UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)



☒		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended ~~September~~June 30, ~~2021~~2022
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		98-0542444
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7961 Shaffer Parkway, Suite 5
Littleton, Colorado		80127
(Address of Principal Executive Offices)		(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:	Trading Symbol	Name of each exchange on which registered:
Common Shares, no par value	VGZ	NYSE American

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 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date: ~~117,189,232~~118,125,701 common shares, without par value, outstanding as of ~~October 20, 2021.~~July 22, 2022.

Table of Contents

VISTA GOLD CORP.

~~(An Exploration Stage Enterprise)~~

FORM 10-Q

For the Quarter Ended ~~September~~June 30, ~~2021~~2022

INDEX


	Page
PART I – FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	3
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	13
ITEM 4. CONTROLS AND PROCEDURES	2524
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS	2624
ITEM 1A. RISK FACTORS	2624
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	2624
ITEM 3. DEFAULTS UPON SENIOR SECURITIES	2724
ITEM 4. MINE SAFETY DISCLOSURE	2724
ITEM 5. OTHER INFORMATION	2725
ITEM 6. EXHIBITS	2825
SIGNATURES

Table of Contents

PART I

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

VISTA GOLD CORP.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollar amounts in U.S. dollars and in thousands, except shares)

			��

	September 30,			December 31,		June 30,		December 31,
	2021			2020		2022		2021
Assets:
Current assets:
Cash and cash equivalents	$	16,018		$	7,762	$	10,696	$	12,757
Short-term investments (Note 3)		—			400		374		384
Other investments, at fair value (Note 3)		334			293
Other current assets		461			952		421		811
Total current assets		16,813			9,407		11,491		13,952

Non-current assets:
Mineral properties (Note 4)		2,146			2,146		2,146		2,146
Plant and equipment, net (Note 5)		5,712			5,643		214		233
Right-of-use assets		19			34		4		12
Total non-current assets		7,877			7,823		2,364		2,391
Total assets	$	24,690		$	17,230	$	13,855	$	16,343

Liabilities and Shareholders’ Equity:
Current liabilities:
Accounts payable	$	555		$	356	$	209	$	566
Accrued liabilities and other		1,035			702		817		839
Deferred option gain (Note 4)		383			68		—		383
Total current liabilities		1,973			1,126		1,026		1,788
Non-current liabilities:
Provision for environmental liability (Note 7)		240			240		—		240
Other liabilities		27			13		27		21
Total non-current liabilities		267			253		27		261
Total liabilities		2,240			1,379		1,053		2,049

Commitments and contingencies (Note 8)
Commitments and contingencies (Note 7)

Shareholders’ equity:
Common shares, 0 par value - unlimited shares authorized; shares outstanding: 2021 - 117,189,232 and 2020 - 103,171,904 (Note 6)		474,021			460,501
Common shares, 0 par value - unlimited shares authorized; shares outstanding: 2022 - 118,125,701 and 2021 - 117,189,232 (Note 6)							474,433		474,181
Accumulated deficit		(451,571)			(444,650)		(461,631)		(459,887)
Total shareholders’ equity		22,450			15,851		12,802		14,294
Total liabilities and shareholders’ equity	$	24,690		$	17,230	$	13,855	$	16,343

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 condensed consolidated financial statements.

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VISTA GOLD CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

(Dollar amounts in U.S. dollars and in thousands, except shares and per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

Operating income/(expense):

Gain on disposal of mineral property interests, net (Note 4)

$
—

$
3,540

$
2,100

$
6,108

Exploration, property evaluation and holding costs

(2,269)

(1,034)

(6,006)

(2,942)

Corporate administration

(818)

(891)

(3,064)

(3,144)

Depreciation and amortization

(13)

(11)

(36)

(34)

Total operating income/(expense)

(3,100)

1,604

(7,006)

(12)

Non-operating income:

Gain/(loss) on other investments (Note 3)

(6)

2,437

41

2,407

Interest income

1

1

2

15

Other income

36

178

42

212

Total non-operating income

31

2,616

85

2,634

Income/(loss) before income taxes

(3,069)

4,220

(6,921)

2,622

Net income/(loss)

$
(3,069)

$
4,220

$
(6,921)

$
2,622

Basic:

Weighted average number of shares outstanding

115,586,268

102,368,232

107,929,202

101,482,849

Net income/(loss) per share

$
(0.02)

$
0.05

$
(0.06)

$
0.03

Diluted:

Weighted average number of shares outstanding

115,586,268

105,504,340

107,929,202

103,992,868

Net income/(loss) per share

$
(0.02)

$
0.05

$
(0.06)

$
0.03


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating income/(expense):
Gain on disposal of mineral property interests (Note 4)	$	—	$	2,100	$	2,883	$	2,100
Exploration, property evaluation and holding costs		(984)		(1,986)		(2,773)		(3,737)
Corporate administration		(876)		(931)		(2,277)		(2,246)
Depreciation and amortization		(10)		(12)		(24)		(23)
Total operating expense		(1,870)		(829)		(2,191)		(3,906)

Non-operating income/(expense):
Gain on other investments		—		77		—		47
Interest income		9		—		10		1
Other income/(loss)		437		(1)		437		6
Total non-operating income		446		76		447		54

Loss before income taxes		(1,424)		(753)		(1,744)		(3,852)
Net loss	$	(1,424)	$	(753)	$	(1,744)	$	(3,852)

Basic:
Weighted average number of shares outstanding		118,080,896		104,565,060		117,764,401		104,041,466
Net loss per share	$	(0.01)	$	(0.01)	$	(0.01)	$	(0.04)

Diluted:
Weighted average number of shares outstanding		118,080,896		104,565,060		117,764,401		104,041,466
Net loss per share	$	(0.01)	$	(0.01)	$	(0.01)	$	(0.04)

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

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VISTA GOLD CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollar amounts in U.S. dollars and in thousands, except shares)


						Total							Total
	Common			Accumulated		Shareholders’		Common			Accumulated		Shareholders’
	Shares	Amount		Deficit		Equity		Shares	Amount		Deficit		Equity
Balances at July 1, 2020	102,096,256	$	459,055	$	(446,668)	$	12,387
Balances at April 1, 2021								103,998,923	$	461,162	$	(447,749)	$	13,413
Shares issued, net of offering costs (Note 6)	509,315		629		—		629	392,470		437		—		437
Shares issued (RSUs vested, net of shares withheld) (Note 6)	79,133		(27)		—		(27)	518,444		(202)		—		(202)
Stock-based compensation (Note 6)	—		165		—		165	—		163		—		163
Net income	—		—		4,220		4,220	—		—		(753)		(753)
Balances at September 30, 2020	102,684,704	$	459,822	$	(442,448)	$	17,374
Balances at June 30, 2021								104,909,837	$	461,560	$	(448,502)	$	13,058

Balances at July 1, 2021	104,909,837	$	461,560	$	(448,502)	$	13,058
Balances at April 1, 2022								117,981,100	$	474,298	$	(460,207)	$	14,091
Shares issued, net of offering costs (Note 6)	12,272,730		12,323				12,323	50,000		51				51
Shares issued (RSUs vested, net of shares withheld) (Note 6)	6,665		(5)		—		(5)	94,601		(28)		—		(28)
Stock-based compensation (Note 6)	—		143		—		143	—		112		—		112
Net loss	—		—		(3,069)		(3,069)	—		—		(1,424)		(1,424)
Balances at September 30, 2021	117,189,232	$	474,021	$	(451,571)	$	22,450
Balances at June 30, 2022								118,125,701	$	474,433	$	(461,631)	$	12,802

						Total							Total
	Common			Accumulated		Shareholders’
	Shares	Amount		Deficit		Equity
Balances at January 1, 2020	100,698,124	$	457,716	$	(445,070)	$	12,646
Shares issued, net of offering costs (Note 6)	1,541,134		1,436		—		1,436
Shares issued (RSUs vested, net of shares withheld) (Note 6)	395,446		(124)		—		(124)
Shares issued (exercise of stock options) (Note 6)	50,000		37		—		37
Stock-based compensation (Note 6)	—		757		—		757
Net income	—		—		2,622		2,622
Balances at September 30, 2020	102,684,704	$	459,822	$	(442,448)	$	17,374
								Common			Accumulated		Shareholders’
								Shares	Amount		Deficit		Equity
Balances at January 1, 2021	103,171,904	$	460,501	$	(444,650)	$	15,851	103,171,904	$	460,501	$	(444,650)	$	15,851
Shares issued, net of offering costs (Note 6)	13,071,000		13,194		—		13,194	798,270		871		—		871
Shares issued (RSUs vested, net of shares withheld) (Note 6)	946,328		(401)		—		(401)	939,663		(396)		—		(396)
Stock-based compensation (Note 6)	—		727		—		727	—		584		—		584
Net loss	—		—		(6,921)		(6,921)	—		—		(3,852)		(3,852)
Balances at September 30, 2021	117,189,232	$	474,021	$	(451,571)	$	22,450
Balances at June 30, 2021								104,909,837	$	461,560	$	(448,502)	$	13,058


Balances at January 1, 2022								117,189,232	$	474,181	$	(459,887)	$	14,294
Shares issued, net of offering costs (Note 6)								50,000		51		—		51
Shares issued (RSUs vested, net of shares withheld) (Note 6)								886,469		(355)		—		(355)
Stock-based compensation (Note 6)								—		556		—		556
Net loss								—		—		(1,744)		(1,744)
Balances at June 30, 2022								118,125,701	$	474,433	$	(461,631)	$	12,802

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

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VISTA GOLD CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollar amounts in U.S. dollars and in thousands)


	Nine Months Ended September 30,				Six Months Ended June 30,
	2021		2020		2022		2021
Cash flows from operating activities:
Net income/(loss)	$	(6,921)	$	2,622
Adjustments to reconcile net income/(loss) to net cash used in operations:
Net loss					$	(1,744)	$	(3,852)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization		36		34		24		23
Stock-based compensation		727		757		556		584
Gain on disposal of mineral property interests, net		(2,100)		(6,108)		(2,883)		(2,100)
Gain on other investments		(41)		(2,407)
Loss on other investments						—		(47)
Reduction of provision for environmental liability						(240)		—
Change in working capital account items:
Other current assets		300		292		400		220
Accounts payable, accrued liabilities and other		561		112		(365)		384
Net cash used in operating activities		(7,438)		(4,698)		(4,252)		(4,788)
Cash flows from investing activities:
Proceeds from sales of marketable securities		—		5,788
Disposition/(acquisitions) of short-term investments, net		400		(789)
Disposition of short-term investments, net						—		400
Additions to plant and equipment		(105)		—		(5)		(58)
Proceeds from option/sale agreements, net		2,415		3,048		2,500		2,280
Net cash provided by investing activities		2,710		8,047		2,495		2,622
Cash flows from financing activities:
Proceeds from equity financing, net		13,385		1,436		51		1,062
Payment of taxes from withheld shares		(401)		(124)		(355)		(396)
Proceeds from exercise of stock options		—		37
Net cash provided by financing activities		12,984		1,349
Net cash provided by/(used in) financing activities						(304)		666

Net increase in cash and cash equivalents		8,256		4,698
Net decrease in cash and cash equivalents						(2,061)		(1,500)
Cash and cash equivalents, beginning of period		7,762		1,408		12,757		7,762
Cash and cash equivalents, end of period	$	16,018	$	6,106	$	10,696	$	6,262

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

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VISTA GOLD CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in U.S. dollars and in thousands, except share-related amounts)

1. ~~Nature~~Overview of Operations and Basis of Presentation

Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) operate in the gold mining industry. We ~~focus~~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 ~~demonstrating the economic and technical feasibility of our projects.~~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. ~~Vista held other non-core assets at September 30,~~Mt Todd is one of the largest old projects in Australia. With the approval of the Mining Management Plan in June 2021, ~~including royalty interests~~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 ~~United States and Indonesia, mill equipment not~~Project. In February 2022, we completed a feasibility study for Mt Todd. In March 2022, we appointed CIBC Capital Markets as our strategic advisor to assist us in ~~use and listed~~evaluating a broad range of alternatives for ~~sale, and listed equity securities.~~advancing Mt Todd.

