817 per ounce;

Initial capital requirements of $892 million, which assume an owner-operated mining ﬂeet, power generated
on-site by a third-party, and a locally based employee workforce;

● After-tax NPV 5% of $999.5 million and internal rate of return (“IRR”) of 20.6% at a gold price of $1,600 per

ounce; and

● After-tax NPV5% of $1,458 million and IRR of 26.7% at a price of $1,800 per ounce of gold.

(1) Note to investors: Proven and probable mineral reserves are estimated in accordance with S-K 1300 and CIM Deﬁnition

Standards.

(2) See “Item 2. Properties – Mt Todd Gold Project, Northern Territory, Australia – Mineral Resources and Mineral Reserve

Estimates” in this annual report on Form 10-K for additional information.

We have invested over $105 million to systematically explore, evaluate, engineer, permit and de-risk Mt Todd since we
acquired it in 2006. In recent years, we have completed a number of optimization studies, which have been incorporated
into the 2022 FS. This work has added substantial value to the Project and positions Mt Todd for near-term development.
We believe the results will appeal to potential partners, investors and lenders and allow us to evaluate a range of
development alternatives as we continue to focus on maximizing shareholder value in a cost-effective manner.

The 2022 FS includes reserve estimates pursuant to subpart 1300 of Regulations S-K (“S-K 1300”) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and CIM Deﬁnition Standards based on mine plans developed
using a gold price in line with current market conditions. The 2022 FS addresses recommendations from the 2019 pre-
feasibility study and includes minor updates of the Project design to be consistent with the MMP, engineering and detailed
costing in all areas of the Project.

The 2022 FS highlights a 19% increase in gold reserves from 5.85 million ounces to 6.98 million ounces, supporting an
operation with average annual production of 479,000 ounces of gold during the ﬁrst seven years of commercial
operations

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and a low operating cost proﬁle that delivers signiﬁcant cashﬂows over a 16-year mine life. The 2022 FS reﬂects the
inﬂationary pressures being faced currently by all operators in the mining industry. While management believes this
inﬂationary trend is transitory, the resilience of Mt Todd is demonstrated by the project economics reﬂected in the 2022
FS. Mt Todd’s attributes, together with Vista’s deep understanding of the various project components create optionality in
the approach to its development. For example, the Company decision to have a third-party build, own, and operate the
power plant has resulted in capital cost savings and eliminated certain construction and operating risks while retaining
attractive operating costs.

We believe this work has added substantially to the value of the Project, which reﬂects a $1.5 billion net present value
(NPV5%) at the recent gold price of $1,800 per ounce and a 0.71 AUD:USD exchange rate and demonstrates near-term
development potential. See the “Item 2. Properties – Gold Price and Foreign Exchange Sensitivity Table” below.

Resources and reserves growth potential at Mt Todd includes a number of opportunities. There is potential to convert
additional known mineral resources to mineral reserves, and both the Batman and Quigleys deposits remain open.
Recent drilling demonstrates the continuity of mineralization between these two deposits, and Vista controls 1,650 sq. km
of exploration licenses at the southeast end of the Pine Creek Mining District.

In addition to the technical advancements of the Project, with the recent approval of the MMP, Vista now has all major
operating and environmental permits for the development of Mt Todd. We have invested signiﬁcant resources in water
treatment and management, environmental, and social programs. We believe this has beneﬁted our relationships with the
traditional landowners, local communities, and NT Government, creating a strong social license.

Vista has successfully monetized a number of non-core assets to support continuing operations in a non-dilutive manner.
This includes cash proceeds to the Company totaling $14,090 during 2020, 2021 and January 2022. The Company
continues to focus on monetizing a royalty interest in a U.S. exploration-stage project and used mill equipment.

Vista was originally incorporated on November 28, 1983 under the name “Granges Exploration Ltd.” It amalgamated with
Pecos Resources Ltd. during June 1985 and continued as Granges Exploration Ltd. In June 1989, Granges Exploration
Ltd. changed its name to Granges Inc. Granges Inc. amalgamated with Hycroft Resources & Development Corporation
during May 1995 and continued as Granges Inc. Eﬀective November 1996, Da Capo Resources Ltd. and Granges, Inc.
amalgamated under the name “Vista Gold Corp.” and, eﬀective December 1997, Vista continued from the Province of
British Columbia to the Yukon Territory, Canada under the Business Corporations Act (Yukon Territory). On June 11,
2013, Vista continued from the Yukon Territory, Canada to the Province of British Columbia, Canada under the Business
Corporations Act (British Columbia). The current addresses, telephone and facsimile numbers of our offices are:

Executive Office
7961 Shaffer Parkway, Suite 5
Littleton, Colorado, USA 80127
Telephone: (720) 981-1185
Facsimile: (720) 981-1186

Registered and Records Office
1200 Waterfront Centre – 200 Burrard Street
Vancouver, British Columbia, Canada V7X 1T2
Telephone: (604) 687-5744
Facsimile: (604) 687-1415

Human Capital Management

As of December 31, 2021, we had 17 full-time and no part-time employees globally. In addition, we use consultants with
speciﬁc skills to assist with various aspects of our corporate aﬀairs, project evaluation, due diligence, corporate
governance and property management.

Our compensation programs are designed to align compensation of our employees with Vista’s corporate objectives and
performance, and are designed to provide proper incentives to attract, retain and motivate employees to achieve superior
results. The structure of our compensation programs balances competitive wages, beneﬁts and incentive earnings for
both short-term and long-term performance.

The health and safety of our employees and others is a high priority in the way we manage our business. Oversight is
provided by the Company’s Board of Directors through the Health, Safety, Environment and Social Responsibility

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Committee. Management utilizes the principles set out in our Health & Safety Policy to administer health and safety
programs. Employees and others entering our workplaces are provided with relevant orientation and required to adhere to
established site protocols. In addition to recurring health and safety considerations, we follow COVID-19 mitigation
measures recommended by government and health agencies in the jurisdictions where we operate.

Vista’s priority to maintain a culture of ethical performance as a core value is reﬂected in the Company’s Code of
Business Conduct and Ethics and other related policies. Oversight is provided by the Company’s Board of Directors and,
for speciﬁc areas of performance, by committees of the Board of Directors. Employees are required to review the Code of
Business Conduct and Ethics and acknowledge their understanding of the content and intent to comply on a periodic
basis. Our compensation programs also include consideration of ethical performance in determining incentive awards.

Vista values the diversity and talents of its team, collectively working together in an inclusive environment to achieve
corporate goals and personal and professional development objectives. We cultivate a culture that is sensitive to the
importance of diversity and inclusion in the workplace and are committed to continuous improvement in these areas.

Environmental, Social, and Governance Responsibility

Vista is committed to implementing and continuing to develop business practices that are designed to mitigate
environmental impacts of our operating activities, support the people and communities within our areas of inﬂuence, and
appropriately manage the business aﬀairs of our organization. We believe part of being a good corporate citizen requires
a dedicated focus on how we aﬀect the environment and fulﬁll our responsibilities to stakeholders. In particular, through
our planning for development of Mt Todd, we have worked closely with governmental entities in the NT and local groups,
including the Jawoyn Association Aboriginal Corporation (the “Jawoyn”), to strive towards an environmentally sound and
socially responsible development plan.

Segment Information

We have one reportable segment, consisting of evaluation, acquisition and exploration activities which are focused
principally in Australia. We evaluate, acquire, explore and advance gold exploration and potential development projects,
which may lead to gold production or value adding strategic transactions such as earn-in right agreements, option
agreements, leases to third parties, joint venture arrangements, or outright sales of assets. We reported no mining
operating revenues during the years ended December 31, 2021 and 2020. Geographic location of mineral properties and
plant and equipment is provided in Notes 4 – Mineral Properties and 5 – Plant and Equipment to our Consolidated
Financial Statements under the section heading “Item 8. Financial Statements and Supplementary Data” below.

Reclamation

The Mt Todd site was not reclaimed by the predecessor owners when the mine closed in 2000. Liability for the
reclamation of the environmental conditions existing prior to the 2006 commencement of Vista’s involvement with the
Project is presently the responsibility of the NT Government. After it provides notice to the NT Government that it intends
to proceed with development, the Company will then assume these historical rehabilitation liabilities currently estimated
by the NT Government at approximately A$73 million. Vista does not expect to give such notice until a project
development decision has been made, major project permits are conﬁrmed to be in alignment with the ﬁnal development
plan, and project financing is arranged.

We generally will be required to mitigate long-term environmental impacts, including any of those existing prior to 2006
that are not otherwise mitigated during the mine life, by stabilizing, contouring, re-sloping and re-vegetating various
portions of the Project after mining and mineral processing operations are completed. Reclamation programs will be
conducted in accordance with detailed plans, which must be reviewed and approved by the appropriate regulatory
agencies.

Additionally, Vista maintains a $240 provision for potential reclamation costs attributable to certain mining claims
previously held by the Company should no other viable potentially responsible parties be identified.

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Government Regulation

Our exploration and development activities and other property interests are subject to various national, state, provincial
and local laws and regulations in Australia and other jurisdictions, which govern prospecting, development, mining, mine
safety, production, exports, taxes, labor standards, occupational health, waste disposal, protection of the environment,
the use and disposal of hazardous substances, and other matters. We have obtained all major authorizations and have
pending applications for other minor licenses, permits or other authorizations currently required to conduct our exploration,
development, and other programs. We believe we are in compliance in all material respects with applicable mining,
health, safety and environmental statutes and regulations in all of the jurisdictions in which we operate.

Australian Laws

Mineral projects in the NT are subject to Australian federal and NT laws and regulations regarding environmental matters
and the use and disposal of hazardous wastes and materials. As with all mining projects, Mt Todd is expected to have a
variety of environmental impacts should development proceed. In Australia, environmental legislation plays a signiﬁcant
role in the mining industry. We are required under Australian laws and regulations (federal and territorial) to acquire
permits and other authorizations before Mt Todd can be developed and mined. In September 2014, the environmental
impact statement (“EIS”) for Mt Todd was approved. The Environmental Protection Agency of the Northern Territory
Government (“NTEPA”) advised that it had assessed the environmental impacts of the proposed gold mine at Mt Todd
and authorized the Company to proceed with development, subject to a number of recommendations as outlined in the
assessment report (the “Assessment Report”). The Assessment Report included a request for Vista to secure an
authorization under the federal Environmental Protection and Biodiversity Conservation Act 1999 (“EPBC”) as it relates to
the Gouldian Finch. In January 2018, the authorization required by the EPBC was approved by the Australia Department
of the Environment and Energy. We must comply with the terms of our Authority Certiﬁcate under the Northern Territory
Aboriginal Sacred Sites Act 1989 which deals with the handling of archeological material and sacred sites. We are also
to statutory requirements under the Mining Management Act, which includes the requirement to receive
subject
authorization of an MMP before the start of mining operations. The Mt Todd MMP was approved by the Northern Territory
Department of Industry, Tourism and Trade (“DITT”) in June 2021 and will be amended to align with the larger-scale
design in the 2022 FS.

Environmental Regulation

Mt Todd is subject to various federal, territorial and local laws and regulations governing protection of the environment.
These laws are continually changing and, in general, are becoming more restrictive. Our policy is to conduct business in
a way that safeguards public health and the environment. We believe that our operations are conducted in material
compliance with applicable laws and regulations.

Changes to current local, territorial, or federal laws and regulations in the jurisdictions where we have exploration and
development activities could require additional capital expenditures and increase operating and/or reclamation costs. We
are unable to predict what additional legislation, if any, might be proposed or enacted, or what additional regulatory
requirements could impact the economics of Mt Todd.

During 2021, Mt Todd did not have any material non-compliance occurrences with any applicable environmental laws
and regulations. See “Item 1. Business – Reclamation” above.

Competition

We compete with other mining companies to acquire, explore, ﬁnance and develop gold properties and to retain expert
consultants required to complete our geological and project development studies. We also compete with other mining
companies to hire mining engineers, geologists and other skilled personnel in the mining industry, and for exploration and
development services. Some of these competing mining companies have substantially greater ﬁnancial and technical
resources than Vista. As a result, we may have diﬃculty acquiring attractive gold projects at reasonable prices, engaging
skilled consultants, and attracting and retaining qualified personnel.

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Gold Price History

The price of gold is volatile and is aﬀected by numerous factors, all of which are beyond our control, such as the sale or
purchase of gold by various central banks and financial institutions, inflation, recession, fluctuation in the relative values of
the U.S. dollar and foreign currencies, changes in global gold supply and demand, and political and economic conditions.

The following table presents the high, low and average London Bullion Market Association PM Fix prices in U.S. dollars
per troy ounce of gold over the past five years:

Year
2017
2018
2019
2020
2021
2022 (to February 14, 2022)

High
1,346
1,355
1,546
2,067
1,943
1,866

$
$
$
$
$
$

Low
1,151
1,178
1,270
1,474
1,684
1,788

$
$
$
$
$
$

Average

$
$
$
$
$
$

1,257
1,269
1,393
1,770
1,799
1,818

Data Source: www.lbma.org.uk/prices-and-data/precious-metal-prices#/

Available Information

We make available, without charge, on or through our website at www.vistagold.com, our annual report on Form 10-K,
quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports ﬁled or furnished
pursuant to Section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934. Our website and the information
contained therein or connected thereto are not intended to be, and are not, incorporated into this annual report on
Form 10-K.

Metric Conversion Table

To Convert Metric Measurement Units
Hectares
Meters
Kilometers
Tonnes
Liters
Grams
Grams per tonne

Glossary

To Imperial Measurement Units Multiply by
2.4710
3.2808
0.6214
1.1023
0.2642
0.0322
0.0292

Acres
Feet
Miles
Tons (short)
Gallons
Ounces (troy)
Ounces (troy) per ton (short)

“acid rock drainage ” results from the interaction of meteoric water with oxidizing sulfide minerals.

“bedding” means the characteristic structure of sedimentary rock in which layers of diﬀerent composition, grain size or
arrangement are layered one on top of another in a sequence with oldest on the bottom and youngest at the top.

“comminution” means the process in which ore is broken into small fragments by crushing, grinding, and other processes.

“conglomerate” refers to clastic sedimentary rock that contains rounded particles that are greater than two millimeters in
diameter. The space between the pebbles is generally ﬁlled with smaller particles and/or a chemical cement that binds
the rock together.

“cut-oﬀ grade” means the grade (i.e., the concentration of metal or mineral in rock) that determines whether mined
mineralized material will be processed or considered waste.

“deposit” is an informal term for an accumulation of mineralized material.

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“development stage issuer” is an issuer that is engaged in the preparation of mineral reserves for extraction on at least
one material property.

“development stage property” is a property that has mineral reserves disclosed, pursuant to S-K 1300, but no material
extraction.

“feasibility study” is a comprehensive technical and economic study of the selected development option for a mineral
project that includes appropriately detailed assessments of realistically assumed mining, processing, metallurgical,
economic, marketing, legal, environmental, social and governmental considerations together with any other relevant
operational factors and detailed ﬁnancial analysis, that are necessary to demonstrate at the time of reporting that
extraction is reasonably justiﬁed or economically viable. The results of a feasibility study may reasonably serve as the
basis for a ﬁnal decision by a proponent or ﬁnancial institution to proceed with, or ﬁnance, the development of a project.
The confidence level of a feasibility study is higher than that of a preliminary feasibility study.

“foliation” means planar arrangement of structural or textural features in any rock type.

“g Au/t” means grams of gold per tonne.

“geosyncline” means a major trough or downwarp of the Earth’s crust, in which great thicknesses of sedimentary and/or
volcanic rocks have accumulated.

“indicated mineral resource ” and “indicated resource” mean “indicated mineral resource” defined by S-K 1300 as that part
of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence
and sampling. The level of geological certainty associated with an indicated mineral resource is suﬃcient to allow a
qualiﬁed person to apply modifying factors in suﬃcient detail to support mine planning and evaluation of the economic
viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence
of a measured mineral resource, an indicated mineral resource may be converted only to a probable mineral reserve.

“inferred mineral resource ” and “inferred resource” mean “inferred mineral resource” defined by S-K 1300 as that part of a
mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and
sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant
technical and economic factors likely to inﬂuence the prospects of economic extraction in a manner useful for evaluation
of economic viability. Because an inferred mineral resource has the lowest level of geological conﬁdence of all mineral
resources, which prevents the application of modifying factors in a manner useful for evaluation of economic viability, an
inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not
be converted to a mineral reserve.

“intrusives” refers to igneous rocks that crystallize below the earth’s surface.

“measured mineral resource ” and “measured resource” mean “measured mineral resource” deﬁned by S-K 1300 as that
part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological
evidence and sampling. The level of geological certainty associated with a measured mineral resource is suﬃcient to
allow a qualiﬁed person to apply modifying factors, as deﬁned in this section, in suﬃcient detail to support detailed mine
planning and ﬁnal evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher
level of conﬁdence than the level of conﬁdence of either an indicated mineral resource or an inferred mineral resource, a
measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

“mineral reserve” is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the
opinion of the qualiﬁed person, can be the basis of an economically viable project. More speciﬁcally, it is the economically
mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses
that may occur when the material is mined or extracted.

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“mineral resource ” is a concentration or occurrence of material of economic interest in or on the Earth's crust in such
form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a
reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions,
location or continuity, that, with the assumed and justiﬁable technical and economic conditions, is likely to, in whole or in
part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

“ore” means material containing minerals in such quantity, grade and chemical composition that they can be
economically extracted.

“ore sorting” means technology that separates “ore” and “waste” based on physical and/or chemical properties of the
material being sorted.

“oxide” means mineralized rock in which some of the original minerals have been oxidized ( i.e., combined with oxygen).
Oxidation tends to make the rock more porous and permits a more complete permeation of cyanide solutions so that
minute particles of gold in the interior of the minerals will be more readily dissolved.

“probable mineral reserves ” under S-K 1300 is the economically mineable part of an indicated and, in some cases, a
measured mineral resource.

“proven mineral reserves ” under S-K 1300 is the economically mineable part of a measured mineral resource and can
only result from conversion of a measured mineral resource.

“qualified person” as deﬁned under S-K 1300 is an individual who is: (1) A mineral industry professional with at least ﬁve
years of relevant experience in the type of mineralization and type of deposit under consideration and in the speciﬁc type
of activity that person is undertaking on behalf of the registrant; and (2) An eligible member or licensee in good standing of
a recognized professional organization at the time the technical report is prepared. For an organization to be a recognized
professional organization, it must: (i) Be either: (A) An organization recognized within the mining industry as a reputable
professional association; or (B) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the
mining, geoscience or related ﬁeld; (ii) Admit eligible members primarily on the basis of their academic qualiﬁcations and
experience; (iii) Establish and require compliance with professional standards of competence and ethics; (iv) Require or
encourage continuing professional development; (v) Have and apply disciplinary powers, including the power to suspend
or expel a member regardless of where the member practices or resides; and (vi) Provide a public list of members in
good standing.

“recovery” means that portion of the metal contained in the ore that is successfully extracted by processing and is
expressed as a percentage.

“sampling” means selecting a fractional, but representative, part of a mineral deposit for analysis.

“scats” means material in a ball mill or semi autogenous grinding mill (“SAG Mill”) that has become rounded and no
longer susceptible to additional size reduction. This material is commonly rejected from the grinding circuit for additional
crushing because it contributes to higher energy consumption within the mill.

“strike” when used as a noun, means the direction, course or bearing of a vein or rock formation measured on a level
surface and, when used as a verb, means to take such direction, course or bearing.

“sulfide” means a compound of sulfur and some other element. From a metallurgical perspective, sulﬁde rock is primary
rock that has not been oxidized. Both ore and waste may contain sulfide minerals.

“tailings” means material rejected from a mill after most of the valuable minerals have been extracted.

“tpd” means tonnes per day.

“tuffs” are a type of rock consisting of consolidated volcanic ash ejected from vents during a volcanic eruption.

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“vein” means a fissure, fault or crack in a rock filled by minerals that have traveled upwards from some deep source.

“waste” means rock lacking sufficient grade and/or other characteristics of ore.

Cautionary Note to Investors Regarding Estimates Of Measured, Indicated And Inferred Resources And Proven
And Probable Mineral Reserves

We are subject to the reporting requirements of the Exchange Act and applicable Canadian securities laws, and as a
result we report our mineral reserves and mineral resources according to two diﬀerent standards. U.S. reporting
requirements are governed by S-K 1300. Canadian reporting requirements for disclosure of mineral properties are
governed by NI 43-101. Both sets of reporting standards have similar goals in terms of conveying an appropriate level of
confidence in the disclosures being reported, but the standards embody slightly different approaches and definitions.

In our public ﬁlings in the U.S. and Canada and in certain other announcements not ﬁled with the SEC, we disclose
proven and probable reserves and measured, indicated and inferred resources, each as deﬁned in S-K 1300 and NI 43-
101. As currently reported, there are no material diﬀerences in our disclosed proven and probable reserves and
measured, indicated and inferred resource under each of S-K 1300 and NI 43-101. The estimation of measured
resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the
estimation of proven and probable reserves, and therefore investors are cautioned not to assume that all or any part of
measured or indicated resources will ever be converted into S-K 1300-compliant or NI 43-101-compliant reserves. The
estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the
estimation of other categories of resources, and therefore it cannot be assumed that all or any part of inferred resources
will ever be upgraded to a higher category. Therefore, investors are cautioned not to assume that all or any part of
inferred resources exist, or that they can be mined legally or economically.

Note Regarding Forward-Looking Statement s

This annual report, including all exhibits hereto and any documents that are incorporated by reference as set forth on the
face page under “Documents incorporated by reference”, contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and forward-looking information under Canadian securities laws that are
intended to be covered by the safe harbor created by such legislation. All statements, other than statements of historical
facts, included in this annual report on Form 10-K, our other ﬁlings with the SEC and Canadian securities commissions
and in press releases and public statements by our oﬃcers or representatives that address activities, events or
developments that we expect or anticipate will or may occur in the future are forward-looking statements and forward-
looking information, including, but not limited to, those listed below:

Operations

●

our belief that the 2022 FS has added substantial value to the Mt Todd gold project (“Mt Todd” or the “Project”)
and positions the Project for near-term development;

our continued focus on improving the economic potential of the Project and increasing shareholder value in a
cost-effective manner;

our belief that our investments to systematically explore, evaluate, engineer, permit and de-risk the Project have
added to the underlying value of the Project and demonstrate strong development potential;

our plans and available funding to continue to identify and study potential Mt Todd optimizations, project
improvements and efficiencies;

the results of the 2022 FS and its related estimates and projections, including projected free cash ﬂow, future
exchange rates and commodity prices;

our belief that the results of the 2022 FS will appeal to potential partners, investors, and lenders and allow us to
pursue a range of development alternatives as we continue to focus on maximizing shareholder value;

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●

the feasibility of Mt Todd and the timing, performance and results of the 2022 FS;

our belief that fine grinding will improve gold recoveries and favorably impact project economics;

estimates of future operating and financial performance;

future drilling plans;

our expectation of Mt Todd’s impact, including environmental and economic impacts;

plans and estimates concerning potential Mt Todd development, including access to an adequate supply of
water, the availability of natural gas on acceptable terms, as well as the ability to obtain all required permits;

our expectation that dewatering of the pit will not present any major issues when resuming operations in the
Batman pit;

estimates of mineral reserves and mineral resources;

our intention to improve the value of our gold projects;

the potential that development projects may lead to gold production or value-adding strategic transactions;

● management belief that the inﬂationary trend is transitory, and that the resilience of Mt Todd is demonstrated by

the project economics reflected in the 2022 FS;

●

our belief that we are in compliance in all material respects with applicable mining, health, safety and
environmental statutes and regulations in all of the jurisdictions in which we operate and that our operations are
conducted in material compliance with applicable laws and regulations;

our estimates with respect to historical mine production at Mt Todd;

our expectation that plus 5/8” HPGR (as deﬁned below) crusher product at Mt Todd is harder than the minus 5/8”
crushed product and that the hardness of ore in the Batman deposit is relatively consistent;

our expectation that the use of HPGR crushers at Mt Todd will produce a product that can be ground more
efficiently and reduce energy requirements as compared to a SAG Mill design;

the expectation that reclamation of the heap leach pad at Mt Todd will include disposal of pad liner and regrading
of the area occupied by the heap leach pad only as the material on the existing heap leach pad will be processed
through the mill at the end of mine life; and

our expectation that existing infrastructure at Mt Todd will reduce initial capital expenditure and signiﬁcantly
reduce capital risk related to infrastructure construction.

Business and Industry

our expectation that existing working capital as of December 31, 2021, together with other potential future
sources of non-dilutive ﬁnancing, will be suﬃcient to fully fund our currently planned corporate expenses, Project
holding costs and discretionary programs for at least 12 months;

our belief that the ATM Program (as defined below) will provide additional financing flexibility at a low cost;

the potential monetization of our non-core assets, including a royalty on a U.S. exploration-stage project and our
used mill equipment which is for sale;

potential expenditures, funding requirements and sources of capital, including near-term sources of additional
cash;

our expectation that the Company will continue to incur losses and will not pay dividends for the foreseeable
future;

our potential entry into agreements to find, lease, purchase, option or sell mineral interests;

our belief that we maintain reasonable amounts of insurance;

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●

our expectations related to potential changes in regulations or taxation initiatives;

our expectation that we will continue to be a passive foreign investment company;

the potential that we may grant options and/or other stock-based awards to our directors, officers, employees and
consultants;

preliminary estimates of the reclamation and other related costs that would be incurred if we were to notify the NT
Government that we intend to proceed with development and assume rehabilitation liability for Mt Todd;

the eﬃcacy of the measures we have implemented to mitigate the risks of COVID and the detrimental eﬀects it
may have on our operations; and

the potential that future expenditures may be required for compliance with various laws and regulations
governing the protection of the environment.

