Vista Gold (VGZ) director awarded 24,000 deferred share units

Rhea-AI Filing Summary

Friedman Deborah J reported acquisition or exercise transactions in this Form 4 filing.

Vista Gold Corp director Deborah J. Friedman received a grant of 24,000 Deferred Share Units (DSUs). These DSUs are the economic equivalent of 24,000 common shares and were awarded at no cash cost as compensation.

The DSUs vest immediately upon issuance, but the underlying common shares will only be issued after Friedman separates from the board. Following this grant, she holds a total of 523,000 DSUs directly linked to Vista Gold common shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Friedman Deborah J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Share Units	24,000	$0.00	$0.00

Holdings After Transaction: Deferred Share Units — 523,000 shares (Direct)

Footnotes (1)

1. F1. 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.

FAQ

What insider transaction did Vista Gold (VGZ) report for Deborah J. Friedman?

Vista Gold reported that director Deborah J. Friedman received 24,000 Deferred Share Units. These units are the economic equivalent of 24,000 common shares and were granted as compensation, increasing her total DSU holdings to 523,000 units directly linked to Vista Gold common shares.

What are Deferred Share Units in the Vista Gold (VGZ) Form 4 filing?

Deferred Share Units (DSUs) are instruments economically equivalent to common shares. For Vista Gold, each DSU equals one common share, vests immediately, and converts into actual shares only when the reporting person separates as a director, providing equity-based, non-cash compensation tied to future share delivery.

When will Deborah J. Friedman receive Vista Gold (VGZ) common shares from these DSUs?

Although the 24,000 Deferred Share Units vest immediately, Vista Gold will not issue the underlying common shares until Deborah J. Friedman separates as a director. She has no voting or dispositive rights over those underlying common shares until that separation event occurs.

How large is Deborah J. Friedman’s Vista Gold (VGZ) DSU position after this grant?

After receiving 24,000 new Deferred Share Units, Deborah J. Friedman holds 523,000 DSUs tied to Vista Gold common shares. Each DSU represents the economic equivalent of one common share, so her entire position reflects future rights to 523,000 underlying common shares.

Do the Vista Gold (VGZ) Deferred Share Units granted expire at any time?

Yes. The Form 4 states the DSU grants will expire no later than December 1 of the year following the calendar year in which the director’s separation occurs. This sets an outside limit on when the underlying common shares must be issued after separation.

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Accepted by SEC EDGAR 03/17/2026 - 10:56 AM Learn about SEC filing dates

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^*

Friedman Deborah J

(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	523,000	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 Deborah J. Friedman	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.