The interim Condensed Consolidated Financial Statements (“interim statements”) of the Company are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, ~~2020~~2021 as filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities on Form 10-K (the ~~“2020~~“2021 Financial Statements”). The year-end balance sheet data was derived from the Company’s audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States generally accepted accounting principles have been condensed or omitted.

References to $ are to United States dollars and A$ are to Australian dollars.

2. Significant Accounting Policies

~~Significant~~

Mineral Properties

Mineral property acquisition costs, including directly related costs, are capitalized when incurred. After acquisition of a mineral property, associated exploration and evaluation costs are expensed as incurred until development commences. Development costs to establish access to mineral reserves reported in accordance with subpart 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended. and other preparations leading to commercial production will be capitalized once a decision is made by the Company to develop such mineral property. Capitalization of development costs would conclude upon commencement of sustainable production.

Capitalized costs associated with a mineral property will be amortized using the units-of-production method over the estimated life of mineral reserves once sustainable production is achieved. If mineral properties are subsequently sold or abandoned, any unamortized 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.

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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.

Other

Other significant accounting policies are included in the ~~2020~~2021 Financial Statements.

3. Short-term and Other Investments

Short-term investments

As of ~~September~~June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the amortized cost basis of our short-term investments was ~~$nil~~$374 and ~~$400,~~$384, respectively, which approximated fair value. Short-term investments ~~at December 31, 2020~~ were comprised of ~~U.S.~~Australian government treasury securities, which had maturity dates on the date of purchase greater than 90 days but less than one year. Investments with maturity dates of 90 days or less were included in cash and cash equivalents.

~~Other investments~~

The Company’s investment in 1,333,334 common shares of Nusantara Resources Limited (“Nusantara” and “Nusantara Shares”) was recorded at fair value in the Unaudited Condensed Consolidated Balance Sheet at September 30, 2021 and December 31, 2020. Vista also held common shares of Midas Gold Corp. (“Midas Gold Shares”) during a portion of 2020; all Midas Gold Shares were sold prior to 2021. The fair value of other investments was $334 and $293 at September 30, 2021 and December 31, 2020, respectively.

Changes in fair value of the Nusantara Shares and Midas Gold Shares, representing unrealized gains (losses), were recorded in the Unaudited Condensed Consolidated Statements of Income/(Loss) in the period in which the changes occurred. No listed securities in other investments were sold during the three and nine months ended September 30, 2021. During the three months ended September 30, 2020, the Company sold its remaining 4,667,615 Midas Gold Shares for net proceeds

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of $4,835, at a gain of $2,454 based on the most recent measurement period of June 30, 2020. During the nine months ended September 30, 2020, the Company sold 6,882,115 Midas Gold Shares for net proceeds of $5,788, at a gain of $2,574 based on the most recent measurement periods of June 30, 2020, March 31, 2020 and December 31, 2019.

On September 22, 2021, the shareholders of Nusantara approved a scheme of arrangement whereby PT Indika Mineral Investindo offered to acquire all issued shares of Nusantara for A$0.35 per share. The transaction closed on October 6, 2021, resulting in Vista receiving $339 upon tendering its Nusantara Shares.

4. Mineral Properties

Mt Todd, Northern Territory, Australia

The capitalized mineral property values are as follows:


	At September 30, 2021		At December 31, 2020		At June 30, 2022		At December 31, 2021
Mt Todd, Australia	$	2,146	$	2,146	$	2,146	$	2,146

Vista acquired Mt Todd in March 2006. Transaction-related costs of $2,146 were capitalized as mineral properties. This amount included the purchase price and related transaction costs. Since 2006, the Company has systematically advanced the Project through exploration, metallurgical testing, engineering, ~~and~~ environmental/operational permitting activities, ~~conducted in addition to~~and ongoing site management activities. Costs associated with these activities were charged to expense as incurred. See Note 87 for a discussion of commitments ~~to the Jawoyn Association Aboriginal Corporation (the “Jawoyn Association”).~~

~~Guadalupe de Los Reyes, Sinaloa, Mexico~~

~~In July 2020, the Company completed the sale of the Guadalupe de los Reyes gold~~ and silver project (“Los Reyes”) to Prime Mining Corporation (“Prime Mining”). Under 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 three months ended June 30, 2021.contingencies associated with Mt Todd.

Awak Mas, Sulawesi, Indonesia

Vista ~~holds~~held a net smelter return royalty (“NSR”) on the Awak Mas ~~project. During 2019,~~project in Indonesia (“Awak Mas”). Previously, Vista and the holder of Awak Mas amended the original royalty agreement to allow the holder or a nominated party to make ~~a $2,400 payment~~certain payments 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.~~original NSR. The holder of the Awak Mas is a subsidiary of Nusantara. 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 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 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 nine months ended September 30, 2021 for extension fees. The gain associated with these fees was deferred until the final royalty ~~payment is received or the extension expires and will be recognized as income at that time. If the holder does not make~~made the final $2,500 payment ~~by not later than~~on January 28, 2022. The Company recognized a gain of $2,883 for this final payment, which included recognition of $383 that was carried as deferred option gain as of December 31, ~~2022, Vista will retain~~2021. With this final payment, the Company has no remaining royalty ~~interests.~~

~~See Note 3 regarding the Company’s tender of its Nusantara Shares~~interest in ~~connection with the sale of Nusantara. This transaction had no effect on the terms of the agreement between Vista and the Nusantara subsidiary.~~Awak Mas.

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5. Plant and Equipment


	September 30, 2021						December 31, 2020						June 30, 2022						December 31, 2021
			Accumulated						Accumulated						Accumulated						Accumulated
	Cost		Depreciation		Net		Cost		Depreciation		Net		Cost		Depreciation		Net		Cost		Depreciation		Net
Mt Todd, Australia	$	5,411	$	5,199	$	212	$	5,306	$	5,163	$	143	$	5,364	$	5,150	$	214	$	5,359	$	5,126	$	233
Corporate, United States		333		333		0		333		333		0		333		333		0		333		333		0
Used mill equipment, Canada		5,500		0		5,500		5,500		0		5,500		0		0		0		0		0		0
	$	11,244	$	5,532	$	5,712	$	11,139	$	5,496	$	5,643	$	5,697	$	5,483	$	214	$	5,692	$	5,459	$	233

The used mill equipment is not in use and is listed for sale through a third-party mining equipment dealer. This equipment is not classified as held for sale due to uncertainty as to whether a sale can be completed within one year. Management estimated the value of the mill equipment by considering an appraisal as of December 31, 2020 prepared by an independent valuation specialist, recent listings and sales of similar equipment, and general industry and economic conditions.

6. Common Shares

Equity ~~Financing~~Financings

On July 12, 2021, we closed a public offering ofthat resulted in issuing 12,272,730 ~~units (the “Units”) for net proceeds of $12,323 (the “2021 Offering”). Each Unit consisted of 1~~ common ~~share~~shares in the capital of the Company (each a “Common Share’) and ~~one-half of one~~7,408,101 Common Share purchase ~~warrant~~warrants (each ~~full warrant,~~ a “Warrant”)~~. A total~~ for net proceeds of ~~7,408,101 Warrants were issued, including 920,454 Warrants purchased by the underwriters pursuant to an overallotment option and 351,282 Warrants issued to the underwriters as compensation.~~$12,323. Each Warrant entitles the holder thereof to purchase 1 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 ~~date of the 2021 Offering. The Warrants, which are classified as equity, had an aggregate relative fair value of $2,074 upon the issuance thereof on the closing~~ date. The relative fair ~~value~~values 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) expected life of 3 years, and 4) stock price on the closing date of $0.89 per Common Share. A relative fair value of $11,426 was allocated to the Common ~~Shares.~~Shares and Warrants, which were classified as equity, were $11,426 and $2,074, respectively.

~~Vista is a party to an~~The Company renewed its at-the-market offering agreement in December 2021 (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”)~~, under which~~ to provide balance sheet flexibility at a potentially lower cost than other means of equity issuances. Under the ATM Agreement, the Company ~~may,~~can, but is not obligated to, issue and sell Common Shares through Wainwright for aggregate ~~sales~~gross proceeds of up to $10,000 (the “ATM Program”). ~~NaN securities will be offered in Canada~~During the three months ended June 30, 2022, the Company sold 50,000 Common Shares under the ATM ~~Agreement. The ATM Agreement was amended in June 2020 to remain in force until terminated by either party.~~Program for net proceeds of $51. During the three and ~~nine~~six months ended ~~September~~June 30, 2021 the Company sold ~~NaN~~392,470 and 798,270 Common Shares, respectively, under the ATM Program for net proceeds of ~~$nil~~$437 and $871, respectively. ~~During the three and nine months ended September~~As of June 30, ~~2020 the Company sold 509,315 and 1,541,134 Common Shares, respectively,~~2022, $9,947 remained available under the renewed ATM ~~Program for net proceeds of $629 and $1,436, respectively.~~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 public offering of shares. Vista could use the ATM Program in the future following filing and effectiveness of a new shelf registration statement with the Securities and Exchange Commission.

Warrants

Warrant activity is summarized in the following table.

Weighted

Weighted

average

average

Warrants

exercise price

remaining life


outstanding

per share

(yrs.)

