Vista Gold

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.

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.

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.}