# NI 43-101 Technical Report: Mt Todd Gold Project | 50,000 tpd Feasibility Study Source Brief: https://evesgoldminers.com/research/source-briefs/vista-gold-2024-04-16-ni-43-101-technical-report-mt-todd-gold-project-50-000-tpd-38d2eebd Original source: https://vistagold.com/images/mttodd/Vista-Mt_Todd_NI_43-101_FS_Technical_Report_-_April_16_2024.pdf Original published: 2024-04-16 EGM generated: 2026-09-04 Company: Vista Gold (VGZ) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # SEDAR Link: NI 43-101 Technical Report Source: https://vistagold.com/images/mttodd/Vista-Mt_Todd_NI_43-101_FS_Technical_Report_-_April_16_2024.pdf Published: 2024-04-16T00:00:00+00:00 Fetched: 2026-05-05T09:40:19.662+00:00 Source artifact: 38d2eebd-e109-49e4-952a-d0ae9c7e8c81 Normalizer input: text ## Content # SEDAR Link: NI 43-101 Technical Report NI 43-101 Technical Report Mt Todd Gold Project | 50,000 tpd Feasibility Study Northern Territory, Australia Effective Date: March 12, 2024 Project No. 117-8348002 Project No. 117- Issue Date: April 16, 2024 NI 43-101 Technical Report Mt Todd Gold Project | 50,000 tpd Feasibility Study Northern Territory, Australia Project No. 117-8348002 Effective Date: March 12, 2024 Issue Date: April 16, 2024 PRESENTED TO PRESENTED BY Vista Gold Corp. Tetra Tech 8310 S. Valley Hwy., Suite 300 390 Union Blvd., Suite 400 P: +1 (303) 217-5700 Englewood, CO 80112 Lakewood, CO 80228 tetratech.com P +1 (720) 981-1185 Prepared by: Maurie Marks, P.Eng. Rex Clair Bryan, Ph.D., SME RM Thomas L. Dyer, P.E., SME RM Amy L. Hudson, Ph.D., CPG, SME RM 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 Keith Thompson, CPG, member AIPG Vista Gold Corp. NI 43-101 Technical Report Mt Todd Gold Project | Northern Territory, Australia 50,000 tpd Feasibility Study FORWARD-LOOKING STATEMENTS This Technical Report contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this Technical Report that address activities, events or developments that Vista expects or anticipates will or may occur in the future, including such things as, the Company’s continued work on the Mt Todd gold project; that process improvements will result in lower operating costs, reduced power consumption, increased gold recovery and higher gold production; estimates of mineral reserves and resources; projected project economics, including anticipated production, average cash costs, before and after-tax NPV, IRR, capital requirements and expenditures, gold recovery after-tax payback, operating costs, average tonnes per day milling, mining methods procedures, estimated gold recovery, project design, and life of mine; that the Project is an advanced stage development project; average annual production overtime; commencement of commercial production; timing for construction and commissioning; exploration of new deposits at Mt Todd and the surrounding exploration areas; size of final product through the high pressure grinding roll crusher; potential costs or savings related to gas price; ability to convert Quigleys estimated mineral resources to proven or probable mineral reserves; grade of minerals at the Quigleys deposit; ability to add higher grade feed from the Quigleys deposit to the Project in its mid years; timing for and completion of the NI 43-101 technical report for the FS; and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this Technical Report include the following: the accuracy of the results of the FS, mineral resource and reserve estimates, and exploration and assay results; the terms and conditions of the Company’s agreements with contractors and Vista’s approved business plan; the anticipated timing and completion of a feasibility study on the Project and permissions including approval of the MMP; the potential occurrence of certain threatened species of flora, vegetation, and fauna within the mine site; the anticipated receipt of required permits; no change in laws that materially impact mining development or operations of a mining business; the potential occurrence and timing of a production decision; the anticipated gold production at the Project; the life of any mine at the Project; all economic projections relating to the Project, including estimated cash cost, NPV, IRR, and initial capital requirements; and Vista’s goal of becoming a gold producer. When used in this Technical Report, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “plans,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of mineral resource estimates, estimates of results based on such mineral resource estimates; risks relating to cost increases for capital and operating costs; risks related to the timing and the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in Vista’s Annual Report Form 10-K as filed in March 2024 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has 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 not to be as anticipated, estimated or intended. Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise. TETRA TECH April 2024 Vista Gold Corp. NI 43-101 Technical Report Mt Todd Gold Project | Northern Territory, Australia 50,000 tpd Feasibility Study Cautionary Note to United States Investors This report has been prepared in accordance with the requirements and standards of Canadian National Instrument 43-101 (NI 43-101) and uses terms in accordance with applicable Canadian mining standards as defined under NI 43-101. These requirements, standards and definitions differ from those set forth in the United States Securities and Exchange Commission’s Regulation S-K subsection 1300 (S-K 1300). While the requirements, standards and terms under NI 43-101 and S-K 1300 are substantially similar, they are not identical and the contents of this report may differ materially from those set forth in the reports prepared in accordance with S-K 1300 requirements, including reserve and resource estimates. U.S. Investors are cautioned not to assume that the contents of this report and the reserve and resource estimates contained herein are the same as those contained in a technical report summary prepared in accordance with S-K 1300. NOTE All references to the term “ore” contained in this Technical Report refer to mineral reserves, not mineral resources. TETRA TECH April 2024 Vista Gold Corp. NI 43-101 Technical Report Mt Todd Gold Project | Northern Territory, Australia 50,000 tpd Feasibility Study TABLE OF CONTENTS 1. SUMMARY ................................................................................................................................................................................. 1 1.1 Introduction ..................................................................................................................................................................................... 1 1.2 Location ............................................................................................................................................................................................. 1 1.3 Property Description .................................................................................................................................................................... 1 1.4 Geology and Mineralization ...................................................................................................................................................... 6 1.5 Mineral Resource Estimate ........................................................................................................................................................ 6 1.6 Mineral Reserve Estimates ......................................................................................................................................................... 8 1.6.1 Heap Leach Reserve Estimate ............................................................................................................................................. 8 1.7 Mining Methods ............................................................................................................................................................................ 9 1.8 Metallurgy ......................................................................................................................................................................................10 1.9 Mineral Processing ......................................................................................................................................................................12 1.10 Project Infrastructure .................................................................................................................................................................12 1.11 Market Studies and Contracts ................................................................................................................................................13 1.11.1 Markets ...................................................................................................................................................................................... 13 1.11.2 Contracts ................................................................................................................................................................................... 13 1.12 Social and Environmental Aspects ........................................................................................................................................14 1.12.1 Existing Environmental and Social Information......................................................................................................... 14 1.12.2 Social or Community Requirements .............................................................................................................................. 14 1.12.3 Approvals, Permits and Licenses ..................................................................................................................................... 14 1.13 Capital and Cost Estimates ......................................................................................................................................................15 1.13.1 Capital Cost Estimates ......................................................................................................................................................... 15 1.13.2 Operating Cost Estimates ................................................................................................................................................... 17 1.14 Financial Analysis ......................... 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