As of December 31, 2020

0

$
0

—

Issued

7,408,101

1.25

3.0

As of September 30, 2021

7,408,101

$
1.25

2.8

~~Table of Contents~~


		Weighted		Weighted
		Average		Average
	Warrants	Exercise Price		Remaining Life
	Outstanding	Per Share		(Years)
As of December 31, 2020	0	$	0	—
Issued	7,408,101		1.25	3.0
As of December 31, 2021	7,408,101	$	1.25	2.5
As of June 30, 2022	7,408,101	$	1.25	2.0

Stock-Based Compensation

The Company’s stock-based compensation plans include: restricted share units (“RSUs”) issuable pursuant to the Company’s long-term equity incentive plan, 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. 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 particular 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.

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Stock-based compensation expense was:


	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020		2022		2021		2022		2021
RSUs	$	143	$	158	$	512	$	489	$	112	$	163	$	284	$	369
DSUs		—		—		212		209		0		0		272		212
Stock Options		—		7		3		59		0		0		0		3
	$	143	$	165	$	727	$	757	$	112	$	163	$	556	$	584

Phantom units	$	(24)	$	45	$	26	$	79	$	0	$	32	$	0	$	50

As of ~~September~~June 30, ~~2021,~~2022, unrecognized compensation expense for RSUs was ~~$458~~$520, which is expected to be recognized over a weighted average period of ~~1.2~~1.5 years.

Restricted Share Units

The following table summarizes RSU activity:


		Weighted Average			Weighted Average
	Number	Grant-Date Fair		Number	Grant-Date Fair
	of RSUs	Value Per RSU		of RSUs	Value Per RSU
Unvested - December 31, 2019	1,491,301	$	0.51
Granted	1,609,000		0.41
Cancelled/forfeited	(237,853)		0.60
Vested, net of shares withheld	(395,446)		0.63
Unvested - December 31, 2020	2,467,002	$	0.42	2,467,002	$	0.42
Granted	891,000		0.76	891,000		0.76
Cancelled/forfeited	(413,335)		0.48	(413,335)		0.48
Vested, net of shares withheld	(946,328)		0.46	(946,328)		0.46
Unvested - September 30, 2021	1,998,339	$	0.53
Unvested - December 31, 2021				1,998,339	$	0.53
Granted				759,000		0.59
Cancelled/forfeited				(393,195)		0.51
Vested, net of shares withheld				(886,469)		0.48
Unvested - June 30, 2022				1,477,675	$	0.60

During the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022 and ~~2020,~~2021, the Company withheld Common Shares with an equivalent value to meet employee withholding tax obligations of ~~$401~~$355 and ~~$124,~~$396, respectively, that resulted upon vesting of RSUs during the period. Common Shares withheld are considered cancelled/forfeited.

Deferred Share Units

The DSU Plan provides for granting of DSUs to non-employee directors. DSUs vest immediately, however the Company will issue 1 Common Share for each DSU only after the non-employee director ceases to be a director of the Company. In March 2022, the Board granted 324,000 DSUs and the Company recognized $272 in DSU expense. In February 2021, the Board granted 204,000 DSUs and the Company recognized $212 in DSU expense. ~~In March 2020, the Board granted 360,000 DSUs and the Company recognized $209 in~~

The following table summarizes DSU ~~expense.~~activity:



			Weighted Average
	Number of		Grant-Date Fair
	DSUs		Value per DSU
Outstanding - December 31, 2020	726,000	$	0.57
Granted	204,000		1.04
Outstanding - December 31, 2021	930,000	$	0.68
Granted	324,000		0.84
Outstanding - June 30, 2022	1,254,000	$	0.72

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~~The following table summarizes DSU activity:~~

Weighted Average

Number of

Grant-Date Fair

DSUs

Value per DSU

Unvested - December 31, 2019

366,000

$
0.57

Granted

360,000

0.58

Outstanding - December 31, 2020

726,000

$
0.57

Granted

204,000

1.04

Outstanding - September 30, 2021

930,000

$
0.68

Stock Options

The following table summarizes option ~~activity:~~activity for vested awards:

Weighted Average

Weighted Average

Remaining

Aggregate

Number of

Exercise Price

Contractual Term

Intrinsic


Options

Per Option

(Years)

Value

Outstanding - December 31, 2019

1,437,000

$
0.73

3.49

$
35

Granted

50,000

0.51

Exercised

(50,000)

0.75

9

Cancelled/Forfeited

(70,000)

1.02

0

Outstanding - December 31, 2020

1,367,000

$
0.71

2.63

$
507

Outstanding - September 30, 2021

1,367,000

$
0.71

1.89

$
45

Exercisable - September 30, 2021

1,367,000

$
0.71

1.89

$
45

~~The following table summarizes unvested option activity:~~


				Weighted				Weighted Average
		Weighted		Average		Weighted Average		Remaining	Aggregate
		Average		Remaining	Number of	Exercise Price		Contractual Term	Intrinsic
		Grant-Date		Amortization	Options	Per Option		(Years)	Value
Outstanding - December 31, 2020					1,367,000	$	0.71	2.63	$	507
Outstanding - December 31, 2021					1,367,000	$	0.71	1.64	$	38
Outstanding - June 30, 2022					1,367,000	$	0.71	1.14	$	27
	Number of	Fair Value		Period
	Options	Per Option		(Years)
Unvested - December 31, 2019	514,004	$	0.40	0.61
Granted	50,000		0.20
Vested	(530,671)		0.38
Unvested - December 31, 2020	33,333	$	0.31	0.25
Vested	(33,333)		0.31
Unvested - September 30, 2021	—	$	—	—
Exercisable - June 30, 2022					1,367,000	$	0.71	1.14	$	27

Phantom Units

The following table summarizes phantom units activity:


		Weighted Average		Weighted Average
		Remaining		Remaining
	Number of	Vesting Term	Number of	Vesting Term
	Phantom Units	(Years)	Phantom Units	(Years)
Unvested - December 31, 2019	144,000	1.0
Vested	(72,000)
Unvested - December 31, 2020	72,000	0.5	72,000	0.5
Vested	(72,000)		(72,000)
Unvested - September 30, 2021	0	—
Unvested - December 31, 2021			0	—
Unvested - June 30, 2022			0	—

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7. ~~Provision for Environmental Liability~~Commitments and Contingencies

~~Vista maintains a $240 provision for reclamation costs attributable to certain mining claims previously held~~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 government of Northern Territory, Australia (the “NT Government”). After we provide notice to the NT Government that we intend to proceed with development, the Company ~~should no other potentially responsible parties be identified.~~will then assume these historical rehabilitation liabilities currently estimated by the NT Government at approximately A$73 million.

8. ~~Commitments~~Under an agreement with the Jawoyn Association with respect to Mt Todd, we have agreed to a gross proceeds royalty (“GPR”) ranging between 0.125% and ~~Contingencies~~2.0%, depending on prevailing gold prices and foreign exchange rates, and a 1.0% GPR not tied to gold price or foreign exchange rates. The combined GPR ranges from 1.125% to 3.0%.

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. At such time as the Company determines that it is probable that an obligation exists and the amount can be reasonably estimated, a provision for environmental liability would be recorded. This may include reclamation costs attributable to mining claims previously held by the Company should no other potentially responsible parties be identified. We conduct our operations in a manner designed to minimize effects on the environment and believe our operations are in compliance with applicable laws and regulations in all material respects.

~~In November 2020, we modified our agreement with~~ During the ~~Jawoyn Association with respect to Mt Todd.~~three months ended June 30, 2022, the Company reviewed the provision for environmental liability and the associated contingent liability and determined that the reclamation costs were neither probable nor could be reasonably estimated. The ~~modified agreement provides~~Company reversed its provision for environmental liability which resulted in a $240 gain in other income/(loss) on the ~~Jawoyn Association with a gross proceeds royalty (“GPR”) ranging between 0.125% and 2.0%, depending on prevailing gold prices and foreign exchange rates, instead~~condensed consolidated statements of its previous right to become a 10% participating joint venture partner in the Mt Todd project. The modified agreement did not affect the previously agreed 1.0% GPR granted to the Jawoyn Association. The combined GPR now ranges from 1.125% to 3.0%income/(loss).

9. ~~Fair Value Accounting~~

~~The following table sets forth the Company’s assets measured at fair value by level within the fair value hierarchy.~~

Fair Value at September 30, 2021


Total

Level 1

Level 3

Other investments

$
334

$
334

$
0

Fair Value at December 31, 2020


Total

Level 1

Level 3

Other investments

$
293

$
293

$
0

At September 30, 2021 and December 31, 2020, our investment in Nusantara Shares was classified as Level 1 of the fair value hierarchy as they were valued at quoted market prices in an active, liquid, and visible market, which included the Nusantara shareholder-approved purchase price for the acquisition of Nusantara at September 30, 2021. See Note 3 regarding the Company’s tender of its Nusantara Shares in connection with the sale of Nusantara.

~~There have been 0 transfers between levels in 2021, nor have there been any changes in valuation techniques.~~

~~10.~~8. Geographic and Segment Information

The Company has 1 reportable operating segment. 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 0 revenues during the three and ~~nine~~six months ended ~~September~~June 30, ~~2021~~

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2022 and ~~2020.~~2021. Geographic location of mineral properties and plant and equipment is provided in Notes 4 and 5, respectively.

(remainder of page intentionally left blank)

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements for the three and ~~nine~~six months ended ~~September~~June 30, ~~2021,~~2022, and the related notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States. This discussion and analysis contains forward-looking statements and forward-looking information that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements and information as a result of many factors. See section heading “Note Regarding Forward-Looking Statements” below.

All dollar amounts are in U.S. dollars in thousands, except per share amounts and currency exchange rates unless specified otherwise.

Overview

Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) operate in the gold mining industry. We ~~focus~~are focused on evaluation, acquisition, exploration and advancement of gold exploration and potential development projects, which may lead to gold production or ~~value-adding~~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 ~~demonstrating the economic and technical feasibility of our projects.~~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 (the “NT”). Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia. With the ~~recent~~ approval of the Mining Management Plan (“MMP”), in June 2021, all major operating and environmental permits for Mt Todd have been received. ~~For additional information on~~Since acquiring Mt Todd see the Company’s December 31, 2020 Form 10-K, which is available on EDGAR at www.sec.gov, SEDAR at www.sedar.com, or Vista's website at www.vistagold.com. Our website is referenced for informational purposes only and none of its contents are incorporated herein by reference.

Wein 2006, we have invested ~~over $100 million~~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 ~~since we acquired it in 2006.~~(the “2022 FS”). We believe this work has added substantial value to the Project and positions the Project for near-term development. In ~~recent~~March 2022, we appointed CIBC Capital Markets as our strategic advisor to assist us in evaluating a broad range of alternatives to unlock the value of Mt Todd.

