Vista Gold

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

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

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

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

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

Technical Report on Mt Todd

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

About Vista Gold Corp. and Mt Todd

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia.   Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. Mt Todd’s extensive 1,501 km² of exploration licenses offer excellent potential to expand gold resources and reserves and increase the life of the mine. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as the belief Mt Todd is an attractive, de-risked, and partner-ready development-stage gold project; the future value of Mt Todd including estimates of after-tax NPV5% and after-tax IRR; that Mt Todd is the largest undeveloped gold project in Australia; our commitment to a strategy that maximizes shareholder value; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; the belief that greater recognition of the intrinsic value of Mt Todd will be gained; the expectation that the Mt Todd mine will achieve large-scale production and low operating costs; the expectation that the Project will provide significant economic benefit to Northern Australia; the belief that Mt Todd’s exploration licenses offer potential to expand gold resources and reserves and increase the life of the mine; and other anticipated mine development and operating costs and results at Mt Todd are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

Aboriginal Areas Protection Authority Certificate

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

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

Surface Water Extraction License

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

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

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

About Vista Gold Corp. and Mt Todd

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that the use of, or works on, certain designated areas can proceed without a risk of damage to, or interference with, the sacred sites identified at Mt Todd; our belief that harvesting 3.4 Gigalitres of surface run-off water each year to facilitate the processing and mining activities associated with Mt Todd is expected to adequately supply all of the Project’s water requirements as presently designed; our belief that the authorization underscores our strong commitment to the protection of sites of sacred or cultural significance to the aboriginal people and the wise use of water resources at the Mt Todd gold project; our belief that the AAPA Certificate for the area of the exploration licenses complements the existing AAPA certificate for the areas of the mining licenses and affirms our present practice of working closely with the Jawoyn people to ensure constant communications and coordination in identifying and protecting sacred and culturally significant sites; our belief that the Water Extraction License assures us the right to capture surface run-off during the wet season and store it for use during the balance of the year and recognizes our commitment to responsible water use; our belief that Mt Todd is the largest undeveloped gold project in Australia; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; the belief that greater recognition of the intrinsic value of Mt Todd will be gained; and other anticipated mine development and operating costs and results at Mt Todd are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

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

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

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

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

About Vista Gold Corp.

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

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our ongoing efforts to advance development of Mt Todd to potentially be Australia’s fourth largest gold producer are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our discussions and contractual arrangements with Prime Mining; our reliance that Prime Mining will deem the exploration results at the Guadalupe de los Reyes gold / silver project sufficiently positive to continue its business plans for this project and its ability to raise funds to meet obligations when due; our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 26, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

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

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

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

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

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

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

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

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

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as statements with respect to the expected closing date of the Offering, the use of proceeds from the Offering and our intent to file the Offering Documents; our belief that Mt Todd is the largest undeveloped gold project in Australia; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; other anticipated mine development and operating costs and results at Mt Todd, and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our understanding and belief of the current market conditions, approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release or otherwise, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, our ability to satisfy the conditions to closing of the Offering and to use the proceeds from the Offering as expected, uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding any transaction terms and expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which we operate; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which we operate; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

