Vista Gold

Denver, Colorado, February 19, 2025 – Vista Gold Corp. (NYSE American and TSX: VGZ) today announced  its 2025 strategic outlook.

Frederick H. Earnest, President and CEO of Vista, commented, “Our key strategic focus in 2025 is to complete the Mt Todd feasibility study and leverage the results to deliver value to our shareholders. Momentum continues to build in the gold sector and the capital markets are beginning to recognize the value of advanced-staged gold development projects. We believe that the lower cost, 15,000 tonne per day development strategy in this feasibility study will attract interest from a broad range of investors seeking ready-to-build gold projects like Mt Todd, ultimately unlocking significant value for our shareholders.” 

Key 2025 Initiatives

Safety

Vista's highest continual priority is the safety and well-being of its employees. As the Company continues to prioritize and uphold its health and safety initiatives, Vista and Mt Todd proudly mark 1,194 days without a lost time incident. The Company remains committed to its health and safety programs and is focused on building upon this achievement. 

Mt Todd Feasibility Study

Completing the Mt Todd feasibility study is key to creating long-term value for Vista and its shareholders. It represents a key deliverable in consolidating Mt Todd’s position as a leading development opportunity in the gold sector. The feasibility study aims to increase the reserve grade to 1 gram gold per tonne by applying a higher cut-off grade, while also reducing initial capex by 60% to $400 million. The study targets average annual gold production ranging from 150,000 to 200,000 ounces from 15,000 tonnes per day ore throughput. By utilizing contract mining, third-party power generation, and established construction practices commonly used in Australia, the Company believes there is opportunity to maintain high capital efficiency at this project scale, preserve the potential for future expansion, and deliver strong economic returns. The feasibility study is progressing as planned, with completion anticipated mid-2025.

Strategy

Vista’s strategy is to efficiently advance Mt Todd in ways that demonstrate the underlying value of the project and position it for near-term development, while maintaining the discipline necessary to best realize value at the right time. The Company anticipates that the results of the Mt Todd feasibility study will be a catalyst to attract a broad range of investors seeking ready-to-build gold projects. Vista remains committed to actively pursuing strategic transactions that maximize value for its shareholders.

New Mineral Resource Estimate

In conjunction with the upcoming Mt Todd feasibility study, a new mineral resource estimate is being developed to incorporate the results from the 2024 and 2020-2022 drilling programs. The Company’s analysis of the results of these drilling programs indicates potential to add to mineral resources and reserves. The Company plans to announce the new mineral resource estimate as part of the Mt Todd feasibility study, scheduled for completion mid-2025.

ESG

Vista is committed to advancing its Environmental, Social, and Governance initiatives. Details of Vista’s goals and achievements in these and other areas will be included in Vista’s upcoming annual ESG report, expected to be published in the coming weeks.

About Vista Gold Corp. 

Vista holds the Mt Todd gold project, a ready-to-build development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia. Vista is positioning Mt Todd as a leading development opportunity within the gold sector. Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility. All major environmental and operating permits necessary to commence development of Mt Todd are in place. 

Vista’s strategy is to advance Mt Todd in ways that efficiently position the project for development while exercising the discipline necessary to best realize value at the right time. Vista believes its strategy of advancing Mt Todd in this manner will deliver a more fully valued project to its shareholders.

For further information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

Qualified Person

Maria Vallejo, Vista’s Director of Projects and Technical Services, a Qualified Person as defined by Item 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended, and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained herein and has approved this press release. The information contained in this press release is provided as a summary of the 2024 drilling program for the Mt Todd project. 

Technical Studies

For more information on the Company’s March 2024 feasibility study, including with respect to mineral resource and mineral reserve estimates, please refer to the technical report summary entitled “SK 1300 Technical Report Summary – Mt Todd Gold Project – 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of March 12, 2024 and an issue date of March 14, 2024 available at www.sec.gov and, for Canadian purposes, the technical report entitled “National Instrument 43-101 Technical Report – Mt Todd Gold Project – 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of March 12, 2024 and an issue date of April 16, 2024 under Vista’s profile at www.sedarplus.ca. For more information on the Company’s 2024 drilling results, please refer to the Company’s previous 2024 and 2025 drilling news releases available under the Company’s profile at www.sedarplus.ca.

Forward Looking Statements

This news 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 news release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as the Company’s belief that its 2025 initiatives pave the way for value realization at Mt Todd; the Company’s belief that its key strategic focus in 2025 to complete the Mt Todd feasibility study will leverage results to deliver value to its shareholders; the Company’s belief that momentum continues to build in the gold sector and the capital markets are beginning to recognize the value of advanced-staged gold development projects; the Company’s belief that the lower cost, 15,000 tonne per day development strategy in this feasibility study will attract interest from a broad range of investors seeking ready-to-build gold projects like Mt Todd, ultimately unlocking significant value for the Company’s shareholders; the Company’s focus  on its health and programs; the Company’s belief that completing the Mt Todd feasibility study is key to creating long-term value for the Company and its shareholders; the Company’s belief that the completion of the Mt Todd feasibility study represents a key deliverable in consolidating Mt Todd’s position as a leading development opportunity in the gold sector; the hope and expectation that the Mt Todd feasibility study will increase the reserve grade to 1 gram gold per tonne by applying a higher cut-off grade, while also reducing initial capex by 60% to $400 million; the expectation that the Mt Todd feasibility study targets average annual gold production ranging from 150,000 to 200,000 ounces from 15,000 tonnes per day ore throughput; the Company’s belief that by utilizing contract mining, third-party power generation, and established construction practices commonly used in Australia, there is opportunity to maintain high capital efficiency at this project scale, preserve the potential for future expansion, and deliver strong economic returns; the Company’s belief that the feasibility study is progressing as planned, with completion anticipated mid-2025; the Company’s strategy to efficiently advance Mt Todd in ways that demonstrate the underlying value of the project and position it for near-term development, while maintaining the discipline necessary to best realize value at the right time; the Company’s anticipation that the results of the Mt Todd feasibility study will be a catalyst to attract a broad range of investors seeking ready-to-build gold projects; the Company’s commitment to actively pursuing strategic transactions that maximize value for its shareholders; the Company’s analysis of the results of the 2024 and 2020-2022 drilling programs and its belief that it indicates potential to add to mineral resources and reserves; the Company’s plans to announce the new mineral resource estimate as part of the Mt Todd feasibility study; the Company’s commitment to advancing its Environmental, Social, and Governance initiatives; the inclusion of details of the Company’s goals and achievements in the Company’s upcoming annual ESG report, expected to be published in the coming weeks; the Company’s belief that Mt Todd is a ready-to-build development-stage gold deposit and that the Northern Territory, Australia is a Tier-1 jurisdiction; the Company’s belief that Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility; statements related to the Company’s strategy, including the Company’s strategy is to advance Mt Todd in ways that efficiently position the project for development while exercising the discipline necessary to best realize value at the right time and the Company’s belief that its strategy of advancing Mt Todd in this matter will deliver a more fully valued project to its 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 news release include the following: the Company’s forecasts and expected cash flows; the Company’s projected capital and operating costs; the Company’s expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; the Company’s approved business plans, mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on the Company’s projects, if any; the Company’s experience with regulators; political and social support of the mining industry in Australia; the Company’s experience and knowledge of the Australian mining industry and the Company’s expectations of economic conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on the Company’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in March 2024, and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although the Company has 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, the Company assumes no obligation to publicly update any forward-looking statements or forward-looking information whether as a result of new information, future events or otherwise.

Denver, Colorado, February 4, 2025 – Vista Gold Corp. (NYSE American and TSX: VGZ) announced that the results of its 2024 Mt Todd drilling program indicate the potential to increase gold mineral reserves in the Batman deposit and have successfully delineated the South Cross Lode (“SXL”) over a 400 meter strike length. These drill results, and those from the 2020-2022 drilling program, will be included in the block model for the updated Mt Todd mineral resources estimate and new feasibility study. 

Phase 1 drilling, in conjunction with the 2020-2022 drilling program, provided information to extend the boundaries of the mineralization in the northern section of the Batman deposit. As shown in Figures 2, 3, and 4, drilling intercepted gold grades higher than estimated in the current block model and mineralization outside the limits of the current resource envelope. These results provide a basis to increase gold mineral resources in the area of the Batman deposit and convert a portion of the current mineral resources in this area into proven and probable mineral reserves. 

Phase 2 drilling defined the mineralized boundaries of the SXL over the strike length drilled and intersected high-grade sub-structures in the lower portion of thirteen holes, as shown in Figure 5. Additionally, the drill hole spacings are acceptable for the definition of measured and indicated mineral resources. Given the location of the SXL, these drilling results are expected to support the expansion of the mineral resource shell, with the potential to increase gold mineral reserves.

Frederick H. Earnest, President and CEO of Vista, stated, “The results of our 2024 Mt Todd drill program are encouraging. We drilled 34 diamond core holes totaling 6,776 meters and every hole intercepted mineralization, with many holes in Phase 1 encountering higher grades than estimated in the current block model. The results indicate potential to upgrade previously defined mineral resources to mineral reserves and add new mineral resources from an extension to the Batman core zone. We believe we successfully accomplished the objectives of Phase 1 of the drill program.

“The Phase 2 drilling results provide us with a much better understanding of the mineralization in the South Cross Lode. We encountered sheeted-vein mineralization consistent with the Batman deposit in the upper portions of the holes and regularly intersected more distinct, wider, and in many instances, higher grade veins deeper in the drill holes. The discovery of higher-grade and wider veins in the South Cross Lode is exciting and something that we believe merits more analysis.”

Mr. Earnest concluded, “The results from the 2024 and 2020-2022 drilling programs are expected to be included in the mineral resource block model that is currently being completed as part of the recently announced Mt Todd feasibility study. Our analysis of the results of these drilling programs indicates potential to convert mineral resources to mineral reserves at the Mt Todd gold project. The new mineral resource estimate is anticipated to be announced as part of the Mt Todd feasibility study, scheduled for completion mid-2025.”

Overview

Phase 1

The Phase 1 drilling was designed to augment historical data from reverse circulation (“RC”) drilling and to generally improve the quality of geologic data in the northern part of the Batman deposit. The augmentation was completed through core drilling in the area just south of where drilling was completed in 2020-2022. Figure 1 shows the location of the Phase 1 and relevant 2020-2022 drill holes. The combined results of these drilling programs provide better definition of the mineralized boundaries, continuity, and limits in the north portion of the Batman deposit. 

During Phase 1, a total of 11 holes were drilled in the northern end of the Batman deposit including several holes drilled outside the limits of blocks defined in the current mineral resource model. All of the holes were collared within the limits of the pit design for the 2024 Feasibility Study (as defined below). Some holes exceeded our expectations in terms of the length of mineralized intercepts and gold grade, with many intercepts having returned gold grades that exceeded block model values in the current mineral resource model. This has occurred in the past as we have replaced RC drilling data with core drilling data and further demonstrates potential to increase gold mineral reserves in the Batman deposit. See Figures 2, 3, and 4. 

Phase 1 drilling is expected to result in an increase in mineral resources in the north end of the Batman deposit. Additionally, we expect this drilling to result in the conversion of inferred mineral resources to measured and indicated mineral resources within the 2024 Feasibility Study pit design. This provides further confidence that mineral reserves will be increased.  

The geological characteristics observed in these holes are consistent with the rest of the Batman deposit. While we believe that the metallurgical characteristics of material in the north extension will be very similar to the rest of the Batman deposit, metallurgical testing on samples from this phase of drilling is in progress.

Phase 2 

Phase 2 drilling focused on the SXL, a narrower mineralized structure adjacent to the Batman deposit, with a defined strike length of over 400 meters. The 23 holes in Phase 2 delineated the SXL mineralization identified in the data from historical RC drilling holes. The data collected from this drilling define the mineralized boundaries of the SXL structure and demonstrate the potential to increase Mt Todd mineral resources. Phase 2 drilling was conducted with adequate density and spacing to define a portion of the expected increase as measured and indicated mineral resources. Hence, we anticipate that some shallower areas may be included in mineral reserves for the 2025 feasibility study. 

The drilling results revealed that the SXL is host to more discreet and, in certain zones, wider high-grade veins with thicknesses that exceed one meter, compared to the thinner, more closely spaced sheeted veins typically observed in the Batman deposit. While we anticipate that the SXL material will be amenable to processing using the same flowsheet as the ore from the Batman deposit, metallurgical testing on samples from the SXL is currently in progress.

The results from the Phase 2 drilling intersected mineralized intervals both near the surface and at depth, with exceptionally higher grades observed at depths greater than 100 meters downhole. Please refer to Figure 5 for a long section illustrating the results of the SXL drilling. These findings indicate potential for expansion in the northeastern section of the current mineral resource shell, including areas of the block model that were previously unclassified due to low data density. The SXL structure offers opportunity to increase mineral reserves, as we believe it remains open at depth and along strike to the northeast, potentially connecting with other exploration targets identified in our 2020-2022 drilling program. 

Figure 1. Phase 1 drill holes located within the current mineral resource shell and nearby holes from the 2020-2022 drilling program, showing the extension of the mineralized boundaries of the Batman core zone and relative position to the SXL zone.

        1 Resource Shell defining the mineral resource inventory as described in the 2024 Feasibility Study.

Figure 2. Cross section (8435850N), illustrating drill holes VB24-006 and VB24-001 compared to the current mineral resource shell and pit design featuring blocks with a cut-off grade above 0.40 g Au/t. Intercepted gold grades higher than current estimation and areas to be included in the upcoming mineral resource estimation are circled.

1 Mineral Resource Shell defining the mineral resource estimate as described in the 2024 Feasibility Study. 
2 Pit design defining the mineral reserves as described in the 2024 Feasibility Study.
3 Resource block model as described in the 2024 Feasibility Study. 

Figure 3. Cross section (8435800N), illustrating drill holes VB24-007 compared to the current mineral resource shell and pit design featuring blocks with a cut-off grade above 0.40 g Au/t. Intercepted gold grades and areas to be included in the upcoming mineral resource estimation are circled.

1 Mineral Resource Shell defining the mineral resource estimate as described in the 2024 Feasibility Study. 
2 Pit design defining the mineral reserves as described in the 2024 Feasibility Study.
3 Resource block model as described in the 2024 Feasibility Study.

Figure 4. Cross section (8435750N), illustrating drill hole VB24-005 compared to the current mineral resource shell and pit design featuring blocks with a cut-off grade above 0.40 g Au/t. Intercepted gold grades higher than current estimation and areas to be included in the upcoming mineral resource estimation are circled.

1 Mineral Resource Shell defining the mineral resource estimate as described in the 2024 Feasibility Study. 
2 Pit design defining the mineral reserves as described in the 2024 Feasibility Study.
3 Resource block model as described in the 2024 Feasibility Study.

Figure 5. Long section of the SXL mineralized structure, displaying Phase 2 drill holes with intercepts over 5.0 g Au/t. Intervals with over 20 meters and grades greater than 1.0 g Au/t are called out.

Table 1. Summary of Phase 1 drill holes. 

Denver, Colorado, January 13, 2025 – Vista Gold Corp. (NYSE American and TSX: VGZ) today announced the final drill results for its 2024 drilling program at the Mt Todd gold project. These results further delineate the wider veins with high gold grade intercepts that are consistent with previous drill results in the South Cross Lode (the “SXL”). 

Drilling Highlights 

VB24-032 – Drilled in the SXL and returned multiple mineralized intervals, including 

• 3.0 meters at 4.13 grams of gold per tonne (“g Au/t”) from 121.1 meters downhole, including
  • 0.6 meters at 18.34 g Au/t from 123.5 meters downhole 
• 1.1 meters at 16.00 g Au/t from 142.9 meters downhole, including
  • 0.3 meters at 65.42 g Au/t from 142.9 meters downhole 

VB24-033 – Drilled in hanging wall structures adjacent to the Batman deposit and returned multiple mineralized intervals, including 

• 43.3 meters at 0.82 g Au/t from 109.0 meters downhole, including 
  • 1.0 meters at 7.55 g Au/t from 134.0 meters downhole 

VB24-034 – Drilled in the SXL and returned multiple mineralized intervals, including 

• 29.0 meters at 1.55 g Au/t from 156.0 meters downhole, including 
  • 1.9 meters at 8.01 g Au/t from 172.1 meters downhole 

Frederick H. Earnest, President and CEO, commented, “The holes announced today were an excellent way to finish our drilling in the South Cross Lode. We are most excited about the wider and higher-grade vein intercepts that we continued to encounter at depths beginning just 100 meters below surface. The Company plans to provide an overview of the 2024 drilling program in the coming weeks. 

These and prior drill holes in the South Cross Lode demonstrate the continuity of the mineralization along strike at relatively shallow depths. We expect this to benefit the update to our resource model and the reserve estimates that will be completed in conjunction with the in-progress Mt Todd feasibility study.” 

Drilling Assessment 

The holes reported today concluded Phase 2 of the Company’s 2024 drilling program at the Company’s Mt Todd gold project located in Northern Territory, Australia. These last holes were located to provide specific information to support updating the mineral resource model and to delineate the limits of mineralization in the SXL. Based on 2 

these results, we believe that mineralization in the SXL remains open at depth and to the northeast. Hole VB24-033 was drilled to confirm the limits of hanging wall structures adjacent to the Batman deposit. 

Holes VB24-031 and VB24-032 demonstrated consistent mineralization from near-surface depths through the end of the holes. Hole VB24-033 was positioned to intercept hanging wall structures to the Batman deposit at greater depths. These three holes were strategically positioned within the 2024 Feasibility Study (as defined below) mineral resources shell. Data from these holes provide a better understanding of the mineralization, structure, and the geological characteristics of the targeted mineralized zones. 

Hole VB24-034 is located at the northeast extent of our drilling in the SXL. This hole showed encouraging high grades and featured multiple mineralized intervals, including 29.0 meters at 1.55 g Au/t from 156.0 meters downhole. Along with other nearby holes in the 2024 drilling program, this hole indicates that mineralization remains open at depth and to the northeast, trending towards other identified targets announced for the 2020-2022 drilling program. 

Hole VB24-025 was extended to confirm the presence of veins intercepted by deeper holes in the vicinity. This extension successfully identified two additional mineralized intervals, with a notable 7.0 meters at 0.98 g Au/t from 192 meters downhole, including 0.4 meters at 12.56 g Au/t.  

Figure 1: Plan view of the Mt Todd terrain showing Phase 2 drill hole locations with respective orientation, highlighting the holes announced in this release. 4 

Figure 2: Plan view of the Phase 2 drill holes, including holes in this release, in relation to the current reserves pit design, resource shell, and the wireframe representing the SXL. 5 

Figure 3: Cross section (8435850N) of the center portion of the SXL, illustrating drill holes VB24-031 and VB24-032 within the current mineral resource shell from the 2024 Feasibility Study featuring blocks with a cut-off grade above 0.40 g Au/t. 

Figure 4: Cross section (8435450N) of the Batman core zone, illustrating drill holes VB24-033 within the current mineral resource shell from the 2024 Feasibility Study featuring blocks with a cut-off grade above 0.40 g Au/t. 

Table 1: Summary of Phase 2 drill holes VB24-031 through VB24-034 and extension of VB24-025 – highlighting intercepts greater than 5.0 g Au/t. 

*Sample Type – HQ ½ Core 

Notes: 

1. Results are based on ore grade 50 g fire assay for Au. 
2. Intersections are from diamond core drilling with half-core samples. 
3. Core sample intervals were constrained by geology, alteration or structural boundaries, intervals varied between a minimum of 0.2 meters to a maximum of 1.2 meters. 
4. Weighted mean grades have been calculated on a 0.4 g Au/t lower cut-off grade with no upper cut-off grade applied, and maximum internal waste of 4.0 meters. 
5. All mineralized interval lengths reported are downhole intervals. 
6. True Thicknesses are estimated based on the orientation of veining as measured relative to the core axis. 
7. All downhole deviations have been verified by downhole gyro equipment. 
8. Collar coordinates surveyed by Cross Solutions Pty Ltd using survey-grade GNSS RTK equipment. 
9. The Company maintains a Quality Assurance and Quality Control (QA/QC) procedures program in accordance with the requirements and guidelines of CIM Standards of Disclosure for Mineral Projects. 
10. The independent laboratory responsible for the assays was North Australian Laboratories Pty Ltd, Pine Creek, NT. 

QA/QC Protocols and Sampling Procedure 

All sampling was conducted under the supervision of the Company's geologists and the chain of custody from Mt Todd facilities to the independent sample preparation facility at North Australian Laboratories Pty Ltd (“NAL”) in Pine Creek, NT was continuously monitored. 

• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves using diamond saws. One-half is placed into pre-numbered sample bags as per industry standards with sample lengths between a minimum of 0.2 meters to a maximum of 1.2 meters. The other half of the core is retained for future reference by the Company. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork. 
• Following common industry practices, blanks and standards are also placed in plastic bags for inclusion in the shipment. A reference blank or a standard is inserted at a minimum ratio of 1 in 10 and additional blank samples are added at suspected high-grade intervals. Standard reference material is sourced from Ore Research & Exploration Pty Ltd and provided in 60-gram sealed packets. When a sequence of four samples is completed, they are placed in a shipping bag and tied closed. All of these samples are kept in a secure area on-site until crated for shipping. 
• Vista employees ship and transport the samples to the NAL. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish. 
• For the purposes of this release, mineralized intervals are defined as runs of mineralization with a maximum internal waste of 4.0 meters. 
• NAL is independent of Vista. 

It is the opinion of the QP (as defined below) that the sample preparation methods and quality control measures employed before the dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken. 

About Vista Gold Corp. 

Vista holds the Mt Todd gold project, ready-to-build development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia. Vista is positioning Mt Todd as a leading development opportunity within the gold sector. Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility. All major environmental and operating permits necessary to initiate development of Mt Todd are in place. 

Vista’s strategy is to advance Mt Todd in ways that efficiently position the project for development while exercising the discipline necessary to best realize value at the right time. Vista believes its strategy of advancing Mt Todd in this manner will deliver a more fully valued project to its shareholders. 

For further information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com. 

Qualified Person 

Maria Vallejo, Vista’s Director of Projects and Technical Services, a Qualified Person (“QP”) as defined by Item 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended, and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained herein and has approved this press release. The information contained in this press release is provided to inform the reader of the advancement of the 2024 drilling program for the Mt Todd project. 

Maria Vallejo, Vista’s Director of Projects and Technical Services, a Qualified Person (“QP”) as defined by Item 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended, and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained herein and has approved this press release. The information contained in this press release is provided to inform the reader of the advancement of the 2024 drilling program for the Mt Todd project. 

Technical Studies 

For more information on the Company’s March 2024 feasibility study (the “2024 Feasibility Study”), including with respect to mineral resource and mineral reserve estimates, 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 March 12, 2024 and an issue date of March 14, 2024 available at www.sec.gov and, for Canadian purposes, the technical report entitled “National Instrument 43-101 Technical Report – Mt Todd Gold Project – 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of March 12, 2024 and an issue date of April 16, 2024 under Vista’s profile at www.sedarplus.ca. For more information on the Company’s 2024 drilling results, please refer to the Company’s previous 2024 drilling news releases available under the Company’s profile at www.sedarplus.ca. 

Forward Looking Statements 

This news 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 news release that address activities, events or developments that the Company expects or anticipate will or may occur in the future, including such things as the Company’s plans to provide an overview of the 2024 drilling program in the coming weeks; the Company’s belief that these and prior drill holes in the SXL demonstrate the continuity of mineralization along strike at relatively shallow depths, and the Company’s expectation that this benefits the update to the Mt Todd resource model and the reserve estimates that will be completed in conjunction with the in-progress Mt Todd feasibility study; the Company’s belief that these last holes were located to provide specific information to support updating the resource model; the Company’s belief that mineralization in the SXL remains open at depth and to the northeast; the Company’s belief that data from VB24-031, VB24-032, and VB24-033 provide a better understanding of the mineralization, structure, and the geological characteristics of the targeted mineralized zones; the Company’s belief that hole VB24-034, along with other nearby holes in the 2024 drilling program, indicates that mineralization remains open at depth and to the northeast, trending towards other identified targets announced for the 2020-2022 drilling program; the Company’s belief that Northern Territory, Australia is a Tier 1 mining friendly jurisdiction; the Company’s belief that it is positioning Mt Todd as a leading development opportunity within the gold sector; the Company’s belief that Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility; the Company’s belief that all major environmental and operating permits necessary to initiate development of Mt Todd are in place; the Company’s belief that Mt Todd is a ready-to-build development stage gold deposit; Vista’s strategy to advance Mt Todd in ways that efficiently position the Project for development while exercising the discipline necessary will best realize value at the right time; and the Company’s belief that advancing Mt Todd in this manner will deliver a more fully valued project to its 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 news release include the following: the Company’s forecasts and expected cash flows; the Company’s projected capital and operating costs; the Company’s expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; the Company’s approved business plans, mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on the Company’s projects, if any; the Company’s experience with regulators; political and social support of the mining industry in Australia; the Company’s experience and knowledge of the Australian mining industry and expectations of economic conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in March 2024, subsequent Quarterly Reports on Form 10-Q, and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has 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, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise. 

Denver, Colorado, October 31, 2024 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced additional results from Phase 2 of its 2024 drilling program at the Company’s Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia. Phase 2 drilling continues in the South Cross Lode zone (the “SXL”), a narrower mineralized structure with high-grade intercepts that is adjacent to the Batman deposit and presently extends up to 400 meters northeast.

Drilling Highlights

VB24-025 – Returned multiple mineralized intervals, including 

• 8.0 meters at 1.20 grams of gold per tonne (“g Au/t) from 22.5 meters downhole
• 20.8 meters at 1.96 g Au/t from 142.5 meters downhole, including
  • 1.0 meter at 9.19 g Au/t from 155.0 meters downhole

VB24-027 – Returned multiple mineralized intervals near surface

• 15.0 meters at 0.77 g Au/t from 37.0 meters downhole
• 2.3 meters at 2.09 g Au/t from 59.7 meters downhole 
• 23.0 meters at 0.93 g Au/t from 68.0 meters downhole

VB24-028 – Returned multiple mineralized intervals near surface

• 12.0 meters at 0.96 g Au/t from 25.0 meters downhole 
• 4.0 meters at 2.49 g Au/t from 71.2 meters downhole, including 
  • 1.2 meters at 6.82 g Au/t from 74.0 meters downhole 

Phase 2 drilling is focused on the shallow portion of the SXL. The six holes reported in this release have intercepts with gold grades up to 6.82 g Au/t near surface. Results to date indicate potential for expansion in the northeast portion of the current resource shell, including an area previously classified as waste. Additionally, drilling continued to intersect mineralization at depth with intercepts ranging from 3.06 to 9.19 g Au/t and confirm the presence of several high-grade sub-structures within the SXL. 

Frederick H. Earnest, President and CEO, commented, “Results from the ongoing drilling program continue to indicate that the SXL is a narrower mineralized structure with well-defined packages of high-grade quartz-sulfide veins. Today’s results continue to demonstrate encouraging mineralized intervals near surface and at depth. We are currently working to better understand the geometry of the mineralization in the SXL as we assess a possible extension of the resource shell. Phase 2 of the drilling program is expected to be completed by the end of this year.

“At the conclusion of the 2024 drilling program, we plan to update the Mt Todd mineral resource estimate and anticipate moving forward with a feasibility study targeting daily throughput in the range of 12,000 – 17,000 tonnes per day (4-6 million tonnes per annum), 150,000 to 200,000 ounces of annual gold production with an initial capex of less than $400 million, and a reserve grade of approximately 1 gram of gold per tonne. A decision to commence the feasibility study is expected by year end. 

Figure 1 illustrates the Phase 2 drill hole locations and orientations to date. Figure 2 shows the locations of the drill holes relative to the 2024 Feasibility Study (as defined below) resource shell and the current pit design. Figure 3 is a photo of core from hole VB24-025 displaying an example of the high-grade mineralization encountered in the recent drill holes. Table 1 summarizes assay results and highlights multiple vein intercepts with grades above 5.0 g Au/t for the six holes announced in this press release. 

Figure 1: Plan view of the Mt Todd terrain showing Phase 2 drill hole locations with respective orientation to date, including the six holes announced in this release. 

Figure 2: Plan view of the Phase 2 drill holes to date, including holes in this release, in relation to the current reserves pit design, resource shell, and the wireframe representing the SXL structure. 

Figure 3. Core Photo of hole VB24-025 from 160 meters downhole showing examples of high-grade intervals.

Table 1. Summary of Phase 2 Drill Holes VB24-025 through VB24-030 – highlighting intercepts greater than 5.0 g Au/t.

Notes:

1. Results are based on ore grade 50g fire assay for Au.
2. Intersections are from diamond core drilling with half-core samples.
3. Core sample intervals were constrained by geology, alteration or structural boundaries, intervals varied between a minimum of 0.2 meters to a maximum of 1.2 meters.
4. Mean grades have been calculated on a 0.4g Au/t lower cut-off grade with no upper cut-off grade applied, and maximum internal waste of 4.0 meters.
5. All mineralized interval lengths reported are downhole intervals.
6. True Thicknesses are estimated based on the orientation of veining as measured relative to the core axis.
7. All downhole deviations have been verified by downhole camera and or downhole gyro.
8. Collar coordinates are given as Map Grid Australia MGA94 using a multi-band GNSS Garmin GPS 750i. 
9. The Company maintains a Quality Assurance and Quality Control procedures (QA/QC) program in accordance with the requirements and guidelines of CIM Standards of Disclosure for Mineral Projects.
10. The independent laboratory responsible for the assays was North Australian Laboratories Pty Ltd, Pine Creek, NT.

QA/QC Protocols and Sampling Procedure 

All sampling was conducted under the supervision of the Company's geologists and the chain of custody from Mt Todd facilities to the independent sample preparation facility at North Australian Laboratories Pty Ltd. (“NAL”) in Pine Creek, NT was continuously monitored. 

• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves using diamond saws. One-half is placed into pre-numbered sample bags as per industry standards with sample lengths between a minimum of 0.2 meters to a maximum of 1.2 meters. The other half of the core is retained for future reference by the Company. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork.
• Following common industry practices, blanks and standards are also placed in plastic bags for inclusion in the shipment. A reference blank or a standard is inserted at a minimum ratio of 1 in 10 and additional blank samples are added at suspected high-grade intervals. Standard reference material is sourced from Ore Research & Exploration Pty Ltd and provided in 60-gram sealed packets. When a sequence of four samples is completed, they are placed in a shipping bag and tied closed. All of these samples are kept in a secure area on-site until crated for shipping. 
• Vista employees ship and transport the samples to the NAL. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish. 
• For the purposes of this release, mineralized intervals are defined as runs of mineralization with a maximum internal waste of 4.0 meters.
• NAL is independent of Vista.

It is the opinion of the QP (as defined below) that the sample preparation methods and quality control measures employed before the dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

Maria Vallejo, Vista’s Director of Projects and Technical Services, a Qualified Person (“QP”) as defined by Item 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended, and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained herein and has approved this press release. The information contained in this press release is provided to inform the reader of the advancement of the 2024 drilling program for the Mt Todd project. 

For more information on the Company’s March 2024 feasibility study (the “2024 Feasibility Study”), including with respect to mineral resource and mineral reserve estimates, 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 March 12, 2024 and an issue date of March 14, 2024 available at www.sec.gov and, for Canadian purposes, the technical report entitled “National Instrument 43-101 Technical Report – Mt Todd Gold Project – 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of March 12, 2024 and an issue date of March 14, 2024 under our profile at www.sedarplus.ca. The 2024 Feasibility Study is not incorporated by reference into this news release.

About Vista Gold Corp. 

Vista holds the Mt Todd gold project, a shovel-ready development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia. Vista is positioning Mt Todd as a leading development opportunity within the gold sector. Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility. All major environmental and operating permits necessary to initiate development of Mt Todd are in place. 

Vista’s strategy is to advance Mt Todd in ways that efficiently position the project for development while exercising the discipline necessary to best realize value at the right time. Vista believes its strategy of advancing Mt Todd in this manner will deliver a more fully valued project to its shareholders.

For further information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

Forward Looking Statements  

This news 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 news release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that the SXL is a narrower mineralized structure with high-grade intercepts; our belief that results to date indicate potential for expansion in the northeast portion of the current resource shell, including an area previously classified as waste; our belief that results from the ongoing drilling program continue to indicate that the SXL is a narrower mineralized structure with well-defined packages of high-grade quartz-sulfide veins; our belief that today’s results continue to demonstrate encouraging mineralized intervals near surface and at depth; we are currently working to better understand the geometry of the mineralization in the SXL  as we assess a possible extension of the resource shell; our expectation to complete Phase 2 of the drilling program by year end; at the conclusion of the 2024 drilling program, we plan to update the Mt Todd mineral resource estimate and anticipate moving forward with a feasibility study targeting daily throughput in the range of 12,000 – 17,000 tonnes per day (4-6 million tonnes per annum), 150,000 to 200,000 ounces of annual gold production with an initial capex of less than $400 million, and a reserve grade of approximately 1 gram of gold per tonne; our belief that a decision to commence the feasibility study is expected by year end; our belief that Northern Territory, Australia is a Tier 1 mining friendly jurisdiction; our belief that we are positioning Mt Todd as a leading development opportunity within the gold sector; our belief that Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility; our belief that all major environmental and operating permits necessary to initiate development of Mt Todd are in place; our belief that Mt Todd is a shovel-ready development stage gold deposit;  Vista’s strategy to advance Mt Todd in ways that efficiently position the Project for development while exercising the discipline necessary will best realize value at the right time; and our belief that advancing Mt Todd in this manner will deliver a more fully valued project to its 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 news release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; political and social support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in March 2024, subsequent Quarterly Reports on Form 10-Q, 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 publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.

Denver, Colorado, January 8, 2024 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce plans to initiate a program at the Company’s 100%-owned Mt Todd gold project (“Mt Todd” or “Project”) directed at increasing near surface gold resources and further evaluating a staged development strategy. This program will build upon the extensive body of data underlying the Company’s 2022 feasibility study (the “2022 Feasibility Study”), its 2023 internal scoping-level study (the “2023 Scoping Study”), and previous drilling in the area immediately adjacent to the Batman deposit.

Staged development offers the distinct advantage of requiring substantially lower initial capital while retaining the longer-term potential to achieve world-class production levels. The 2023 Scoping Study indicated that a nominal 5 million tonne per year project could be designed and constructed with an initial capital expenditure of less than US$350 million, utilizing contract mining, and would achieve initial production in the range of 150,000 – 200,000 ounces of gold per year at very competitive all-in sustaining costs. For information on the 2023 Scoping Study, please see the Company’s news release dated March 1, 2023 available on SEDAR+.

Frederick Earnest, President and CEO of Vista Gold Corp., stated, “The internal scoping-level study completed last year confirmed to us that a smaller-scale project is technically viable and economically attractive. We see significant value in advancing the evaluation of this alternative development strategy. A smaller initial operation followed by staged development offers opportunities for substantially reduced initial capital, lower development risk and future growth supported by project cashflows. We believe Mt Todd is one of the largest development stage opportunities in Australia and continues to demonstrate compelling economics. The program we are announcing today is expected to add significant value and further de-risk Mt Todd while we continue to pursue our strategy to seek an appropriate transaction that maximizes shareholder value and reduces development risk.”

Vista plans to commence a targeted drilling program of 6,000 – 7,000 meters. The focus will be the area immediately adjacent to the Batman deposit along the strike of the Batman main core zone and extending approximately 400 meters north of the existing Batman pit. This area includes inferred gold resources which were classified as waste in the 2022 Feasibility Study and areas where there has been insufficient drilling to define a mineral resource. The objective of this drilling program is to upgrade the inferred gold resources to the measured and indicated resource categories within 300 meters of the surface at grades consistent with the current Batman deposit average and to further define the uncategorized mineralization in this area. It is uncertain if further drilling will result in the inferred gold resources being upgraded to the measured and indicated resource categories or that uncategorized mineralization target areas will be delineated as mineral resources.

Mr. Earnest added, “We expect that adding shallow gold resources adjacent to the pit would add substantial value to Mt Todd by enhancing the mine plan in earlier years, extending the life of mine and providing additional ore to support staged expansion.”

As drilling progresses, Vista expects to undertake additional technical studies to advance the staged development strategy. Most technical information is already available from the 2022 Feasibility Study; therefore, new studies are expected to be limited to confirming the mineralogy and metallurgical characteristics of new gold resources, conducting tradeoff studies covering a range of staged expansion alternatives, and developing layouts for the processing plant and other facilities.

For information on the 2022 Feasibility Study, please see 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, an issue date of February 9, 2022 and an amended date of February 7, 2023 available on EDGAR 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+.

John Rozelle, a “qualified person” as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release.

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is Mt Todd, located in the mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is among the largest development stage opportunities in Australia and continues to demonstrate compelling economics. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.

Mt Todd benefits from its location in a leading mining jurisdiction and demonstrates multiple opportunities to add value through growth of mineral resources, staged development, and other value adding and de-risking activities.

For further information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

Forward Looking Statements

This news 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 news release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that this program will build upon the extensive body of data underlying the Company’s 2022 Feasibility Study, its 2023 Scoping Study, and previous drilling in the area immediately adjacent to the Batman deposit; our belief that staged development offers the distinct advantage of requiring substantially lower initial capital while retaining the longer-term potential to achieve world-class production levels; our belief that Vista’s 2023 Scoping Study indicated that a nominal 5 million tonne per year project could be designed and constructed with an initial capital expenditure of less than US$350 million, utilizing contract mining, and would achieve initial production in the range of 150,000 – 200,000 ounces of gold per year at very competitive all-in sustaining costs; our belief that the 2023 Scoping Study confirmed to us that a smaller-scale project is technically viable and economically attractive; our belief that there is significant value in advancing the evaluation of this alternative development strategy; our belief that a smaller initial operation followed by staged development offers opportunities for substantially reduced initial capital, lower development risk and future growth supported by project cashflows; our belief that Mt Todd is one of the largest development stage opportunities in Australia and continues to demonstrate compelling economics; our belief that the program we are announcing today is expected to add significant value and further de-risk Mt Todd while we continue to pursue our strategy to seek an appropriate transaction that maximizes shareholder value and reduces development risk; our plans to commence a targeted drilling program of 6,000 – 7,000 meters, focusing in the area immediately adjacent to the Batman deposit along the strike of the Batman main core zone and approximately 400 meters north of the existing Batman pit; our belief that adding shallow gold resources adjacent to the pit will add significant value to Mt Todd by enhancing the mine plan in earlier years, extending the life of mine and providing additional ore to support subsequent staged expansion; we expect, as drilling progresses, that we will undertake additional technical studies to advance the staged development strategy; our belief that most technical information is already available from the 2022 feasibility study and therefore new studies are expected to be limited to confirming the mineralogy and metallurgical characteristics of new gold resources, conducting tradeoff studies covering a range of staged expansion alternatives, and layouts for the processing plant and other facilities; our belief that all major environmental and operating permits necessary to initiate development of Mt Todd are in place; our belief that Mt Todd benefits from its location in a leading mining jurisdiction; and our belief that Mt Todd demonstrates multiple opportunities to add value through growth of mineral resources, staged development, and other value adding and de-risking activities 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 news release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; political and social support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2023, subsequent Quarterly Reports on Form 10-Q, 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, December 18, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Vista Gold Australia Pty. Ltd. (“Vista Australia”) has received the first installment payment of $3 million (“First Installment”) under the royalty agreement between Vista Australia and Wheaton Precious Metals (Cayman) Co., an affiliate of Wheaton Precious Metals Corp. (“Wheaton”) dated December 13, 2023 (“Royalty Agreement”), in relation to the Company’s Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia. All dollar amounts in this news release are in US dollars.

The First Installment is part of the $20 million royalty with Wheaton, which will be used to advance Mt Todd and for general corporate purposes. The remaining two installment payments are expected in the first half of 2024 and are subject to approval from the Australian government Foreign Investment Review Board. The principal terms of the Royalty Agreement are as described in the Company’s news release dated December 14, 2023. See News 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 mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.