Forward-looking statements and forward-looking information have been based upon our current business and operating
plans, as approved by the Company’s Board of Directors (the “Board”); our cash and other funding requirements and
timing and sources thereof; results of preliminary feasibility and feasibility studies, the accuracy of mineral resource and
reserve estimates and assumptions on which they are based; the results of economic assessments and exploration
activities; current market conditions and project development plans. The material assumptions used to develop the
forward-looking statements and forward-looking information included in this annual report on Form 10-K include: our
expectations of metal prices; our forecasts and expected cash ﬂows; our projected capital and operating costs; accuracy
of mineral resource estimates and resource modeling and preliminary feasibility and feasibility study results; expectations
regarding mining and metallurgical recoveries; timing and reliability of sampling and assay data; anticipated political and
social conditions; expected Australian national, provincial and local government policies, including legal reforms,
successful advancement of the Company’s required permitting processes; ability to successfully raise additional capital.
The words “estimate”, “plan”, “anticipate”, “expect”, “intend”, “believe”, “will”, “may” and similar expressions are intended to
identify forward-looking statements and forward-looking information. These statements involve known and unknown risks,
uncertainties, assumptions and other factors which may cause our actual results, performance or achievements to be
materially diﬀerent from any results, performance or achievements expressed or implied by such forward-looking
statements and forward-looking information. These factors include risks such as:

Operating Risks

●

feasibility study results and the accuracy of estimates and assumptions on which they are based;

● mineral resources and reserves estimates, the accuracy of such estimates and the accuracy of sampling and

subsequent assays and geologic interpretations on which they are based;

technical and operational feasibility and the economic viability of deposits;

our ability to raise suﬃcient capital on favorable terms or at all to meet the substantial capital investment at Mt
Todd;

our ability to obtain, renew or maintain the necessary authorizations and permits for Mt Todd, including its
development plans and operating activities;

delays in commencement of construction at Mt Todd;

increased costs that affect our operations or our financial condition;

our reliance on third parties to fulfill their obligations under agreements with us;

●

● whether projects not managed by us will comply with our standards or meet our objectives;

● whether our acquisition, exploration and development activities, as well as the realization of the market value of
our assets, will be commercially successful and whether any transactions we enter into will maximize the
realization of the market value of our assets;

●

the success of future joint ventures, partnerships and other arrangements relating to our properties;

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●

perception of potential environmental impact of Mt Todd;

known and unknown environmental and reclamation liabilities, including reclamation requirements at Mt Todd;

potential challenges to the title to our mineral properties;

opposition to construction or operation of Mt Todd;

future water supply issues at Mt Todd;

litigation or other legal claims; and

environmental lawsuits.

Financial and Business Risks

fluctuations in the price of gold;

lack of adequate insurance to cover potential liabilities;

the lack of cash dividend payments by us;

our history of losses from operations;

our ability to attract, retain and hire key personnel;

volatility in our stock price and gold equities generally;

our ability to raise additional capital or raise funds from the sale of non-core assets on favorable terms, if at all;

general economic conditions adverse to Mt Todd development or operation;

the potential acquisition of a control position in the Company for less than fair value as a result of industry
consolidation or otherwise;
lack of success in our eﬀorts to ﬁnd an acceptable partner, external ﬁnancing or other acceptable alternatives to
move forward with development of Mt. Todd;

evolving corporate governance and public disclosure regulations;

intense competition in the mining industry;

tax initiatives on domestic and international levels;

fluctuation in foreign currency values;

our likely status as a PFIC (as defined below) for U.S. federal tax purposes;

delays, potential losses and inability to maintain suﬃcient working capital due to business interruptions or global
economic slowdowns caused by the COVID-19 pandemic;

cybersecurity breaches that threaten or disrupt our information technology systems;

anti-bribery and anti-corruption laws;

direct and indirect consequences of the COVID-19 pandemic; and

potential conﬂicts of interest arising from certain of our directors and oﬃcers serving as directors and oﬃcers of
other companies in the natural resources sector.

Industry Risks

inherent hazards of mining exploration, development and operating activities;

a shortage of skilled labor, equipment and supplies;

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●

the accuracy of calculations of mineral reserves and mineral resources and ﬂuctuations therein based on metal
prices, estimated costs, and inherent vulnerability of the ore and recoverability of metal in the mining process;

changes in environmental regulations to which our exploration and development operations are subject; and

changes in climate change regulations could result in increased operating costs.

For a more detailed discussion of such risks and other important factors that could cause actual results to diﬀer materially
from those in such forward-looking statements and forward-looking information, please see “Item 1A. Risk Factors” below
in this annual report on Form 10-K. Although we have attempted to identify important factors that could cause actual
results to diﬀer materially from those described in forward-looking statements and forward-looking information, there may
be other factors that cause results to be materially diﬀerent than anticipated, estimated or intended. There can be no
assurance that these forward-looking statements will prove to be accurate as actual results and future events could diﬀer
materially from those anticipated in the statements. Except as required by law, we assume no obligation to publicly
update any forward-looking statements and forward-looking information, whether as a result of new information, future
events or otherwise.

ITEM 1A. RISK FACTORS.

An investment in our securities involves a high degree of risk. The risks described below are not the only ones facing the
Company or otherwise associated with an investment in our securities. Additional risks not presently known to us or which
we currently consider not material may also adversely aﬀect our business. If any of the following risks actually occur, our
business, financial condition and operating results could be materially adversely affected.

Operating Risks

We cannot be assured that the Mt Todd 2022 FS has, or future feasibility studies will, accurately forecast
economic results.

Mt Todd is our principal asset. Our ability to arrange ﬁnancing to develop Mt Todd and our future proﬁtability depend on
the economic and technical feasibility of the Project as established through formal feasibility studies, such as the 2022 FS
just completed. There can be no assurance that the mining, comminution and gold recovery processes (including ore
sorting), gold production rates, revenue, and capital and operating costs including taxes and royalties will not vary
unfavorably from the estimates and assumptions included in the 2022 FS, or any future feasibility studies.

Mt Todd requires substantial capital investment and we may be unable to raise suﬃcient capital on favorable
terms or at all.

The construction and operation of Mt Todd will require signiﬁcant capital. Our ability to raise suﬃcient capital and/or
secure a development partner on satisfactory terms, if at all, will depend on several factors, including the 2022 FS,
acquisition of the requisite permits, macroeconomic conditions, and future gold prices. Uncontrollable factors or other
factors such as lower gold prices, unanticipated operating or permitting challenges, perception of environmental impact,
or illiquidity in the debt or equity markets, including the cost of capital and other conditions of ﬁnancing arrangements that
impose restrictive covenants and security interests that may aﬀect the Company’s ability to operate as intended and
ultimately its ability to continue as a going concern, could impede our ability to ﬁnance Mt Todd on acceptable terms, or at
all.

If we decide to construct the mine at Mt Todd, we will assume certain substantial reclamation obligations
resulting in a material financial obligation.

The Mt Todd site was not reclaimed when the original mine closed. Although we are not currently responsible for the
reclamation of these historical disturbances, we will accept full responsibility for them if and when we make a decision to
ﬁnance and construct the mine and provide notice to the NT Government of our intention to take over and assume the
management, operation and rehabilitation of Mt Todd. At such time, we will be required to provide a bond or other surety
in a form and amount satisfactory to the NT Government (in whose jurisdiction Mt Todd is located) that would cover the
prospective expense to reclaim the property. In addition, the regulatory authorities may increase reclamation and bonding

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requirements from time to time. The satisfaction of these bonding requirements and continuing or future reclamation
obligations will require a significant amount of capital.

There may be delays in the construction of Mt Todd.

Delays in commencing construction could result from factors such as availability and performance of engineering and
construction contractors, suppliers, consultants, and employees; availability of required equipment; and availability of
capital. Any delay in performance by any one or more of the contractors, suppliers, consultants, employees or other
persons on which we depend, or lack of availability of required equipment, or delay or failure to receive required
governmental approvals, or ﬁnancing could delay or prevent commencement of construction at Mt Todd. There can be no
assurance of whether or when construction at Mt Todd will start or that the necessary personnel, equipment or supplies
will be available to the Company if and when construction is started.

Increased costs could impede our ability to become profitable.

Capital and operating costs at mining operations are subject to variation due to a number of factors, such as changing ore
grade, changing metallurgy, and revisions to mine plans in response to changing commodity prices, additional drilling
results and updated geologic interpretations. In addition, costs are aﬀected by the cost of capital, tax and royalty regimes,
trade tariﬀs, the global cost of mining and processing equipment, commodity prices, and foreign exchange rates, as well
as the costs of fuel, electricity, operating supplies, and appropriately skilled labor. These costs are at times subject to
volatile price movements, including increases that could make future development and production at Mt Todd less
proﬁtable or uneconomic. This could have a material adverse eﬀect on our business prospects, results of operations,
cash flows and financial condition.

We cannot be assured that we will have an adequate water supply for mining operations at Mt Todd.

Water at Mt Todd is expected to be provided from a fresh water reservoir that is fed by seasonal rains. Insuﬃcient rainfall,
or drought-like conditions in the area feeding the reservoir could limit or extinguish this water supply. Suﬃcient water
resources may not be available, resulting in curtailment or stoppage of operations until the water supply is replenished.
This could have a material adverse eﬀect on our business prospects, results of operations, cash ﬂows and ﬁnancial
condition.

We rely on third parties to fulfill their obligations under agreements.

Our business strategy includes entering into agreements with third-parties (“Third-Parties”). Such Third-Parties may: (i)
have economic or business interests or goals that are inconsistent with or opposed to ours; (ii) have rights in conﬂict with
what we believe to be in our best interests; (iii) take action contrary to our policies or objectives; or (iv) as a result of
ﬁnancial or other reasons, be unable or unwilling to fulﬁll their obligations under the agreement(s). Any one or a
combination of these could result in liabilities for us and/or could adversely aﬀect the value of the related project(s) and,
by association, damage our reputation and consequently our ability to acquire or advance other projects and/or attract
future Third-Parties.

Our exploration and development interests are subject to evolving environmental regulations.

Our property and royalty interests are subject to environmental regulations. Environmental legislation is becoming more
restrictive in some jurisdictions, with stricter standards and enforcement, increased ﬁnes and penalties for non-
compliance, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility
for companies and their oﬃcers, directors and employees. There is no assurance that future changes in environmental
regulation, if any, will not adversely aﬀect our interests. Currently, our property and royalty interests are subject to
government environmental regulations in Australia, Indonesia, and the U.S.

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We could be subject to environmental lawsuits.

Neighboring landowners and other third parties could ﬁle claims based on environmental statutes and common law for
personal injury and property damage allegedly caused by environmental nuisance, the release of hazardous substances
or other waste material into the environment on or around our properties. There can be no assurance that our defense of
such claims would be successful. This could have a material adverse eﬀect on our business prospects, ﬁnancial
condition, results of operation, and corporate reputation.

We may have material undisclosed environmental liabilities of which we are not aware.

Vista has been engaged in gold exploration since 1983. Since inception the Company has been involved in numerous
exploration projects in many jurisdictions. There may be environmental liabilities associated with disturbances at any of
these projects for which the Company may be identiﬁed as a responsible or potentially responsible party, regardless of its
level of involvement in creating the related disturbance. We may not be aware of such claims against the Company until
regulators provide notice thereof. Consequently, we may have material undisclosed environmental responsibilities which
could negatively aﬀect our business prospects, ﬁnancial condition and cash ﬂows, results of operations, and corporate
reputation.

There may be challenges to our title to mineral properties.

There may be challenges to our title to our mineral properties. If there are title defects with respect to any of our
properties, we may be required to compensate other persons or reduce or lose our interest in the aﬀected property. Also,
in any such case, the investigation and resolution of title issues could divert Company resources from our core strategies.

Opposition to Mt Todd could have a material adverse effect.

There is generally an increasing level of public concern relating to extractive industries. Opposition to extractive
industries, or our development and operating plans at Mt Todd speciﬁcally, could have adverse eﬀects on our reputation
and support from other stakeholders. As a result, we may be unable to secure adequate ﬁnancing or complete other
activities necessary to continue our planned activities. Any resulting delays or an inability to develop and operate Mt Todd
as planned could have a material adverse eﬀect on our business prospects, results of operations, cash ﬂows, ﬁnancial
condition and corporate reputation.

Our exploration and development activities, strategic transactions, or any acquisition activities may not be
commercially successful and could fail to lead to gold production or fail to add value.

Substantial expenditures are required to acquire gold properties, establish mineral reserves through drilling and analysis,
develop metallurgical processes to extract metal from the ore and develop the mining and processing facilities and
infrastructure at any site chosen for mining. We cannot be assured that any such activities will be commercially
successful, lead to gold production, or add value.

Financial and Business Risks

We have a history of losses, and we do not expect to generate earnings from operations or pay dividends in the
near term, if at all.

We are a development stage issuer. As such, we devote our eﬀorts to development of our development stage property,
the Mt Todd project. We do not currently produce gold and do not currently generate operating earnings from gold
production. We finance our business activities principally by issuing equity and selling non-core assets.

We have incurred losses in all periods since 1998, except for the years ended December 31, 2011, during which we
recorded non-cash net gains, December 31, 2015 during which we recorded gains related to research and development
refunds, and December 31, 2020 in which we monetized certain mineral property interests. We expect to continue to
incur

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losses. We have no history of paying cash dividends and we do not expect to be able to pay cash dividends or to make
any similar distribution in the foreseeable future, if at all.

A substantial or extended decline in gold prices would have a material adverse eﬀect on the value of our assets
and on our ability to raise capital and could result in lower than estimated economic returns.

The value of our assets, our ability to raise capital and our future economic returns are substantially dependent on the
price of gold. The gold price ﬂuctuates continually and is aﬀected by numerous factors beyond our control. Factors
tending to influence gold prices include:

●

●
●
●
●

gold sales or leasing by governments and central banks or changes in their monetary policy, including gold
inventory management and reallocation of reserves;
speculative short or long positions on futures markets;
the relative strength of the U.S. dollar;
expectations of the future rate of inflation or interest rates;
changes to economic conditions in the United States, China, India and other industrialized or developing
countries;
geopolitical conflicts;
changes in jewelry, investment or industrial demand;
changes in supply from production, disinvestment and scrap; and
forward sales by producers in hedging or similar transactions.

A substantial or extended decline in the gold price could:

●
●
●
●

●
●
●

negatively impact our ability to raise capital on favorable terms, or at all;
negatively affect our ability to find a partner, investor or lender for the development of Mt Todd;
jeopardize the development of Mt Todd;
reduce our existing estimated mineral resources and reserves by removing material from these estimates that
could not be economically processed at lower gold prices;
reduce the potential for future revenues from gold projects in which we have an interest;
reduce funds available to operate our business; and
reduce the market value of our assets.

Industry consolidation could result in the acquisition of a control position in the Company for less than fair
value.

Consolidation within the industry is a growing trend. As a result of the broad range of market and industry factors
including the price of gold, we believe the current market value of the common shares in the capital of the Company (the
“Common Shares”) does not reﬂect the fair value of the Company’s assets. These conditions could result in the
acquisition of a control position, or attempted acquisition of a control position in the Company at what we believe to be
less than fair value. This could result in substantial costs to us and divert our management’s attention and resources. A
completed acquisition could result in realized losses of shareholder value.

We may be unable to raise additional capital on favorable terms, or at all.

Our exploration and, if warranted, development activities and the construction and start-up of any mining operation
require substantial amounts of capital. In order to develop Mt Todd, acquire attractive gold projects, and/or continue our
business, we will have to secure a development partner or otherwise source suﬃcient equity, debt or other forms of
capital, raise additional funds from the sale of non-core assets and / or seek additional sources of capital from other
external sources. There can be no assurance that we will be successful in securing a development partner or otherwise
raising additional capital on acceptable terms, including the cost of such capital and other conditions of ﬁnancing
arrangements that impose restrictive covenants and security interests that may aﬀect the Company’s ability to operate as
intended and ultimately its ability to continue as a going concern. If we cannot raise suﬃcient additional capital, we may
be required to substantially reduce or cease operations, any of which may aﬀect our ability to continue as a going
concern.

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We face intense competition in the mining industry.

The mining industry is intensely competitive in all of its phases. Some of our competitors are much larger, established
companies with greater ﬁnancial and technical resources than ours. We compete with other companies for attractive
mining properties, for capital, for equipment and supplies, for outside services and for qualiﬁed managerial and technical
employees. Access to ﬁnancing, equipment, supplies, skilled labor and other resources may also be aﬀected by
competition from non-mining related commercial sectors. If we are unable to raise suﬃcient capital, we will be unable to
execute exploration and development programs or such programs may be reduced in scope. Competition for equipment
and supplies could result in shortage of necessary supplies and/or increased costs. Competition for outside services
could result in increased costs, reduced quality of service and/or delays in completing services. If we cannot successfully
retain or attract qualiﬁed employees, our ability to advance the development of Mt Todd, to attract necessary ﬁnancing, to
meet all of our environmental and regulatory responsibilities, or to take opportunities to improve our business, could be
negatively aﬀected. This could have a material adverse eﬀect on our business prospects, results of operations, cash
flows and financial condition.

The occurrence of events for which we are not insured may affect our cash flow and overall profitability.

We maintain insurance policies that mitigate certain risks related to our operations. This insurance is maintained in
amounts that we believe to be reasonable based on the circumstances surrounding each identiﬁed risk. However, we
may elect to limit or not have insurance for certain risks because of the high premiums associated with insuring those
risks or for various other reasons. In other cases, insurance may not be available for certain risks. We do not insure
against political risk. Occurrence of events for which we are not insured adequately, or at all, could result in signiﬁcant
losses that could materially adversely affect our financial condition and our ability to fund our business.

Currency fluctuations may adversely affect our costs.

We have material property interests in Australia. Most costs in Australia are incurred in the local currency. The
appreciation of the Australian dollar, if any, against the U.S. dollar eﬀectively increases our cost of doing business in
Australia. This could have the eﬀect of increasing the amount of capital required to continue to explore and develop Mt
Todd, and/or reducing the pace at which it is developed.

The Company is likely a “passive foreign investment company,” which will likely have adverse U.S. federal
income tax consequences for U.S. shareholders.

U.S. shareholders of our Common Shares should be aware that the Company believes it was classiﬁed as a passive
foreign investment company (“PFIC”) up to and including the taxable year ended December 31, 2021, and based on
current business plans and ﬁnancial projections, management believes there is a signiﬁcant likelihood that the Company
will be a PFIC during the current taxable year. If the Company is a PFIC for any year during a U.S. shareholder’s holding
period, then such U.S. shareholder generally will be required to treat any gain realized upon a disposition of Common
Shares, or any so-called “excess distribution” received on their Common Shares, as ordinary income, and to pay an
interest charge on a portion of such gain or distributions, unless the shareholder makes a timely and eﬀective “qualiﬁed
electing fund” (“QEF Election”) or a “mark-to-market” election with respect to the Common Shares. A U.S. shareholder
who makes a QEF Election generally must report on a current basis its share of the net capital gain and ordinary
earnings for any year in which the Company is PFIC, whether or not the Company distributes any amounts to its
shareholders. U.S. shareholders should be aware that there can be no assurance that the Company will satisfy record
keeping requirements that apply to a QEF Election, or that the Company will supply U.S. shareholders with information
that such U.S. shareholders require to report under the QEF Election rules, in event that the Company is a PFIC and a
U.S. shareholder wishes to make a QEF Election. Thus, U.S. shareholders may not be able to make a QEF Election with
respect to their Common Shares. A U.S. shareholder who makes the mark-to-market election generally must include as
ordinary income each year the excess of the fair market value of the Common Shares over the taxpayer’s basis therein.
This paragraph is qualiﬁed in its entirety by the discussion below in “Item 5. Market for Registrant’s Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities - “Certain U.S. Federal Income Tax
Considerations for U.S. Residents.” Each U.S.

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shareholder should consult his or her own tax advisor regarding the U.S. federal, U.S. state and local, and foreign tax
consequences of the PFIC rules and the acquisition, ownership, and disposition of Common Shares.

Certain directors and oﬃcers may serve as directors and oﬃcers of other companies in the natural resources
sector.

While there are no known existing or potential conﬂicts of interest between Vista and any of its directors or oﬃcers,
certain of the directors and oﬃcers do or may serve as directors and oﬃcers of other natural resource companies and
therefore it is possible that a conﬂict may arise between their duties as a director or oﬃcer of Vista and their duties as a
director or oﬃcer of such other companies. The directors and oﬃcers of Vista are aware of the existence of laws
governing accountability of directors and oﬃcers for corporate opportunity and disclosure of conﬂicts of interest. Should
any director or oﬃcer breach the duties imposed upon them by applicable laws, such actions or inactions could have a
material adverse eﬀect on our business prospects, results of operations, cash ﬂows, ﬁnancial condition and corporate
reputation.

Direct and indirect consequences of the COVID-19 pandemic may have material adverse consequences.

The COVID-19 pandemic is having a material adverse eﬀect on the global economy, which has impacted the natural
resource sector and Vista. Vista incurred minimal health and safety costs. However, we incurred other corporate and Mt
Todd costs while certain corporate objectives, including eﬀorts to secure a strategic development partner or other form of
transaction were extended due to travel restrictions. Pandemic conditions may also disrupt our access to supplies and
services. Evolving conditions related to COVID-19 could ultimately have a material adverse eﬀect on both short-term and
long-term ﬁnancial position and results of operations. To the extent the COVID-19 pandemic adversely aﬀects our
business and ﬁnancial results, it could also heighten the eﬀect many of the other risks described in this “Risk Factors”
section. Because of uncertainties relating to the COVID-19 pandemic, it is not currently possible to estimate the impact of
the pandemic on our business. However, these effects could have a material impact on our operations.

Industry Risks

Calculations of mineral resources and mineral reserves are estimates only and subject to uncertainty.

The estimating of mineral resources and mineral reserves is an imprecise process and the accuracy of such estimates is
a function of the quantity and quality of available data, the assumptions used and judgments made in interpreting
engineering and geological information and estimating future capital and operating costs. There is signiﬁcant uncertainty
in any reserve or resource estimate, and the economic results of mining a mineral deposit may diﬀer materially from the
estimates as additional data are developed or interpretations change.

Estimated mineral resources and mineral reserves may be materially affected by other factors.

In addition to uncertainties inherent in estimating mineral resources and mineral reserves, other factors may adversely
aﬀect estimated mineral resources and mineral reserves. Such factors may include but are not limited to metallurgical,
environmental, permitting, legal, title, taxation, socio-economic, marketing, political, gold prices, and capital and operating
costs. Any of these or other adverse factors may reduce or eliminate estimated mineral reserves and mineral resources
and could have a material adverse eﬀect on our business, prospects, results of operations, cash ﬂows, ﬁnancial condition
and corporate reputation.

Feasibility studies are estimates only and subject to uncertainty.

Feasibility studies such as our 2022 FS are used to determine the economic viability of an ore deposit, as are preliminary
feasibility studies and preliminary economic assessments. Feasibility studies are the most detailed studies and reﬂect a
higher level of conﬁdence in the estimated production rates, and capital and operating costs. Generally accepted levels of
conﬁdence are plus or minus 15% for feasibility studies, plus or minus 25-30% for preliminary feasibility studies and plus
or minus 35-40% for preliminary economic assessments. These thresholds reﬂect the levels of conﬁdence that exist at
the time the study is completed. Subsequent changes to metal prices, foreign exchange rates (if applicable), reclamation
requirements, operating and capital costs may cause actual results of economic viability to diﬀer materially from these
estimates. Results of any subsequent Mt Todd feasibility study may be less favorable than the current 2022 FS.

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Mining companies are increasingly required to consider and provide beneﬁts to the communities and countries
in which they operate, and are subject to extensive environmental, health and safety laws and regulations.

As a result of public concern about the real or perceived detrimental eﬀects of economic globalization and global climate
impacts and other adverse environmental eﬀects resulting from the operation of extractive industries, businesses in
general and the mining industry in particular face increasing public scrutiny of their activities. These businesses are under
pressure to demonstrate that as they seek to generate satisfactory returns on investment to shareholders, other
stakeholders, including employees, governments, indigenous peoples, communities surrounding operations and the
countries in which they operate, such constituencies beneﬁt and will continue to beneﬁt from their commercial activities.
The potential consequences of these pressures include reputational damage, legal suits, increased costs, increased
social investment obligations, diﬃculty in acquiring permits, and increased taxes and royalties payable to governments
and communities.

Mining exploration, development and operating activities are inherently hazardous.

Mineral exploration and development involves many risks that even a combination of experience, knowledge and careful
evaluation may not be able to overcome. Operations in which we have direct or indirect interests will be subject to all the
hazards and risks normally incidental to exploration, development and production of gold and other metals, any of which
could result in work stoppages, damage to property, physical harm and possible environmental damage. The nature of
these risks is such that liabilities might exceed any liability insurance policy limits. It is also possible that the liabilities and
hazards might not be insurable, or, we could elect not to be insured against such liabilities due to high premium costs or
other reasons, or our insurance for a particular event or circumstance might be insuﬃcient, in which event we could incur
signiﬁcant costs that could have a material adverse eﬀect on our business prospects, results of operations, cash ﬂows,
financial condition and corporate reputation.

Regulations and pending legislation involving climate change could result in increased operating costs.

Gold production is energy intensive, resulting in a signiﬁcant carbon footprint. A number of governments and/or
governmental bodies have introduced or are contemplating regulatory changes in response to the potential impact of
climate change. This type of legislation and possible future legislation and increased regulation regarding climate change
could impose significant costs related to increased energy requirements, capital equipment, environmental monitoring and
reporting and other costs to comply with such regulations.

Pending initiatives involving taxation could result in increased tax and operating costs.

There is growing attention from the media and the public on perceived international tax avoidance techniques which
could result in escalating rates of poverty, inequality and unemployment in host countries. Initiatives like the Base Erosion
and Proﬁt Shifting project being led by the Organization for Economic Cooperation and Development aim to reform the
system of international taxation to minimize international tax avoidance techniques. This initiative and possible future
initiatives could result in increased tax expense and related compliance costs for Mt Todd or other future mining
operations.

Securities Risks

Our share price may be volatile and your investment in our Common Shares could suffer a decline in value .

Broad market and industry factors may adversely aﬀect the price of our Common Shares, regardless of our actual
operating performance. Factors that could cause ﬂuctuation in the price of our Common Shares may include, among
other things:

●
●

●
●
●

changes in financial estimates by us or by any securities analysts who might cover our stock market performance;
stock market price and volume ﬂuctuations of other publicly traded companies and, in particular, those that are in
the mining industry;
speculation about our business in the press or the investment community;
conditions or trends in our industry or the economy generally;
decreases in the prices of gold;

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●
●
●
●

announcements by us or our competitors of significant acquisitions, strategic partnerships or divestitures;
inability to find a development partner, investor of lender on acceptable terms for the development of Mt Todd;
additions or departures of key personnel; and
sales of our Common Shares, including sales by our directors, officers or significant stockholders.