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

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

Definitive Feasibility Study

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

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

Development Strategy

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

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

Exploration Drilling Program

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

Shelf Registration Statement

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

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

_{This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Vista expects or anticipates will or may occur in the future, including such things as, the Company’s belief that the completion of the definitive feasibility study (“DFS”) is a very important step toward increasing shareholder value; the DFS is nearly complete; the DFS results will be announced early next year; the DFS results, reflective of more detailed engineering and the higher level of precision in cost estimating required for the study, will generate significant interest in the Project from investors and potential partners; a new mine plan using a higher gold price is expected to result in an increase in reserves and a longer mine life; trade-off studies have potential to lower related initial capital costs of the Project; the completion of the DFS will provide a catalyst for accelerating the process to seek a strategic partner; the drilling program is expected to continue through the first quarter of 2022; the recently filed Registration Statement on Form S-3 will provide the Company with maximum flexibility as we advance toward our goal of a joint venture to develop Mt Todd; the DFS is on schedule and on budget, with completion expected early 2022; completion of the DFS is a major milestone expected to raise the profile and expedite our ongoing partnering process leading to a joint venture or other transaction that will recognize the intrinsic value of Mt Todd for Vista shareholders; Vista’s extensive technical work at Mt Todd the approval of all major permits and the completion of a definitive feasibility study are expected to provide a solid foundation and catalyst to move forward expeditiously with prospective partners to establish a mutually beneficial pathway for the development of the Project; there are no present plans to use the Shelf Registration; and the Company’s liquidity is sufficient to fund the Company’s value enhancing programs, continue to fund working capital, and strengthen its position with potential partners and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: the accuracy of the results of the PFS, mineral resource and reserve estimates, and exploration and assay results; the terms and conditions of our agreements with contractors and our approved business plan; the anticipated timing and completion of a feasibility study on the Project; the anticipated receipt of required permits; no change in laws that materially impact mining development or operations of a mining business; the potential occurrence and timing of a production decision; the anticipated gold production at the Project; the life of any mine at the Project; all economic projections relating to the Project, including estimated cash cost, NPV, IRR, and initial capital requirements; and Vista’s goal of becoming a gold producer. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “plans,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of mineral resource estimates, estimates of results based on such mineral resource estimates; risks relating to cost increases for capital and operating costs; risks related to the timing and the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in Vista’s Annual Report Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Cautionary Note to United States Investors

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

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

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

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

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

Important Recent Developments

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

Definitive Feasibility Study

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

Accretive Development Strategy

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

Positive Drilling Results

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

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

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

Summary of Q3 2021 Financial Results

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

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

Management Conference Call

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

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

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

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that management is nearing completion of a DFS; our expectation that the DFS will address recommendations from the 2019 pre-feasibility study and include minor updates of the Project design to be consistent with the approved Mining Management Plan and engineering and detailed costing in areas of the Project; our belief that using a higher gold price for mine planning purposes is expected to increase reserves and the life of mine; our expectation that our existing cash will fund the Company’s value enhancing programs, continue to fund working capital, and strengthen our position in discussions with potential partners; our expectation to drill an additional 2,650 meters in Phase 3 of the drill program and continue drilling into 2022; our expectation to advance on-site due diligence activities with potential partners once Australia’s borders re-open; and our belief that Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company’s expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

Highlights

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

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

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

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

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

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

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

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

Table 1 – Summary of Assay Results

Notes:

Discussion of Results

Hole VB21-012

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

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

Hole VB21-013

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

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

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

Photos – Drill intercepts from VB21-013 showing mineralization

Figure 1 – Plan View of Drill Holes

Figure 2 - Cross Section with VB21-012

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

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

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

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

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

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

Data Verification and QA/QC

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

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

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

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

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

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

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that drill results from VB21-012 provided a great deal of information about the basement rocks at Mt Todd; our belief that drill results from VB21-013 validated the orientation of our drilling and provided assurance that we have not introduced a bias into our understanding of the structures due to drillhole orientation; our belief that the completion of a DFS for Mt Todd will be an important catalyst; our expectation to finalize the DFS in Q1 2022; our belief that Australia is making significant progress in achieving its vaccination goals; our belief that Australia’s relaxation of its present travel restrictions will play an important role in reaching our goal of having a strategic development partner; our belief that the Southern Cross Zone, which exhibits the potential to host grades twice that of the Batman deposit; and our belief that Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

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

Definitive Feasibility Study

In July 2021, Vista commenced the engineering work to complete a definitive feasibility study (“DFS”) for Mt Todd. Management expects the DFS to support the Company’s partnering process by providing greater confidence with regards to project designs and cost estimates, increasing gold reserves, and improving overall economics reflective of current market conditions. The work being completed complements and builds on the extensive amount of engineering previously completed. With confidence that the process flowsheet is now well defined, we are finalizing the engineering in the process plant and completing work for the minor areas not previously completed to feasibility-level standards, which include piping, electrical, and instrumentation. The mine plan is being updated using a gold price more reflective of the current gold price. This change is expected to increase gold reserves and extend the mine life. Engineering studies to evaluate autonomous truck haulage and trade-off studies to assess the potential benefits of contract mining and a third-party owner/operator of the power plant are also being completed. The DFS is on schedule and expected to be completed in the first quarter of 2022.

