Peter Palmedo reports 3% Vista Gold (VGZ) ownership stake

Rhea-AI Filing Summary

Vista Gold Corp. received an amended Schedule 13G showing updated share ownership by several investors. The largest reporting holder, Peter F. Palmedo, reports beneficial ownership of 3,559,439 common shares, equal to 3% of the class.

Palmedo Holdings LLLP reports shared voting and dispositive power over 2,625,980 shares, or 2% of the class. Sun Valley Gold LLC and Sun Valley Gold Master Fund, Ltd. each report no beneficial ownership. The reporting persons certify the securities are not held for the purpose of changing or influencing control of Vista Gold.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Vista Gold Corp.

(Name of Issuer)

Common Shares without par value

(Title of Class of Securities)

927926303

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 927926303

1

Names of Reporting Persons

SUN VALLEY GOLD LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 927926303

1

Names of Reporting Persons

Palmedo Holdings LLLP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,625,980.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,625,980.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,625,980.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 927926303

1

Names of Reporting Persons

SUN VALLEY GOLD MASTER FUND, LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 927926303

1

Names of Reporting Persons

PETER F. PALMEDO

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 933,459.00
6	Shared Voting Power 2,625,980.00
7	Sole Dispositive Power 933,459.00
8	Shared Dispositive Power 2,625,980.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,559,439.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Vista Gold Corp.
(b)	Address of issuer's principal executive offices: 8310 S. Valley Hwy, Suite 300, Englewood, Colorado 80112
Item 2.
(a)	Name of person filing: Sun Valley Gold LLC Palmedo Holdings LLLP Sun Valley Gold Master Fund, Ltd. Peter F. Palmedo
(b)	Address or principal business office or, if none, residence: Sun Valley Gold LLC 620 Sun Valley Road, 2nd Floor P.O. Box 2211 Ketchum, ID 83340 Palmedo Holdings LLLP 620 Sun Valley Road, 2nd Floor P.O. Box 2211 Ketchum, ID 83340 Sun Valley Gold Master Fund, Ltd. 620 Sun Valley Road, 2nd Floor P.O. Box 2211 Ketchum, ID 83340 Peter F. Palmedo 620 Sun Valley Road, 2nd Floor P.O. Box 2211 Ketchum, ID 83340
(c)	Citizenship: Sun Valley Gold LLC - Delaware Palmedo Holdings LLLP - Other - Nevada Sun Valley Gold Master Fund, Ltd. - Cayman Islands Peter F. Palmedo - United States
(d)	Title of class of securities: Common Shares without par value
(e)	CUSIP No.: 927926303
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Sun Valley Gold LLC - 0 Palmedo Holdings LLLP - 2,625,980 Sun Valley Gold Master Fund, Ltd. - 0 Peter F. Palmedo - 3,559,439
(b)	Percent of class: Sun Valley Gold LLC - 0% Palmedo Holdings LLLP - 2% Sun Valley Gold Master Fund, Ltd. - 0% Peter F. Palmedo - 3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Sun Valley Gold LLC - 0 Palmedo Holdings LLLP - 0 Sun Valley Gold Master Fund, Ltd. - 0 Peter F. Palmedo - 933,459
	(ii) Shared power to vote or to direct the vote: Sun Valley Gold LLC - 0 Palmedo Holdings LLLP - 2,625,980 Sun Valley Gold Master Fund, Ltd. - 0 Peter F. Palmedo - 2,625,980
	(iii) Sole power to dispose or to direct the disposition of: Sun Valley Gold LLC - 0 Palmedo Holdings LLLP - 0 Sun Valley Gold Master Fund, Ltd. - 0 Peter F. Palmedo - 933,459
	(iv) Shared power to dispose or to direct the disposition of: Sun Valley Gold LLC - 0 Palmedo Holdings LLLP - 2,625,980 Sun Valley Gold Master Fund, Ltd. - 0 Peter F. Palmedo - 2,625,980
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SUN VALLEY GOLD LLC

Signature:	By: /s/ Peter F. Palmedo
Name/Title:	Peter F. Palmedo / Managing Member
Date:	02/05/2026

Palmedo Holdings LLLP

Signature:	By: /s/ Peter F. Palmedo
Name/Title:	Peter F. Palmedo / General Partner
Date:	02/05/2026

SUN VALLEY GOLD MASTER FUND, LTD.

Signature:	By: /s/ Peter F. Palmedo
Name/Title:	Peter F. Palmedo / Director
Date:	02/05/2026

PETER F. PALMEDO

Signature:	By: /s/ Peter F. Palmedo
Name/Title:	Peter F. Palmedo
Date:	02/05/2026

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

Material to be Filed as Exhibit: Exhibit A - Joint Filing Agreement

FAQ

What does Vista Gold (VGZ) disclose in this amended Schedule 13G/A?

The filing updates share ownership information for several investors in Vista Gold. It shows Peter F. Palmedo as the largest reporting holder with 3,559,439 common shares, representing 3% of the class, and details voting and dispositive powers for each reporting person.

How many Vista Gold (VGZ) shares does Peter F. Palmedo report owning?

Peter F. Palmedo reports beneficial ownership of 3,559,439 Vista Gold common shares. This represents 3% of the outstanding class, combining 933,459 shares over which he has sole voting and dispositive power and 2,625,980 shares over which he has shared voting and dispositive power.

What stake in Vista Gold (VGZ) is held by Palmedo Holdings LLLP?

Palmedo Holdings LLLP reports beneficial ownership of 2,625,980 Vista Gold common shares. This position represents 2% of the company’s common share class, with Palmedo Holdings LLLP having shared voting power and shared dispositive power over all 2,625,980 reported shares.

Do Sun Valley Gold LLC or Sun Valley Gold Master Fund, Ltd. still own Vista Gold (VGZ) shares?

Sun Valley Gold LLC and Sun Valley Gold Master Fund, Ltd. each report zero beneficial ownership of Vista Gold common shares. They list no sole or shared voting power and no sole or shared dispositive power, and each reports 0% of the Vista Gold common share class.

Are the Vista Gold (VGZ) reporting persons above or below the 5% ownership threshold?

All reporting persons in this filing are below the 5% ownership threshold. Peter F. Palmedo reports 3% beneficial ownership, Palmedo Holdings LLLP reports 2%, and Sun Valley Gold LLC and Sun Valley Gold Master Fund, Ltd. each report 0% of the Vista Gold common shares.

What do the reporting persons say about influencing control of Vista Gold (VGZ)?

The reporting persons certify the securities were not acquired and are not held to change or influence control of Vista Gold. They also state the holdings are not in connection with any transaction having that purpose or effect, other than activities related to a specific nomination provision.