In the past, securities class action litigation has often been instituted against companies following periods of volatility in
their stock price. This type of litigation could result in substantial costs to us and divert our management’s attention and
resources.

There may be limited liquidity for our warrants.

There is no market through which our outstanding warrants may be sold. It is not possible to predict the price at which the
warrants will trade in the secondary market or whether such market will be liquid or illiquid. To the extent warrants are
exercised, the number of warrants outstanding will decrease, resulting in diminished liquidity for such remaining
outstanding warrants. A decrease in the liquidity of the warrants may cause, in turn, an increase in the volatility
associated with the price of the warrants. To the extent that the warrants become illiquid, an investor may have to
exercise such warrants to realize value.

Potential dilution.

Our constating documents allow us to issue an unlimited number of common shares for such consideration and on such
terms and conditions as shall be established by the board of directors, in many cases, without the approval of
shareholders. We may issue common shares in oﬀerings from treasury (including through the sale of securities
convertible into or exchangeable for common shares) and on the exercise of stock options or other securities exercisable
for common shares. We cannot predict the size of future issuances of common shares or the eﬀect that future issuances
and sales of common shares will have on the market price of the common shares. Issuances of a substantial number of
additional common shares, or the perception that such issuances could occur, may adversely aﬀect prevailing market
prices for the common shares. With any additional issuance of common shares, investors will suﬀer dilution to their voting
power and we may experience dilution.

Holders of our common shares may not receive dividends.

We have not historically declared cash dividends on our common shares. Holders of our common shares are entitled to
receive only such dividends as our Board of Directors may declare out of funds legally available for such payments. Our
ability to pay dividends will be subject to our future earnings, capital requirements and ﬁnancial condition, as well as our
compliance with covenants related to any future indebtedness and would only be declared in the discretion of our Board
of Directors.

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The Company may experience cybersecurity breaches.

General Risks

Regular access to and security of information technology systems are critical to Vista’s operations. To Vista’s knowledge,
it has not experienced any material losses relating to disruptions to its information technology systems. Vista has
implemented policies, controls and practices to manage and safeguard Vista and its stakeholders from internal and
external cybersecurity threats and to comply with changing legal requirements and industry practice. Cyber risks cannot
be fully mitigated and these threats are continuing to evolve. Therefore, Vista cannot assure that its information
technology systems are fully protected from cybercrime or that the systems will not be inadvertently compromised, or
without failures or defects. Potential disruptions to Vista’s information technology systems, including, without limitation,
security breaches, power loss, theft, computer viruses, cyber-attacks, natural disasters, and noncompliance by third party
service providers and inadequate levels of cybersecurity expertise and safeguards of third party information technology
service providers, may adversely aﬀect the operations of Vista as well as present signiﬁcant costs and risks including,
without limitation, loss or disclosure of conﬁdential, proprietary, personal or sensitive information and third party data,
material adverse eﬀect on its ﬁnancial performance, compliance with its contractual obligations, compliance with
applicable laws, damaged reputation, remediation costs, potential litigation, regulatory enforcement proceedings and
heightened regulatory scrutiny.

The Company is subject to anti-bribery and anti-corruption laws.

Vista’s operations are governed by, and involve interactions with, many levels of government in several countries. Vista is
required to comply with anti-corruption and anti-bribery laws in the countries in which we conduct our business. In recent
years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such
laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery
laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its contractors and
third-party agents. Although we have adopted internal control policies to mitigate such risks, there can be no assurance
that our internal control policies and procedures will always protect us from recklessness, fraudulent behavior, dishonesty
or other inappropriate acts committed by our aﬃliates, employees or agents and such measures may not always be
eﬀective in ensuring that we, our employees, contractors or agents will comply strictly with such laws. If we ﬁnd ourselves
subject to an enforcement action or are found to be in violation of such laws, this could lead to civil and criminal ﬁnes and
penalties, investigation and litigation, and loss of operating licenses or permits, resulting in a material adverse eﬀect on
our reputation and results of operations.

Our business is subject to evolving corporate governance and public disclosure regulations that have increased
both our compliance costs and the risk of noncompliance.

We are subject to changing rules and regulations promulgated by a number of governmental and self-regulated
organizations, including the British Columbia Securities Commission, the SEC, the Toronto Stock Exchange (the “TSX”),
the NYSE American, and the Financial Accounting Standards Board. These rules and regulations continue to evolve in
scope and complexity and many new requirements have been created in response to laws enacted by the United States
Congress, making compliance increasingly more diﬃcult and uncertain, which could have an adverse eﬀect on our
reputation and our stock price.

ITEM 1B. UNRESOLVED STAFF COMMENTS .

Not applicable.

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ITEM 2. PROPERTIES.

References to USD or $ refer to United States currency and AUD or A$ refer to Australian currency, all in thousands,
unless specified otherwise.

Qualified Persons

The scientiﬁc and technical disclosures about Mt Todd in this annual report on Form 10-K have been reviewed and
approved by John W. Rozelle, Senior Vice President of Vista. Mr. Rozelle is a qualiﬁed person as deﬁned by S-K 1300
and NI 43-101. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and
mineral resources included in this Form 10-K, as well as data veriﬁcation procedures and a general discussion of the
extent to which the estimates may be aﬀected by any known environmental, permitting, legal, title, taxation, sociopolitical,
marketing or other relevant factors, please review the Technical Report Summary for the Mt Todd project which is
included as an exhibit to, and incorporated by reference into, this Form 10-K.

Mt Todd Gold Project, Northern Territory, Australia

Summary Disclosure

The Company has only one material mining property, the Mt Todd project located in the Northern Territory of Australia.
We hold Mt Todd through our wholly-owned subsidiary Vista Gold Australia Pty. Ltd. (“Vista Gold Australia”).

Technical Report Summary

The 2022 FS for Mt Todd is the technical report summary, prepared pursuant to S-K 1300, that was ﬁled on EDGAR on
February 24, 2022 and is entitled “S-K 1300 Technical Report Summary - Mt Todd Gold Project - 50,000 tpd Feasibility
Study – Northern Territory, Australia” with an eﬀective date of December 31, 2021 and an issue date of February 9, 2022
(the “2022 FS”). A companion feasibility study for Canadian purposes, pursuant to NI 43-101, was ﬁled on SEDAR on
February 24, 2022 and is entitled “NI 43-101 Technical Report - Mt Todd Gold Project - 50,000 tpd Feasibility Study –
Northern Territory, Australia” with an effective date of December 31, 2021 and an issue date of February 9, 2022.

The technical data and economic conclusions of these reports are identical, with minor diﬀerences between the reports
resulting only from the respective disclosure requirements of S-K 1300 and NI 43-101. The reports were prepared by
Sabry Abdel Hafez, Ph.D., P.Eng.; Rex Clair Bryan, Ph.D., SME RM; Thomas L. Dyer, P.E., SME RM; Amy Hudson,
Ph.D., CPG, REM; April Hussey, P.E.; Chris Johns, M.Sc., P.Eng.; Max Johnson, P.E.; Deepak Malhotra, Ph.D., SME
RM; Zvonimir Ponos, BE, MIEAust, CPeng, NER; Vicki J. Scharnhorst, P.E., LEED AP; and Keith Thompson, CPG,
member AIPG, each of whom is a qualified person under S-K 1300 and NI 43-101.

The following description of Mt Todd has been sourced, in part, from the 2022 FS and readers should consult the 2022
FS to obtain further particulars regarding Mt Todd. The 2022 FS is available for review at www.sec.gov and under our
profile at www.sedar.com. The 2022 FS is not incorporated by reference into this annual report on Form 10-K.

Certain capitalized terms in this section not otherwise defined have the meanings ascribed to them in the 2022 FS.

Project Location and Access

Mt Todd is located 56 kilometers by road northwest of Katherine, NT, Australia, and approximately 290 kilometers by road
southeast of Darwin. Access is by existing paved public roads and approximately four kilometers of paved private road.
We control and maintain the private paved road.

The area has a sub-tropical climate with a distinct wet season and dry season. The area receives most of its rainfall
between the months of January and March. Temperatures are moderate, allowing for year-round mining operations.
Topography is relatively ﬂat. The tenements encompass a variety of habitats forming part of the northern Savannah
woodland region,

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which is characterized by eucalypt woodland with tropical grass understories. Surface elevations are approximately 130 to
160 meters above sea level in the area of the previous and planned mine plant site and waste rock dumps.

Project Stage

The Mt Todd project is a development stage property with proven and probable mineral reserves.

Feasibility Study Results

The 2022 FS evaluates a 50,000 tpd project (“50,000 tpd Project”) that optimizes payable gold, capital eﬃciency,
operating costs and net present value (“NPV”).

The 50,000 tpd Project highlights include:

● Estimated proven and probable mineral reserves of 6.98 Moz of gold (280 Mt at 0.77 g Au/t) at a cut-off grade

of 0.35 g Au/t(1)(2);

● Average annual production of 395,000 ounces of gold over the mine life, including average annual
production of 479,000 ounces of gold per year during the ﬁrst seven years of operations following ramp-up
and commissioning;

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●

Life of Mine average cash costs of $817 per ounce, including average cash costs of $752 per ounce during
the first seven years of operations following ramp-up and commissioning;

● A 16-year operating life;

●

Initial capital requirements of $892 million which assume an owner-operated mining ﬂeet, power generated
on-site by a third-party, and a locally based employee workforce;

● After-tax NPV 5% of $999.5 million and internal rate of return (“IRR”) of 20.6% at a gold price of $1,600 per

ounce and an AUD:USD exchange rate of 0.71; and

● After-tax NPV5% of $1,458 million and IRR of 26.7% at a price of $1,800 per ounce of gold and an AUD:USD

exchange rate of 0.71 based on the Gold Price and Foreign Exchange Sensitivity Table below.

(1) Note to investors: Proven and probable mineral reserves are estimated in accordance with S-K 1300 and CIM Deﬁnition

Standards.

(2) See “Item 1. Business – Cautionary Note to Investors Regarding Estimates of Measured, Indicated and Inferred Resources and

Proven and Probable Mineral Reserves” in this annual report on Form 10-K for additional information.

Key statistics of the 50,000 tpd Project are presented in the table below:

Years 1-7(1)

Life of Mine (16 years)(2)

Average Plant Feed Grade (g Au/t) (3)
Average Annual Gold Production (koz)
Payable Gold Total (koz)
Average Recovery (%)
Cash Costs ($/oz)(4)
AISC ($/oz)(5)
Strip Ratio (waste:ore)
Initial Capital ($ millions)
After-tax NPV 5% ($ millions)
After-tax IRR
After-tax Payback (Months)

$
$

1.01
479
3,353

92.2 %
752
860
2.77

$
$

0.84
395
6,313

91.6 %
817
928
2.51
892
999.5

20.6 %
47

Note: Table economics presented using $1,600/oz gold and a A$1.00 :$0.71 exchange.

(1) Years 1-7 start after the 6-month commissioning and ramp up period.
(2) Life of mine is from start of commissioning and ramp up through the final closure.
(3) Post-sorted grinding circuit feed grade.
(4) Cash Costs per ounce is a non-U.S. GAAP financial measure; see Item 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations – Non-U.S. GAAP Financial Measures for additional disclosure.
(5) All-in Sustaining Costs (“AISC”) per ounce is a non-U.S. GAAP financial measure; see Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of Operations – Non-U.S. GAAP Financial Measures for
additional disclosure.

The following chart presents the 50,000 tpd Project annual cash ﬂow using $1,600/oz gold and an A$1.00:$0.71
exchange rate:

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The following table provides additional details of the 50,000 tpd Project economics at variable gold price and foreign
exchange assumptions:

Foreign
Exchange
Rate
($/A$)
0.74
0.71
0.68

Gold Price and Foreign Exchange Rate Sensitivity Table ($ Millions)

Gold Price

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

$1,900

NPV5% IRR NPV5% IRR NPV5% IRR NPV5% IRR NPV5% IRR NPV5% IRR NPV5% IRR
15.5% $911
$214
19.0% $1,144 22.1% $1,372 25.0% $1,589 27.7%
17.3% $999.5† 20.6%† $1,229 23.7% $1,458 26.7% $1,674 29.4%
$304
18.9% $1,085 22.3% $1,313 25.7% $1,543 28.5% $1,758 31.3%
$393

8.6% $453
10.2% $541
11.9% $626

12.4% $674
14.0% $762
15.6% $851

† Reflects the assumptions used for the economic analysis in the 2022 FS.

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Key capital expenditures for the 50,000 tpd Project initial and sustaining capital requirements are:

Capital Expenditures ($ Millions, except per ounce amount)

Mining
Process Plant
Project Services
Project Infrastructure
Site Establishment & Early Works
Management, Engineering, EPCM Services
Preproduction Costs
Contingency
Sub-Total
Asset Sale and Salvage
Total Capital

Total Capital per Payable Ounce of Gold

Initial
Capital
81
$
474
56
45
24
100
27
86
$ 892
—
$ 892

$ 141

Sustaining
Capital

531
28
89
8
—
—
—
44
700
(37)
663 (1)

105 (1)

Note: Amounts may not add to total due to rounding. Asset sale and salvage value assumptions include end of life re-sale values for
mining and processing equipment; and recycle value for steel and pipe from the process plant and other facilities.

(1) Net of asset sales.

The 2022 FS contemplates an owner-operated mining ﬂeet at initial capital of $86 million and sustaining capital of $565
million, inclusive of contingency. The study assumes the equipment will be sold when retired from operations, at an
estimated salvage value of $21 million. Fleet operators, along with other employees are expected to be community based,
providing beneﬁts by lower camp-related capital and operating costs. Mining equipment would be maintained through a
full maintenance and repair contract with the manufacturer’s authorized dealer. Overall, this approach is expected to
produce lower operating costs compared to contract mining.

The 2022 FS utilizes the eﬃciency of ore sorting across a broad range of head grades, the natural concentration of gold
in the screen undersize material prior to sorting, the eﬃciency of ﬁne grinding and the resulting improved gold recoveries
at a final grind size of P80 40 µm, and the selection of FLSmidth’s VXP mill as the preferred fine grinding mill.

The 50,000 tpd Project incorporates purchasing electrical power from a third-party. The power plant will be owned,
operated, and provide power on a dedicated contract.

The following table presents a breakdown of 50,000 tpd Project operating costs.

Operating Cost

First 7 Years

Life of Mine Cost

Mining
Processing
Site General and Administrative
Jawoyn Royalty(1)
Water Treatment
Tailings Management
Refining Costs(1)
Total Cash Costs(2)

Per ore tonne
processed
8.52
9.39
1.06
0.86
0.26
0.08
0.09
20.28

Per ounce
$ 316
348
39
32
10
3
3
$ 752

Per ore tonne
processed
6.79
9.44
0.99
0.72
0.29
0.08
0.08
18.40

Per ounce
$ 302
419
44
32
13
4
3
$ 817

Note: Table may not add to total due to rounding

(1) Jawoyn Royalty and refining costs calculated at $1,600 per ounce gold and an A$1.00 : $0.71 exchange rate.
(2) Total Cash Costs is a non-U.S. GAAP financial measure; see Item 7. Management’s Discussion and Analysis of Financial

Condition and Results of Operations – Non-U.S. GAAP Financial Measures for additional disclosure.

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In November 2020, we modiﬁed our agreement with the Jawoyn. The modiﬁed agreement provides the Jawoyn with a
gross proceeds royalty (“GPR”) ranging between 0.125% and 2.0%, depending on prevailing gold prices and foreign
exchange rates, instead of its previous right to become a 10% participating joint venture partner in Mt Todd. The modiﬁed
agreement did not aﬀect the previously agreed 1.0% GPR. The combined GPR range is now from 1.125% to 3.0% and is
reflected in the table above.

The life of mine production schedule contemplates 280.4 million tonnes of ore containing an estimated 6.98 million
ounces of gold at an average grade of 0.77 g Au/t to be processed over a 16-year operating life of the Project. Total
recovered gold is expected to be 6.31 million ounces. Average annual gold production over the life of the Project is
expected to be 395,000 ounces, which includes averaging 479,000 ounces during the ﬁrst seven years of commercial
operations. Commercial operations are anticipated to begin after two years of construction and a six-month
commissioning and ramp-up period

The following table summarizes the production schedule. The shaded portion of the table highlights the impact of sorting
which reduces the tonnage processed by 10%, increases the processed grade by a similar percentage, and results in
cost savings in the grinding, leaching and tailings handling.

Years

Pit Ore
Mined (kt)

Waste
Mined (kt)

Ore
Crushed
(kt)

Crushed
Grade
(g/t)

Contained
Ounces
(kozs)

Ore to

CIP
(Post

Sorting)

CIP

Grade
(g/t)

Contained
Ounces
(kozs)

Gold
Produced
(kozs)

Recovery
(%)

(1)
1 †
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16 ‡
17 ‡
Total

7,188
18,216
30,578
19,696
15,218
27,591
25,499
13,229
7,779
13,866
14,523
20,830
18,523
11,307
13,829
9,149
0
0
267,021

14,066
25,904
38,623
63,199
69,774
66,264
74,510
77,291
71,277
59,499
50,082
40,490
13,685
4,388
1,866
412
0
0
671,331

0
12,334
17,750
17,750
17,799
17,750
17,823
17,750
17,774
17,774
17,750
17,750
17,774
17,774
17,750
17,750
16,710
2,612
280,375

0
1.10
0.88
1.04
0.66
0.79
1.03
0.97
0.69
0.52
0.55
0.61
0.72
0.76
0.79
0.78
0.64
0.54
0.77

0
436
503
594
378
451
591
554
392
295
312
347
410
433
448
446
344
45
6,979

(kt)
0
11,100
15,975
15,975
16,019
15,975
16,041
15,975
15,997
15,997
15,975
15,975
15,997
15,997
15,975
16,120
15,968
2,612
253,673

0.00
1.21
0.97
1.14
0.73
0.87
1.13
1.06
0.75
0.57
0.60
0.67
0.79
0.83
0.86
0.85
0.66
0.54
0.84

0
431
497
587
373
445
583
546
386
291
308
343
404
428
442
440
341
45
6,891

0
399
458
542
341
408
539
504
352
261
277
311
370
391
406
403
310
41
6,313

0
92.6%
92.1%
92.5%
91.3%
91.7%
92.4%
92.3%
91.2%
89.8%
90.1%
90.7%
91.4%
91.6%
91.7%
91.6%
90.7%
89.8%
91.6%

Note: Amounts may not add due to rounding.

† Six-month startup and commissioning period ahead of full production
‡ Total milled ore includes material from the existing heap leach pad that is processed in years 16 and 17.

Mineral Resources and Mineral Reserves Estimates

The table below presents the estimated mineral resources for the Project. The eﬀective date of the resource estimates is
December 31, 2021. The following mineral resources and mineral reserves were prepared in accordance with both S-K
1300 standards and CIM Definition Standards.

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Mt Todd Gold Project – Summary of Gold Mineral Resources at the End of the Fiscal Year Ended December 31,
2021 based on US$1,300/oz. Gold

Batman Deposit

Heap Leach Pad

Quigleys Deposit

Total

Tonnes
(000s)

77,725
200,112

Grade
(g Au/t)

0.88
0.80

Contained
Ounces
(000s)

2,191
5,169

Tonnes
(000s)

—
13,354

Grade
(g Au/t)

—
0.54

277,837
61,323

0.82
0.72

7,360

1,421

13,354
—

0.54
—

Contained
Ounces
(000s)

—
232

232

—

Tonnes
(000s)

594
7,301

Grade
(g Au/t)

1.15
1.11

7,895
3,981

1.11
1.46

Contained
Ounces
(000s)

Tonnes
(000s)

Grade
(g Au/t)

Contained
Ounces
(000s)

22
260

282

187

78,319
220,767

0.88
0.80

2,213
5,661

299,086
65,304

0.82
0.77

7,874

1,608

Measured
Indicated
Measured
&
Indicated
Inferred

Notes:

● Measured & indicated resources include proven and probable reserves.
●

Batman and Quigleys resources are quoted at a 0.40g-Au/t cut-oﬀ grade. Heap Leach resources are the average grade of
the heap, no cut-off applied.
Batman: Resources constrained within a US$1,300/oz gold WhittleTM pit shell. Pit parameters: Mining Cost
US$1.50/tonne, Milling Cost US$7.80/tonne processed, G&A Cost US$0.46/tonne processed, G&A/Year 8,201 K US$, Au
Recovery, Sulfide 85%, Transition 80%, Oxide 80%, 0.2g-Au/t minimum for resource shell.

●

● Quigleys: Resources constrained within a US$1,300/oz gold WhittleTM pit shell. Pit parameters: Mining cost
US$1.90/tonne, Processing Cost US$9.779/tonne processed, Royalty 1% GPR, Gold Recovery Sulﬁde, 82.0% and
Ox/Trans 78.0%, water treatment US$0.09/tonne, Tailings US$0.985/tonne.

● Diﬀerences in the table due to rounding are not considered material. Diﬀerences between Batman and Quigleys mining

and metallurgical parameters are due to their individual geologic and engineering characteristics.

● Rex Bryan of Tetra Tech is the QP responsible for the Statement of Mineral Resources for the Batman, Heap Leach Pad

and Quigleys deposits.
Thomas Dyer of RESPEC is the QP responsible for developing the resource WhittleTM pit shell for the Batman Deposit.
The effective date of the Heap Leach, Batman and Quigleys resource estimate is December 31, 2021.

●
●
● Mineral resources that are not mineral reserves have no demonstrated economic viability and do not meet all relevant

modifying factors.

The mine plan in the 2022 FS includes both proven and probable mineral reserves and estimated total recovered gold at
6.31 million ounces. The following table presents the estimated mineral reserves for the Project.

Mt Todd Gold Project – Summary of Gold Mineral Reserves at the End of the Fiscal Year Ended December 31,
2021 based – 50,000 tpd, 0.35 g Au/t cut-off and $1,125 per ounce pit design

Batman Deposit

Heap Leach Pad

Total

Contained

Tonnes Grade Ounces
(000s)

(g Au/t)

(000s)

Tonnes Grade Ounces
(000s)

(g Au/t)

(000s)

Tonnes Grade Ounces
(000s)
(g Au/t)
(000s)

Proven
Probable
Proven & Probable
Economic analysis conducted only on proven and probable mineral reserves.

81,277
185,744
267,021

0.84
0.76
0.79

2,192
4,555
6,747

13,354
13,354

—

—
0.54
0.54

—

232
232

81,277
199,098
280,375

0.84
0.75
0.77

2,192
4,787
6,979

Notes:
●
●
● Deepak Malhotra is the QP responsible for reporting the heap-leach pad reserves.
●

Thomas L. Dyer, P.E., is the QP responsible for reporting the Batman Deposit Proven and Probable reserves.
Batman deposit reserves are reported using a 0.35 g Au/t cutoff grade.

Because all the heap-leach pad reserves are to be fed through the mill, these reserves are reported without a cutoﬀ grade
applied.
The reserves point of reference is the point where material is fed into the mill.
The effective date of the mineral reserve estimates is December 31, 2021.

●
●

Table of Contents

Cautionary note to investors: Proven and probable mineral reserves are estimated in accordance with each of S-
K 1300 and CIM Deﬁnition Standards. A number of risk factors may adversely aﬀect estimated mineral reserves
and mineral resources, any of which may result in a reduction or elimination of reported mineral reserves and
mineral resources. See “Item 1A. Risk Factors.”

The tables below show the resource classification criteria and variogram parameters for the Batman resource model.

Property Holdings

In 2006, through an agreement with Pegasus Gold Australia Pty. Ltd. (“Pegasus”), the NT Government, and the Jawoyn,
we acquired the concession rights and access to Mt Todd. Also in 2006, through an agreement with the NT Government,
we established the rights and obligations of both parties with respect to Mt Todd site care and maintenance and potential
future development. In 2017, the latter agreement was extended through the end of 2023.

Total land holdings controlled by Vista Gold Australia are approximately 1,705 Km 2. A map showing the location of the
mineral licenses (“MLs”) and exploration licenses (“ELs”) and a table with a list of MLs and ELs and the holding

Table of Contents

requirements are set out below. All of the estimated mineral resources are located within the boundaries of the MLs and
substantially all of the estimated mineral resources at Mt Todd are located in the Batman deposit.

The Batman and Quigleys deposits are located within the MLs. Should a deposit be discovered on the ELs, the portion of
the related EL would have to be converted to an ML before mining operations could start.

Mt Todd Land Holdings of Vista Gold Australia

Mineral Licenses

MLN 1070

MLN 1071

MLN 1127

MLN 31525

Subtotals

Surface
Area
(Km2)

Location
Description
(UTM)
Mining

Location Date/

Grant Date Renewal Date

39.8

License Block March 5, 1993 March 4, 2043

13.3

centered at

March 5, 1993 March 4, 2043

approximately March 5, 1993 March 4, 2043
September 3,
September 4,
2042
2017

188555E,
435665N

0.8

1.6

55.4

Estimated Holding
Requirements
Annual Rent &
Admin Fees
(thousands
of A$)
88
(due March 4)
29
(due March 4)
2
(due March 4)
4
(due September 3)

123

Estimated Holding
Requirements
Annual Rent &
Admin Fees
(thousands
of A$)

Annual Work
Requirement Expenditure/

Annual

(thousands
of A$)

Technical

Reports Due

May 4/
May 4
May 4/
May 4
May 4/
May 4
May 4/
May 4

N/A

N/A
-

Annual Work
Requirement Expenditure/

Annual

(thousands
of A$)

Technical

Reports Due

Exploration Licenses

Surface
Area
(Km2)

EL29882

EL29886

EL30898

EL32004

556

595

187

163

ELA32005
Subtotals

149
1,650

Location
Description
(UTM)
Centered at
approximately
189100E,
84520000N
Centered at
approximately
200300E,
8452000N
Centered at
approximately
176100E,
8428700N
Centered at
approximately
164000E,
8430550N
Centered at
approximately
160180E,
8445150N

Location Date/

Grant Date Renewal Date

September 16,
2013

September
15, 2023

September 16,
2013

September
15, 2023

May 3, 2016

May 2, 2022

39
(due September
15)

45
(due September
15)

13
(due May 2)

November 21,
2019

November 20,
2025

4
(due November 20)

125

Totals A$
Totals US$ (exchange rate of A$1.00 = $0.726 on December 31, 2021)

Under
application

Under application
101

224
163

Under
application
244

244
177

The surface land in the area of the contiguous MLs and ELs (excluding EL 32004) is freehold land owned by the Jawoyn.
Because the Jawoyn have title to the land, such land is not part of the lands classiﬁed by the government as indigenous
lands, and as a result such lands are not subject to an Indigenous Land Use Agreement. Vista has a private agreement
with the Jawoyn for access to the land.