Mt Todd benefits from its location in a leading mining jurisdiction and demonstrates multiple opportunities to add value through growth of mineral resources, staged development, and other value adding and de-risking activities.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

Forward Looking Statements

This news 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 news release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our expectation to receive approval from the Australian government Foreign Investment Review Board and the remaining two installment payments in the first half of 2024; our belief that Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia; our belief that all major environmental and operating permits necessary to initiate development of Mt Todd are in place; our belief that Mt Todd benefits from its location in a leading mining jurisdiction; and our belief that Mt Todd demonstrates multiple opportunities to add value through growth of mineral resources, staged development, and other value adding and de-risking activities 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 news release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; political and social support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2023, subsequent Quarterly Reports on Form 10-Q, 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, December 14, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce that its wholly-owned subsidiary Vista Gold Australia Pty. Ltd. (“Vista Australia”) has entered into a Royalty Agreement (the “Royalty Agreement”) with an affiliate of Wheaton Precious Metals Corp. (“Wheaton”) dated December 13, 2023, in relation to the Company’s Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia. All dollar amounts in this news release are in US dollars.

Pursuant to the terms of the Royalty Agreement, Vista Australia granted Wheaton a royalty in the amount of 1% of gross revenue from the sale or disposition of minerals from the Project (the “Royalty”), subject to adjustments in certain circumstances. In consideration for the Royalty, Wheaton will provide Vista with $20 million to advance Mt Todd and for general corporate purposes. The transaction is subject to approval from the Australian government Foreign Investment Review Board (“FIRB”). Wheaton has also been granted a Right of First Refusal on any royalties, streams or pre-pays pertaining to Mt Todd.

Fred Earnest, President and Chief Executive Officer of Vista, commented, “We are pleased with the commitment by Wheaton to enter into this significant funding agreement. This funding provides Vista with the opportunity to demonstrate a development strategy for Mt Todd that requires substantially lower initial capital investment and maintains high returns through staged development.”

"Wheaton is pleased to partner with Vista Australia in advancing the development of Mt Todd, which stands as one of the largest undeveloped gold projects in Australia,” said Randy Smallwood, Wheaton’s President and Chief Executive Officer. “With the successful acquisition of all major operating and environmental permits, we believe Mt Todd represents a significantly de-risked, advanced development-stage gold project that we welcome into our global portfolio.”

Transaction Overview

The Royalty Agreement provides for Vista Australia to receive a total of $20 million in three installments. The first installment of $3 million is expected to be received by December 31, 2023. A second installment of $7 million is expected to be received upon receipt of FIRB approval and registration of security interests. The final installment of $10 million is to be received six months from the date of the first installment providing Vista Australia has commenced a drilling program at Mt Todd. Each installment is subject to other customary conditions, representations and warranties.

The Royalty is at a rate of 1% of gross revenue from the Project if the completion objectives for the Project are achieved by April 1, 2028. Thereafter, the Royalty shall increase annually at a rate of up to 0.13% to a maximum Royalty rate of 2%. Any annual increases after April 1, 2028 shall be reduced on a pro rata basis to the extent that Mt Todd has initiated operations but has yet to achieve the agreed completion objectives.

The Royalty rate, the annual increase percentage, and maximum Royalty rate can each be reduced by one-third upon the occurrence of one of the following events: (i) a change of control of Vista Australia occurs prior to April 1, 2028 and Vista Australia provides timely notice and payment to Wheaton of certain amounts; or (ii) payment to Wheaton of the applicable Royalty associated with Vista Australia delivering 3.47 million gold ounces to a third party.

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.

Mt Todd benefits from its location in a leading mining jurisdiction and demonstrates multiple opportunities to add value through growth of mineral resources, staged development, and other value adding and de-risking activities.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

Forward Looking Statements

This news 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 news release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that this funding provides Vista with the opportunity to demonstrate a development strategy for Mt Todd that requires substantially lower initial capital investment and maintains high returns through staged development; our expectation that the first installment of $3 million is to be received by December 31, 2023, the second installment of $7 million is to be received upon receipt of FIRB approval and registration of security interests, and the final installment of $10 million is to be received six months from the date of the first installment providing Vista Australia has commenced a drilling program at Mt Todd; our belief that Mt Todd benefits from its location in a leading mining jurisdiction; our belief that Mt Todd demonstrates multiple opportunities to add value through growth of mineral resources, staged development, and other value adding and de-risking activities; our belief that Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia; and our belief that all major environmental and operating permits necessary to initiate development of Mt Todd are in place 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 news release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; political and social support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2023, subsequent Quarterly Reports on Form 10-Q, 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, November 7, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended September 30, 2023, with reported cash totaling $4.8 million. All dollar amounts in this news release are in U.S. dollars.

Frederick H. Earnest, President and CEO, said, “During the quarter, our management team continued to advance our ongoing work with CIBC Capital Markets, maintained its focus on minimizing recurring costs, reached 690 days without a lost time incident at quarter end, and remained in compliance with our site environmental responsibilities and obligations.

“In September, we attended the Precious Metals Summit in Beaver Creek, Colorado, where we hosted meetings with shareholders, potential investors, mining companies, and others. Our work to evaluate the opportunity for a smaller, staged project at Mt Todd was well received. Interest focused on the results of our internal scoping study, which demonstrated an initial development capital cost of less than $350 million and highlighted the potential for increased production over time through staged development. Recent actions by the Northern Territory Government to reform the present royalty structure and the potential positive economic impacts of an expected reduction in royalties for Mt Todd and other projects in the territory also attracted investor attention.

“Our work with CIBC continues to generate interest and positive feedback. We remain diligent in the execution of our strategy to seek an appropriate transaction to maximize shareholder value and are on track to reduce our 2023 recurring costs by approximately 7% compared to 2022.”

Summary of Financial Results

Cash and cash equivalents totaled $4.8 million at September 30, 2023 compared to $6.0 million at June 30, 2023 and $8.1 million at December 31, 2022. The Company continued to have no debt.

Vista reported a consolidated net loss of $1.5 million, or $0.01 per common share, for the quarter ended September 30, 2023 compared to a consolidated net loss of $1.7 million, or $0.02 per common share for the quarter ended September 30, 2022. The loss for the current quarter was in line with management’s expectations and reflects ongoing cost reduction measures.

The Company’s consolidated unaudited financial statements and management’s discussion and analysis together with other important disclosures can be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov/edgar and with the Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca.

Management Conference Call

Management’s conference call to review financial results for the quarter ended September 30, 2023 and to discuss corporate and project activities is scheduled for November 8, 2023 at 2:00 p.m. MT (4:00 p.m. ET).

Participant Toll Free: (888) 396-8049

Participant International: (416) 764-8646

Conference ID: 38351757

This call will be archived and available at www.vistagold.com after November 8, 2023. An audio replay will also be available through December 8, 2023 by calling toll-free in North America (877) 674-7070 or (416) 764-8692 using passcode 351757.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia. All major environmental and operating permits necessary to allow development of Mt Todd are in place.

Mt Todd benefits from its location in a leading mining jurisdiction and demonstrates multiple opportunities to add value through growth of mineral resources, demonstration of project feasibility in various development scenarios, and other value adding and de-risking activities.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

Forward Looking Statements

This news 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 news release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as the expected date for our management’s call regarding our financial results; our belief that our work to evaluate the opportunity for a smaller, staged project at Mt Todd was well received by shareholders, potential investors, mining companies, and others during the 2023 Precious Metals Summit; our belief that our internal scoping study demonstrated an initial development capital cost of less than $350 million and highlighted the potential for increased production over time through staged development; our belief that recent actions by the Northern Territory Government to reform the present royalty structure, including potential royalty reductions, may have potential positive economic impacts for Mt Todd and other projects in the territory; our belief that our work with CIBC Capital Markets continues to generate interest and positive feedback; our ability to execute  an appropriate transaction to maximize shareholder value; our belief that we are on track to reduce our 2023 recurring costs by approximately 7% compared to 2022; our belief that Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia; our belief that all major environmental and operating permits necessary to allow development of Mt Todd are in place; and our belief Mt Todd benefits from its location in a leading mining jurisdiction and demonstrates multiple opportunities to add value through growth of mineral resources, demonstration of project feasibility in various development scenarios, and other value adding and de-risking activities 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 news release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; political and social support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2023, subsequent Quarterly Reports on Form 10-Q, 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, September 11, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) announced today that management will hold one-on-one investor meetings and present at the 2023 Precious Metals Summit in Beaver Creek, Colorado. Frederick Earnest, President and Chief Executive Officer, will present updates on Vista’s strategy to reduce initial capex for Mt Todd through a staged development approach to conference participants on Wednesday, September 13, 2023, at 3:30 p.m. MDT. The presentation will be recorded and a link to the replay will be available on the Company’s website at www.vistagold.com, under Investors/Events.

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia. All major environmental and operating permits have now been approved.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

About Precious Metals Summit Beaver Creek

The Precious Metals Summit Beaver Creek is the world’s premier independent investment conference focused on explorers, developers and emerging producers of gold, silver and platinum group metals. This event brings together institutional investors, sell-side representatives and corporate executives from senior precious metals companies with management teams of close to 200 issuers representing the world’s mining and mineral exploration sectors.

Denver, Colorado, August 2, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended June 30, 2023, with reported cash totaling $6.0 million. All dollar amounts in this news release are in U.S. dollars.

The second quarter of 2023 was marked by the extension of Vista’s agreement (the “Agreement”) with the Government (the “NT Government”) of the Northern Territory of Australia (the “NT”), which sets out the rights and obligations of both parties with respect to site care and maintenance and potential future development of the Company’s Mt Todd gold project (“Mt Todd”), and positive recommendations and actions from the NT’s Mineral Development Taskforce (“NT Taskforce”).

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “The extension of our Agreement with the NT Government is an important achievement as we continue our activities to de-risk Mt Todd and reflects a clear commitment by the NT Government. Our amended Agreement extends the term to December 31, 2029, with an option for an additional three-year extension. We believe the amended Agreement demonstrates the strength of our relationship with the NT Government and their desire to achieve shared goals and objectives.

“Recent recommendations of the NT Taskforce aim to increase mining investment in the NT. The NT Government is moving forward to implement recommendations to update its current royalty regime to make it more competitive with other leading mining jurisdictions and to develop local skills to support a growing mining industry. These initiatives demonstrate that the NT Government is actively working to attract more mining-related investment. We believe these changes will result in significant economic benefits for Vista, other mining companies, and the NT.”

Summary of Financial Results

At June 30, 2023, cash and cash equivalents totaled $6.0 million compared to $8.1 million at December 31, 2022. The Company continued to have no debt.

Vista reported a consolidated net loss of $1.5 million, or $0.01 per common share, for the quarter ended June 30, 2023 compared to a consolidated net loss of $1.4 million, or $0.01 per common share for the quarter ended June 30, 2022. The loss for the current quarter was in line with management’s expectations and reflects a 16% reduction of operating expenses compared to the same period in the prior year, offset by lower non-recurring other income.

The Company’s consolidated unaudited financial statements and management’s discussion and analysis together with other important disclosures can be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, filed with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov/edgar and with the Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca.

Management Conference Call

Management’s conference call to review financial results for the quarter ended June 30, 2023 and to discuss corporate and project activities is scheduled for Thursday, August 3, 2023 at 10:00 am MDT (12:00 pm EDT).

Participant Toll Free: (888) 396-8049

Participant International: (416) 764-8646

Conference ID: 35574396

This call will be archived and available at www.vistagold.com after August 3, 2023. An audio replay will also be available through August 17, 2023 by calling toll-free in North America (877) 674-7070 or (416) 764-8692 using passcode 574396#.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia. All major environmental and operating permits have now been approved.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

Forward Looking Statements

_{This news 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 news release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as the expected date for our management’s call regarding our financial results; our ability to complete activities to de-risk Mt Todd; whether the amendment of the Agreement constitutes a clear commitment by the NT Government; the occurrence of any future extensions to the Agreement; the strength of our relationship with the NT Government and their desire to achieve shared goals and objectives; the NT Government’s implementation of recommendations to its current royalty regime and its effect to make it more competitive with other leading mining jurisdictions; the development of local skills to support a growing mining industry; the NT Government’s actions to attract more mining-related investment and whether these changes will result in significant economic benefits to Vista, other mining companies, and the NT; and our belief that Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia 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 news release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; political and social support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2023, subsequent Quarterly Reports on Form 10-Q, 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, May 25, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced that the term of its agreement with the Northern Territory Government of Australia pertaining to the Mt Todd gold project (“Mt Todd” or the “Project”) has been extended to December 31, 2029. The Company holds the exclusive right to develop Mt Todd.

On May 25, 2023, the Company signed an amendment to its agreement (the “Agreement”) with the Northern Territory Government of Australia (the “NT Government”) providing for the extension of the term of the Agreement to December 31, 2029 and including the option for an additional three-year extension. Pursuant to the Agreement, Vista continues to manage the Mt Todd site and fulfill its environmental, cultural and social stewardship commitments. The Company also continues to have no present liability for the condition of the site prior to its involvement in 2006. Vista, at its sole option, may elect to proceed with the development of the Project by giving notice to the NT Government, which then results in the transfer of the NT Government-owned assets at Mt Todd and all pre-existing historical rehabilitation liabilities for the Project from the NT Government to the Company.

Frederick H. Earnest, President and CEO of Vista Gold, stated, “This extension of our Agreement with the NT Government is a reflection of the strong relationship that has developed over years of working together with the NT Government, the Jawoyn people, and other Project stakeholders. We remain committed to responsible environmental management, protecting sacred and culturally significant sites, and developing Mt Todd in a way and at the time that maximizes the benefit for our shareholders and stakeholders in the Northern Territory.”

About Vista Gold Corp.

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 one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers 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) 877-0132 or visit the Company’s website at www.vistagold.com.

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 such things as our belief that Mt Todd is one of the largest undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia, 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold; and our expectations regarding the economy and equity markets, including inflationary pressures and interest rates. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty regarding the economy and equity markets, including inflation and interest rates; 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 in February 2023 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 publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.}

Denver, Colorado, April 28, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended March 31, 2023, with reported cash totaling $6.6 million. All dollar amounts in this news release are in U.S. dollars.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “Our achievements during the first quarter of this year reflect our ongoing commitment to maximize the value of the Mt Todd gold project for our shareholders. We completed an internal scoping study to evaluate the technical and economic merits of smaller-scale development alternatives for Mt Todd. The study delivered promising results, including initial capital expenditures of less than $350 million for a project with 5.2 million tonnes per year throughput and gold production of 150,000 – 200,000 ounces of gold per year, while preserving the opportunity for subsequent expansion or staged development. Since announcing the completion of the scoping study, there has been both new and renewed interest in the optionality of Mt Todd under different development strategies.

“We also announced that the results of the most recent Mt Todd surface exploration program returned excellent anomalous gold assays from the surface sampling of two targets, including up to 4.0 grams of gold per tonne at one of the targets and reiterating our belief that the Mt Todd land package has tremendous discovery potential. Finally, we continued to take actions to implement cost reductions, which had a positive impact on our quarter end financial position.”

Summary of Financial Results

At March 31, 2023, cash and cash equivalents totaled $6.6 million compared to $8.1 million at December 31, 2022. The Company continued to have no debt.

Vista reported a consolidated net loss of $2.0 million, or $0.02 per common share, for the quarter ended March 31, 2023 compared to a consolidated net loss of $0.3 million, or $0.00 per common share for the quarter ended March 31, 2022. The loss for the current quarter was in line with management’s expectations and reflects cost reductions implemented to date. The prior year loss for the quarter ended March 31, 2022 was lower because of a non-recurring gain of $2.9 million.

The Company’s consolidated unaudited financial statements and management’s discussion and analysis together with other important disclosures can be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, filed with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov/edgar and with the Canadian securities regulatory authorities on SEDAR at www.sedar.com.

Management Conference Call

Management’s conference call to review financial results for the quarter ended March 31, 2023 and to discuss corporate and project activities is scheduled for Monday, May 1, 2023 at 2:00 pm MT (4:00 pm ET).

Participant Toll Free: (888) 396-8049
Participant International: (416) 764-8646

Conference ID: 24743194

This call will be archived and available at www.vistagold.com after May 1, 2023. An audio replay will also be available through May 15, 2023 by calling toll-free in North America (877) 674-7070 or (416) 764-8692 using passcode 743194#.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

For information on the 2022 Feasibility Study, please see 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, an issue date of February 9, 2022 and an amended date of February 7, 2023 available on EDGAR 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.

John Rozelle, Vista’s Sr. Vice President, a “qualified person” as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this news release. For more information on the scoping study and surface exploration program, see news releases dated March 1, 2023 (Scoping Study) and March 15, 2023 (Surface Exploration Program).

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 one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia. All major environmental and operating permits have now been approved.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

Forward Looking Statements

_{This news 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 news release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as the expected date for our management’s call regarding our financial results; our belief that our achievements during the first quarter of this year reflect our ongoing commitment to maximize the value of Mt Todd for our shareholders; our belief that the results of the scoping study delivered promising results, including initial capital expenditures of less than $350 million for a project with 5.2 million tonnes per year throughput and gold production of 150,000 – 200,000 ounces of gold per year, while preserving the opportunity for subsequent expansion or staged development; our belief that the Mt Todd land package has tremendous discovery potential; and our belief that Mt Todd has the potential to be one of the top five gold producers in Australia 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 news release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2023, subsequent Quarterly Reports on Form 10-Q, 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, April 27, 2023 - Vista Gold Corp. (“Vista” or the “Company”) (NYSE American and TSX: VGZ) today announced the voting results from its annual general and special meeting of shareholders held on Thursday, April 27, 2023 (the “AGM” or “Meeting”).

A total of 68,925,603 common shares in the capital of the Company (“Common Shares”) were represented at the meeting, being 57.93% of the Common Shares. Detailed results for the ballot votes for the election of directors are as follows:

In addition, at the Meeting, shareholders appointed Plante & Moran PLLC as auditors of the Company and passed ordinary resolutions to approve 1) on an advisory basis, the compensation of the Company’s Named Executive Officers and one year as the frequency of future advisory votes and 2) amendments to the Corporation’s Long Term Equity Incentive Plan.

Following the AGM, the Company’s Board of Directors (the “Board”) appointed Tracy A. Stevenson as Chair of the Board.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “As previously announced, Mike Richings, our former Chair, stepped down at the conclusion of the AGM. On behalf of the Board, I wish to extend my gratitude once again to Mike for his many years of service and contributions to Vista, the Board, and all stakeholders. I am pleased to welcome Tracy Stevenson as Vista’s new Chair. Tracy has served on Vista’s Board since November 6, 2007 and has contributed greatly to the Company’s many successes, including advancing Mt Todd into one of the largest, development-ready gold projects in Australia. As we turn a new page, we look forward to continued success under his Board leadership.”

Mr. Stevenson said, “I am pleased to accept this opportunity to lead the Board and look forward toteam to maximize value for our shareholders. I wish to add my thanks to Mike Richings for his extensive contributions to Vista and his friendship."

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 one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers 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 or This email address is being protected from spambots. You need JavaScript enabled to view it.. You may also visit our website at www.vistagold.com.  

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 such things as our belief that Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia are 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2023 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, April 19, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today reported the Northern Territory Government (the “NT Government”) has released the final report (the “Report”) of the Mineral Development Taskforce (the “Taskforce”). The Report outlines a series of recommendations and actions to increase and enhance the competitiveness of the Northern Territory (the “NT”) as an investment destination and to position the NT to achieve its economic growth targets by 2030.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated: “The Report includes recommendations that will improve the NT’s position as a leading destination for mining investment. As these recommendations are implemented, we expect the Company’s Mt Todd gold project (“Mt Todd” or the “Project”) to benefit in a several ways.

“Most notably, the Report emphasizes the importance of updating the current royalties regime to make it more competitive and developing local skills to support the mining industry. This potentially means moving to a simpler ad valorum royalty structure and aligning the royalty rate more closely with other Tier 1 mining jurisdictions where rates typically range from 2.5 – 5%. This represents a very meaningful opportunity for improved project economics and earlier shareholder returns at Mt Todd, where our 2022 feasibility study included NT royalties equivalent to a 7 – 9% ad valorum rate, depending on the gold price and other assumptions. Skills development will also be an important benefit given that we support the use of a local work force at Mt Todd over more traditional fly-in/fly-out approaches common elsewhere in Australia.”

Taskforce Report and Recommendations

The NT established the Taskforce in November 2021 to investigate and identify opportunities to accelerate external investment in mining and downstream value-add projects to help secure its vision of a $40 billion economy by 2030. The Taskforce, which is comprised of government, industry and private sector experts, was tasked with reporting findings back to the NT Government on three key themes – increasing the NT’s global competitiveness; accelerating project investment; and harnessing sustainable downstream opportunities.

In each of these areas, the Report sets out specific recommendations and actions to support the NT Government’s growth initiative. In summary:

• Increasing the NT’s global competitiveness – The Taskforce analyzed the enabling environment for mining projects from the perspective of project proponents. It considered what the private sector has identified to be key project risks and potential government actions that could open up greater opportunities for mining activity. The recommendations cover changes intended to enhance mineral titling, land access, regulatory matters, skills and workforce, enabling infrastructure, and cooperative actions to ensure social license.

• Accelerating project investment – Recommendations focus on options to accelerate project investment decisions through the lens of an investor. This includes recommendations to fundamentally reform the current NT royalty scheme by replacing it with an ad valorem scheme which is simple, competitive, delivers appropriate returns for non-renewable resources and delivers investment certainty. The Report also recommends the NT Government act to support financing requirements in early-stage mining exploration and feasibility assessments to secure sound business cases for formal investment decisions and project delivery.

• Harnessing sustainable downstream opportunities – The Report provides analyses of downstream value-add opportunities by leveraging enhanced mineral development in the near-term to broaden economic growth in other sectors in the mid- to long-term. Broader strategic, economic, social, supply chain security, and national interest considerations could justify a case for the NT Government intervention to facilitate downstream value-add opportunities. The recommendations support growing of downstream mineral processing and value-add enterprises, nurturing the link between investment and export markets, securing reliable and cost competitive energy, supporting sustainable water use, evaluating prospects for local production of reagents, developing telecommunications infrastructure and digital connectivity, encouraging and supporting circular economy principles within the mining and downstream sectors, and ensuring government policies and regulations support and enhance traceability.

As a next step, the NT Government plans to engage with stakeholders and the mining industry to obtain feedback on the approach to key recommendations and proposed specific actions in the Report.

.

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 one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers 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 or visit the Company’s website at www.vistagold.com.

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 such things as our belief that the report includes recommendations that will improve the NT’s position as a leading destination for mining investment; our belief that we expect Mt Todd to realize direct economic and other benefits from implemented recommendations; our belief that the NT Government will potentially move to a simpler ad valorum structure and align the royalty rate more closely with other Tier 1 mining jurisdictions where royalty rates typically range from 2.5 – 5% and that the ad valorum structure and aligned royalty rate represents a very meaningful opportunity for the Project, where our 2022 feasibility study includes NT royalties equivalent to a 7 – 9% ad valorum rate, depending on the gold price and other assumptions; our belief that skills development will be an important benefit; and our belief that Mt Todd is one of the largest undeveloped gold project in Australia and has the potential to be one of the top five gold producers in Australia, 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:  our forecasts and expected cash flows; our projected capital  and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans; our mineral resource and reserve estimates and results of preliminary economic assessments; assumptions about general business and economic conditions; that the Report and its implementation of recommendations will positively impact the NT's position as a destination for mining investment, the Company and its operations, and the Project; that changes to  the royalties regime and the use of local skills will make the NT more competitive; the reliability and accuracy of the 2022 feasibility study; the continued ability to use a local workforce at Mt Todd; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of the accuracy of resource and reserve estimates and royalty rate estimates; uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; risks relating to the royalties regime in the NT; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; the supply and demand for local labor; business and economic conditions in the mining industry generally; changes in government regulations;  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 in February 2023 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, March 15, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced results of its most recent surface exploration program on two specific areas within the exploration licenses (“ELs”) at the Company’s Mt Todd gold project (“Mt Todd” or the “Project”). Both targets returned excellent anomalous gold assays from surface sampling, including up to 4.0 grams of gold per tonne (“g Au/t”) at the Irwins target.

Frederick Earnest, President and CEO of Vista Gold Corp., stated, “The ELs at Mt Todd encompass 1,650 km² and are largely underexplored. As part of our annual exploration program for the ELs, we collected more than 600 rock chips and soil samples from an area of interest covering ~ 1.6 km² on the Cullen-Australis Structural Corridor. The results demonstrate strong geologic similarities to the area in the mining licenses where we previously delineated four highly prospective exploration targets through our 2021-22 drilling program. We are encouraged by the tenor of these results, which reinforce our belief that the Mt Todd land package has tremendous discovery potential.”

Exploration License Potential

There are a significant number of known mineralization occurrences and indicators within the ELs. The ELs share several similarities to the Project mining licenses (“MLs”). The most important shared characteristics between the Batman-Driffield Structural Corridor (located on the MLs) and the Cullen-Australis Structural Corridor to the north and east on the ELs are similar structural controls, lithologies, alteration patterns, and granitic intrusions. Vista’s recent exploration drilling program highlighted the strong possibility that the four newly identified targets are structurally connected to the Batman deposit to the south and the Quigleys deposit to the north. Given the similarities seen between the two structural corridors and the number of mineralized occurrences on the ELs, the prospects of delineating deposits of similar scale and grade are highly encouraging.

Figure 1 below shows the boundaries of the ELs and MLs, underlying geology, known mineral locations, predominant types of mineralization identified to date, and the two areas of interest (Irwins and Cullen West) within the Cullen-Australis Structural Corridor that were sampled during the 2022 annual ELs exploration program.

Figure 1 – Mt Todd Land Package

Vista’s 2022 ELs exploration program collected a total of 60 rock chip, 556 soil, and 19 stream sediment samples. We concentrated on two areas within the Cullen Australis Trend. Both areas showed encouraging anomalous metal values through previous widely spaced surface sampling programs. Additionally, these areas exhibit similar lithology, alteration, proximity to young granitic bodies, structure, and magnetic anomalies similar to those found at the Batman deposit.

2022 Soil Programs

Cullen West Area

Six lines of the 100x100m soil sampling program contained 121 samples as shown in Figure 2. Table 1 details the most significant gold assays, with the three highlighted rows showing the highest-grade samples.

Figure 2 – Detailed Surface Locations of the Infill Program

Note:     ppb = parts per billion and 1,000 ppb = 1 ppm
               ppm = parts per million and1 ppm = 1 gram/tonne

Table 1 – Cullen West Most Significant Soils Samples Collected (2022 Program)

Note:     1,000 ppb equals 1 ppm and 1 ppm equals 1 gram/tonne.
               10,000 ppm equals 1 percent.

Irwins Area

The soil sampling program at Irwins consisted of 44 lines with samples collected on a 20x20m pattern. A total of 436 samples were collected. Some of the samples show a significant high-grade anomalous gold pattern that corresponds with high-grade copper, tungsten, and elevated bismuth and tellurium. At the Batman deposit, we see similar trends with the gold, copper, bismuth, and other sulfide metals. The highest two soil samples collected had gold grades of 3,953 ppb (3.953 g Au/t) and 1,281 ppb (1.281 g Au/t), respectively. Figures 4 and 5 provide greater detail on the Irwins soil sampling program. The RED lines are dolerite dike locations. The PURPLE lines show the locations of historic workings. As can be seen, the two parallel each other and the highest soil grades also align with these trends. The area in the southeast corner of the figure is shown with higher grades because of the presence of the dolerite dikes. Table 2 details the most significant soil samples collected.

Table 2 – Irwins Area Most Significant Soil Samples

Figure 4 – Irwins Area Soil Geochemistry Map.

RED Lines are dolerite dike locations
PURPLE Lines are locations of historic workings

Figure 5 – Irwins Area – High-grade Sample Locations on Magnetic Anomaly

Sampling Methodology

The sampling method and approach for the surface geochemistry and grab samples is as follows:

• Soil samples are planned on a regular grid and a sample sheet is generated.
• GPS is used to locate sample positions and a pelican pick is used to clear debris and any topsoil from the sample location 3.
• The hole is dug to the B horizon and 7 to 10 kg of soil is collected and coarse sieved to remove stones, etc.; a fine mesh is then employed and the entire sample recovered post sieving is bagged.
• Soil sampling is usually undertaken in the dry season; however, if wet samples are obtained, they are dried in the logging shed prior to sieving.
• Sample bags are calico and purchased pre-numbered; these are then packaged in groups of 5 for transportation to NAL, an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.
• As the site is closed to public access, no special security measures are undertaken.
• A sample submission sheet is sent to the lab, detailing required methodology, and number of samples.
• No identifying data relating to sample location is recorded on the bags submitted or the paperwork beyond bag numbers.

Rock chip and soil geochemical samples are routinely collected to determine if the potential exists for anomalous gold values below the surface. The presence of anomalous gold grades is not a guarantee of subsurface mineralization. While both rock chip and soil samples have sampling procedures, it is not considered rigorous enough to be relied upon for use in the estimation of mineral resources. Surface soil and rock chip samples are merely considered to be potential indicators of subsurface mineralization. Since the rock chip and soil assays are not used in mineral resource estimation, it is rare that any additional QA/QC or check assaying would be completed. The data are used on an as received basis.

It is the QP’s (as defined below) opinion that the sample preparation methods and quality control measures employed before dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

John Rozelle, Vista’s Senior Vice President, a Qualified Person (“QP”) as defined in accordance with subpart 1300 of Regulation S-K under the United States Securities Exchange Act of 1934, as amended (“S-K 1300”) and by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has verified the data underlying the information contained in and has approved this press release. The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s 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, an issue date of February 9, 2022 and an amended date of February 7, 2023 available on EDGAR 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.

The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project. There has been insufficient exploration to define a mineral resource with respect to the exploration target areas and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral resource.

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 one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers 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 or visit the Company’s website at www.vistagold.com.

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 such things as our belief that the results of the recent surface exploration program returned excellent anomalous gold assays and demonstrate strong geologic similarities to the area in the mining licenses where we previously delineated four highly prospective exploration targets through our drilling program completed in 2022; our belief that the Mt Todd land package has tremendous discovery potential; our belief that the Els share several similarities to the Project MLs; our belief that the most important shared characteristics between the Batman-Driffield Structural Corridor (located on the MLs) and the Cullen-Australis Structural Corridor to the north and east on the ELs are similar structural controls, lithologies, alteration patterns, and granitic intrusions; our belief that Vista’s recent exploration drilling program highlighted the strong possibility that the four newly identified targets are structurally connected to the Batman deposit to the south and the Quigleys deposit to the north; our belief that the prospects of delineating deposits of similar scale and grade are highly encouraging; and our belief that Mt Todd is one of the largest undeveloped gold project in Australia and has the potential to be one of the top five gold producers in Australia, 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2023 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, March 14, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced that Michael B. “Mike” Richings, Chair and non-executive director and C. Thomas “Tom” Ogryzlo, non-executive director, intend to retire upon the completion of their terms at Vista’s upcoming 2023 Annual General and Special Meeting of Shareholders (the “AGM”) to be held on April 27, 2023. Effective as of the conclusion of the AGM, the Board of Directors has approved decreasing the number of directors of the Company from seven to five.

“On behalf of the Board and management team, I would like to thank Messrs. Richings and Ogryzlo for their leadership and commitment to the Company for more than two decades,” said Frederick H. Earnest, President, and CEO of Vista Gold. “Their contributions have played a significant role in the execution of a number of transformational transactions and advancing Mt Todd into one of the largest, development-ready gold projects in Australia.”

Mr. Richings, former President, Chief Executive Officer, and Executive Chairman of the Company joined the Board in 1995. Mr. Richings spearheaded the acquisition of the Mt Todd project, the spinout of the Company’s Nevada assets to create Allied Nevada Gold Corp., and the consolidation of the Stibnite district to help launch Midas Gold Corp. (now Perpetua Resources Corp.) on a new trajectory. Mr. Richings said, “Vista has been an important part of my career. I am pleased to have been a part of a number of transactions that have created value for our shareholders. It has been an honor to serve with the directors and management of Vista and I wish them the very best as they move the Company forward.”

Mr. Ogryzlo also joined the Board in 1995. With his extensive experience in the engineering, design, and construction of mining projects across the globe, Mr. Ogryzlo has strongly influenced the conceptual designs of each of the projects the Company has evaluated and advanced. Mr. Ogryzlo said, “Being a part of the evolution of Vista from its time as a heap leach gold producer in Nevada through the acquisition of a portfolio of projects across the world, the subsequent creation of new mining companies, and finally the advancement of one of Australia’s largest development-stage gold projects has been very rewarding. I wish the Board and management great success as they move to unlock value from the projects that we have advanced.”

Mr. Earnest continued, “Mike and Tom have served with the highest degree of professionalism and acted with the shareholders’ best interests at heart. We have all learned a great deal from each of them and it has been a privilege to work with them. As we look to the future, this represents an important time for reflection and change as we work to achieve greater value recognition for the shareholders of the Company.”

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 one of the largest and most advanced undeveloped gold projects in Australia and has the potential to be one of the top five gold producers 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 or visit the Company’s website at www.vistagold.com.

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 such things as our belief that Mt Todd is one of the largest undeveloped gold projects in Australia and has the potential to be one of the top five gold producers in Australia, 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold; and our expectations regarding the economy and equity markets, including inflationary pressures and interest rates. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; and uncertainty regarding the economy and equity markets, including inflation and interest rates; 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 in February 2023 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, March 1, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced that work on an internal scoping study for development of the Mt Todd gold project (“Mt Todd” or the “Project”) at a smaller initial scale has delivered promising results. The Company evaluated the technical and economic merits of smaller-scale alternatives that contemplate significantly lower initial capital costs while preserving the opportunity for subsequent expansion or staged development.

Vista’s work to date indicates that a nominal 5 million tonne per year project could be designed and constructed with an initial capital expenditure of less than US$350 million for scenarios that include contract mining and would achieve annual production in the range of 150,000 – 200,000 ounces of gold per year. Operating cost analyses suggest that all-in sustaining costs would be higher than those estimated in the Company’s 2022 feasibility study on Mt Todd (the “2022 Feasibility Study”), largely from higher unit costs for the contract mining scenarios and adjustments for inflation, but would remain very competitive in today’s environment.

Vista intends to make these results available to potential strategic partners and other parties who have signed confidentiality agreements.

Frederick H. Earnest, President and CEO of Vista commented, “We are pleased with the findings of our internal, scoping-level study to evaluate the viability of a smaller-scale project for Mt Todd. The work completed leverages off the 2022 Feasibility Study. Our conservative approach, which includes the use of the 2022 Feasibility Study’s advanced engineering, gives us confidence that a smaller and easier-to-build initial phase of the Project is viable and economically attractive.”

For its evaluations, the Company used third-party designs and cost estimates for a 15,000 tonne per day operation that incorporate the effects of cost escalation for the preceding year, developed the mine plan and schedule using only measured and indicated mineral resources as defined in the 2022 Feasibility Study, increased the cutoff grade to deliver a higher head grade to the plant, maintained third-party power generation, and considered both owner-operator and contract mining scenarios. For the purpose of this evaluation, the Company has limited the processed tonnage to the capacity of the existing tailings storage facility.

The Company has not yet undertaken studies to assess throughput expansion or staged development opportunities.

For information on the 2022 Feasibility Study, please see 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, an issue date of February 9, 2022 and an amended date of February 7, 2023 available on EDGAR 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.

John Rozelle, Vista’s Sr. Vice President, a “qualified person” as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and 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 one of the largest and most advanced undeveloped gold projects 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 or visit the Company’s website at www.vistagold.com.

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 such things as our belief that a smaller-scale, 5 million tonne per year development alternative for Mt Todd delivered promising results and could be designed and constructed with an initial capital expenditure of less than US$350 million for scenarios that include contract mining and would preserve the opportunity for subsequent expansion or staged development; our expectations with respect to annual production of gold and estimates of all-in sustaining costs under the smaller-scale project; our intention to make results of the study available to potential strategic partners and other parties who have signed confidentiality agreements; and our belief that a smaller and easier-to-build initial phase of the Project is viable and economically attractive 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 2023 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, February 23, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its audited financial results for the year ended December 31, 2022, with cash totaling $8.1 million at year-end. During 2022, the Company successfully completed a feasibility study (the “FS”) for the Mt Todd gold project (“Mt Todd” or the “Project”), retained CIBC Capital Markets as a strategic advisor, concluded an 18-month drilling program, and significantly reduced costs. All dollar amounts in this press release are in U.S. dollars.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “Our achievements during 2022 demonstrate our commitment to realizing greater value from Mt Todd. Looking ahead, the Company will continue to prioritize its goals of improving cost-effectiveness and efficiency, enhancing the long-term value of Mt Todd, and seeking a partner or other form of transaction for Mt Todd to maximize shareholder value. We are completing the evaluation of a smaller scale project and believe that demonstrating a viable development strategy with lower initial costs will attract new interested parties and appeal to those who have previously expressed interest in the optionality of Mt Todd under different development strategies.”

Summary of Financial Results

Vista reported a consolidated net loss of $4.9 million, or $0.04 per common share, for the year ended December 31, 2022 compared to a consolidated net loss of $15.2 million, or $0.14 per common share for the year ended December 31, 2021.

Cash and cash equivalents totaled $8.1 million at December 31, 2022 compared to $13.1 million at December 31, 2021. The Company continued to have no debt.

Feasibility Study

The FS was completed in February 2022 and affirms the strength of Mt Todd’s gold production capacity and ability to deliver robust economics with significant cashflows and resilience to inflation. See news release dated February 9, 2022.

CIBC Capital Markets

The strategic process with CIBC Capital Markets continues to generate interest and positive feedback from a broad range of gold producers. As previously reported, the Company is evaluating a smaller scale project with the objective of achieving significantly lower initial capital costs, updating operating costs, and preserving the potential for subsequent expansion or staged development.

Cost Reductions

Vista significantly reduced its 2022 recurring costs, which were approximately 15% below plan. For 2023, management has taken actions to further reduce recurring costs by approximately 7% and continues to evaluate and implement opportunities for additional cost reductions.

Drilling Program

In 2022, the Company completed an exploration drilling program within a 5.4 km trend extending immediately north from the Batman pit. Results from this program, coupled with previous drilling, demonstrate excellent resource growth potential, including delineation of four highly prospective exploration targets. Vista has no immediate plans for additional drilling but continues to advance work on our exploration licenses, which cover 1,650 km².

Annual Report on Form 10-K

The Company’s consolidated audited financial statements and management’s discussion and analysis together with other important disclosures can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov./edgar.shtml and with the Canadian securities regulatory authorities on SEDAR at www.sedar.com.

Management Conference Call

Management’s conference call to review financial results for the fiscal year ended December 31, 2022 and to discuss corporate and project activities is scheduled for Monday, February 27, 2023 at 2:00 pm MT (4:00 pm ET).

Participant Toll Free: (888) 396-8049

Participant International: (416) 764-8646

Conference ID: 90170196

This call will be archived and available at www.vistagold.com after February 27, 2023. An audio replay will also be available through March 27, 2023 by calling toll-free in North America (877) 674-7070 or (416) 764-8692 using passcode 170196#.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

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 one of the largest and most advanced undeveloped gold projects in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers in Australia. In addition to the technical advancements of the Project, Vista now has all major operating and environmental permits for the development of Mt Todd.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

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 such things as the expected date for our management’s call regarding our financial results; our belief that our 2022 achievements demonstrate our commitment to maximizing the value of Mt Todd; our goals of improving cost-effectiveness and efficiency, and seeking a partner or other form of transaction for Mt Todd to maximize shareholder value; our belief that demonstrating a viable development strategy with lower initial costs will attract new interested parties and appeal to those who have previously expressed interest in the optionality of Mt Todd under different development strategies; our belief that the FS affirms the strength of Mt Todd’s gold production capacity and ability to deliver robust economics with significant cashflows; our belief that results of the exploration drilling program and historical sources demonstrate excellent resource growth potential, including delineation of four highly prospective exploration targets; our expectation that we will not conduct additional drilling on our exploration licenses in the immediate term; our expectation to further reduce recurring costs by approximately 7%; and our belief that, as presently designed, Mt Todd is expected to be one of the top five gold producers in Australia 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 2023 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, January 11, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today provided a corporate update and discussed the Company’s outlook for 2023.

