Denver, Colorado, November 30, 2021 - Vista Gold Corp. (“Vista” or the “Company”) (NYSE American and TSX: VGZ) provided an update on the definitive feasibility study (“DFS”) for its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory, Australia and other key programs.

Frederick H. Earnest, President and CEO of Vista, commented, “We are approaching the achievement of a very important milestone in increasing shareholder value. The Mt Todd DFS is nearly complete and we expect to announce the results early next year. We believe the DFS results, reflective of more detailed engineering and the higher level of precision in cost estimating required for this study, will generate significant interest in the Project from investors and potential partners. In addition to a new mine plan using a higher gold price, which we expect to result in an increase in reserves and a longer mine life, we are completing trade-off studies that have the potential to lower related capital costs. We continue to execute on our strategy to seek a partner and believe the DFS will provide the catalyst for accelerating the process. Our exploration drilling program is ongoing and expected to continue through the first quarter of 2022. As part of the Company’s normal course of business, we recently filed a Registration Statement on Form S-3 to maintain maximum financial flexibility as we advance toward our goal of a joint venture to develop Mt Todd.”

Definitive Feasibility Study

The DFS is on schedule and on budget, with completion expected in early 2022. As previously reported, Vista is:

completing the remaining feasibility-level engineering in the process plant (piping, electrical, and instrumentation);
updating Project designs to be consistent with the approved Mine Management Plan;
revising the mine plan using a higher gold price, which is expected to reflect increased gold reserves, improve the production profile, and extend the life of the mine;
completing the Project economic evaluation using a gold price and cost inputs more reflective of current market conditions;
undertaking trade-off studies to evaluate opportunities to reduce related capital costs by using a third-party power generating facility and contract mining; and
evaluating autonomous truck haulage as part of the operating cost optimization work.
Development Strategy

The DFS is a major milestone which is expected to raise the profile of and expedite our ongoing partnering process, leading to a joint venture or other transaction that will recognize the intrinsic value of Mt Todd for Vista shareholders.

Vista has completed extensive technical work at Mt Todd and has the approval of all major permits required to undertake project development. The completion of the DFS is expected to provide a solid foundation and catalyst to move forward expeditiously with prospective partners to establish a mutually beneficial pathway for development of the Project.

Exploration Drilling Program

The Company’s exploration program is expected to continue through the first quarter of 2022. Vista is continuing its approach to demonstrate district-scale mineralization and structural continuity between the Batman and Quigleys deposits, where future in-fill drilling may be undertaken to define additional gold resources.

Shelf Registration Statement

On November 19, 2021, the Company filed a $100 million Shelf Registration Statement on Form S-3 (“Shelf Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”) (SEC File No. 333-239139). The Company has no present plans to use the Shelf Registration, nor is it under any obligation to do so, and has filed the Shelf Registration Statement in the normal course of business.

Management believes the Company’s current liquidity is sufficient to fund the Company’s value enhancing programs, continue to fund working capital, and strengthen its position in discussions with potential partners.