Annually, we are required to submit a care and maintenance MMP to the DITT that details work to be done on the
property. We have received approval for all work done on the Project to date and obtained approval for the EIS. We
received our operational MMP in June 2021, which is the operating permit that sets out how mine operating strategy will
be

May 14/
May 14

Dec 19/
Jan 19

Under
application

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implemented throughout the mine life in compliance with the EIS and EPBC requirements. The MMP will be amended to
align with the design changes in the 2022 FS. The remaining permitting processes are relatively straight-forward and are
not expected to impede, to a material extent, our exploration and future development plans. Any future mining will require
sufficient surety bonding to fund mine closure.

Infrastructure

Because Mt Todd was an operating mine, infrastructure exists that reduces initial capital expenditure and signiﬁcantly
reduces capital risk related to infrastructure construction, which has been a major source of capital cost overruns in the
mining industry over the last decade. Existing mining infrastructure items include:

●
●

●

●
●
●

a tailings storage facility with capacity for approximately 80 million tonnes of additional material;
a fresh water storage reservoir that would receive a two-meter dam raise and would harvest stormwater expected
to be sufficient to provide process water for year-round operations for a 50,000 tpd operation;
a natural gas pipeline at site that can supply suﬃcient natural gas to meet the Project’s energy requirements
which, coupled with the planned power generating plant, would save considerably on Project operating costs
compared to grid-supplied power;
a paved road to site;
current electrical connection to the NT electric grid; and
reduced earthworks costs due to the process plant location being the same as the previous process plant, which
has already been cleared and graded.

Other benefits of Mt Todd’s NT location include:

●
●
●

the Stuart highway – the main North / South highway in the NT is less than 10 kilometers from the Project site;
rail line parallel to the Stuart highway; and
the regional center of Katherine (population approximately 12,000) less than 40 kilometers from site and the NT
capital of Darwin less than 250 kilometers from the Project site, which has port access.

The area has both historical and current mining activity and therefore a portion of the skilled workforce should be able to
be sourced locally. In addition, Katherine oﬀers the necessary support functions that are typically found in a medium-
sized city with regard to supplies, accommodations, communications, etc.

Planned infrastructure for the site includes the following:

●

ammonium nitrate and fuel oil (ANFO) facility;

● mine support facilities (heavy vehicle (HV) workshop, lube farm, washdown and tire change, warehouse, fuel

farm, mining offices, core storage facility);

heap leach facility;

small accommodation camp for occasional contractor use;

●

● water treatment plant (WTP);

●

power supply;

pit dewatering;

● mine services;

●

communications;

gatehouse; and

expanded existing and additional TSF.

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Geological Setting, Mineralization, and Deposit Type

Mt Todd is situated within the southeastern portion of the Early Proterozoic Pine Creek Geosyncline. Meta-sediments,
granitites, basic intrusives, acidic and intermediate volcanic rocks occur within this geological province. Within the Mt
Todd region, the oldest outcropping rocks are assigned to the Burrell Creek Formation. These rocks consist primarily of
interbedded greywackes, siltstones, and shales of turbidite aﬃnity, which are interspersed with the minor volcanics. The
Burrell Creek Formation is overlain by interbedded greywackes, mudstones, tuﬀs, minor conglomerates, maﬁc to
intermediate volcanics and banded ironstone of the Tollis Formation. The Burrell Creek Formation and Tollis Formation
comprise the Finniss River Group. The Finniss River Group strata have been folded about northerly trending F1 fold
axes. The folds are closed to open style and have moderate westerly dipping axial planes with some sections being
overturned. A later north-south compression event resulted in east-west trending open style upright D2 folds. The Finniss
River Group has been regionally metamorphosed to lower green schist facies. Late and Post Orogenic granite intrusions
of the Cullen Batholith occurred from 1,789 Ma to 1,730 Ma, and brought about local contact metamorphism to
hornblende hornfels facies.

The Batman pit geology consists of a sequence of hornfelsed interbedded greywackes and shales with minor thin beds of
felsic tuﬀ. Bedding consistently strikes at 325 degrees, dipping 40 degrees to 60 degrees to the southwest. Northerly
trending sheeted quartz sulfide veins and joints striking at 0 degrees to 20 degrees and dipping 60 degrees to the east are
the major controls for mineralization in the Batman pit. The veins are 1 to 100 millimeters in thickness with an average
thickness of around 8 to 10 millimeters and occur in sheets with up to 20 veins per horizontal meter. These sheeted veins
are the main source of gold mineralization in the Batman pit. In general, the Batman pit extends 1,600 meters in length by
1,100 meters in width and has been drill tested to a depth of 800 meters down-dip. The deposit is open along strike and
at depth.

The mineralization within the Batman pit is directly related to the intensity of the north-south trending quartz sulﬁde
veining. The lithological units impact on the orientation and intensity of mineralization. Sulﬁde minerals associated with
the gold mineralization are pyrite, pyrrhotite and lesser amounts of chalcopyrite, bismuthinite and arsenopyrite. Galena
and sphalerite are also present, but appear to be post-gold mineralization, and are related to calcite veining in the
bedding plains and the east-west trending faults and joints. Two main styles of mineralization have been identiﬁed in the
Batman pit. These are the north-south trending vein mineralization and bedding parallel mineralization.

Gold mineralization in the Batman deposit occurs in sheeted veins within siliciﬁed greywackes/shales/siltstones. The
Batman deposit strikes north-northeast and dips steeply to the east. Higher grade zones of the deposit plunge to the
south. The core zone is approximately 200-250 meters wide and 1.5 kilometers long, with several hanging wall structures
providing additional width to the orebody. Mineralization is open at depth as well as along strike, although the intensity of
mineralization weakens to the north and south along strike.

Historical Operations

The Batman gold prospect is located in the Pine Creek Geosyncline that was worked from early in the 20th century. Gold
and tin were discovered in the Mt Todd area in 1889. Most deposits were worked in the period from 1902 to 1914. A total
of 7.80 tonnes of tin concentrate was obtained from cassiterite-bearing quartz-kaolin lodes at the Morris and Shamrock
mines. The Jones Brothers reef was the most extensively mined gold-bearing quartz vein, with a recorded production of
28.45 kg Au. This reef consists of a steeply dipping ferruginous quartz lode within tightly folded greywackes.

The Yinberrie Wolfram ﬁeld, discovered in 1913, is located 5 kilometers west of Mt Todd. Tungsten, molybdenum and
bismuth mineralization was discovered in greisenized aplite dykes and quartz veins in a small stock of the Cullen
Batholith. Recorded production from numerous shallow shafts is 163 tonnes of tungsten, 130 kg of molybdenite and a
small quantity of bismuth.

Exploration for uranium began in the 1950s. Small uranium prospects were discovered in sheared or greisenized
portions of the Cullen Batholith in the vicinity of the Edith River.

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Australian Ores and Minerals Limited (“AOM”) in a joint venture with Wandaroo Mining Corporation and Esso Standard
Oil took out a number of mining leases in the Mt Todd area during 1975. Initial exploration consisted of stream sediment
sampling, rock chip sampling, and geological reconnaissance for a variety of commodities. A number of geochemical
anomalies were found primarily in the vicinity of old workings. Follow-up work concentrated on alluvial tin and, later,
auriferous reefs. Backhoe trenching, costeaning, and ground follow-up were the favored mode of exploration. Two
diamond drillholes were drilled at Quigleys. Despite determining that the gold potential of the reefs in the area was
promising, AOM ceased work around Mt Todd.

The Arafura Mining Corporation, CRA Exploration, and Marriaz Pty Ltd all explored the Mt Todd area at diﬀerent times
between 1975 and 1983. In late 1981, CRA Exploration conducted grid surveys, geological mapping and a 14 diamond
drillhole program, with an aggregate meterage of 676.5 m, to test the gold content of Quigleys Reef over a strike length of
800 meters. Following this program CRA Exploration did not proceed with further exploration.

During late 1986, Paciﬁc Gold Mines NL (“Paciﬁc”) undertook exploration in the area which resulted in small-scale open
cut mining on the Quigleys and Golf reefs, and limited test mining at the Alpha, Bravo, Charlie and Delta pits. Ore was
transported to a CIP plant owned by Paciﬁc at Moline. This continued until December 1987. Paciﬁc ceased operations in
the area in February 1988 having produced approximately 86,000 tonnes grading 4 g Au/t (historical reported production,
not S-K 1300 or NI 43-101 compliant). Subsequent negotiations between the joint venture partners Shell Company of
Australia (“Billiton”), Zapopan NL (“Zapopan”) and Paciﬁc resulted in the acquisition of this ground and incorporation into
the joint venture.

Billiton, who was the managing partner in an exploration program in the joint venture with Zapopan, discovered the Mt
Todd mineralization, or more speciﬁcally the Batman deposit, in May 1988. In 1992, Pegasus acquired a shareholding in
Zapopan, following which Zapopan acquired Billiton’s interest. Pegasus progressively increased their shareholding until
they acquired full ownership of Zapopan in July 1995.

Historical preliminary studies (not S-K 1300 or NI 43-101 compliant) for Phase I, a heap leach operation which focused
predominately on the oxide portion of the deposit, commenced during 1992 culminating in an engineering, procurement,
construction management (“EPCM”) award to Minproc in November of that year. The Phase I project was predicated upon
a 4 million tonne per year (“Mtpy”) heap leach plant, which came on stream in late 1993. The treatment rate was
subsequently expanded to a rate of 6 Mtpy in late 1994.

Based on our review of the historical project ﬁles, we believe that approximately 21.4 million tonnes grading 1.05
grams gold per tonne and containing 723,795 ounces of gold were extracted between 1993 and the termination of mining
in 2000. Processing was by a combination of heap leach production from oxide ore and cyanidation of sulﬁde ore. The
remaining mineralization consists of sulﬁde mineralization lying below and along strike of the existing open pit, and in
hanging wall structures parallel to the main zone in the existing open pit.

Historical heap leach production is shown in the table below:

Table of Contents

Category

Historical Heap
Leach Production
Reported

Tonnes Leached (million)

Head Grade (g Au/t)

Recovery (%)

13.2

0.96

53.8

Gold Recovered (oz)

220,755

Cost/t (AUD)

Cost/oz (AUD)

8.33

500

NOTE: All tonnages and grades are historical production
numbers that pre-date Vista’s ownership. The QPs and
issuer consider historical estimates to be relevant but not
current.

Phase II involved expanding to 8 Mtpy and treatment through a ﬂotation and carbon-in-leach circuit. The feasibility study
was conducted by a joint venture between Bateman Kinhill and Kilborne (“BKK”) and was completed in June 1995.

The Pegasus board approved the project on August 17, 1995, and awarded an EPCM contract to BKK in October 1995.
Commissioning commenced in November 1996. Final capital costs to complete the project were AUD232 million
(USD181 million).

Design capacity was never achieved due to inadequacies in the 3 rd and 4th stages of the crushing circuit. A throughput
rate of just under 7 Mtpy was achieved by mid-1997; however, problems with the ﬂotation circuit which resulted in
reduced recoveries necessitated closure of this circuit. Subsequently, high reagent consumption, as a result of cyanide
soluble copper minerals, further hindered eﬀorts to reach design production. Operating costs were above those predicted
in the feasibility study. The spot price of gold deteriorated from above USD400 in early 1996 to below USD300 per ounce
at the end of 1997. This, combined with underperformance of the project and higher operating costs led to the mine being
closed and placed on care and maintenance on November 14, 1997.

In February 1999, General Gold Resources Pty. Ltd. (“General Gold”) agreed to form a joint venture with Multiplex
Resources Pty Ltd (“Multiplex”) and Pegasus to own, operate, and explore the mine. Initial equity participation in the joint
venture was General Gold 2%, Multiplex 93%, and Pegasus 5%. The joint venture appointed General Gold as mine
operator, which contributed the operating plan in exchange for a 50% share of the net cash ﬂow generated by the project,
after allowing for acquisition costs and environmental sinking fund contributions. General Gold operated the mine from
March 1999 to July 2000. Operations ceased in July 2000, and Pegasus, through the Deed Administrators, regained
possession of various parts of the mine assets in order to recoup the balance of purchase price owed to it. Most of the
equipment was sold in June 2001 and removed from the mine.

In March 2006, Vista acquired the concession rights from the Deed Administrators and surface rights from the Jawoyn
and entered into a contract with the NT Government.

Exploration Licenses

Since acquiring the Mt Todd ELs, Vista has conducted an ongoing exploration program that includes prospecting,
geologic mapping, rock and soil sampling, geophysical surveys and exploration drilling. Equipment and personnel were
mobilized from the site or from an exploration base camp established in the central part of the ELs. The work was
conducted by geologists and field technicians.

The exploration eﬀort initially focused on follow-up work on targets developed by Pegasus during their tenure on the
property. These included the RKD target, Tablelands, and Silver Spray. During a review of Pegasus’ airborne geophysical
survey data, five distinct magnetic highs were observed located within sedimentary rocks that should have a low magnetic

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signature. These features are similar to those at Batman, which, as a result of the included pyrrhotite, exhibits a strong
magnetic high. The geophysical targets were prioritized following review of historical work in the area and site visits. To
date, two of the geophysical targets, Golden Eye and Snowdrop, have been drilled and a third, Black Hill, has been
covered by soil sampling.

The Wandie target has a diﬀerent magnetic signature. Field examination identiﬁed small scale pits on an iron-rich
outcropping.

There are no reportable mineral resources and mineral reserves on the ELs. No data from the ELs were used in the
development of the 2022 FS results.

Exploration Sampling summary:

Year

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Soils

1,333

3,135

1,925

2,312

572

2,601

841

241

1,098

341

313

278

Rock Chips

164

224

295

143

132

170

Exploration Potential for MLs

Total Samples

14,990

1,481

Based on airborne geophysical survey data, we have identiﬁed several magnetic targets within our controlled land
holdings surrounding the Batman pit. The targets are distinct magnetic highs located within sedimentary rocks that should
have a low magnetic signature. These features are similar to those at Batman, which, as a result of the included
pyrrhotite, exhibits a strong magnetic high.

Mineralization at the Quigleys deposit is interpreted to occur within a series of mineralized shears that strike north
northwest and dip 30 to 35 degrees to the west. The main shear extends for nearly one kilometer along the strike and has
been drilled to a vertical depth of 230 meters. The mineral resource estimate has been defined by 632 drill holes drilled by
Pegasus and Billiton Australia Gold Pty. Ltd. in the late 1980s through the mid-1990s. Tetra Tech reviewed the integrity
of the drill-hole database and developed a computer model to estimate and classify the estimated mineral resources. The
model reﬂected Tetra Tech’s geological interpretation of the deposit, which constrained the mineralization to the shear
zones using geological information and assays from 49,178 samples obtained from the drilling. Lower grade, erratic
mineralization in the hanging wall of the shears has not been included in the mineral resource estimate.

Sampling and assaying were performed under the supervision of prior operators in conjunction with evaluation of the
Batman pit and are discussed in the 2022 FS, as part of the overall Project sampling and assaying methodology.

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Drilling

Batman Deposit

The Batman deposit resource drillhole database consists of both pre-Vista and Vista drill holes. All of the Vista resource
drill holes are HQ-size core holes. Vista has drilled a total of 92 HQ diamond drill holes totaling 58,863 meters. All of the
Vista diamond drill core samples were sawn into half splits for assaying purposes.

The pre-2007 exploration database (pre-Vista) consists of 743 drill holes, of which 226 are diamond drill holes and 517
are percussion drill holes. These drill holes total approximately 98,000 meters. The diamond core was a combination of
NQ and HQ sizes, with the NQ core being sawed into half splits and the HQ core being sawed into quarter splits.

The table below shows a summary of Batman Deposit drilling from 1988 to 2017. A large percentage of the historical
drilling was by reverse circulation (“RC”) of less than 100 meters in depth. The RC drilling was used for ore grade control
during the mining operations of Pegasus and General Gold Resources. Vista’s drilling discovered a larger Batman
Deposit resource by probing deeper with diamond drilling averaging 550 meters in depth.

Batman Deposit Drilling History

Date

1988

1989

1990

1991

1992

1993

Reference

Truelove

Kenny, Wegmann, Fuccenecco

Wegmann, Fuccenecco, Gibbs

Billiton

Zapopan

1994-1997

Pegasus Gold

1998-2000

General Gold Resources

2007

2008

2010

2011

2012

2015

2016-2017

Vista

Holes (#)

Percussion
(m)

Diamond
(m)

133

122

149

170

105

1,475

6,263

—

501

—

8,562

5,060

202

1,375

—

7,436

9,883

8,938

6,864

4,480

17,439

3,185

1,635

RC
(m)

—

3,065

8,072

3,090

1,320

2,814

22,534

26,365

—

1988-2017

Batman Total

826

8,239

75,059

67,260

Vista Drilling 2012 – 2017

Between the fourth quarter of 2012 and the end of the ﬁrst quarter of 2017, the Vista exploration program at the Batman
Deposit consisted of 22 diamond core drillholes containing 12,530 m that targeted both inﬁll deﬁnitional drilling and step-
out drilling.

The majority of drilling was angled so as to be approximately perpendicular to the mineralized core. This orientation more
accurately transects the true thickness of the mineralization. The Batman Deposit mineralization forms a set of stacked
plates that strike to the north and plunge steeply to the east. These mineralized zones have been defined by wireframes

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which are used to constrain the higher grades for resource estimation. Early drilling sampled the deposit near the surface
allowing for shorter drillhole depths. Exploring the deeper portions of the deposit has required drill collars to be oﬀset to
the east with longer drillhole lengths to reach the mineralized zone. Recent Vista drilling in particular has targeted the
deeper portions of the Batman Deposit. The positioning of the Vista drillhole collars were constrained to be outside of the
flooded historical mine pit. Most Vista drilling has been oriented so as to transect the higher-grade mineralized zone

While there are random high-grade intercepts outside of the core, the majority of higher-grade mineralization resides in
the core zone of the deposit.

Quigleys

The table below shows the Quigleys Deposit drilling history. The Quigleys Deposit was mined from 1982 to 1987 during
which the largest amount of drilling was percussion type used for ore grade control.

Relevant intervals of mineralization are contained within blanket-like zones which are modeled with 3-D wireframes for
resource estimation. The mineralized zones have been deﬁned by wireframes which are used to constrain the higher
grades for the resource estimation. The majority of drilling was angled so as to be approximately perpendicular to the
mineralized core. This orientation more accurately transects the true thickness of the mineralization. While there are
random high-grade intercepts outside of the core, the majority of higher-grade mineralization resides within the deﬁned
zones. In 2011, Vista explored the potential for a deeper deposit with three diamond drillholes, each over 350 meters in
depth.

Quigleys Deposit Drilling History

Reference

Holes (#)

Percussion (m)

Diamond
(m)

200

676.5

9710

202

1,090

RC (m)

—

4,013

—

41,930

11,878

4,013

603

631

—

41,429

501

—

Date

1975

1981

Australian Ores and Minerals/Esso

Arafura Mining Corp / CRA

1982-1987

Pacific Gold Mines NL (Small Scale Mining)

1989

2011

Pacific Gold Mines

Vista

1988-2017 Quigleys Total

Drilling Results

The results of drilling at the Batman Deposit and Quigleys Deposit were used to determine the gold mineral resource
estimates for the Batman and Quigleys Deposit. Vista’s drilling discovered a larger Batman resource by probing deeper
with diamond drilling averaging 550 meters in depth. While there are random high-grade intercepts outside of the core,
the majority of higher-grade mineralization at Batman resides in the core zone of the deposit. Relevant intervals of
mineralization at Quigleys Deposit are contained within blanket-like zones which are modeled with 3-D wireframes for
resource estimation. While there are random high-grade intercepts outside of the core zone, the majority of higher-grade
mineralization at the Quigleys Deposit resides within the defined zones.

2020-2021 Drilling Program Results

Vista continued the “proof of geologic concept” exploration drilling started in 2020. In 2021, a total of 13 additional
exploration drill holes were drilled on the MLs. The results of these drill holes continue to conﬁrm the Vista interpretation
of the mineralization and geologic structures between the Batman and Quigleys deposits along ta 5.4 Km trend. This
drilling is widely spaced and not sufficient to develop any geologic resource estimates.

Table of Contents

Drill Hole
ID

Northing
m
(MGA94
z53)

Easting m
(MGA94
z53)

VB20-001

187603.0

8435654.0

VB20-002
VB20-003

187287.0
187272.0

8435936.0
8435933.0

VB20-004

187251.0

8435933.0

VB20-005

187263.0

8435898.0

VB21-001

187290.0

8345899.0

VB21-002

187662.0

8436402.0

VB21-003
VB21-004

187322.0
187942.0

8435849
8436407.0

VB21-005

187586.0

8436404.0

VB21-006

187629.0

8435852.0

VB21-007

187618.0

8436518.0

VB21-008
VB21-009

187758.0
188222.0

8436406.0
8436800.0

VB21-010

188071.0

8436413.0

VB21-011

187728.0

8436500.0

VB21-012

188435.0

8436405.0

VB21-013

187423.0

8436409.0

Sampling, Analysis and Data Verification

Elevation
(masl)

Bearing
(°)

Dip
(°)

148.0

143.0
140.0

144.0

151.0

152.0

164.0

158.8
148.0

154.0

132.0

148.0

137.0
143.0

153.0

148.0

155.0

169.0

270.0

270.0
266.0

269.9

275.0

271.9
87.9

270.0

92.9

272.9

276.0
89.9

86.0

265.0

260.9

86.4

-58.0

-58.0
-54.0

-50.0

-61.0

-40.0

-62.0
-50.0

-50.0

-48.0
-50.0

-50.0

-53.0

Total
Depth
(m)

362.8

280.0
299.8

148.0

197.9

234.5

458.6

285.7
410.8

445.7

347.7

299.9

477.3
437.5

417.4

398.8

901.2

311.9

Drillhole
Type

Diamond

Diamond
Diamond

Diamond

Diamond
Diamond

Diamond

Diamond
Diamond

Diamond

The sampling method and approach for drillholes completed between 2012 and 2018 was the same as has been used by
Vista for all of the Vista diamond drilling. The drill core, upon removal from the core barrel, was placed into plastic core
boxes. The plastic core boxes were transported to the sample preparation building where the core was marked,
geologically logged, geotechnically logged, photographed, and cut into halves. One-half was placed into sample bags as
nominal one-meter sample lengths, and the other half retained for future reference. The only exception to this was when
a portion of the remaining core had been flagged for use in the ongoing metallurgical test work.

The bagged samples had sample tags placed both inside and on the outside of the sample bags. The individual samples
were grouped into “lots” for submission to Northern Analytical Laboratories for sample preparation and analytical testing.
All of this work was done under the supervision of a Vista geologist.

The following section describes the sample preparation, analyses and security undertaken by Vista through the
December 31, 2021 resource update.

The diamond drilling program was conducted under the supervision of the geologic staﬀ composed of a chief geologist,
several experienced geologists, and a core handling/cutting crew. The core handling crew was recruited locally.

Facilities for the core processing included an enclosed core logging shed and a covered cutting and storage area that
was fenced in. Both of these facilities were considered to be limited access areas and kept secured when work was not in
progress.

The diamond drill core was boxed and stacked at the rig by the drill crews. Core was then picked up daily by members of
the core handling crew and transported directly to the core logging shed. Processing of the core included photographing,
geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When
this process was completed, the core was moved into the core cutting/storage area where it was laid out for cutting and
sampling. The core was logged using the following procedures:

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● One-meter depth intervals were marked out on the core by a member of the geologic staff;
● Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and
were used for structural measurements. When orientation marks were insuﬃcient an estimated orientation was
indicated by a dashed line;

● Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and
a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.4 meters and a
maximum of 1.4 meters;

● Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then

indicated in the core tray at the appropriate locations; and

● Each core tray was photographed and restacked on pallets pending sample cutting and stored on site

indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and
blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a
minimum ratio of 1 in 10 and at suspected high-grade intervals additional blanks sample were added. Standard reference
material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence
of ﬁve samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were
kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags) and sealed. The sealed crates
were stacked outside the core logging shed until picked up for transport.

The following laboratories have been used for sample preparation, analyses, and check assays:

Laboratory

ALS | Minerals

Address

31 Denninup Way
Malaga, WA 6090

Purpose

Main assay
analyses

ALS

Abbreviation

Certifications

13 Price St
Alice Springs, NT 0870

Sample
Preparation

ALS
Alice Springs

ISO:9001:2008
and ISO 17025
Certified

ISO 9001:2008
and ISO 17025
Certified

Genalysis Laboratory
Services (Intertek Group)

15 Davison St
Maddington, WA 6109

Check Analyses Genalysis

Unable to verify

North Australian
Laboratories Pty Ltd
(“NAL”)

NT Environmental
Laboratories (Intertek
Group)

MLN 792 Eleanor Rd
Pine Creek, NT 0847

Alternative
assay analyses

NAL

ISO 17025
Certified

3407 Export Dr
Berrimah, NT 0828

Check Analyses NTEL

ISO 17025

Vista is completely independent of each of the above listed analytical testing entities, other than the engagement of said
entities as a service provider.

Each of the laboratories listed follow their own quality controls based on international standards. For example, ALS uses
accredited methods speciﬁed by ISO/IEC 17025 in North America and Australia. The standards specify a recipe and set
of quality control steps that the laboratory should follow including how the sample should be coded to obscure its
relationship to the drilling geometry; how the received sample should be prepared; what analytical steps need be taken,
given the required detection level and material analyzed, what instruments should be employed, what internal quality
controls should be done such as: periodic assaying of duplicate samples, the insertion of certiﬁed calibration samples;
utilizing blanks; and including a required number of randomized samples.