Figure 1 – 3D Rendering of Processing Plant

Exploration Drilling Program

The second phase of drilling, which included 18 holes and approximately 6,000 meters, was completed in August. Holes announced to date have successfully identified several gold-bearing structures that connect the Batman pit and the Golf-Tollis deposit. Assays for the final two holes of this phase, VB21-012 and VB21-013, are expected to be reported later this month. The third phase of drilling, totaling an additional 3,000 meters, has commenced and is expected to continue through year end. The purpose of the current drill program is to identify areas where future infill drilling will have the greatest potential to add resource ounces close to the Batman deposit.

Figure 2 – Exploration Drilling Program

Accretive Development Strategy

Management continues to engage with several companies in technical assessments and early-stage discussions for the development of Mt Todd, but the process has been slowed by COVID-related travel restrictions. Vista is monitoring Australia’s progress as the country advances toward reopening its international borders. This delay has provided the Company with a window of opportunity in which to complete the DFS. The expected outcome is a project with a larger reserve, longer life, and improved economics reflective of the current market conditions. We are pursuing a strategic development transaction that reflects the inherent value of Mt Todd to Vista’s shareholders, and we are focused on improving the economic potential of the Project and increasing shareholder value in a cost-effective manner.

Conference Attendance

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that Mt Todd is a world-class gold project in a well-established and mining-friendly jurisdiction that we have advanced and de-risked the Project; Mt Todd is partner ready; the definitive feasibility study supports our partnering process by further refining our prior pre-feasibility-level work, increasing gold reserves, and improving overall economics reflective of current market conditions; work being completed complements and builds on the extensive amount of testwork and design previously completed; the process flowsheet is now well defined; the updated mine plan using a gold price more reflective of the current market price in the DFS is expected to result in an increase in reserves and mine life; the DFS is on schedule and expected to be completed in the first quarter of 2022; drill holes drilled to date under the current exploration drilling program have successfully identified several gold-bearing structures that connect the Batman pit and the Golf-Tollis deposit; assay results for holes VB21-012 and VB21-013 will be reported later this month; the third phase of drilling will continue through year end and will identify areas where future infill drilling will have the greatest potential to add resource ounces close to the Batman deposit; results of the DFS will result in a project with a larger reserve, longer life and improved economics reflective of the current market conditions; our expectation that the completion of a strategic development transaction will reflect the inherent value of Mt Todd to Vista’s shareholders and improve the economic potential of the Project and increasing shareholder value in a cost-effective manner; our expectation that management will participate in several industry-focused investor conferences later this month; and our belief that Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

Drilling Photo

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

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

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

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

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that there is opportunity for significant resource growth and an extended mine life at Mt Todd; our expectation that assay results for holes VB21-012 and VB21-013 will be reported in the coming weeks; our belief that our drilling program will identify areas where additional resources can be added efficiently in the future; and our belief that the third phase of drilling may provide a better understanding of the characteristics of mineralization in the vicinity of the Golf-Tollis target and further to the north; our expectation that a third phase of drilling with approximately 3,000 meters to provide a better understanding of the characteristics of mineralization in the vicinity of the Golf-Tollis target; and our belief that if developed as presently designed, Mt Todd would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company’s expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