Frederick H. Earnest, President and CEO of Vista Gold commented, “During 2022, we completed a feasibility study for our Mt Todd gold project, concluded a drilling program to demonstrate district-scale resource growth potential, significantly reduced costs, and retained CIBC Capital Markets as a strategic advisor to support the Company’s strategic outreach process for Mt Todd. These accomplishments advanced Mt Todd’s reserve size, resource growth potential, economic returns, and attractiveness to prospective partners.

“The strategic process with CIBC Capital Markets, which is ongoing and remains a top priority, continues to generate interest and positive feedback on the technical merits of Mt Todd. We see signs of improving market conditions, but interested parties continue to maintain a cautious approach to new, large-scale development projects. To address this sentiment, the Company is evaluating a smaller scale project with significantly lower initial capital costs while maintaining similar operating costs as demonstrated by our 2022 feasibility study, and with potential for subsequent throughput expansion or mine-life extension. We expect to be able to demonstrate these attractive alternate development strategies early this year and believe this will attract the interest of new potential partners and appeal to those who have previously expressed interest in the optionality of Mt Todd under different development strategies.

“Reducing costs and maximizing cost effectiveness are also high priorities for 2023. Our 2022 recurring costs were 15% below plan. We have already taken steps to further reduce these costs by approximately 7% during 2023 and continue to evaluate and implement opportunities for additional cost reductions.

Mr. Earnest continued, “We have demonstrated the tremendous value of Mt Todd and are devoted to the preservation of this value pending the return of a more constructive market environment. We remain committed to the health and safety of our employees, who completed 2022 with no lost time accidents, and our environmental stewardship of the Mt Todd mine site. We continue to work closely with the Jawoyn people and other stakeholders in the Katherine region and the Northern Territory. We share the vision of the Northern Territory Government that mining is an important part of the economic growth of the Northern Territory and continue to work with the Northern Territory Government on initiatives of mutual interest.

“Vista’s 2023 objectives build on the successful work completed during 2022. The Company will continue to prioritize its goals of maximizing cost-effectiveness, improving efficiency, enhancing the long-term value of Mt Todd, and seeking a partner or other form of transaction for Mt Todd to maximize shareholder value.”

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 one of the largest and most advanced undeveloped gold projects in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers 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 such things as our belief that our 2022 accomplishments advanced Mt Todd’s reserve size, resource growth potential, economic returns, and attractiveness to prospective partners; our belief that we see signs of improving market conditions; our belief that interested parties continue to maintain a cautious approach to new, large-scale development projects; our belief that the Company’s evaluation of a smaller scale project may result in significantly lower initial capital costs while maintaining similar operating costs as demonstrated by our 2022 feasibility study, and with potential for subsequent throughput expansion or mile-life extension; our belief that we expect to demonstrate attractive alternative development strategies early this year and that this will attract the interest of new potential partners and appeal to those who have previously expressed interest in the optionality of Mt Todd under different development strategies; our belief that we have demonstrated the tremendous value of Mt Todd and are devoted to the preservation of this value pending the return of a more constructive market environment; our belief that we share the vision of the Northern Territory that mining is an important part of the economic growth of the Territory and continue to work with the Territory on initiatives of mutual interest; and our belief that Mt Todd is one of the largest undeveloped gold project in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers in Australia, 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold; and our expectations regarding the economy and equity markets, including inflationary pressures and interest rates. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; and uncertainty regarding the economy and equity markets, including inflation and interest rates; 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 in February 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, October 26, 2022 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended September 30, 2022, highlighted by a cash position of $9.6 million. All dollar amounts in this press release are in U.S. dollars.

Third Quarter Highlights

• Advanced the process with CIBC Capital Markets (“CIBC”) to seek a partner or other form of transaction to maximize shareholder value;
• Ended September 30, 2022 with a cash position of $9.6 million; and
• Maintained a strong balance sheet with zero debt.

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “We are pleased with the results of our cost-reduction measures that management implemented during 2022 in response to current economic and capital market conditions. Fixed cost spending through September 30, 2022 has been nearly 15% under budget and is expected to continue at that rate through year end. Additional spending reductions are being planned for 2023.

“During the quarter, we continued to advance our work with CIBC to seek a partner or other form of transaction to achieve greater value recognition for Mt Todd. Volatility in the economy and equity markets, including inflationary pressures, higher interest rates, and lower gold prices, have resulted in a number of interested parties adopting a more cautious near-term business strategy as they manage the impacts of these conditions. We believe the completion of an acceptable transaction may be dependent on sustained improvement and stability in the economy and capital markets.”

Summary of Q3 2022 Financial Results

At September 30, 2022, cash and cash equivalents totaled $9.6 million and working capital was $8.9 million. The Company has no debt.

Vista reported a net loss of $1.7 million or $0.02 per basic share for the three months ended September 30, 2022, compared to a loss of $3.1 million or $0.02 per basic share for the three-month period ended September 30, 2021. The loss for the current quarter was in line with management’s expectations and reflects cost-reduction measures implemented in response to current economic and capital market conditions.

Management Conference Call

Management’s quarterly conference call to review financial results for the quarter ended September 30, 2022 and to discuss corporate and project activities is scheduled for Thursday, October 27, 2022 at 10:00 a.m. MDT (12:00 p.m. EDT).

Participant Toll Free: (888) 396-8049
Participant International: (416) 764 -8646
Conference ID: 96969799

This call will also be archived and available at www.vistagold.com after October 27, 2022. Audio replay will be available for 14 days by calling toll-free in North America (877) 674-7070 or (416) 764-8692. The passcode for the replay is 969799#.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

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 one of the largest and most advanced undeveloped gold projects in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers in Australia. All major environmental and operating permits have now been approved.

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 such things as our goal to seek a partner or other transaction to maximize shareholder value and to achieve greater value recognition for Mt Todd; our expectation that fixed cost spending through year end will be under budget by approximately 15%; our belief that a number of interested parties are adopting a more cautious near-term business strategy; our belief that the completion of an acceptable transaction may be dependent on sustained improvement and stability in the economy and capital markets; the expected date for our management’s call regarding our financial results; our belief that Mt Todd is one of the largest undeveloped gold project in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers in Australia, 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold; and our expectations regarding the economy and equity markets, including inflationary pressures and interest rates. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; and uncertainty regarding the economy and equity markets, including inflation and interest rates; 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 in February 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, September 12, 2022 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced the following update regarding the Company’s process to seek a partner or other form of transaction to maximize shareholder value from the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”).

The Company has advanced its strategic process for Mt Todd over the past year and, more formally, since announcing the appointment of CIBC Capital Markets (“CIBC”) as the Company’s strategic advisor in March 2022. During this period, a number of interested parties have engaged in reviews of the Company’s data, carried out independent testing and analyses, and completed site visits. We continue to engage in constructive discussions with a number of groups identified through the strategic process and to pursue additional interest from others.

Frederick H. Earnest, President and CEO of Vista Gold commented, “Our process has generated interest from a broad range of prospective parties, including high-quality gold producers of varying scale. These groups conducted extensive due diligence on Mt Todd. Based on the feedback received, we are pleased that the technical merits of the Project have stood up to the rigorous scrutiny of those who have evaluated Mt Todd. Additionally, engagement with other parties during the process is providing insights into alternative development and operating strategies which we continue to evaluate.

“Volatile and uncertain political, economic and equity market conditions during recent months (including inflationary pressures that have significantly impacted capital and operating costs across our industry, supply chain issues, higher interest rates, and lower gold prices) have resulted in a number of interested parties adopting a more cautious near term business strategy as they manage the impacts of these conditions. We believe the completion of an acceptable transaction may be dependent on improvement and stability in the economy and capital markets.

“We continue to work with CIBC to monitor market conditions, advance discussions with those parties who have already made significant investments in evaluating Mt Todd, and engage with other parties as identified. We are confident in the technical merits of Mt Todd and remain focused on creating shareholder value through an appropriate transaction.

“Vista Gold continues to be in a strong financial position, having ended June 30, 2022 with a cash position of $11.1 million and no debt.”

Vista Gold will be participating in the HC Wainwright investor conference (virtually on September 12^th), the Precious Metals Summit in Beaver Creek (September 13^th – 16^th), and the Gold Forum Americas in Colorado Springs (September 19^th – 21^st).

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 one of the largest and most advanced undeveloped gold projects in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers 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 such things as our belief that our process generated interest from a broad range of prospective partners, including high-quality gold producers; our belief that these groups conducted extensive due diligence on Mt Todd; our belief that the technical merits of the Project have stood up to the rigorous scrutiny of those who have evaluated Mt Todd; our belief that volatile and uncertain political, economic and equity market conditions during recent months (including inflationary pressures that have significantly impacted capital and operating costs across our industry, supply chain issues, higher interest rates and lower gold prices) have resulted in a number of parties adopting a more cautious near term business strategy as they manage the impacts of these conditions; our belief that a the completion of an acceptable transaction may be dependent on improvement and stability in the economy and capital markets; our belief that the technical merits of the Project have stood up to the rigorous scrutiny of those who have evaluated Mt Todd; our belief that we will evaluate insights from interested parties into alternative development and operating; our belief that Vista continues to be in a strong financial position; and our belief that Mt Todd is one of the largest undeveloped gold project in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers in Australia, 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, July 27, 2022 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended June 30, 2022, highlighted by a cash position of $11.1 million. All dollar amounts in this press release are in U.S. dollars.

Second Quarter Highlights

• Advanced the process with CIBC Capital Markets (“CIBC”) to seek a partner or other form of transaction to maximize shareholder value;
• Announced favorable results upon successfully completing the exploration drilling program at the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”); and
• Ended June 30, 2022 with a cash position of $11.1 million.

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “During the quarter, our primary focus continued to be the advancement of our work with CIBC to seek a partner or other form of transaction to achieve greater value recognition for Mt Todd. We also announced comprehensive results of our Mt Todd exploration drilling program that was completed earlier this year and ended the quarter with a cash position of $11.1 million. Completion of the exploration program and management’s ongoing efforts to control costs resulted in a significant reduction in expenditures this quarter.”

Exploration Program

In June 2022, Vista announced the completion of the exploration drilling program at Mt Todd. The program consisted of 26 holes totaling 8,887 meters, which consistently intersected mineralization predicted by the Company’s geologic model and demonstrated both horizontal and vertical continuity of the targeted structures. The program successfully  identified four quality exploration targets with a combined potential to add 1.8 to 3.5 million ounces of gold to our resource base. Several other early-stage potential targets along a 5.4-km portion of the 24-km Batman-Driffield Trend have also been identified. The work is conceptual in nature and was not intended to and did not yield additional mineral resources or mineral reserves. See News Release dated June 13, 2022.

The exploration target potentials were derived by the similarities to the Batman deposit sheeted vein system and their surrounding mineralization, as evidenced by drill intercepts in the exploration target area across vertical cross and long sections and are based on estimated volumes and grades. The volume of the modeled areas determines the potential tonnage statement in the exploration target. The grade range given in the exploration target is determined with consideration to the drill results within the modeled exploration target area and consideration of the geological setting in an established mining camp. The potential tonnages and grades are conceptual in nature and are based on previous drill results that defined the approximate length, thickness, depth and grade of the portion of the historical resource estimate. There has been insufficient exploration to define a current mineral resource and the Company cautions that there is uncertainty whether further exploration will result in such exploration targets being delineated as a mineral resource.

The upper Northern cross load (“NXLD”) and Southern cross load (“SXLD”) intercepts represent the high-grade zone within the Batman-Driffield Structural corridor and given that these structures have yet to be targeted or systematically explored, they represent excellent opportunities for discovery of near surface, high-grade mineralization. Structures parallel to the NXLD / SXLD are most likely to host high-grade, near surface mineralization within the Mt Todd package.

John Rozelle, Vista’s Sr. Vice President, a “qualified person” as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release.

Summary of Q2 2022 Financial Results

At June 30, 2022, cash, cash equivalents and short-term treasury investments totaled $11.1 million and working capital was $10.5 million. The Company has no debt.

Vista reported a net loss of $1.4 million or $0.01 per basic share for the three months ended June 30, 2022, compared to a loss of $0.8 million or $0.01 per basic share for the three-month period ended June 30, 2021. The loss for the current quarter reflects the decline in spending following completion of the drilling program in late March 2022 and was in line with management’s expectations.

Management Conference Call

Management’s quarterly conference call to review financial results for the quarter ended June 30, 2022 and to discuss corporate and project activities is scheduled for Thursday, July 28, 2022 at 10:00 a.m. MDT (12:00 p.m. EDT).

Participant Toll Free: (888) 396-8049

Participant International: (416) 764 -8646

Conference ID: 67505400

This call will also be archived and available at www.vistagold.com after July 28, 2022. Audio replay will be available for 14 days by calling toll-free in North America (877) 674-7070 or (416) 764-8692. The passcode for the replay is 505400#.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

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 one of the largest and most advanced undeveloped gold projects in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers 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 such things as our goal to seek a partner or other transaction to achieve greater value recognition for Mt Todd; the expected date for our management’s call regarding our financial results; our belief that the Mt Todd exploration drilling program was successful and that the results were favorable; our belief that the Mt Todd exploration drilling program successfully identified four quality exploration targets with combined resource growth potential of 1.8 to 3.5 million ounces of gold and other potential structures along a 5.4-kilometer portion of the 24-kilometer Batman-Driffield Trend; our belief that the results of the Mt Todd exploration drilling program resulted in no additional mineral resources or mineral reserves; our belief that the upper NXLD / SXLD intercepts represent excellent opportunities for discovery of near surface, high-grade mineralization; our belief that structures parallel to the NXLD / SXLD are most likely to host high-grade, near surface mineralization within the Mt Todd package; and our belief that Mt Todd is the largest undeveloped gold project in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers in Australia, 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, June 13, 2022 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its successful completion of the exploration drilling program at its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia. Results from this program and historical sources demonstrate the resource growth potential within a 5.4 km trend extending immediately north from the Batman pit, including delineation of four highly prospective exploration targets.

Highlights

• Identified four exploration targets potentially representing up to an additional 1.8 to 3.5 million gold ounces (see cautionary information below);
• Demonstrated continuity of mineralized structures from the Batman deposit to north of the Golf-Tollis deposit (+2 Km), which is approximately 3 Km south of the Quigleys deposit;
• Drilled 26 holes for a total of 8,887 meters, with depths from 116 to 901 meters;
• 21 assay intervals with gold grades exceeding 10 grams of gold per tonne (“g Au/t”) representing 11.05 meters of drill intercepts;
• 52 assay intervals with gold grades exceeding 5.0 g Au/t (inclusive of the above) representing 34.51 meters of drill intercepts;
• 485 assay intervals with gold grades exceeding 1.0 g Au/t (inclusive of the above) representing 408.42 meters of drill intercepts; and
• 1,165 assay intervals with gold grades exceeding the current Mt Todd resource cut-off grade of 0.4 g Au/t (inclusive of the above) representing 1,083.31 meters of drill intercepts.

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “The recently completed drilling of 26 holes for 8,887 meters consistently intersected mineralization predicted by our geologic model and demonstrated both horizontal and vertical continuity of the targeted structures. This program successfully  identified four quality  exploration targets with combined resource growth potential of 1.8 to 3.5 million ounces of gold and other potential structures along a 5.4-km portion of the 24-km Batman-Driffield Trend. When appropriate, future drilling can be undertaken to efficiently drill out these targets and define additional gold resources. We are extremely pleased with our drilling results and believe there is opportunity for significant resource growth and extension of the Mt Todd mine life.”

Exploration Drilling

Mr. Earnest continued, “As previously reported, the primary purpose of this exploration program was to demonstrate that the Batman, Golf-Tollis, and Quigleys deposits are part of the same system, linked by mineralized structures. The drill holes in this exploration program intersected the mineralized structures, demonstrated our ability to predict where the mineralized structures will be encountered, and confirmed the continuity of the mineralization between the known deposits.”

Figure 1 provides an aerial view of the drill locations for the holes completed in the program. The image shows the Batman pit located in the lower-left (southwest) corner and the Golf-Tollis pits adjacent to VB21-009 and extending northeast to the Quigleys deposit. VB22-002 represents the initial drill hole into the previously undrilled Penguin target.

Figure 1 – Location Map of the 26 Drill Holes Completed

Table 1 details the location coordinates of each drill hole, as well as bearing, dip, and final down the hole length.

Table 1 – Drill Hole Program Summary Information

Note (1): Drill holes were disclosed in previous press releases.

Table 2 details the intercepts of interest for drill holes VB21-013, 014, 015, 016, and VB22-001, 002, 003, 004, and 005.

Table 2 – Intercept summary

_Notes:

• _{Results are based on 50g fire assay for Au.}
• _{Intersections are from diamond core drilling with half-core samples with 1 meter representative samples.}
• _{Core sample intervals were constrained by geology, alteration or structural boundaries, intervals varied between a minimum of 0.2 meters to a maximum of 1.2 meters.}
• _{Mean grades have been calculated on a 0.4 g Au/t lower cut-off grade with no upper cut-off grade applied, and maximum internal waste of 4.0 meters.}
• _{All intersections are downhole intervals and reflect approximate true widths.}
• _{All downhole deviations have been verified by downhole camera and/or downhole gyro.}
• _{Collar coordinates surveyed by Earl James & Assoc., an independent surveyor, using Trimble R8 GNSS.}
• _{The Company maintains a quality assurance/quality control (“QA/QC”) program, as further described below.}
• _{The assay laboratories responsible for the assays were Northern Analytical Laboratories Pty Ltd (“NAL”), an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.}

Mining License Exploration Potential

Figure 2 provides a graphical representation of the relationship between the Batman, Golf-Tollis, and Quigleys deposits. The left-hand side of the figure illustrates the geophysical similarities of the deposits. The right-hand side of the figure shows the major connecting structures between the deposits, the previously unidentified connecting structures known as the Northern Cross Lode (“NXLD”) and Southern Cross Lode (“SXLD”), and new suspected fault trends.

The long section in Figure 3 below details historical drilling, Vista’s drilling, and the relationship of the Batman, Golf-Tollis, and Quigleys deposits. As reported in earlier press releases, the historical drilling was nearly all shallow at that 100 meters in depth and drilled using reverse circulation drilling, which made it very difficult to gain a clear understanding of the sturctural characteristics of the trend. Vista’s exploration program has collected HQ core with holes located and oriented to drill below the historical drilling to prove both vertical and longitudinal continuation of the mineralization.

Figure 3 – Long Section Between Batman and Quigleys Deposits with Known Mineral Resources and Exploration Targets

Based on the most recent exploration program, the Company believes that several of the identified areas in the above long section contain the potential to host additional mineralization. 

• Batman North – has the potential for 500,000 to 1,000,000 oz Au contained within 15.5 to 35 Mt grading 0.8 to 1.2 g Au/t.
• NXLD and SXLD – have the potential for 400,000 to 800,000 oz Au contained within 10 to 20 Mt grading 1.2 to 1.5g Au/t.
• Golf-Tollis – has the potential for 210,000 to 320,000 oz Au contained within 3.5 to 6.5 Mt grading 0.9 to 1.4 g Au/t.
• Quigleys Deposit – has the potential for an additional 700,000 to 1,400,000 oz Au contained within 11 to 16 Mt grading 1.1 to 1.4 g Au/t.

The exploration target potentials were derived by the similarities to the Batman deposit sheeted vein system and their surrounding mineralization, as evidenced by drill intercepts in the exploration target area across vertical cross and long sections. The volume of the modeled areas determines the potential tonnage statement in the exploration target. The grade range given in the exploration target is determined with consideration to the drill results within the modeled exploration target area and consideration of the geological setting in an established mining camp where grades are generally observed to increase with depth. The potential tonnages and grades are conceptual in nature and are based on previous drill results that defined the approximate length, thickness, depth and grade of the portion of the historical resource estimate. There has been insufficient exploration to define a current mineral resource and the Company cautions that there is uncertainty whether further exploration will result in such exploration targets being delineated as a mineral resource.

The upper NXLD / SXLD intercepts represent the high-grade zone within the Batman-Driffield Structural corridor and given that these structures have yet to be targeted or systematically explored, they represent excellent opportunities for discovery of near surface, high-grade mineralization. Structures parallel to the NXLD / SXLD are most likely to host high-grade, near surface mineralization within the Mt Todd package.

Exploration License Exploration Potential

Within the Project Exploration Licenses (ELs), which cover 1,650 contiguous km², there are a significant number of known mineralization occurrences and indicators. Much of the ELs are not well explored. However, there are a number of similarities to the MLs. The most important of which is the similarity between the Batman-Driffield Structural Corridor (located on the Mining Licenses) and the Cullen-Australis Structural Corridor to the north and east on the Exploration Licenses.

Figure 4 – Exploration Licenses and Mineral Occurrences

Figure 5 illustrates the structural trend similarities between the known structures within the Batman to Quigleys deposits and the mostly unprospected Cullen-Australis Structural Corridor.  

Figure 5 - Details the Structural Similarities between the Batman-Driffield Structural Corridor and the Cullen-Australis Structural Corridor

The sampling method and approach for the surface geochemistry and grab samples is as follows:

• Soil samples are planned on a regular grid and a sample sheet is generated.
• GPS is used to locate sample positions and a pelican pick is used to clear debris and any topsoil from the sample location 3.
• The hole is dug to the B horizon and 7 to 10 kg of soil is collected and coarse sieved to remove stones, etc.; a fine mesh is then employed and the entire sample recovered post sieving is bagged.
• Soil sampling is usually undertaken in the dry season; however, if wet samples are obtained, they are dried in the logging shed prior to sieving.
• Sample bags are calico and purchased pre-numbered; these are then packaged in groups of 5 for transportation to NAL, an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.
• As the site is closed to public access, no special security measures are undertaken.
• A sample submission sheet is sent to the lab, detailing required methodology, and number of samples.
• No identifying data relating to sample location is recorded on the bags submitted or the paperwork beyond bag numbers.

Rock chip and soil geochemical samples are routinely collected to determine if the potential exists for anomalous gold values below the surface. The presence of anomalous gold grades is not a guarantee of subsurface mineralization. While both rock chip and soil samples have sampling procedures, it is not considered rigorous enough to be relied upon for use in the estimation of mineral resources. Surface soil and rock chip samples are merely considered to be potential indicators of subsurface mineralization. Since the rock chip and soil assays are not used in mineral resource estimation, it is rare that any additional QA/QC or check assaying would be completed. The data are used on an as received basis.

It is the QP’s (as defined below) opinion that the sample preparation methods and quality control measures employed before dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (“QP”) as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has verified the data underlying the information contained in and has approved this press release. The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia. The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project. There has been insufficient exploration to define a mineral resource with respect to the exploration target areas and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral resource.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The plastic core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to NAL, a certified lab, for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 meters and a maximum of 1.2 meters;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL in Pine Creek, Northern Territory, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than 3 g Au/t, and then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and QA/QC samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

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 and, as presently designed, Mt Todd is expected to be one of the top five gold producers 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 such things as our belief that the exploration program successfully demonstrated the resource growth potential within a 5.4-km  trend extending immediately north from the Batman pit, including delineation of four highly prospective exploration targets; our believe that the four exploration targets potentially represent up to an additional 3.5 million gold ounces; our belief there is opportunity for significant resource growth and an extended mine life at Mt Todd; our belief that several of the identified areas in the long section between Batman and Quigleys Deposits contain potential to host additional mineralization, including 1) Batman North – potential for 500,000 to 1,000,000 ounces of gold contained within 15.5 to 35 metric tonnes grading 0.8 to 1.2 g Au/t, 2) NXLD and SXLD – potential for 400,000 to 800,000 ounces gold contained within 10 to 20 metric tonnes grading 1.2 to 1.5 g Au/t, 3) Golf-Tollis – potential for 210,000 to 320,000 ounces of gold contained within 3.5 to 6.5 metric tonnes grading 0.9 to 1.4 g Au/t, and 4) Quigleys Deposit – potential for 700,000 to 1,400,000 ounces gold contained within 121 to 16 metric tonnes grading 1.1 to 1.4 g Au/t; and our belief that if developed as presently designed, Mt Todd would potentially be one of the top five gold producers in Australia 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company’s expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, May 2, 2022 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended March 31, 2022, which are highlighted by reported cash totaling $12.8 million. All dollar amounts in this press release are in U.S. dollars.

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “As announced in February, we achieved a major milestone with the completion of the Feasibility Study (“2022 FS”) for our 100%-owned Mt Todd gold project (“Mt Todd” or the “Project”), which increased gold reserves by 19% to 6.98 million ounces with estimated average annual production of 479,000 ounces of gold during the first seven years of commercial operations and extended the mine life to 16 years. The completion of the 2022 FS represents a significant step in de-risking Mt Todd and readying the Project for development. We subsequently announced the appointment of CIBC Capital Markets (“CIBC”) as Vista’s strategic advisor to lead a formal process to assist in evaluating a broad range of alternatives to unlock the value of Mt Todd and arranging an accretive transaction. During the quarter we also successfully completed the exploration drilling program at Mt Todd, continued to monetize non-core assets, and maintained the strength of our balance sheet with quarter end cash of $12.8 million.

We believe the 2022 FS demonstrates the robust economics of the Project, which combined with the approval of all major permits for development distinguish Mt Todd as a unique, near-term development opportunity in a stable and mining friendly jurisdiction. I’m excited with the progress by CIBC to date and committed to achieving an outcome that provides appropriate opportunity for value creation by recognizing a greater portion of the intrinsic value of Mt Todd and minimizing the potential for future dilution.”

First Quarter Highlights and Recent Developments

• Completed the Mt Todd Feasibility Study;
• Appointed CIBC as Strategic Advisor;
• Received the final $2.5 million Awak Mas royalty payment;
• Completed the exploration drilling program at Mt Todd; and
• Ended Q1 2022 with cash and cash equivalents of $12.8 million

Feasibility Study

Vista completed the 2022 FS for Mt Todd and announced the results on February 9, 2022 and filed the SK-1300 Technical Report Summary and NI 43-101 Technical Report on February 24, 2022.

A few highlights from the 2022 FS include:

• After-tax NPV_5% of $999.5 million and IRR of 20.6% at a $1,600 gold price;
• After-tax NPV_5% of $1.7 billion and IRR of 29.4% at a $1,900 gold price;
• After-tax cash flow at a $1,900 gold price of $2.3 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. The foreign exchange (“Fx”) rate used is 0.71 U.S. dollar per Australian dollar.}

The 2022 FS addressed recommendations from the 2019 pre-feasibility study; reflects minor updates of the Project design to be consistent with the Mining Management Plan; and advanced the levels of engineering and detailed costing in all areas of the Project. It evaluated several trade-off opportunities (e.g., contract power generation, contract mining and autonomous truck haulage). With new mine plans at prices more reflective of current gold prices, the 2022 FS resulted in a larger reserve and longer mine life.

Appointment of CIBC Capital Markets as Strategic Advisor

In March, Vista appointed CIBC as its strategic advisor to assist in evaluating a broad range of alternatives to unlock the value of the Mt Todd gold project. CIBC’s mandate includes leading a formal process to complete an accretive transaction with the primary focus on maximizing shareholder value. The formal process has commenced. Coinciding with the work of CIBC, in February 2022, Australia lifted restrictions on international travel to and from the country for fully vaccinated individuals. Vista believes this action will have a positive impact for the Company by allowing greater in-person interaction between senior management and local stakeholders, and enhancing the formal process to unlock the value of Mt Todd.

Exploration Drilling Program

Vista completed its exploration drilling at Mt Todd during March 2022 and is awaiting final assay results. The drilling program focused on identifying connecting structures and mineralization between previously interpreted discreet deposits and the potential for efficient resource growth with future drilling along strike from the Batman deposit approximately 1.9 kilometers north to the Golf-Tollis/Penguin targets. This program successfully achieved our goal of demonstrating the regional potential along a 5.4-kilometer portion of the 24-kilometer Batman-Driffield Trend and to outline areas where future drilling can be undertaken to efficiently define additional gold resources.  

Vista completed 26 planned drill holes for approximately 8,898 meters. The drill holes consistently intersected mineralization predicted by our geologic model and demonstrate both horizontal and vertical continuity of the targeted structures.

Summary of Q1 2022 Financial Results

At March 31, 2022, cash, cash equivalents and short-term treasury investments totaled $12.8 million. We benefited during the quarter from receipt of $2.5 million from PT Masmindo Dwi Area to exercise its option to cancel the remaining 50% of the Awak Mas net smelter return royalty and continued control over our base expenditures.

Vista reported a net loss of $0.3 million or $0.00 per basic share for the three months ended March 31, 2022, compared to a loss of $3.1 million or $0.03 per basic share for the three month period ended March 31, 2021. The loss for the current quarter was in line with management’s expectations.

Management Conference Call

Management’s quarterly conference call to review financial results for the quarter ended March 31, 2022 and to discuss corporate and project activities is scheduled for Tuesday, May 3, 2022 at 2:00 p.m. MDT (4:00 p.m. EDT).

Participant Toll Free: (844) 898-8648

Participant International: (647) 689-4225

Conference ID:  1976517

This call will also be archived and available at www.vistagold.com after May 3, 2022. Audio replay will be available for 21 days by calling toll-free in North America (855) 859-2056 or (404) 537-3406.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

Mt Todd Technical Report Filings

The Company filed a Technical Report Summary (“TRS” or “Technical Report Summary”) prepared in accordance with subpart 1300 of Regulation S-K under the United States Securities Exchange Act of 1934, as amended (“S-K 1300”) as an exhibit to Vista’s Annual Report on Form 10-K, filed on February 24, 2022. The TRS is 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. This TRS is available on EDGAR at www.sec.gov/edgar.shtml. A companion Technical Report for Canadian purposes, pursuant to National Instrument 43-101 (“NI 43-101”), was filed on SEDAR on February 24, 2022 and is 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 (the “NI 43-101 Technical Report”). The NI 43-101 Technical Report is 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 and, as presently designed, Mt Todd is expected to be one of the top five gold producers 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 such things as the expected date for our management’s call regarding our financial results; our belief that the completion of the FS represents a significant step in de-risking Mt Todd and readying the Project for development; our belief that the 2022 FS demonstrates the robust economics of the Project, which combined with the approval of all major permits for development distinguish Mt Todd is a unique, near-term development opportunity in a stable and mining friendly jurisdiction; our belief that we remain committed to achieving an outcome that provides appropriate opportunity for value creation by recognizing a greater portion of the intrinsic value of Mt Todd and minimizes the potential for future dilution; our belief that Australia’s lifted travel restrictions will have a positive impact for the Company by allowing greater in-person interaction between senior management and local stakeholders, and enhancing the formal process to unlock the value of Mt Todd; our belief that our goal of demonstrating the regional potential along a 5.4-kilometer portion of the 24-kilometer Batman-Driffield Trend and to outline areas where future drilling can be undertaken to efficiently define additional gold resources has been successfully achieved; our belief that we have maintained the strength of our balance sheet; and our belief that Mt Todd is the largest undeveloped gold project in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers in Australia 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, April 28, 2022 - Vista Gold Corp. (“Vista” or the “Company”) (NYSE American and TSX: VGZ) today announced the voting results from its annual general and special meeting of shareholders held on Thursday, April 28, 2022 (the “Meeting”).

A total of 67,896,888 common shares in the capital of the Company (“Common Shares”) were represented at the meeting, being 57.55% of the Common Shares.  Detailed results for the ballot votes for the election of directors are as follows:

In addition, at the Meeting, shareholders appointed Plante & Moran PLLC as auditors of the Company and passed ordinary resolutions to approve: on an advisory basis, the compensation of the Company’s Named Executive Officers, and to approve all unallocated awards under the Company’s Long Term Equity Incentive Plan, and all unallocated awards under the Company’s Deferred Share Unit Plan.  

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 and, as presently designed, Mt Todd is expected to be one of the top five gold producers 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 or This email address is being protected from spambots. You need JavaScript enabled to view it.. You may also visit our website at www.vistagold.com.  

_{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 such things as Mt Todd expected to be one of the top five gold producers in Australia 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

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 NPV_5% of $999.5 million and IRR of 20.6% at a $1,600 gold price and a $0.71 Fx rate;
• After-tax NPV_5% 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.

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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, February 24, 2022 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its audited financial results for the year ended December 31, 2021 and filed the feasibility study (“FS”) reports for its 100% owned Mt Todd Gold Project (“Mt Todd” or the “Project”) in the Northern Territory, Australia. The Company’s 2021 financial results are highlighted by reported cash totaling $13.1 million at year-end 2021.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “The size, location, permitting status, and recently completed FS position Mt Todd as one of the most attractive, development-ready gold projects in the world. With total cash of $13.1 million at year-end 2021, our balance sheet is strong and our prospects for unlocking shareholder value have never been greater.

Two of the most significant achievements during 2021 were the approval of the Mining Management Plan (“MMP”) and the initiation of the FS. The MMP was approved in June 2021 and marked a significant de-risking milestone. With the MMP in hand, Vista now has all major operating and environmental permits required to proceed with development of Mt Todd.”  

Mr. Earnest continued, “As previously announced, the FS was completed in early February 2022, delivering a 7 million ounce gold reserve with high operating margins over a 16-year mine life. The FS affirms the strength of Mt Todd’s gold production capacity and ability to deliver robust economics with significant cashflows and resilience to inflation. Our ongoing exploration program continues to identify targets for efficient future mineral resource expansion. A few highlights from the FS include:

• After-tax NPV_5% of $999.5 million and IRR of 20.6% at a $1,600 gold price and a $0.71 Fx rate;
• After-tax NPV_5% 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.}

Mt Todd is a unique and compelling near-term development opportunity. We believe the results of the FS will appeal to many potential partners, investors and lenders and allow us to evaluate a broad range of development alternatives as we seek to unlock maximum shareholder value in 2022.” (See Vista Gold FS News Release and Mt Todd FS Webcast).

Mt Todd Technical Report Filings

The Company also announced it has filed a Technical Report Summary (“TRS”) prepared in accordance with subpart 1300 of Regulation S-K under the United States Securities Exchange Act of 1934, as amended (“S-K 1300”) as an exhibit to today’s filing of Vista’s Annual Report on Form 10-K. The TRS is 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. This TRS is available on EDGAR at www.sec.gov/edgar.shtml. A companion Technical Report for Canadian purposes, pursuant to National Instrument 43-101 (“NI 43-101”), was filed on SEDAR on February 24, 2022 and is 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. This Technical Report is 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.

Summary of Financial Results

Cash and short-term investments (comprised of government securities) totaled $13.1 million at December 31, 2021 compared to $8.2 million at December 31, 2020. This net increase of $5.0 million during 2021 reflects net proceeds of $12.3 million from the Company’s July 2021 public offering, $2.1 million received from Prime Mining Corp. for cancellation of Vista’s royalty interests and back-in right in the Guadalupe de los Reyes gold and silver project (“Los Reyes”), $1.1 million under the Company’s ATM Program, and $0.7 million received from other dispositions of non-core assets. These cash inflows were offset by expenditures of $11.2 million, which included normal recurring costs as well as expenditures for work towards completing the FS and Vista’s ongoing exploration drilling program. The Company continued to have no debt.

For the year ended December 31, 2021, Vista reported a net loss of $15.2 million, or $0.14 per common share on both a basic and diluted basis, compared to consolidated net income of $0.4 million, or $0.00 per common share on both a basic and diluted basis for the fiscal year ended December 31, 2020. The net loss for the year ended December 31, 2021 included income of $2.1 million from the Los Reyes transaction. Offsetting expenses included: $7.9 million for exploration, property evaluation, and holding costs, which included expenses associated with the FS and continuation of exploration drilling throughout 2021; $3.9 million for corporate administration, which remained relatively consistent with the prior year; and a $5.5 million non-cash accounting write-down of the Company’s used mill equipment, which remains for sale.

Net income for the year ended December 31, 2020 was comprised of $6.1 million in gains on the sale of the Los Reyes project and partial cancellation of the Awak Mas royalty, $2.4 million of gains related to the sale of our Midas Gold Corp. shares, and other income of $0.3 million, offset by $8.4 million of operating expenses.

The Company’s consolidated audited financial statements and management’s discussion and analysis together with other important disclosures can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

Management Conference Call

Management’s quarterly conference call to review financial results for the fiscal year ended December 31, 2021 and to discuss corporate and project activities is scheduled for Monday, February 28, 2022 at 2:00 pm MT (4:00 pm ET).

Participant Toll Free: (844) 898-8648
Participant International: (647) 689-4225
Conference ID: 8829349

This call will also be archived and available at www.vistagold.com after February 28, 2022. Audio replay will be available for 21 days by calling toll-free in North America (855) 859-2056 or (404) 537-3406.

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All dollar amounts in this press release are in U.S. dollars.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

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 permits have now been approved.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current TRS and Technical Report.

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 such things as the expected date for our management’s call regarding our financial results; our belief that our achievements during 2021, together with the Project’s size, location and permitting status position Mt Todd as one of the most attractive, development-ready projects in the world; our believe that our balance sheet is strong; our believe that our prospects for unlocking shareholder value have never been greater; our belief that the approval of the MMP marked a significant de-risking milestone for the Project; our belief that Vista has all major operating and environmental permits required to proceed with development of Mt Todd; our belief that the FS affirms the strength of Mt Todd’s gold production capacity and ability to deliver robust economics with significant cashflows and resilience to inflation; our belief that the FS will appeal to many potential partners, investors and lenders and allow us to evaluate a broad range of development alternatives as we continue to focus on maximizing shareholder value 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Denver, Colorado, February 9, 2022 – Vista Gold Corp. (“Vista” or the “Company”) (NYSE American and TSX: VGZ) today announced the results of the feasibility study (the “FS”) for its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in the Northern Territory, Australia (“NT”). Gold reserves increased 19% to 6.98 million ounces resulting in average annual production of 479,000 ounces of gold during the first seven years of commercial operations. With economics based on Q4 2021 costs, the Project is projected to deliver compelling cashflows over a 16-year mine life. 

Highlights of the FS for a 50,000 tonne per day (“tpd”) project include: 

• After-tax NPV_5%of $999.5 million and IRR of 20.6% at a $1,600 gold price and a $0.71 Fx rate⁽¹⁾;
• After-tax NPV_5%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;
• 19% increase in proven and probable mineral reserves, now estimated to be 6.98 million ounces of gold (280.4 million tonnes at 0.77 grams of gold per tonne (“g Au/t”)) at a cut-off grade of 0.35 g Au/t; life of mine grade to the grinding circuit after ore sorting of 0.84 grams of gold per tonne;
• Average annual life of mine production of 395,000 ounces, including average annual production of 479,000 ounces of gold during the first seven years of commercial operations;
• Life of mine average gold recovery of 91.6%;
• Average cash costs of $817 per ounce (life of mine), including average cash costs of $752 per ounce during the first seven years of commercial operations⁽²⁾; 
• Average all-in sustaining cost (“AISC”) of $928 per ounce (life of mine), including average AISC of $860 per ounce during the first seven years of commercial operations; 
• Mine life of 16 years (increase of 3 years); and
• Initial capital requirements of $892 million (8% increase), which reflects the use of a third-party owner/operator of the power plant.

_{(1) 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.
(2) Cash costs per ounce and AISC per ounce are non-GAAP financial measures. See “Note Regarding Non-GAAP Financial Measures” below for a discussion on non-GAAP financial measures and a reconciliation to U.S. GAAP measures.}

Vista’s President and CEO, Frederick H. Earnest, commented, “The FS affirms the strength of Mt Todd’s gold production capacity and ability to deliver solid economic results at a time when inflationary pressures are having significant impacts on operating mines and development projects alike. Completion of the FS represents another major step in de-risking Mt Todd and readying the Project for development. The scale, quality of work completed and location of Mt Todd, together with the FS and the fact that all major authorizations for development have been obtained, distinguish Mt Todd as a unique development opportunity. We believe the results of the FS will appeal to many potential partners, investors and lenders and allow us to evaluate a broad range of development alternatives as we continue to focus on maximizing shareholder value. (CEO Video)

With Q4 2021 costs, the FS reflects the inflationary pressures being faced currently by all operators in the mining industry. While we believe this inflationary trend is transitory, the resilience of Mt Todd is amply demonstrated by the robust project economics reflected in the FS. Mt Todd’s attributes, together with the deep understanding of the various Project components create valuable optionality in the approach to its development. 