Table of Contents

Mt Todd as a gold project requires assays to be done with the industry standard of ﬁre assay. To get these ﬁre assay
results core samples from drillholes are split at Mt Todd into two with one archived and the other sent to an analytical
laboratory. At the lab the sample is pulverized into a powder, with a subsample taken for ﬁre assay. This subsample is
then mixed with a ﬂuxing agent. The remaining pulverized material is called a pulp archive, which can be used for within
and between laboratory validations. The chosen sample is then heated in a furnace where it fuses and separates into a
“button” which contains the gold. There are several methods to extract the gold from the button. The most common
method is by combining the button with lead as a collector. The lead oxidizes and is absorbed into a cupel leaving a gold
bead. Due to the relatively low concentration of gold at Mt Todd the lab must choose an analytical method able to detect a
least 5ppb gold. The methods are generally by atomic absorption (AA) or inductively coupled plasma-mass spectrometry
(ICP-MS). The bead is dissolved in aqua regia or dissolved in hydrochloric acid and then analyzed by the selected
instrument. The resultant assay values are reported by an assay certiﬁcate which is electronically or physically sent to the
staff at Mt Todd. The assay results are entered with the drilling database.

Vista requires periodic rechecking of assays both within and between laboratories. As an example, prior to the 2011
drilling campaign, the majority of samples were transported ﬁrst to ALS in Alice Springs (NT) for sample preparation. After
preparation, samples were then forwarded on to ALS in Malaga (WA) for assay analyses. One in every 20 pulp or reject
was sent from ALS in Alice Springs to Northern Australian Laboratories (“NAL”), Vista was notiﬁed by email which
samples were sent to NAL. For the 2011-2012 drilling campaign samples for assay were sent to NAL lab in Pine Creek,
NT. Following completion of assay results, all pulps and reject material was shipped back to the Mt Todd site and stored.

A comprehensive check of the quality of 12,365 assays in the database was undertaken by an outside auditor. Records
were selected from among those that relate to mineralization that is still in situ. These were divided into three subsets, to
be checked by three individual checkers. An additional 1,812 records were spot-checked in greater detail by a fourth
individual. After the checking was done, from the original 12,365 records, 95% were selected that had gold value in the
database and a gold assay in a source document such as an assay certiﬁcate. Of the assay pairs, 8,549 were “historical”
in the sense of dating prior to Vista’s acquisition of the project and 3,262 assay pairs originate with Vista’s work. For
context, Mt Todd assay table as of August of 2011 contained 118,550 records, 26,579 of them originating from Vista’s
work.

Eight signiﬁcant outliers were found with gold values in the database that diﬀered from the source documents. Those
eight were double-checked and were found to be real cases of the database containing data that diﬀer from the source
documents. The below table shows that most of the diﬀerences between the gold values in the database and those
gleaned from the source documents are very small, although around economic cutoﬀ grades the diﬀerences may well
represent large percentages. More than 99% of the diﬀerences fall in the range -0.1 ppm Au to +0.1 ppm Au which is
below the 0.4 ppm cutoﬀ grade. However, a Mann-Whitney Test suggests that the diﬀerences between the two
populations are not statistically different.

Prior to the 2011 drilling campaign, the majority of samples were transported ﬁrst to ALS in Alice Springs, NT for sample
preparation. After preparation, samples were then forwarded on to ALS in Malaga, Western Australia for assay analyses.
One in every 20 pulp or reject was sent from ALS in Alice Springs to Northern Australian Laboratories (NAL), Vista was
notiﬁed by email which samples were sent to NAL. For the 2011-2012 drilling campaign samples for assay were sent to
NAL lab in Pine Creek, NT. Check assays on one in every 20 pulps or rejects were completed by NT Environmental
Laboratories. Following completion of assay results, all pulps and reject material was shipped back to the Project site and
stored.

Comparison of Assay Values between the Database and Source Documents

Center of Cell Range in ppm

(+/- 0.1 ppm Au)

-1.2

-1

-0.8

Frequency

Percent

Cumulative

0.00

0.01

Percent

0.00

0.01

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Center of Cell Range in ppm

(+/- 0.1 ppm Au)

-0.6

-0.4

-0.2

0.2

0.4

0.6

0.8

1.2

Frequency

Percent

Cumulative

8,539

0.00

0.04

99.88

0.06

0.00

0.01

Percent

0.01

0.05

99.93

0.99

99.99

100.00

Differences with no rounding or truncation of data

The tables show the comparison of the gold grade assays within the database and source documents. One of the
three data sets checked contained 3,262 assays from drilling campaigns by Vista in 2007 and 2008. Checks of the
Vista data against original sources were done by one individual, using essentially the same procedures as had been
used for checking the historical assays. A summary table of the ﬁndings is presented below. Of the 12 diﬀerences
noted, two are signiﬁcant. A gold value of 0.005 ppm Au in the database compared to the correct gold value of 0.8
ppm Au. A gold value of 1.08 ppm Au in the database compared to the correct gold value of 0.01 ppm Au. In addition,
a separate detailed audit was done on 638 assays on Vista drillhole VB08-036. This audit shows that discrepancies
within the database on the global resource estimate are not material.

Summary of Comparisons of Historical Assays

Au in PPM

Historical Assays

Database

Source

Average

Std Dev

Count

Max

Min

Median

Differences > 0.01 ppm Au

Differences < 0.01 ppm Au

0.70

1.48

1171

33.45

0.005

0.3

0.79

1.48

1171

33.44

0.005

0.3

Differences,
Source -
Database in
PPM

0.01

565

0.255

-0.29

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Summary of Comparisons of Vista Assays

Au in PPM

Vista Assays

Database

Source

Differences,
Source -
Database in PPM

Average

Std Dev

Count

Max

Min

Median

Differences > 0.01 ppm Au

Differences < 0.01 ppm Au

0.79

1.89

3262

55.37

0.005

0.26

0.78

1.89

3262

55.37

0.005

0.26

0.02

0.79

-1.07

The Company requires periodic rechecking of assays both within and between laboratories. As an example, prior to the
2011 drilling campaign, the majority of samples were transported ﬁrst to ALS in Alice Springs (NT) for sample
preparation. After preparation, samples were then forwarded on to ALS in Malaga (WA) for assay analyses. One in every
20 pulps or rejects was sent from ALS in Alice Springs to Northern Australian Laboratories (NAL), Vista was notiﬁed by
email which samples were sent to NAL. For the 2011-2012 drilling campaign samples for assay were sent to NAL lab in
Pine Creek, NT. No bias in assays was found with a slope of 0.992 and a correlation of 99%. There was only one
signiﬁcant diﬀerence that was detected from a total of 2,948 comparisons. The Company’s assaying protocols are
observed and required for every assay program, regardless of whether the exploration work is for resource estimation or
metallurgical testing.

John W. Rozelle, Senior Vice President of Vista and a qualiﬁed person as deﬁned by S-K 1300 and NI 43-101, has
veriﬁed the data disclosed in this document, including sampling, analytical and test data underlying the information
contained in the disclosure.

Sample Security

NAL is the primary laboratory we use for analysis of drill core assays. The NAL laboratory is located in the town of Pine
Creek, approximately 50 kilometers distant by road from the Project site. Samples were picked up and transported by
NAL employees.

Sample shipments were scheduled for approximately once a week. The sealed crates were picked up on site by NAL for
direct road transport to the assay lab. A sample transmittal form was prepared and included with each shipment and a
copy was filed in the geology office on site.

When the shipment left site, sample transmittals were prepared and e-mailed to NAL. When the shipment arrived at the
preparation facility the samples were lined out and a confirmation of sample receipt was e-mailed back to Vista.

Statistical analyses of the various drilling populations and quality assurance/quality control (QA/QC) samples have neither
identified nor highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization
estimated at the Batman deposit.

Mining Operations

The Project is designed to be a large open-pit mining operation that will utilize large-scale mining equipment in a
drill/blast/load/haul operation. Ore is planned to be processed in a comminution circuit consisting of large-scale
equipment, including: a gyratory crusher, cone crushers, high pressure grinding roll (“HPGR”) crushers followed by X-ray

Table of Contents

transmission (“XRT”) and laser sorting, and primary ball mills, followed by VXP Mills, as discussed in greater detail below.
Vista plans to recover gold in a conventional carbon-in-pulp (“CIP”) recovery circuit.

Mineral Processing

The ﬂowsheet consists of open-circuit primary crushing, closed-circuit secondary crushing, closed-circuit tertiary crushing
using HPGR crushers, ore sorting, two-stage grinding, cyclone classiﬁcation, pre-leach thickening, leach and adsorption,
elution electrowinning and smelting, carbon regeneration, tailings detoxiﬁcation and disposal to conventional tailings
storage facility (“TSF”). The flowsheet for the Project is illustrated below.

Metallurgical Testing

Our metallurgical test work programs have confirmed: (1) ore hardness of the Batman deposit is consistent throughout the
deposit and does not change at depth; (2) the selection of HPGR crusher technology as part of the comminution circuit;
(3) the selection of ore sorting technology to eliminate low-grade material after crushing and prior to grinding; (4)
estimated gold recovery rates based on optimized grind size and leach conditions; and (5) the processing of material from
the historical heap leach pad at the end of the proposed mine life.

The test work results collated from the 2011 and 2012 testing campaigns and additional metallurgical and process test
work conducted in 2016, 2017, 2018, and 2019, together with the process design criteria, were used to develop the
process flow sheet and mass balance.

Ore Hardness

Bond ball mill work indices (“BWi”) were determined at a grind size of P80 of 100 mesh for the various products, namely
HPGR crusher, ore-sorting, composite samples and waste material.

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The test results indicate the following:

●

The BWi for the ore sorter feed (plus 5/8” screened HPGR crusher product) was higher than the composite
samples prepared from the minus 5/8” screened HPGR crusher product. Hence, it is reasonable to conclude
that the uncrushed material from the HPGR is harder than the crushed product.

The rejected waste material had a BWi higher than both the composite sample prepared from the minus 5/8”
HPGR crusher product and the XRT ore sorting product that is returned to the HPGR crushers.

The BWi for the ﬁnal HPGR product ranged from 23.10 to 26.63. A BWi of 24.50 was selected for the design
of the primary ball mill circuit.

The results of this test work support two main conclusions: (1) that the hardness of ore at the Batman deposit is relatively
constant; and (2) that ore hardness at the Batman deposit does not change at depth.

This test work validates the Company’s prior test work and supports Vista’s revised comminution circuit design, which is
designed to crush and grind material with an average BWi of 26.2 kWh/t.

HPGR Crusher Selection

The proposed 50,000 tpd Project comminution circuit incorporates the use of a gyratory crusher and two cone crushers
for the primary and secondary stages, respectively, and the use of two HPGR crushers as the third-stage of the crushing
circuit.

The test work assessed the diﬀerence in power requirements between a primary/SAG/ball mill circuit, a conventional 3-
stage crush/ball mill circuit, and a 3-stage HPGR crush/ball mill circuit (with 3rd stage HPGR crushing and 2-stage
grinding) to generate a P80 passing 40 μm product.

This test work also conﬁrms our prior test work and supports our comminution circuit design. The use of HPGR crushers
is anticipated to (a) produce a product that can be ground more eﬃciently (lower BWi); and (b) reduce energy
requirements when compared to a SAG Mill design.

Ore Sorting

The bulk ore sorting tests comprised four, ﬁve-tonne composites; and one, one-tonne composite prepared from 3.75" drill
core. In addition to these composites, three one-tonne composites were made from 2.75” drill core. Four of the 3.75”
composites contained predominately sulfide mineralization and one composite contained mixed oxide/sulfide material that
is encountered on the periphery of the deposit. The remaining three 2.75” drill core composites all contained sulﬁde
material. The drill core was HPGR crushed and screened at plus 5/8” at the facilities of Thyssen Krupp Industries near
Dusseldorf, Germany. The plus 5/8” material was sent to the test facility of Tomra Sorting Solutions near Hamburg,
Germany where this material was initially sorted using XRT sorting. A total of 12 sorting tests were completed. The XRT
rejects were then subjected to laser sorting to produce a ﬁnal reject. All material (minus 5/8” HPGR crushed, XRT
product, laser product and sorting reject) was sent to the metallurgical laboratory of Resource Development Inc. in Wheat
Ridge, Colorado for subsequent sample preparation, assaying and additional metallurgical testing.

On a material mass basis, the combined XRT and laser sorting tests conﬁrmed the Company’s expectation that it can
reject approximately 10% of the run-of-mine feed as waste (test results range from 6.8% to 11.0%). The average grade of
the rejected material is estimated to be 0.12 g Au/t (results range from 0.06 g Au/t to 0.23 g Au/t) compared to the mine
cut-oﬀ grade of 0.35 g Au/t, resulting in a gold loss from the rejected waste of approximately 1.3%. The improvement in
mill feed grade is expected to be approximately 8%, resulting in run-of-mine average mill feed grade of 0.84 g Au/t
compared to the life-of-mine Batman Pit mineral reserve grade of 0.79 g Au/t.

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Gold Recoveries

We continued evaluating gold recoveries using two-stage grinding and a ﬁner product size. This test work has conﬁrmed
that the introduction of ore sorting to reduce the leach tonnage by approximately 10% and ﬁner grinding to P80 of 40 µm
yields an increase in recovery to ~91.6% on a weighted-average basis, net of solution losses.

A total of 71 additional leach tests were completed using the above mentioned two-staged grinding to conﬁrm our
resulting leach recoveries of 91.9%, net of solution losses. This test work has also conﬁrmed a cyanide consumption rate
of 0.88 kg per tonne.

Our recovery plant design utilizing a conventional, industry-proven, CIP circuit remains unchanged.

Existing Heap Leach Pad

In addition to analysis of freshly-mined material from the Batman deposit, Vista has analyzed the potential to process
nearly 13.4 million tonnes of material from the existing heap leach pad at Mt Todd. The historical Mt Todd mine started as
a heap leach operation with historical records indicating that the average grade of material placed on the pad was 0.96 g
Au/t. Although the material was partially leached in the mid-1990s, Vista has drilled 24 air-rotary holes into the heap
leach pad and assayed 361 samples, and Tetra Tech created a 3D resource model that has an average grade of 0.54 g
Au/t.

Initial evaluation eﬀorts focused on re-starting the heap leach pad. Bottle roll and column tests were completed, both of
which supported the leachability of the material with gold recovery rates around 35%. However, poor in situ permeability
rates caused Vista to ultimately abandon plans to re-start the heap.

A total of 16 tests were completed on composites taken from 11 of the heap leach pad drill holes. The samples were
ground to the size of P80 of 40 μm and pre-treated with lime and 100 g/t of lead nitrate to suppress copper leaching. The
material was then leached for 24 hours. These results ranged between 71 and 91% with the average being 82.2% for this
material when processed through the proposed CIP flowsheet.

The 2022 FS assumes that the existing heap leach pad will be left in place and processed through the mill at the end of
mine life. This ultimately is expected to reduce the scope of reclamation of the heap leach pad to the pad liner and
regrading only.

Permitting

During September 2014, the EIS was approved. In its Assessment Report, the NTEPA advised that it had assessed the
environmental impacts of Vista’s development plans for Mt Todd and concluded that it can proceed, subject to a number
of recommendations which are outlined in the Assessment Report. The NTEPA Assessment Report includes 28
recommendations which are addressed as part of the MMP.

The approval of the EIS resulted in the requirement to obtain an authorization of a controlled activity as required under
the EPBC as it relates to the Gouldian Finch. The EPBC authorization was granted by the Australian Commonwealth
Department of Environment and Energy in January 2018.

In November 2018, we applied for the MMP approval, which is the operating permit that sets out how the mine operating
strategy will be implemented throughout the mine life in compliance with the EIS and EPBC requirements. The MMP was
approved in June 2021 and will be amended to align with the larger-scale design in the 2022 FS.

Environmental, Social and Community Factors

A number of environmental studies have been conducted at Mt Todd in support of the EIS and as required for
environmental and operational permits. Studies conducted have investigated soils, climate and meteorology, geology,
geochemistry, biological resources, cultural and anthropological sites, socio-economics, hydrogeology, and water quality.

Table of Contents

The EIS for the Project was submitted in June 2013. The document was prepared by independent consultants GHD Pty
Ltd to identify potential environmental, social, transport, cultural and economic impacts associated with reopening and
operating the mine. NTEPA provided its ﬁnal assessment of the Project in June 2014. Final approval was given in
September 2014.

The Jawoyn people have been consulted with and involved in the planning of the Project. Areas of aboriginal signiﬁcance
have been designated, and the mine plan has avoided development in these restricted works areas.

Water Treatment

We obtained approval of a waste discharge license from the NT Government that authorized the release of treated water
from the Mt Todd site during the wet season in accordance with an 80% protection limit environmental standard. We
discharged treated water in compliance with the standards. The existing Batman pit has the capacity to contain
approximately 11.5 gigaliters of water. At the end of December 2021, the pit contained approximately 0.5 gigaliters of
water due to previous dewatering operations. The present volume of water in the pit will not present any major issues
when resuming operations in the Batman pit.

2022 Project Development Plans and Budget

Completing the 2022 FS during the ﬁrst quarter of 2022 was Vista’s most signiﬁcant development achievement. With the
results of the 2022 FS announced February 9, 2022, our priority is now directed towards engaging with potential partners,
investors and lenders as we pursue a range of development alternatives. Vista will also continue the “proof of geologic
concept” exploration drilling started in 2020 to further conﬁrm our interpretation of the mineralization and geologic
structures between the Batman and Quigleys. As with drilling carried out during 2020 and 2021, our plan for 2022
includes widely spaced drill holes that are not expected to provide suﬃcient data to develop any mineral resource
estimates. Recurring programs at Mt Todd will include continuation of our site-wide water management plan, geologic
studies on the ELs, and required care and maintenance activities.

Vista expects to incur expenditures of approximately $4,000 during 2022 to carry out the development plans and other Mt
Todd site activities as outlined above. Other activities may be undertaken as Vista continues to consider programs that
that have potential to further increase the value of Mt Todd in a cost-effective manner.

ITEM 3. LEGAL PROCEEDINGS .

We are not aware of a) any material pending litigation or of any proceedings known to be contemplated by governmental
authorities that are, or would be, likely to have a material adverse eﬀect upon us or our operations, taken as a whole and
b) material proceedings pursuant to which any of our directors, oﬃcers or aﬃliates or any owner of record or beneﬁcial
owner of more than 5% of our securities or any associate of any such director, oﬃcer or security holder is a party adverse
to us or has a material interest adverse to us.

ITEM 4. MINE SAFETY DISCLOSURES.

We consider health, safety and environmental stewardship to be a core value of the Company.

Pursuant to Section 1503(a) of the United States Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011
(the “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in
the United States are required to disclose in their periodic reports ﬁled with the SEC information regarding speciﬁed
health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities
under the regulation of the Federal Mine Safety and Health Administration (“MSHA”) under the United States Federal
Mine Safety and Health Act of 1977 (the “Mine Act”). During the ﬁscal year ended December 31, 2021, we had no
properties in the United States and were not subject to regulation by the MSHA under the Mine Act and consequently no
disclosure is required under Section 1503(a) of the Dodd-Frank Act.

Table of Contents

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTER S AND ISSUER
PURCHASES OF EQUITY SECURITIES.

Market and Trading Symbol of Common Shares

The Common Shares of Vista Gold are listed on the NYSE American and the Toronto Stock Exchange under the trading
symbol “VGZ”. On February 22, 2022, the last reported sale price of the Common Shares of Vista on the NYSE American
was $0.81, there were 117,189,232 Common Shares issued and outstanding, and we had approximately 232 registered
shareholders of record. The Company also has 7,408,101 unlisted warrants outstanding that are not actively traded on an
exchange.

Dividends

We have never paid cash dividends. The declaration and payment of future dividends, if any, will be determined by our
Board and will depend on our earnings, ﬁnancial condition, conditions that may be imposed by future potential ﬁnancing
arrangements, future cash requirements and other relevant factors.

Securities Authorized for Issuance under Equity Compensation Plans

The following table sets out information relating to the Company’s equity compensation plans as of December 31, 2021.
The Company’s equity compensation plans as of December 31, 2021 were the Stock Option Plan, the Long-Term
Incentive Plan (“LTIP”), and the Deferred Share Unit Plan (“DSU Plan”). Equity compensation under these plans has
been granted to directors, officers, employees and consultants of the Company, as applicable.

Number of securities to be
issued upon
exercise/conversion of
outstanding options and
rights
(a)

Weighted-average exercise
price of outstanding
options and rights
(b)

Number of securities
remaining available for
future grants under equity
compensation plans
(excluding securities
reflected in column (a))
(c)

4,295,339

N/A

4,295,339

0.23

N/A

0.23

7,423,584

N/A

7,423,584

Plan Category

Equity compensation
plans approved by
securityholders
Equity compensation
plans not approved by
securityholders
Total

As of December 31, 2021, 1,998,339 restricted share units (“RSUs”) were outstanding under the LTIP, 930,000 deferred
share units (“DSUs”) were outstanding under the DSU Plan, and 1,367,000 options were outstanding under the Stock
Option Plan to acquire an aggregate of 4,295,339 Common Shares.

See Note 6 to our consolidated ﬁnancial statements contained in “Part II. Item 8. Financial Statements and
Supplementary Data” for additional information relating to our equity compensation plan.

Exchange Controls

There are no governmental laws, decrees or regulations in Canada that restrict the export or import of capital, including
foreign exchange controls, or that affect the remittance of dividends, interest or other payments to non-resident holders of

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the securities of Vista, other than Canadian withholding tax. See “Certain Canadian Federal Income Tax Considerations
for U.S. Residents” below.

Certain Canadian Federal Income Tax Considerations for U.S. Residents

The following summarizes certain Canadian federal income tax consequences generally applicable under the Income
Tax Act (Canada) and the regulations enacted thereunder (collectively, the “Canadian Tax Act”) and the Canada-
United States Income Tax Convention (1980) (the “Convention”) to the holding and disposition of Common Shares.

Comment is restricted to holders of Common Shares each of whom, at all material times for the purposes of the Canadian
Tax Act and the Convention:

(i)
(ii)
(iii)
(iv)

(v)
(vi)
(vii)

is resident solely in the United States;
is entitled to the benefits of the Convention;
holds all Common Shares as capital property;
holds no Common Shares that are “taxable Canadian property” (as deﬁned in the Canadian Tax Act) of the
holder;
deals at arm’s length with and is not affiliated with Vista;
does not and is not deemed to use or hold any Common Shares in a business carried on in Canada; and
is not an insurer that carries on business in Canada and elsewhere;

(each such holder, a “U.S. Resident Holder”).

Certain U.S.-resident entities that are ﬁscally transparent for United States federal income tax purposes (including limited
liability companies) are generally not themselves entitled to the beneﬁts of the Convention. However, members of or
holders of an interest in such entities that hold Common Shares may be entitled to the beneﬁts of the Convention for
income derived through such entities. Such members or holders should consult their own tax advisors in this regard.

Generally, a holder’s Common Shares will be considered to be capital property of the holder provided that the holder is
not a trader or dealer in securities, did not acquire, hold or dispose of the Common Shares in one or more transactions
considered to be an adventure or concern in the nature of trade and does not hold the Common Shares as inventory in
the course of carrying on a business.

Generally, a holder’s Common Shares will not be “taxable Canadian property” of the holder at a particular time at which
the Common Shares are listed on a “designated stock exchange” (which currently includes the TSX) unless both of the
following conditions are met at any time during the 60-month period ending at the particular time:

(i)

the holder, persons with whom the holder does not deal at arm’s length, or any partnership in which the holder or
persons with whom the holder did not deal at arm’s length holds a membership interest directly or indirectly
through one or more partnerships, alone or in any combination, owned 25% or more of the issued shares of any
class of the capital stock of Vista; and

(ii) more than 50% of the fair market value of the Common Shares was derived directly or indirectly from, or from
any combination of, real or immovable property situated in Canada, “Canadian resource properties” (as deﬁned
in the Canadian Tax Act), “timber resource properties” (as deﬁned in the Canadian Tax Act), or options in respect
of or interests in such properties.

In certain other circumstances, a Common Share may be deemed to be “taxable Canadian property” for purposes of the
Canadian Tax Act.

This summary is based on the current provisions of the Canadian Tax Act and the Convention in eﬀect on the date
hereof, all speciﬁc proposals to amend the Canadian Tax Act and Convention publicly announced by or on behalf of the
Minister of Finance (Canada) on or before the date hereof, and the current published administrative and assessing
policies of the CRA. It is assumed that all such amendments will be enacted as currently proposed, and that there will be
no other material change to any applicable law or administrative or assessing practice, although no assurance can be
given in these respects.

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Except as otherwise expressly provided, this summary does not take into account any provincial, territorial or foreign tax
considerations, which may differ materially from those set out herein.

This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax
considerations, and is not intended to be and should not be construed as legal or tax advice to any particular
U.S. Resident Holder. U.S. Resident Holders are urged to consult their own tax advisers for advice with respect
to their particular circumstances. The discussion below is qualified accordingly.

A U.S. Resident Holder who disposes or is deemed to dispose of one or more Common Shares generally should
not thereby incur any liability for Canadian federal income tax in respect of any capital gain arising as a
consequence of the disposition.

A U.S. Resident Holder to whom Vista pays or is deemed to pay a dividend on the holder’s Common Shares will
be subject to Canadian withholding tax, and Vista will be required to withhold the tax from the dividend and
remit it to the CRA for the holder’s account. The rate of withholding tax under the Canadian Tax Act is 25% of the
gross amount of the dividend (subject to reduction under the provisions of an applicable tax treaty). Under the
Convention, a U.S. Resident Holder who beneﬁcially owns the dividend will generally be subject to Canadian
withholding tax at the rate of 15 % (or 5%, if the U.S. Resident Holder who beneﬁcially owns the dividend is a
company that is not ﬁscally transparent and which owns at least 10% of the voting stock of Vista) of the gross
amount of the dividend.

Certain United States Federal Income Tax Considerations for U.S. Residents

There may be material tax consequences to U.S. Residents in relation to an acquisition or disposition of Common Shares
or other securities of the Company. U.S. Residents should consult their own legal, accounting and tax advisors regarding
such tax consequences under United States, state, local or foreign tax law regarding the acquisition or disposition of our
Common Shares or other securities, in particular, the tax consequences of the Company likely being a PFIC within the
meaning of Section 1297 of the United States Internal Revenue Code. See the section “Item 1A. – Risk Factors – The
Company is likely a PFIC, which will likely have adverse U.S. federal income tax consequences for U.S. shareholders”
above.

Unregistered Sales of Equity Securities

None.

Repurchase of Securities

During 2021, neither Vista nor any aﬃliate of Vista repurchased Common Shares of Vista registered under Section 12 of
the Exchange Act.

