Sun Valley Gold LLC (VGZ) discloses 400,000 Vista Gold share sale, 12.4M held

Rhea-AI Filing Summary

Sun Valley Gold LLC, as a reporting person for Vista Gold Corp, disclosed a sale of common shares. On 12/23/2025, an indirect account sold 400,000 Vista Gold common shares at $2.2 per share, coded as a disposition. After this transaction, Sun Valley Gold LLC reported 12,447,985 common shares beneficially owned in an indirect capacity. The filing notes these common shares are held in the accounts of advisory clients of Sun Valley Gold LLC and may be deemed beneficially owned by the firm, which disclaims beneficial ownership except to the extent of its pecuniary interest and states it is not a "group" for Section 16 purposes.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SUN VALLEY GOLD LLC

(Last) (First) (Middle)

620 SUN VALLEY ROAD

2ND FLOOR, PO BOX 2211

(Street)

KETCHUM ID 83340

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
VISTA GOLD CORP [ VGZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former 10% Beneficial Owner

3. Date of Earliest Transaction (Month/Day/Year)
12/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	12/23/2025		S		400,000	D	$2.2	12,447,985	I	Footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

SUN VALLEY GOLD LLC

(Last) (First) (Middle)

620 SUN VALLEY ROAD

2ND FLOOR, PO BOX 2211

(Street)

KETCHUM ID 83340

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former 10% Beneficial Owner

1. Name and Address of Reporting Person^*

Palmedo Peter F.

(Last) (First) (Middle)

C/O SUN VALLEY GOLD LLC

620 SUN VALLEY ROAD, 2ND FL, PO BOX 2211

(Street)

KETCHUM ID 83340

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former 10% Beneficial Owner

Explanation of Responses:

1. The Common Shares are held in the accounts of advisory clients of Sun Valley Gold LLC and may be deemed to be beneficially owned by Sun Valley Gold LLC. Sun Valley Gold LLC disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and affirmatively disclaim being a "group" for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.

	Sun Valley Gold LLC, By: Peter F. Palmedo, Managing Member, /s/ Peter F. Palmedo	12/29/2025
	Peter F. Palmedo, /s/ Peter F. Palmedo	12/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What transaction in Vista Gold Corp (VGZ) stock is reported here?

The filing reports that on 12/23/2025, an account associated with Sun Valley Gold LLC sold 400,000 Vista Gold Corp common shares at $2.2 per share.

How many Vista Gold Corp (VGZ) shares does the reporting person show after the sale?

Following the reported transaction, Sun Valley Gold LLC shows 12,447,985 Vista Gold Corp common shares as beneficially owned in an indirect capacity.

Who is the reporting person in this Vista Gold Corp (VGZ) Form 4?

The reporting person is Sun Valley Gold LLC, with the form also signed by Peter F. Palmedo as Managing Member and as an individual reporting person.

How does Sun Valley Gold LLC describe its beneficial ownership of VGZ shares?

Sun Valley Gold LLC states the common shares are held in advisory client accounts and may be deemed beneficially owned by it, but it disclaims beneficial ownership except for its pecuniary interest.

Does Sun Valley Gold LLC claim to be part of a group regarding Vista Gold Corp (VGZ)?

No. Sun Valley Gold LLC explicitly affirms it is not a "group" for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.

What type of security is involved in this Vista Gold Corp (VGZ) Form 4?

The transaction involves Vista Gold Corp common shares reported in Table I for non-derivative securities.