Mt Todd’s economic returns benefit from the increase in the gold reserve estimate, favorable results of the power plant trade-off study and slightly lower energy costs in the NT. In view of the current gold price, we increased the gold price used in the reserve estimate from $1,000 to $1,125 and changed the cut-off grade from 0.40 g Au/t to 0.35 g Au/t. These changes, while very conservative, significantly increased the reserve estimate from 5.85 million ounces to 6.98 million ounces. Our power plant trade-off study identified a number of highly-credentialled, well-capitalized power generating companies. Our decision to use a third-party power provider has resulted in important positive impacts to our capital costs and insulates the Project from certain construction and operating risks while maintaining what we believe to be attractive operating costs. While our operating costs have increased as a result of higher labor, reagent, grinding media and over-the-fence power costs, our core energy costs yield some offsetting savings.

In addition to securing the approval of the Mining Management Plan since our last technical report, we have modernized our agreement with the Jawoyn Aboriginal Association Corporation (the “Jawoyn”). We continue to enjoy a close working relationship and their strong support for the Project. The economic returns reflect the increased royalty to the Jawoyn (in lieu of the previous right to a 10% direct Project ownership) as reported in November 2020.”

Mr. Earnest concluded, “Our attention will now focus more intensely on increasing shareholder value and the realization of the intrinsic value of Mt Todd. We believe Mt Todd’s location, scale, economics, permitting status, and extensive technical work represent a unique near-term development opportunity and allow us to evaluate a broad range of development partners, structures and alternatives as we continue to focus on maximizing shareholder value.” 

Sabry Abdel Hafez, Ph.D., P.Eng., Rex Bryan, Ph.D., Amy Hudson, Ph.D, CPG, SME REM, April Hussey, P.E., Chris Johns, M.Sc., P.Eng., Max Johnson, P.E., , Vicki Scharnhorst, P.E., and Keith Thompson, CPG, member AIPG, on behalf of Tetra Tech, Thomas Dyer, P.E., SME REM, on behalf of Respec, Dr. Deepak Malhotra, Ph.D., SME REM on behalf of Pro Solv, LLC, Zvonimir Ponos, BE, MIEAust, CPeng, NER on behalf of Tetra Tech Proteus, are each a Qualified Person as defined under subpart 1300 of Regulation S-K under the United States Securities Exchange Act of 1934, as amended (“S-K 1300”) and an independent Qualified Person as defined by Canadian National Instrument 43-101 – Standards of Disclosure of Mineral Projects (“NI 43-101”), and prepared or supervised the preparation of the information that forms the basis for the scientific and technical information disclosed herein and have reviewed this press release and consented to its release. Dr. Deepak Malhotra has verified the metallurgical testing program and data in respect of the process improvements. For additional information applicable to the FS, including data verification, quality assurance and control, and key assumptions; and for other matters relating to the Project, see Vista’s most recent Annual Report Form 10-K as filed on EDGAR at www.sec.gov/edgar.shtml and on SEDAR at www.sedar.com.  

Overview                                                                                                                                                          

The technical aspects of the FS are underpinned by extensive metallurgical testing and stringent design criteria that continue to reflect Vista’s rigorous approach to ensuring Mt Todd will meet design and operating specifications. This includes utilizing modern, proven technologies and oversizing processing equipment to best ensure throughput capacity. The FS also incorporates provisions of the recently approved Mt Todd Mine Management Plan, which will subsequently be amended to align with design changes in the FS. 

A summary of the FS results is presented in the table below. 

_{(1) Economics presented using $1,600/oz gold and a $0.71 Fx rate.
(2) Years 1 - 7 start after the 6 month commissioning and ramp up period.
(3) Life of Mine is from start of commissioning and ramp up through final closure.
(4) Post-sorted grinding circuit feed grade (g Au/t).
(5) Cash costs per ounce and AISC per ounce are non-GAAP financial measures. See “Note Regarding Non-GAAP Financial Measures” below for a discussion on non-GAAP financial measures and a reconciliation to U.S. GAAP measures.}

Sensitivity Analysis

The following table provides additional details of the Project’s after-tax economics at variable gold prices and exchange rate assumptions. The Project economics are robust at the FS gold price of $1,600 per ounce and an Fx rate of $0.71 and even more compelling at today’s market conditions. Using a gold price of $1,800 per ounce and an Fx rate of $0.71, the after-tax NPV_5%  is $1.5 billion and the IRR is 26.7%. For every $100 increase in gold price, the Project NPV_5% increases by approximately $230 million.

_{Note: NPV5% values in $ millions. Changes in Fx rates are only applied to operating costs and not applied to either initial or sustaining capital costs.}

Capital Costs 

Management placed a high priority on managing capital costs while maintaining the operating cost benefits of a large-scale project. Initial capital costs increased 8% and benefited from savings associated with a favorable trade-off study that supports using a third-party power provider to build, own and operate the power plant at only modestly higher power costs to the Project. 

Capital expenditures for initial and sustaining capital requirements are summarized in the following table.  

_{Note: Components may not add to totals due to rounding.}  

Operating Costs

Operating costs continue to benefit from the economies of scale associated with a 50,000 tonne per day process plant, a low 2.5:1 stripping ratio (unchanged from the last technical report), and a locally-based labor force. Operating costs were impacted by the additional royalty granted to the Jawoyn in exchange for their prior right to a 10% participating interest in the Project.

_{Note: Jawoyn royalty and refinery costs calculated at $1,600 per ounce gold and $0.71 exchange rate. May not add to totals due to rounding.}

_{(1) Cash costs per tonne processed and cash costs per ounce are non-GAAP financial measures. See “Note Regarding Non-GAAP Financial Measures” below for a discussion on non-GAAP financial measures and a reconciliation to U.S. GAAP measures.}

Mining and Production

The mine plan contemplates that 280.4 million tonnes of ore, containing an estimated 6.98 million ounces of gold at an average grade of 0.77 g Au/t, will be processed over the life of the Project. Total recovered gold is expected to be 6.31 million ounces with average annual gold production expected to be 395,000 ounces. Average annual production over the first seven years of commercial operations is expected to be 479,000 ounces. The Company expects commercial production to commence after two years of construction and six months of commissioning and ramp-up.

The table below highlights the FS production schedule. The shaded portion of the table demonstrates the benefit of sorting that reduces the tonnage processed by 10%, increases the processed grade by a similar percentage, and results in cost savings for grinding, leaching and tailings handling.

_{(*) Six months commissioning and ramp-up period ahead of full production.
(1)  Years 16 and 17 process Heap Leach ore after the pit ore is exhausted.
(2)  Components may not add to totals due to rounding.}

As demonstrated in the chart below, the 19% increase in gold reserves sustains a strong production profile over the first  seven years with an average of 479,000 ounces of gold per year. The Project also benefits from three additional years of mine life. This reserve growth successfully offsets much of the inflationary pressure on capital and operating costs currently affecting the entire mining sector. The Company believes resource conversion and exploration during the early years of the Project will contribute to improved gold production in years 9 through 11 and further extend the life of the Project.

Operating Margin Summary 

_{Note: Cash operating costs is a non-GAAP financial measure. See “Note Regarding Non-GAAP Financial Measures” below for a discussion on non-GAAP financial measures and a reconciliation to U.S. GAAP measures.}

Mineral Resources and Mineral Reserves

The tables below present the estimated mineral resources and mineral reserves for the Project. The effective date of the mineral resources and mineral reserves estimates is December 31, 2021. The following mineral resources and mineral reserves were prepared in accordance with both S-K 1300  standards and Canadian Institute of Mining, Metallurgical and Petroleum definition standards. 

_{Notes: 
1) Measured & Indicated Mineral Resources include Proven and Probable Reserves. 
2) Batman and Quigleys mineral resources are quoted at a 0.40g-Au/t cut-off grade. Heap Leach resources are the average grade of the heap, no cut-off applied.
3) Batman: Mineral resources constrained within a $1,300/oz gold Whittle^TMpit shell. Pit parameters: Mining Cost $1.50/tonne, Milling Cost $7.80/tonne processed, G&A Cost $0.46/tonne processed, G&A/Year 8,201 K US4, Au Recovery, Sulfide 85%, Transition 80%, Oxide 80%, 0.2g-Au/t minimum for resource shell.
4) Quigleys: Resources constrained within a $1,300/oz gold Whittle^TMpit shell. Pit parameters: Mining cost $1.90/tonne, Processing Cost $9.779/tonne processed, Royalty 1% GPR, Gold Recovery Sulfide, 82.0% and Ox/Trans 78.0%, water treatment $0.09/tonne, Tailings $0.985/tonne.
5) Differences in the table due to rounding are not considered material. Differences between Batman and Quigleys mining and metallurgical parameters are due to their individual geologic and engineering characteristics.
6) Rex Bryan of Tetra Tech is the QP responsible for the Statement of Mineral Resources for the Batman, Heap Leach Pad and Quigleys deposits.
7) Thomas Dyer of RESPEC is the QP responsible for developing the resource Whittle^TMpit shell for the Batman Deposit.
8) The effective date of the Heap Leach, Batman and Quigleys resource estimate is December 31, 2021.
9) Mineral resources that are not mineral reserves have no demonstrated economic viability and do not meet all relevant modifying factors.}

_{Notes:
1)  Thomas L. Dyer, P.E., is the QP responsible for reporting the Batman Deposit Proven and Probable Mineral Reserves.
2)   Batman deposit mineral reserves are reported using a 0.35 g Au/t cutoff grade.
3)   Deepak Malhotra is the QP responsible for reporting the heap-leach pad mineral reserves. 
4)   Because all the heap-leach pad reserves are to be fed through the mill, these mineral reserves are reported without a cutoff grade applied.
5)   The mineral reserves point of reference is the point where material is fed into the mill.
6)   The effective date of the mineral reserve estimates is December 31, 2021.}

Project Description

Gold mineralization in the Batman Deposit occurs in sheeted veins within silicified greywackes/shales/siltstones. The Batman deposit strikes north-northeast and dips steeply to the east. Higher grade zones of the deposit plunge to the south. The core zone is approximately 200-250 meters wide and 1.5 kilometers long, with several hanging wall structures providing additional width to the deposit. Mineralization is open at depth as well as along strike, although the intensity of mineralization weakens to the north and south along strike.

The Project is designed to be a conventional, owner-operated, open-pit mining operation that will utilize large-scale mining equipment in a drill/blast/load/haul operation. The Company continues to evaluate the potential use of contract mining and/or autonomous truck haulage. Ore is planned to be processed in a comminution circuit consisting of a gyratory crusher, two cone crushers, two high pressure grinding roll crushers with primary grinding by two ball mills and secondary grinding by 10 FLSmidth VXP mills. Vista plans to recover gold in a conventional carbon-in-pulp recovery circuit.

Opportunities for Adding Value 

Additional resources are predominantly at depth and lateral along strike. A portion of the Inferred Mineral Resources are contained within the existing pit design and are currently included in the mine plan as waste material. Potential to convert part of the mineral resources to mineral reserves represents an opportunity to improve existing LOM economics and extend mine life. 

The Company also has known mineral resources at the Quigleys Deposit, which is close to the planned processing plant. The estimated grade of the Quigleys Deposit is higher than the estimated average grade of the Batman Deposit and could provide a source of higher-grade feed in the mid years of the Project when the average grade of feed to the plant is expected to decrease. Additional drilling and metallurgical testing are required to develop mine plans and ultimately establish proven and probable mineral reserves at the Quigleys deposit.

Growth through exploration represents additional opportunity to add value at Mt Todd. Both the Batman Deposit and Quigleys Deposit remain open. Recent drilling demonstrates the continuity of mineralization between these two deposits. In addition, Vista controls over 1,500 sq. km of contiguous exploration licenses at the southeast end of the Pine Creek Mining District. Various gold targets have been identified through early-stage, grass roots exploration programs along the Cullen-Australis and Batman-Driffield structural corridors, the latter of which is the host to the Batman Deposit. To-date, Vista’s exploration efforts have primarily focused on the Batman Deposit. 

The FS uses a natural gas price comparable to other facilities that self-generate power in the NT. Due to the location of the Project and its close proximity to the main NT natural gas transmission line, the Company believes that there is significant opportunity to achieve a lower natural gas price upon commitment to a long-term gas delivery contract. This belief is in part based on local expectations of significantly increased gas reserves in the Beetaloo Basin south of Mt Todd. 

Conference Call Details

A conference call and webcast to discuss highlights of the FS will be held Wednesday, February 9, 2022 at 4:00 p.m. EDT (2:00 p.m. MDT).

Toll-free in North America: 844-898-8648
International: 647-689-4225

Confirmation Code:  5074108

To participate in the webcast and view the slide presentation, please follow the steps below at least 15 minutes prior to the start time: 

Step 1 – Registration Page:

https://onlinexperiences.com/Launch/QReg/ShowUUID=803ED6AB-ABDC-4C7F-B282-A98D4DCB25D7

Step 2 – Login Page:

https://onlinexperiences.com/Launch/Event/ShowKey=187237

This call will be archived and available at www.vistagold.com after February 9, 2022. Audio replay will be available for 14 days by calling toll-free in North America: 855-859-2056 or (404) 537-3406.

Detailed Report

A technical report for the FS prepared in accordance with NI 43-101 disclosure standards will be filed on SEDAR and a technical report summary prepared in accordance with S-K 1300 will be filed on EDGAR with our annual report on Form 10-K, in each case, within 45 days of the date hereof and will be available on our website at that time. 

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 permits have now been approved. The recently approved Mine Management Plan will be amended to align with the design changes in the FS. 

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

For more information about our projects, including technical studies and mineral resource estimates, please visit our website at www.vistagold.com.

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 Vista expects or anticipates will or may occur in the future, including such things as, the Company’s anticipated plans for the Project, including finding potential development alternatives and the Company’s focus on maximizing shareholder value and the realization of the intrinsic value of Mt Todd; our belief that Mt  Todd’s location, scale, economics, permitting status, coupled with extensive technical work represent a unique near-term development opportunity; the results of the FS will appeal to many potential partners, investors and lenders; estimates of mineral reserves and resources; projected Project economics, including anticipated production, average cash costs, before and after-tax NPV, IRR, capital requirements and expenditures, gold recovery after-tax payback, operating costs, average tonne per day milling, mining methods procedures, estimated gold recovery, Project design, and life of mine; that the Project is an advanced stage development project; average annual production overtime; commencement of commercial production; timing for construction and commissioning; exploration of new deposits at Mt Todd and the surrounding exploration areas; ore processing plans;  our belief that resource conversion and exploration during the early years of the Project will contribute to improved gold production in years 9 through 11 and further extend the mine life; potential costs or savings related to gas price; ability to convert estimated mineral resources to proven or probable mineral reserves; the estimated grade of minerals at the Quigleys deposit; ability to add higher grade feed from the Quigleys deposit to the Project in its mid years; our belief that there is a significant opportunity to achieve a lower natural gas price upon commitment to a long-term gas delivery contract; timing for and completion of the NI 43-101 technical report and the S-K 1300 technical report summary for the FS; and other such matters 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: the accuracy of the results of the FS, mineral resource and reserve estimates, and exploration and assay results; the terms and conditions of our agreements with contractors and our approved business plan; the anticipated receipt of required permits; no change in laws that materially impact mining development or operations of a mining business; the potential occurrence and timing of a production decision; the anticipated gold production at the Project; the life of any mine at the Project; local expectations of significantly increased gas reserves in the Beetaloo Basin; all economic projections relating to the Project, including estimated cash cost, NPV, IRR, and initial capital requirements; and Vista’s goal of becoming a gold producer. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “plans,” “hopes,” “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 Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of mineral resource estimates, estimates of results based on such mineral resource estimates; risks relating to cost increases for capital and operating costs; risks related to the timing and the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in Vista’s most recent Annual Report Form 10-K as filed on EDGAR at www.sec.gov/edgar.shtml and on SEDAR at www.sedar.com. Although Vista has 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, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Note Regarding Non-GAAP Financial Measures

In this press release, we have provided information prepared or calculated according to non-U.S. GAAP prospective financial performance measures. Because the non-U.S. GAAP performance measures do not have standardized meanings prescribed by U.S. GAAP, they may not be comparable to similar measures presented by other companies. These measures should not be considered in isolation or as substitutes for measures of performance prepared in accordance with U.S. GAAP. There are limitations associated with the use of such non-U.S. GAAP measures. Since these measures do not incorporate revenues, changes in working capital and non-operating cash costs, they are not necessarily indicative of potential operating profit or loss, or cash flow from operations as determined in accordance with U.S. GAAP. 

The non-U.S. GAAP measures associated with Cash Operating Costs, Cash Costs, AISC and resulting per ounce and per tonne processed metrics are not, and are not intended to be, presentations in accordance with U.S. GAAP. These measures represent costs and unit-cost measured related to the Project. 

We believe that these metrics help investors understand the economics of the Project. We present the non-U.S. GAAP financial measures for our Project in the tables below. Actual U.S. GAAP results will vary from the amounts disclosed in this news release. Other companies may calculate these measures differently.

Cash Operating Costs, Cash Costs, AISC and Respective Unit Cost Measures

Cash Operating Costs is a non-U.S. GAAP metric used by the Company to measure aggregate costs of operations that will generally be within the Company’s direct control. We believe this metric reflects the operating performance potential for Mt Todd for the mining, processing, administration, and sales functions. Contractual obligations for surface land rights (the Jawoyn Royalty) are excluded from this metric.

Cash Costs and AISC are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a comparable standard. The Company reports Cash Costs and AISC on a per ounce and per tonne processed basis because we believe these metrics more completely reflect mining costs over specified periods and the life of mine. Similar metrics are widely used in the gold mining industry as comparative benchmarks of performance. 

Cash Operating Costs consist of Project operating costs and refining costs, and exclude the Jawoyn royalty. Cash Operating Costs are presented by year in the operating margin summary.

Cash Costs consist of Cash Operating Costs (as described above), plus the Jawoyn royalty. The sum of these costs is divided by the corresponding payable gold ounces or tonnes processed to determine per ounce and per tonne processed metrics, respectively.

AISC consists of Cash Costs (as described above), plus sustaining capital costs. The sum of these costs is divided by the corresponding payable gold ounces or tonnes processed to determine per ounce and per tonne processed metrics, respectively.

Other costs excluded from Cash Operating Costs, Cash Costs, and AISC include depreciation and amortization, income taxes, government royalties, financing charges, costs related to business combinations, asset acquisitions other than sustaining capital, and asset dispositions.

The following tables demonstrate the calculation of Cash Operating Costs, Cash Costs, AISC, and related unit-cost metrics for amounts presented in this press release.

_{Note: Amounts may not add to totals due to rounding. 
* Years 1-7 start after the 6-month commissioning and ramp up period.}

_{Note: Amounts may not add to totals due to rounding. 
* Years 1-7 and 8-14 are measured after the start of the 6-month commissioning and ramp up period.}

Denver, Colorado, January 31, 2022 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced receipt of $2.5 million from PT Masmindo Dwi Area (“PT Masmindo”) to exercise its option to cancel the remaining 50% of the Awak Mas net smelter return (“NSR”) royalty.

As announced on May 5, 2020 (see news release), PT Masmindo retained the right to pay Vista $2.5 million to exercise its option to cancel the remaining 50% of the Awak Mas NSR royalty, which included a 1.0% NSR royalty on the first 1,250,000 ounces of gold produced and 1.25% NSR royalty on the next 1,250,000 ounces of gold produced. With this $2.5 million payment, Vista has no remaining royalty interest in the Awak Mas project.

Frederick H. Earnest, President and Chief Executive Officer, commented, “We are pleased to have received the final option payment from PT Masmindo and successfully completed the monetization of another non-core asset. This $2.5 million strengthens our balance sheet as we advance our activities to seek a strategic partner for development of Mt Todd.”

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 the receipt of the $2.5 million strengthens our balance sheet as we advance our activities to seek a strategic partner for the development of our Mt Todd gold project, 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 26, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

DENVER, June 14, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce it has received approval of the Mining Management Plan (“MMP”) by the Northern Territory (“NT”) Government for the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia.

The MMP (similar to a mine operating permit in North America) is the final major authorization required for the development of the Mt Todd mine. The receipt of this approval marks the achievement of a significant de-risking milestone that has been the focus of the Company for the last three years. This approval, combined with the previously-approved major environmental permits, recognizes the quality and advanced stage of engineering and project planning, and is a fundamental part of the Company’s strategy for gaining greater recognition of the intrinsic value of Mt Todd.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “The approval of the MMP is a landmark achievement for Vista, its shareholders and the Northern Territory. We believe the approval of the MMP distinguishes Mt Todd as an attractive, de-risked, and partner-ready development-stage gold project highlighted by a large-scale production design, low expected operating costs, mining friendly jurisdiction, substantial existing infrastructure, strong social and government support, and all major authorizations in hand.”

“At a gold price of $1,900 and a foreign exchange rate of US$0.775=A$1.00, the after-tax NPV_5% is estimated to be $1.7 billion with an after-tax IRR of more than 38.8%. We are committed to realizing the full value of Mt Todd for our shareholders.” Vista Gold CEO Video.

Mr. Earnest continued, “Following extensive consultation with the Jawoyn people and local environmental, community and business stakeholders, we’re very pleased to be another step closer to delivering a project that is expected to provide significant economic benefit to the Northern Territory. We would like to thank our employees and consultants for their unyielding determination as they worked diligently and cooperatively with the NT Government to advance the permitting process, and express our appreciation to the people in the surrounding communities for the strong support they have demonstrated for Mt Todd and Vista. We will continue to work closely with all stakeholders to ensure the safe and responsible development of Mt Todd.”

Technical Report on Mt Todd

For further information on the Mt Todd Gold Project, see the Technical Report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia” with an effective date of September 10, 2019 and an issue date of October 7, 2019, amended September 22, 2020, which is available on SEDAR as well as on Vista’s website under the Technical Reports section. John Rozelle, Vista’s Sr. Vice President, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the information in this press release.

About Vista Gold Corp. and Mt Todd

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. Mt Todd’s extensive 1,501 km² of exploration licenses offer excellent potential to expand gold resources and reserves and increase the life of the mine. All major operating and environmental permits have now been approved.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Vista Gold website at www.vistagold.com.

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 such things as the belief Mt Todd is an attractive, de-risked, and partner-ready development-stage gold project; the future value of Mt Todd including estimates of after-tax NPV5% and after-tax IRR; that Mt Todd is the largest undeveloped gold project in Australia; our commitment to a strategy that maximizes shareholder value; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; the belief that greater recognition of the intrinsic value of Mt Todd will be gained; the expectation that the Mt Todd mine will achieve large-scale production and low operating costs; the expectation that the Project will provide significant economic benefit to Northern Australia; the belief that Mt Todd’s exploration licenses offer potential to expand gold resources and reserves and increase the life of the mine; and other anticipated mine development and operating costs and results at Mt Todd 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral resource estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

DENVER, June 17, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce it has received the Aboriginal Areas Protection Authority (“AAPA”) Certificate and Surface Water Extraction License from the Northern Territory Government for the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia.

Aboriginal Areas Protection Authority Certificate

An AAPA Certificate is required as a legal means to identify and protect sacred sites from damage by setting out the conditions for using or carrying out works on an area of land. It is a legal document issued under the Northern Territory Aboriginal Sacred Sites Act.

Following extensive review, the AAPA determined that the use of, or work on, certain areas can proceed without a risk of damage to, or interference with, the sacred sites identified at Mt Todd. The AAPA Authority Certificate for Mt Todd covers the 1,501 km² of exploration licenses contiguous with the mining leases.

Surface Water Extraction License

Following the approval of the Mining Management Plan, the Mt Todd Surface Water Extraction License has been approved. This provides Vista with the right to harvest 3.4 Gigalitres of surface run-off each year to facilitate processing and mining activities associated with Mt Todd and is expected to adequately supply all of the Project’s water requirements as presently designed. The license is valid for 10 years with the right to renew.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “These two supporting authorizations underscore our strong commitment to the protection of sites of sacred or cultural significance to the aboriginal people and the wise use of water resources at the Mt Todd gold project. The AAPA Certificate for the area of the exploration licenses complements the existing AAPA certificate for the areas within the mining licenses and affirms our present practice of working closely with Jawoyn people to ensure constant communication and coordination in identifying and protecting sacred and culturally significant sites.”

Mr. Earnest continued, “Every mining project needs water and with the approval of the Surface Water Extraction License, we are assured the right to capture surface run-off during the wet season and store it for use during the balance of the year. This permit approval assures the Project with the water needed for our planned operations, recognizes our commitment to responsible water use, and allows us to capture water during the portion of the year when there is abundant surface run-off, rather than competing with other water users for ground water resources.”

About Vista Gold Corp. and Mt Todd

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Vista Gold website at www.vistagold.com.

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 such things as our belief that the use of, or works on, certain designated areas can proceed without a risk of damage to, or interference with, the sacred sites identified at Mt Todd; our belief that harvesting 3.4 Gigalitres of surface run-off water each year to facilitate the processing and mining activities associated with Mt Todd is expected to adequately supply all of the Project’s water requirements as presently designed; our belief that the authorization underscores our strong commitment to the protection of sites of sacred or cultural significance to the aboriginal people and the wise use of water resources at the Mt Todd gold project; our belief that the AAPA Certificate for the area of the exploration licenses complements the existing AAPA certificate for the areas of the mining licenses and affirms our present practice of working closely with the Jawoyn people to ensure constant communications and coordination in identifying and protecting sacred and culturally significant sites; our belief that the Water Extraction License assures us the right to capture surface run-off during the wet season and store it for use during the balance of the year and recognizes our commitment to responsible water use; our belief that Mt Todd is the largest undeveloped gold project in Australia; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; the belief that greater recognition of the intrinsic value of Mt Todd will be gained; and other anticipated mine development and operating costs and results at Mt Todd 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, June 28, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced receipt of the final $1.0 million payment from Prime Mining Corp. (“Prime Mining”).

As announced on June 15, 2020 (see news release), Prime Mining was required to pay Vista $2.1 million in lieu of Vista being granted certain royalties and back-in rights relating to the Guadalupe de los Reyes gold / silver project in Mexico. The first payment of $1.1 million was paid in January 2021. With this $1.0 million payment, Vista has no remaining right to be granted the royalties and back-in rights.

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “We are pleased to receive this final payment and successfully complete this agreement with Prime Mining.”

All dollar amounts in this press release are in U.S. dollars.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis.

For further information about Vista or the Mt Todd gold project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

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 such things as our ongoing efforts to advance development of Mt Todd to potentially be Australia’s fourth largest gold producer 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: our discussions and contractual arrangements with Prime Mining; our reliance that Prime Mining will deem the exploration results at the Guadalupe de los Reyes gold / silver project sufficiently positive to continue its business plans for this project and its ability to raise funds to meet obligations when due; our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, July 07, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce that it has entered into an underwriting agreement with a syndicate of underwriters with H.C. Wainwright & Co. acting as sole book-running manager and representative of the underwriters, under which the underwriters have agreed to purchase in a public offering on a firm commitment basis 7,272,728 units of the Company (the “Units”) at a public offering price of US$1.10 per Unit, less underwriting discounts and commissions, for aggregate gross proceeds of approximately US$8,000,000 (the “Offering”). Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable immediately upon issuance for thirty six months and entitle the holder thereof to purchase one Common Share upon exercise at an exercise price of US$1.25 per Common Share.

H.C. Wainwright & Co. is acting as sole book-running manager for the Offering. Haywood Securities Inc. is acting as co-manager for the Offering.

In addition, the Company has granted the underwriters an option, exercisable at any time and from time to time for up to 30 days, to purchase up to an additional 1,090,908 Units, and/or 1,090,908 Common Shares and/or Warrants to purchase up to 545,454 Common Shares at the public offering price per Unit, per Common Share and/or per Warrant, respectively, less underwriting discounts and commissions, in any combination thereof so long as the aggregate number of additional Common Shares and additional Warrants that may be issued under the option does not exceed 1,090,908 additional Common Shares and 545,454 additional Warrants.

The Offering is expected to close on or about July 12, 2021, subject to the satisfaction of customary closing conditions, including TSX and NYSE American approvals. For the purposes of the TSX approval, the Company intends to rely on the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as NYSE American.

The Company intends to allocate the net proceeds from the Offering to advance programs at Mt Todd by further refining technical aspects of the project, enhancing economic returns, and supporting the Company’s objective of securing a development partner. These programs may include additional drilling and technical reports supported by engineering/design work and other technical studies. Remaining proceeds will be used for working capital requirements and/or for other general corporate purposes, which include ongoing regulatory, legal and accounting expenses, management and administrative expenses, and other corporate initiatives.

A shelf registration statement on Form S-3 (File No. 333-239139) relating to the securities described above was filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 12, 2020, and became effective on June 24, 2020 and an additional registration statement on Form S-3 filed pursuant to Rule 462(b) (File No. 333-257746), which became automatically effective on July 7, 2021. The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the effective shelf registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the Offering have been filed with the SEC and will be available on the SEC's website, located at www.sec.gov. Electronic copies of the preliminary prospectus supplement and accompanying prospectus, and the final prospectus supplement and accompanying prospectus relating to the Offering, when filed, may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at (212) 856-5711.

The Company will file a prospectus supplement with the securities regulatory authorities in each province of Canada (other than Quebec) to supplement the Company’s Canadian short form base shelf prospectus dated October 5, 2020. Before you invest, you should read the offering documents and other documents that the Company has filed with the Canadian securities regulatory authorities for more complete information about the Company and the Offering. A copy of the underwriting agreement will be available for free by visiting the Company’s profiles on SEDAR at www.sedar.com.

Alternatively, a copy of the offering documents can be obtained by contacting the Company, attention: Pamela Solly, Vice President of Investor Relations, at (720) 981-1185, 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 such things as statements with respect to the expected closing date of the Offering, the use of proceeds from the Offering and our intent to file the Offering Documents; our belief that Mt Todd is the largest undeveloped gold project in Australia; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; other anticipated mine development and operating costs and results at Mt Todd, and other such matters 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: our understanding and belief of the current market conditions, approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release or otherwise, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, our ability to satisfy the conditions to closing of the Offering and to use the proceeds from the Offering as expected, uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding any transaction terms and expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which we operate; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which we operate; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, November 30, 2021 - Vista Gold Corp. (“Vista” or the “Company”) (NYSE American and TSX: VGZ) provided an update on the definitive feasibility study (“DFS”) for its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory, Australia and other key programs.

Frederick H. Earnest, President and CEO of Vista, commented, “We are approaching the achievement of a very important milestone in increasing shareholder value. The Mt Todd DFS is nearly complete and we expect to announce the results early next year. We believe the DFS results, reflective of more detailed engineering and the higher level of precision in cost estimating required for this study, will generate significant interest in the Project from investors and potential partners. In addition to a new mine plan using a higher gold price, which we expect to result in an increase in reserves and a longer mine life, we are completing trade-off studies that have the potential to lower related capital costs. We continue to execute on our strategy to seek a partner and believe the DFS will provide the catalyst for accelerating the process. Our exploration drilling program is ongoing and expected to continue through the first quarter of 2022. As part of the Company’s normal course of business, we recently filed a Registration Statement on Form S-3 to maintain maximum financial flexibility as we advance toward our goal of a joint venture to develop Mt Todd.”

Definitive Feasibility Study

The DFS is on schedule and on budget, with completion expected in early 2022. As previously reported, Vista is:

• completing  the  remaining  feasibility-level  engineering  in  the  process  plant  (piping,  electrical,  and instrumentation);
• updating Project designs to be consistent with the approved Mine Management Plan;
• revising the mine plan using a higher gold price, which is expected to reflect increased gold reserves, improve the production profile, and extend the life of the mine;
• completing the Project economic evaluation using a gold price and cost inputs more reflective of current market conditions;
• undertaking trade-off studies to evaluate opportunities to reduce related capital costs by using a third-party power generating facility and contract mining; and
• evaluating autonomous truck haulage as part of the operating cost optimization work.

Development Strategy

The DFS is a major milestone which is expected to raise the profile of and expedite our ongoing partnering process, leading to a joint venture or other transaction that will recognize the intrinsic value of Mt Todd for Vista shareholders.

Vista has completed extensive technical work at Mt Todd and has the approval of all major permits required to undertake project development. The completion of the DFS is expected to provide a solid foundation and catalyst to move forward expeditiously with prospective partners to establish a mutually beneficial pathway for development of the Project.

Exploration Drilling Program

The Company’s exploration program is expected to continue through the first quarter of 2022. Vista is continuing its approach to demonstrate district-scale mineralization and structural continuity between the Batman and Quigleys deposits, where future in-fill drilling may be undertaken to define additional gold resources.

Shelf Registration Statement

On November 19, 2021, the Company filed a $100 million Shelf Registration Statement on Form S-3 (“Shelf Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”) (SEC File No. 333-239139). The Company has no present plans to use the Shelf Registration, nor is it under any obligation to do so, and has filed the Shelf Registration Statement in the normal course of business.

Management believes the Company’s current liquidity is sufficient to fund the Company’s value enhancing programs, continue to fund working capital, and strengthen its position in discussions with potential partners.

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 Vista expects or anticipates will or may occur in the future, including such things as, the Company’s belief that the completion of the definitive feasibility study (“DFS”) is a very important step toward increasing shareholder value; the DFS is nearly complete; the DFS results will be announced early next year; the DFS results, reflective of more detailed engineering and the higher level of precision in cost estimating required for the study, will generate significant interest in the Project from investors and potential partners; a new mine plan using a higher gold price is expected to result in an increase in reserves and a longer mine life; trade-off studies have potential to lower related initial capital costs of the Project; the completion of the DFS will provide a catalyst for accelerating the process to seek a strategic partner; the drilling program is expected to continue through the first quarter of 2022; the recently filed Registration Statement on Form S-3 will provide the Company with maximum flexibility as we advance toward our goal of a joint venture to develop Mt Todd; the DFS is on schedule and on budget, with completion expected early 2022; completion of the DFS is a major milestone expected to raise the profile and expedite our ongoing partnering process leading to a joint venture or other transaction that will recognize the intrinsic value of Mt Todd for Vista shareholders; Vista’s extensive technical work at Mt Todd the approval of all major permits and the completion of a definitive feasibility study are expected to provide a solid foundation and catalyst to move forward expeditiously with prospective partners to establish a mutually beneficial pathway for the development of the Project; there are no present plans to use the Shelf Registration; and the Company’s liquidity is sufficient to fund the Company’s value enhancing programs, continue to fund working capital, and strengthen its position with potential partners and other such matters 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: the accuracy of the results of the PFS, mineral resource and reserve estimates, and exploration and assay results; the terms and conditions of our agreements with contractors and our approved business plan; the anticipated timing and completion of a feasibility study on the Project; the anticipated receipt of required permits; no change in laws that materially impact mining development or operations of a mining business; the potential occurrence and timing of a production decision; the anticipated gold production at the Project; the life of any mine at the Project; all economic projections relating to the Project, including estimated cash cost, NPV, IRR, and initial capital requirements; and Vista’s goal of becoming a gold producer. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “plans,” “hopes,” “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 Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of mineral resource estimates, estimates of results based on such mineral resource estimates; risks relating to cost increases for capital and operating costs; risks related to the timing and the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in Vista’s Annual Report Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has 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, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Cautionary Note to United States Investors

_{The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. This press release and the technical reports referenced in this press release use the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned  not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.}

_{Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.}

Denver, Colorado, October 27, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended September 30, 2021, which were highlighted by reported cash of $16.0 million and substantial progress toward completion of the Definitive Feasibility Study (“DFS”) for Vista’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”). All dollar amounts in this press release are in U.S. dollars.

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “Our activities during the third quarter focused on increasing shareholder value. The DFS is nearing completion and remains on budget. Mine planning using a higher gold price is expected to increase reserves and extend the life of mine. We started Phase 3 drilling of our exploration program and plan to drill an additional 2,650 meters, for approximately 9,000 meters of total drilling. Results of the drilling program have been very positive. Every drill hole has intersected mineralization, consistent with our geologic model.”

Mr. Earnest continued, “We significantly strengthened our balance sheet, with quarter-end cash of approximately $16.0 million. We believe our existing cash will fund the Company’s value enhancing programs, continue to fund working capital, and strengthen our position in discussions with potential partners.”

Important Recent Developments

• The Mt Todd DFS engineering and design are 80% complete, on track and on budget;
• Completed Phase 2 of the ongoing exploration drilling program and started Phase 3 drilling; and
• Ended Q3 2021 with cash and cash equivalents of $16.0 million and zero debt.

Definitive Feasibility Study

Engineering and design for the Mt Todd DFS are 80% complete. With new mine plans at higher gold prices,  the DFS is expected to result in a larger reserve and longer mine life. This DFS will address recommendations from the 2019 pre-feasibility study, reflect minor updates of the Project design to be consistent with the approved Mine Management Plan, and advance the level of engineering and detailed costing in all areas of the Project. We are also evaluating several trade-off opportunities (e.g., contract power generation, contract mining and autonomous truck haulage).

Accretive Development Strategy

The process to seek a strategic partner is advancing, despite COVID-related travel restrictions. In particular, mining companies outside Australia have been hindered in their ability to complete site visits and perform other in-country due diligence activities. Nonetheless, we continued to see strong interest in Mt Todd. The Australian government recently announced it will begin to ease international travel restrictions for its fully vaccinated citizens and permanent residents beginning in November. The Australian government is working to define a plan to allow international travel by foreigners, but this will likely not occur until sometime in early 2022. Once Australia’s borders re-open, we expect opportunities for on-site due diligence to increase.

Positive Drilling Results

To demonstrate the resource potential at Mt Todd, the Company is drilling exploration targets adjacent to the Batman deposit and extending northeast to the Quigleys deposit, all within our mining licenses. The drilling program has focused on identifying connecting structures and mineralization between previously interpreted discreet deposits and the potential for efficient resource growth with future drilling along strike from the Batman deposit approximately 1.9 Km north to the Golf-Tollis/Penguin targets. Two principal types of structures are present in Figure 1; the red dashed lines represent structures with Batman-style sheeted vein mineralization and the light blue lines represent the connecting structures. The dark blue dashed lines show what are believed to be faults.

To date, Vista has completed 18 planned holes and drilled 6,365 meters in Phases 1 and 2 of the current program. Every drill hole has intersected mineralization consistent with our geologic model. Phase 3 drilling started in September and will include an additional 2,650 meters of drilling extending to Quigleys. Drilling is expected to continue into 2022. Our goal is to demonstrate the regional potential along a ~5.4 Km portion of the +24 Km Batman-Driffield Trend and to outline areas where future drilling can be undertaken to efficiently define additional gold resources.

Figure 1 – Relationship of known structural trends relative to existing mineral deposits and exploration targets

Summary of Q3 2021 Financial Results

On September 30, 2021, cash and cash equivalents totaled $16.0 million, which included net proceeds of $12.3 million from the Company’s July 2021 public offering. 

Vista reported a net loss of $3.1 million or $0.02 per share for the three months ended September 30, 2021, compared to net income of $4.2 million or $0.05 per share reported for the three months ended September 30, 2020. The three month period ended September 30, 2020 included a gain of $3.5 million related to the sale of the Los Reyes project. The loss for the current quarter was in line with management’s expectations.

Management Conference Call

Management’s quarterly conference call to review financial results for the quarter ended September 30, 2021 and to discuss corporate and project activities is scheduled on Thursday, October 28, 2021 at 10:00 am MDT (12:00 pm EDT).