NYSE American Corporate Governance

Section 110 of the NYSE American Company Guide permits the NYSE American to consider the laws, customs and
practices of foreign issuers in relaxing certain NYSE American listing criteria, and to grant exemptions from NYSE
American listing criteria based on these considerations. A company seeking relief under these provisions is required to
provide written certiﬁcation from independent local counsel that the non-complying practice is not prohibited by home
country law. A description of the signiﬁcant ways in which the Company’s governance practices diﬀer from those followed
by domestic companies pursuant to NYSE American standards is as follows:

Shareholder Meeting Quorum Requirement: The NYSE American minimum quorum requirement for a
shareholder meeting is one-third of the outstanding shares of common stock. In addition, a company listed on the
NYSE American is required to state its quorum requirement in its bylaws. The Corporation’s quorum requirement
is set forth in its articles under the laws of the Province of British Columbia, Canada. Under the Articles of the

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Corporation, the quorum for the transaction of business at the Meeting is two or more shareholders entitled to
vote at the meeting represented in person or by proxy.

The foregoing are consistent with the laws, customs and practices in Canada.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT S
OF OPERATIONS.

The following discussion and analysis should be read in conjunction with our consolidated ﬁnancial statements for the two
years ended December 31, 2021 and 2020, and the related notes thereto, which have been prepared in accordance with
generally accepted accounting principles in the United States (“U.S. GAAP”). This discussion and analysis contains
forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may diﬀer materially from
those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, those set
forth under the section heading “Item 1A. Risk Factors” above and elsewhere in this annual report on Form 10-K. See
section heading “Note Regarding Forward-Looking Statements” above.

All dollar amounts stated herein are in U.S. dollars in thousands, unless speciﬁed otherwise, except per share-
related amounts. References to A$ refer to Australian currency and USD or $ to United States currency. The
scientiﬁc and technical disclosures about Mt Todd in this discussion and analysis have been reviewed and approved by
John W. Rozelle, Senior Vice President of Vista. Mr. Rozelle is a qualiﬁed person as deﬁned by subpart 1300 of
Regulation S-K (“S-K 1300”) under the Securities Exchange Act of 1934, as amended and Canadian National
Instrument 43-101 – Standards of Disclosure for Mineral Projects .

Overview

Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) operate in the gold mining
industry. We are focused on evaluation, acquisition, exploration and advancement of gold exploration and potential
development projects, which may lead to gold production or value adding strategic transactions such as earn-in right
agreements, option agreements, leases to third parties, joint venture arrangements with other mining companies, or
outright sales of assets for cash and/or other consideration. We look for opportunities to improve the value of our gold
projects through exploration drilling and/or technical studies focused on optimizing previous engineering work. We do not
currently generate cash flows from mining operations.

The Company’s ﬂagship asset is its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory,
Australia. Mt Todd is the largest undeveloped gold project in Australia. With the approval of the Mining Management Plan
(“MMP”) in June 2021, all major operating and environmental permits for Mt Todd have been received. Since acquiring Mt
Todd in 2006, we have invested substantial ﬁnancial resources to systematically explore, evaluate, engineer, permit and
de-risk the Project. In February 2022, we completed a feasibility study in respect of Mt Todd (the “2022 FS”). We believe
this work has added substantial value to the Project and positions the Project for near-term development.

The 2022 FS highlights a 19% increase in gold reserves from 5.85 million ounces, as reported in the Company’s
amended 2019 pre-feasibility study, to 6.98 million ounces, supporting an operation with average annual production of
479,000 ounces of gold during the first seven years of commercial operations and a low operating cost profile that delivers
signiﬁcant cash ﬂows over a 16-year mine life. See “Mineral Resources and Mineral Reserve Estimates” below for
additional information. The 2022 FS reﬂects the inﬂationary pressures being faced currently by all operators and
developers in the mining industry. While management believes this inﬂationary trend is transitory, management believes
the resilience of Mt Todd is demonstrated by the project economics reflected in the 2022 FS.

Mt Todd’s economic returns beneﬁt from the increase in the gold reserve estimate, favorable results of the power plant
trade-oﬀ study and slightly lower energy costs in the NT. The increase in estimated gold reserves resulted from
increasing the gold price used in the reserve estimate from $1,000 to $1,125 and changing the cut-oﬀ grade from 0.40 g
Au/t to 0.35 g Au/t. Our decision to use a third-party power provider resulted in important positive impacts to our capital
costs and insulates the Project from certain construction and operating risks while maintaining what we believe to be
attractive

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operating costs. While our operating costs have increased as a result of higher labor, reagent, grinding media and over-
the-fence power costs, our core energy costs yield some offsetting savings.

Management believes the results of the 2022 FS will appeal to potential partners, investors and lenders and allow the
Company to evaluate a range of development alternatives as we continue to focus on maximizing shareholder value.

The Company continues to focus on monetizing non-core assets as a non-dilutive source of funding. Vista realized $2,500
in January 2022 in exchange for cancelling its remaining royalty interests in Awak Mas. The Company also owns a
royalty interest in a U.S. exploration-stage project and used mill equipment that is being marketed by a third-party mining
equipment dealer.

COVID-19 Pandemic Update

Vista’s response to the COVID-19 pandemic has been to ensure the health and safety of its employees and other
stakeholders. We continue to follow mitigation measures recommended by government and health agencies in the
jurisdictions where we operate. Australia has recently lifted restrictions on international travel to and from the country for
fully vaccinated individuals. Vista has incurred costs while certain corporate objectives, including eﬀorts to seek a
strategic development partner or other form of transaction, were extended due to previous travel restrictions. These and
other conditions may ultimately have a material adverse impact on the Company’s ﬁnancial condition and results of
operations. See “Liquidity and Capital Resources” and “Risk Factors” for additional information.

Mineral Resources and Mineral Reserves Estimates

Mt Todd Mineral Resources

Batman Deposit

Heap Leach Pad

Quigleys Deposit

Total

Tonnes
(000s)

77,725
200,112

Grade
(g Au/t)

0.88
0.80

Contained
Ounces
(000s)

2,191
5,169

Tonnes
(000s)

—
13,354

Grade
(g Au/t)

—
0.54

277,837
61,323

0.82
0.72

7,360

1,421

13,354
—

0.54
—

Contained
Ounces
(000s)

—
232

232

—

Tonnes
(000s)

594
7,301

Grade
(g Au/t)

1.15
1.11

7,895
3,981

1.11
1.46

Contained
Ounces
(000s)

Tonnes
(000s)

Grade
(g Au/t)

Contained
Ounces
(000s)

22
260

282

187

78,319
220,767

0.88
0.80

2,213
5,661

299,086
65,304

0.82
0.77

7,874

1,608

Measured
Indicated
Measured
&
Indicated
Inferred
Notes:

● Measured & indicated resources include proven and probable reserves.
●

●

● Diﬀerences in the table due to rounding are not considered material. Diﬀerences between Batman and Quigleys mining

and metallurgical parameters are due to their individual geologic and engineering characteristics.

● Rex Bryan of Tetra Tech is the QP responsible for the Statement of Mineral Resources for the Batman, Heap Leach Pad

●
●
● Mineral resources that are not mineral reserves have no demonstrated economic viability and do not meet all relevant

modifying factors.

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Mt Todd Gold Project Mineral Reserves – 50,000 tpd, 0.35 g Au/t cut-off and $1,125 per ounce pit design

Batman Deposit

Heap Leach Pad

Total

Contained

Tonnes Grade Ounces
(000s)

(g Au/t)

(000s)

Tonnes Grade Ounces
(000s)

(g Au/t)

(000s)

Tonnes Grade Ounces
(000s)
(g Au/t)
(000s)

Proven
Probable
Proven & Probable
Economic analysis conducted only on proven and probable mineral reserves.

81,277
185,744
267,021

0.84
0.76
0.79

2,192
4,555
6,747

13,354
13,354

—

—
0.54
0.54

—

232
232

81,277
199,098
280,375

0.84
0.75
0.77

2,192
4,787
6,979

Notes:
●
●
● Deepak Malhotra is the QP responsible for reporting the heap-leach pad reserves.
●

Thomas L. Dyer, P.E., is the QP responsible for reporting the Batman Deposit Proven and Probable reserves.
Batman deposit reserves are reported using a 0.35 g Au/t cutoff grade.

●
●

Results from Operations

Summary

Consolidated net loss for the year ended December 31, 2021 was $15,237, or $0.14 per common share in the capital of
Vista (each, a “Common Share”) on both a basic and diluted basis. Consolidated net income for the year ended
December 31, 2020 was $420, or $0.00 per Common Share on both a basic and diluted basis. The principal components
of our 2021 net loss and the year-over-year changes are discussed below.

The Company had cash and short-term investments totaling $13,141, working capital of $12,164, and no debt as of
December 31, 2021.

Gain on Disposal of Mineral Property Interests, Net

In January and June 2021, the Company received a total of $2,100 for cancellation of its royalty interests and back-in
right in the Guadalupe de los Reyes gold and silver project in Sinaloa, Mexico (“Los Reyes”). The January 2021 payment
of $1,100 was initially recorded as deferred option gain, with the full $2,100 being recognized as a gain upon receipt of
the second payment of $1,000 in June 2021.

The gain on disposal of mineral property interests was $6,108 for the year ended December 31, 2020. This gain resulted
from two transactions. In May 2020, we recognized $2,568 for the partial cancelation of a net smelter return royalty
(“NSR”) on gold ounces produced at the Awak Mas project. Then in July 2020, the Company recognized a gain of $3,540
upon receipt of the ﬁnal $1,500 Los Reyes option payment and transferred control of the project to Prime Mining
Corporation.

Exploration, Property Evaluation and Holding Costs

Exploration, property evaluation and holding costs, including ﬁxed costs, discretionary programs, and non-cash stock-
based compensation, were $7,942 and $4,545 during the years ended December 31, 2021 and 2020, respectively. These
costs were predominantly associated with Mt Todd and were comprised of fixed costs and discretionary costs.

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For the years ended December 31, 2021 and 2020, our ﬁxed exploration, property evaluation and holding costs totaled
$3,855 and $3,266, respectively. These costs included expenditures necessary to ensure that we preserve our property
rights and meet our safety, regulatory and environmental responsibilities. The principal components of the increase in
2021 included greater direct involvement by corporate personnel on speciﬁc Mt Todd activities and higher personnel
costs.

Expenses incurred for 2021 Mt Todd discretionary programs totaled $4,087. Such discretionary programs include $2,232
for preparing the 2022 FS and $1,702 for exploration drilling, plus additional staffing expenses to support drilling and other
activities. Expenses for 2020 discretionary programs totaled $1,279. These programs included geotechnical and
exploration drilling, activities to support the government’s review of Vista’s operational MMP, modiﬁcation of our
agreement with the Jawoyn Association Aboriginal Corporation (the “Jawoyn”) and the strategic initiative to secure a
development partner for Mt Todd.

Included in the 2021 and 2020 exploration, property evaluation and holding costs were non-cash stock-based
compensation of $354 and $332, respectively.

Corporate Administration

Corporate administration costs were $3,945 and $3,777 during the years ended December 31, 2021 and 2020,
respectively. The 2021 and 2020 corporate administration costs included non-cash stock-based compensation of $533
and $581, respectively. Costs were generally higher during 2021 due to higher insurance and personnel expenses,
partially offset by lower legal and compliance costs.

Write-down of plant and equipment

During the year ended December 31, 2021, the Company reduced the carrying value of the used mill equipment to $nil
based on management’s estimate of recoverability. This estimate reﬂects management’s consideration of the duration
this equipment has been actively marketed by an independent broker and the current competitive market conditions for
used equipment yielding no sales. These inputs used in valuing our used mill equipment involved a high degree of
subjectivity and resulted in management not having the ability to estimate recoverable sales proceeds with suﬃcient
certainty. The Company recorded this reduction as an operating loss of $5,500 in our Consolidated Statements of
Income/(Loss). The used mill equipment continues to be marketed by the independent broker.

Non-Operating Income and Expenses

Gain on Other Investments

Gain on other investments was $46 and $2,405 for the years ended December 31, 2021 and 2020, respectively. On
September 22, 2021, the shareholders of Nusantara Resources Limited (“Nusantara Resources”) approved a scheme of
arrangement whereby PT Indika Mineral Investindo oﬀered to acquire all issued shares of Nusantara Resources for
A$0.35 per share. The transaction closed in October 2021, resulting in Vista receiving $339 upon tendering its Nusantara
Resources shares and recording a gain of $46. The Company sold all of its remaining 6,882,115 shares of Midas Gold
Corp. and received net proceeds of $5,788 during the year ended December 31, 2020, which made up a majority of the
gain in 2020.

Financial Position, Liquidity and Capital Resources

Operating Activities

Net cash used in operating activities was $10,620 and $6,955 for the years ended December 31, 2021 and 2020,
respectively. The increase in net cash used in operating activities resulted from higher cash expenditures for exploration
and property evaluation, including continuation of exploration drilling throughout 2021, and expenses associated with the
2022 FS.

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Investing Activities

Net cash provided by investing activities of $2,631 for the year ended December 31, 2021 resulted primarily from receipt
of $2,100 under the Los Reyes agreement, $339 from the sale of Nusantara Resources shares, and $315 for payments
related to Awak Mas, offset by fixed asset purchases of $139.

Net cash provided by investing activities of $11,628 for the year ended December 31, 2020 resulted primarily from $5,788
received from the sale of our Midas Gold Corp. shares, $3,048 received for both the partial cancellation of the Awak Mas
royalty and the receipt of the ﬁnal Los Reyes option payment, and $2,860 of net redemptions of short-term investments
comprised of U.S. Government Treasury bills and notes.

Financing Activities

Net cash of $12,984 for the year ended December 31, 2021 was provided by net proceeds of $12,323 from the
Company’s July 2021 public oﬀering (“2021 Oﬀering”) (described below) and $1,062, which included $191 relating to
sales in 2020 that settled for cash in January 2021, under the ATM Program (deﬁned below), partially oﬀset by payments
of $401 for employee withholding tax obligations in lieu of issuing Common Shares.

Net cash of $1,681 for the year ended December 31, 2020 was provided mainly from net proceeds from equity ﬁnancing
of $1,768, which was received upon issuance of Common Shares under our ATM Program, partially offset by payments of
$124 for employee withholding tax obligations in lieu of issuing Common Shares

Liquidity and Capital Resources

Cash, cash equivalents and short-term investments totaled $13,141 at December 31, 2021 compared to $8,162 at
December 31, 2020. The net increase of $4,979 during 2021 reﬂects net proceeds of $12,323 from the 2021 Oﬀering,
$2,100 for cancellation of the royalty interests and back-in right in Los Reyes, $1,062 raised under the ATM Program,
$339 of proceeds from sale of the Nusantara Resources shares and $315 for payments to Vista related to Awak Mas.
These cash inﬂows were oﬀset by expenditures of $11,160. For additional details see the “Results from Operations”
section above and the preceding discussions in this section of operating activities, investing activities and ﬁnancing
activities.

During July 2021, we closed the 2021 Oﬀering of 12,272,730 units (the “Units”) for net proceeds of $12,323. Each Unit
consisted of one Common Share and one-half of one Common Share purchase warrant (each full warrant, a “Warrant”).
Each Warrant entitles the holder thereof to purchase one Common Share at a price of $1.25 per Common Share (subject
to adjustment in certain circumstances) and is exercisable until July 12, 2024. See footnote 6 to the accompanying
financial statements for more details on the 2021 Offering. The Company has allocated and intends to continue to allocate
the proceeds from the 2021 Oﬀering to advance programs at Mt Todd by further reﬁning technical aspects of the Project,
enhancing economic returns, and supporting the Company’s objective of securing a development partner. Among the
programs funded with these net proceeds were additional drilling of a third phase in the current exploration program and
work towards completing the 2022 FS, as well as related engineering/design work and other technical studies. Remaining
proceeds will be used for working capital requirements and/or for other general corporate purposes, which include
ongoing regulatory, legal and accounting expenses, management and administrative expenses, and other corporate
initiatives.

As a secondary measure of liquidity, the Company had working capital of $12,164 as of December 31, 2021. This amount
included a deferred option gain of $383 related to the Awak Mas transaction. The deferred option gains will ultimately be
recognized as income and not require any use of current assets. Consequently, the components of working capital
aﬀecting Vista’s liquidity and capital resources as of December 31, 2021 included current assets totaling $13,952 oﬀset
by accounts payable and accrued liabilities of $1,405. This compares to current assets totaling $9,407 oﬀset by accounts
payable and accrued liabilities of $1,058 at December 31, 2020.

Vista has implemented certain health and safety standards in response to the COVID-19 pandemic, the cost of which
have been minimal. However, we incurred other corporate and Mt Todd costs while certain corporate objectives, including
eﬀorts to secure a strategic development partner or other form of transaction were extended due to travel restrictions.
Australia recently lifted restrictions on international travel to and from the country for fully vaccinated individuals.

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Although management believes this is a positive event, its ultimate impact on the Company’s costs and timing to achieve
objectives cannot be determined at this time. To date, Vista has maintained suﬃcient working capital by monetizing non-
core assets, limited use of the ATM Program, and the 2021 Oﬀering. However, continuing implications of the COVID-19
pandemic, the extent of economic recovery, and other conditions aﬀecting the Company could aﬀect the Company’s
ability to raise additional working capital on reasonable terms, or at all. These conditions and the impact on investors,
banking institutions, businesses, the global economy or ﬁnancial and commodity markets may have a material adverse
impact on the Company’s financial condition and results of operations.

With the recent completion of the 2022 FS, the most signiﬁcant discretionary program in progress is the current phase of
exploration drilling. We will have ﬁnal payments during 2022 to vendors for work to ﬁnalize the 2022 FS. Management
estimates total remaining 2022 cash expenditures for these programs and several other smaller discretionary programs
will total approximately $1,900, $550 of which was included in accounts payable and accrued liabilities at year end 2021.
Other potential discretionary programs that may be undertaken during 2022 could total up to an additional $800. Fixed
costs for corporate activities and Mt Todd care and maintenance are expected to be approximately $7,000 in 2022. Cash
inﬂows during 2022 from non-core assets include the $2,500 received in January 2022 for canceling the remaining Awak
Mas royalties. Other potential sources of cash inﬂows include additional monetization of non-core assets and limited use
of the ATM Program.

Giving consideration to conditions associated with the pandemic and the Company’s ongoing initiatives, we believe our
existing working capital as of December 31, 2021, together with other potential future sources of non-dilutive ﬁnancing,
will be suﬃcient to fully fund our currently planned corporate expenses, Project holding costs and discretionary programs
for at least 12 months.

We are evaluating potential partners, investors and lenders as we pursue a range of development alternatives for Mt
Todd. Activities to date have focused largely on a joint venture transaction., The objective of this approach is to receive a
purchase price reﬂective of the intrinsic value of Mt Todd. With completion of the 2022 FS, management is also
evaluating other alternatives and we plan to consider other transaction arrangements that meet our expectations to realize
an appropriate valuation for our shareholders. There can be no assurance that we will be successful in securing a
development partner or other transaction on acceptable terms, or at all.

For ongoing working capital requirements, the Company continues to focus on monetizing non-dilutive non-core assets as
a source of funding. Vista realized $2,500 in January 2022 in exchange for cancelling its remaining royalty interests in
Awak Mas. The Company also owns another royalty interest in the U.S. and used mill equipment that is being marketed
by a third-party mining equipment dealer.

The Company was party to an at-the-market oﬀering agreement (the “ATM Agreement”) with H. C. Wainwright & Co. LLC
(“Wainwright”) to provide balance sheet ﬂexibility at a potentially lower cost than other means of equity issuances. Under
the ATM Agreement the Company could, but was not obligated to, issue and sell Common Shares through Wainwright for
aggregate sales proceeds of up to $10,000 (the “ATM Program”). The ATM Agreement was amended in June 2020 to
remain in force until terminated by either party. Through June 30, 2021, aggregate net proceeds sold under the ATM
Program totaled $2,830, which included $871 during the six-months ended June 30, 2021. In July 2021, the ATM
Program was suspended in conjunction with the 2021 Offering.

Vista subsequently ﬁled for and received notice of eﬀectiveness of a new shelf registration statement in November 2021
with the Securities and Exchange Commission. In December 2021, the Company renewed the ATM Agreement on
substantially the same terms to provide for aggregate sales proceeds up to $10,000 from and after the date of the
renewed ATM Agreement (the “2021 ATM Program”). The entire $10,000 under the 2021 ATM Program remained
available as of December 31, 2021.

Oﬀers or sales of Common Shares under the 2021 ATM Program will be made only in the United States in an “at the
market oﬀering” as deﬁned in Rule 415 under the United States Securities Act of 1933, as amended, subject to an
eﬀective registration statement under the U.S. Securities Act of 1933, as amended, and no oﬀers or sales of Common
Shares under the ATM Agreement will be made in Canada. The Common Shares will be distributed at market prices
prevailing at the time of sale.

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Vista’s long-term viability depends upon our ability to realize value from our principal asset, Mt Todd. Our primary
objective is to maintain adequate liquidity and seek to preserve, enhance and realize value of our core assets in order to
achieve positive returns for our shareholders. Our funding strategy is to maintain a low expenditure proﬁle, realize value
from non-core assets and, when necessary, issue additional equity or ﬁnd other means of ﬁnancing. The underlying value
and recoverability of the amounts shown as mineral properties and plant and equipment in our Condensed Consolidated
Balance Sheets are dependent on our ability to attract sufficient capital resources to execute our strategy and the ultimate
success of our programs to enhance and realize value, most importantly at Mt Todd.

Fair Value Accounting

The following table sets forth the Company’s assets measured at fair value within the fair value hierarchy. As required by
accounting guidance, assets are classiﬁed in their entirety based on the lowest level of input that is signiﬁcant to the fair
value measurement.

Fair Value at December 31, 2021

Other investments
Used mill equipment (non-recurring)

Other investments

Total
$
$

Level 1 Level 3
— $
— $

—
—

— $
— $

Fair Value at December 31, 2020

Total
$ 293

Level 1 Level 3

$ 293

—

Other investments were classiﬁed as Level 1 of the fair value hierarchy as they were valued at unadjusted quoted market
prices in an active market and included in other investments on the Consolidated Balance Sheets for each period
presented.

There were no material transfers between levels nor were there any changes in valuation techniques in 2021. At
December 31, 2021, the value of other investments was $nil because the Nusantara Resources shares were sold in
October 2021.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements required to be disclosed in this annual report on Form 10-K.

Summary of Quarterly Results

2021

2020

Revenue
Net income/(loss)
Basic income/(loss) per share

4th quarter

3rd quarter

2nd quarter

1st quarter

— $

$
— $
$ (8,316) $ (3,069) $
$
$ (0.08)

$ (0.02)

— $

—
(753) $ (3,099)
$ (0.03)
(0.01)

$
— $
$ (2,202) $ 4,220
0.05
$ (0.03)

$ 1,902
0.01
$

— $

—
$ (3,500)
$ (0.03)

Critical Accounting Estimates and Recent Accounting Pronouncements

Critical Accounting Estimates

Critical accounting estimates are accounting estimates that involve a signiﬁcant level of estimation uncertainty and have
had or are reasonably likely to have a material impact on the ﬁnancial condition or results of operations of the Company.
Management has identiﬁed the following critical accounting estimates. See Note 2 to our consolidated ﬁnancial
statements contained in “Part II. Item 8. Financial Statements and Supplementary Data” for additional accounting policies
and estimates.

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Impairment Assessment of Long-Lived Assets

Our long-lived assets are evaluated for impairment when information becomes available indicating that the carrying value
may not be recoverable. The inputs used in the valuing our used mill equipment included the duration this equipment has
been actively marketed by an independent broker and the current competitive market conditions for used equipment
yielding no sales. These inputs involved a high degree of subjectivity and were considered by management in its estimate
of recoverable sales proceeds.

Assumptions and estimates considered in valuing our mineral properties included management’s expectations for the
price of gold, foreign exchange rates, costs to build and operate the mine, and projected cash ﬂows. These assumptions
are subjective and subject to uncertainty over an extended period of time. A feasibility study reduces the uncertainty
around some assumptions to an acceptable level and is a primary source of evidence.

Stock-Based Compensation

Our stock plans include awards that vest based on performance criteria. Stock-based compensation expense for these
awards is estimated quarterly, including adjustments to previous recognized expense, based on anticipated achievement
of performance criteria. The quarterly estimated vesting percentage reﬂects management’s assessment of progress in
accomplishing deﬁned corporate objectives. Upon vesting, current period expense is adjusted based on the actual
achievement of performance criteria.

Income Taxes

We have assets, hold interests, and conduct activities in several countries and are subject to their tax regimes. Tax laws
are complex and continue to evolve. While we have a history of losses, our assumptions made in tax returns are subject
to review and interpretation by taxing authorities and could be modiﬁed. Our critical tax estimates include timing of future
income, deductibility of expenses, sustainability of tax positions, valuation allowances on deferred tax assets, and
allocation of expenses between companies.

Recent Accounting Pronouncements

See Note 2 to our consolidated ﬁnancial statements contained in “Part II. Item 8. Financial Statements and
Supplementary Data” for recent accounting pronouncements applicable to the Company.

Non-U.S. GAAP Financial Measures

In this report, we have provided information prepared or calculated according to U.S. GAAP, as well as provided certain
non-U.S. GAAP prospective ﬁnancial performance measures. Because the non-U.S. GAAP performance measures do
not have standardized meanings prescribed by U.S. GAAP, they may not be comparable to similar measures presented
by other companies. These measures should not be considered in isolation or as substitutes for measures of
performance prepared in accordance with U.S. GAAP. There are limitations associated with the use of such non-U.S.
GAAP measures. Since these measures do not incorporate revenues, changes in working capital and non-operating cash
costs, they are not necessarily indicative of potential operating proﬁt or loss, or cash ﬂow from operations as determined
in accordance with U.S. GAAP.

The non-U.S. GAAP measures associated with Cash Costs, All-in Sustaining Costs (“AISC”) and resulting per ounce and
per tonne processed metrics are not, and are not intended to be, presentations in accordance with U.S. GAAP. These
metrics represent costs and unit-cost measures related to the Project.

We believe that these metrics help investors understand the economics of the Project. We present the non-U.S. GAAP
ﬁnancial measures for our Project in the tables below. Actual U.S. GAAP results may vary from the amounts disclosed in
this report. Other companies may calculate these measures differently.