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 a 16-year 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 the life of the mine. See “Mineral Resources and Mineral Reserves Estimates” below for additional information. The 2022 FS reflects the inflationary trends faced by all operators and developers in the mining industry through the middle of Q4 2021. While the long-term effect of the current inflationary trend is unknown, management believes the resilience of Mt Todd, in part supported by the positive impact of the current foreign exchange rate, is demonstrated by the project economics reflected in the 2022 FS.

Mt Todd’s economic returns, when compared to those of the 2019 pre-feasibility study, 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 per ounce 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 operating costs. While our operating costs have ~~completed~~increased as a ~~number~~result of ~~optimization studies~~higher labor, reagent, grinding media and ~~updated~~over-the-fence power costs, our ~~prefeasibility studies. We~~core energy costs yield some offsetting savings.

Management believes the results of the 2022 FS demonstrate an attractive project development opportunity and allow the Company to evaluate a broad range of alternatives to advance Mt Todd as we continue to focus on ~~improving~~maximizing shareholder value.

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In June 2022, Vista announced the ~~economic potential~~completion of the ~~Project~~third phase of its exploration drilling program at Mt Todd. Results from this program and ~~increasing shareholder value in~~historical sources demonstrate the resource growth potential within a ~~cost-effective manner. We believe two key drivers~~5.4 km trend extending immediately north from the Batman pit, including delineation of ~~value will help us achieve these objectives, namely: completing a definitive feasibility study for Mt Todd~~four highly prospective exploration targets, potentially representing up to an additional 1.8 to 3.5 million gold ounces (see details and ~~securing a partner for the development of the Project.~~cautionary information below).

~~Management~~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 the Awak Mas project in Indonesia (“Awak Mas”). The Company also owns a royalty interest in a U.S. exploration-stage project and used mill equipment that is ~~progressing well toward completing~~being marketed by a ~~definitive feasibility study~~third-party mining equipment dealer.

Mineral Resources and Mineral Reserves Estimates

The table below presents the estimated mineral resources for ~~Mt Todd. Engineering~~the Project. The effective date of the resource estimates is December 31, 2021. The following mineral resources and ~~design are 80% complete, and other areas are tracking on schedule and on budget. The feasibility study is anticipated to include reserve estimates under~~mineral reserves were prepared in accordance with both subpart 1300 of Regulation S-K (“S-K 1300”) under the Securities Exchange Act of 1934 ~~as amended~~ (the “Exchange Act”) ~~based~~, as amended and CIM Definition Standards as set forth in the 2022 FS, which is available as Exhibit 96.1 to the Company’s Annual Report on mine plans developed using a gold price in line with current market conditions. The feasibility study will address recommendations from the 2019 pre-feasibility study and include: minor updates of the Project design to be consistentForm 10-K as filed with the ~~MMP, engineering~~Securities and ~~detailed costing in all areas of the Project. It will also evaluate several trade-off opportunities (e.g., contract power generation, contract mining and autonomous truck haulage).~~Exchange Commission (the “SEC”) on February 24, 2022.

We believe that the involvement of a strategic development partner would offer advantages for development and operation of the Project, while allowing the Company and its shareholders to retain the benefits of financial participation in the Project. We expect that a partnering arrangement would reduce development-stage risk as well as provide greater technical and operating expertise and experience.

~~We expect that a partnering arrangement~~The 2022 FS for Mt Todd ~~would likely result in Vista being~~is the ~~junior partner~~technical report summary, prepared pursuant to ~~a mid-tier or major mining company. Our financial objective~~S-K 1300, that was filed on EDGAR on February 24, 2022 and is ~~to receive a purchase price reflective of the intrinsic value of~~entitled “S-K 1300 Technical Report Summary - Mt Todd ~~which we would expect~~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. A companion feasibility study for Canadian purposes, pursuant to ~~be sufficient to provide a source~~National Instrument 43-101 Standards of ~~working capital to Vista, be sufficient to fund all or most of the equity portion of our retained ownership share,~~Disclosure for Mineral Properties (“NI 43-101”), was filed on SEDAR on February 24, 2022 and ~~reduce any debt financing requirement. We may require additional~~

~~Table of Contents~~

external funding to support working capital and other corporate expenditures during construction. We believe other viable options exist for developing the Project, but the joint venturing approach should result in significantly less equity dilution than may otherwise be incurred. We also expect that a partnering arrangement would reduce development-stage risk to both Vista and the Project as well as provide greater technical and operating expertise and experience. There can be no assurance that we will be successful in securing a development partner on acceptable terms, or at all.

~~To demonstrate the resource growth potential at~~is entitled “NI 43-101 Technical Report - Mt Todd ~~we are drilling exploration targets adjacent to the Batman deposit and extending northeast to the Golf-Tollis/Penguin targets, all within our Mining Licenses. Drilling to~~Gold Project - 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date ~~has included 6,365 meters and successfully intersected multiple structures extending northeast from the Batman Pit to Golf Tollis. Our current phase~~ of drilling includes additional drilling in this area and extending to Quigleys. Our ongoing drilling program has confirmed a series of parallel structures and cross trends that may form part of the feeder system that helped create the Batman deposit. Recent results demonstrate vertical and horizontal continuity of mineralization similar to the Batman deposit and, importantly, show that Vista’s model of the controlling structures is reliable in predicting where mineralization is most likely to be encountered. We plan to continue drilling for the balance ofDecember 31, 2021 and an issue date of February 9, 2022. 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 Q1 2022. Our goal is to demonstrate the regional potential along a 5.4-kilometer portion of the 24-kilometer Batman-Driffield Trend and to outline areas where future drilling can be undertaken to efficiently define additional gold resources.

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 approved. We have invested significant resources in water treatment and management, environmental, and social programs. We believe this ~~has benefited our relationships with the traditional aboriginal landowners, local communities, and Northern Territory Government, creating a strong social license.~~

Vista holds several non-core assets, some of which are being monetized to generate working capital to support ongoing operations in a non-dilutive manner. Vista received $2,100 earlier in 2021 for cancellation of its royalty interests and back-in right in the Guadalupe de los Reyes gold and silver project in Mexico (“Los Reyes”) , and no longer holds any interest in this project. A third party holds an option to pay Vista $2,500 by not later than January 31, 2022 to cancel the Company’s remaining royalty interest in the Awak Mas gold project in Indonesia (“Awak Mas”). In addition, this third party was acquired in October 2021, resulting in Vista receiving $339 upon tender of the shares held by the Company. Management continues to seek opportunities to monetize other non-core assets, which include mill equipment not in use and listed for sale, a royalty interestquarterly report on ~~a property located in the United States and holdings of listed equity securities. Management plans to continue monetizing its non-core assets.~~Form 10-Q.

~~COVID-19 Pandemic Update~~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
			Contained			Contained			Contained			Contained
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(000s)	(g Au/t)	(000s)	(000s)	(g Au/t)	(000s)	(000s)	(g Au/t)	(000s)	(000s)	(g Au/t)	(000s)
Measured	77,725	0.88	2,191	—	—	—	594	1.15	22	78,319	0.88	2,213
Indicated	200,112	0.80	5,169	13,354	0.54	232	7,301	1.11	260	220,767	0.80	5,661
Measured & Indicated	277,837	0.82	7,360	13,354	0.54	232	7,895	1.11	282	299,086	0.82	7,874
Inferred	61,323	0.72	1,421	—	—	—	3,981	1.46	187	65,304	0.77	1,608

The COVID-19 pandemic continues to have a significant impact on human life and health, and on the global economy, financial markets and commodities. The full extent and impact of the COVID-19 pandemic in human and financial terms remains unknown.Notes:

Many countries have eased restrictions, including Australia, which recently announced it will begin to ease international travel restrictions for its fully vaccinated citizens and permanent residents beginning in November. The Australian government has developed a plan to allow international travel by foreigners, but this is not expected occur until sometime in early 2022.

Vista has been able to continue site-based Mt Todd programs generally uninterrupted throughout the pandemic. This has included Batman pit de-watering, drilling, permitting, community and government affairs, and recurring site maintenance activities. However, Australia’s travel restrictions have delayed the Company’s process to establish a partnering arrangement. In particular, mining companies outside Australia have been hindered in their ability to complete site visits and perform other in-country due diligence activities. To a lesser extent, similar issues have existed for Australian-based mining companies at certain times during the pandemic. Also, Australia’s Foreign Investment Review Board modified its approval standards during the pandemic such that mining companies domiciled in certain Asian jurisdictions have not been eligible and are not likely to be eligible to invest in Australian projects for the foreseeable future.

Vista’s response to the COVID-19 pandemic has been to ensure the health and safety of its employees and other stakeholders. This has included personnel working remotely and operating at Mt Todd under an approved COVID-19 Management and Mitigation Plan. Direct costs to implement and maintain health and safety standards have been minimal. However,

•

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 Whittle^TM pit shell. Pit parameters: Mining Cost US$1.50/tonne, Milling Cost US$7.80/tonne processed, G&A Cost US$0.46/tonne processed, G&A/Year 8,201k US$, 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 Whittle^TM 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 “qualified person” as such term is defined in NI 43-101 and S-K 1300 (“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 Whittle^TM pit shell for the Batman Deposit.

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•

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.

~~management expects these direct costs and other ongoing corporate and~~

Mt Todd ~~costs~~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			Contained			Contained
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(000s)	(g Au/t)	(000s)	(000s)	(g Au/t)	(000s)	(000s)	(g Au/t)	(000s)
Proven	81,277	0.84	2,192	—	—	—	81,277	0.84	2,192
Probable	185,744	0.76	4,555	13,354	0.54	232	199,098	0.75	4,787
Proven & Probable	267,021	0.79	6,747	13,354	0.54	232	280,375	0.77	6,979

Notes:

•

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.

•

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

•

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.

Cautionary note to ~~continue while certain corporate objectives, including efforts to secure~~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 ~~strategic development partner, are delayed. These conditions~~reduction or elimination of reported mineral reserves and ~~the impact on investors, banking institutions, businesses, the global economy or financial and commodity markets may have a material adverse impact on~~mineral resources. See “Item 1A. Risk Factors” in the Company’s ~~financial condition and results of operations. See “Liquidity and Capital Resources” and “Risk Factors” for additional information.~~Form 10-K as filed with the SEC on February 24, 2022.

Results from Operations

Summary

Consolidated net income (loss) for the three months ended September 30, 2021 and 2020 was $(3,069) and $4,220 or $(0.02) and $0.05 per basic share, respectively. Consolidated net income (loss) for the nine months ended September 30, 2021 and 2020 was $(6,921) and $2,622 or $(0.06) and $0.03 per basic share, respectively. Net loss for the nine months ended September 30, 2021 included a gain of $2,100 for payments to the Company in lieu of royalties and a back-in right held by the Company on Los Reyes. The same nine-month period in 2020 included a gain of $2,568 associated with partial cancellation of the Company’s royalties on the Awak Mas project in Indonesia and a gain of $3,540 related to the sale of the Los Reyes project. Other principal components of the period-over-period changes are discussed below.