Drilling Photo

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

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

Second Quarter Highlights and Important Recent Developments

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

Summary of Q2 2021 Financial Results

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

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

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

Definitive Feasibility Study

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

Recent Drilling Results

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

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

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

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

Management Conference Call

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

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

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

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

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief in us completing the remaining feasibility engineering in the process plant (piping, electrical, and instrumentation), updating project designs to be consistent with the recently approved Mining Management Plan, and completing an economic evaluation using a gold price more reflective of the current market price, which is expected to increase gold reserves and extend the mine life by incorporating a greater portion of the currently defined measured and indicated resources into the mine plan; our belief that we have been very successful in de-risking Mt Todd and expect that our current programs will further validate the Mt Todd design and economics, increase reserves and mine life, and demonstrate district-scale potential within the Company’s mining licenses; our expectation to complete the feasibility study during Q1 2022; our belief that the engineering work for Mt Todd has previously been completed to feasibility study standards; our expectation that we will incorporate recommendations from the 2019 prefeasibility study and update minor parts of the Mt Todd mine design to be consistent with the Mining Management Plan; and our belief that Mt Todd is the largest undeveloped gold project in Australia are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company’s expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

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

Feasibility Study

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

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

Exploration Drilling Program

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

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

Strategic Partner

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Vista expects or anticipates will or may occur in the future, including such things as, the Company’s expectation that the FS will be completed in the first quarter of 2022; our belief that the FS and other key programs are expected to increase reserves and mine life, further validate the Mt Todd design and economics, and demonstrate district scale potential within the Company’s mining licenses; our believe that the programs have an estimated combined budget of approximately $5 million; our belief that travel restrictions will be lifted next year; our belief that these programs will unlock significant value as we move forward in the process of identifying the right partner for the development of Mt Todd and maximizing value for our existing shareholders; our belief that most of the engineering work for Mt Todd has previously been completed to feasibility study standards; our belief that redesigning the pit at a higher gold price is expected to enhance value by increasing the estimated reserves and extend the life of the mine; our belief that the Company’s exploration program is successfully demonstrating the potential to increase the estimated mineral resources at Mt Todd; our expectation that the exploration program will continue through the remainder of the year; and our belief that our technical programs and the approval of all major permits provide a solid basis to move forward with prospective development partners; and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: the accuracy of the results of the PFS, mineral resource and reserve estimates, and exploration and assay results; the terms and conditions of our agreements with contractors and our approved business plan; the anticipated timing and completion of a feasibility study on the Project; the anticipated receipt of required permits; no change in laws that materially impact mining development or operations of a mining business; the potential occurrence and timing of a production decision; the anticipated gold production at the Project; the life of any mine at the Project; all economic projections relating to the Project, including estimated cash cost, NPV, IRR, and initial capital requirements; and Vista’s goal of becoming a gold producer. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “plans,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of mineral resource estimates, estimates of results based on such mineral resource estimates; risks relating to cost increases for capital and operating costs; risks related to the timing and the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in Vista’s Annual Report Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although Vista has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

Highlights

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

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

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

Table 1 - Summary of Assay Results

Notes:

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

Discussion of Results

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

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

Figure 1 – Plan View of Drill Holes

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

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

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

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

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

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

Data Verification and QA/QC

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

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

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

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

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

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

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

About Vista Gold Corp.

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

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that VB21-011 has demonstrated strike continuity of the mineralization intersected in the Northern cross load; our belief that VB21-010 intersected the Jones Brothers lodes 1 and 2; our belief that VB21-011 confirmed thickening and more intense veining; our believe that the area to the north of the Batman deposit appears to be more structurally complex than the Batman deposit and the differences offer opportunities to find higher-grade mineralization; and our belief that Mt Todd is the largest undeveloped gold project in Australia are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

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

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

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

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

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

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as statements with respect to the use of proceeds from the Offering; our belief that Mt Todd is the largest undeveloped gold project in Australia; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; other anticipated mine development and operating costs and results at Mt Todd, and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our understanding and belief of the current market conditions, approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release or otherwise, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, our ability to satisfy the conditions to closing of the Offering and to use the proceeds from the Offering as expected, uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding any transaction terms and expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which we operate; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which we operate; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

