VISTA GOLD CORP

Except as set forth below under “Water management requirements and extreme rainfall at Mt Todd could increase project costs, delay project development, and adversely affect our business.” there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC and Canadian securities regulatory authorities in March 2026. The risks described in our Annual Report and as otherwise herein are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, cash flows, and/or future results.

Water management requirements and extreme rainfall at Mt Todd could increase project costs, delay project development, and adversely affect our business.

Extreme weather events, including periods of above-average rainfall, may increase our development and operating costs, complicate water management activities, delay permitting or development timelines, and adversely impact our business. Mt Todd is subject to seasonal rainfall, and unusually wet conditions can result in increased water accumulation within the Batman pit, tailings storage facility, and other site water management systems. During the 2025–2026 wet season, rainfall at Mt Todd was approximately 50% above historical averages, resulting in greater-than-expected water accumulation and prompting us to pursue additional alternatives for water removal to supplement existing enhanced evaporation systems and an upcoming program to discharge treated water during the next wet season.

If similar or more severe weather conditions occur in the future, we may incur higher costs associated with water management and environmental compliance. Such conditions could also affect the sequencing of development plans for Mt Todd. In addition, delays in obtaining or maintaining necessary approvals for water management activities, or changes in applicable environmental or water management requirements, could further increase costs or delay project advancement. Any of these factors could have a material adverse effect on our business, financial condition, results of operations, cash flows, and the development of the Mt Todd project.