Mt. Todd Second Phase Exploration Drilling Completed

DENVER, CO - Frederick H. Earnest, President and Chief Executive Officer of Vista Gold Corp. reported, “At Mt Todd, we have advanced and de-risked the Project and with the approval of the Mining Management Plan (the last of the major permits for the project). We have aligned our current activities to support an accretive strategy for its development.”

The Mt Todd gold project located in Northern Territory, Australia. In July, Vista commenced the engineering work to complete a definitive feasibility study (DFS). The work being completed complements and builds on the extensive amount of engineering previously completed, with confidence that the process flowsheet is now well defined. The Company is finalizing of the engineering in the process plant and completing work for the minor areas not previously completed to feasibility-level standards, which include piping, electrical, and instrumentation. The mine plan is being updated using a gold price more reflective of the current gold price. This change is expected to increase gold reserves and extend the mine life. Engineering studies to evaluate autonomous truck haulage and trade-off studies to assess the potential benefits of contract mining and a third-party owner/operator of the power plant is being completed. The DFS is on schedule and expected to be completed in the first quarter of 2022.

The second phase of drilling, which included 18 holes and approximately 6,000 meters, has been completed. Holes announced to date have successfully identified several gold-bearing structures that connect the Batman pit and the Golf-Tollis deposit. Assays for the final two holes of this phase, VB21-012 and VB21-013, are expected soon. The third phase of drilling, totaling an additional 3,000 meters, has commenced and is expected to continue through year end. The purpose of the current drill program is to identify areas where future infill drilling will have the greatest potential to add resource ounces close to the Batman deposit.

Management continues to engage with several companies in technical assessments and early-stage discussions for the development of Mt Todd, but the process has been slowed by COVID-related travel restrictions. Vista is monitoring Australia’s progress as the country advances toward reopening its international borders. This delay has provided the Company with a window of opportunity in which to complete the DFS.