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

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

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

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

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

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

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

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

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

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as statements with respect to the expected closing date of the Offering, the use of proceeds from the Offering and our intent to file the Offering Documents; our belief that Mt Todd is the largest undeveloped gold project in Australia; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; other anticipated mine development and operating costs and results at Mt Todd, and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our understanding and belief of the current market conditions, approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release or otherwise, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, our ability to satisfy the conditions to closing of the Offering and to use the proceeds from the Offering as expected, uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding any transaction terms and expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which we operate; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which we operate; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

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

Highlights

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

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

Table 1 – Summary of Assay Results

Notes:

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

Discussion of Results

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

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

Figure 1 – Plan View of Drill Holes

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

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

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

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

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

Data Verification and QA/QC

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

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

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

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

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

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

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

About Vista Gold Corp.

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

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

Forward Looking Statements

_{This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that drill results from VB21-006 through 009 demonstrate that our exploration model is proving to be reliable in predicting where mineralization is most likely to be encountered based on our improved understanding of the controlling structures; our belief that ongoing drilling continues to confirm our structural and geological interpretation and increases our confidence in the potential for future mineral resource growth at Mt Todd; our belief that the holes reported today increased our understanding of the size, orientation, and gold-bearing potential of the mineralized structures north of our Batman deposit; our belief that current drilling suggests that what were thought to be discrete deposits may actually be part of a continuous mineralized trend; our belief that ongoing and planned additional drilling will further expand our understanding of mineralized structures in the area and systematically increase our understanding of the geologic potential in the area; and our belief that Mt Todd is the largest undeveloped gold project in Australia are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Cautionary Note to United States Investors

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

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

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

Highlights

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

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

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

Table 1 – Summary of Assay Results

Notes:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Data Verification and QA/QC

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

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

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

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

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

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

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

About Vista Gold Corp.

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

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

Forward Looking Statements

_{This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that there is tremendous opportunity over the next 12 months to close the gap between our market cap and the intrinsic value of Mt Todd by completing a feasibility study and drilling to demonstrate the potential for resource growth north of the Batman deposit; our plan to achieve a structure that provides appropriate opportunity for value creation by recognizing the intrinsic value of Mt Todd and minimizes the potential for future dilution; our belief that there is tremendous opportunity for significant resource growth at Mt Todd and the potential to significantly extend the life of mine; our belief that the South Cross Structure is a connection between the Batman and Golf-Tollis structures; our belief that the Batman North Extension intercepted veining, mineralogy and gold grades are comparable to the Batman deposit and suggest no material differences in metallurgical behavior; our belief that the results of the six drill holes targeting the Batman North Extension present opportunity to develop classified resources both within the planned Batman pit from material currently interpreted as waste and externally to the north; our belief that the results of the first step-out hole drilled 500 meters north-northeast demonstrate the strong potential for continuity of gold mineralization along the Batman-Driffield Structural Trend; and our belief that Mt Todd is the largest undeveloped gold project in Australia are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.}

Cautionary Note to United States Investors

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

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

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

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

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

About Vista Gold Corp.

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

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our expectation that we will receive $1.0 million no later than July 2021, our ongoing efforts to advance development of Mt Todd to potentially be Australia’s 6^th largest gold producer are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our discussions and contractual arrangements with Prime Mining; our reliance that Prime Mining will deem the exploration results at the Guadalupe de los Reyes gold / silver project sufficiently positive to continue its business plans for this project and its ability to raise funds to meet obligations when due; our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 26, 2020 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

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

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

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

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

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

Key 2020 Highlights

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

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

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

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

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

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

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

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

2021 Outlook

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

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

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

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

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

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

Technical Report on Mt Todd

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

About Vista Gold Corp.

