Vista Gold (VGZ) Disclosed Large Passive Holdings by Sun Valley Entities

Rhea-AI Filing Summary

Vista Gold Corp. Schedule 13G/A discloses that related Sun Valley entities and Peter F. Palmedo report significant passive interests in the company's common shares. Sun Valley Gold LLC and Palmedo Holdings LLLP each report beneficial ownership of 16,498,327 shares (13.2% of the class), and Sun Valley Gold Master Fund, Ltd. reports 13,728,729 shares (11.0%). All reporting persons indicate zero sole voting or sole dispositive power and instead report shared voting and shared dispositive power over the stated amounts. The filing states these securities are directly owned by advisory clients of Sun Valley Gold LLC and includes a certification that the holdings were not acquired to change or influence control of the issuer.

Positive

• Material disclosure of substantial stakes: Sun Valley entities report 16,498,327 shares (13.2%), providing transparency on major holders
• Clear classification as passive ownership: Filing is a Schedule 13G/A and includes a certification that the securities were not acquired to change or influence control
• Identification of advisory-client ownership: The report states securities are directly owned by advisory clients of Sun Valley Gold LLC, clarifying beneficial owner relationships

Negative

• No sole voting or dispositive power reported: All reporting persons list 0 sole voting and 0 sole dispositive power, indicating shared control rather than a single accountable holder
• Concentration among affiliated parties: Related reporting persons collectively report a large, concentrated interest which could lead to coordinated influence despite passive classification
• Limited granularity on individual advisory clients: Except for Sun Valley Gold Master Fund, Ltd., the filing states advisory clients generally are not individually identified as >5%, reducing visibility into which clients hold the economic exposure

Insights

Securities Analyst

TL;DR: Large passive stake disclosed: 13.2% ownership with shared voting power over 16.5M shares; filing indicates no intent to seek control.

The Schedule 13G/A reveals material, passive positions held by affiliated Sun Valley entities and Peter Palmedo in Vista Gold. The reporting structure shows shared voting and dispositive power rather than sole control, which typically signals an investment or advisory position rather than an activist intent. For investors, a 13.2% reported stake is substantial and can affect liquidity and potential block trade dynamics, but the certification and filing type point to a non-control posture.

Corporate Governance Expert

TL;DR: Concentrated, affiliated holdings present governance relevance but the Schedule 13G/A frames the position as passive.

The disclosure identifies related entities controlling shared voting and disposition rights over a sizable portion of outstanding shares. While the filing explicitly disclaims acquisition for control, the concentration of economic exposure among affiliated reporting persons warrants attention from governance-minded investors because coordinated voting by related parties can influence shareholder votes even absent a stated control intent. The filing’s explicit zero sole-power entries clarify the form of influence reported.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Vista Gold Corp.

(Name of Issuer)

Common Shares without par value

(Title of Class of Securities)

927926303

(CUSIP Number)

06/30/2025

(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 16,498,327.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,498,327.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,498,327.00

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)

13.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 927926303

1

Names of Reporting Persons

Pamedo 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 16,498,327.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,498,327.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,498,327.00

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)

13.2 %

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 13,728,729.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,728,729.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,728,729.00

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)

11.0 %

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 0.00
6	Shared Voting Power 16,498,327.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,498,327.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,498,327.00

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)

13.2 %

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 - 16,498,327 Palmedo Holdings LLLP - 16,498,327 Sun Valley Gold Master Fund, Ltd. - 13,728,729 Peter F. Palmedo - 16,498,327
(b)	Percent of class: Sun Valley Gold LLC - 13.2% Palmedo Holdings LLLP - 13.2% Sun Valley Gold Master Fund, Ltd. - 11.0% Peter F. Palmedo - 13.2%
(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 - 0
	(ii) Shared power to vote or to direct the vote: Sun Valley Gold LLC - 16,498,327 Palmedo Holdings LLLP - 16,498,327 Sun Valley Gold Master Fund, Ltd. - 13,728,729 Peter F. Palmedo - 16,498,327
	(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 - 0
	(iv) Shared power to dispose or to direct the disposition of: Sun Valley Gold LLC - 16,498,327 Palmedo Holdings LLLP - 16,498,327 Sun Valley Gold Master Fund, Ltd. - 13,728,729 Peter F. Palmedo - 16,498,327
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G are directly owned by advisory clients of Sun Valley Gold LLC. None of those advisory clients, other than Sun Valley Gold Master Fund, Ltd., may be deemed to beneficially own more than 5% of the Common Shares without par value.
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:	/s/ Peter F. Palmedo
Name/Title:	Peter F. Palmedo/Managing Member
Date:	08/13/2025

Pamedo Holdings LLLP

Signature:	/s/ Peter F. Palmedo
Name/Title:	Peter F. Palmedo/General Partner
Date:	08/13/2025

Sun Valley Gold Master Fund, Ltd.

Signature:	/s/ Peter F. Palmedo
Name/Title:	Peter F. Palmedo/Director
Date:	08/13/2025

Peter F. Palmedo

Signature:	/s/ Peter F. Palmedo
Name/Title:	Peter F. Palmedo
Date:	08/13/2025

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

Exhibit A - Joint Filing Agreement

FAQ

What percentage of VGZ does Sun Valley Gold LLC report owning?

Sun Valley Gold LLC reports beneficial ownership of 16,498,327 shares, representing 13.2% of the class, with shared voting and dispositive power.

How many shares does Sun Valley Gold Master Fund, Ltd. report owning?

Sun Valley Gold Master Fund, Ltd. reports owning 13,728,729 shares, representing 11.0% of the class, with shared voting and dispositive power.

Does the filing indicate intent to change or influence control of Vista Gold (VGZ)?

No. The Schedule 13G/A includes a certification that the securities were not acquired and are not held for the purpose of changing or influencing control.

Who is the signing reporting person on the filing?

Peter F. Palmedo signed on behalf of the reporting persons in capacities including Managing Member, General Partner and Director.

Do any reporting persons report sole voting or dispositive power over the shares?

No. Each reporting person reports 0 shares of sole voting power and 0 shares of sole dispositive power; reported authority is shared.