[Form 4] VISTA GOLD CORP Insider Trading Activity

Rhea-AI Filing Summary

Vista Gold Corp (VGZ): Sun Valley Gold LLC filed a Form 4 reporting open‑market sales of the company’s common shares. On October 8, 2025, the reporting persons sold 169,075 shares at $2.34 per share. On October 9, 2025, they sold 136,934 shares at $2.21 per share.

Following these transactions, the filing lists 15,577,067 shares beneficially owned indirectly. According to the footnote, the shares are held in accounts of advisory clients of Sun Valley Gold LLC and may be deemed beneficially owned by Sun Valley Gold LLC, which disclaims beneficial ownership except to the extent of its pecuniary interest. The filing also notes indirect beneficial ownership by Peter F. Palmedo.

Insights

Insider Transactions Analyst

Insider sales by a reporting 10% holder/director; modest size relative to remaining stake.

Sun Valley Gold LLC and Peter F. Palmedo reported open‑market sales of Vista Gold common shares coded "S" on 10/08/2025 and 10/09/2025. The reported sales totaled 306,009 shares at prices of $2.34 and $2.21. Following these transactions, indirect beneficial ownership stood at 15,577,067 shares, with ownership reported as indirect and subject to the footnoted disclaimers.

The footnote states the shares are held in advisory client accounts of Sun Valley Gold LLC, which disclaims beneficial ownership beyond any pecuniary interest and affirms no "group" status. No derivative transactions were reported. More than one reporting person filed, and the relationship boxes indicate director and 10% owner status.

This is a notable disclosure due to the filer’s status, yet the sale size is small compared to the reported remaining holdings. Items to watch include any subsequent Form 4s that show continued reductions, changes in indirect holdings language, or status relative to the 10% threshold. The next relevant checkpoints are future transaction dates disclosed in subsequent filings after 10/09/2025.

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
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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)
10/08/2025

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	10/08/2025		S		169,075	D	$2.34	15,714,001	I	See footnote(1)
Common Shares	10/09/2025		S		136,934	D	$2.21	15,577,067	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 October 10, 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.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Sun Valley Gold report in the VGZ Form 4?

Open‑market sales of Vista Gold common shares: 169,075 shares at $2.34 on 10/08/2025 and 136,934 shares at $2.21 on 10/09/2025.

How many Vista Gold (VGZ) shares remain beneficially owned after the transactions?

The filing lists 15,577,067 shares beneficially owned indirectly following the reported sales.

Who are the reporting persons in the VGZ Form 4?

Sun Valley Gold LLC and Peter F. Palmedo (Managing Member) are listed as reporting persons.

Were the reported shares held directly by Sun Valley Gold LLC?

The footnote states the shares are held in advisory client accounts and may be deemed beneficially owned; Sun Valley Gold LLC disclaims beneficial ownership except for its pecuniary interest.

What were the sale prices disclosed in the VGZ Form 4?

Shares were sold at $2.34 on October 8, 2025, and at $2.21 on October 9, 2025.

Is there mention of indirect beneficial ownership by an individual?

Yes. The filing notes these securities are also indirectly beneficially owned by Peter F. Palmedo, as previously disclosed.