[Form 4] VISTA GOLD CORP Insider Trading Activity

Rhea-AI Filing Summary

Vista Gold Corp insider Sun Valley Gold LLC reported share sales. The filing shows sales of Vista Gold common shares in two transactions. On 12/19/2025, 724,056 common shares were sold at a price of $2.10 per share, leaving 13,004,673 shares beneficially owned indirectly. On 12/22/2025, a further 156,688 common shares were sold at $2.25 per share, resulting in 12,847,985 common shares beneficially owned indirectly.

The shares are held in the accounts of advisory clients of Sun Valley Gold LLC, which is reported as a director of Vista Gold Corp. Sun Valley Gold LLC states that it may be deemed to beneficially own these securities but disclaims beneficial ownership except to the extent of its pecuniary interest and also disclaims being 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

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)
12/19/2025

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	12/19/2025		S		724,056	D	$2.1	13,004,673	I	See footnote(1)
Common Shares	12/22/2025		S		156,688	D	$2.25	12,847,985	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 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	12/22/2025
	Peter F. Palmedo, /s/ Peter F. Palmedo	12/22/2025
	** 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 insider transaction did Vista Gold Corp (VGZ) report in this Form 4?

The Form 4 reports that an insider associated with Sun Valley Gold LLC, a director of Vista Gold Corp, sold Vista Gold common shares in two separate transactions and updated the number of shares beneficially owned indirectly after these sales.

How many Vista Gold (VGZ) shares did Sun Valley Gold LLC-related accounts sell and at what prices?

The accounts sold 724,056 Vista Gold common shares on 12/19/2025 at $2.10 per share, and 156,688 common shares on 12/22/2025 at $2.25 per share.

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

After the 12/19/2025 sale, the filing shows 13,004,673 common shares beneficially owned indirectly, and after the 12/22/2025 sale, 12,847,985 common shares beneficially owned indirectly.

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

The filing explains that the Vista Gold common shares are held in accounts of advisory clients of Sun Valley Gold LLC. Sun Valley Gold LLC states it may be deemed to beneficially own these shares but disclaims beneficial ownership except to the extent of its pecuniary interest.

Does Sun Valley Gold LLC claim to be part of a group under Section 16 for Vista Gold (VGZ)?

No. The explanation states that Sun Valley Gold LLC affirmatively disclaims being a "group" for purposes of Section 16 of the Securities Exchange Act of 1934, as amended.

What is the relationship of the reporting person to Vista Gold Corp (VGZ)?

The reporting person is identified as a director of Vista Gold Corp. This relationship is indicated in the section titled "Relationship of Reporting Person(s) to Issuer" on the form.