Participant Toll Free: (844) 898-8648
Participant International: (647) 689-4225
Conference ID: 8590039

This call will also be archived and available at www.vistagold.com after October 28, 2021. Audio replay will be available through November 18, 2021 by calling toll-free in North America (855) 859-2056 or (404) 537-3406.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 such things as our belief that management is nearing completion of a DFS; our expectation that the DFS will address recommendations from the 2019 pre-feasibility study and include minor updates of the Project design to be consistent with the approved Mining Management Plan and engineering and detailed costing in areas of the Project; our belief that using a higher gold price for mine planning purposes is expected to increase reserves and the life of mine; our expectation that our existing cash will fund the Company’s value enhancing programs, continue to fund working capital, and strengthen our position in discussions with potential partners; our expectation to drill an additional 2,650 meters in Phase 3 of the drill program and continue drilling into 2022; our expectation to advance on-site due diligence activities with potential partners once Australia’s borders re-open; and our belief that Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company’s expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 25, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

Denver, Colorado, September 22, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced positive results for the two remaining holes in Phase 2 of the ongoing drilling program at the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia.

Highlights

VB21-012 – Intersected over 100 meters of mineralization, inclusive of three zones of +1 grams gold per tonne (“g Au/t”) subvertical vein-sets

• 10.0 meters @ 1.29 g Au/t from 469 meters down hole
• 22.7 meters @ 1.10 g Au/t from 503 meters down hole
• 13.2 meters @ 1.03 g Au/t from 566 meters down hole

VB21-013 – Drilled perpendicular to VB21-002 and VB21-005 to validate structural orientation

• 6.0 meters @ 1.25 g Au/t from 130 meters down hole
• 12.0 meters @ 3.11 g Au/t from 144 meters down hole

Frederick Earnest, President and CEO of Vista, commented, “Phase 2 of our drilling program successfully achieved our primary objective of identifying multiple areas north of the Batman deposit where additional resources might be added most efficiently in the future. In all, we drilled 3,725 meters in this phase and intersected good intervals and gold grades in each hole. We have verified continuity of gold mineralization extending from the Batman deposit northeast over 1.4 km and down dip more than 400 meters. Holes VB21-012 and VB21-013 are the last two holes in this phase of drilling. Our next phase of drilling will provide some infill to our drilling to date, but importantly, continue to step out toward the Quigleys deposit.”

“We were very pleased to have received a grant from the Northern Territory Government under its Geophysics and Drilling Collaborations Program (the “Program”) to co-fund VB21-012. This gave us the opportunity to drill a hole directed at increasing our understanding of the geology as we move north of the Batman deposit. The Program awarded $1.7 million in grants to support a diverse range of exploration drilling programs and geophysical surveys across the Northern Territory. Mt Todd was one of 15 successful projects to receive a grant from a total of 38 applicants. Fifty percent of the applicable direct drilling and assay costs, up to a maximum of A$110,000, will be co-funded from the Program.”

“Hole VB21-012 was drilled to a total depth of 901 meters. The primary objective was to intersect the granite intrusive. From our drilling at Batman, we expected the intrusive to be present at a depth of approximately 800 meters. We did not intercept the intrusive, but gained a great deal of information about the basement rocks at Mt Todd. And while not the primary objective of this hole, we intersected three zones of +1 g Au/t material within a broad zone of mineralization. Hole VB21-013 was drilled to validate the orientation of our drilling and to provide the assurance that we have not introduced a bias into our understanding of the structures due to drillhole orientation. I’m pleased with the thoroughness of our exploration programs and our understanding of the geology and resource growth potential in the area north of the Batman deposit.”

Mr. Earnest concluded, “In addition to the ongoing exploration, completing a definitive feasibility study (“DFS”) for Mt Todd will be an important milestone and catalyst. We are pleased to report that engineering and other work related to the DFS is on schedule and on budget. We are closely reviewing interim reports and look forward to announcing the results of the DFS in Q1 of 2022. Australia is making significant progress in achieving its vaccination goals and we are hopeful this will lead to a relaxing of the present travel restrictions, which will play an important role in obtaining a strategic development partner.”

Table 1 – Summary of Assay Results

Notes:

Discussion of Results

Hole VB21-012

VB21-012 was drilled to test the potential depth of the granitic intrusive under the Northern and Southern Cross zones and for an enriched zone within the Southern Cross Zone (“SXZN”) close to the intrusive. While VB21-012 did not intersect the intrusive, alteration intensity did increase with depth and, as veining persisted, the hole was pushed an additional 100 meters past planned depth (see Figure 2). VB21-012 has shown that the SXZN, both persists and thickens with depth. The SXZN has three +1 g Au/t zones with an overall width of 100 meters (when aggregated), with dip continuity of +500 meters and a strike length of approximately 1.1 km. Vein assemblages consist dominantly of quartz, pyrrhotite, chalcopyrite, and sphalerite, with galena occasionally present. The SXZN appears similar to the NXZN, which exhibits the potential to host grades twice that of the Batman deposit.

Consistent with our standard drilling protocols, VB21-012 was drilled with oriented core and has provided orientation data for bedding, veining and structures that will greatly assist in understanding the mineralizing controls and targeting future drilling.

Hole VB21-013

VB21-013 was planned to intersect the Northern Cross Zone (“NXZN”) from the west instead of the east as drilled previously on section 6400N (approximately 1,000 meters north of the existing Batman Pit). VB21-013 intersected the NXZN between the intercepts in holes VB21-005 and VB21-002, while also confirming the thickness of the structure by intercepting it from the opposite direction. Structural measurements have indicated that at section 6400N, the NXZN mineralized veins are subvertical and strike nearly north-south. The veins vary in thickness and number. The NXZN has intersected four zones to date, two of which are very well developed on section 6400N.

The NXZN was intersected where predicted and displays strong upper and lower contact mineralization. Hole VB21-013, drilled from west to east, has shown a tighter, higher-grade structure than the holes drilled east to west. The revised drill direction appears appropriate and is consistent with the measured vein orientations of the high-grade.

A portion of future work will focus on defining high-grade mineralization within the NXZN, which is open in all directions.

Photos – Drill intercepts from VB21-013 showing mineralization

Figure 1 – Plan View of Drill Holes

Figure 2 - Cross Section with VB21-012

Figure 3 - Cross Section with VB21-013 and interpreted zones

The sampling method and approach for the surface geochemistry and grab samples is as follows:

• Soil samples are planned on a regular grid and a sample sheet is generated.
• GPS is used to locate sample positions and a pelican pick is used to clear debris and any topsoil from the sample location 3.
• The hole is dug to the B horizon and 7 to 10 kg of soil is collected and coarse sieved to remove stones etc., a fine mesh is then employed and the entire sample recovered post sieving is bagged.
• Soil sampling is usually undertaken in the dry season, however if wet samples are obtained, they are dried in the logging shed prior to sieving.
• Sample bags are calico and purchased pre-numbered, these are then packaged in groups of 5 for transportation to NAL, an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.
• As the site is closed to public access, no special security measures are undertaken.
• A sample submission sheet is sent to the lab, detailing required methodology, and number of samples.
• No identifying data relating to sample location is recorded on the bags submitted or the paperwork beyond bag numbers.

Rock chip and soil geochemical samples are routinely collected to determine if the potential exists for anomalous gold values below the surface. The presence of anomalous gold grades is not a guarantee of subsurface mineralization. While both rock chip and soil samples have sampling procedures, it is not considered rigorous enough to be relied upon for use in the estimation of mineral resources. Surface soil and rock chip samples are merely considered to be potential indicators of subsurface mineralization. Since the rock chip and soil assays are not used in mineral resource estimation, it is rare that any additional QA/QC or check assaying would be completed. The data are used on an as received basis.

It is the QP’s (as defined below) opinion that the sample preparation methods and quality control measures employed before dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (“QP”) as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release. The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia. The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project. There has been insufficient exploration to define a mineral resource with respect to the exploration target areas and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral resource.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The plastic core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to NAL, a certified lab, for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 meters and a maximum of 1.2 meters;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL in Pine Creek, Northern Territory, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than 3 g Au/tonne, and then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and QA/QC samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 such things as our belief that drill results from VB21-012 provided a great deal of information about the basement rocks at Mt Todd; our belief that drill results from VB21-013 validated the orientation of our drilling and provided assurance that we have not introduced a bias into our understanding of the structures due to drillhole orientation; our belief that the completion of a DFS for Mt Todd will be an important catalyst; our expectation to finalize the DFS in Q1 2022; our belief that Australia is making significant progress in achieving its vaccination goals; our belief that Australia’s relaxation of its present travel restrictions will play an important role in reaching our goal of having a strategic development partner; our belief that the Southern Cross Zone, which exhibits the potential to host grades twice that of the Batman deposit; and our belief that Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 25, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

Denver, Colorado, September 1, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to provide an update on its priorities for advancing the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia.

Frederick H. Earnest, Vista’s President and Chief Executive Officer, commented, “Mt Todd is a world-class gold project in a well-established and mining-friendly jurisdiction. We have advanced and de-risked the Project and with the approval of the Mining Management Plan in June (the last of the major permits for the project), Mt Todd is partner ready. We have aligned our current activities to support an accretive strategy for the development of Mt Todd and are focused on three priorities to increase shareholder value.”

Definitive Feasibility Study

In July 2021, Vista commenced the engineering work to complete a definitive feasibility study (“DFS”) for Mt Todd. Management expects the DFS to support the Company’s partnering process by providing greater confidence with regards to project designs and cost estimates, increasing gold reserves, and improving overall economics reflective of current market conditions. 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, we are finalizing 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 are also being completed. The DFS is on schedule and expected to be completed in the first quarter of 2022.

Figure 1 – 3D Rendering of Processing Plant

Exploration Drilling Program

The second phase of drilling, which included 18 holes and approximately 6,000 meters, was completed in August. 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 to be reported later this month. 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.

Figure 2 – Exploration Drilling Program

Accretive Development Strategy

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. The expected outcome is a project with a larger reserve, longer life, and improved economics reflective of the current market conditions. We are pursuing a strategic development transaction that reflects the inherent value of Mt Todd to Vista’s shareholders, and we are focused on improving the economic potential of the Project and increasing shareholder value in a cost-effective manner.

Conference Attendance

The Company also announced that management will participate in several industry-focused investor conferences later this month. Mr. Earnest will present at the Precious Metals Summit on Friday, September 10 at 9:15 a.m., the Denver Gold Forum on Monday, September 13 at 2:00 p.m., and the H.C. Wainwright 23^rd Annual Global Investment Conference on Monday, September 13 at 7:00 a.m. (all times are MDT). The webcasts may be accessed through the Company’s website under the Investors/Events and Webcasts page.

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 such things as our belief that Mt Todd is a world-class gold project in a well-established and mining-friendly jurisdiction that we have advanced and de-risked the Project; Mt Todd is partner ready; the definitive feasibility study supports our partnering process by further refining our prior pre-feasibility-level work, increasing gold reserves, and improving overall economics reflective of current market conditions; work being completed complements and builds on the extensive amount of testwork and design previously completed; the process flowsheet is now well defined; the updated mine plan using a gold price more reflective of the current market price in the DFS is expected to result in an increase in reserves and mine life; the DFS is on schedule and expected to be completed in the first quarter of 2022; drill holes drilled to date under the current exploration drilling program have successfully identified several gold-bearing structures that connect the Batman pit and the Golf-Tollis deposit; assay results for holes VB21-012 and VB21-013 will be reported later this month; the third phase of drilling will continue through year end and will identify areas where future infill drilling will have the greatest potential to add resource ounces close to the Batman deposit; results of the DFS will result in a project with a larger reserve, longer life and improved economics reflective of the current market conditions; our expectation that the completion of a strategic development transaction will reflect the inherent value of Mt Todd to Vista’s shareholders and improve the economic potential of the Project and increasing shareholder value in a cost-effective manner; our expectation that management will participate in several industry-focused investor conferences later this month; and our belief that Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 25, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

Denver, Colorado, August 19, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced that it has completed the second phase and commenced a third phase of the exploration drilling program at its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia.

Drilling Photo

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “We have completed a total of 18 holes through phase two of our drilling program, or approximately 6,000 meters of drilling. We are extremely pleased with our drilling results to date and believe there is opportunity for significant resource growth and an extended life at Mt Todd. All holes drilled to date have intersected mineralization. We expect to report assay results for the last two holes from this phase of drilling, VB21-012 and VB21-013, in the coming weeks.”

“Our drilling program seeks to identify those areas where additional resources can be added most efficiently in the future. We are drilling targets extending from the Batman deposit northeast toward the Quigleys deposit. We have confirmed that known mineralized occurrences once thought to be distinct and unrelated targets are connected by a series of parallel structures that may form part of the feeder system that helped create the Batman deposit. Recent results show that our understanding of these structures is a good predictor of where mineralization is most likely to be encountered.”

Mr. Earnest concluded, “We recently started a third phase of drilling with approximately 3,000 meters to provide a better understanding of mineralization in the vicinity of the Golf-Tollis target and further to the north.”

Figure 1 below is an aerial view of the drill locations for the holes in the current program. The image is looking south, with the Batman pit located in the upper-right corner of the image. The third phase of drilling is planned to be in the vicinity of the Golf-Tollis target, located approximately 1.9 km north-northeast of the Batman pit.

Figure 1 - Aerial view of the drill locations for the holes in the current program

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 such things as our belief that there is opportunity for significant resource growth and an extended mine life at Mt Todd; our expectation that assay results for holes VB21-012 and VB21-013 will be reported in the coming weeks; our belief that our drilling program will identify areas where additional resources can be added efficiently in the future; and our belief that the third phase of drilling may provide a better understanding of the characteristics of mineralization in the vicinity of the Golf-Tollis target and further to the north; our expectation that a third phase of drilling with approximately 3,000 meters to provide a better understanding of the characteristics of mineralization in the vicinity of the Golf-Tollis target; and our belief that if developed as presently designed, Mt Todd would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company’s expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 25, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

DENVER, July 28, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended June 30, 2021, which were highlighted by the approval of the Mining Management Plan, the last major permit required for the development of Vista’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”), and reported cash and cash equivalents of $6.3 million.

Drilling Photo

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “During the second quarter we achieved a number of significant milestones for Vista and our shareholders. Most important was the approval of the Mt Todd Mining Management Plan. Vista now holds all major operating and environmental permits for the development of Mt Todd. Our ongoing exploration drilling program to identify areas where infill drilling would have the greatest potential to add resource ounces close to our Batman deposit continues to produce positive results. We received the final $1.0 million payment from Prime Mining Corp. and the approval of other permits related to the Mt Todd project.”

“Recently, we announced the start of engineering to complete a definitive feasibility study for Mt Todd in the first quarter of 2022. This study, which will include more detailed engineering and design, cost inputs, and economic analysis, is expected to increase the reserves and mine life of the project. The results of the study, together with the results of our ongoing district-scale exploration program, are expected to further demonstrate the significant upside potential of the Project and strengthen our position with potential development partners.”

Second Quarter Highlights and Important Recent Developments

• Received approval of the Mt Todd Mining Management Plan;
• Commenced a definitive feasibility study for Mt Todd;
• Received final $1.0 million payment from Prime Mining Corp. for the Guadalupe de los Reyes project;
• Ended 2Q 2021 with cash and cash equivalents of $6.3 million;
• Completed a $13.5 million bought deal public offering in July 2021;
• Reported positive results from ongoing exploration activities;
• Expanded the current exploration drill program to include an additional 3,000 meters of drilling;
• Received Aboriginal Areas Protection Authority Certificate; and
• Received approval of the Mt Todd Surface Water Extraction License.

Summary of Q2 2021 Financial Results

On June 30, 2021, cash and cash equivalents totaled $6.3 million. We benefited during the quarter from receipt of the final $1.0 million related to Guadalupe de los Reyes and continued control over our base expenditures. This allowed us to commit additional funds to our ongoing drilling program.

Vista reported a net loss of $0.8 million or $0.01 per share for the three months ended June 30, 2021, compared to a gain of $1.9 million or $0.01 per share reported for the three months ended June 30, 2020. The loss for the current quarter was in line with management’s expectations.

All dollar amounts in this press release are in U.S. dollars.

Definitive Feasibility Study

Management recently commenced a definitive feasibility study for Mt Todd and expects to complete the report during Q1 2022. Most of the engineering work for Mt Todd has previously been completed to feasibility study standards and Vista is now completing the remaining feasibility engineering in the process plant (piping, electrical, and instrumentation), updating project designs to be consistent with the recently approved Mining Management Plan, and completing an economic evaluation using a gold price more reflective of the current market price, which is expected to increase gold reserves and extend the mine life. We are exploring several trade-off opportunities (e.g., contract power generation, contract mining, and autonomous truck haulage), and we expect to incorporate recommendations from our 2019 preliminary feasibility study and update minor parts of the Mt Todd mine design to be consistent with the Mining Management Plan.

Recent Drilling Results

Vista continued exploration drilling at Mt Todd during the quarter ended June 30, 2021. The drilling program has focused on identifying areas with the greatest potential for future resource growth along strike from the Batman deposit approximately 1.9 Km north to the Golf-Tollis/Penguin targets. To date, Vista has completed 16 of 18 planned holes (5,466 of the planned 6,000 meters). Each of the holes completed has intersected mineralization consistent with our geologic model. The most recent drill hole (VB21-011) intersected mineralization that is both thicker and of higher grade than observed in previous drill holes in the current program. Of approximately 399 meters drilled in VB21-011, a total of 200 meters intersected mineralization with average grade of 0.63 g Au/t, including 9.9 meters @ 2.08 g Au/t, 14.3 meters @1.42 g Au/t, 10.2 meters @ 1.74 g Au/t, 26.7 meters @ 0.98 g Au/t, and 14.0 meters @1.22 g Au/t. (For complete results of this hole and hole VB21-010, please refer to our press release dated July 15, 2021.)

Figure 1 below is an aerial view of the drill locations for the holes in the current program. The image is looking south, with the Batman pit located in the upper-right corner of the image. VB21-12 is in-progress and is being co-funded by the Northern Territory’s Geophysics and Drilling Collaborations (“GDC”) program. The GDC program is funded by the Resourcing the Territory initiative and aims to increase the intensity of exploration drilling and geophysics in underexplored areas of the Northern Territory. Vista was one of 15 companies receiving an award under the current round of GDC funding.

Figure 1 - Aerial view of the drill locations for the holes in the current program

Mr. Earnest commented, “We are extremely pleased with our drilling results to date and believe there is opportunity for significant resource growth and an extended life at Mt Todd. Given the success of the current drill program, Vista recently announced additional holes for a third phase of drilling totaling approximately 3,000 meters.”

Management Conference Call

Management’s quarterly conference call to review financial results for the quarter ended June 30, 2021 and to discuss corporate and project activities is scheduled on Friday, July 30, 2021 at 10:00 am MDT (12:00 pm EDT).

Participant Toll Free: (844) 898-8648
Participant International: (647) 689-4225
Conference ID: 7260176

This call will also be archived and available at www.vistagold.com after July 30, 2021. Audio replay will be available for 21 days by calling toll-free in North America (855) 859-2056 or (404) 537-3406.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 such things as our belief in us completing the remaining feasibility engineering in the process plant (piping, electrical, and instrumentation), updating project designs to be consistent with the recently approved Mining Management Plan, and completing an economic evaluation using a gold price more reflective of the current market price, which is expected to increase gold reserves and extend the mine life by incorporating a greater portion of the currently defined measured and indicated resources into the mine plan; our belief that we have been very successful in de-risking Mt Todd and expect that our current programs will further validate the Mt Todd design and economics, increase reserves and mine life, and demonstrate district-scale potential within the Company’s mining licenses; our expectation to complete the feasibility study during Q1 2022; our belief that the engineering work for Mt Todd has previously been completed to feasibility study standards; our expectation that we will incorporate recommendations from the 2019 prefeasibility study and update minor parts of the Mt Todd mine design to be consistent with the Mining Management Plan; and our belief that Mt Todd is the largest undeveloped gold project in Australia 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company’s expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 25, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

DENVER, July 21, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (“Vista” or the “Company”) (NYSE American and TSX: VGZ) today announced that it has commenced work to complete a feasibility study (“FS”) for its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory, Australia. Tetra Tech has been engaged to lead the FS, which is expected to be completed in the first quarter of 2022. The FS and other key programs are expected to increase reserves and mine life, further validate the Mt Todd design and economics, and demonstrate district-scale potential within the Company’s mining licenses.

Frederick H. Earnest, President and CEO of Vista, commented, “This year, we have concluded important de-risking activities and achieved important milestones with the approval of the Mine Management Plan and other permits. At the same time, we have continued working to realize greater value from Mt Todd through technical programs, exploration, and partnering initiatives. In addition to extending our exploration program, we recently started the engineering and design work to complete an FS for Mt Todd. These programs have estimated combined budgets of approximately US$5 million. While we have continued to make good progress on the ground in Australia, our efforts to advance a partnership for the development of Mt Todd have been slowed by international travel restrictions to Australia. With the expectation that travel restrictions will be lifted next year, we have a window of opportunity and intend to complete the FS and additional exploration drilling within that window. We believe these programs will unlock significant value as we move forward in the process of identifying the right partner for the development of Mt Todd and maximizing value for our existing shareholders. These programs and other activities geared toward achieving a partnership for the development of Mt Todd are now funded, as a result of the recently closed offering for US$13.5 million.”

Feasibility Study

Most of the engineering work for Mt Todd has previously been completed to feasibility study standards. The Company has commenced the work of completing the remaining feasibility engineering in the process plant (piping, electrical, and instrumentation), updating project designs to be consistent with the recently approved Mine Management Plan, and completing an economic evaluation using a gold price more reflective of the current market price. Due to the conservative US$1,000 gold price used to estimate reserves in the Company’s most recent preliminary feasibility study, redesigning the pit at a higher gold price is expected to enhance value by increasing the estimated reserves and extending the life of the mine by incorporating a greater portion of the currently defined measured and indicated resources into the mine plan.

In addition to Tetra Tech, other consultants have been awarded contracts to undertake parts of the FS, including: Tetra Tech Proteus (formerly Proteus Engineers), RESPEC (formerly Mine Development Associates), and Power Engineers.

Exploration Drilling Program

The Company’s exploration program is successfully demonstrating the potential to increase the estimated mineral resources at Mt Todd with the appropriate future in-fill drilling. The exploration program is expected to continue through the remainder of this year. Every hole drilled as part of this program has intersected mineralization and added to our understanding of the continuity of mineralization within the structural corridor that hosts the Batman deposit. Our goal is to demonstrate the district resource potential of the portion of the Batman-Driffield Trend north of the Batman deposit and outline areas where future in-fill drilling can be undertaken to define additional gold resources.

Given the success of the current drill program, Vista is planning additional holes for a third phase of drilling totaling approximately 3,000 meters. Among the preliminary objectives of the next phase will be to test the lateral connectivity of the parallel north-south and cross cutting structures.

Strategic Partner

We embarked on a process to investigate partnering opportunities in the fourth quarter of 2020. The process has been slowed by COVID-19 uncertainties and international travel restrictions. We are continuing to engage with several companies in technical assessments and early-stage partnering discussions. Our technical work programs and the approval of all major permits provide a solid basis to move forward with prospective development partners. As we pursue a strategic development transaction that reflects the inherent value of Mt Todd to Vista’s shareholders, we continue to focus on our strategy to further improve the economic potential of the Project and increase shareholder value in a cost-effective manner.

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 Vista expects or anticipates will or may occur in the future, including such things as, the Company’s expectation that the FS will be completed in the first quarter of 2022; our belief that the FS and other key programs are expected to increase reserves and mine life, further validate the Mt Todd design and economics, and demonstrate district scale potential within the Company’s mining licenses; our believe that the programs have an estimated combined budget of approximately $5 million; our belief that travel restrictions will be lifted next year; our belief that these programs will unlock significant value as we move forward in the process of identifying the right partner for the development of Mt Todd and maximizing value for our existing shareholders; our belief that most of the engineering work for Mt Todd has previously been completed to feasibility study standards; our belief that redesigning the pit at a higher gold price is expected to enhance value by increasing the estimated reserves and extend the life of the mine; our belief that the Company’s exploration program is successfully demonstrating the potential to increase the estimated mineral resources at Mt Todd; our expectation that the exploration program will continue through the remainder of the year; and our belief that our technical programs and the approval of all major permits provide a solid basis to move forward with prospective development partners; and other such matters 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: the accuracy of the results of the PFS, mineral resource and reserve estimates, and exploration and assay results; the terms and conditions of our agreements with contractors and our approved business plan; the anticipated timing and completion of a feasibility study on the Project; the anticipated receipt of required permits; no change in laws that materially impact mining development or operations of a mining business; the potential occurrence and timing of a production decision; the anticipated gold production at the Project; the life of any mine at the Project; all economic projections relating to the Project, including estimated cash cost, NPV, IRR, and initial capital requirements; and Vista’s goal of becoming a gold producer. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “plans,” “hopes,” “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 Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of mineral resource estimates, estimates of results based on such mineral resource estimates; risks relating to cost increases for capital and operating costs; risks related to the timing and the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in Vista’s Annual Report Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has 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, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. This press release and the technical reports referenced in this press release use the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

Denver, Colorado, July 15, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced assay results for ongoing drilling at the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia. The mineralization intersected in hole VB21-011 is both thicker and of higher grade than observed in previous drill holes in the current program.

Highlights

• VB21-010 – two intercepts in the first 100 meters which total 36.6 meters with average grade of 0.51 grams gold per tonne (“g Au/t”) and various higher-grade intercepts in the following 102 meters, including 3.0 meters @ 1.48 g Au/t, 1.0 meter @ 13.83 g Au/t, and 1.0 meter @ 14.36 g Au/t; and
• VB21-011 – of approximately 399 meters drilled, intersected 200 meters of mineralization with average grade of 0.63 g Au/t, including 9.9 meters @ 2.08 g Au/t, 14.3 meters @1.42 g Au/t, 10.2 meters @ 1.74 g Au/t, 26.7 meters @ 0.98 g Au/t, and 14.0 meters @1.22 g Au/t.

Frederick Earnest, President and CEO commented, “We have now completed 16 of 18 holes (5,466 of the planned 6,000 meters) in our current drill program. Each of the holes completed has intersected mineralization consistent with our geologic model for the area north of the Batman deposit. We are pleased that VB21-011 has demonstrated strike continuity of the mineralization intersected in the Northern cross load (Nxld). VB21-011 was collared 100 meters north of VB21-005 (29.4m @ 2.65 g/t) and has defined a number of well mineralized zones that aggregate into a thicker package. The Nxld intercepts have so far been of a higher grade than those intersected in Batman and we are looking forward to additional drilling planned in this area.” See Vista Gold CEO Video.

On a separate topic, Mr. Earnest added, “We appreciate the support of our current large shareholders in the recently completed financing and are pleased to welcome several new shareholders who have established significant initial holdings in Vista. We believe this is a recognition of the underlying value of Mt Todd and the opportunity to unlock greater value as we continue to execute on a strategy that has already seen important advances in the Project.”

Table 1 - Summary of Assay Results

Notes:

1. Results are based on ore grade 50g fire assay for Au.
2. Intersections are from diamond core drilling with half-core samples with 1 meter representative samples.
3. Core sample intervals were constrained by geology, alteration or structural boundaries, intervals varied between a minimum of 0.2 meters to a maximum of 1.2 meters.
4. Mean grades have been calculated on a 0.4g/t Au lower cut-off grade with no upper cut-off grade applied, and maximum internal waste of 4.0 meters.
5. All intersections are downhole intervals, and reflect approximate true widths.
6. All downhole deviations have been verified by downhole camera and/or downhole gyro.
7. Collar coordinates surveyed by Earl James & Assoc., an independent surveyor, using Trimble R8 GNSS.
8. The Company maintains a quality assurance/quality control (“QA/QC”) program, as further described below.
9. The assay laboratories responsible for the assays were Northern Analytical Laboratories Pty Ltd (“NAL”), an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.

Discussion of Results

VB21-010 was drilled to locate the intersection of the northern cross load structure with the north/south structure through the Golf-Tollis deposit. The hole was drilled to the East under the possible extension of the Golf-Tollis deposit and intersected the Jones Brothers deposit to the East. Although the hole was collared to the East for the Golf-Tollis extension, it intersected the Jones Brother loads 1 and 2. Those intersections are shown in the assay table as 0.4 meters @ 9.38 g Au/t and 1.0 meters @ 14.36 g Au/t. The Jones Brothers lode was mined historically as narrow, near vertical open cuts and limited underground workings from 1908 to 1910. Material from these workings was reported to have produced 19 Kg (~610 ounces) of gold from ore with an average grade of 27.5 g Au/t. (Historic reference, not a mineral reserve).

VB21-011 was drilled under VB21-007 and along strike north of VB21-002 and VB21-005 to test the continuation of near vertical structures previously encountered. Drilling confirmed a thickening of these in VB21-011, with mineralization that is different than found at the Batman deposit, with thicker and more intense veining. The area to the north of the Batman deposit appears to be more structurally complex than the Batman deposit; however, these differences offer opportunities to find higher-grade mineralization. VB21-011 has shown that there is both horizontal and vertical continuity. Figure 2 demonstrates the thickening of the mineralized structures with depth compared to the results of hole VB21-007.

Figure 1 – Plan View of Drill Holes

Figure 2 - Cross Section with VB21-007 and VB21-011

The sampling method and approach for the surface geochemistry and grab samples is as follows:

• Soil samples are planned on a regular grid and a sample sheet is generated.
• GPS is used to locate sample positions and a pelican pick is used to clear debris and any topsoil from the sample location 3.
• The hole is dug to the B horizon and 7 to 10 kg of soil is collected and coarse sieved to remove stones etc., a fine mesh is then employed and the entire sample recovered post sieving is bagged.
• Soil sampling is usually undertaken in the dry season, however if wet samples are obtained, they are dried in the logging shed prior to sieving.
• Sample bags are calico and purchased pre-numbered, these are then packaged in groups of 5 for transportation to NAL, an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.
• As the site is closed to public access, no special security measures are undertaken.
• A sample submission sheet is sent to the lab, detailing required methodology, and number of samples.
• No identifying data relating to sample location is recorded on the bags submitted or the paperwork beyond bag numbers.

Rock chip and soil geochemical samples are routinely collected to determine if the potential exists for anomalous gold values below the surface. The presence of anomalous gold grades is not a guarantee of subsurface mineralization. While both rock chip and soil samples have sampling procedures, it is not considered rigorous enough to be relied upon for use in the estimation of mineral resources. Surface soil and rock chip samples are merely considered to be potential indicators of subsurface mineralization. Since the rock chip and soil assays are not used in mineral resource estimation, it is rare that any additional QA/QC or check assaying would be completed. The data are used on an as received basis.

It is the QP’s (as defined below) opinion that the sample preparation methods and quality control measures employed before dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (“QP”) as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release. The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia. The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project. There has been insufficient exploration to define a mineral resource with respect to the exploration target areas and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral resource.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The plastic core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to NAL, a certified lab, for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 m and a maximum of 1.2 m;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL in Pine Creek, Northern Territory, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than 3 g Au/tonne, and then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and QA/QC samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

About Vista Gold Corp.

The Company is a gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

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 such things as our belief that VB21-011 has demonstrated strike continuity of the mineralization intersected in the Northern cross load; our belief that VB21-010 intersected the Jones Brothers lodes 1 and 2; our belief that VB21-011 confirmed thickening and more intense veining; our believe that the area to the north of the Batman deposit appears to be more structurally complex than the Batman deposit and the differences offer opportunities to find higher-grade mineralization; and our belief that Mt Todd is the largest undeveloped gold project in Australia 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 25, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

DENVER, July 12, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce the closing of its previously announced public offering of 12,272,730 units of the Company (the “Units”), at a public offering price of US$1.10 per Unit, less underwriting discounts and commissions, for aggregate gross proceeds of approximately US$13,500,000 (the “Offering”). Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable immediately upon issuance for thirty six months and entitle the holder thereof to purchase one Common Share upon exercise at an exercise price of US$1.25 per Common Share. In addition, the underwriter partially exercised its option to purchase an additional 920,454 Warrants.

H.C. Wainwright & Co. acted as sole book-running manager for the Offering. Haywood Securities Inc. and Roth Capital Partners acted as co-managers for the Offering.

The Company intends to allocate the net proceeds from the Offering to advance programs at Mt Todd by further refining technical aspects of the project, enhancing economic returns, and supporting the Company’s objective of securing a development partner. These programs may include additional drilling and technical reports supported by engineering/design work and other technical studies. Remaining proceeds will be used for working capital requirements and/or for other general corporate purposes, which include ongoing regulatory, legal and accounting expenses, management and administrative expenses, and other corporate initiatives.

A shelf registration statement on Form S-3 (File No. 333-239139) relating to the securities described above was filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 12, 2020, and became effective on June 24, 2020 and an additional registration statement on Form S-3 filed pursuant to Rule 462(b) (File No. 333-257746), which became automatically effective on July 7, 2021. The offering was made only by means of a prospectus supplement and accompanying prospectus that form a part of the effective shelf registration statement. A final prospectus supplement and accompanying prospectus relating to the Offering were filed with the SEC and are available on the SEC's website, located at www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at (212) 856-5711.

The Company filed a prospectus supplement with the securities regulatory authorities in each province of Canada (other than Quebec) to supplement the Company’s Canadian short form base shelf prospectus dated October 5, 2020.

Alternatively, a copy of the offering documents can be obtained by contacting the Company, attention: Pamela Solly, Vice President of Investor Relations, at (720) 981-1185, 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 such things as statements with respect to the use of proceeds from the Offering; our belief that Mt Todd is the largest undeveloped gold project in Australia; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; other anticipated mine development and operating costs and results at Mt Todd, and other such matters 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: our understanding and belief of the current market conditions, approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release or otherwise, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, our ability to satisfy the conditions to closing of the Offering and to use the proceeds from the Offering as expected, uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding any transaction terms and expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which we operate; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which we operate; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, July 07, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce that, due to demand, the underwriters have agreed to increase the size of the previously announced public offering and purchase on a firm commitment basis 12,272,730 units of the Company (the “Units”) at a public offering price of US$1.10 per Unit, less underwriting discounts and commissions, for aggregate gross proceeds of approximately US$13,500,000 (the “Offering”). Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable immediately upon issuance for thirty six months and entitle the holder thereof to purchase one Common Share upon exercise at an exercise price of US$1.25 per Common Share.

H.C. Wainwright & Co. is acting as sole book-running manager for the Offering. Haywood Securities Inc. and Roth Capital Partners are acting as co-managers for the Offering.

In addition, the Company has granted the underwriters an option, exercisable at any time and from time to time for up to 30 days, to purchase up to an additional 1,840,908 Units, and/or 1,840,908 Common Shares and/or Warrants to purchase up to 920,454 Common Shares at the public offering price per Unit, per Common Share and/or per Warrant, respectively, less underwriting discounts and commissions, in any combination thereof so long as the aggregate number of additional Common Shares and additional Warrants that may be issued under the option does not exceed 1,840,908 additional Common Shares and 920,454 additional Warrants.

The Offering is expected to close on or about July 12, 2021, subject to the satisfaction of customary closing conditions, including TSX and NYSE American approvals. For the purposes of the TSX approval, the Company intends to rely on the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as NYSE American.

The Company intends to allocate the net proceeds from the Offering to advance programs at Mt Todd by further refining technical aspects of the project, enhancing economic returns, and supporting the Company’s objective of securing a development partner. These programs may include additional drilling and technical reports supported by engineering/design work and other technical studies. Remaining proceeds will be used for working capital requirements and/or for other general corporate purposes, which include ongoing regulatory, legal and accounting expenses, management and administrative expenses, and other corporate initiatives.

A shelf registration statement on Form S-3 (File No. 333-239139) relating to the securities described above was filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 12, 2020, and became effective on June 24, 2020 and an additional registration statement on Form S-3 filed pursuant to Rule 462(b) (File No. 333-257746), which became automatically effective on July 7, 2021. The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the effective shelf registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the Offering have been filed with the SEC and will be available on the SEC's website, located at www.sec.gov. Electronic copies of the preliminary prospectus supplement and accompanying prospectus, and the final prospectus supplement and accompanying prospectus relating to the Offering, when filed, may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at (212) 856-5711.

The Company will file a prospectus supplement with the securities regulatory authorities in each province of Canada (other than Quebec) to supplement the Company’s Canadian short form base shelf prospectus dated October 5, 2020. Before you invest, you should read the offering documents and other documents that the Company has filed with the Canadian securities regulatory authorities for more complete information about the Company and the Offering. A copy of the underwriting agreement will be available for free by visiting the Company’s profiles on SEDAR at www.sedar.com.

Alternatively, a copy of the offering documents can be obtained by contacting the Company, attention: Pamela Solly, Vice President of Investor Relations, at (720) 981-1185, 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental 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 such things as statements with respect to the expected closing date of the Offering, the use of proceeds from the Offering and our intent to file the Offering Documents; our belief that Mt Todd is the largest undeveloped gold project in Australia; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; other anticipated mine development and operating costs and results at Mt Todd, and other such matters 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: our understanding and belief of the current market conditions, approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release or otherwise, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, our ability to satisfy the conditions to closing of the Offering and to use the proceeds from the Offering as expected, uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding any transaction terms and expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which we operate; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which we operate; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, June 30, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced assay results for drilling at the Company’s Mt Todd gold project (“Mt Todd” or the “Project”). Four additional holes have been completed north of the Batman deposit which demonstrate that Vista’s model of the controlling structures is reliable in predicting where mineralization is most likely to be encountered.

Highlights

• VB21-006 – contains two near surface intercepts, including 6.0 meters @ 1.58 grams gold per tonne (“g Au/t”) and 3.2 meters @ 1.39 g Au/t;
• VB21-007 – contains three near surface intercepts, including 2.5 meters @ 1.77 g Au/t, 0.3 meters @ 10.93 g Au/t, and 6.7 meters @ 0.93 g Au/t, and a deeper intercept of 3.2 meters @ 1.57 g Au/t;
• VB21-008 – contains three deeper intercepts of 8.5 meters @ 1.89 g Au/t, 1.5 meters @ 7.24 g Au/t, and 7.1 meters @ 2.39 g Au/t; and
• VB21-009 – contains three intercepts at 1.1 g Au/t or better, including 1.5 meters @ 1.88 g Au/t, 2.2 meters @ 1.10 g Au/t, and 1.1 meters @ 5.15 g Au/t.

Frederick Earnest, President and CEO commented, “The ongoing drilling continues to confirm our structural and geological interpretations north of the Batman deposit and, given the significant area within the Batman-Driffield structural corridor, increases our confidence in the potential for future mineral resource growth at Mt Todd, with the appropriate future in-fill drilling. Based on our model, each of the holes that we reported today targeted specific structures and not only confirmed our structural interpretations, but also increased our understanding of the size, orientation, and gold-bearing potential of the mineralized structures north of the Batman deposit. Drilling is ongoing to further expand our understanding of the mineralized structures in this area and additional drilling is planned to systematically expand our understanding of the geologic potential of the area toward the Golf-Tollis and Penguin targets to the north.”  

Table 1 – Summary of Assay Results

Notes:

1. Results are based on ore grade 50g fire assay for Au.
2. Intersections are from diamond core drilling with half-core samples with 1 meter representative samples.
3. Core sample intervals were constrained by geology, alteration or structural boundaries, intervals varied between a minimum of 0.2 meters to a maximum of 1.2 meters.
4. Mean grades have been calculated on a 0.4g/t Au lower cut-off grade with no upper cut-off grade applied, and maximum internal waste of 4.0 meters.
5. All intersections are downhole intervals, and reflect approximate true widths.
6. All downhole deviations have been verified by downhole camera and/or downhole gyro.
7. Collar coordinates surveyed by Earl James & Assoc., an independent surveyor, using Trimble R8 GNSS.
8. The Company maintains a quality assurance/quality control (“QA/QC”) program, as further described below.
9. The assay laboratories responsible for the assays were Northern Analytical Laboratories Pty Ltd (“NAL”), an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.

Discussion of Results

Our current exploration program has concentrated on the southern portion of the Batman-Driffield structural corridor between the Batman deposit and the Golf-Tollis deposits. This area has a significant amount of shallow historic drilling, and when combined with past geochemical and magnetic studies has allowed us to develop a new geologic model. Most importantly, current drilling suggests that what were thought to be discrete deposits, may actually be part of a continuous mineralized trend, both horizontally and vertically. To date, we have not drilled a diamond core hole within the Batman-Driffield structural corridor that was absent of any mineralized intercepts.  