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Cash Costs, AISC and Respective Unit Cost Measures

Cash Costs and AISC, and respective unit cost measures, are non-U.S. GAAP metrics developed by the World Gold
Council to provide transparency into the costs associated with producing gold and provide a comparable standard. The
Company reports Cash Costs and AISC on a per ounce and per tonne processed basis because we believe these
metrics more completely reflect mining costs over specified periods and the life of mine. Similar metrics are widely used in
the gold mining industry as comparative benchmarks of performance.

Cash Costs consist of Project operating costs, reﬁning costs, and the Jawoyn royalty. The sum of these costs is divided
by the corresponding payable gold ounces or tonnes processed to determine Cash Cost per ounce or per tonne
processed metrics, respectively.

AISC consists of Cash Costs (as described above), plus sustaining capital costs. The sum of these costs is divided by the
corresponding payable gold ounces or tonnes processed to determine AISC per ounce or per tonne processed metrics,
respectively.

Other costs excluded from Cash Costs, and AISC include depreciation and amortization, income taxes, government
royalties, ﬁnancing charges, costs related to business combinations, asset acquisitions other than sustaining capital, and
asset dispositions.

The following tables demonstrate the calculation of Cash Costs, AISC, and the respective unit-cost metrics for amounts
presented in this report.

Payable Gold
Operating Costs
Refining Cost
Royalties
Cash Costs
Cash Cost per ounce

Sustaining Capital
All-In-Sustaining Costs
AISC per ounce

Payable Gold
Tonnes processed

Mining Costs
Processing Costs
Site General and Administrative Costs
Water Treatment
Tailings Management
Refining Cost
Jawoyn Royalty
Cash Costs

Units

koz
US$000s
US$000s
US$000s
US$000s
US$/oz

US$000s
US$000s
US$/oz

Years 1-7(1)

Life of Mine
(16 years)

3,353
2,401,667
11,564
107,292
2,520,523
$752

363,456
2,883,980
$860

6,313
4,935,717
21,943
202,032
5,159,692
$817

700,205
5,859,897
$928

Units

Years 1-7(1)

Life of Mine
(16 years)

koz
kt

US$000s
US$000s
US$000s
US$000s
US$000s
US$000s
US$000s
US$000s

3,353
124,298

6,313
280,375

$ 1,059,410
1,166,536
131,411
32,887
11,423
11,564
107,292
$ 2,520,523

$ 1,903,807
2,647,563
278,015
82,692
23,640
21,943
202,032
$ 5,159,692

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Per Payable Ounce:

Mining Cost per ounce
Processing Cost per ounce
Site General and Administrative Costs per ounce
Water Treatment per ounce
Tailings Management per ounce
Refining Cost per ounce
Jawoyn Royalty per ounce
Cash Cost per ounce

$/oz
$/oz
$/oz
$/oz
$/oz
$/oz
$/oz
$/oz

Per Tonne Processed:

Mining Cost per tonne processed
Processing Cost per tonne processed
Site General and Administrative Costs per tonne processed
Water Treatment per tonne processed
Tailings Management per tonne processed
Refining Cost per tonne processed
Jawoyn Royalty per tonne processed
Cash Cost per tonne processed

$/tonne
$/tonne
$/tonne
$/tonne
$/tonne
$/tonne
$/tonne
$/tonne

(1)Years 1-7 start after the 6-month commissioning and ramp up period.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Management’s Report on Internal Control Over Financial Reporting

$315.97
348.23
39.19
9.81
3.10
3.45
32.00
$751.75

$8.52
9.39
1.06
0.26
0.08
0.09
0.86
$20.28

$301.55
419.35
44.04
13.10
3.74
3.48
32.00
$817.25

$6.79
9.44
0.99
0.29
0.08
0.08
0.72
$18.40

The management of Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) is
responsible for establishing and maintaining adequate internal control over ﬁnancial reporting. Internal control over
ﬁnancial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal
ﬁnancial oﬃcers and eﬀected by the Company’s board of directors (the “Board”), management and other personnel, to
provide reasonable assurance regarding the reliability of ﬁnancial reporting and the preparation of ﬁnancial statements for
external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations,
internal control over ﬁnancial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.

The Company’s management assessed the eﬀectiveness of the Company’s internal control over ﬁnancial reporting at
December 31, 2021. In making this assessment, the Company’s management used the criteria set forth by the
Committee of Sponsoring Organizations of the Treadway Commission Internal Control-Integrated Framework in 2013.
Based upon its assessment, management concluded that, at December 31, 2021, the Company’s internal control over
financial reporting was effective.

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors of Vista Gold Corp.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Vista Gold Corp. (the “Company”) as of December
31, 2021 and 2020, the related consolidated statements of income/(loss), stockholders' equity, and cash ﬂows for each of
the years in the two-year period ended December 31, 2021, and the related notes (collectively referred to as the “ﬁnancial
statements”). In our opinion, the ﬁnancial statements referred to above present fairly, in all material respects, the ﬁnancial
position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash ﬂows for each
of the years in the two-year period ended December 31, 2021, in conformity with accounting principles generally
accepted in the United States of America.

Basis for Opinion

The Company's management is responsible for these ﬁnancial statements. Our responsibility is to express an opinion on
the Company’s ﬁnancial statements based on our audits. We are a public accounting ﬁrm registered with the Public
Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the ﬁnancial statements are free of material
misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an
audit of its internal control over ﬁnancial reporting. As part of our audits, we are required to obtain an understanding of
internal control over ﬁnancial reporting but not for the purpose of expressing an opinion on the eﬀectiveness of the
Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the ﬁnancial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the ﬁnancial statements. Our audits also
included evaluating the accounting principles used and signiﬁcant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the ﬁnancial statements
that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or
disclosures that are material to the ﬁnancial statements and (2) involved our especially challenging, subjective, or
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the ﬁnancial
statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate
opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Critical Audit Matter Description

Impairment Assessment over Used Mill Equipment – Refer to Notes 5 and 8 to the financial statements.

During the year ended December 31, 2021, the Company reduced the carrying amount of the used mill equipment to $nil
to reﬂect management’s estimate of recoverability. This estimate reﬂects management’s consideration of the duration this
equipment has been actively marketed by an independent broker and the current competitive market conditions for used
equipment yielding no sales.

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We identiﬁed the Company’s impairment charge for its used mill equipment as a critical audit matter. The principal
considerations for our determination include the high degree of subjectivity associated with the signiﬁcant assumption
included in management's impairment assessment and management not having the ability to estimate recoverable sales
proceeds with suﬃcient certainty. The signiﬁcant assumption is the Company’s ability to sell the used mill equipment in
the current market environment.

How the Critical Audit Matter was Addressed in the Audit

Our audit procedures performed to address this critical audit matter included the following, among others:

• We gained an understanding of the Company’s internal controls over management’s impairment assessment

of its used mill equipment.

• We evaluated management’s impairment analysis.
• We evaluated the significant assumption used to estimate fair value.

/s/ PLANTE & MORAN, PLLC

We have served as the Company’s auditor since 2014.

Denver, Colorado

February 24, 2022

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VISTA GOLD CORP.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in U.S. dollars and in thousands, except shares)

Assets:
Current assets:
Cash and cash equivalents
Short-term investments (Note 3)
Other investments, at fair value (Note 3)
Other current assets
Total current assets

Non-current assets:
Mineral properties (Note 4)
Plant and equipment, net (Note 5)
Right-of-use assets

Total non-current assets

Total assets

Liabilities and Shareholders’ Equity:
Current liabilities:
Accounts payable
Accrued liabilities and other
Deferred option gain (Note 4)

Total current liabilities

Non-current liabilities:
Provision for environmental liability (Note 12)
Other liabilities

Total non-current liabilities

Total liabilities

Commitments and contingencies (Note 7)

December 31, December 31,

2021

2020

12,757
384
—
811
13,952

2,146
233
12
2,391
16,343

566
839
383
1,788

240
21
261
2,049

7,762
400
293
952
9,407

2,146
5,643
34
7,823
17,230

356
702
68
1,126

240
13
253
1,379

Shareholders’ equity:
Common shares, no par value - unlimited shares authorized; shares outstanding:
2021 - 117,189,232 and 2020 - 103,171,904 (Note 6)
Accumulated deficit

Total shareholders’ equity

Total liabilities and shareholders’ equity

474,181
(459,887)
14,294
16,343

460,501
(444,650)
15,851
17,230

Approved by the Board of Directors

/s/ Tracy A. Stevenson
Tracy A. Stevenson
Director

/s/ John M. Clark
John M. Clark
Director

The accompanying notes are an integral part of these consolidated financial statements.

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VISTA GOLD CORP.
CONSOLIDATED STATEMENTS OF INCOME/(LOSS)
(Dollar amounts in U.S. dollars and in thousands, except shares and per share data)

Operating income/(expense):
Gain on disposal of mineral property interests, net (Note 4)
Exploration, property evaluation and holding costs
Corporate administration
Depreciation and amortization
Write-down of plant and equipment (Note 5)

Total operating expense

Non-operating income:
Gain on other investments (Note 3)
Interest income
Other income

Total non-operating income

Income/(loss) before income taxes
Net income/(loss)

Basic:
Weighted average number of shares outstanding
Net income/(loss) per share

Diluted:
Weighted average number of shares outstanding
Net income/(loss) per share

Year Ended December 31,

2021

2020

2,100
(7,942)
(3,945)
(49)
(5,500)
(15,336)

46
3
50
99

(15,237)
(15,237)

110,263,237
(0.14)

6,108
(4,545)
(3,777)
(48)
—
(2,262)

2,405
16
261
2,682

420
420

101,814,139
0.00

104,478,920
0.00

The accompanying notes are an integral part of these consolidated financial statements.

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VISTA GOLD CORP.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Dollar amounts in U.S. dollars and in thousands, except shares)

Balances at January 1, 2020
Shares issued, net of offering costs (Note 6)
Shares issued (RSUs vested, net of shares withheld)
(Note 6)
Shares issued (exercise of stock options) (Note 6)
Stock-based compensation (Note 6)
Net income
Balances at December 31, 2020

Common
Shares
100,698,124
2,028,334

395,446
50,000
—
—
103,171,904

(124)
37
913
—
$ 460,501

Amount

$ 457,716
1,959

Accumulated
Deficit
(445,070)
—

Balances at January 1, 2021
Shares issued, net of offering costs (Note 6)
Shares issued (RSUs vested, net of shares withheld)
(Note 6)
Stock-based compensation (Note 6)
Net loss
Balances at December 31, 2021

103,171,904
13,071,000

$ 460,501
13,194

946,328
—
—
117,189,232

(401)
887
—
$ 474,181

The accompanying notes are an integral part of these consolidated financial statements.

Total
Shareholders’
Equity

12,646
1,959

(124)
37
913
420
15,851

15,851
13,194

(401)
887
(15,237)
14,294

—
—
—
420
(444,650)

(444,650)
—

—
—
(15,237)
(459,887)

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VISTA GOLD CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in U.S. dollars and in thousands)

Cash flows from operating activities:

Net income/(loss)

Adjustments to reconcile net income/(loss) to net cash used in operations:

Year Ended December 31,

2021

2020

(15,237)

420

Depreciation and amortization
Stock-based compensation
Gain on disposal of mineral property interests, net
Write-down of plant and equipment
Gain on other investments

Change in working capital account items:

Other current assets
Accounts payable, accrued liabilities and other

Net cash used in operating activities
Cash flows from investing activities:

Proceeds from sales of marketable securities
Disposition of short-term investments, net
Additions to plant and equipment
Proceeds from option/sale agreements, net

Net cash provided by investing activities
Cash flows from financing activities:

Proceeds from equity financing, net
Payment of taxes from withheld shares
Proceeds from exercise of stock options

Net cash provided by financing activities

Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period

Supplemental cash flow information (Note 9)

49
887
(2,100)
5,500
(46)

(50)
377
(10,620)

339
16
(139)
2,415
2,631

13,385
(401)
—
12,984

4,995
7,762
12,757

48
913
(6,108)
—
(2,405)

(279)
456
(6,955)

5,788
2,860
(68)
3,048
11,628

1,768
(124)
37
1,681

6,354
1,408
7,762

The accompanying notes are an integral part of these consolidated financial statements.

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VISTA GOLD CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in U.S. dollars and in thousands, except share-related amounts)

1. Nature of Operations

The Company’s ﬂagship asset is its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory,
Australia. Mt Todd is the largest undeveloped gold project in Australia. With the approval of the Mining Management Plan
in June 2021, all major operating and environmental permits for Mt Todd have been received. Since acquiring Mt Todd in
2006, we have invested substantial ﬁnancial resources to systematically explore, evaluate, engineer, permit and de-risk
the Project. In February 2022, we completed a feasibility study for Mt Todd and are evaluating a potential partners,
investors and lenders as we pursue a range of development alternatives.

2. Significant Accounting Policies and Estimates

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Vista and its subsidiaries, all of which are more-than- 50%
owned subsidiaries and under Vista’s control. All signiﬁcant intercompany balances and transactions have been
eliminated. The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP.

Use of Estimates

Preparation of the Company’s Consolidated Financial Statements requires management to make estimates and
assumptions that aﬀect the reported amounts of assets, liabilities, income and expenses during the reporting period. The
more signiﬁcant areas requiring the use of management estimates and assumptions are: asset impairments, the fair
value and accounting treatment of ﬁnancial instruments including warrants; useful lives of assets for asset depreciation
purposes; valuation allowances for deferred tax assets; the fair value and accounting treatment of stock-based
compensation; and the provision for environmental liabilities. Management based its estimates on historical experience
and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results
will likely differ from amounts estimated in these financial statements.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and government securities with original maturities of 90 days or less
when purchased. Because of the short maturity of these investments, carrying amounts approximate their fair values.

Foreign Currency Transactions

Our functional currency is the U.S. dollar. Foreign currency transactions denominated in currency other than the
functional currency are recorded at the approximate rate of exchange at the transaction date and any gains/(losses)
resulting therefrom are recorded in other expense. For each of the years ended December 31, 2021 and 2020, net foreign
currency gains/(losses) were insignificant.

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Short-term Investments

Short-term investments consist of securities with original maturity dates greater than 90 days and less than one year.
These securities are typically United States or Australian government treasury bills and/or notes. Short-term investments
are recorded at amortized cost and are classiﬁed as debt securities held-to-maturity as the Company has the intention
and ability to hold these instruments until their original maturity date at the time of purchase.

Mineral Properties

Mineral property acquisition costs, including directly related costs, are capitalized when incurred, and mineral property
exploration costs are expensed as incurred. Capitalized costs will be depleted using the units-of-production method over
the estimated life of the proven and probable reserves. If mineral properties are subsequently sold or abandoned, any un-
depleted costs will be charged to expense in that period.

The recoverability of the carrying values of our mineral properties is dependent upon economic reserves being discovered
or developed on the properties, permitting, ﬁnancing, start-up, and commercial production from, or the sale/lease of, or
other strategic transactions related to these properties. Development and/or start-up of any of these projects will depend
on, among other things, management’s ability to raise suﬃcient capital for these purposes. Proceeds received from
option or sale agreements are ascribed to recovery of the carrying value of the related project until the carrying value
reaches zero. Thereafter, any additional proceeds received are recognized as a contract liability (deferred option gain)
until control has transferred to the buyer or the related contract terminates.

We assess the carrying value of mineral properties for impairment whenever information or circumstances indicate the
potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary
permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and
technical evaluations and changes in economic conditions, including the price of gold and other commodities or input
prices. Such evaluations compare estimated future net cash ﬂows with our carrying costs and future obligations on an
undiscounted basis. If it is determined that the estimated future undiscounted cash ﬂows are less than the carrying value
of the property, a write-down to the estimated fair value will then be reported in our Consolidated Statement of
Income/(Loss) for the period. Where estimates of future net cash ﬂows are not determinable and where other conditions
indicate the potential for impairment, management uses available market information and/or third-party valuation experts
to assess if the carrying value can be recovered and to estimate fair value.

Impairment

Carrying values of long-lived assets, other than mineral properties, are evaluated for impairment at such time that
information becomes available indicating that the carrying value may not be recoverable. If it is determined that the fair
value is less than the carrying value an impairment charge equal to the diﬀerence between the fair value and the carrying
value will be recorded in our Consolidated Statements of Income/(Loss).

Stock-Based Compensation

Under our stock option, long-term incentive, and deferred share unit plans, the Company can grant stock incentive
options, restricted share units, and deferred share units to executives, employees, consultants and non-employee
directors as applicable. Compensation expense for such grants is recorded in the Consolidated Statements of
Income/(Loss) as a component of exploration, property evaluation and holding costs and corporate administration, with a
corresponding increase to Common Shares in the Consolidated Balance Sheets. The fair value of option grants is
calculated using the Black-Scholes option pricing model. The fair value of restricted and deferred share units is based on
the closing price of our Common Shares on the grant date, and in certain cases, adjusted by a Brownian motion price
model. The expense is based on the fair value of the grant on the grant date and is recognized over the vesting period
specified for each grant. Forfeitures of unvested awards for all stock-based compensation result in expense reversal upon
forfeiture.

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Financial Instruments

Accounting Standards Codiﬁcation Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) of the Financial
Accounting Standards Board (“FASB”) requires an entity to maximize the use of observable inputs and minimize the use
of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of
independent, objective evidence surrounding the inputs used to measure fair value. A ﬁnancial instrument’s
categorization within the fair value hierarchy is based upon the lowest level of input that is signiﬁcant to the fair value
measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

●

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical,
unrestricted assets or liabilities.

Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets;
quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are
observable or can be corroborated by observable market data by correlation or other means.

Level 3 – Prices or valuation techniques requiring inputs that are both signiﬁcant to the fair value measurement
and unobservable.

Our ﬁnancial instruments include cash and cash equivalents, marketable securities, short-term investments, accounts
payable and certain other current assets and liabilities. Due to the short-term nature of our cash and cash equivalents,
short-term investments, accounts payable and certain other current assets and liabilities, we believe that their carrying
amounts approximate fair value. Our other investments are accounted for at fair value based on quoted market prices in
an active market and are included in Level 1 of the fair value hierarchy.

Recent Accounting Pronouncements

Government Assistance

In November 2021, the FASB issued ASU No. 2021-10 Government Assistance (Topic 832) Disclosures by Business
Entities About Government Assistance, which requires additional footnote disclosure around material government
assistance received by the entity. Disclosure includes the nature and amount of government assistance, commitments
made by the Company, and signiﬁcant components of the terms and conditions of the assistance. The Company is
evaluating the impact of this pronouncement on its annual ﬁnancial statements. The standard will be eﬀective for the
Company starting on January 1, 2022. Because the standard only aﬀects footnote disclosure, it is not expected to result
in a material effect on the financial statements.

3. Other Investments

Short-term investments

As of December 31, 2021 and 2020, the amortized cost basis of our short-term investments was $ 384 and $400,
respectively. The amortized cost basis approximates fair value at December 31, 2021 and 2020. Short-term investments
at December 31, 2021 and 2020 are comprised of Australian or U.S. Government instruments, all of which have maturity
dates greater than 90 days but less than one year.

Other investments

The Company held 1,333,334 shares of Nusantara Resources Limited (“Nusantara Resources”) as of December 31,
2020. On September 22, 2021, the shareholders of Nusantara Resources approved a scheme of arrangement whereby
PT Indika Mineral Investindo (“Indika”) oﬀered to acquire all issued shares of Nusantara Resources for A$0.35 per share.
The transaction closed on October 6, 2021, resulting in Vista receiving $339 upon tendering its Nusantara Resources
shares.

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Investments in marketable securities are recorded at fair value in the Consolidated Balance Sheets. Subsequent changes
in fair value are recorded in the Consolidated Statements of Income/(Loss) in the period in which they occur. During the
year ended December 31, 2020, the Company sold its common shares of Midas Gold Corp. (“Midas Gold Shares”) for net
proceeds of $5,788 at a gain of $ 2,574 compared to the most recent measurement period. Cumulative realized loss since
acquisition of these Midas Gold Shares in April 2011 was $11,841, of which $ 14,415 was recognized in previous periods
as unrealized loss, net.

The following table summarizes our investments in marketable securities as of December 31, 2021 and 2020.

Fair value at beginning of period
Midas Gold Shares sold
Nusantara Resources shares sold
Realized gain
Fair value at end of period

4. Mineral Properties

Mt Todd, Northern Territory, Australia

Capitalized mineral property values were:

Mt Todd, Australia

Guadalupe de los Reyes, Sinaloa, Mexico

December 31, 2021 December 31, 2020
3,676
(5,788)
—
2,405
293

293
—
(339)
46
— $

At December 31, 2020 At December 31, 2019
2,146

2,146

In July 2020, the Company received the ﬁnal $ 1,500 payment from Prime Mining Corporation (“Prime Mining”) for sale of
the Guadalupe de los Reyes gold and silver project in Sinaloa, Mexico (“Los Reyes”). Upon receipt of ﬁnal payment and
transfer of the Los Reyes project to Prime Mining during the three months ended September 30, 2020, Vista recognized
an operating gain of $3,540, inclusive of previously deferred option gain of $ 2,892 and net of associated closing costs. As
part of the terms of sale, Prime Mining was required to make additional payments to Vista of $2,100 in lieu of Vista being
granted certain royalty and back-in rights. Prime Mining paid $ 1,100 in January 2021 and $ 1,000 in June 2021. Having
received these payments as scheduled, Vista has no remaining right to be granted the royalties and back-in right, and
Vista recognized a gain on disposal of mineral property interests of $2,100 during the year ended December 31, 2021.

Awak Mas, Sulawesi, Indonesia

Vista held a net smelter return royalty (“NSR”) on the Awak Mas project in Indonesia. During 2019, Vista and the holder
of Awak Mas, Nusantara Resources, amended the original royalty agreement to allow the holder or a nominated party to
make a $2,400 payment to Vista by April 30, 2020 to cancel a 1% NSR on the ﬁrst 1,250,000 ounces produced at Awak
Mas and a 1.25% NSR on the next 1,250,000 ounces produced. On May 5, 2020, the Company received $ 2,400 to
cancel the related 1% NSR and 1.25% NSR. The gain recognized upon receipt of this payment was $ 2,568, which
included the $2,400 payment plus $ 168 of previously deferred option gain.

The Nusantara Resources subsidiary or a nominated party also had the right to cancel the remaining 1% NSR and 1.25%
NSR for an additional payment of $2,500 by April 30, 2021. Vista and the Nusantara Resources subsidiary agreed in April
2021 to extend the payment date for the remaining $2,500 to not later than January 31, 2022 upon payment of certain
extension fees. Vista received $315 during the year ended December 31, 2021 for extension fees. In October 2021,
Nusantara Resources was acquired by Indika, which became the holder of Awak Mas. Indika made the ﬁnal $2,500
payment on January 28, 2022. In 2022, the Company will recognize a gain for this amount plus $383 that is carried as
deferred option gain as of December 31, 2021.

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5. Plant and Equipment

Mt Todd, Australia
Corporate, United States
Used mill equipment, Canada

December 31, 2021
Accumulated
Depreciation

Net

Cost

5,359
333
—
5,692

5,126
333
—
5,459

233
—
—
233

Cost

5,306
333
5,500
11,139

December 31, 2020
Accumulated
Depreciation

5,163
333
—
5,496

Net

143
—
5,500
5,643

During the year ended December 31, 2021, the Company reduced the carrying value of the used mill equipment to $nil to
reﬂect management’s estimate of recoverability. The Company recorded this reduction as an operating loss of $5,500 in
our Consolidated Statements of Income/(Loss). The inputs used in the valuing the used mill equipment included the
duration this equipment has been actively marketed by an independent broker and the current competitive market
conditions for used equipment yielding no sales. These inputs used in valuing the used mill equipment involved a high
degree of subjectivity and resulted in management not having the ability to estimate recoverable sales proceeds with
sufficient certainty. The used mill equipment continues to be marketed by the independent broker.

6. Common Shares

Equity Financing

During July 2021, we closed a public oﬀering of 12,272,730 units (the “Units”) for net proceeds of $12,323 (the “2021
Oﬀering”). The stock issuance costs associated with the 2021 Oﬀering were $1,177. Each Unit consisted of one common
share of the Company (each a “Common Share”) and one-half of one Common Share purchase warrant (each full
warrant, a “Warrant”). A total of 7,408,101 Warrants were issued, including 920,454 Warrants purchased by the
underwriters pursuant to an overallotment option and 351,282 broker Warrants issued to the underwriters as
compensation. Each Warrant entitles the holder thereof to purchase one Common Share at a price of $1.25 per Common
Share (subject to adjustment in certain circumstances) and is exercisable for a period of 36 months from the closing of
the 2021 Oﬀering. The Warrants, which are classiﬁed as equity, had an aggregate relative fair value of $1,991 upon the
issuance thereof on the closing date. The relative fair value of Warrants was estimated at the grant date using the Black-
Scholes option pricing model using the following assumptions: 1) expected volatility of 70.6%, 2) risk-free rate of 0.43%,
3) contractual term of 3 years, and 4) stock price on the closing date of $0.89 per Common Share. A relative fair value of
$11,509 was allocated to the Common Shares.

Vista was party to an at-the-market oﬀering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC
(“Wainwright”), under which the Company had the right, but was not obligated, to issue and sell Common Shares through
Wainwright for aggregate sales proceeds of up to $10,000 (the “ATM Program”). No securities could be oﬀered in
Canada under the ATM Agreement. The ATM Agreement was amended in June 2020 to remain in force until terminated
by either party. During the year ended December 31, 2020 the Company sold 2,028,334 Common Shares for net
proceeds of $1,959 under the ATM Program, which included $191 that settled for cash in January 2021. During the year
ended December 31, 2021 the Company sold 798,270 Common Shares for net proceeds of $ 871 under the ATM
Program. Each sale under the ATM Agreement was made pursuant to an “at the market oﬀering” as deﬁned in Rule 415
under the United States Securities Act of 1933, as amended. In July 2021, the ATM Program was suspended in
conjunction with the 2021 Offering.

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substantially the same terms, to provide for aggregate sales proceeds up to $ 10,000 (the “2021 ATM Program”). The
entire $10,000 under the 2021 ATM Program remained available as of December 31, 2021.

Other Share Issuances

During the years ended December 31, 2021 and 2020 we issued 946,328 and 445,446 Common Shares, respectively, in
connection with vesting of restricted share units (“RSUs”) and/or stock option exercises.

Warrants

Warrant activity is summarized in the following table. Intrinsic value is the aggregate value of warrants that were in the
money at the end of the period. The warrants are subject to standard anti-dilution provisions.

