Vista Gold (VGZ) director receives 24,000 Deferred Share Units as award

Rhea-AI Filing Summary

SYLVESTRE MICHEL reported acquisition or exercise transactions in this Form 4 filing.

Vista Gold Corp director Michel Sylvestre reported an award of 24,000 Deferred Share Units, each economically equivalent to one common share. These DSUs vest immediately but the underlying common shares will only be issued after he separates as a director. Following this grant, he holds 312,000 DSUs directly. The grants will expire no later than December 1 of the year following the calendar year in which separation occurs.

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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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^*

SYLVESTRE MICHEL

(Last) (First) (Middle)

C/O VISTA GOLD CORP.

8310 S. VALLEY HIGHWAY, SUITE 300

(Street)

ENGLEWOOD CO 80112

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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

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

X	Form filed by One Reporting Person
	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

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
Deferred Share Units	(1)	03/13/2026		A		24,000		(1)	(1)	Common Shares	24,000	$0	312,000	D

Explanation of Responses:

1. Each Deferred Share Unit ("DSU") is the economic equivalent of one of the Issuer's common shares. The DSUs vest immediately upon issuance; however, the underlying common shares will not be issued to the reporting person, and the reporting person shall not have any voting or dispositive rights with respect to the underlying common shares, until the separation of the reporting person as a director of the Issuer. The grants will expire no later than December 1 of the year following the calendar year in which separation occurs.

	/s/ Glenn Cowan as attorney-in-fact for Michael Sylvestre	03/17/2026
	** 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 insider transaction did Vista Gold (VGZ) director Michel Sylvestre report?

Michel Sylvestre reported receiving 24,000 Deferred Share Units. The award is coded as a grant or other acquisition, with no cash price per unit. Each unit is economically equivalent to one Vista Gold common share under the company’s director compensation structure.

How many Deferred Share Units does Michel Sylvestre hold after this Vista Gold (VGZ) grant?

After the 24,000-unit grant, Michel Sylvestre holds 312,000 Deferred Share Units. All of these are reported as directly owned derivative securities linked to Vista Gold common shares, reflecting his accumulated director compensation in deferred form.

What are Vista Gold (VGZ) Deferred Share Units and how do they relate to common shares?

Each Vista Gold Deferred Share Unit is the economic equivalent of one common share. They represent deferred compensation for directors and track the value of common shares, but the actual underlying common shares are only issued when the director separates from the board.

When will Michel Sylvestre receive Vista Gold (VGZ) common shares for his Deferred Share Units?

The underlying common shares will be issued only upon his separation as a director. Until that separation, he has no voting or dispositive rights over the underlying common shares, even though the Deferred Share Units vest immediately on issuance.

Do Vista Gold (VGZ) Deferred Share Units granted to Michel Sylvestre have an expiration date?

Yes, the grants will expire no later than December 1 of a specific year. They expire by December 1 of the year following the calendar year in which he separates as a director, setting an outside limit on when the deferred compensation must be settled.