Vista Gold Highlights 2020 Achievements and Provides 2021 Outlook - Seite 3

Project Gold Price Sensitivity
The Company updated its Project sensitivity analysis based on sustained higher gold prices. The October 2019 preliminary feasibility study (the “2019 PFS”) was completed using a gold price of US$1,350 and exchange rate of US$0.70=A$1.00. Based on these parameters, the after-tax NPV_5% is US$823 million and the IRR is 23.4%. At a current gold price of US$1,850 and a US$0.775=A$1.00 foreign exchange rate, the after-tax NPV_5% is US$1.7 billion and the IRR is 38.5%. Mt Todd demonstrates significant project-level leverage to the gold price and as shown in the updated sensitivity analysis, for every US$100 increase in the gold price the NPV_5% increases approximately US$200 million.

Water Management Program
The Mt Todd water management program achieved significant results. In the past, Vista successfully treated 11.5 gigaliters of acidic water stored in the Batman Pit and began discharging treated water in compliance with a NT EPA discharge license. Through continued dewatering, the water level in the Batman pit was lowered by 23 meters in 2020.

Independent Benchmarking Study
Positive results from an independent benchmarking study (“Study”) of the 2019 PFS were announced in early 2020. The objective of the Study was to confirm capital and operating costs, and construction, commissioning and ramp up schedules as presented in the 2019 PFS. The positive findings provide greater assurance that the Company’s inputs and assumptions are reasonable and that schedules are practical.

2021 Outlook

Mining Management Plan
Vista believes the NT Department of Industry, Tourism and Trade is in the final stages of their approval process and hopes to receive authorization of the MMP in the near future. Upon receipt, Vista will have all major authorizations to commence development of the mine.

Internal Evaluations of Mine Plans at Higher Gold Prices
Vista’s mine plans are conservatively based on US$1,000 economic pit shapes. With the sustained improvement in gold price, Vista believes that a higher gold price can appropriately be applied for determining the optimal pit design.

Ongoing Drilling Program
Drilling is progressing for the current drill program. The remaining holes are targeting the Batman North Extension. Holes 2, 3 and 4 are now complete, with results expected to be announced in the near future. Drillholes 5 through 8 will continue through mid-February. Based on the results of this program, Vista may undertake additional follow-up drilling.