DENVER, May 04, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended March 31, 2020. The Company’s unaudited financial statements, Management’s Discussion and Analysis together with other important disclosures can be found in the Company’s Quarterly Report on Form 10-Q, filed on May 4, 2020 with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

Summary of Q1 2020 Financial Results
Vista reported a net loss of $3.5 million or $0.03 per share for the three months ended March 31, 2020. The loss was comprised of $2.3 million of operating expenses, a $1.1 million mark-to-market loss on our investments in Midas Gold Corp. and Nusantara Resources Limited, and other expenses of $0.1 million.

Working capital at March 31, 2020 totaled approximately $4.9 million, including cash and short-term investments (comprised of government securities) of approximately $3.2 million. The Company has no debt.

Vista’s President and CEO, Mr. Frederick H. Earnest commented, “The COVID-19 pandemic continues to have a significant impact on human life and health, and on the global economy, financial markets and commodities. The health, safety and well-being of our employees and other stakeholders remains a priority for our Company. Although global travel restrictions have prevented us from engaging in face-to-face meetings with potential strategic partners, we continue to advance our objective of securing a partner for the construction and development of Mt Todd.

Current market conditions highlight the leverage to gold price that favors the Mt Todd gold project. At a current gold price of approximately $1,700 per ounce and a foreign exchange rate of $US0.65=A$1.00, the project economics demonstrate an after-tax NPV5% of more than US$1.6 billion and an IRR of 40%. The recently released benchmarking study further supports the capital and operating costs behind these compelling economic estimates. We are also pleased that notice to exercise the option has been provided by the holder of the Awak Mas project to cancel half of the net smelter return royalty held by Vista, and we expect to receive the required $2.4 million payment within days. This payment will provide an important source of working capital for the next twelve months.”

COVID-19 Pandemic Update
Vista is responding to the COVID-19 pandemic to ensure the health and safety of its employees and other stakeholders. Corporate activities continue with personnel working remotely. Corporate travel and participation in conferences has been replaced by an increased use of video conferencing technology. In Australia, Mt Todd is classified as a critical business and is operating under a COVID-19 Management and Mitigation Plan. To date, our workforce remains healthy and free of symptoms of the virus.

Awak Mas Project, Indonesia
Vista holds an NSR royalty on the Awak Mas project in Indonesia. During 2019, Vista and PT Masmindo Dwi Area (“PT Masmindo”) amended the original royalty agreement to allow PT Masmindo to make a $2.4 million payment to Vista by April 30, 2020 to cancel a 1% NSR on the first 1,250,000 ounces produced at Awak Mas and a 1.25% NSR on the next 1,250,000 ounces produced. The due date for this payment was subsequently amended to May 8, 2020. On April 29, 2020, PT Masmindo provided notice to Vista to exercise the option to cancel the related 1% NSR and 1.25% NSR upon making a payment of $2.4 million, which the Company expects to receive by May 8, 2020. Upon receipt of the $2.4 million payment, PT Masmindo will then have the right to cancel the remaining 1% NSR and 1.25% NSR for an additional payment of $2.5 million by April 30, 2021. If PT Masmindo does not make the $2.4 million payment by May 8, 2020, Vista will retain the full royalty interests and can pursue alternative monetization strategies.

Independent Benchmarking Study
In March 2020, Vista announced the positive results of an independent benchmarking study ("Study") of the 2019 updated preliminary feasibility study for the Mt Todd Gold Project (the “Project”) in the Northern Territory, Australia ("2019 PFS"). Concurrent with completing the 2019 PFS, the Company engaged an independent consultant to review and compare Vista’s estimated costs and schedules. The analysis, review and positive results of the Study are an indication of the Company’s commitment to ensuring that Project designs, schedules and economic analyses are reasonable and appropriate.

All dollar amounts in this press release are in U.S. dollars.

About Vista Gold Corp.
The Company is a gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

Technical Report on Mt Todd
For further information on the Mt Todd Gold Project, see the Technical Report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia” with an effective date of September 10, 2019 and an issue date of October 7, 2019, which is available on SEDAR as well as on Vista’s website under the Technical Reports section. John Rozelle, Vista’s Sr. Vice President, a Qualified Person as defined by NI 43-101, has approved the information in this press release.


Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All etc. etc..