Vista Gold Corp. Appoints CIBC Capital Markets as Strategic Advisor
__________________ NEWS _________________
Vista Gold Corp. Appoints CIBC Capital Markets as Strategic Advisor
Denver, Colorado, March 17, 2022 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced that CIBC Capital Markets (“CIBC”) has been appointed as its strategic
advisor to lead a formal process to assist Vista in evaluating a broad range of alternatives to unlock the
value of the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) and arranging
an accretive transaction.
Frederick H. Earnest, President and Chief Executive Officer, commented, “We are focused on maximizing
shareholder value through realization of the intrinsic value of the world-class Mt Todd project. We have
advanced and de-risked Mt Todd through a disciplined and methodical process, including the recently
completed Feasibility Study (“FS”), which affirms the strength of Mt Todd’s gold production capacity and
ability to deliver robust economics with compelling cashflows over a 16-year mine life.” See Vista FS
News Release and Mt Todd FS Webcast.
Highlights of the Mt Todd FS:
After-tax NPV5% of $999.5 million and IRR of 20.6% at a $1,600 gold price and a $0.71 Fx rate;
After-tax NPV5% of $1.5 billion and IRR of 26.7% at a $1,800 gold price and $0.71 Fx rate;
After-tax cash flow at a $1,800 gold price of $2.1 billion for years 1-7 of commercial operations; and
Average annual production of 479,000 ounces of gold during years 1-7 of commercial operations.
Note: All dollar amounts stated herein are in U.S. currency and are expressed as $ unless specified otherwise. All foreign exchange (“Fx”) rates are in U.S. dollars
per Australian dollar.
Mr. Earnest concluded, “We believe the FS provides greater confidence with regards to project design,
capital and cost estimates, while highlighting the Project’s nearly 20% increase in gold reserves and
continued strong overall economics reflective of current market conditions. We have received all major
environmental, operating and social approvals required for the development of Mt Todd. These
achievements together with the size and location of the Project uniquely position Mt Todd as a very
attractive, shovel-ready opportunity for a wide range of potential development scenarios. We are pleased
to work with CIBC to identify and evaluate alternatives for the development Mt Todd. We plan to conduct
a fulsome process and consider a broad range of development alternatives, with our primary focus on
maximizing value for Vista shareholders.” See CEO Video.
7961 Shaffer Parkway
Suite 5
Littleton, CO 80127
Phone: 720-981-1185 Trading Symbol: VGZ
NYSE American and TSX Stock Exchanges
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Mt Todd Technical Report Filings
For further information on Mt Todd please refer to the technical report summary entitled “S-K 1300
Technical Report Summary – Mt Todd Gold Project – 50,000 tpd Feasibility Study – Northern Territory,
Australia” with an effective date of December 31, 2021 and an issue date of February 9, 2022, available
on EDGAR at www.sec.gov/edgar.shtml; or the technical report entitled “NI 43-101 Technical Report –
Mt Todd Gold Project - 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective
date of December 31, 2021 and an issue date of February 9, 2022, available on SEDAR at www.sedar.com.
Both reports may also be found on Vista’s website at www.vistagold.com.
The technical data and economic conclusions of these reports are identical, with minor differences between
the reports resulting only from the respective disclosure requirements of S-K 1300 and NI 43-101.
John Rozelle, Vista’s Sr. Vice President, a Qualified Person as defined by 43-101, has approved this press
release.
About Vista Gold Corp.
Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the
Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km
southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia. All major environmental
and operating permits have now been approved.For further information, please contact Pamela Solly, Vice
President of Investor Relations, at (720) 981-1185.
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 statements, other
than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate
will or may occur in the future, including our belief that we are focused on maximizing shareholder value through recognition of the intrinsic
value of Mt Todd; our belief that we have advanced and de-risked Mt Todd through a disciplined and methodical process, including the
recently completed FS; our belief that the FS affirms the strength of Mt Todd’s gold production capacity and ability to deliver robust economics
with compelling cashflows over a 16-year mine life; our belief that the FS provides greater confidence with regards to project designs, capital
and cost estimates, while highlighting the Projects nearly 20% increase in gold reserves and continued strong overall economics reflective of
current market conditions; our belief that the Project is uniquely positioned as a very attractive, shovel-ready opportunity for a wide range of
potential development scenarios; and our belief that we will conduct a fulsome process and consider a broad range of development alternatives,
with our primary focus on maximizing value for Vista shareholders are forward-looking statements and forward-looking information. The
material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press
release include the following: there are no changes to laws or regulations impacting mine development or mining activities, our assumptions
with respect to the current economic conditions, the price of gold and current market conditions. When used in this press release, the words
“expect,” “intend,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements
and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements
expressed or implied by such statements. Such factors include, among others, risks relating to political and economic instability; changes to
laws or regulations impacting mine development or mining activities, uncertainty regarding current economic conditions, the price of gold
and current market conditions; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and
“Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed on February 24, 2022 and other documents filed with the U.S.
Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors
that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there
may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to
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publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or
otherwise.