[Form 4] VISTA GOLD CORP Insider Trading Activity

Rhea-AI Filing Summary

Vista Gold Corp (VGZ) insider filing: Sun Valley Gold LLC reported two open‑market sales of the company’s common shares. The filing shows 400,000 shares sold at $2.21 on 09/19/2025, followed by 200,000 shares sold at $2.30 on 09/22/2025. After these transactions, the filing lists 15,898,327 shares beneficially owned indirectly.

The securities are held in advisory client accounts of Sun Valley Gold LLC, which disclaims beneficial ownership except to the extent of its pecuniary interest. The report was filed by more than one reporting person, and the remarks note that these securities are also indirectly beneficially owned by Peter F. Palmedo.

Insights

Insider Transactions Analyst

Large insider sales by a director/10% owner reduce indirect holdings; signals supply and governance-relevant ownership change.

Sun Valley Gold LLC, identified as both a Director and 10% Owner of Vista Gold Corp (VGZ), reported two open-market sales of Common Shares: 400,000 shares on 09/19/2025 at $2.21 and 200,000 shares on 09/22/2025 at $2.30. Following these transactions, indirect beneficial ownership moved from 16,098,327 to 15,898,327 shares. The filing notes the shares are held in advisory client accounts, with Sun Valley Gold LLC disclaiming beneficial ownership beyond its pecuniary interest, and indicates indirect beneficial ownership by Peter F. Palmedo.

What it means: a significant insider holder reduced exposure by a combined 600,000 shares within days. Because the holdings are reported as indirect through client accounts, economic exposure is limited to the filer’s pecuniary interest, which tempers interpretability versus direct ownership changes. No 10b5-1 plan designation is indicated in the disclosure provided.

Why it matters: insider sales by a director/10% owner can affect perceived alignment and float dynamics. Items to watch: additional Form 4s that alter the remaining 15,898,327 indirect shares, any change in 10% owner status, and whether subsequent filings clarify control or pecuniary interest. A near-term window through Q4 2025 is relevant for follow-on activity.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

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	09/19/2025		S		400,000	D	$2.21	16,098,327	I	See footnote(1)
Common Shares	09/22/2025		S		200,000	D	$2.3	15,898,327	I	See 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	X	10% Owner
	Officer (give title below)		Other (specify below)

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

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 his or its pecuniary interest therein, and affirmatively disclaim being a "group" for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.

Remarks:

As previously disclosed in Sun Valley Gold LLC's Form 4 with respect to the Issuer filed on September 23, 2025, these securities are also indirectly beneficially owned by Peter F. Palmedo.

	Sun Valley Gold LLC, By: Peter F. Palmedo, Managing Member, /s/ Peter F. Palmedo	11/07/2025
	Peter F. Palmedo, /s/ Peter F. Palmedo	11/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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