Vista Gold's Business Segments

Vista Gold Corp. and its subsidiaries are engaged in the gold mining industry. We are focused on the 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 reportable segment encompasses acquisition, exploration, and evaluation activities focused in Australia. No mining operating revenues were reported for the years ended December 31, 2025 and 2024. Further segment-level details are available in Note 11 – Segment Information, while the geographic locations of mineral properties and plant and equipment are provided in Note 3 – Mineral Properties and Note 4 – Plant and Equipment. Operations within this segment comply with various national, state, territorial, provincial, and local laws and regulations in Australia and other jurisdictions. These regulations pertain to prospecting, development, mining, mine safety, production, exports, taxes, labor standards, occupational health, waste disposal, environmental protection, and hazardous substances. The company holds major authorizations based on a 2018 technical report supporting a 50,000 tonnes per day capacity and currently maintains the necessary approvals to conduct exploration, site management, and related programs. The Mt Todd site, included in this segment, was not reclaimed by previous owners following mine closure in 2000. Reclamation obligations prior to the company's 2006 acquisition remain the responsibility of the Northern Territory Government. Upon notification to proceed with development, the company will assume historical rehabilitation liabilities estimated at A$73 million. Reclamation activities will follow detailed plans subject to regulatory agency review. Compliance with key Australian environmental and social laws is maintained, including federal and Northern Territory regulations concerning environmental matters and hazardous waste disposal. The environmental impact statement for Mt Todd was approved in September 2014. The Northern Territory Environmental Protection Agency authorized development contingent on recommendations from the assessment report, which include obtaining authorization under the federal Environmental Protection and Biodiversity Conservation Act 1999 related to the Gouldian Finch.