Cash and short-term investments totaled ~~$16,018~~$11,070 and working capital was ~~$14,840~~$10,465 at ~~September~~June 30, ~~2021. Working capital was reduced by deferred option gains of $383, which will not require future uses of working capital.~~2022. See “Liquidity and Capital Resources”. The Company had no debt as of ~~September~~June 30, ~~2021.~~2022.

Consolidated net loss for the three months ended June 30, 2022 and 2021 was $1,424 and $753, or $0.01 and $0.01 per basic share, respectively. Consolidated net loss for the six months ended June 30, 2022 and 2021 was $1,744 and $3,852, or $0.01 and $0.04 per basic share, respectively. The principal components of the period-over-period changes are discussed below.

Operating income and expenses

Gain on disposition of mineral property interests, net

In January 2022, the Company received $2,500 to cancel the remaining 1% net smelter return royalty (“NSR”) at Awak Mas. Including recognition of the associated deferred option gain, the Company recognized a gain of $2,883 upon receipt of the payment.

In January and June 2021, the Company received a total of $2,100 for cancellation of its royalty interests and back-in right in 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 in June 2021.

In May 2020, the Company received $2,400 to cancel a 1% net smelter return royalty (“NSR”) on the first 1,250,000 gold ounces produced at the Awak Mas project and a 1.25% NSR on the next 1,250,000 gold ounces produced. Including recognition15

Table of the associated deferred option gain, the Company recognized a gain of $2,568 upon receipt of the payment. In July 2020, the Company received the final Los Reyes option payment and transferred control of the project to Prime Mining. Including recognition of the associated deferred option gain, we recognized a gain of $3,540 upon completion of the transfer.Contents

Exploration, property evaluation and holding costs

Exploration, property evaluation and holding costs were ~~$2,269~~$984 and ~~$1,034~~$1,986 for the three months ended ~~September~~June 30, ~~2021~~2022 and ~~2020,~~2021, respectively; and ~~$6,006~~$2,773 and ~~$2,942~~$3,737 for the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022 and ~~2020,~~2021, respectively. The ~~increase~~decrease in ~~2021~~2022 for the comparative three-month periods was primarily attributable to ~~$1,115~~lower spending of $629 on the drilling program, $184 for ~~work related to preparing a definitive~~other site-related activities, and $102 for feasibility study work. The decrease in 2022 for ~~Mt Todd and $449~~the comparative six-month periods was primarily attributable to lower spending of $670 on the drilling program, $375 for ~~Mt Todd exploration drilling, plus additional staffing expenses to support drilling and~~ other ~~activities. The increase during the first nine months of 2021 resulted primarily from $1,232~~site-related activities, offset by $372 higher costs for feasibility study work ~~$1,576 for exploration drilling, increased power costs to pump approximately 1.7 gigalitres of water from~~in 2022 which was completed in the ~~Batman pit, and a stronger Australian dollar versus the U.S. dollar.~~first quarter.

Corporate administration

Corporate administration costs were ~~$818~~$876 and ~~$891~~$931 during the three months ended ~~September~~June 30, ~~2021~~2022 and ~~2020,~~2021, respectively; and ~~$3,064~~$2,277 and ~~$3,144~~$2,246 during the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022 and ~~2020,~~2021, respectively. Administrative expenses continue to be relatively consistent from period to period. ~~Insurance costs were higher due to premium increases; this amount was largely offset by other reductions.~~

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Non-operating income and expenses

~~Gain/(Loss) on other investments~~Other income/(loss)

Gain/(Loss) on other investments was $(6) and $2,437 for the three months ended September 30, 2021 and 2020, respectively; and $41 and $2,407 for the nine months ended September 30, 2021 and 2020, respectively. These amounts reflect unrealized gains (losses) from changes in fair value of our Midas Gold shares (“Midas Gold Shares”) held during a portion of 2020 and Nusantara Resources Limited shares (“Nusantara Shares”), and realized gains on sales of the Midas Gold Shares. During the ~~three months~~quarter ended ~~September~~June 30, ~~2020,~~2022, the Company ~~sold its remaining 4,667,615 Midas Gold Shares~~reviewed and reversed a previously accrued amount of $240 for ~~net proceeds of $4,835, at a gain of $2,454 based on~~contingent reclamation costs because the ~~most recent measurement period of June 30, 2020. During the nine months ended September 30, 2020,~~associated costs are neither probable nor could be reasonably estimated. Also, the Company ~~sold 6,882,115 Midas Gold Shares for net proceeds~~received cash of ~~$5,788, at~~$196 in May 2022 as a ~~gain~~value-added tax recovery from the previous sale of ~~$2,574 based on the most recent measurement periods of June 30, 2020, March 31, 2020 and December 31, 2019.~~a non-core asset.

Financial Position, Liquidity and Capital Resources

Operating activities

Net cash used in operating activities was ~~$7,438~~$4,252 and ~~$4,698~~$4,788 for the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022 and ~~2020,~~2021, respectively. The ~~increase~~decrease in operating cash outflows ~~generally~~in 2022 reflects ~~increased expenditures~~lower spending for ~~exploration, property evaluation and holding costs discussed above, partially~~drilling, offset by ~~net changes in working capital items totaling $457.~~feasibility study work and final payments on both programs.

Investing activities

Net cash provided by investing activities was ~~$2,710~~$2,495 and ~~$8,047~~$2,622 for the ~~nine~~six months ended ~~September~~June 30, 2022 and 2021, ~~and 2020,~~ respectively. The principal source of cash from investing activities during the six months ended June 30, 2022 was the $2,500 final payment for the Awak Mas royalty cancellation. Sources of cash from investing activities during the ~~nine~~six months ended ~~September~~June 30, 2021 were $2,100 for payments related to Los Reyes, ~~$315~~$180 for payments related to Awak Mas and $400 net upon ~~net~~ dispositions of short-term investments. These sources of cash were offset by $105 for equipment purchases. Sources of cash from investing activities during the nine months ended September 30, 2020 were $5,788 for sales of Midas Gold Shares, $2,400 for partial cancellation of the Awak Mas royalties and $648 for the net final purchase price payment received for the Los Reyes project, partially offset by $789 for net acquisitions of short-term investments.

Financing activities

During the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022 and ~~2020,~~2021, net cash of ~~$12,984~~($304) and ~~$1,349,~~$666, respectively, was (used)/provided by financing activities. Cash ~~from~~used by financing activities during the ~~nine~~six months ended ~~September~~June 30, ~~2021 included net proceeds of $12,323 from the Company’s July 2021 public offering (“2021 Offering”) (described below) and $1,062 under the ATM Program (defined below), partially offset by~~2022 was for payments for employee withholding tax obligations in lieu of issuing common shares of the Company (“Common Shares”) offset by $51 of net proceeds under the ATM Program (defined below). Cash from financing activities during the six months ended June 30, 2021 included net proceeds of $1,062 under the ATM Program, offset by payments of $396 for employee withholding tax obligations in lieu of issuing Common Shares.

Liquidity and capital resources

~~Cash~~Our cash liquidity position as of June 30, 2022, comprising cash and cash equivalents ~~totaled $16,018 at September 30, 2021 compared to $7,762 at December 31, 2020. The~~of $10,696, reflected a net ~~increase~~decrease of ~~$8,256~~$2,061 during the ~~nine~~six months ended ~~September~~June 30, ~~2021 reflects~~2022. We benefited from net proceeds of ~~$12,323 from the 2021 Offering, $2,100~~$2,500 for cancellation of the Awak Mas royalty, ~~interests~~a $196 value-added tax recovery from the previous sale of non-core assets, and ~~back-in right in Los Reyes, $1,062 raised under the~~ ATM Program ~~and $315 for payments to Vista related to Awak Mas. These cash inflows were offset by expenditures of $7,544.~~

~~During July 2021, we closed the 2021 Offering of 12,272,730 units (the “Units”) for net~~ proceeds of $12,323 (the “2021 Offering”). Each Unit consisted of one Common Share in the capital of the Company 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 intends 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. We

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~~expect these programs to include additional~~as discussed below. These cash inflows were offset by expenditures of $4,808, which included substantially all final payments for the exploration drilling ~~of a third phase in~~program and the current exploration program, work necessary to complete a feasibility study for Mt Todd, related engineering/design work and other technical studies. See “Projects Update”, below, for additional details. 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.2022 FS.

As a secondary measure of liquidity, the Company had working capital of ~~$14,840~~$10,465 and ~~$8,281~~$12,164 at ~~September~~June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, respectively. These amounts were net of deferred option ~~gains~~gain of ~~$383~~$nil and ~~$68,~~$383, respectively, related to the Awak Mas transaction. The deferred option ~~gains will ultimately be~~gain was recognized as income during the three months ended March 31, 2022 and did not require any use of current assets. Consequently, the components of working capital affecting Vista’s liquidity and capital resources included:


	At September 30, 2021		At December 31, 2020		At June 30, 2022		At December 31, 2021
Current Assets	$	16,813	$	9,407	$	11,491	$	13,952
Offset by accounts payable and accrued liabilities	$	(1,590)	$	(1,058)	$	(1,026)	$	(1,405)

~~Vista’s response to~~Vista completed the ~~COVID-19 pandemic has been to ensure~~2022 FS and the ~~health and safety~~third phase of its ~~employees~~exploration drilling program during the three months ended March 31, 2022 and ~~other stakeholders. Direct~~made substantially all final payments to vendors for this work during the second quarter of 2022. Other potential discretionary programs that may be undertaken during the balance of 2022 could total up to an additional $600. Fixed costs ~~to implement and maintain health and safety standards have been minimal. However, management expects these direct costs and other ongoing~~for corporate activities and Mt Todd ~~costs~~care and maintenance continued in line with the Company’s currently forecasted annualized rate of approximately $7,000. Management is evaluating opportunities to reduce this annualized rate and expects to begin implementing cost reductions starting in the second half of 2022. Potential sources of cash inflows include monetization of non-core assets and use of the ATM Program.

In February 2022, Australia lifted restrictions on international travel to and from the country for fully vaccinated individuals. Vista believes this action will continue ~~while certain corporate objectives, including efforts~~to have a positive impact for the Company by allowing greater in-person interaction between senior management and local stakeholders and continue to enhance the formal process we have initiated with CIBC to secure a strategic ~~development~~ partner ~~are delayed. To date, Vista has been able~~or other form of transaction to ~~sustain sufficient working capital by monetizing non-core assets, limited use of~~achieve greater value recognition for the ATM Program (discussed below), and the July 2021 Offering. However, the duration of global travel restrictions and the pace and extent of economic recovery 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.Mt Todd project.