• VB21-006 – confirmed the continuity of the south cross structure in the upper part of the hole;
• VB21-007 – tested the continuity of mineralization of the Batman North structure in the area approximately 120 meters north of holes VB21-002 and VB21-005 and was located to test the potential intersection of the north cross structure with the Batman North structure;
• VB21-008 – confirmed the vertical continuity of mineralization below holes VB21-002 and VB-005; and
• VB21-009 – drilled approximately 400 meters north of holes VB21-002, -005 and -008 and the first hole to be drilled deeper into the Golf-Tollis target.

Figure 1 – Plan View of Drill Holes

The sampling method and approach for the surface geochemistry and grab samples is as follows:

• Soil samples are planned on a regular grid and a sample sheet is generated.
• GPS is used to locate sample positions and a pelican pick is used to clear debris and any topsoil from the sample location 3.
• The hole is dug to the B horizon and 7 to 10 kg of soil is collected and coarse sieved to remove stones etc., a fine mesh is then employed and the entire sample recovered post sieving is bagged.
• Soil sampling is usually undertaken in the dry season, however if wet samples are obtained, they are dried in the logging shed prior to sieving.
• Sample bags are calico and purchased pre-numbered, these are then packaged in groups of 5 for transportation to NAL, an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.
• As the site is closed to public access, no special security measures are undertaken.
• A sample submission sheet is sent to the lab, detailing required methodology, and number of samples.
• No identifying data relating to sample location is recorded on the bags submitted or the paperwork beyond bag numbers.

Rock chip and soil geochemical samples are routinely collected to determine if the potential exists for anomalous gold values below the surface. The presence of anomalous gold grades is not a guarantee of subsurface mineralization. While both rock chip and soil samples have sampling procedures, it is not considered rigorous enough to be relied upon for use in the estimation of mineral resources. Surface soil and rock chip samples are merely considered to be potential indicators of subsurface mineralization. Since the rock chip and soil assays are not used in mineral resource estimation, it is rare that any additional QA/QC or check assaying would be completed. The data are used on an as received basis.

It is the QP’s (as defined below) opinion that the sample preparation methods and quality control measures employed before dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (“QP”) as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release. The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia. The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project. There has been insufficient exploration to define a mineral resource with respect to the exploration target areas and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral resource.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The plastic core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to NAL, a certified lab, for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 m and a maximum of 1.2 m;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL in Pine Creek, Northern Territory, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than 3 g Au/tonne, and then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and QA/QC samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

About Vista Gold Corp.

The Company is a gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

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 such things as our belief that drill results from VB21-006 through 009 demonstrate that our exploration model is proving to be reliable in predicting where mineralization is most likely to be encountered based on our improved understanding of the controlling structures; our belief that ongoing drilling continues to confirm our structural and geological interpretation and increases our confidence in the potential for future mineral resource growth at Mt Todd; our belief that the holes reported today increased our understanding of the size, orientation, and gold-bearing potential of the mineralized structures north of our Batman deposit; our belief that current drilling suggests that what were thought to be discrete deposits may actually be part of a continuous mineralized trend; our belief that ongoing and planned additional drilling will further expand our understanding of mineralized structures in the area and systematically increase our understanding of the geologic potential in the area; and our belief that Mt Todd is the largest undeveloped gold project in Australia 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 25, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Cautionary Note to United States Investors

_{The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.}

_{Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.}

Denver, Colorado, May 19, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced assay results for drilling at the Company’s Mt Todd gold project (“Mt Todd” or the “Project”). Two additional holes have been completed on an east-west section approximately 500 meters north of the limits of the Batman deposit resource model. Both holes drilled through mineralized structures as projected, with some intercepts in both holes showing significantly higher grades than historic drilling in the Batman deposit.

Highlights

• VB21-004 intersected the same structure as VB20-001 and drilled 42 meters @ 0.80 grams gold per tonne (“g Au/t”), including 12 meters @ 1.46 g Au/t;
• VB21-005 was drilled up-dip from VB21-002 and intersected 29 meters @ 2.65 g Au/t, including 0.31 meters @ 161.80 g Au/t;
• Both holes confirm the lateral continuity of mineralized structures with drill intercepts 500 meters north of the Batman deposit; and
• VB21-005 confirmed the vertical continuity of the definable high-grade zone intersected in hole VB21-002.

Frederick Earnest, President and CEO commented, “In these drill results, we see vertical and horizontal continuity of mineralization just as we did in our very successful development and expansion of the Batman deposit. The results of this program confirm our strong belief in the potential to increase the gold resources of the Mt Todd Project with additional drilling. The significantly higher-grade intercepts encountered in both VB21-004 and VB21-005 suggest the potential importance of these parallel structures as part of the feeder system that helped create the Batman deposit. Presently, two drills are drilling in the general vicinity of VB21-002 and VB21-005 to further define this structure, which is an extension of the Batman Core Zone. Following this, we plan to drill the parallel structure intersected in VB21-004 300 meters to the east, which aligns with the Golf-Tollis target. We are focused on understanding the geology and structural conditions that helped form these narrower, but apparently higher-grade, mineralized structures and their relationship to the Batman deposit approximately 500 meters to the south. We believe this will allow us to refine our exploration model prior to stepping out further to the north. We are very pleased with these results and look forward to the results of future drilling.” Vista Gold CEO Video

Holes VB21-004 and VB21-005 were drilled on Section 8436400N targeting differing, yet parallel mineralized structures. Hole VB21-005 was drilled to test the vertical continuity of mineralization discovered in hole VB21-002 (results announced March 24, 2021). This hole intersected 10 meters averaging 6.50 g Au/t, including 0.31 meters with 161.80 g Au/t. Hole VB21-004 was drilled approximately 300 meters to the east targeting a mineralized structure in line with the Golf-Tollis target and intersected 6 meters averaging 2.48 g Au/t, including 1.0 meter with 11.10 g Au/t. Please refer to the following table for a detailed summary of the assay results for these two holes and to Figure 1 on the following page for a map showing the locations of these drill holes.

Table 1 – Summary of Assay Results

Notes:

• Results are based on ore grade 50g fire assay for Au.
• Intersections are from diamond core drilling with half-core samples with 1 metre representative samples.
• Core sample intervals were constrained by geology, alteration or structural boundaries, intervals varied between a minimum of 0.2 metres to a maximum of 1.2 metres.
• Mean grades have been calculated on a 0.4g/t Au lower cut-off grade with no upper cut-off grade applied, and maximum internal waste of 4.0 metres.
• All intersections are downhole intervals, and reflect approximate true widths.
• All downhole deviations have been verified by downhole camera and or downhole gyro.
• Collar coordinates surveyed by Earl James & Assoc., an independent surveyor, using Trimble R8 GNSS.
• The Company maintains a QA/QC program, as further described below.
• The assay laboratories responsible for the assays were Northern Analytical Laboratories Pty. Ltd. ("NAL"), an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.

The plan view in Figure 1 shows the locations of drill holes VB21-004 and VB21-005 relative to previously announced drill holes. Holes VB21-004 and VB21-005 were drilled on Section 8436400N (labeled as Section A-A’). VB21-004 was targeting mineralization in line with the Golf-Tollis target, which is believed to be the same structure as previously drilled in VB20-001. Figure 1 also shows the locations of all released holes from the 2020-2021 drilling.

Figure 2 shows the downhole assay results for the two drill holes detailed in this release, plus previously announced VB21-002 and the spatial relationship of the holes west to east when viewed looking north.

The drilling on section 8436400N has confirmed that some of these structures host higher grades with widths up to 30 meters. Currently, two northeast striking structures have been intersected and they extend over several kilometers. There are also indications of additional structures proximal to Batman.

The mineralization in VB21-002 and VB21-005 parallels the orientation of the Batman-Driffield corridor and is an extension of the mineralization within the Batman deposit.

Figure 1 – Plan View of Drill Holes and Cross Section Locations

Figure 2 – Section 8436400N View of VB21-004 and VB21-005 with VB21-002 Assay Results

Figure 3 shows the assay results for VB21-005 and its relationship to VB21-002 and the historic drilling completed by others.

Figure 3 – Section 8436400N Enlarged View of VB21-005 and VB21-002 Drilling Assay Results

Figure 4 shows the relationship of VB 21-004 to the historic, more shallow drilling. The mineralized zones in VB21-004 align vertically with mineralization in the historic drill holes.

Figure 4 – Section 8436400N Enlarged View of VB21-004 and Historic Drilling

Figure 5 is a plan view interpretation of the results of Vista soil and grab samples that have been collected. This demonstrates over 400 meters of strike length on the surface with anomalous gold values that align well with projected mineralized intercepts in VB21-002 and VB21-005.

Figure 5 – Plan view of Surface Geochemistry, including Soil and Rock Chip Samples in the Vicinity of VB002 and VB21-005.

The sampling method and approach for the surface geochemistry and grab samples is as follows:

• Soil samples are planned on a regular grid and a sample sheet is generated.
• GPS is used to locate sample positions and a pelican pick is used to clear debris and any topsoil from the sample location 3.
• The hole is dug to the B horizon and 7 to 10 kg of soil is collected and coarse sieved to remove stones etc., a fine mesh is then employed and the entire sample recovered post sieving is bagged.
• Soil sampling is usually undertaken in the dry season, however if wet samples are obtained, they are dried in the logging shed prior to sieving.
• Sample bags are calico and purchased pre-numbered, these are then packaged in groups of 5 for transportation to Northern Analytical Laboratories Pty. Ltd (“NAL”), an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.
• As the site is closed to public access, no special security measures are undertaken.
• A sample submission sheet is sent to the lab, detailing required methodology, and number of samples.
• No identifying data relating to sample location is recorded on the bags submitted or the paperwork beyond bag numbers.

Rock chip and soil geochemical samples are routinely collected to determine if the potential exists for anomalous gold values below the surface. The presence of anomalous gold grades is not a guarantee of subsurface mineralization. While both rock chip and soil samples have sampling procedures, it is not considered rigorous enough to be relied upon for use in the estimation of resources. Surface soil and rock chip samples are merely considered to be potential indicators of subsurface mineralization. Since the rock chip and soil assays are not used in resource estimation, it is rare that any additional QA/QC or check assaying would be completed. The data are used on an as received basis.

It is the QP’s opinion (as defined below) that the sample preparation methods and quality control measures employed before dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (“QP”) as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release. The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia. The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project. There has been insufficient exploration to define a mineral resource with respect to the exploration target areas and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral resource.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The plastic core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to NAL, a certified lab, for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 m and a maximum of 1.2 m;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL in Pine Creek, Northern Territory, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than 3 g Au/tonne, and then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and quality assurance/quality control (QA/QC) samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

About Vista Gold Corp.

The Company is a gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

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 such things as our belief that there is tremendous opportunity over the next 12 months to close the gap between our market cap and the intrinsic value of Mt Todd by completing a feasibility study and drilling to demonstrate the potential for resource growth north of the Batman deposit; our plan to achieve a structure that provides appropriate opportunity for value creation by recognizing the intrinsic value of Mt Todd and minimizes the potential for future dilution; our belief that there is tremendous opportunity for significant resource growth at Mt Todd and the potential to significantly extend the life of mine; our belief that the South Cross Structure is a connection between the Batman and Golf-Tollis structures; our belief that the Batman North Extension intercepted veining, mineralogy and gold grades are comparable to the Batman deposit and suggest no material differences in metallurgical behavior; our belief that the results of the six drill holes targeting the Batman North Extension present opportunity to develop classified resources both within the planned Batman pit from material currently interpreted as waste and externally to the north; our belief that the results of the first step-out hole drilled 500 meters north-northeast demonstrate the strong potential for continuity of gold mineralization along the Batman-Driffield Structural Trend; and our belief that Mt Todd is the largest undeveloped gold project in Australia 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 25, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Cautionary Note to United States Investors

_{The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.}

_{Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.}

DENVER, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced receipt of a $1.1 million payment from Prime Mining Corp. (“Prime Mining”).

As announced on June 15, 2020 (see news release), Prime Mining is required to pay Vista $2.1 million in lieu of being granted certain royalties and back-in rights relating to the Guadalupe de los Reyes gold / silver project in Mexico. The remaining $1.0 million payment is due no later than July 2021. If Prime Mining fails to make the remaining payment, Vista will have the right to reinstate its royalties and back-in rights.

All dollar amounts in this press release are in U.S. dollars.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

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 such things as our expectation that we will receive $1.0 million no later than July 2021, our ongoing efforts to advance development of Mt Todd to potentially be Australia’s 6^th largest gold producer 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: our discussions and contractual arrangements with Prime Mining; our reliance that Prime Mining will deem the exploration results at the Guadalupe de los Reyes gold / silver project sufficiently positive to continue its business plans for this project and its ability to raise funds to meet obligations when due; our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today reviewed its key 2020 accomplishments and outlined 2021 priorities for the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory (“NT”), Australia.

Fred Earnest, President and CEO of Vista Gold, stated, “We are pleased to have achieved many of our 2020 corporate objectives in spite of the challenges presented by the COVID-19 pandemic.

Financially, we successfully monetized non-core assets to fund working capital, strengthen our balance sheet and cash position, and set the path to generate additional cash of up to US$4.6 million during 2021. Technically, we engaged with the NT government to support its review of our Mining Management Plan (“MMP”) and move it toward approval, completed and announced positive results of an independent benchmarking study of the 2019 PFS and commenced a drill program to test the existence of mineralization with vertical and lateral continuity within and immediately adjacent to the planned Batman pit. Strategically, we strengthened our relationship with the Jawoyn Association through an updated agreement and laid the foundation to support the pursuit of opportunities that will create greater value for our shareholders.

As we begin 2021, we are encouraged about the prospects for Vista, Mt Todd and our shareholders. Most importantly, our strategy will continue to focus on programs to enhance value and de-risk Mt Todd as we work to achieve a valuation reflective of the size of the gold deposit, together with its Tier-1 mining jurisdiction in Australia’s low-risk NT, favorable low operating costs, robust project economics, and the fact that we hold approvals for all major environmental permits. With an asset of this scale, one of the best ways to balance risk and narrow the gap between Vista’s current market capitalization and Project net present value (“NPV”) is to seek a strategic transaction with a partner who is prepared to provide Vista shareholders with an appropriate valuation for the interest to be acquired, and that brings project development and operation skills and financial strength as we advance Mt Todd together. Fundamental to any transaction that we may consider, is our commitment to preserve maximum Project ownership for our shareholders, while minimizing future dilution. It is important to reiterate that we are not constrained or obligated to complete a transaction that does not achieve the goal of enhancing Vista’s valuation.

Our top 2021 priorities are to achieve a market capitalization that is more reflective of the Mt Todd Project NPV, receive approval of the MMP, and initiate a follow up drill program to expand on the successful results of the current proof of concept drilling program.”

Key 2020 Highlights

Financial
During 2020, Vista effectively monetized non-core assets, managed costs and capital spending, and strengthened its balance sheet. The Company continues to have no debt.

VGZ Share Price Performance
For the twelve months ended December 31, 2020, VGZ shares increased 49.0%. Vista continues to enjoy strong leverage to the price of gold, in part due to significant improvements in Mt Todd project economics.

Exploration
Vista commenced an eight-hole proof of concept drilling program to test targets known as the Batman Hanging Wall Lode and the Batman North Extension, with the goal of the program to test the existence of mineralization with vertical and lateral continuity within and immediately adjacent to the planned Batman pit. In December, Vista reported results from hole 1 (VB20-001) in the Batman Hanging Wall Lode, which confirmed our initial interpretation and suggest that additional drilling could provide the basis for an increase in the mineral resource estimates both within and outside the currently designed Batman pit.

Mining Management Plan
Throughout 2020, Vista continued to work with the NT Division of Mines and the newly formed NT Department of Industry, Tourism and Trade to advance the review and approval process of the Mt Todd MMP. Once approved, Vista will hold all major permits for the Project.

Jawoyn Agreement
Vista and the Jawoyn Association updated their existing agreement to include a royalty and mutual cooperation and support commitments. This provides the Jawoyn Association with a gross proceeds royalty instead of its previous right to become a 10% participating joint venture partner in Mt Todd and provides Vista with greater flexibility in its decisions to develop and operate Mt Todd. It also provides greater commitment for a shared vision of promoting cross-cultural awareness, protecting cultural heritage sites, and providing economic opportunities for aboriginal people as integral components of the development of Mt Todd.

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.

Dewatering the Batman Pit
Ongoing dewatering of the Batman pit will be a priority for the Company during the current wet season (November 2020 through April 2021). The Batman pit is expected to be effectively dewatered in 2021, representing the completion of an important milestone prior to a potential start of construction.

Financial
The Company received US$1.1 million in January and expects to further strengthen its cash position with the receipt of up to US$3.5 million by the end of July 2021 from a cash payment from Prime Mining Corp. and an option payment for the cancellation of the Company’s remaining royalty on the Awak Mas project. Vista expects to announce Q4 and full year 2020 financial results in February 2021.

Strategic Opportunities
Management will focus on engaging with potential partners and identifying strategic opportunities to advance the development of Mt Todd in a way that preserves maximum Project ownership for our shareholders, while minimizing future dilution.

Technical Report on Mt Todd

For further information on the Mt Todd Gold Project, see the Technical Report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia” with an effective date of September 10, 2019 and an issue date of October 7, 2019, amended September 22, 2020, which is available on SEDAR as well as on Vista’s website under the Technical Reports section. John Rozelle, Vista’s Sr. Vice President, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the information in this press release.   See Cautionary Note to Investors regarding Estimates of Mineral Reserves and Resources below.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier-1 mining jurisdiction of NT, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

Forward Looking Statement

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 such things as our belief that we will achieve a valuation for the Company that is reflective of the size of the gold deposit and that this will be achieved through a strategic transaction with a partner; our belief that additional drilling could result in the basis for an increase in the mineral resource estimates both within and outside the current Batman pit; our estimates and expectations pertaining to the updated Project NPV and sensitivity analysis; our belief that the Northern Territory Department of Industry, Tourism and Trade is in the final stages of their approval process and our hope to receive authorization of the MMP in the near future; our plans for ongoing drilling of the Batman North Extension; our expectation that the Batman pit is expected to be effectively dewatered by mid-2021; our expectation that we will further strengthen the company’s cash position with the receipt of up to US$3.5 million by the end of July 2021; the timing of when we expect to announce Q4 and full year financial results; our plan to focus on engaging with potential partners and identifying strategic opportunities to advance the development of Mt Todd in a way that preserves maximum Project ownership for our shareholders, while minimizing future dilution; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to Investors Regarding Estimates of Mineral Reserves and Resources

The 2019 PFS referenced herein uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These definitions differ from the definitions in the mining disclosure rules of the United States Securities and Exchange Commission (“SEC”) Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1933, as amended (the “Exchange Act”) and the new mining disclosure rules of Subpart 1300 of Regulation S-K under the Exchange Act (“SEC Modernization Rules”). Under SEC Industry Guide 7, the definitions and standards for mineral reserves are substantially different than NI 43-101 standards and the terms “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” are not recognized or permitted. Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standards; however there are differences in the definitions and standards under the SEC Modernization Rules and the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral resource estimates will be the same as those reported under NI 43-101 and CIM Definition Standards as contained in the 2019 PFS or that the economics for the Mt Todd project estimated in the 2019 PFS will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

DENVER, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its audited financial results for the year ended December 31, 2020, which are highlighted by reported net income of $0.4 million for the year and cash totaling $8.2 million at year-end.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “During 2020, we achieved strong financial performance as we executed and delivered on our initiatives to strengthen our balance sheet, identified opportunities to advance and bring greater value to our Mt Todd gold project (“Mt Todd” or the “Project”), maintained our strong social license, and commenced exploration opportunities targeting resource growth adjacent to the Batman deposit. CEO Video

“In 2020, we funded working capital through successful monetization of non-core assets, ended the year with $8.2 million of cash, and positioned the Company to generate additional cash of up to US$4.6 million during 2021, of which $1.1 million has already been received. We initiated a drilling program to test the continuity of mineralization extending north from the Batman deposit, which included holes across the mineralized structure as far as 500 meters north of the last modelled mineralization. We continued to engage with the NT government to support its review of our Mining Management Plan (“MMP”), further dewatered the Batman pit, and strengthened our relationship with the Jawoyn Association through an updated and modernized agreement.

“Looking ahead, we are excited about ongoing programs that present significant opportunities to realize shareholder value more in line with the value of Mt Todd. We continue to engage with potential partners and identify strategic opportunities to advance the development of Mt Todd in a way that preserves maximum Project ownership for our shareholders, while minimizing future dilution. Based on early success, we are adding a second drill to extend the ongoing drilling program.”

The Company’s upcoming catalysts include:

• Final approval of the Mt Todd MMP, which management believes is forthcoming in the near future;
• Drill results which are expected over the coming weeks and continuing well into the second quarter; and
• Completion of dewatering the Batman pit later this year.

Summary of Financial Results

At December 31, 2020, cash plus short-term investments (comprised of government securities) totaled $8.2 million and working capital was $8.3 million. Our cash position was further strengthened by $1.1 million received from Prime Mining Corp. (“Prime Mining”) in January 2021 and we expect to receive up to $3.5 million from upcoming cash payments of $1.0 million from Prime Mining and an option payment of $2.5 million for the cancelation of the Company’s royalty on the Awak Mas project. Working capital at December 31, 2019 was $7.8 million, including cash and short-term investments (comprised of government securities) of $4.7 million. The Company has no debt.

For the fiscal year ended December 31, 2020, Vista reported net income of $0.4 million, or $0.00 per common share on both a basic and diluted basis, compared to a consolidated net loss of $9.4 million, or $0.09 per common share on both a basic and diluted basis for the fiscal year ended December 31, 2019. Net income for the year ended December 31, 2020 is comprised of $6.1 million in gains on the sale of the Los Reyes project and cancellation of the Awak Mas royalty, $2.4 million of gains related to the sale of our Midas Gold Corp shares, and other income of $0.3 million, offset by $8.4 million of operating expenses. The loss for the year ended December 31, 2019 is comprised of $8.1 million of operating expenses and a $1.6 million mark-to-market loss on our investment in Midas Gold Corp., offset by other income of $0.3 million.

The Company’s consolidated audited financial statements and management’s discussion and analysis together with other important disclosures can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

Management Conference Call

Management’s quarterly conference call to review financial results for the fiscal year ended December 31, 2020 and to discuss corporate and project activities is scheduled for Monday, March 1, 2021 at 10:00 am MST (12:00 pm EST).

Participant Toll Free: 888-378-4413
Participant International: 647-792-1280
Conference ID: 6120882

This call will also be archived and available at www.vistagold.com after March 1, 2021. Audio replay will be available for 21 days by calling toll-free in North America 888-203-1112 or 647-436-0148 with passcode 6120882.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

All dollar amounts in this press release are in U.S. dollars.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

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 such things as the expected date for our management’s call regarding our financial results; our expectation to receive upcoming cash payments from Prime Mining and from the cancelation of the Company’s royalties on the Awak Mas project; our belief that final approval of our MMP is forthcoming; our plan to add a second drill to extend our exploration program, with results expected over the coming weeks and continuing well into the second quarter; our expectation to test the continuity of mineralization extending north from the Batman deposit; our plan to complete the dewatering of the Batman pit later this year; our plan to continue to engage with potential partners and to identify strategic opportunities to advance the development of Mt Todd in a way that preserves maximum Project ownership for our shareholders, while minimizing future dilution; and our belief that Mt Todd would potentially be Australia’s 6^th largest gold project on an annual basis 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, April 29, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (“Vista” or the “Company”) (NYSE American and TSX: VGZ) today announced the voting results from its annual general and special meeting of shareholders held on Thursday, April 29, 2021 (the “Meeting”).

A total of 52,443,389 common shares in the capital of the Company (“Common Shares”) were represented at the meeting, being 50.52% of the Common Shares. Detailed results for the ballot votes for the election of directors are as follows:

In addition, at the Meeting, shareholders appointed Plante & Moran PLLC as auditors of the Company and passed ordinary resolutions to approve: on an advisory basis, the compensation of the Company’s Named Executive Officers and all unallocated stock options under the Company’s Stock Option Plan.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or This email address is being protected from spambots. You need JavaScript enabled to view it.. You may also visit our website at www.vistagold.com.

DENVER, April 30, 2021 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended March 31, 2021, which are highlighted by reported cash and cash equivalents of $7.2 million. All dollar amounts in this press release are in U.S. dollars.

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “Our management team achieved solid cost and capital management performance and strong execution toward our core objectives, including the advancement of the Mt Todd Mining Management Plan to the final stage of review and approval and excellent results from our ongoing drilling program. Additionally, we continued efforts to seek a strategic partner for the development of Mt Todd, maintained our outstanding safety record having achieved 1,437 days without a lost time incident, substantially dewatered the Batman pit, and held the first meeting of the newly-formed Leaders Forum with the Jawoyn Association Aboriginal Corporation.

“We anticipate approval of the Mining Management Plan in the very near future, and see a tremendous opportunity over the next 12 months to close the gap between our market cap and the intrinsic value of Mt Todd by continuing our drilling program to demonstrate the potential to significantly expand gold resources and by advancing our feasibility studies. Both activities are aligned with our continuing efforts to bring value to our shareholders and establish a strategic partnership. We remain committed to achieving a structure that provides appropriate opportunity for value creation by recognizing the intrinsic value of Mt Todd and minimizes the potential for future dilution.”

Looking south at the nearly dewatered Batman pit. Scale varies with perspective.

First Quarter Highlights and Recent Developments

• Advanced the Mt Todd Mining Management Plan to the final stage of review and approval;
• Ended 1Q 2021 with cash and cash equivalents of $7.2 million;
• Received a $1.1 million payment from Prime Mining Corp. related to the Guadalupe de los Reyes gold / silver project in Mexico and expect a final $1.0 million payment no later than July 2021;
• Reported positive results from ongoing exploration activities;
• Expanded the current drill program to include an additional 10 holes to focus on deep drilling along the 1.8 km strike area from the Batman deposit north to the Golf–Tollis/Penguin targets;
• Held the first meeting of the newly-formed Leaders Forum with the Jawoyn Association Aboriginal Corporation; and
• Substantially dewatered the Batman pit, with only 0.5 GL remaining.

Summary of Q1 2021 Financial Results

At March 31, 2021, cash and cash equivalents totaled $7.2 million. We benefited during the quarter from receipt of $1.1 million related to Guadalupe de los Reyes and continued control over our base expenditures. This allowed us to commit additional funds to the drilling program. For consideration, Vista extended the due date for the remaining $2.5 million option payment payable to Vista for cancellation of the Awak Mas royalty until not later than January 31, 2022.

Vista reported a net loss of $3.1 million or $0.03 per share for the three months ended March 31, 2021, compared to a loss of $3.5 million or $0.03 per share reported for the three months ended March 31, 2020. The loss for the current quarter was in line with management’s expectations.

Summary of Drilling Results

The Company made the decision to expand its drilling program during the quarter and is planning an additional 10 holes (approx. 3,000 meters). The first phase of drilling provided our geologists with greater understanding of the location and inter-relation of mineralized structures and cross-structures connecting the Batman deposit and the Golf-Tollis targets. Ongoing drilling is focused on hinge points and intersections of these structures which typically provide the best conditions for the deposition of gold in quartz-calcite-sulfide veins.

The initial program of nine holes totaled 2,640 meters and was completed during Q1. Results of eight holes have been announced to date, with each hole intersecting mineralized structures approximately as targeted. Intercepts were generally thicker than anticipated intervals and encountered higher than expected gold grades. Refer to Figure 1 for drill hole locations to date.

Figure 1: 

Mr. Earnest commented, “Our historical success in significantly increasing the known size of the Batman deposit through deep drilling and our recent success drilling deep holes along known, but undrilled structural targets reaffirms our belief that there is excellent opportunity for significant resource growth at Mt Todd. We believe that the potential to significantly extend the life of Mt Todd is important to potential partners. Our present drilling program is planned to demonstrate that potential and unlock the door to greater value recognition.”

Highlights from first phase of drilling include:

• Confirmation of the South Cross Structure projecting northeast from the Batman deposit. The drill intercept returned 60 meters of 0.72 grams of Au/tonne and demonstrated higher-grade mineralization within several intervals of this intercept. The South Cross Structure is believed to be a connection between the Batman and Golf-Tollis structures.
  
  
• Six drill holes targeting the Batman North Extension demonstrated continuity of mineralization immediately north of the defined Batman deposit. Again, drill intercepts were thicker than previously expected and generally returned higher grades in the center portions. Intercepted veining, mineralogy and gold grades are comparable to what is observed in the Batman deposit and suggest no material differences in metallurgical behavior. These results present an opportunity to develop classified resources both from material that is currently interpreted as waste within the planned Batman pit and material outside the pit to the north.
  
  
• The first step-out hole, drilled 500 meters north-northeast, intercepted 30 meters of 1.23 grams gold/tonne. This hole was the first deep step-out hole demonstrates the strong potential for continuity of gold mineralization along the Batman-Driffield Structural Trend. A second step-out hole has been drilled further to the east to better understand the orientation of the Golf-Tollis structural trend – assay results for this hole will be announced as part of a future comprehensive announcement including the results of additional holes to be drilled in this vicinity.
  
  
• The drilling program has been expanded to include an additional 10 holes to focus on deep drilling along the 1.8 Km strike length from the Batman deposit north to the Golf-Tollis/Penguin targets.
  
  

Table 1 – Summary of Assay Results Announced to Date

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (“QP”) as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release. The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia. The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project. There has been insufficient exploration to define a mineral resource with respect to the exploration target areas and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral resource.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The plastic core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to Northern Analytical Laboratories Pty. Ltd. (“NAL”), an independent ISO 9000 certified lab, for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 m and a maximum of 1.2 m;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL in Pine Creek, Northern Territory, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than 3 g Au/tonne, and then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and quality assurance/quality control (QA/QC) samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

Management Conference Call

Management’s quarterly conference call to review financial results for the quarter ended March 31, 2021 and to discuss corporate and project activities is scheduled for Tuesday, May 4, 2021 at 10:00 am MDT (12:00 pm EDT).

Participant Toll Free: (844) 898-8648
Participant International: (647) 689-4225
Conference ID: 1336038

This call will also be archived and available at www.vistagold.com after May 4, 2021. Audio replay will be available for 21 days by calling toll-free in North America (800) 585-8367 or (404) 537-3406.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

About Vista Gold Corp.

The Company is a gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

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 such things as our belief that there is tremendous opportunity over the next 12 months to close the gap between our market cap and the intrinsic value of Mt Todd by completing a feasibility study and drilling to demonstrate the potential for resource growth north of the Batman deposit; our plan to achieve a structure that provides appropriate opportunity for value creation by recognizing the intrinsic value of Mt Todd and minimizes the potential for future dilution; our belief that there is tremendous opportunity for significant resource growth at Mt Todd and the potential to significantly extend the life of mine; our belief that the South Cross Structure is a connection between the Batman and Golf-Tollis structures; our belief that the Batman North Extension intercepted veining, mineralogy and gold grades are comparable to the Batman deposit and suggest no material differences in metallurgical behavior; our belief that the results of the six drill holes targeting the Batman North Extension present opportunity to develop classified resources both within the planned Batman pit from material currently interpreted as waste and externally to the north; our belief that the results of the first step-out hole drilled 500 meters north-northeast demonstrate the strong potential for continuity of gold mineralization along the Batman-Driffield Structural Trend; and our belief that Mt Todd is the largest undeveloped gold project in Australia 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 25, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

Denver, Colorado, March 24, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced the positive results of hole VB21-002 at its Mt Todd Gold Project (“Mt Todd” or the “Project”) in the Northern Territory, Australia. This 459-meter drill hole intersected mineralization on-trend with the Batman deposit, 500 meters north-northeast in an area with no deep drilling and encountered a 30-meter intercept grading 1.23 g/t Au. The results of this hole demonstrate the strong potential for continuity of gold mineralization along the 5.4 km strike length of the Batman-Driffield Structural Trend located on Vista’s mineral licenses (“MLs”). As a result, the Company today announced that it is expanding its drilling program to include an additional 10 holes to focus deep drilling along the 1.0 km strike area from the Batman deposit north to the Golf–Tollis/Penguin targets.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “Hole VB21-002 validated our belief that mineralization along the structurally-controlled Batman-Driffield Trend is more continuous and widely occurring than previously thought. This hole also provided important initial geology and mineralization information in an area previously undrilled at depth.

“As we move to the north and east of the Batman deposit, the intrusive which mobilized the gold in this district is deeper. This, combined with the orientation and intersection of structural zones, leads us to believe there is a compelling opportunity to add to the resource base of the Mt Todd project by focusing on targets below the shallow historic drilling in this area. Following on our recently completed drill program, we have added a second drill and are now moving forward with an initial 10-hole drilling program to test and better define the host structures underlying known gold occurrences and to evaluate the potential to significantly increase the known mineral resources in the area extending from the Batman deposit 1 km north to the Golf–Tollis/Penguin targets. Successful achievement of these objectives is expected to lay the groundwork for project growth and improved shareholder value.” Vista Gold CEO Video

Results of Hole VB21-002

Assay results for hole VB21-002 are summarized below.

The following figure shows hole VB21-002 relative to the historic drilling on Section 8436400 N. The plus 1 g Au/tonne mineralized intercept encountered in this hole with very little similar grade material reported in the near-surface historic drilling is consistent with Vista’s previous exploration experience at Mt Todd. Vista plans to drill holes above, below and off-section of this mineralized intercept to gain a better understanding of the orientation, continuity along strike and potential for higher grade mineralization at depth. This hole underscores Vista’s geologic interpretations regarding the continuity of mineralization and potential to define new resources within the Batman-Driffield Trend.

VB21-002 Results on Section 8436900 N

Comprehensive Exploration Program Update

Vista has contracted a second drill rig to accelerate the drilling of the next phase of the Batman-Driffield exploration program. Ten holes totaling 3,000 meters are planned in the area north of the Batman deposit and extending to the area of the Golf-Tollis/Penguin targets, a strike length of 1.0 km. The first holes will be drilled in the general vicinity of recently completed hole VB21-002 – both up and down plunge. The holes in this program are planned to test structural zones and intersections of structures that are believed to be similar to zones and intersections that are known to host significant gold resources in the Batman deposit. The lateral extent of the historic drilling results suggests that deeper drilling around these targets could significantly increase the total gold resources at Mt Todd.

On the large land package that encompasses Mt Todd, there are two-principle mineralized structural trends; the Batman-Driffield Trend and the Cullen-Australis Trend. The Batman-Driffield Trend, which has the greatest number of known mineralized prospects and has been the subject of the most detailed work, is predominantly located within the boundaries of the Mt Todd MLs. Figure 1 provides detail of the portion of the Batman-Driffield Trend within the MLs which hosts the Batman deposit and a number of known mineral occurrences. As shown in this plan view, Long-Section A-B covers a linear length of ~5.4 Km and extends from the Batman deposit north to the Quigleys Extension.

Figure 1:  Plan map of the Mt Todd MLs with details of the southwestern portion of the Batman-Driffield Trend

The following cross section (Figure 2) provides details of the historic drilling along Long-Section A-B (shown in plan view in Figure 1). Of particular interest is the depth of the historic drill holes, most of which terminated at relatively shallow depths. Vista has drilled the Batman deposit to over 850 m below the surface and in the course of completing this work, the measured and indicated resources have grown from 1.9 million ounces¹ in 2006 to 7.4 million ounces² in 2020 while the total ounces classified as inferred resources declined only modestly over this same period. This growth in mineral resources is the direct result of drilling deeper than the historic drilling, most of which ended at approximately 100 m in depth. Vista believes that the same potential may exist below the Golf-Tollis/Penguin targets, and below the Quigleys deposit. The “ovals” on the long section indicate the drill target locations.

¹ Measured resources are 22,095,000 tonnes with average grade of 0.89 grams of gold per tonne containing 628,930 ounces using a 0.4g Au/t cutoff grade. Indicated resources are 45,715,000 tonnes with average grade of 0.88 grams of gold per tonne containing 1,293,612 ounces using a 0.4g Au/t cutoff grade. Combined measured and indicted resources are 67,810,000 tonnes with average grade of 0.88 grams of gold per tonne containing 1,922,542 ounces using a 0.4g Au/t cutoff grade. Reserves, if any, are included. Inferred resources are 61,754,000 tonnes with an average grade of 0.84 grams of gold per tonne containing 1,671,729 ounces using a 0.4 g Au/t cutoff grade. See technical report entitled “Technical Report, Mt Todd Gold Project, Northern Territory, Australia,” dated June 26, 2006. See Cautionary Note to U.S. Investors below.

² For the Batman deposit, measured resources are 77,725,000 tonnes with average grade of 0.88 grams of gold per tonne containing 2,191,000 ounces using a 0.4g Au/t cutoff grade. Indicated resources are 200,112,000 tonnes with average grade of 0.80 grams of gold per tonne containing 5,169,000 ounces using a 0.4g Au/t cutoff grade. Combined measured and indicted resources are 277,837,000 tonnes with average grade of 0.82 grams of gold per tonne containing 7,360,000 ounces using a 0.4g Au/t cutoff grade. Reserves, if any, are included. Inferred resources are 61,323,000 tonnes with an average grade of 0.72 grams of gold per tonne containing 1,421,000 ounces using a 0.4 g Au/t cutoff grade. See technical report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia,” with an effective date of September 10, 2019, an issue date of October 7, 2019, and as amended September 22, 2020. See Cautionary Note to U.S. Investors below.

Figure 2:  Long section A-B showing all drill holes drilled to date (both historic and Vista)

The following plan view (Figure 3) shows the locations of the historic drill holes and Vista’s recent drill holes overlain by the principle structural interpretation. Vista’s drill hole VB20-001 was the first hole drilled on a major cross structural fracture that connects the Batman structural trend with the parallel structural trend found at Golf-Tollis/Penguin. Drill hole VB21-002 (oriented to the west) was the first deep drill hole drilled significantly north of the last identified mineralization at Batman deposit.

Presently, Vista is drilling a hole located east of VB21-002 and oriented to the east. The regular spacing of the southwest to northeast structural features and the connected cross structure features form the principal drivers for the current exploration drilling program and our excitement about the potential of this area.

Figure 3: Plan view of the area covered by the A-B section line with structural interpretations

Figure 4 details Long-Section A-B and illustrates the subsurface geology and metal zoning that we believe underlie the surface. Drill results to date indicate that the mineralization at the Golf-Tollis/Penguin targets is very similar to that found in the Batman deposit. Based on our comprehensive understanding of the Batman deposit, we believe the potential exists for the Golf-Tollis/Penguin targets to host a significant increase in resources. The section shows the plunge of the higher-grade mineralization identified in the Batman and Quigleys deposits. Also shown is the projected plunge of the Golf-Tollis/Penguin target which is believed to parallel the known plunge of the Batman higher-grade mineralization. 

Figure 4:  Subsurface interpreted geology and metal zonation

The last section (Figure 5) illustrates the potential of this area based on our geologic and structural interpretation. The areas that Vista is targeting with its ongoing exploration program are near the known mineral resources contained in the Batman deposit. The areas have similar geology and structural controls, and like the Batman deposit in 2006 when Vista acquired the site, have largely received only shallow drilling.

Figure 5:  Long section A-B showing the extent of previous drilling and the resulting resource estimates compared to the target area for the newly announced drilling program.

³ For the Batman deposit, measured resources are 77,725,000 tonnes with average grade of 0.88 grams of gold per tonne containing 2,191,000 ounces using a 0.4g Au/t cutoff grade. Indicated resources are 200,112,000 tonnes with average grade of 0.80 grams of gold per tonne containing 5,169,000 ounces using a 0.4g Au/t cutoff grade. Combined measured and indicted resources are 277,837,000 tonnes with average grade of 0.82 grams of gold per tonne containing 7,360,000 ounces using a 0.4g Au/t cutoff grade. Reserves, if any, are included. Inferred resources are 61,323,000 tonnes with an average grade of 0.72 grams of gold per tonne containing 1,421,000 ounces using a 0.4 g Au/t cutoff grade. See technical report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia,” with an effective date of September 10, 2019, an issue date of October 7, 2019, and as amended September 22, 2020. See Cautionary Note to U.S. Investors below.

