Vista Gold Corp reports a 9.65% beneficial position held by Kopernik Global Investors and David B. Iben. The Reporting Persons state aggregate beneficial ownership of 14,090,950 Common Shares, representing 9.65% of 145,971,346 shares outstanding as of March 31, 2026. The filing discloses shared voting power of 13,632,349 shares and shared dispositive power of 14,090,950. The securities are held for investment advisory clients; no single client is reported to own more than 5%.
Positive
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Insights
Kopernik and its controlling member report a notable ~9.7% passive stake in Vista Gold.
The statement shows 14,090,950 shares beneficially owned in aggregate and attributes shared voting power to the Reporting Persons, consistent with advisory management of client accounts. The ownership percentage is calculated from the issuer's interim financial statements as of March 31, 2026.
Because the filing states holdings are held for advisory clients and no single client exceeds 5%, holder-level concentration and potential near-term selling pressure depend on client mandates and are not specified in this excerpt.
The filing records shared voting and dispositive authority rather than sole control, which is typical for investment advisers.
The reported shared voting power of 13,632,349 and shared dispositive power of 14,090,950 indicate delegated or aggregated authority over client accounts. The filing includes a joint filing agreement and a power of attorney executed through counsel.
Material governance implications hinge on whether the Reporting Persons act in concert with other holders; this excerpt does not identify coordinating arrangements beyond the joint filing statement.
Key Figures
Beneficial ownership:14,090,950 sharesPercent of class:9.65%Shares outstanding used:145,971,346 shares+2 more
"Amount beneficially owned: The Reporting Persons beneficially own, in the aggregate, 14,090,950 Common Shares."
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Shared Dispositive Power 14,090,950.00"
Schedule 13Gregulatory
"This is jointly filed by Kopernik Global Investors, LLC and David B. Iben (collectively, the "Reporting Persons")."
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
What stake did Kopernik report in Vista Gold (VGZ)?
Kopernik Global Investors and David B. Iben reported aggregate beneficial ownership of 14,090,950 shares, representing 9.65% of outstanding common shares as of March 31, 2026. The figure is taken from the issuer's interim financial statements.
Does the Schedule 13G filing show who holds the shares for Kopernik?
The filing states the securities are beneficially owned by investment advisory clients of Kopernik; it does not name individual client holders and notes no single such person owns over 5% of the class.
What voting and dispositive powers are reported for VGZ shares?
The Reporting Persons disclose shared voting power of 13,632,349 shares and shared dispositive power of 14,090,950 shares, with zero sole voting or dispositive power reported.
What outstanding share count did the filing use to compute the 9.65%?
The percentage is calculated using an outstanding share base of 145,971,346 common shares as of March 31, 2026, per the issuer's interim condensed consolidated financial statements.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
VISTA GOLD CORP
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
927926303
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
927926303
1
Names of Reporting Persons
Kopernik Global Investors, 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
13,632,349.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
14,090,950.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
14,090,950.00
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)
9.65 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: Based on 145,971,346 common shares outstanding as of March 31, 2026 as set forth in the Issuer's Interim Condensed Consolidated Financial Statements for the three-month period ended March 31, 2026 filed by the Issuer on Form 10-Q with the Securities and Exchange Commission on April 30, 2026.
SCHEDULE 13G
CUSIP Number(s):
927926303
1
Names of Reporting Persons
David B. Iben
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
13,632,349.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
14,090,950.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
14,090,950.00
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)
9.65 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person: Based on 145,971,346 common shares outstanding as of March 31, 2026 as set forth in the Issuer's Interim Condensed Consolidated Financial Statements for the three-month period ended March 31, 2026 filed by the Issuer on Form 10-Q with the Securities and Exchange Commission on April 30, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
VISTA GOLD CORP
(b)
Address of issuer's principal executive offices:
Suite 300 - 8310 S Valley Hwy, Englewood, CO 80112
Item 2.
(a)
Name of person filing:
This Schedule 13G is jointly filed by Kopernik Global Investors, LLC ("Kopernik Global Investors") and David B. Iben (collectively, the "Reporting Persons"). Kopernik Global Investors is an investment adviser. Mr. Iben is the controlling member and Co-Chief Investment Officer of Kopernik Global Investors.
(b)
Address or principal business office or, if none, residence:
2502 N. Rocky Point Dr. Suite 300
Tampa, FL 33607
(c)
Citizenship:
Kopernik Global Investors is a limited liability company organized under the laws of Delaware. Mr. Iben is a citizen of the United States of America.
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP Number(s):
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:
The Reporting Persons beneficially own, in the aggregate, 14,090,950 Common Shares. None of the securities are held by the Reporting Persons. The filing of this statement shall not be construed as an admission that either of the Reporting Persons is the beneficial owner of any of the securities covered by this Schedule 13G for any other purpose.
(b)
Percent of class:
The number of Common Shares beneficially owned by the Reporting Persons represents 9.65% of the Issuer's outstanding Common Shares based on 145,971,346 common shares outstanding as of March 31, 2026 as set forth in the Issuer's Interim Condensed Consolidated Financial Statements for the three month period ended March 31, 2026 filed by the Issuer on Form 10-Q with the Securities and Exchange Commission on April 30, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
13,632,349
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
14,090,950
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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.
Securities reported on this Schedule 13G are beneficially owned by investment advisory clients which may include investment companies registered under the Investment Company Act and/or other separately managed accounts. No such person beneficially owns over 5%.
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 acquired and are held in the ordinary course of business and 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.
Kopernik Global Investors, LLC
Signature:
/s/Sarah L. Bertrand
Name/Title:
Sarah L. Bertrand General Counsel and Chief Compliance Officer
Date:
05/14/2026
David B. Iben
Signature:
/s/ David B. Iben by Sarah L. Bertrand, power of attorney
Name/Title:
David B. Iben by Sarah L. Bertrand, power of attorney
Date:
05/14/2026
Exhibit Information
99.1 Joint Filing Agreement, dated May 14, 2026, by and between Kopernik Global Investors, LLC and David B. Iben.
99.2 Power of Attorney appointing Sarah L. Bertrand, dated October 25, 2024, signed by David B. Iben.