The ~~most significant discretionary programs in process over the next 12 months include work to complete a Mt Todd definitive feasibility study and additional exploration drilling. The~~ Company estimates total remaining cash expenditures to complete the feasibility study and additional drilling will total approximately $4,400, with most of these funds being expended over the next several months.

Giving consideration to conditions associated with the pandemic and the Company’s ongoing initiatives, we believe our existing working capital at September 30, 2021, together with other potential future sources of non-dilutive financing, will be sufficient to fully fund our currently planned corporate expenses and Project holding costs, which we expect to be generally consistent with 2021 to date, for at least 12 months.

Our financial objective for a joint venture is to receive a purchase price reflective of the intrinsic value of Mt Todd, which we would expect to be sufficient to provide a source of working capital to Vista, be sufficient to fund all or most of the equity portion of our retained ownership share, and reduce any debt financing requirement. We may require additional external funding to support working capital and other corporate expenditures during construction and commissioning. We believe other viable options exist for developing the project, but the joint venturing approach should result in significantly less equity dilution than may otherwise be incurred. We also expect that a partnering arrangement would reduce development-stage risk as well as provide greater technical and operating expertise and experience. There can be no assurance that we will be successful in securing a development partner on acceptable terms, or at all.

For ongoing working capital requirements, the Company continues to focus on monetizing non-dilutive sources of funding. Vista may realize up to $2,500 if a third party elects to cancel Vista’s royalty interests in Awak Mas by the end of January 2022. The Company also owns another royalty interest in the U.S., publicly-listed equity securities, and used mill equipment that is being marketed by a third-party mining equipment dealer.

~~During 2020 and the nine months ended September 30, 2021, the Company used an~~renewed its at-the-market offering agreement in December 2021 (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”) to provide ~~additional~~ balance sheet flexibility at a potentially lower cost than other means of equity issuances. Under the ATM Agreement the Company ~~had the right,~~can, but ~~was~~is not obligated to, issue and sell Common Shares through Wainwright for aggregate ~~sales~~gross proceeds of up to $10,000

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~~(the~~ (the “ATM Program”). ~~The ATM Agreement was amended in June 2020 to remain in force until terminated by either party.~~

During the ~~nine~~three months ended ~~September~~June 30, ~~2021,~~2022, the Company sold ~~798,270~~50,000 Common Shares under the ATM Program for net proceeds of ~~$871. Through September 30, 2021, aggregate~~$51. Aggregate net proceeds ~~since establishing~~sold under the prior ATM ~~Program~~agreement totaled ~~$2,830.~~ $2,830 through December 31, 2021.

Offers or sales of Common Shares under the 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. ~~In July 2021,~~

Giving consideration to current economic conditions and the ~~ATM Program was suspended but can still~~Company’s ongoing initiatives, we believe our existing working capital as of June 30, 2022, together with other potential future sources of non-dilutive financing, will be ~~utilized by Vista following filing~~sufficient to fully fund our currently planned corporate expenses, Project holding costs and effectiveness of a new registration statement with the Securities and Exchange Commission, which management expects to put in place in due course. In view of the recently completed public offering, the Company has no immediate plans to use the ATM Program.discretionary programs for at least 12 months.

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 ~~equity~~ returns for our shareholders. Our funding strategy is to maintain a low expenditure profile, realize value from ~~non-dilutive~~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~~17

~~The following table sets forth the Company’s assets measured at fair value by level within the fair value hierarchy.~~

Fair Value at September 30, 2021


Total

Level 1

Level 3

Other investments

$
334

$
334

$
—

Fair Value at December 31, 2020


Total

Level 1

Level 3

Other investments

$
293

$
293

$
—

~~At September 30, 2021 and December 31, 2020, our investment in Nusantara Shares was classified as Level 1~~Table of the fair value hierarchy as they were valued at quoted market prices in an active, liquid and visible market (which included the approved purchase price for the acquisition of Nusantara at September 30, 2021). See “Awak Mas, Indonesia” below for additional information regarding the sale of Nusantara.Contents

~~There have been no transfers between levels in 2021, nor have there been any changes in valuation techniques.~~

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Contractual Obligations

We have no material contractual obligations as of ~~September~~June 30, ~~2021.~~2022.

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Projects Update

Mt Todd Gold Project, Northern Territory, Australia

Recent Developments

Vista acquired Mt Todd in 2006. Since that time, we have invested over ~~$100~~$110 million to systematically explore, evaluate, engineer, permit and de-risk the Project. ~~To date,~~Through the end of 2021, all technical reports, mineral resources and reserves estimates, and other property-related disclosures have been reported under ~~Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“~~NI ~~43-101”). As discussed below under “Property Disclosure Standards”,~~43-101. Starting in 2022, we ~~are progressing well toward completing a definitive feasibility study, which is anticipated~~were required to also establish mineral resources and reserves estimates under S-K 1300 standards for reporting purposes in the United States, ~~and~~while continuing to meet ~~the~~reporting standards ~~of a feasibility study~~ under NI 43-101 for Canadian purposes.

~~During the most recent quarter ended September 30, 2021, we~~We have continued to de-risk Mt Todd and undertake activities to increase shareholder value in a cost-effective manner. We believe Mt Todd’s attributes and advanced stage of technical evaluation and permitting provide a solid basis to engage with a range of prospective ~~development partners.~~parties as we seek an appropriate strategic transaction. Key considerations in any potential ~~partnership~~ transaction include value creation by recognizing a greater portion of the intrinsic value of Mt Todd and minimizing future equity dilution. ~~While the pandemic and associated travel~~Travel restrictions have ~~prevented entry into~~been lifted, and we can now travel in and out of Australia, which we believe should facilitate our efforts to unlock the value of Mt Todd.

Vista completed a feasibility study for Mt Todd and ~~slowed our partnering process, we continue~~announced the results on February 9, 2022 and filed the SK-1300 and NI 43-101 Technical Reports on February 24, 2022. This study addressed recommendations from the 2019 pre-feasibility study; reflects minor updates of the Project design to ~~work toward this objective~~be consistent with the MMP; and ~~concurrently advance programs to increase shareholder value.~~advanced the levels of engineering and detailed costing in all areas of the Project. It evaluated several trade-off opportunities (e.g., contract power generation, contract mining and autonomous truck haulage). The 2022 FS resulted in a larger reserve and longer mine life based on new mine plans using a conservative gold price assumption that is more reflective of current gold prices.

~~As previously disclosed, the~~The operational MMP for Mt Todd was approved by the Northern Territory Department of Industry, Tourism and Trade in June 2021. The operational MMP (similar to a mine operating permit in North America) was the final major authorization required for the development of the Mt Todd mine. Receipt of this approval marked the achievement of a major de-risking milestone that was a significant focus of the Company for three years. We believe this approval, combined with the previously-approved major environmental permits, demonstrates ~~recognition of~~ the quality and advanced stage of engineering and project planning. This operational MMP is being updated to reflect the project changes in the 2022 FS.

Vista is completing a definitive feasibility study for Mt Todd. This study will address recommendations from the 2019 pre-feasibility study; reflect minor updates of the Project design to be consistent with the MMP; and advance the levels of engineering and detailed costing in all areas of the Project. It will also evaluate several trade-off opportunities (e.g., contract power generation, contract mining and autonomous truck haulage). With new mine plans at prices more reflective of current gold prices, the feasibility study is expected to result in a larger reserve and longer mine life.

~~Vista continued its~~completed exploration drilling at Mt Todd ~~during the quarter ended September 30, 2021.~~in March 2022 and reported final assay results in June 2022. The drilling program ~~has~~was focused on identifying connecting structures and mineralization between previously interpreted ~~discreet~~discrete deposits and the potential for efficient resource growth with future drilling along strike from the Batman deposit, approximately 1.9 kilometers north to the Golf-Tollis/Penguin targets. ~~Our~~We believe the program successfully achieved our goal ~~is to demonstrate~~of demonstrating the regional potential along a 5.4-kilometer portion of the 24-kilometer Batman-Driffield Trend and ~~to outline~~outlining areas where future drilling can be undertaken to efficiently define additional gold resources.

~~To date, Vista has~~Vista’s drilling program completed 1826 planned drill holes (approximately ~~6,365~~8,898 meters) ~~in Phases 1 and 2 of the current program. Each of the~~. The drill holes ~~completed~~consistently intersected mineralization ~~consistent with~~predicted by our geologic ~~model. The last two holes in Phase 2 were VB21-012~~model and VB21-013. Hole VB21-012 intersected over 100 meters of mineralization, inclusive of three zones of +1 gram gold per tonne subvertical vein-sets. Hole VB21-013 drilled perpendicular to VB21-002 and VB21-005 to validate structural orientation. The results of these holes demonstrate both horizontal and vertical continuity of the targeted ~~structure.~~structures.

~~Figure 1 provides an aerial view~~18

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Based on this recent exploration program and historical sources, the Company has demonstrated continuity of mineralized structures from the Batman deposit to north of the Golf-Tollis deposit (+2 km) and delineated four areas with the potential to host additional mineralization, including:

•

Batman North – has the potential for 500,000 to 1,000,000 oz Au contained within 15.5 to 35 Mt grading 0.8 to 1.2 g Au/t;

•

Northern cross load (“NXLD”) and Southern cross load (“SXLD”) – have the potential for 400,000 to 800,000 oz Au contained within 10 to 20 Mt grading 1.2 to 1.5g Au/t;

•

Golf-Tollis – has the potential for 210,000 to 320,000 oz Au contained within 3.5 to 6.5 Mt grading 0.9 to 1.4 g Au/t; and

•

Quigleys Deposit – has the potential for an additional 700,000 to 1,400,000 oz Au contained within 11 to 16 Mt grading 1.1 to 1.4 g Au/t

The exploration target potentials were derived by the similarities to the Batman deposit sheeted vein system and their surrounding mineralization, as evidenced by drill ~~locations~~intercepts in the exploration target area across vertical cross and long sections. The volume of the modeled areas determines the potential tonnage statement in the exploration target. The grade range given in the exploration target is determined with consideration to the drill results within the modeled exploration target area and consideration of the geological setting in an established mining camp. The potential tonnages and grades are conceptual in nature and are based on drill results that defined the approximate length, thickness, depth and grade of the portion of the historical resource estimate. There has been insufficient exploration to define a current mineral resource and the Company cautions that there is uncertainty whether further exploration will result in such exploration targets being delineated as a mineral resource.

