Ms. Linda Kish of Sun Valley reports

SUN VALLEY GOLD LLC: ACQUISITION OF VISTA GOLD SHARES

On Aug. 25, 2015, Sun Valley Gold LLC acquired control and direction over 25,461 common shares of Vista Gold Corp. on behalf of Sun Valley Gold Master Fund Ltd., a client account over which it has discretionary trading authority. The common shares were acquired on the open market for a purchase price of 28.93 U.S. cents per share.

Following completion of the acquisition described herein, Sun Valley exercises control and direction over an aggregate of 13,814,913 common shares and 2,173,913 common shares purchase warrants for and on behalf of client accounts. The 13,814,913 common shares over which Sun Valley exercises control and direction represent approximately 16.77 per cent of the issued and outstanding common shares. If exercised, the 2,173,913 warrants over which Sun Valley exercises control and direction would, together with such common shares, represent approximately 18.91 per cent of the issued and outstanding common shares (after giving effect to the exercise of such warrants, but not the exercise of any other share purchase warrants issued by Vista Gold).

The master fund beneficially owns 9,781,186 of the common shares and 1,673,913 of the warrants described in the preceding paragraph. The 9,781,186 common shares beneficially owned by the master fund represent approximately 11.87 per cent of the issued and outstanding common shares. If exercised, the 1,673,913 warrants beneficially owned by the master fund would, together with such common shares, represent approximately 13.63 per cent of the issued and outstanding common shares (after giving effect to the exercise of such warrants, but not the exercise of any other share purchase warrants issued by Vista Gold).

The securities of Vista Gold were acquired for investment purposes. Sun Valley and the master fund may increase or decrease their ownership of securities of Vista Gold depending upon future market conditions.