⁴ For the Quigleys deposit, measured resources are 594,000 tonnes with average grade of 1.15 grams of gold per tonne containing 22,000 ounces using a 0.4g Au/t cutoff grade. Indicated resources are 7,301,000 tonnes with average grade of 1.11 grams of gold per tonne containing 260,000 ounces using a 0.4g Au/t cutoff grade. Combined measured and indicted resources are 7,895,000 tonnes with average grade of 1.11 grams of gold per tonne containing 282,000 ounces using a 0.4g Au/t cutoff grade. Reserves, if any, are included. Inferred resources are 3,981,000 tonnes with an average grade of 1.46 grams of gold per tonne containing 187,000 ounces using a 0.4 g Au/t cutoff grade. See technical report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia,” with an effective date of September 10, 2019, an issue date of October 7, 2019, and as amended September 22, 2020. See Cautionary Note to U.S. Investors below.

John Rozelle, Vista’s Sr. Vice President, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release. All of the drill hole information displayed in Figure 2 has been previously disclosed in Vista’s October 7, 2019 NI 43-101 Technical Report (TR) entitled “NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory Australia”. The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 Technical Report. The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project as new software tools have been implemented.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The poly core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in the ongoing metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to Northern Analytical Laboratories for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 m and a maximum of 1.2 m;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL Pty. Ltd an independent. ISO 9000 certified lab, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than 3 g Au/tonne, and then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and quality assurance/quality control (QA/QC) samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

Forward Looking Statement

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 such things as our belief that the drilling results show a strong potential for continuity of gold mineralization along the 5.4 Km strike length of the Batman-Driffield Structural Trend; our expected plans for the drilling program; our expected results of the drilling program; ; our believe that there is a compelling opportunity to add significantly to the resource base of the Mt Todd project; our plans to confirm structural zones and intersections of structures that are believed to be similar to zones and intersections that are known to host significant gold resources in the Batman deposit; our belief that further potential may exist below the Golf-Tollis and Penguin targets, and below the Quigleys deposit; our expectations with respect to the subsurface geology and metal zoning that we believe underlie the surface; our belief that additional drilling could confirm continuity and connectivity of the mineralized structures extending northeast to the Quigleys deposit; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis 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: our approved business plans, that our exploration and assay results are accurate, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2021 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. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral resource estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

Denver, Colorado, March 18, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to provide results from the ongoing drilling program at the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia.

Highlights of Drill Holes VB20-005 and VB21-001 on Section 8435900 N and VB21-003 on Section 8435850 N

• Confirmed continuity of mineralization north of the Batman deposit, with mineralization coming to surface;
• Encountered a thicker than expected mineralized zone;
• Demonstrated the presence of a definable, higher-grade zone within the confines of the mineralized envelope; and
• Intersected veining, mineralogy and gold grades comparable to those found in the core zone of the Batman deposit, suggesting no material differences in metallurgical behavior.

Frederick Earnest, President and CEO of Vista, stated, “We are very encouraged by the results of our ongoing drilling program, which have intersected mineralization at approximately the predicted intervals, in all seven holes drilled to date. Furthermore, the results of the three holes announced today combined with those drilled previously on Section 8435935 N strongly support our confidence that the resources in the Batman deposit can be significantly increased just north of, and immediately adjacent to the planned Batman pit.  

“Drilling in our initial program is complete. We are undertaking additional drilling and have secured a second drill rig to accelerate the next program. We plan to step out to the north to test targets and assess the continuity of mineralization from the Batman deposit toward the Golf-Tollis targets, approximately a kilometer to the north. The second drill rig is expected to be on site by early April. We look forward to discussing the results of the last hole in the original program, a step-out hole 500 meters to the north, as assay results become available in the coming weeks.”

In the fourth quarter 2020, the Company commenced an eight-hole drilling program to test the continuity of mineralization north of the Batman deposit.

Results from Hole VB20-001 were announced in December 2020 (News Release) and confirmed the existence of a mineralized zone that is believed to be a connection between the main Batman structure and the Golf-Tollis structure. Results from holes VB20-002, -003, and -004 were announced in January 2021 (News Release) and confirmed the existence of mineralization to the north of the main Batman structure. Relative to the three drill holes announced in January 2021, holes VB20-005 and VB21-001 were 35 meters south and VB21-005 was 85 meters south. These holes were drilled to confirm the continuity of both mineralization and grade in an area immediately north of and outside the limits of the proposed Batman pit.

Assay results for holes VB20-005, VB21-001and -003 are summarized below.

The following plan view (Figure 1) shows the locations of these drill holes relative to previously announced drill holes and the limits of the proposed Batman pit. Drill holes announced in January 2021 were drilled on Section 8435935 N (labeled as Section A-A’). Holes VB20-005 and VB21-001 were drilled on Section 8435900 N (labeled as Section B-B’), while hole VB21-003 was drilled on Section 8435850 N, approximately 50 meters to the south. 

Figure 1 – Plan View of Drill Hole Locations

Figure 2 shows the downhole assay results for the three drill holes and the spatial relationship of the holes west to east when viewed looking north, excluding previous drilling. Figure 3 shows the assay results for the three new holes combined with the assay results from holes previously drilled by Vista and historic drilling completed by others. It also shows the interpreted limits of the North Extension mineralized envelope and the higher-grade core zone of the extension.

Figure 2 – Section View of New Drilling Assay Results

Note: This section shows results for new drill holes located between sections 8435850 and 8435900 N.  

Figure 3 – Section View of Combined Drilling Assay Results

Note: This section shows results for drill holes located between sections 8435850 and 8435900 N.

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (QP) as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The poly core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in the ongoing metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to Northern Analytical Laboratories for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 m and a maximum of 1.2 m;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL Pty. Ltd an independent, ISO 9000 certified lab, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results were greater than 3 g Au/tonne, and then a gravimetric finish was used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and quality assurance/quality control (QA/QC) samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

Forward Looking Statement

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 such things as our belief of the existence of a mineralized zone that is a connection between the main Batman structure and the Golf-Tollis structure; our belief that we have identified the extension of the Batman core zone to the north and the existence of mineralization with vertical and lateral continuity exists within and immediately adjacent to the planned Batman pit; our believe that continuity and grade exists in the Batman north extension, with mineralization coming to the surface; our belief that we have identified a definable, higher-grade envelop within the confines of the mineralized zone; our belief that drilling has intersected veining, mineralogy and gold grades comparable to those found in the core zone of the Batman deposit, suggesting no material differences in metallurgical behavior;  our belief that there may be opportunity to develop classified resources in an area within the planned ultimate pit that is currently modelled as waste material; our belief that additional drilling could confirm continuity and connectivity of the mineralized structures extending northeast to the Quigleys deposit; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2021 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, Jan. 21, 2021 -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to provide results from the ongoing drilling program at the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia.

North Extension Drilling Highlights

• Confirmed the extension of the Batman Core Zone to the north;
• Showed the North Core Zone extension to be thicker than previously expected with higher grades in the center portion; and
• Demonstrated the opportunity to develop classified resources in an area within the planned ultimate pit that is currently modelled as waste material.

Frederick Earnest, President and CEO of Vista, stated, “We continue to be encouraged by the results of our ongoing drilling program, which demonstrate that the Batman Core Zone extends to the north, as expected, and further validate our belief that mineralization with vertical and lateral continuity exists within and immediately adjacent to the planned Batman pit. Drilling continues on the remaining holes in our 2,400-meter program, with completion and results expected this quarter. We are presently evaluating targets for a follow-up drill program with the objective to confirm continuity and connectivity of the mineralized structures extending northeast to the Quigleys deposit.” See Vista Gold CEO Video.

In the fourth quarter 2020, the Company commenced an eight-hole proof of concept drilling program to test targets known as the Batman Hanging Wall Lode and the Batman North Extension. The goal of the program is to confirm the existence of mineralization with vertical and lateral continuity within and immediately adjacent to the planned Batman pit.

Results from Hole VB20-001 were announced in December 2020 (see News Release) and confirmed the existence of a mineralized zone that is believed to be a connection between the main Batman structure and the Golf-Tollis structure. Holes VB20-002, -003, and -004 targeted the Batman North Extension to the north of the main Batman structure.

Assay results for holes VB20-002, VB20-003 and VB20-004 are summarized below.

Figure 1 – Batman North Extension

The plan view above shows the interpreted location of the Batman North Extension. VB20-002, -003, and -004 intersected the Batman North Extension at the predicted location and encountered a thicker mineralized zone than anticipated.

Figure 2 – Section A-A’ (VB20-002, 003, and 004)

In the cross section below the location and assay results of VB20-002, -003, and -004 are shown relative to the core zones of the Batman deposit. The lighter shading denotes the higher-grade center portion within the extension of the Core Zone.

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (QP) as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The poly core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in the ongoing metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to Northern Analytical Laboratories for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 m and a maximum of 1.2 m;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and quality assurance/quality control (QA/QC) samples has not either identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit. NAL Pty. Ltd and Genalysis Laboratory Services Pty Ltd. are both independent of the Company.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

Forward Looking Statement

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 such things as our belief of the existence of a mineralized zone that is a connection between the main Batman structure and the Golf-Tollis structure; our belief that we have identified the extension of the Batman core zone to the north and the existence of mineralization with vertical and lateral continuity exists within and immediately adjacent to the planned Batman pit; our belief that there may be opportunity to develop classified resources in an area within the planned ultimate pit that is currently modelled as waste material; that, our belief that additional drilling could confirm continuity and connectivity of the mineralized structures extending northeast to the Quigleys deposit; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, March 24, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced results of an independent benchmarking study (the “Study”) of the 2019 updated preliminary feasibility study for the Mt Todd Gold Project (“Mt Todd” or the “Project”) in the Northern Territory, Australia (the “2019 PFS”).

In the second quarter 2019, Vista engaged GR Engineering Services Limited (“GRES”) of Perth, Australia to complete an independent review of capital and operating costs, and construction, commissioning and ramp-up schedules as presented in the 2019 PFS. The objective of the Study was to assess the capital and operating costs, and schedules presented in the 2019 PFS compared to actual capital and operating costs being experienced by current, similar size operations. The findings were positive and provide greater assurance that the Company’s inputs and assumptions are reasonable and that the schedules are practical.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “Concurrent with completing the 2019 PFS, we engaged GRES as an independent contractor to review and compare our estimated costs and schedules. Based on the preliminary findings of the Study, we worked with various consultants to further evaluate the interim results and, in some areas, we revised our plans and estimates. This analysis and review are an indication of our commitment to ensuring that our Project designs, schedules and economic analyses are reasonable and appropriate.”

Mining – Summary of Capital and Operating Expenditures

Mining Plus (“MP”) was engaged by GRES to perform a benchmark study for the mining costs of the Project. A comparison of the 2019 PFS unit mining equipment costs to recent equipment purchase prices from original equipment manufacturer (“OEM”) representatives in Australia, with consideration of delivery costs to the Northern Territory, is summarized in the table below.

Based on this analysis, MP concluded that on a weighted average basis, the Mt Todd capital costs as quoted in the 2019 PFS were slightly higher than the costs currently being quoted by Australian OEMs and that total mining capex as reflected in the 2019 PFS was a good estimate.

The table below compares the 2019 PFS mining costs per tonne (“t”) to the average benchmarked mining costs per tonne in each operating cost area of the mine.

Based on the above data, MP determined the mine operating costs as shown in the 2019 PFS were potentially over estimated compared to other Australian mining operations. MP also noted that although the benchmarking population could have been larger, the 2019 PFS estimates appeared reasonable for this level of study.

Processing – Summary of Capital and Operating Expenditures

GRES analyzed the most appropriate completed, comparable projects to assess processing capital and operating cost estimates. Aust Gold (an unnamed project), the Rainy River mines in Canada, and the Ahafo and Akyem operations in Ghana (all of which are approximately half the capacity of Mt Todd) were used in the capital cost comparison. Other reference points included feasibility study results published by large scale mineral processing projects in similar locations and regions interpreted by GRES, and GRES’ internal database of equipment and bulk commodity supply prices.

¹ Rainy River experienced substantial overruns due to a change to the tailings and water dam designs and associated capex.
² Breakdown data unavailable.
³ Mt Todd initial mine capital costs include capitalized pre-stripping required in the existing pit to recommence production versus other operations that started as greenfield sites.
⁴ Initial fills and spares are included in the Mt Todd initial mill capex.
⁵ Conservative value was given to the existing infrastructure at Mt Todd to make it comparable to other projects that were required to construct similar infrastructure. This value is not included in the Mt Todd Total Reported Capex, rather it is reported for information and comparative purposes only.

The Study demonstrated that the processing capital costs shown in the 2019 PFS were in the middle of the range on a US$ per tonne per annum plant capacity basis, with low and high areas of the estimate balancing out. The review identified areas where additional work should be completed as part of future technical studies. 

The Mt Todd piping, electrical and instrumentation costs continue to be factored estimates that will require the completion of feasibility-level engineering design work. Owner’s costs are a function of the project management system selected and the Company’s choice may be different in a future technical report. Power Engineers completed the power generation plant design and cost estimates for the 2019 PFS and continues to work with Vista to optimize the power generation facility’s size and connection to the existing power grid.

Mineralis Pty Ltd (“Mineralis”), an Australian mineral processing consultant, was engaged to assist with the review of processing costs. The Detour Lake, Canadian Malartic and Rainy River Mines in Canada, the Gruyere Project in Australia and another smaller operation were used in the analysis. The comparison between processing costs for the benchmarked gold projects and the 2019 PFS unit operating costs is presented below. The XE.com foreign exchange rate averages for the 90-day period prior to August 5, 2019 of US$0.70/AUD (equivalent to the 2019 PFS exchange rate) and US$0.75/CAD have been used for conversion to USD.

The Mt Todd processing cost of US$7.88/t milled was above similar scale gold plants at Detour Lake and Malartic, which use primary and secondary crushing followed by semi-autogenous ball mill comminution circuits. Mineralis suggests that with the HPGR crushers in the comminution circuit, the ore sorting plant, and project location, the Mt Todd 50,000 tpd total process operating cost would likely be above the benchmarked operations, particularly in the early years.

Commissioning and Start Up

Due to the number of unit operations and conveyors, transfer points, and wear areas in the crushing and HPGR circuits, and the large number of tanks in the CIP leaching and adsorption circuit, the authors of the Study identified the materials handling, crushing, ore sorting and grinding areas as potential areas of risk for Mt Todd during ramp-up.   

The Company has extensively evaluated the comminution and materials handling areas of the Project and incorporated design considerations to address potential commissioning and start up risks. As part of the 2019 PFS, the Company also increased the construction and startup schedule from 24 to 30 months. In the 2019 PFS and in previous studies Vista used a design philosophy that has increased the size of the primary crusher, secondary crushers, and HPGR crushers to the next size larger than the equipment manufacturers recommendation. Similarly, in the sorting and fine grinding areas, an extra unit has been included in the design to ensure additional capacity is available if needed. That is, the manufacturer recommended four XRT sorters and five were included in the design. The same is true for the laser sorters and VXP mills. The associated material handling units were also sized for the larger units. Vista believes that this will significantly decrease potential risks during commissioning and start up and plans to undertake additional material handling design reviews as a part of future engineering.

Mt Todd Benchmarking Study

For further information on the results of the Study, please see the report entitled “Mt Todd Gold Project Independent Benchmarking Study dated February 20, 2020, which is available on Vista’s website under “Mt Todd – Technical Reports.”

Technical Report on Mt Todd

For further information on the Mt Todd Gold Project, see the Technical Report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia” with an effective date of September 10, 2019 and an issue date of October 7, 2019, which is available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov, as well as on Vista’s website at “Mt Todd – Technical Report.”

John Rozelle, Vista’s Senior Vice President, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the information in this press release.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s principal asset is its flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

For further information, please contact the Company 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 such things as the projected economics of the Mt Todd gold project in the 2019 PFS, including the estimates of capital costs and mining and processing operating costs at Mt Todd in the 2019 PFS and the Study, mining schedules as presented in the 2019 PFS and Study, Mt Todd cost estimates relative to benchmarked operations, the Company’s evaluation of commissioning and start-up risks and the effectiveness of efforts to decrease such risks and other similar statements 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: no change to laws or regulations impacting mine development or mining activities, our approved business plans, mineral resource and reserve estimates and results of preliminary economic assessments, preliminary feasibility studies and feasibility studies on our projects, if any, our experience with regulators, our experience and knowledge of the Australian mining industry, benchmarked operations being similar to planned operations at Mt  Todd and  the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which the Company operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which the Company operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The 2019 PFS referenced in this press release uses the terms “Proven reserves” and “Probable reserves”.  Reserve estimates contained in the 2019 PFS are made pursuant to NI 43-101 standards in Canada and do not represent reserves under the standards of the SEC’s Industry Guide 7  and may not constitute reserves under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements, which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the 2019 PFS uses the terms “Measured resources”, “Indicated resources”, and “Measured & Indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the 2019 PFS have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an Inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

DENVER, March 30, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced that, in response to the ongoing global coronavirus pandemic (“COVID‑19”), its annual general and special meeting of shareholders (the “Meeting”), which was originally to be held at 10:00 am PDT in Vancouver, B.C. will now be held at the Company’s office at 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127 at the same time (11:00 am MDT/10:00 am PDT). The date of the Meeting remains unchanged and will be held on April 30, 2020.

Due to the ongoing public health impact of COVID‑19 and to mitigate risks to the health and well-being of our employees, shareholders, communities, and other stakeholders, the Company strongly discourages shareholders from physically attending the Meeting. In light of the rapidly evolving news and guidelines relating to the COVID-19 pandemic, Vista requests that all shareholders comply with guidelines and orders of local government agencies and health officials.

If you would like to join the Meeting by telephone, please contact Pamela Solly, Vice President of Investor Relations, at (720) 877-0132 for further details; however, your votes must be received before the proxy cut-off time as no votes will be taken over the phone during the Meeting.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “The health and safety of our employees, shareholders, communities and stakeholders are paramount to Vista. Due to the ongoing concerns of COVID-19, it is with regret, but in accordance with current public health guidelines, that we strongly discourage shareholders from physically attending the Meeting and ask that all shareholders vote by proxy, phone or online prior to the Meeting. We appreciate the understanding and support of our shareholders during this unprecedented situation.”

Shareholders are reminded and encouraged to vote by proxy, phone or online prior to the Meeting:

• Vote by internet: go to www.proxyvote.com. Have your proxy card in hand when you access the website and follow instructions.
• Vote by phone: use any touchtone phone and dial 1-800-690-6903 to transmit your voting instructions.
• Vote by mail: mark, sign and date your proxy card and return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

Beneficial owners whose shares are registered in the name of an intermediary are reminded to vote by following the instructions provided to them by such intermediary.

Proxies must be received by 10:00 am PDT/11:00 am MDT on April 28, 2020. For additional information on the Meeting, please refer to the Company’s Management Information Proxy Circular as filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.

The Company will take all reasonable steps necessary to inform all parties involved in the proxy voting infrastructure (such as intermediaries, transfer agents and proxy service providers) of the change in the location for the Meeting.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s principal asset is its flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

For further information, please contact the Company at (720) 981-1185.

DENVER, April 30, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced that PT Masmindo Dwi Area (“PT Masmindo”) provided the necessary notice to Vista to exercise the option to cancel half of the Awak Mas net smelter return (“NSR”) royalty in consideration of a $2.4 million cash payment to Vista by May 8, 2020.

Vista holds an NSR royalty on the Awak Mas project in Indonesia. During 2019, Vista and PT Masmindo amended the original royalty agreement to allow PT Masmindo to make a $2.4 million payment to Vista by April 30, 2020 to cancel a 1% NSR on the first 1,250,000 ounces produced at Awak Mas and a 1.25% NSR on the next 1,250,000 ounces produced. The due date for this payment was subsequently amended to May 8, 2020. On April 29, 2020, PT Masmindo provided notice to Vista to exercise the option to cancel the related 1% NSR and 1.25% NSR upon making a payment of $2.4 million, which the Company expects to receive by May 8, 2020. Upon receipt of the $2.4 million payment, PT Masmindo will then have the right to cancel the remaining 1% NSR and 1.25% NSR for an additional payment of $2.5 million by April 30, 2021. If PT Masmindo does not make the $2.4 million payment by May 8, 2020, Vista will retain the full royalty interests and can pursue alternative monetization strategies.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “The notice provided by PT Masmindo to cancel 50% of the Awak Mas NSR royalty is another example of Vista’s priority to monetize non-core assets and to maintain Vista’s financial stability. When received, the $2.4 million payment will strengthen Vista’s balance sheet and provide an important source of working capital for the next twelve months. Looking ahead, should PT Masmindo choose to exercise the remainder of its option and cancel the other half of the Awak Mas NSR royalty, Vista could expect to receive an additional $2.5 million in twelve months.”

About Vista Gold Corp.

The Company is a gold project developer. The Company’s principal asset is its flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and as presently designed, is expected to be Australia’s 5^th largest gold producer on an annual basis.

For further information, please contact the Company 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 the receipt of the $2.4 million cash payment to be made to Vista by May 8, 2020 by PT Masmindo and any other future option payments for the Awak Mas project 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: our assumption that PT Masmindo will make the $2.4 million cash payment when due; 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 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, April 30, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (“Vista” or the “Company) (NYSE American and TSX: VGZ) today announced the voting results from its annual general and special meeting of shareholders held on Thursday, April 30, 2020 in Littleton, Colorado (the “Meeting”).

A total of 59,648,103 common shares in the capital of the Company (“Common Shares”) were represented at the meeting, being 59.23% of the Common Shares.  Detailed results for the ballot votes for the election of directors are as follows:

In addition, at the Meeting, shareholders appointed Plante & Moran PLLC as auditors of the Company and passed an ordinary resolution to approve on an advisory basis, the compensation of the Company’s Named Executive Officers.  

About Vista Gold Corp.

The Company is a gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia.  Mt Todd is the largest undeveloped gold project in Australia and as presently designed, is expected to be Australia’s 5^th largest gold producer on an annual basis.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or This email address is being protected from spambots. You need JavaScript enabled to view it.. You may also visit our website at www.vistagold.com.

DENVER, May 04, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended March 31, 2020. The Company’s unaudited financial statements, Management’s Discussion and Analysis together with other important disclosures can be found in the Company’s Quarterly Report on Form 10-Q, filed on May 4, 2020 with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

Summary of Q1 2020 Financial Results

Vista reported a net loss of $3.5 million or $0.03 per share for the three months ended March 31, 2020. The loss was comprised of $2.3 million of operating expenses, a $1.1 million mark-to-market loss on our investments in Midas Gold Corp. and Nusantara Resources Limited, and other expenses of $0.1 million.

Working capital at March 31, 2020 totaled approximately $4.9 million, including cash and short-term investments (comprised of government securities) of approximately $3.2 million. The Company has no debt.

Vista’s President and CEO, Mr. Frederick H. Earnest commented, “The COVID-19 pandemic continues to have a significant impact on human life and health, and on the global economy, financial markets and commodities. The health, safety and well-being of our employees and other stakeholders remains a priority for our Company. Although global travel restrictions have prevented us from engaging in face-to-face meetings with potential strategic partners, we continue to advance our objective of securing a partner for the construction and development of Mt Todd.

Current market conditions highlight the leverage to gold price that favors the Mt Todd gold project.  At a current gold price of approximately $1,700 per ounce and a foreign exchange rate of $US0.65=A$1.00, the project economics demonstrate an after-tax NPV_5% of more than US$1.6 billion and an IRR of 40%. The recently released benchmarking study further supports the capital and operating costs behind these compelling economic estimates. We are also pleased that notice to exercise the option has been provided by the holder of the Awak Mas project to cancel half of the net smelter return royalty held by Vista, and we expect to receive the required $2.4 million payment within days. This payment will provide an important source of working capital for the next twelve months.”

COVID-19 Pandemic Update

Vista is responding to the COVID-19 pandemic to ensure the health and safety of its employees and other stakeholders. Corporate activities continue with personnel working remotely. Corporate travel and participation in conferences has been replaced by an increased use of video conferencing technology. In Australia, Mt Todd is classified as a critical business and is operating under a COVID-19 Management and Mitigation Plan. To date, our workforce remains healthy and free of symptoms of the virus. 

Awak Mas Project, Indonesia

Vista holds an NSR royalty on the Awak Mas project in Indonesia. During 2019, Vista and PT Masmindo Dwi Area (“PT Masmindo”) amended the original royalty agreement to allow PT Masmindo to make a $2.4 million payment to Vista by April 30, 2020 to cancel a 1% NSR on the first 1,250,000 ounces produced at Awak Mas and a 1.25% NSR on the next 1,250,000 ounces produced. The due date for this payment was subsequently amended to May 8, 2020. On April 29, 2020, PT Masmindo provided notice to Vista to exercise the option to cancel the related 1% NSR and 1.25% NSR upon making a payment of $2.4 million, which the Company expects to receive by May 8, 2020. Upon receipt of the $2.4 million payment, PT Masmindo will then have the right to cancel the remaining 1% NSR and 1.25% NSR for an additional payment of $2.5 million by April 30, 2021. If PT Masmindo does not make the $2.4 million payment by May 8, 2020, Vista will retain the full royalty interests and can pursue alternative monetization strategies.

Independent Benchmarking Study

In March 2020, Vista announced the positive results of an independent benchmarking study ("Study") of the 2019 updated preliminary feasibility study for the Mt Todd Gold Project (the “Project”) in the Northern Territory, Australia ("2019 PFS"). Concurrent with completing the 2019 PFS, the Company engaged an independent consultant to review and compare Vista’s estimated costs and schedules. The analysis, review and positive results of the Study are an indication of the Company’s commitment to ensuring that Project designs, schedules and economic analyses are reasonable and appropriate.

All dollar amounts in this press release are in U.S. dollars.

About Vista Gold Corp.

The Company is a gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia.  Mt Todd is the largest undeveloped gold project in Australia.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

Technical Report on Mt Todd

For further information on the Mt Todd Gold Project, see the Technical Report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia” with an effective date of September 10, 2019 and an issue date of October 7, 2019, which is available on SEDAR as well as on Vista’s website under the Technical Reports section. John Rozelle, Vista’s Sr. Vice President, a Qualified Person as defined by NI 43-101, has approved the information in this press release.

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 such things as our plans to continue to advance the process of seeking a partner for the construction and development of Mt Todd; the Mt Todd project economics including the NPV5% of approximately US$1.6 billion and an IRR of 40% indicated above; the Company’s plans to focus on monetizing non-dilutive potential sources of funding, including converting royalty interests held by the Company, future option payments under the Los Reyes option agreement and sales of other non-core assets such as our mill equipment; Vista’s plans to respond appropriately to the COVID-19 pandemic to ensure the health and safety of its employees; the Company’s expected receipt of $2.4 million by May 8, 2020 related to the exercise of the option to cancel the above noted royalty and any future payments in relation to the Awak Mas project; and our belief that Mt Todd is the largest undeveloped gold project in Australia 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: our assumption that PT Masmindo will make the $2.4 million cash payment when due; our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold.  When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2019 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, May 05, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced receipt of $2.4 million from PT Masmindo Dwi Area (“PT Masmindo”) to exercise its option to cancel 50% of the Awak Mas net smelter return (“NSR”) royalty. Management has also scheduled a conference call on May 8, 2020 at 10:00 am MT to discuss first quarter 2020 financial results and provide a general corporate update.

Vista holds an NSR royalty on the Awak Mas project in Indonesia. During 2019, Vista and PT Masmindo amended the original royalty agreement to grant PT Masmindo the right to cancel the NSR royalty held by Vista (see news releases November 4, 2019 and April 30, 2020). Receipt of this payment cancels 50% of the NSR royalty, and PT Masmindo retains the right to cancel the remaining 1.0% NSR royalty on the first 1,250,000 ounces of gold produced and 1.25% NSR royalty on the next 1,250,000 ounces of gold produced for an additional payment of $2.5 million by April 30, 2021. If PT Masmindo does not make the $2.5 million payment by April 30, 2021, Vista will retain the remaining royalty interest and can pursue alternative monetization strategies.

Frederick H. Earnest, President and Chief Executive Officer, commented, “We are pleased to have received the first of two option payments from PT Masmindo related to the cancelation of Vista’s Awak Mas NSR royalty. The $2.4 million strengthens our balance sheet as we advance our activities to seek a strategic partner for the construction and development of our Mt Todd Gold Project. Our efforts to monetize other non-core assets are ongoing.”

Management Conference Call

A conference call with management to review our financial results for the first quarter ended March 31, 2020 and to discuss corporate and project activities is scheduled for May 8, 2020 at 10:00 am MDT.

Participant Toll Free: 888-378-4413
Participant International: 647-792-1280
Conference ID: 7842578

This call will be archived and available at www.vistagold.com after May 8, 2020. Audio replay will be available for 21 days by calling toll-free in North America: 888-203-1112.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

All dollar amounts in this press release are in U.S. dollars.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s principal asset is its flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and as presently designed, is expected to be Australia’s 5^th largest gold producer on an annual basis.

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 the receipt of other future option payments for the Awak Mas project and our ongoing efforts to monetize non-core assets 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 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, June 02, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced positive results of ongoing geological evaluations at its Mt Todd Gold Project (“Mt Todd” or the “Project”) in the Northern Territory, Australia. This initial phase of the Company’s evaluations focused on the Batman deposit and the area north to the Quigleys deposit. Results demonstrate greater potential for continuity of gold mineralization along a 5.4 Km strike length. These results are preliminary in nature.

The Company recently consolidated its geologic information which includes both Vista and historic drilling at the Batman deposit, historic drilling northeast of the Batman deposit to the Quigleys’ deposit, and all of the surface geochemistry, geophysics, structural geology, and lithologic data into a comprehensive GIS database as part of its ongoing evaluation work to identify and prioritize upside potential at Mt Todd. This consolidated GIS format has identified several trends and potential areas where the gold mineralization may be more extensive than previously thought.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “We believe Mt Todd hosts a district and not just a deposit. The recent work by our geologic team on understanding the connectivity of the Batman deposit to the Golf-Tollis and Quigleys deposits indicates potential for district continuity. As we evaluate this potential combined with continued improved gold prices, it is possible to envision a 20-plus year mine.”

Mt Todd encompasses a large land package that has both explored and unexplored areas. There are two principle mineralized structural trends; the Batman-Driffield Trend and the Cullen-Australis Trend. The Batman-Driffield Trend has the greatest number of known mineralized prospects and has been the subject of the most detailed work. Figure 1 provides detail on the southwestern portion of the Batman-Driffield Trend which contains the Batman deposit and several other prospects with historic drilling.  Long-section A-B covers a linear length of ~5.4 Km. This area lies within Vista’s mining licenses and represents the initial phase of recent evaluations by Vista’s exploration team.

Figure 1: Plan map of a portion of the Batman-Driffield Trend.
https://www.globenewswire.com/NewsRoom/AttachmentNg/390d9466-1268-42f8-b097-74a0603b4eb1

Figure 2 illustrates the extent of historic drilling completed north of the Batman deposit. For the most part, the historic drilling was shallow (generally less than 100m) and either Rapid Air Blast, Reverse Circulation or Churn drilling, which returned no drill core, only rock chips. When Vista initiated its work on the Batman deposit, the historic drilling looked much the same as that shown for the Golf-Tollis and Quigleys deposits. All of Vista’s drilling has been diamond core holes. The Batman deposit now is known to extend to a considerable depth below the other mineralization shown in Figure 2. The connectivity within this ~5.4 Km structurally-controlled, mineralized area is encouraging because it supports the potential that there is a mineral district at Mt Todd and not just the Batman deposit. In addition, it highlights the opportunity for more diamond drilling at deeper depths in order to begin to unlock the full potential at Mt Todd.

Figure 2:  Long section of mineralization in the Batman-Driffield Trend.
https://www.globenewswire.com/NewsRoom/AttachmentNg/a7a34a98-f9dc-45c8-b21f-9e5a84ac9056

John Rozelle, Vista’s Sr. Vice President, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data disclosed in this news release and approved the information in this press release. The drill hole information displayed in Figure 2 associated with the Batman and Quigleys deposits has been previously disclosed in Vista’s October 7, 2019 NI 43-101 Technical Report (“Technical Report”) entitled “NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory Australia” and meets all of the NI 43-101 requirements for disclosure of mineral resources or reserves.  The drill holes shown for the Golf-Tollis/Penguin and the Quigleys Extension are historic drill holes. Only the lithologic and geologic structural data have been used and there are no historic or current resource or reserves for these identified areas.  The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 Technical Report. The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project as new software tools have been implemented.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

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 such things as the future potential of the Mt Todd gold project as a mineral district and not just a deposit, the timing and results of future exploration at Mt Todd, the economic viability of the potential extended mineral district at Mt Todd, the potential for a 20-plus year mine at Mt Todd with substantial metal production, the projected economics of the Mt Todd gold project and other similar statements 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: no change to laws or regulations impacting mine development or mining activities, our approved business plans, mineral resource and reserve estimates and results of preliminary economic assessments, preliminary feasibility studies and feasibility studies on our projects, if any, our experience with regulators, our experience and knowledge of the Australian mining industry, benchmarked operations being similar to planned operations at Mt  Todd and  the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which the Company operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which the Company operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, June 15, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced that, together with its wholly-owned subsidiaries Minera Gold Stake Holdings Corp., Granges Inc. and Minera Gold Stake, S.A. de C.V., it has entered into an amendment to the option agreement dated October 23, 2017 (“Amendment Agreement”) for the Guadalupe de los Reyes gold / silver project in Sinaloa, Mexico (“Los Reyes”). The Amendment Agreement accelerates the due date for the final $1.5 million option payment to Vista and provides for an additional $2.1 million payable to Vista in lieu of being granted certain royalties and back-in rights.

Pursuant to the Amendment Agreement, Prime Mining Corp. (“Prime Mining”) has agreed to accelerate the due date for the final $1.5 million option payment to Vista from October 23, 2021 to not later than September 30, 2020 (the “Purchase Price Payment Date”). Prime Mining further agrees to pay Vista an additional $2.1 million through two payments of:

• $1,100,000 no later than six months from the Purchase Price Payment Date, and
• $1,000,000 no later than 12 months from the Purchase Price Payment Date.  

If Prime Mining fails to make the two payments, Vista will have the right to reinstate its royalties and back-in right.

Frederick H. Earnest, President and Chief Executive Officer, commented, “We are pleased with the acceleration of the due date for the last option payment and this opportunity to monetize the royalties and back-in right at Los Reyes. In addition to cash proceeds of $2.4 million from the recent Awak Mas transaction, Vista now has agreements in place to realize up to $6.1 million over the next 16 months from Awak Mas and Los Reyes. Monetizing our non-core assets has generated working capital without significant dilution to our shareholders and retained greater leverage to the value of Mt Todd as we achieved important permitting milestones and improvements in the efficiency and economic potential of the project. We believe these achievements coupled with the improved gold price position Mt Todd as one of the most compelling development opportunities in the gold sector.”

All dollar amounts in this press release are in U.S. dollars.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

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 such things as our expectation that we will receive $1,500,000 no later than September 30, 2020, $1,100,000 no later than six months from September 30, 2020, and $1,000,000 no later than 12 months from September 30, 2020, our ongoing efforts to monetize non-core assets and seek development of Mt Todd to potentially be Australia’s 6^th largest gold producer and our belief that Mt Todd is one of the most compelling development opportunities in the gold sector 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: our discussions with Prime Mining, our reliance that Prime Mining will be able to raise funds to finance its business plans; our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, June 29, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced that it has filed a $25 million Shelf Registration Statement on Form S-3  (“Shelf Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”) (SEC File No. 333-239139) and amended its At-the-Market Offering Agreement (“ATM Agreement”) with H.C. Wainwright & Co. LLC (“Wainwright”).

The Shelf Registration Statement and ATM Agreement are part of the Company’s ongoing business practice to maintain financing flexibility without any incumbent obligation to use either instrument.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

The $25 million Shelf Registration Statement became effective on June 24, 2020 and replaces the Company’s prior $50 million shelf registration statement that was set to expire on July 5, 2020. A parallel $25 million Preliminary Short Form Base Shelf Prospectus was also filed in each of the provinces of Canada, other than Quebec (the “Canadian Jurisdictions”), on June 22, 2020. In order to qualify securities for distribution in the Canadian Jurisdictions, a Final Short Form Base Shelf Prospectus must be filed with, and a receipt received from, applicable Canadian securities commissions.

In addition, on June 24, 2020 the Company amended its current $10 million ATM Agreement with Wainwright to incorporate certain representations and warranties of the Company in relation to the filing of the new above referenced Shelf Registration Statement, align transaction settlement dates with the record date for certain dividend or distribution transactions, and to remove the termination date of August 31, 2020. Going forward, the ATM Agreement can be terminated by either Vista or Wainwright upon proper notice under the terms of the ATM Agreement. No securities will be offered in Canada under the ATM Agreement. Please refer to the Company’s Form 8-K as filed with the SEC on June 25, 2020.

The offering of common shares under the ATM Agreement will be made by way of a prospectus supplement dated June 24, 2020 and filed with the SEC on June 25, 2020 (the “Prospectus Supplement”) to the base prospectus contained in the Shelf Registration Statement (File No. 333-239139), which became effective June 24, 2020. The Prospectus Supplement and the base prospectus have been filed with the SEC and is, together with the related Shelf Registration Statement, available on the SEC’s website at www.sec.gov. Alternatively, Wainwright will provide copies of these documents upon request by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 4th Floor, New York, NY 10022 at This email address is being protected from spambots. You need JavaScript enabled to view it..

All dollar amounts in this press release are in U.S. dollars.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, 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 such things as our expectation that we may use the ATM Agreement, use of proceeds from the ATM Agreement, the flexibility in financing opportunities provided by the Shelf Registration Statement and the ATM Agreement, the future filing of the a final base shelf prospectus in all provinces in Canada, other than Quebec,  and our intent to seek development of Mt Todd to potentially be Australia’s 6^th largest gold producer  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: our discussions with Prime Mining, our reliance that Prime Mining will be able to raise funds to finance its business plans; our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, July 20, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced receipt of the final $1.5 million payment (“Purchase Price Payment”) from Prime Mining Corp. (“Prime Mining”) and through its wholly-owned subsidiary, Minera Gold Stake, S.A. de C.V. (“MGS”), has executed a transfer agreement that assigns MGS’s legal title to the claims covering the Guadalupe de los Reyes gold / silver project to a subsidiary of Prime Mining.

As previously announced on June 15, 2020 (see news release), Prime Mining is required to pay Vista an additional $2.1 million in lieu of being granted certain royalties and back-in rights:

• $1,100,000 no later than six months from receipt of the Purchase Price Payment; and
• $1,000,000 no later than twelve months from receipt of the Purchase Price Payment.

If Prime Mining fails to make the two payments, Vista will have the right to reinstate its royalties and back-in rights.

All dollar amounts in this press release are in U.S. dollars.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

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 such things as our expectation that we will receive $1,100,000 no later than six months from the receipt of the Purchase Price Payment and $1,000,000 no later than twelve months from the receipt of the Purchase Price Payment, our ongoing efforts to seek development of Mt Todd to potentially be Australia’s 6^th largest gold producer 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: our discussions and contractual arrangements with Prime Mining, our reliance that Prime Mining will be able to raise funds to finance its business plans; our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, July 29, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results with net income of $1.9 million for the quarter ended June 30, 2020. Management’s quarterly conference call to discuss these results is scheduled for 2:30 p.m. MDT on July 30, 2020. The Company’s unaudited financial statements, Management’s Discussion and Analysis together with other important disclosures are available in the Company’s Quarterly Report on Form 10-Q, filed on  July 29, 2020 with the U.S. Securities and Exchange Commission (“SEC”) and the Canadian securities regulatory authorities.

Summary of Q2 2020 Financial Results

Vista reported net income of $1.9 million, or $0.01 per share for the three months ended June 30, 2020. The Company benefited from a gain of $2.6 million associated with the partial cancellation of the Company’s royalties on the Awak Mas project and a gain of $1.1 million relating to fair value adjustments and sales of other investments. Also contributing to net income was a $0.2 million decrease in operating expenses compared to the three months ended June 30, 2019.