The upper NXLD / SXLD intercepts represent the high-grade zone within the Batman-Driffield Structural corridor and given that these structures have yet to be targeted or systematically explored, they represent excellent opportunities for discovery of near surface, high-grade mineralization. Structures parallel to the NXLD / SXLD are most likely to host high-grade, near surface mineralization within the Mt Todd package.

The sampling method and approach for the ~~18 holes completed to date. The image is looking south, with the Batman pit located in the upper-right corner~~drillholes are as follows:

•

The drill core, upon removal from the core barrel, is placed into plastic core boxes;

•

The plastic core boxes are transported to the sample preparation building;

•

The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork;

•

The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to NAL, a certified lab, for preparation and analytical testing; and

•

All of this work was done under the supervision of a Vista geologist.

Processing of the ~~image. VB21-012~~core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was ~~co-funded by~~one meter. When this process was completed, the ~~Northern Territory’s Geophysics and Drilling Collaborations (“GDC”) program.~~core was moved into the core cutting/storage area where it was laid out for sampling. The ~~GDC program is funded by~~core was laid out using the ~~Resourcing the Territory~~following procedures:

•

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 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 0.2 meters and a maximum of 1.2 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.

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~~initiative~~The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and ~~aims~~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). The crates were stacked outside the core shed until picked up for transport and shipped to ~~increase~~NAL in Pine Creek, Northern Territory, for standard fire assays. At the ~~intensity~~lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption finish, except where results report a result of ~~exploration drilling~~greater than 3 g Au/t, and ~~geophysics in under-explored areas~~then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the ~~Northern Territory. Vista was one~~various drilling populations and quality assurance and quality control samples has not identified or highlighted any reasons to not accept the data as representative of ~~15 companies to receive an award under~~ the ~~current round~~tenor and grade of ~~GDC funding.~~

~~Figure 1 – 2021 Drill Hole Locations~~

~~Looking south over~~ the ~~area drilled to date,~~

~~with~~mineralization estimated at the Batman ~~pit in the upper-right corner.~~

In view of the success of the current drill program, Vista recently started a third phase of drilling. Among the preliminary objectives of the next phase will be to test the lateral connectivity of the parallel north-south and cross cutting structures.deposit.

All scientific and technical information herein ~~related to the mineralization of VB21-012 and VB21-013~~ has been reviewed and approved by John Rozelle, Vista’s Sr. Vice President, a qualified person as defined by NI 43-101. For more information regarding the mineralization of VB21-012 and VB21-013, please refer to the Company’s news release dated September 22, 2021, available on the Company’s profile at www.sedar.com. The press release is referenced for informational purposes only and the information therein or on the website www.sedar.com related to the Company is not incorporated herein by reference.

~~Property Disclosure Standards~~

In 2018, the SEC adopted S-K 1300 to modernize the property disclosure requirements for mining registrants, and related guidance, as were set forth in Item 102 of Regulation S-K under the Securities Act of 1933, the Exchange Act, and in Industry Guide 7. The amendments are intended to align the SEC’s disclosure requirements and policies for mining properties more closely with current industry and global regulatory practices and standards, as embodied by the Committee for Reserves International Reporting Standards.

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Property disclosures of the Company must comply with S-K 1300 for fiscal years beginning on or after January 1, 2021. A technical report for Mt Todd, referred to as a Technical Report Summary (“TRS”), must comply with S-K 1300 and be filed with the SEC not later than the date the Company files its Form 10-K for the year ending December 31, 2021, which will contain mining property disclosure for Mt Todd in accordance with S-K 1300. While similar to a technical report prepared under NI 43-101, the TRS may not fulfill NI 43-101 reporting requirements and may require us to file a separate NI 43-101 report for Canadian purposes. There can be no assurances that the findings and conclusions of such reports will be the same due to differences in the reporting requirements; however, we do expect that the reports will be materially similar. Until such time as a TRS is completed, Mt Todd is without known mineral resources or mineral reserves under SEC Regulation S-K 1300 and the property is deemed to be in the exploration stage.

~~Los Reyes, Sinaloa~~

In July 2020, the Company sold Los Reyes to Prime Mining. In addition to consideration received by Vista for the sale of Los Reyes, 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, fulfilling its obligations under the agreement. Vista has no remaining right to be granted the royalties and back-in rights and no remaining interest in the Los Reyes project.QP.

Awak Mas, Indonesia

Vista ~~holds~~held an NSR onin Awak Mas. ~~During 2019,~~Previously, Vista and the holder of Awak Mas amended ~~the~~our 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%~~half of the original NSR onand cancel the second half after making the first ~~1,250,000 ounces produced at Awak Mas and a 1.25% NSR on the next 1,250,000 ounces produced.~~payment. The holder of the Awak Mas isroyalty made the final $2,500 payment on January 28, 2022. The Company recognized a ~~subsidiary~~gain of Nusantara. On May 5, 2020, the Company received $2,400 to cancel the related 1% NSR and 1.25% NSR. Thereafter, the Nusantara subsidiary or a nominated party had the right to cancel the remaining 1% NSR and 1.25% NSR$2,883 for an additional payment of $2,500 by April 30, 2021. Vista and the Nusantara subsidiary subsequently agreed to extend the payment date for the remaining $2,500 to not later than January 31, 2022 upon payment of certain extension fees by Nusantara subsidiary or a nominated party. If the holder or a nominated party does not make this final payment, ~~by not later than January~~which included recognition of $383 that was carried as deferred option gain as of December 31, ~~2022, Vista will retain~~2021. With this final payment, the Company has no remaining royalty ~~interests.~~

Vista held 1,333,334 Nusantara Shares at September 30, 2021. On September 22, 2021, the shareholders of Nusantara approved a scheme of arrangement whereby PT Indika Mineral Investindo (“Indika”) offered to acquire all issued shares of Nusantara for A$0.35 per share. The transaction closed on October 6, 2021, resultinginterest in ~~Vista receiving $339 upon tendering its Nusantara Shares. Upon closing of this transaction, the holder of~~ Awak ~~Mas became a controlled affiliate of Indika, but the terms of the agreement between Vista and the holder of Awak Mas remain unchanged.~~Mas.

Certain U.S. Federal Income Tax Considerations

Vista has been a “passive foreign investment company” (“PFIC”) as defined under Section 1297 of the U.S. Internal Revenue Code of 1986, as amended, in recent years and expects to continue to be a PFIC in the future. Current and prospective United States shareholders should consult their tax advisors as to the tax consequences of PFIC classification and the U.S. federal tax treatment of PFICs. Additional information on this matter is included in Vista’s Annual Report on Form 10-K for the year ended December 31, ~~2020,~~2021, under “Part II. Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Certain United States Federal Income Tax Considerations for U.S. Residents.”

Note Regarding Forward-Looking Statements

This quarterly report on Form 10-Q 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 quarterly report on Form 10-Q, our other filings with the Securities and Exchange Commission and Canadian securities commissions and in press releases and public statements by our officers or representatives that address activities, events

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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, such things as those listed below.

Operations

●

Our belief that our focus on evaluation, acquisition, exploration and advancement of gold exploration and potential development projects may lead to gold production or value-adding strategic transactions;

●

our belief that two key drivers of value which will help us achieve increased shareholder value in a cost-effective manner are: completing a definitive feasibility study for Mt Todd and securing a partner for the development of the Project;

●

our belief that our efforts in water treatment and management, environmental and social programs have created a strong social license with the traditional aboriginal landowners, local communities, and Northern Territory Government with respect to the Project;

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●

our belief that our work has added substantial value to the Project and positions the Project for near-term development;

●

our belief that the resilience of Mt Todd, in part supported by the positive impact of the current foreign exchange rate, is demonstrated by the project economics reflected in the 2022 FS;

●

our belief that the 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 operating costs;

●

our belief that the results of the 2022 FS demonstrate an attractive project development opportunity and allow the Company to evaluate a broad range of alternatives to advance Mt Todd as we continue to focus on maximizing shareholder value;

●

our belief that Mt Todd’s attributes and advanced stage of technical evaluation and permitting provide a solid basis to engage with a range of prospective ~~development partners;~~parties as we seek an appropriate strategic transaction;

●

our belief that the MMP approval, combined with the previously-approved major environmental permits, demonstrates recognition of the quality and advanced stage of engineering and project planning;

●

our estimates of future operating and financial performance;

●

our belief that recent drilling is consistent with our geologic model and demonstrates vertical and horizontal continuity of mineralization;

●

our ~~expectation~~belief that ~~programs~~the recent exploration program delineated four areas with the potential to ~~advance Mt Todd include~~host additional ~~drilling, work necessary to complete~~mineralization, that the potential tonnages and grades are conceptual in nature, and that there is uncertainty whether further exploration will result in such exploration targets being delineated as a ~~feasibility study for Mt Todd and related technical engineering/design work, and other technical studies;~~mineral resource;

●

our ~~plan~~belief that the upper NXLD / SXLD intercepts represent excellent opportunities for discovery of near surface, high-grade mineralization;

●

our expectation to ~~continue drilling~~begin implementing cost reductions starting in the second half of 2022;

●

our belief that travel to Australia will have a positive impact for the ~~balance~~Company by allowing greater in-person interaction between senior management and local stakeholders, and enhance our efforts to secure a strategic partner or other form of ~~2021 and into Q1 2022, including~~transaction;

●

our belief that the drilling program has successfully achieved our goal ~~to demonstrate~~of demonstrating the regional potential along a 5.4-kilometer portion of the 24-kilometer Batman-Driffield Trend and to outline areas where future drilling can be undertaken to efficiently define ~~efficiently~~ additional gold resources;

●

our belief that our existing working capital at ~~September~~June 30, ~~2021,~~2022, together with other potential future sources of non-dilutive financing, will be sufficient to fully fund our currently planned corporate expenses and Project holding costs ~~which we expect to be generally consistent with 2020 to date,~~ for at least 12 months;

●

our belief that Vista’s long-term viability depends upon our ability to realize value from our principal asset, Mt Todd;

●

our objective is to maintain adequate liquidity and seek to preserve, enhance and realize value of our core assets in order to achieve positive ~~equity~~ returns for our shareholders;

●

our belief that the involvement of a strategic development partner for Mt Todd would offer advantages for development and operation of the Project, while allowing the Company and its shareholders to retain the benefits of financial participation in the Project going forward;

●

our expectation that a partnering arrangement for Mt Todd will likely result in Vista being the junior partner to a mid-tier or major mining company and would reduce development-stage risk to both Vista and the Project as well as provide greater technical and operating expertise and experience;

●

our objective to receive a purchase price reflective of the intrinsic value of Mt Todd, which we would expect to be sufficient to provide a source of working capital to Vista, be sufficient to fund all or most of the equity portion of our retained ownership share, and reduce any debt financing requirement;

●

~~our belief other viable options exist for developing Mt Todd, but the joint venturing approach should result in significantly less equity dilution than may otherwise be incurred;~~