As of December 31, 2020
Issued
As of December 31, 2021

Stock-Based Compensation

Weighted
average
exercise price

Warrants

outstanding per share
— $

Weighted
average
remaining life
(yrs.)

—
3.0
2.5

—
1.25
1.25

7,408,101
7,408,101

The Company’s stock-based compensation plans include: RSUs currently outstanding under the Company’s long-term
equity incentive plan (“LTIP”), deferred share units (“DSUs”) issuable pursuant to the Company’s deferred share unit plan
(“DSU Plan”) and stock options (“Stock Options”) issuable under the Company’s stock option plan (the “Plan”). Stock-
based compensation may be issued to our directors, oﬃcers, employees and consultants. The maximum number of
Common Shares that may be reserved for issuance under the combined stock-based compensation plans is a variable
number equal to 10% of the issued and outstanding Common Shares on a non-diluted basis at any one time. Vista also
issued phantom units in 2018 to be settled in cash over a three-year term. Stock-based compensation and phantom units
may be granted from time to time at the discretion of the Board of Directors of the Company (the “Board”), with vesting
provisions as determined by the Board.

Stock-based compensation expense for the years ended December 31, 2021 and 2020 was:

RSUs
DSUs
Stock Options

Phantom units

Year Ended December 31,

2021

2020

672
212
3
887

643
209
61
913

As of December 31, 2021, unrecognized compensation expense for RSUs was $312, which is expected to be recognized
over a weighted average period of 1.2 years.

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Restricted Share Units

The following table summarizes RSU activity:

Unvested - December 31, 2019
Granted
Cancelled/forfeited
Vested, net of shares withheld
Unvested - December 31, 2020
Granted
Cancelled/forfeited
Vested, net of shares withheld
Unvested - December 31, 2021

Number
of RSUs

Weighted Average
Grant-Date Fair
Value Per RSU

1,491,301 $
1,609,000
(237,853)
(395,446)

2,467,002 $

891,000
(413,335)
(946,328)
1,998,339

0.51
0.41
0.60
0.63
0.42
0.76
0.48
0.46
0.53

During the years ended December 31, 2021 and 2020, the Company withheld shares equivalent to the value of employee
withholding tax obligations which resulted from RSUs vesting in the period. Shares withheld are considered
cancelled/forfeited.

Under the LTIP, a portion of the RSU awards vest on a ﬁxed future date providing the recipient continues to be aﬃliated
with Vista on that date. Other RSU awards vest subject to achievement of certain performance and market criteria,
including the accomplishment of certain corporate objectives and the Company’s share price performance. Of the
unvested RSUs, approximately 35% will vest based on ﬁxed future dates, and approximately 11% and 54% will vest on
performance and share-price criteria, respectively. The minimum vesting period for RSUs is one year.

Deferred Share Units

The DSU Plan provides for granting of DSUs to non-employee directors. DSUs vest immediately; however, the Company
will issue one Common Share for each DSU only after the non-employee director ceases to be a director of the
Company. In February 2021, the Board granted 204,000 DSUs and the Company recognized $ 212 of DSU expense. In
March 2020, the Board granted 360,000 DSUs and the Company recognized $ 209 of DSU expense.

The following table summarizes DSU activity:

Unvested - December 31, 2019
Granted
Outstanding - December 31, 2020
Granted
Outstanding - December 31, 2021

Number of
DSUs

Weighted Average
Grant-Date Fair
Value per DSU

366,000
360,000
726,000
204,000
930,000

0.57
0.58
0.57
1.04
0.68

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Stock Options

The following table summarizes option activity:

Number of
Options

Weighted Average
Exercise Price
Per Option

Outstanding - December 31, 2019
Granted
Exercised
Cancelled/Forfeited
Outstanding - December 31, 2020
Outstanding - December 31, 2021

1,437,000 $
50,000
(50,000)
(70,000)
1,367,000 $
1,367,000
$

Exercisable - December 31, 2021

1,367,000

The following table summarizes unvested option activity:

0.73
0.51
0.75
1.02
0.71
0.71

0.71

Weighted Average
Remaining
Contractual Term
(Years)

3.49

Aggregate
Intrinsic
Value

2.63
1.64

1.64

$
$

Weighted
Average
Grant-Date
Fair Value

Number of

9
—
507
38

Weighted
Average
Remaining
Amortization
Period
(Years)

0.61

0.25

—

Unvested - December 31, 2019
Granted
Vested
Unvested - December 31, 2020
Vested
Unvested - December 31, 2021

Options Per Option
$

514,004
50,000
(530,671)
33,333
(33,333)

— $

0.40
0.20
0.38
0.31
0.31
—

The fair value of stock options granted during the year ended December 31, 2020 to employees, directors and
consultants was estimated at the grant date using the Black-Scholes option pricing model using the following weighted-
average assumptions:

Expected volatility
Risk-free interest rate
Expected life (years)
Dividend yield
Forfeiture assumption

2020
64.1 %
0.3 %
2.6

0 %
0 %

Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Expected
price volatility is based on the historical volatility of our Common Shares. Changes in the subjective input assumptions
can materially aﬀect the fair value estimate. The expected term of the options granted represents the period of time that
the options granted are expected to be outstanding using the simpliﬁed approach. The risk-free rate for the periods within
the contractual term of the option is based on the U.S. Treasury yield curve in effect at the date of grant.

Phantom Units

The value of each phantom unit is equal to the Company’s share price on the vesting date and is payable in cash.
Phantom units vest on ﬁxed future dates provided the recipient continues to be aﬃliated with Vista on those dates. The
Company accounts for these units as awards classiﬁed as liabilities with $39 included in current liabilities as of December
31, 2020. The Company recognized $26 and $98 of compensation expense for these units in the years ended December
31, 2021 and

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2020, respectively. The Company paid $65 for phantom units which vested during the year ended December 31, 2021.
The Company paid $86 for phantom units which vested during the year ended December 31, 2020.

A summary of unvested phantom units is set forth in the following table:

Unvested - December 31, 2019
Vested
Unvested - December 31, 2020
Vested
Unvested - December 31, 2021

Weighted Average Common Shares

Basic Common Shares
Effect of dilutive stock-based awards
Diluted Common Shares

Number of
Phantom Units
144,000
(72,000)
72,000
(72,000)
—

Weighted Average
Remaining
Vesting Term
(Years)

1.0

0.5

—

At December 31,

2021
110,263,237
—
110,263,237

2020
101,814,139
2,664,781
104,478,920

Unvested RSUs representing 1,998,339 Common Shares, stock options to purchase 1,367,000 Common Shares,
warrants to purchase 7,408,101 Common Shares, and vested DSUs representing 930,000 unissued Common Shares
were outstanding at December 31, 2021 but were not included in the computation of diluted weighted average Common
Shares outstanding because their effect would have been anti-dilutive.

Stock options to purchase 50,000 Common Shares were outstanding at December 31, 2020 but were not included in the
computation of diluted weighted average Common Shares outstanding because their eﬀect would have been anti-dilutive.
The eﬀect of dilutive stock-based awards was calculated using the treasury stock method, based on the remaining RSUs,
DSUs, and stock options outstanding as of December 31, 2020.

7. Commitments and Contingencies

Our exploration and development activities are subject to various laws and regulations governing the protection of the
environment. These laws and regulations are continually changing and are generally becoming more restrictive. As such,
future expenditures that may be required for compliance with these laws and regulations cannot be predicted. We
conduct our operations in a manner to minimize eﬀects on the environment and believe our operations are in compliance
with applicable laws and regulations in all material respects.

The Mt Todd site was not reclaimed by the predecessor owners when the mine closed in 2000. Liability for the
reclamation of the environmental conditions at Mt Todd existing prior to the 2006 commencement of Vista’s involvement
with the Project is presently the responsibility of the NT Government. After we provide notice to the NT Government that
we intend to proceed with development the Company will then assume these historical rehabilitation liabilities currently
estimated by the NT Government at approximately A$73 million.

In November 2020, we modiﬁed our agreement with the Jawoyn Association Aboriginal Corporation (the “Jawoyn”) with
respect to the Project. The modiﬁed agreement provides the Jawoyn with a gross proceeds royalty (“GPR”) ranging
between 0.125% and 2.0%, depending on prevailing gold prices and foreign exchange rates, instead of its previous right
to become a 10% participating joint venture partner in Mt Todd. The modiﬁed agreement did not aﬀect the previously
agreed 1.0% GPR. The combined GPR range is now from 1.125% to 3.0%.

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8. Fair Value Accounting

The following table sets forth the Company’s assets measured at fair value by level within the fair value hierarchy. As
required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant
to the fair value measurement.

Fair Value at December 31, 2021
Level 1

Level 3

Total

Other investments
Used mill equipment (non-recurring)

Other investments

$
$

— $
— $

—
—

Fair Value at December 31, 2020

Total

293

Level 1
293

Level 3

—

Our marketable securities and investment Nusantara Resources shares were classiﬁed as Level 1 of the fair value
hierarchy as they are valued at quoted market prices in an active market. Marketable securities are included in Other
Investments on the Consolidated Balance Sheets for each period presented.

The used mill equipment was classiﬁed as Level 3 of the fair value hierarchy. The management estimate of fair value at
December 31, 2021 was $nil using a market approach. See Note 5 regarding inputs used for the Level 3 valuation of the
used mill equipment.

There were no material transfers between levels nor were there any changes in valuation methods in 2021.

9. Supplemental Cash Flow Information and Material Non-Cash Transactions

As of December 31, 2021 and 2020, all of our cash was held in liquid bank deposits and/or government instruments in the
United States or Australia.

There were no significant non-cash transactions for the years ended December 31, 2021 and 2020.

10. Income Taxes

The Company’s U.S. and foreign source income/(loss) were:

U.S.
Canada
Other foreign, net

Years Ended December 31,

2021

2020

(136)
(7,155)
(7,946)
$ (15,237)

1,879
(308)
(1,151)
420

During the years ended December 31, 2021 and 2020, the Company recognized $nil current and deferred income tax
expense or beneﬁt in each of the U.S., Canada, and other foreign jurisdictions, due to full valuation allowances within
each jurisdiction.

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Rate Reconciliation

Reconciliations between the Company’s combined income taxes at statutory rates and the U.S. eﬀective income tax
(benefit)/expense were:

Income taxed at statutory rates
Increase (decrease) in taxes from:

State Tax
Stock-based compensation
Imputed interest
Other adjustments
Mining concessions disposition
Inflation adjustment
Prior year provision to actual adjustments
Change in U.S. tax rate
Change in foreign tax rate
Differentials in foreign tax rates
Changes in foreign exchange rates
Changes in valuation allowances affecting income tax expense or benefit

Years Ended December 31,
2021

2020

(3,743)

(21)
33
1
—
—
(2)
(493)
—
—
(186)
911
3,500

66
50
9
(1)
853
(254)
885
29
100
(52)
(1,236)
(485)
—

Income tax (benefit)/expense

— $

Income tax beneﬁt of $ 326 relating to deductible share oﬀering costs were recorded directly in equity, oﬀset by a
corresponding valuation allowance.

Deferred Taxes

Deferred income taxes reﬂect the net eﬀects of temporary diﬀerences between the carrying amounts of assets and
liabilities for ﬁnancial reporting purposes and the amounts used for income tax purposes. Components of the Company’s
deferred tax assets and liabilities were:

December 31,

2021

2020

Deferred income tax assets
Excess tax basis over book basis of property, plant and equipment
Marketable securities
Operating loss carryforwards
Capital loss carryforwards
Capital expenditures
Stock compensation
VAT recoverable
Unrealized foreign exchange gain/loss
Environmental liability
Offering costs
Accrued vacation
Other
Total future tax assets
Valuation allowance for future tax assets

Deferred income tax liabilities
Other investments

7,225
103
40,620
14,065
374
179
145
116
65
305
26
4
63,227
(63,227)
—

—
—

Total Deferred Taxes

— $

7,776
—
36,965
13,778
374
164
150
117
65
46
22
5
59,462
(59,401)
61

61
61

—

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Valuation Allowance on Canadian and Foreign Tax Assets

We establish a valuation allowance against income tax assets if, based on available information, it is more likely than not
that all of the assets will not be realized. The valuation allowances of $63,227 and $59,401 at December 31, 2021 and
2020, respectively, related mainly to operating loss carryforwards where utilization is not more likely than not. The
Company periodically assesses both positive and negative evidence to determine whether it is more likely than not that
deferred tax assets can be realized prior to expiration.

Loss Carryforwards

The Company’s tax loss carryforwards expire as follows:

2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041

Noncapital

Canada

U.S.

Mexico

Barbados

Total

—
—
—
—
—
1,027
847
5,245
4,022
5,032
3,806
6,397
6,185
4,420
3,729
2,799
1,916
2,666
3,338
2,829
5,370
59,628

—
—
—
—
—
—
—
—
—
1,748
3,407
2,323
3,098
—
2
2,655
2,482
—
—
—
—
15,715

—
1,602
373
—
80
822
—
—
—
—
72
—
—
—
—
—
—
—
—
—
—
2,949

4
6
6
6
6
5
7
7
—
—
—
—
—
—
—
—
—
—
—
—
—
47

4
1,608
379
6
86
1,854
854
5,252
4,022
6,780
7,285
8,720
9,283
4,420
3,731
5,454
4,398
2,666
3,338
2,829
5,370
78,339

U.S. loss carryforwards for tax years beginning in 2018 through 2021 of $ 2,686, Canadian capital loss carryforwards of
$104,184 and Australian NOLs of $ 63,795, which do not expire, are not included in the previous table.

Accounting for uncertainty in taxes

Accounting Standards Codiﬁcation Topic 740 (“ASC 740”) requires the Company to evaluate its income tax positions and
recognize a liability for uncertain tax positions that are not more likely than not to be sustained by tax authorities. As of
December 31, 2021 and 2020, the Company believes it had no income tax uncertainties that required recognition of a
liability. If the Company were to determine that uncertain tax positions meet the criteria of ASC 740, an estimated liability
and related interest and penalties would be recognized as income tax expense.

Tax statute of limitations

The Company ﬁles income tax returns in Canada, U.S. federal and state jurisdictions, and other foreign jurisdictions.
There are currently no tax examinations underway for these jurisdictions. Furthermore, the Company is no longer subject
to Canadian tax examinations by the Canadian Revenue Agency for years ended on or before December 31, 2017 or
U.S.

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federal income tax examinations by the Internal Revenue Service for years ended on or before December 31, 2017.
Some U.S. state and other foreign jurisdictions are still subject to tax examination for years ended on or before December
31, 2016.

Although certain tax years are closed under the statute of limitations, tax authorities can still adjust losses being carried
forward to open years.

11. Geographic and Segment information

The Company has one reportable operating segment, consisting of evaluation, acquisition, and exploration activities. We
evaluate, acquire, explore and advance gold exploration and potential development projects, which may lead to gold
production or value adding strategic transactions. These activities are currently focused principally in Australia. We
reported no revenues during the years ended December 31, 2021 or 2020. Geographic location of mineral properties and
plant and equipment is provided in Notes 4 and 5, respectively.

12. Provision for Environmental Liability

Vista maintains a $ 240 provision for potential reclamation costs attributable to certain mining claims previously held by
the Company should no other responsible or potentially responsible parties be identified.

13. Subsequent Events

The holder of Awak Mas, Indika, made the ﬁnal $ 2,500 royalty cancellation payment on January 28, 2022. The Company
canceled the remaining 1% NSR and 1.25% NSR and does not have any remaining interest in Awak Mas. In 2022, the
Company will recognize a gain for the $2,500 payment plus $ 383 that is carried as deferred option gain as of December
31, 2021.

There have been no other material events subsequent to December 31, 2021.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTIN G AND FINANCIAL
DISCLOSURE.

None.

ITEM 9A. CONTROLS AND PROCEDURES .

Disclosure Controls and Procedures.

At the end of the period covered by this annual report on Form 10-K for the ﬁscal year ended December 31, 2021, an
evaluation was carried out under the supervision of and with the participation of our management, including the Chief
Executive Oﬃcer (“CEO”) and Chief Financial Oﬃcer (“CFO”), of the eﬀectiveness of the design and operations of our
disclosure controls and procedures (as deﬁned in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). Based on
that evaluation, the CEO and the CFO have concluded that as of the end of the period covered by this annual report, our
disclosure controls and procedures were effective in ensuring that: (i) information required to be disclosed by us in reports
that we ﬁle or submit to the SEC under the Exchange Act is recorded, processed, summarized and reported within the
time periods speciﬁed in applicable rules and forms and (ii) material information required to be disclosed in our reports
ﬁled under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as
appropriate, to allow for accurate and timely decisions regarding required disclosure.

Internal Control over Financial Reporting.

Management’s Report on Internal Control over Financial Reporting.

Management’s report on internal control over financial reporting and the attestation report on management’s assessment
are included in “Item 8 Financial Statements and Supplementary Data” herein.

Attestation Report of the Independent Registered Public Accounting Firm.

An attestation report on our internal control over ﬁnancial reporting by our independent registered public accounting ﬁrm
is not included herein because, as a non-accelerated filer, we are exempt from the requirement to provide such report.

Changes in Internal Controls .

There were no changes in our internal control over ﬁnancial reporting during the quarter ended December 31, 2021 that
has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION.

None.

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE .

PART III

Information concerning our executive officers, directors, Audit Committee, corporate governance, compliance with Section
16(a) of the Exchange Act and Code of Ethics will be contained in our deﬁnitive Proxy Statement, to be ﬁled within 120
days after December 31, 2021 pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934, as
amended, for the 2022 Annual Meeting of Stockholders (the “Proxy Statement”) and is incorporated herein by reference.

Table of Contents

Code of Business Conduct and Ethics

We have a code of business conduct and ethics (the “Code of Ethics”) that applies to all of our employees, oﬃcers and
directors of the Company and its aﬃliated entities. The Code of Ethics is available on our website at www.vistagold.com.
We will post any amendments, waivers, and implicit waivers to the Code of Ethics on that website.

ITEM 11. EXECUTIVE COMPENSATION .

Information relating to executive compensation will be contained in the Proxy Statement and is incorporated herein
by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMEN T AND RELATED
STOCKHOLDER MATTERS.

Information relating to security ownership of certain beneﬁcial owners of our Common Shares, our equity compensation
plans and the security ownership of our management will be contained in the Proxy Statement and is incorporated herein
by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS .

Information concerning this item will be contained in the Proxy Statement and is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES .

Information concerning this item will be contained in the Proxy Statement and is incorporated herein by reference.

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES .

PART IV

Documents Filed as Part of Report

Financial Statements

The following Consolidated Financial Statements of the Company are filed as part of this report:

1. Report of Independent Registered Public Accounting Firm ( Plante & Moran, PLLC, Denver, Colorado,

PCAOB ID 166).

2. Consolidated Balance Sheets – As of December 31, 2021 and 2020.

3. Consolidated Statements of Income/(Loss) – Years ended December 31, 2021 and 2020.

4. Consolidated Statements of Shareholders’ Equity – Years ended December 31, 2021 and 2020.

5. Consolidated Statements of Cash Flows – Years ended December 31, 2021 and 2020.

6. Notes to Consolidated Financial Statements.

See “Item 8. Financial Statements and Supplementary Data”.

Table of Contents

Financial Statement Schedules

No ﬁnancial statement schedules are ﬁled as part of this report because such schedules are not applicable or the
required information is shown in the Consolidated Financial Statements or notes thereto. See “Item 8. Financial
Statements and Supplementary Data”.

Exhibits

The following exhibits are filed as part of this report:

Exhibit
Number

3.01

3.02

3.03

4.01
4.02

4.03

10.01*

10.02

10.03*

10.04*

10.05

10.06*

10.07*

10.08*

10.09

10.10**

10.11

10.12

Description
Certificate of Continuation, previously filed as Exhibit 3.1 to the Company’s Form 8-K dated June 12, 2013
and incorporated by reference herein (File No. 1-9025)
Notice of Articles, previously filed as Exhibit 3.2 to the Company’s Form 8-K dated June 12, 2013 and
incorporated herein by reference (File No. 1-9025)
Articles, previously filed as Exhibit 3.3 to the Company’s Form 8-K dated June 12, 2013 and incorporated
herein by reference (File No. 1-9025)
Description of Registrant’s Securities
Form of Warrant previously filed as Exhibit 4.1 to the Company’s Form 8-K dated July 9, 2021 and
incorporated herein by reference (File No. 1-9025)
Form of Underwriter’s Warrant filed as Exhibit 4.2 to the Company’s Form 8-K dated July 9, 2021 and
incorporated herein by reference (File No. 1-9025)

Amended Stock Option Plan of Vista Gold filed as Appendix F to the Company’s Proxy Statement on March
20, 2015 and incorporated herein by reference (File No. 1-9025)
Agreement, dated March 1, 2006, among the Northern Territory of Australia, Vista Gold Australia Pty. Ltd.
and Vista Gold Corp. filed as Exhibit 10.2 to the Company’s Form 8-K, dated February 28, 2006 and
incorporated herein by reference (File No. 1-9025)
Earnest Amendment Agreement dated January 1, 2016, previously filed as Exhibit 10.30 to the Company’s
Form 10-K dated February 26, 2016 and incorporated herein by reference (File No. 1-9025)
Rozelle Amendment Agreement dated January 1, 2016, previously filed as Exhibit 10.32 to the Company’s
Form 10-K dated February 26, 2016 and incorporated herein by reference (File No. 1-9025)
At-the-Market Offering Agreement dated November 22, 2017, previously filed as Exhibit 1.1 to the
Company’s Form 8-K dated November 22, 2017 and incorporated herein by reference (File No. 1-9025)
Amended Long Term Equity Incentive Plan of Vista Gold filed as Appendix D to the Company’s Proxy
Statement on March 31, 2019 and incorporated herein by reference (File No. 1-9025)
Deferred Share Unit Plan of Vista Gold filed as Appendix E to the Company’s Proxy Statement on March
31, 2019 and incorporated herein by reference (File No. 1-9025)
Employment Agreement of Douglas L. Tobler, dated July 1, 2019 previously filed as Exhibit 10.12 to the
Company’s Form 10-K dated February 27, 2020 and incorporated herein by reference (File No. 1-9025).
Amendment No. 1 to At-the-Market Offering Agreement dated June 24, 2020, previously filed as Exhibit 1.2
to the Corporation’s Form 8-K dated June 25, 2020 and incorporated herein by reference (File No. 1-9025)
Deed of Variation, previously filed as Exhibit 10.1 to the Company’s Form 8-K dated December 2, 2020 and
incorporated herein by reference (File No. 1-9025)
Amended and Restated Underwriting Agreement previously filed as Exhibit 1.1 to the Corporation’s Form 8-
K filed with the Commission on July 12, 2021 and incorporated by reference herein (File No. 1-9025)
Amendment No. 2 to the At-the-Market Offering Agreement dated December 10, 2021 previously filed as
Exhibit 1.3 to the Company’s Form 8-K dated December 13, 2021 and incorporated herein by reference
(File No. 1-9025)

Table of Contents

21
23.1
23.2
23.3
23.4
23.5
23.6
23.7
23.8
23.9
23.10
23.11
23.12
23.13
23.14
24
31.1

31.2

32.1

32.2

96.1
101.INS(1)

101.SCH(1)
101.CAL(1)
101.DEF(1)
101.LAB(1)
101.PRE(1)
104

Subsidiaries of the Company
Consent of Plante & Moran, PLLC, Denver, Independent Registered Public Accounting Firm
Consent of Tetra Tech, Inc.
Consent of Sabry Abdel Hafez
Consent of Rex Clair Bryan
Consent of Thomas L. Dyer
Consent of Amy L. Hudson
Consent of April Hussey
Consent of Chris Johns
Consent of Max Johnson
Consent of Deepak Malhotra
Consent of Zvonimir Ponos
Consent of Vicki Scharnhorst
Consent of Keith Thompson
Consent of John Rozelle
Powers of Attorney
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of
1934, as amended
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of
1934, as amended
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Technical Report Summary for the Mt Todd Gold Project
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File
because its XBRL tags are embedded within the Inline XBRL document.
Inline XBRL Taxonomy Extension – Schema
Inline XBRL Taxonomy Extension – Calculations
Inline XBRL Taxonomy Extension – Definitions
Inline XBRL Taxonomy Extension – Labels
Inline XBRL Taxonomy Extension – Presentations
Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive
Data File because its XBRL tags are embedded within the Inline XBRL document

* Management Contract or Compensatory Plan
** Certain portions of the exhibit that are not material and would be competitively harmful if publicly disclosed have been
redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. Copies of the unredacted exhibit will be furnished to the
Commission upon request.

(1) Submitted Electronically Herewith. Attached as Exhibit 101 to this report are the following formatted in XBRL
(Extensible Business Reporting Language): (i) Consolidated Statements of Income/(Loss) for the years ended
December 31, 2021 and 2020, (ii) Consolidated Balance Sheets at December 31, 2021 and 2020, (iii) Consolidated
Statements of Cash Flows for the years ended December 31, 2021 and 2020, and (iv) Notes to Consolidated
Financial Statements.

ITEM 16. FORM 10-K SUMMARY

None.

Table of Contents

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 , the registrant has

duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SIGNATURES

Dated: February 24, 2022

VISTA GOLD CORP.
(Registrant)
By: /s/ Frederick H. Earnest
Frederick H. Earnest,
Chief Executive Officer
By: /s/ Douglas L. Tobler
Douglas L. Tobler
Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 , this report has been signed below by the

following persons on behalf of the registrant and in the capacities and on the dates indicated:

Dated: February 24, 2022

By: /s/ Frederick H. Earnest
Frederick H. Earnest,
Chief Executive Officer
(Principal Executive Officer)
By: /s/ Douglas L. Tobler
Douglas L. Tobler
Chief Financial Officer
(Principal Financial and Accounting Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934 , this report has been signed below by the

following persons on behalf of the registrant and in the capacities and on the dates indicated:

Signature
/s/ Frederick H. Earnest

Frederick H. Earnest
*

John M. Clark
*

C. Thomas Ogryzlo
*

Deborah J. Friedman
*

Tracy A. Stevenson
*

W. Durand Eppler
*

Capacity

Date

Director

February 24, 2022

Director

February 24, 2022

Director

February 24, 2022

Director

February 24, 2022

Director

February 24, 2022

Director

February 24, 2022

Director

February 24, 2022

Michael B. Richings
* By: /s/ Frederick H. Earnest

Frederick H. Earnest, Attorney-in-Fact
Pursuant to Power of Attorney filed as Exhibit 24 herewith.