Current assets at June 30, 2020 were $8.5 million. At the same date, accounts payable and accrued liabilities were $0.7 million, and the Company has no debt.

Other Quarterly Highlights

Other corporate activities and highlights for the three months ended June 30, 2020 included:

• Receipt of a $2.4 million cash payment to cancel 50% of the Awak Mas royalties;
• An amendment to the Guadalupe de los Reyes (“GdlR”) agreement to accelerate the final $1.5 million cash payment to not later than September 30, 2020 (which was received in July 2020) and provide for an additional $2.1 million to Vista over the next 12 months in lieu of receiving certain royalties and back in rights;
• Net proceeds received of $1.7 million from other investing and financing activities; and
• Filing a U.S. shelf registration statement for $25 million to replace the previous $100 million shelf registration statement that was set to expire on July 5, 2020.

For additional details regarding the Awak Mas transaction, GdlR transaction, and the shelf registration statement, please refer to the Company’s news releases dated May 5, June 15, and June 29, 2020, respectively.

Vista’s President and CEO, Mr. Frederick H. Earnest commented, “The strengthening of our balance sheet during the second quarter reflects our ongoing operational and capital discipline and gives us the resources needed to pursue our corporate objectives. During the quarter we successfully monetized non-core mineral property interests and realized $1.7 million from other investing and financing activities. Consistent with our business practice of maintaining a current shelf registration, we filed a new, but much smaller U.S. shelf registration.

In addition to cash generated by non-core assets during the second quarter and the $1.5 million received in July 2020, we have agreements in place that we expect will generate up to $4.6 million over the next 12 months. This includes up to $2.1 million under the amended GdlR agreement and $2.5 million if the option to cancel the remaining 50% of the Awak Mas royalties is exercised. Monetizing our interests in Awak Mas and GdlR are important elements in our strategy of providing liquidity to further advance Mt Todd.

The recent increase in the gold price, together with the corresponding increase in our share price and trading volume, reflects growing enthusiasm about the value of the Mt  Todd gold project. Vista continues to advance and de-risk Mt Todd and is well positioned, in the current gold environment, to consider prospective development partners who we believe will recognize the value of Mt Todd. We are focused on realizing value for Mt Todd that appropriately rewards shareholders and will continue to efficiently optimize and advance Mt Todd until this objective is achieved.”

Management Conference Call

A conference call with management to review our financial results for the second quarter ended June 30, 2020 and to discuss corporate and project activities is scheduled for July 30, 2020 at 2:30 pm MDT.

Participant Toll Free: 800-353-6461
Participant International:  334-323-0501
Conference ID:  7353852

This call will be webcast and can be accessed at webcast link. This call will also be archived and available at www.vistagold.com after July 30, 2020. Audio replay will be available for 21 days by calling toll-free in North America: 888-203-1112.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

All dollar amounts in this press release are in U.S. dollars.

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

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 such things as our expected filing date for the Company’s Quarterly Report on Form 10-Q for the second quarter 2020; the expected date for our management’s call regarding our financial results; our expectations with regard to any future payments pursuant to the amendment to the Guadalupe de los Reyes agreement and the Awak Mas agreement; our plans to continue to advance the process of seeking a partner for the construction and development of Mt Todd; our plans to continue to efficiently optimize and advance Mt Todd; our plans to respond appropriately to the COVID-19 pandemic to ensure the health and safety of its employees; and our belief that Mt Todd is the largest undeveloped gold project in Australia, and if developed, that it would be Australia’s 6^th largest gold producer on an annual basis 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, Oct. 06, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (“Vista” or the “Company”) (NYSE American and TSX: VGZ) today announced that it has filed a final Short Form Base Shelf Prospectus (“Shelf Prospectus”) with the securities commissions in each of the provinces of Canada, other than Quebec, to complement the Shelf Registration Statement filed with the U.S. Securities and Exchange Commission earlier this year. The amount and timing of any future offerings will be based on the Company’s financial requirements and market conditions at the time.

In conjunction with the Shelf Prospectus, Vista also filed an amended National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) preliminary feasibility study (the “Amended 2019 PFS”) for its Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory, Australia to clarify certain information, as described below.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Frederick H. Earnest, President and Chief Executive Officer, stated, “The Shelf Prospectus is part of the Company’s ongoing business practice to maintain financing flexibility without any incumbent obligation to use the instrument.

The Amended 2019 PFS clarifies certain information as previously disclosed in the 2019 PFS. The Company, together with qualified persons (“QPs”), have updated certain sections in the document filed on SEDAR on October 5, 2020. The changes between the 2019 PFS and the Amended 2019 PFS were made to meet several form requirements and provide additional clarity. There are no material differences between the 2019 PFS and the Amended 2019 PFS; however, the Company advises readers not to rely on the initial version of the technical report. Mineral reserve and mineral resource estimates, gold recoveries, designs or design parameters, capital and operating costs, financial results, production profiles and the recommendations and conclusions provided in the Amended 2019 PFS are materially unchanged.”

The following items address specific changes in the Amended 2019 PFS:

• Changes to the title page to include each QPs professional designation to comply with form requirements
• Additions to Section 2 - Introduction to include steps taken by QPs to independently verify information to comply with form requirements
• Clarification of QP disclaimers and additions to Section 3 – Reliance on Other Experts to comply with form requirements
• Additions to Section 9 - Exploration and Section 10 - Drilling to comply with form requirements
• Removal of disclosure for an alternate development scenario for a 33,000 tpd project
• Clarification of credentials in certificates for specific QPs
• Certain other minor changes to comply with form requirements

There are no changes to the following key items in the Amended 2019 PFS:

• Reported measured, indicated, and inferred mineral resources for the Batman deposit and the Heap Leach pad. There was a slight increase in the measured, indicated and inferred resources for the Quigleys deposit that was deemed nonmaterial by the QP.
• Reported design parameters for the open pit mine plans
• Reported proven and probable mineral reserves
• Reported design parameters for the process plant or process flow sheet
• Reported metallurgical recoveries and associated supporting test work
• Reported capital and operating costs
• Reported design parameters for the tailings dams and waste rock dump
• Reported design parameters and associated costs for the reclamation plan
• Reported financial results from the cash flow analysis, rates of return, and schedules

The Mt Todd independent benchmarking study dated February 20, 2020 (“Study”) utilized data from the 2019 PFS. As a result of no material physical or financial changes as described above, the Company believes the Study remains current and is applicable to the Amended 2019 PFS.

This information is intended to assist stakeholders and other readers of the Amended 2019 PFS in their understanding of the Mt Todd Project and in forming judgements regarding the quality of the data collected, reported, and used in the Amended 2019 PFS.

For further information on the results of the Amended 2019 PFS and the Project, see the technical report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia,” with an effective date of September 10, 2019, an issue date of October 7, 2019, and as amended September 22, 2020, which is available on SEDAR at www.sedar.com, EDGAR at www.sec.gov, as well as on Vista’s website under “Mt Todd – Technical Reports.”

John Rozelle, Vista’s Senior Vice President, a Qualified Person as defined by NI 43-101, has approved the information in this press release.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in Northern Territory, Australia.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including technical studies and mineral resource estimates.

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 Vista expects or anticipates will or may occur in the future, including such things as, discussion related to the Company’s plans for any future offerings and other such matters 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: general economic and business conditions; the accuracy of the results of the PFS, mineral resource and reserve estimates, and exploration and assay results; the terms and conditions of our agreements with contractors and our approved business plan; the anticipated timing and completion of a feasibility study on the Project; the anticipated receipt of required permits; no change in laws that materially impact mining development or operations of a mining business; the potential occurrence and timing of a production decision; the anticipated gold production at the Project; the life of any mine at the Project; and all economic projections relating to the Project, including estimated cash cost, NPV_5%, IRR, and initial capital requirements. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “plans,” “hopes,” “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 Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of mineral resource estimates, estimates of results based on such mineral resource estimates; risks relating to cost increases for capital and operating costs; risks related to the timing and the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in Vista’s Annual Report Form 10-K as filed in February 26, 2020 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has 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, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. This press release and the Amended 2019 PFS use the terms “Proven reserves” and “Probable reserves”. Reserve estimates in the Amended 2019 PFS are made pursuant to NI 43-101 standards in Canada and do not represent reserves under the standards of the SEC’s Industry Guide 7 and may not constitute reserves under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements, which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, this press release and the Amended 2019 PFS use the terms “measured resources”, “indicated resources”, and “inferred resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the Amended 2019 PFS have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. The term “contained gold ounces” used in the Amended 2019 PFS is not permitted under the rules of the SEC. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

DENVER, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today reported its unaudited financial results for the quarter ended September 30, 2020 and provided an update on the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in the Tier 1 mining jurisdiction of Northern Territory, Australia. Vista’s third quarter net income was $4.2 million or $0.05 per share, and cash plus short-term investments totaled $10.2 million.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “We are extremely pleased with our third quarter financial results. We believe our strong balance sheet provides a solid foundation as we continue to methodically advance and de-risk the world-class Mt Todd gold project and seek a strategic partner.”

With respect to exploration activities at Mt Todd, Mr. Earnest continued, “We believe that the higher-grade core zone of the Batman deposit could extend to the north. We have commenced a proof of concept drilling program to test targets known as the Batman north extension and hanging wall lodes. We are excited about the potential represented by these targets. Should the drill results confirm an extension of the structures and mineralization that form the Batman deposit, ongoing work could ultimately lead to future changes to the mine design, with the combined benefits of better grade and lower stripping.” Vista CEO Video.

Recent Developments

• Commenced a drilling program with the goal of confirming the existence of higher-grade, near surface mineralization immediately adjacent to the planned Batman pit – assay results from the first holes are expected in the next weeks with full program results continuing as the program progresses;
• Completed geotechnical field work for crusher and ball mill foundation designs that is expected to shorten the time required to complete a future feasibility study, reduce related initial capital cost estimates, and support detailed engineering; and
• Continued dewatering the Batman pit and lowered the water level by 17.8 meters, with approximately 2.1 gigalitres (“GL”) remaining. The Batman pit is expected to be effectively dewatered by mid-2021, representing an important milestone to be completed prior to a potential start of construction.

Mr. Earnest added, “Dewatering the Batman pit will mark the completion of a program to treat over 11 GL of acidic mine waste rock drainage and subsequently discharge that volume as clean water. The protocols developed at Mt Todd have been recommended to other mining companies by the Northern Territory Environmental Protection Agency. We are proud of the success achieved to-date. This program exemplifies our commitment to environmental stewardship. It has been one of the cornerstone activities that has cemented the excellent relationship we enjoy with the local project stakeholders and communities.”

Summary of Third Quarter 2020 Financial Results

At September 30, 2020, cash plus short-term investments (comprised of government securities) totaled $10.2 million and working capital was $9.9 million. We expect our current cash position to be further strengthened by up to $4.6 million from upcoming cash payments of $2.1 million from Prime Mining Corp. (“Prime Mining”) and an option payment of $2.5 million from the cancelation of the Company’s royalty on the Awak Mas project. The Company has no debt.

Vista reported net income of $4.2 million, or $0.05 per share for the three months ended September 30, 2020. The Company benefited from a gain of $3.5 million associated with the final Guadalupe de los Reyes (“Los Reyes”) purchase price payment and transfer of Los Reyes to Prime Mining and a gain of $2.4 million from sales of other investments.

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier 1 jurisdiction of Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

Management Conference Call

Management’s quarterly conference call to discuss these results is scheduled for 10:00 a.m. MDT on October 29, 2020. Management’s Discussion and Analysis together with other important disclosures are available in the Company’s Quarterly Report on Form 10-Q, filed today with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

Participant Toll Free: 800-367-2403
Participant International: 334-777-6978
Conference ID: 7545208

This call will also be archived and available at www.vistagold.com after October 29, 2020. Audio replay will be available for 21 days by calling toll-free in North America 888-203-1112 with passcode 7545208.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

All dollar amounts in this press release are in U.S. dollars.

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 such things as the expected date for our management’s call regarding our financial results; our belief that the higher-grade core zone of the Batman deposit could extend to the north; that ongoing work on the Batman deposit could ultimately lead to future changes to the mine design, with the combined benefits of better grade and lower stripping; that assay results from the first holes drilled adjacent to the Batman pit are expected in the next weeks; that the results of geotechnical field work is expected to shorten the time required to complete a future feasibility study, reduce related initial capital cost estimates, and support detailed engineering; that the Batman pit is expected to be effectively dewatered by mid-2021; our expectation to receive upcoming cash payments from Prime Mining and from the cancelation of the Company’s royalties on the Awak Mas project; our plans to continue to advance the process of seeking a partner for the construction and development of Mt Todd; our plans to continue to efficiently optimize and advance Mt Todd; and our belief that Mt Todd is the largest undeveloped gold project in Australia, and if developed, that it would be Australia’s 6th largest gold producer on an annual basis 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: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; 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 in February 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise. 

DENVER, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced that the Company, Jawoyn Association Aboriginal Corporation (“Jawoyn Association”), and Barnjarn Aboriginal Corporation have entered into a Deed of Variation (the “Agreement”) to modify the original 2006 agreement with respect to the Mt Todd gold project (“Mt Todd” or the “Project”). 

The Agreement provides the Jawoyn Association with a gross proceeds royalty (“GPR”) instead of its previous right to become a 10% participating joint venture partner in Mt Todd and provides Vista with greater flexibility in its decisions to develop and operate Mt Todd. In addition, Vista and the Jawoyn Association agreed to establish a leaders forum, formalized the Jawoyn Association’s strong support for Mt Todd and outlined a framework to optimize training, employment, and contracting opportunities for the Jawoyn people and businesses.

Frederick Earnest, President and CEO of Vista, stated, “Our relationship with the Jawoyn people is very important to Vista and is built on trust, mutual respect and open communication over the last 14 years. This Agreement provides Vista with a simplified project structure and the Jawoyn Association with a royalty in place of the risks and obligations of financing a participating interest.

“The cooperation and support commitments confirm our shared vision of promoting cross-cultural awareness, protecting cultural heritage sites, and providing economic opportunities for aboriginal people as integral components of the development of Mt Todd. The clarity this Agreement provides will be especially meaningful as we advance to discussions with potential development partners.”

Royalty

Under the terms of the original 2006 agreement, the Jawoyn Association was granted, among other consideration for the use of the surface land required to build and operate Mt Todd, a 1.0% GPR and the right to elect to establish a joint venture with Vista holding a 90% participating interest and the Jawoyn Association holding a 10% participating interest in Mt Todd. Instead of the right to elect to hold a 10% participating interest, the Agreement provides the Jawoyn Association with an additional GPR ranging between 0.125% and 2.000%, depending on prevailing gold prices and foreign exchange rates. The additional GPR would be 1.0% at present market conditions.

Social and Cultural

Vista and the Jawoyn Association have agreed to collaboratively promote and advance cross-cultural awareness, develop a regional employment strategy and establish protocols for ongoing protection and management of cultural heritage sites. Additionally, the Company and the Jawoyn Association have established a framework for creating opportunities for training and employment and for the development of aboriginal businesses in a mutually beneficial manner. Vista has long supported, promoted and fostered employment opportunities for aboriginal people at Mt Todd and this framework provides a path for continuing success. Both parties have agreed to work closely together to formalize these initiatives over the next 12 months.

A leaders forum will be established to provide ongoing coordination between the Company and the Jawoyn Association as part of the shared interest in the development of a project that is expected to provide significant economic benefit for the Jawoyn people, while respecting their culture and traditions. These initiatives reiterate the Jawoyn Association’s strong support for the Project and Vista’s unwavering commitment to social and corporate responsibility.

Mr. Earnest concluded, “As we have advanced Mt Todd, we have enjoyed strong support from the Jawoyn Association, Northern Territory Government and local communities as a result of our environmental management of the Mt Todd site and commitment to responsible development of the Project. This Agreement provides both the Jawoyn Association and Vista with a clear view of the future as we move forward together.”

About Mt Todd

Mt Todd is designed to be a large-scale, low-cost gold mine located in the mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is expected to produce approximately 495,000 ounces of gold per year during the first five years of operation with lowest quartile in-country and global all in sustaining costs. Mt Todd’s extensive 1,100 km² of exploration licenses offer excellent potential to expand gold resources and reserves and increase the life of the mine. All major environmental permits have been approved.

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier 1 mining jurisdiction of Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, Mt Todd would potentially be the sixth largest gold producer in Australia on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

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 such things as the future value of the GPR, continuing strong support for Mt Todd by the Jawoyn Association and the Northern Territory Government, the future value of Mt Todd, that Mt Todd is the largest undeveloped gold project in Australia, our ongoing efforts to seek development of Mt Todd to potentially be Australia’s 6^th largest gold producer and produce an average of 495,000 ounces of gold during the first five years of operation with lowest quartile in-country and global all in sustaining costs, and that Mt Todd’s 1,100 km² of exploration licenses offer excellent potential to expand resources and reserves and increase the life of the mine 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

DENVER, Dec. 14, 2020 (GLOBE NEWSWIRE) -- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to provide initial drill results from the ongoing drilling program at the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia.

In late October, the Company commenced an eight-hole proof of concepts drilling program to test targets known as the Batman Hanging Wall Lode and the Batman North Extension. The goal of the program is to confirm the existence of higher-grade mineralization with vertical and lateral continuity within and immediately adjacent to the planned Batman pit. The first hole (VB20-001) targeted the Batman Hanging Wall Lode to the east of the main Batman structure. The remaining holes will target the Batman North Extension, where drilling is progressing.

Hole VB20-001 Highlights

• Confirmed the existence of a mineralized zone that is believed to be a connection between the main Batman structure and the Golf-Tollis structure;
• Intersected the mineralized zone as projected and found the zone to be thicker than previously expected aggregating to 60 meters of 0.72 grams of Au/ton that contained three higher grade intervals; and
• Demonstrated the presence of potentially higher grade material within the mineralized zone with a single one-meter assay of 7.79 grams of Au/tonne.

Frederick Earnest, President and CEO of Vista commented, “We are encouraged by the results received so far. Over the last year, our geologists have been evaluating the potential continuity and connectivity of the mineralized structures extending from the Batman deposit northeast ~5.4 Km to the Quigleys deposit. The results of this first hole confirm our initial interpretation and suggest that additional drilling could result in the basis for an increase in the mineral resource estimates both within and outside the currently designed Batman pit. We are now drilling the third of three holes on a fence across the Batman North Extension. Should the results from these next three holes confirm an extension of the structure and mineralization that forms the Batman deposit, additional drilling could ultimately lead to future changes to the mine design.” Vista Gold CEO Video

The assay results are summarized below.

Figure 1 – Batman Hanging Wall Lode 

The plan view above shows the interpreted location of the Batman Hanging Wall Lode. VB20-001 intersected the lode at the predicted location and encountered a thicker mineralized zone than anticipated. As shown, the Batman Hanging Wall Lode splays off from the known Hanging Wall Lodes adjacent to the Core Zone and trends to the northeast where it connects to a thickening zone of mineralization that is in alignment with the mineralized structure that hosts the Golf-Tollis known mineralization.

Figure 2 – Section A-A’ (8435650N) 
VB20-001 (see below)

In the cross section below the location and assay results of VB20-001 are shown relative to the core and hanging wall zones of the Batman deposit. The subsequent cross section provides a closer view of hole VB20-001 and the drill results within the confines of the Batman Hanging Wall Lode.

Figure 3 – Enlargement of VB20-001 

Qualified Person

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (QP) as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core boxes;
• The poly core boxes are transported to the sample preparation building;
• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in the ongoing metallurgical testwork;
• The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to Northern Analytical Laboratories for preparation and analytical testing; and
• All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

• One meter depth intervals were marked out on the core by a member of the geologic staff;
• Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;
• Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one-m, with a minimum of 0.2 m and a maximum of 1.2 m;
• Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and
• Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and quality assurance/quality control (QA/QC) samples has not either identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit. NAL Pty. Ltd and Genalysis Laboratory Services Pty Ltd. are both independent of the Company.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6^th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

Forward Looking Statement

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 such things as our belief that we have identified the up plunge, northern extension of the higher-grade Batman core zone and our expectation that this will lead to additional efforts to evaluate the continuity of mineralization along the structural corridor northeast of the Batman deposit; our belief of the existence of a mineralized zone that is a connection between the main Batman structure and the Golf-Tollis structure; our belief that additional drilling could result in the basis for an increase in the mineral resource estimates both within and outside the current Batman pit; the possibility that successful completion of the drill program at the Batman pit could form the basis for future changes to the mine design, with the combined benefits of better grade and lower stripping; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis 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: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, September 14, 2020 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to provide an update on the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia and outline strategic growth opportunities.

Key Highlights

Vista continues to advance programs expected to add value and de-risk Mt Todd. Recent and ongoing programs include:

• A drill program to test Batman North extensions, with the goal of adding higher-grade, near surface mineral resources immediately adjacent to the planned Batman pit
• Geotechnical drilling and foundation investigations to shorten the time required to complete a feasibility study and support future detailed engineering
• Ongoing internal evaluations to assess the potential to increase recovered gold resources and extend the life of the Project
• Internal evaluations on Project economic sensitivity information
• Lowering water levels in the Batman pit through successful water management program implementation
• Advancing the review process of the Mine Management Plan (“MMP”) to final stages of approval

Frederick Earnest, President and CEO of Vista commented, “With the steady improvement in the gold price, Vista continues to pursue opportunities to add additional value to Mt Todd, beyond the significant positive impact of the current gold price, and further de-risk the Project. Our ongoing efforts focus on securing approval of our last major permit, the MMP, improving the Project execution timeline, and organic growth opportunities immediately adjacent to the proposed Batman pit and at other prioritized exploration targets.

The compilation of previously reported geologic data and subsequent field investigations of that existing data have identified what we believe is the up-plunge, northern extension of the higher-grade Batman core zone as further discussed in our news release dated June 2, 2020. Confirmation of the surface geology work through drilling is expected to lead to additional efforts to evaluate the continuity of mineralization along the structural corridor northeast of the Batman deposit.

Sustained current gold prices demonstrate the tremendous leverage that Mt Todd enjoys. Our mine plan is conservatively based on a US$1,000 gold price. Given recent and sustained higher gold prices, we are conducting an internal evaluation to assess the potential impact of increasing the gold price used for mine planning. We anticipate that a modest change to that gold price may increase reserves and mine life. Mt Todd is well advanced, de-risked and with the appropriate partner, ready to transition from an exploration and development project to a large-scale, low-cost gold producer.”

Drilling to Test Batman North Extensions

As mentioned above, the compilation and evaluation of previously reported geological information identified two areas of interest immediately adjacent to the currently designed Batman pit. Surface mapping and sampling have been completed and a drill program to test these higher-grade, near surface targets is being initiated. Successful completion of this program could form the basis for future changes to the mine design, with the combined benefits of better grade and lower stripping. Furthermore, this drilling marks our first efforts to confirm the continuity of gold mineralization within the structural corridor extending from the Batman deposit northeast ~5.4 Km to the Quigleys deposit.

Geotechnical Drilling and Foundation Investigations

One of the recommendations in the October 2019 preliminary feasibility study (the "2019 PFS") for Mt Todd is to complete site-specific geotechnical investigations for all of the foundations associated with heavy process plant equipment. Drilling and test pit excavations have been completed. Lab results from this work are being finalized and are expected to decrease the time needed to complete a feasibility study when deemed appropriate, reduce the initial capital cost estimates for those foundations, and provide information for future detailed engineering.

Internal Evaluations Related to Higher Gold Prices

The 2019 PFS Batman open pit design and reserve estimates are based on a US$1,000 gold price Learchs-Grosman (“LG”) cone. With the recent sustained increase in gold prices, Vista is evaluating the economic impact of changing the US$1,000 gold price for the LG cone to US$1,100 or US$1,200, which has the potential to increase the recovered resources and extend the life of the Project.

Water Management Program

Our water management program implemented in 2014 has yielded significant results at the Project site. When initiated, the total water inventory at site was approximately 16.6 gigalitres (“GL”) of water. The Batman pit contained approximately 11.5 GL of this total. Through August 2020, the total water inventory was 5.52 GL with the Batman pit containing 2.20 GL of this total. Complete dewatering of the Batman pit is now possible prior to a potential start of construction.

Mine Management Plan

Vista continues to work with the Northern Territory Division of Mines on the approval of the Mt Todd Mine Management Plan, which is the equivalent of a mine operating permit in North America. In March of this year, we were asked to provide several independent assessments of our designs and operating/closure plans. Those assessments have been favorably completed and final corresponding documents have been submitted. We are hopeful that in the coming months we will receive final approval of the MMP. Once approved, Vista will hold all major permits for the Project.

All dollar amounts stated herein are in United States currency and are expressed as $ unless specified otherwise.

About Vista Gold Corp.

The Company is a gold project developer. The Company’s flagship asset is the Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis.

For further information about Vista or the Mt Todd Gold Project, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com to access important information, including the current Technical Report.

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 such things as our expectation that Vista’s ongoing efforts will secure approval of the MMP, improve the Project execution timeline, and achieve organic growth opportunities immediately adjacent to the proposed Batman pit and at other prioritized exploration targets; our belief that we have identified the up plunge, northern extension of the higher-grade Batman core zone and our expectation that this will lead to additional efforts to evaluate the continuity of mineralization along the structural corridor northeast of the Batman deposit; our anticipation that a modest change to gold price may increase reserves and mine life; our belief that Mt Todd is ready to transition to a large-scale, low-cost gold producer; the possibility that successful completion of the drill program at the Batman pit could form the basis for future changes to the mine design, with the combined benefits of better grade and lower stripping; our expectation that lab results from drilling and test pit excavations will decrease the time needed to complete a feasibility study, reduce the initial capital cost estimates for those foundations, and provide information for future detailed engineering; our expectation that if a determination to update the gold price was made, the economic impact of changing the US$1,000 gold price for the LG cone to US$1,100 or US$1,200 has the potential to increase the recovered resources and extend the life of the Project; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis 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: our discussions and contractual arrangements with Prime Mining, our reliance that Prime Mining will be able to raise funds to finance its business plans; our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 February 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Denver, Colorado, February 26, 2020 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its audited financial results and highlights for the fiscal year ended December 31, 2019. Management’s quarterly conference call to discuss these results is scheduled for 2:30 p.m. MST on March 5, 2020. The Company’s consolidated audited financial statements and Management’s Discussion and Analysis together with other important disclosures can be found in the Company’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.

Highlights for 2019

• Reported positive results for the updated October 2019 preliminary feasibility study (the “2019 PFS”) for the Mt Todd gold project (“Mt Todd” or the “Project”) with improved after-tax net present value at a 5% discount rate (“NPV_5%”) of $823 million and internal rate of return (“IRR”) of 23.4% at a gold price of $1,350 per ounce and a $0.70=A$1.00 exchange rate and after-tax NPV_5% of $1.5 billion and IRR of 38.3% at a gold price of $1,650 per ounce and a $0.65=A$1.00 exchange rate;
• Completed a comprehensive metallurgical optimization program that demonstrated improved life-of-mine gold recovery of 91.9% and total recovered gold of 5.3 million ounces⁽¹⁾;
• Completed an independent benchmarking study to assess the appropriateness of capital and operating cost estimates, construction and ramp-up schedules, owner’s costs and key components of the Project;
• Received $3.2 million cash in option payments and related fees from Prime Mining Corp. under the option agreement for the Company’s Los Reyes gold / silver project in Sinaloa, Mexico;
• Amended the Company’s royalty agreement for the Awak Mas gold project in Indonesia, pursuant to which PT Masmindo DWI Area has the option to cancel the 2% net smelter return (the “NSR”) royalty payable to Vista by making an initial payment of $100,000 and issuing 666,667 shares of Nusantara Resources Limited (received by Vista in November 2019), and making future payments to Vista in the amounts of $2.4 million payable April 30, 2020 and $2.5 million payable April 30, 2021, with each payment canceling 1% of the NSR royalty; and
• Strengthened Vista’s board of directors and senior management team with the appointments of Deborah Friedman as a Director, Doug Tobler as Chief Financial Officer, and Pamela Solly as Vice President of Investor Relations.

• The life of mine plan includes both proven and probable mineral reserves. See “Project Mineral Resources and Reserves” below for further information.

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “During 2019 we achieved several significant milestones as we continued to advance and de-risk the Mt Todd gold project. We completed several major project initiatives highlighted by the 2019 PFS, generated cash of $3.3 million from non-dilutive financing opportunities, and strengthened our senior management team and board of directors with the appointments of several accomplished and experienced mining executives.

As part of our 2019 initiatives, we completed a comprehensive metallurgical optimization program, the 2019 PFS, and an independent benchmarking study. These initiatives, combined with other de-risking activities, demonstrate the robust economics and advanced stage of Mt Todd.

In 2020, our primary focus will be to secure a strategic partner for the development of Mt Todd. With the continued improvement in gold price, we are evaluating the positive impact of higher gold prices on mine plans and project economics. The following figures illustrate the Project’s after-tax economics at various gold price and exchange rate assumptions. We continue to de-risk Mt Todd in a cost-effective manner and work with NT Department of Primary Industries and Resources to receive authorization of the Mt Todd Mine Management Plan.”

_{The 2019 PFS results calculated using US$1350/oz gold and US$0.70 per A$. Reserves have been calculated using a US$1,350 gold price, average recovery of 91.9%, 1% gross proceeds royalty, life of mine mining costs of US$6.02 per tonne ore, life of mine processing costs of US$7.88 per tonne ore, life of mine G&A costs of US$1.11 per tonne ore, US$0.16 per tonne ore for project services and US$0.077 per tonne ore for refining.  Reserves are quoted using a 0.40g Au/t cutoff grade.}

Summary of Financial Results

For the fiscal year ended December 31, 2019, Vista reported a net loss of $9.4 million, or $0.09 per share, compared to $8.7 million, or $0.09 per share for the fiscal year ended December 31, 2018. The loss for the fiscal year ended December 31, 2019 is comprised of $8.1 million of operating expenses and a $1.6 million mark-to-market loss on our investment in Midas Gold Corp., offset by other income of $0.3 million. The loss for the fiscal year ended December 31, 2018 is including $10.8 million of operating expenses and a $1.7 million mark-to-market gain on our investment in Midas Gold Corp., and other income of $0.4 million.

Working capital at December 31, 2019 was $7.8 million, including cash and short-term investments (comprised of government securities) of $4.7 million. Working capital at December 31, 2018 was $13.2 million, including cash and short-term investments (comprised of government securities) of $8.1 million. The Company has no debt. 

Project Mineral Resources and Reserves

The table below presents the estimated mineral resources and reserves for the Project.  The effective date of the Batman and Quigleys deposits mineral resource estimates is January 24, 2018.  The effective date of the heap leach mineral resource estimate is July 9, 2014. 

_{Note:  Mineral reserves have been calculated using a US$1,350 gold price, average recovery of 91.9%, 1% gross proceeds royalty, life of mine mining costs of US$6.02 per tonne ore, life of mine processing costs of US$7.88 per tonne ore, life of mine general and administrative costs of US$1.11 per tonne ore, US$0.16 per tonne ore for project services and US$0.077 per tonne ore for refining.  Mineral reserves are quoted using a 0.40g Au/t cutoff grade. Mineral reserves are estimated pursuant to Canadian disclosure standards and do not constitute mineral reserves under SEC Industry Guide 7 standards. See “Cautionary Note to United States Investors” below.}

Note: Measured & indicated mineral resources include proven and probable mineral reserves.  Batman and Quigleys mineral resources are quoted at a 0.40g Au/t cut-off grade.  Heap Leach mineral resources are the average grade of the heap, no cut-off grade applied.  Economic analysis conducted only on proven and probable mineral reserves.  Rex Bryan of Tetra Tech is the Qualified Person responsible for the geologic mineral resource estimates.  Thomas Dyer of Mine Development Associates is the Qualified Person responsible for developing mineral reserves for the Batman deposit.  Dr. Deepak Malhotra of Resource Development Inc. is the Qualified Person responsible for the metallurgical data and program, and for developing mineral reserves for the heap leach.  See “Cautionary Note to United States Investors” below.

The 2019 PFS was authored by Tetra Tech Inc. (“Tetra Tech”) with Mine Development Associates, Resource Development Inc., Proteus EPCM Engineers (a Tetra Tech Company, “Tetra Tech Proteus”), JDS Energy & Mining, Inc., and POWER Engineers, Inc.

 John Rozelle, Vista’s Sr. Vice President, a Qualified Person as defined by NI 43-101, has approved the information in this press release. For additional information on data verification, quality assurance and control, key assumptions and other matters relating to the Project, see Vista’s Annual Report Form on10-K as filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml on February 26, 2020.

Technical Report on Mt Todd

For further information on the Mt Todd Gold Project, see the Technical Report entitled “NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study Northern Territory, Australia” with an effective date of September 10, 2019 and an issue date of October 7, 2019, which is available on SEDAR as well as on Vista’s website under the Technical Reports section.

Management Conference Call

A conference call with management to review our financial results for the fiscal year ended December 31, 2019 and to discuss corporate and project activities is scheduled for Thursday, March 5, 2020 at 2:30 p.m.  MST.

Participant Toll Free: 844-898-8648
International:  647-689-4225
Conference ID:  3097238

This call will also be web-cast and can be accessed at the following web location:

https://onlinexperiences.com/Launch/QReg/ShowUUID=3CD037F2-42AA-4A38-9B54-9C7837619AC3

This call will be archived and available at www.vistagold.com after March 5, 2020.  Audio replay will be available for 21 days by calling toll-free in North America: 855-859-2056.

If you are unable to access the audio or phone-in on the day of the conference call, please email questions to Pamela Solly, Vice President of Investor Relations, at This email address is being protected from spambots. You need JavaScript enabled to view it.. We will try to address these questions prior to or during the conference call.

All dollar amounts in this press release are in U.S. dollars. References to “A$” refer to Australian dollar.

About Vista Gold Corp.

The Company is a well-funded gold project developer. The Company’s principal asset is its flagship Mt Todd gold project in Northern Territory, Australia.  Mt Todd is the largest undeveloped gold project in Australia.

For further information, please contact the Company 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 such things as the projected economics of the Mt Todd gold project in the 2019 PFS, including the after-tax net present value at a 5% discount rate and the internal rate of return, the estimated life of mine gold recovery and total recovered gold for the Mt Todd gold project, estimated capital and operating costs, construction and ramp-up schedules, owner’s costs and other key components of the Mt Todd gold project, receipt of future option payments for the Awak Mas project, the Company’s focus on securing a strategic partner for the development of Mt Todd, continued efforts to de-risk Mt Todd, timing and receipt of authorization of the Mt Todd Mine Management Plan from the NT Department of Primary Industries and Resources and reserve and resource estimates at Mt Todd 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: no change to laws or regulations impacting mine development or mining activities, our approved business plans, mineral resource and reserve estimates and results of preliminary economic assessments, preliminary feasibility studies and feasibility studies on our projects, if any, our experience with regulators, our experience and knowledge of the Australian mining industry and positive changes to current economic conditions and the price of gold.  When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “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, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which the Company operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which the Company operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 26, 2020 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. This press release uses the terms “Proven reserves” and “Probable reserves”.  Reserve estimates contained in this press release are made pursuant to NI 43-101 standards in Canada and do not represent reserves under the standards of the SEC’s Industry Guide 7  and may not constitute reserves under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements, which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021.  Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority.  Additionally, this press release uses the terms “Measured resources”, “Indicated resources”, and “Measured & Indicated resources”.  We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC.  Mineral resources described in this press release have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. The term “contained gold ounces” used in this press release is not permitted under the rules of the SEC.  “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.  It cannot be assumed that any or all part of an Inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

DENVER, Nov. 4, 2019 /PRNewswire/ -- Vista Gold Corp. (NYSE American and TSX: VGZ) ("Vista" or the "Company") today announced that the Company has entered into an amendment to the net smelter return ("NSR") royalty agreement between Vista and PT Masmindo DWI Area ("PT Masmindo") dated December 11, 2013 (the "Amending Agreement), pursuant to which Vista granted PT Masmindo the right to cancel the NSR royalty held by Vista on the Awak Mas gold project in Indonesia ("Awak Mas").

Pursuant to the terms of the Amending Agreement:

• Nusantara Resources Limited ("Nusantara"), an indirect shareholder of PT Masmindo, issued to Vista 666,667 ordinary shares in the capital of Nusantara and paid $100,000 to Vista;
• PT Masmindo has the right to cancel 50% of the royalty (which represents a 1.0% NSR royalty on the first 1,250,000 ounces of gold and 1.25% NSR royalty on the next 1,250,000 ounces of gold produced from Awak Mas) by giving notice and paying $2.4 million to Vista prior to April 30, 2020; and
• If PT Masmindo executes its right to cancel 50% of the royalty, as described above, it then has the right to cancel the remaining 50% of the royalty (representing the remaining 1.0% NSR royalty on the first 1,250,000 ounces of gold and 1.25% NSR royalty on the next 1,250,000 ounces of gold produced from Awak Mas) by giving notice and paying $2.5 million to Vista prior to April 30, 2021.

Frederick H. Earnest, Vista's President and CEO, commented, "We are pleased with Nusantara's efforts to advance the Awak Mas project.  As reported by Nusantara in their October 4, 2018 Australian Securities Exchange announcement, the Awak Mas project presently contemplates production of nearly 1.1 million ounces over the 11.25-year life of the project.   A normal development cycle suggests that commencement of production is likely to be at least three years in the future. This Amending Agreement provides Vista with an excellent opportunity to monetize its NSR royalty on Awak Mas in the near term and still maintain longer term exposure to potential upside through the Nusantara ordinary shares."

Awak Mas is not a material property to Vista. References to Awak Mas production and life of the project are based on Nusantara's foreign non-National Instrument 43-101 compliant report.

All dollar amounts in this press release are expressed in U.S. dollars.

About Vista Gold Corp.

The Company is a well-funded gold project developer. The Company's principal asset is its flagship Mt Todd gold project in Northern Territory, Australia.  Mt Todd is the largest undeveloped gold project in Australia.

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 such things as our expectation that the NSR royalty will be monetized in the near term by PT Masmindo exercising its right to cancel the NSR; the production forecast and life of the project estimates of the Awak Mas project; our expectation that commencement of production at Awak Mas is likely to be at least three years in the future; and our expectation that there is potential upside over the longer term through the Nusantara ordinary shares 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: our review and reliance on the production forecast and life of the project estimates of the Awak Mas project; our approved business plans; our experience with regulators; and our assumptions that the general economic and market conditions will be maintained. When used in this press release, the words "optimistic," "potential," "indicate," "expect," "intend," "hopes," "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, uncertainty of resource and reserve estimates, uncertainty as to the Company's future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; 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 in February 2019 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 publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

SOURCE Vista Gold Corp.

DENVER, Oct. 23, 2019 /PRNewswire/ -- Vista Gold Corp. (NYSE American and TSX: VGZ) ("Vista" or the "Company") today announced its unaudited financial results for the quarter ended September 30, 2019. Management's quarterly conference call to discuss these results is scheduled for 4:30 p.m. EDT on October 24, 2019. The Company's unaudited condensed consolidated financial statements and management's discussion and analysis, together with other applicable disclosures can be found in the Company's Quarterly Report on Form 10-Q, filed on October 23, 2019 with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. 

Third Quarter Highlights and Recent Developments

• Positive results of the updated October 2019 preliminary feasibility study (the "2019 PFS") for the Mt Todd gold project ("Mt Todd" or the "Project") with improved after-tax net present value at a 5% discount rate ("NPV_5%") of $823 million and internal rate of return ("IRR") of 23.4% at a price of $1,350 per ounce of gold and a $0.70=A$1.00 exchange rate;
• 2019 PFS after-tax NPV_5% of $1.15 billion and IRR of 30.3% at a price of $1,500 per ounce of gold and a $0.68=A$1.00 exchange rate;
• Metallurgical optimization program demonstrated life-of-mine gold recovery of 91.9% and total recovered gold of 5.3 million ounces; and
• Received the third $1.5 million option payment from Prime Mining Corp. for the Company's Guadalupe de los Reyes gold / silver project in Sinaloa, Mexico ("Los Reyes").