●

~~our expectation that a feasibility study for Mt Todd will include reserve estimates under S-K 1300 based on mine plans developed using a gold price in line with current market conditions;~~

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●

our intentions to address recommendations from the 2019 pre-feasibility study; minor updates of the Project design to be consistent with the MMP; and advance the levels of engineering and detailed costing all areas of the Project;

●

our belief that the Company has identified parallel structures and cross trends that may form part of the feeder system that helped create the Batman deposit and our belief that the Company’s model of the controlling structures is reliable in predicting where mineralization is most likely to be encountered;

●

our expectation that the feasibility study will evaluate several trade-off opportunities and is expected to result in a larger reserve and longer mine life due to new mine plans at prices more reflective of current gold prices;

●

our intention to allocate the net proceeds from the 2021 Offering to further refining technical aspects of the Project, enhancing economic returns, and supporting the Company’s objective of securing a development partner;

●

our belief that completing a definitive feasibility study is anticipated to establish mineral resources and reserves estimates under S-K 1300 standards for reporting purposes in the United States and meet the standards of a feasibility study under NI 43-101 for Canadian purposes;

Business and Industry

●

~~our plan to file and seek effectiveness of a new registration statement with the Securities and Exchange Commission in due course;~~

●

~~our expectation that the Company will not use the ATM Program in the immediate future;~~

●

~~the potential monetization of our non-core assets, including our mill equipment which is for sale, certain royalty interests, and holdings of listed equity securities;~~

●

our belief that we are in compliance in all material respects with applicable laws and regulations;

●

our expectation that we will continue to be a PFIC for U.S. Federal tax purposes;

●

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

●

~~our expectation that we will receive any future payments for cancellation of the remaining net smelter return royalties on the Awak Mas project in Indonesia;~~

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●

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

●

our expectation that due to COVID-19 we may incur ongoing costs while certain corporate objectives, including efforts to seek a strategic development partner, are extended, which may ultimately have a material adverse impact on the Company’s financial condition and results of operations;

●

our belief that the duration of global travel restrictions and the pace and extent of economic recovery could affect the Company’s ability to raise additional working capital on reasonable terms, or at all, and are likely to continue to extend the time required to accomplish strategic initiatives; and

●

~~our belief that the Australian government’s plan to allow international travel by foreigners may not be implemented until sometime early 2022.~~environment.

Forward-looking statements and forward-looking information have been based upon a number of estimates and assumptions including material estimates and assumptions related to our current business and operating plans, as approved by the Company’s Board of Directors; our cash and other funding requirements and timing and sources thereof; results of pre-feasibility and feasibility studies, mineral resource and reserve estimates, preliminary economic assessments and exploration activities; advancements of the Company’s required permitting processes; our experience working with our regulators; current market conditions and project development plans. 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,

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performance or achievements expressed or implied by such forward-looking statements and forward-looking information. These factors include risks such as:

Operating Risks

●

pre-feasibility and feasibility study results, timing and the accuracy of estimates and assumptions on which they are based;

●

resource and reserve 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 obtain, renew or maintain the necessary licenses, authorizations and permits for Mt Todd, including its development plans and operating activities;

●

market conditions supporting a decision to develop Mt Todd;

●

delays in commencement of construction at Mt Todd;

●

our reliance on third-party power generation for the construction and operation of Mt Todd;

●

increased costs that affect our operations or our financial condition;

●

delays ofor disruptions in supply chains;

●

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 any future joint ventures, partnerships and other arrangements relating to our properties;

●

perception of the 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;

●

future water supply issues at Mt Todd;

●

~~our ability to secure and maintain natural gas supply contracts to sustain the operation of our planned electrical power generation facility;~~

●

litigation or other legal claims;

●

environmental lawsuits;

Financial and Business Risks

●

fluctuations in the price of gold;

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●

~~general~~ inflation and cost escalation;

●

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;

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●

our ability to obtain a development partner or other means of financing for Mt Todd on favorable terms, if at all;

●

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

●

industry consolidation which could result in the acquisition of a control position in the Company for less than fair value;

●

evolving corporate governance and public disclosure regulations;

●

intense competition in the mining industry;

●

tax initiatives on domestic and international levels;

●

potential changes in regulations of taxation initiatives;

●

fluctuation in foreign currency values;

●

our likely status as a PFIC for U.S. federal tax purposes;

●

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

Industry Risks

●

inherent hazards of mining exploration, development and operating activities;

●

a shortage of skilled labor, equipment and supplies;

●

the accuracy of calculations of mineral reserves, mineral resources and mineralized material and fluctuations therein based on metal prices, 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;~~subject could result in increased operating costs or our ability to operate at all; and

●

changes in greenhouse gas emissions regulations and standards could result in increased operating ~~costs.~~costs or our ability to operate at all.

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 the risk factors contained in our Annual Report on Form 10-K for the year ended December 31, ~~2020,~~2021, under “Part I-Item 1A. Risk Factors” and in this report under “Part II-Item 1A. Risk Factors” below. 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 not to be as anticipated, estimated or intended. There can be no assurance that these 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.

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ITEM 4. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures.

At the end of the period covered by this quarterly report on Form 10-Q for the three and ~~nine~~six months ended ~~September~~June 30, ~~2021,~~2022, 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 quarterly 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.

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Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the quarter ended ~~September~~June 30, ~~2021,~~2022, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II

ITEM 1. LEGAL PROCEEDINGS.

We are not aware of any material pending or threatened litigation or of any proceedings known to be contemplated by governmental authorities and/or other parties that are, or would be, likely to have a material adverse effect upon us or our operations, taken as a whole.

ITEM 1A. RISK FACTORS.

~~Except as set forth below, there~~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, ~~2020~~2021 as filed with the SEC and Canadian securities regulatory authorities in February ~~2021.~~

~~Discretion to use capital resources other than as specified.~~

We currently intend to use the net proceeds the 2021 Offering and our working capital, together with future cash flows from operations and borrowings, if required, to accomplish the business objectives set out above under the heading ~~“Liquidity and Capital Resources”~~. However, the Board and/or management have discretion in the actual application of our capital resources and may elect to allocate proceeds differently from that described above if they believe it would be in our best interests to do so. Shareholders may not agree with the manner in which the Board and/or management choose to allocate and spend our capital resources. The failure by the Board and/or management to apply our capital resources effectively could have a material adverse effect on the development of our projects and our business, financial condition, results of operations or cash flows.

~~There may be limited liquidity for our Warrants.~~

There is no market through which the Warrants from our 2021 Offering may be sold, and we do not intend to apply to list the Warrants on the TSX or NYSE American. 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, a holder of the Warrants may have to exercise such Warrants to realize value, if any.

Holders of Warrants from our 2021 Offering will have no rights as a shareholder with respect to their Warrants until they exercise their Warrants and acquire our Common Shares, except as set forth in the Warrants.

Until a holder of Warrants acquires Common Shares upon exercise of such Warrants, such holder will have no rights with respect to the Common Shares underlying such Warrants, except as set forth in the Warrants. Upon exercise of Warrants, a holder will be entitled to exercise the rights of a shareholder only as to matters for which the record date occurs after the exercise date.2022.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURE.

We consider health, safety and environmental stewardship to be a core value for us.

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 three and ~~nine~~six months ended ~~September~~June 30, ~~2021,~~2022, we had no U.S. properties 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.

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ITEM 5. OTHER INFORMATION.

None.

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ITEM 6. EXHIBITS.

~~Exhibits~~

The following exhibits are filed as part of this report:


Exhibit Number		Description
3.01		Certificate of Continuation, previously filed as Exhibit 3.1 to the Corporation’s Form 8-K filed with the Commission on June 12, 2013 and incorporated by reference herein (File No. 1-9025)
3.02		Notice of Articles, previously filed as Exhibit 3.2 to the Corporation’s Form 8-K filed with the Commission on June 12, 2013 and incorporated herein by reference (File No. 1-9025)
3.03		Articles, previously filed as Exhibit 3.3 to the Corporation’s Form 8-K filed with the Commission on June 12, 2013 and incorporated herein by reference (File No. 1-9025)
4.01		Form of Warrants previously filed as Exhibit 4.1 to the Corporation’s Form 8-K filed with the Commission on July 12, 2021 and incorporated by reference herein (File No. 1-9025)
4.02		Form of Underwriters Warrants previously filed as Exhibit 4.2 to the Corporation’s Form 8-K filed with the Commission on July 12, 2021 and incorporated by reference herein (File No. 1-9025)
~~10.01~~10.1*		Amended and Restated ~~Underwriting~~Employment Agreement ~~previously filed as Exhibit 1.1 to the Corporation’s Form 8-K filed with the Commission on July 12, 2021~~of Frederick H. Earnest, dated May 26, 2022
10.2*		Amended and ~~incorporated by reference herein (File No. 1-9025)~~Restated Employment Agreement of Douglas L. Tobler, dated May 26, 2022
10.3*		Amended and Restated Employment Agreement of John W. Rozelle, dated May 26, 2022
23.1*		Consent of John Rozelle
23.2*		Consent of Rex Clair Bryan
23.3*		Consent of Thomas Dyer
23.4*		Consent of Deepak Malhotra
31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32.1*		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
32.2*		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
101.INS⁽¹⁾		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.
101.SCH⁽¹⁾		XBRL Taxonomy Extension – Schema
101.CAL⁽¹⁾		XBRL Taxonomy Extension – Calculations
101.DEF⁽¹⁾		XBRL Taxonomy Extension – Definitions
101.LAB⁽¹⁾		XBRL Taxonomy Extension – Labels
101.PRE⁽¹⁾		XBRL Taxonomy Extension – Presentations
104		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.

* - Filed herewith

(1)

Submitted electronically herewith. Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income/(Loss) for the three and ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022 and ~~2020,~~2021, (ii) Condensed Consolidated Balance Sheets at ~~September~~June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, (iii) Condensed Consolidated Statements of Cash Flows for the ~~nine~~six months ended ~~September~~June 30, ~~2021~~2022 and ~~2020,~~2021, and (iv) Notes to Condensed Consolidated Financial Statements.

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SIGNATURES

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.


	VISTA GOLD CORP.

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	(Registrant)

Dated: ~~October~~July 27, ~~2021~~2022	By:	/s/ Frederick H. Earnest
		Frederick H. Earnest,
		Chief Executive Officer

Dated: ~~October~~July 27, ~~2021~~2022	By:	/s/ Douglas L. Tobler
		Douglas L. Tobler
		Chief Financial Officer

2926


	Fair Value at September 30, 2021
	Total		Level 1		Level 3
Other investments	$	334	$	334	$	0


	Fair Value at December 31, 2020
	Total		Level 1		Level 3
Other investments	$	293	$	293	$	0