January 13, 2026 — Leads & Copy —
Vista Gold Corp. (NYSE American and TSX: VGZ) announced continued progress at its Mt Todd gold project and outlined the pathway to initiate detailed engineering and design by early 2027. This milestone is expected to initiate a 27-month design, construction, and commissioning process.
Priorities for 2026 include obtaining permit modifications to align existing approved permits with the 2025 FS; expanding corporate capability by building an Australia-based team to lead project development; and addressing recommendations presented in the 2025 FS that will provide key inputs for detailed engineering and design.
Frederick H. Earnest, President and CEO of Vista, said, “Our opportunity to realize an uplift in value by advancing development of Mt Todd has never been greater. The 2025 FS outlines an excellent case for development and is further supported by continuing strength in the gold price. We are taking steps to ensure that development can proceed in an orderly and efficient manner and believe we will be in the position to initiate detailed engineering by early 2027. As we advance toward the start of detailed engineering, we will continue to give appropriate consideration to JV opportunities and other alternatives with the potential to deliver shareholder value.”
The Mt Todd Feasibility Study, which was completed in July 2025 (“2025 FS”), demonstrated the potential for near-term development of a smaller initial project by prioritizing higher grade ore to the processing plant, significantly lowering initial capital costs, and incorporating contractors to reduce development and operational risks. Since that time, Vista has focused on advancing Mt Todd in ways that demonstrate the underlying value of the Project and position it for near-term development.
Vista has commenced efforts to obtain permit modifications and are actively engaged with consultants, regulators, and stakeholders. Some modifications have already been submitted and others will be submitted in the coming weeks. The company anticipates the approval of all modifications will be achieved by the end of this year.
The company is seeking to build an Australian team with proven track records in leading project development and operations, and extensive project management, technical, social performance, finance/administration, legal, and permitting/compliance experience.
Completing recommendations presented in the 2025 FS is well underway. Drilling to provide core for selective metallurgical testing to confirm optimal grind size, gold recoveries, and optimal sizing and selection of grinding equipment has recently been completed. The Company is undertaking a review of its geotechnical data and will consider undertaking geotechnical drilling on the west side of the Batman pit, with the objective of steepening the pit wall to reduce stripping and/or to convert resources below the bottom of the designed pit to ore reserves.
Vista holds the Mt Todd gold project, a leading development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia. The Company has defined a clear pathway to greater value creation, targeting the commencement of detailed engineering and design by early 2027. This milestone is expected to initiate a 27-month design, construction, and commissioning process.
Mt Todd offers strong project economics, significant initial production, and compelling expansion and exploration upside. The Project benefits from advanced local infrastructure, multiple development scenarios, and broad community support, underpinning its potential to become a long-lived, globally significant gold operation.
For further information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.
Pamela Solly, Vice President of Investor Relations, (720) 981-1185
Source: Vista Gold Corp.