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

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

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that we will achieve a valuation for the Company that is reflective of the size of the gold deposit and that this will be achieved through a strategic transaction with a partner; our belief that additional drilling could result in the basis for an increase in the mineral resource estimates both within and outside the current Batman pit; our estimates and expectations pertaining to the updated Project NPV and sensitivity analysis; our belief that the Northern Territory Department of Industry, Tourism and Trade is in the final stages of their approval process and our hope to receive authorization of the MMP in the near future; our plans for ongoing drilling of the Batman North Extension; our expectation that the Batman pit is expected to be effectively dewatered by mid-2021; our expectation that we will further strengthen the company’s cash position with the receipt of up to US$3.5 million by the end of July 2021; the timing of when we expect to announce Q4 and full year financial results; our plan to focus on engaging with potential partners and identifying strategic opportunities to advance the development of Mt Todd in a way that preserves maximum Project ownership for our shareholders, while minimizing future dilution; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 26, 2020 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to Investors Regarding Estimates of Mineral Reserves and Resources

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

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

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

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

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

The Company’s upcoming catalysts include:

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

Summary of Financial Results

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

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

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

Management Conference Call

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

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

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

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

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

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

About Vista Gold Corp.

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

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as the expected date for our management’s call regarding our financial results; our expectation to receive upcoming cash payments from Prime Mining and from the cancelation of the Company’s royalties on the Awak Mas project; our belief that final approval of our MMP is forthcoming; our plan to add a second drill to extend our exploration program, with results expected over the coming weeks and continuing well into the second quarter; our expectation to test the continuity of mineralization extending north from the Batman deposit; our plan to complete the dewatering of the Batman pit later this year; our plan to continue to engage with potential partners and to identify strategic opportunities to advance the development of Mt Todd in a way that preserves maximum Project ownership for our shareholders, while minimizing future dilution; and our belief that Mt Todd would potentially be Australia’s 6^th largest gold project on an annual basis are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate, ” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; uncertainty as to completion of critical milestones for Mt Todd; and uncertainty as to the impact of the ongoing global health crisis caused by the COVID-19 pandemic; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed in February 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

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

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

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

About Vista Gold Corp.

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

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

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

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

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

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

First Quarter Highlights and Recent Developments

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

Summary of Q1 2021 Financial Results

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

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

Summary of Drilling Results

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

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

Figure 1: 

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

Highlights from first phase of drilling include:

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

Table 1 – Summary of Assay Results Announced to Date

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

Data Verification and QA/QC

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

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

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

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

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

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

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

Management Conference Call

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

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

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

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

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

About Vista Gold Corp.

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

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

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that there is tremendous opportunity over the next 12 months to close the gap between our market cap and the intrinsic value of Mt Todd by completing a feasibility study and drilling to demonstrate the potential for resource growth north of the Batman deposit; our plan to achieve a structure that provides appropriate opportunity for value creation by recognizing the intrinsic value of Mt Todd and minimizes the potential for future dilution; our belief that there is tremendous opportunity for significant resource growth at Mt Todd and the potential to significantly extend the life of mine; our belief that the South Cross Structure is a connection between the Batman and Golf-Tollis structures; our belief that the Batman North Extension intercepted veining, mineralogy and gold grades are comparable to the Batman deposit and suggest no material differences in metallurgical behavior; our belief that the results of the six drill holes targeting the Batman North Extension present opportunity to develop classified resources both within the planned Batman pit from material currently interpreted as waste and externally to the north; our belief that the results of the first step-out hole drilled 500 meters north-northeast demonstrate the strong potential for continuity of gold mineralization along the Batman-Driffield Structural Trend; and our belief that Mt Todd is the largest undeveloped gold project in Australia are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

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

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

Results of Hole VB21-002

Assay results for hole VB21-002 are summarized below.

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

VB21-002 Results on Section 8436900 N

Comprehensive Exploration Program Update

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

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

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

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

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

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

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

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

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

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

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

Figure 4:  Subsurface interpreted geology and metal zonation

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

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

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

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

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

Data Verification and QA/QC

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

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

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

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

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

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

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

About Vista Gold Corp.

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

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

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that the drilling results show a strong potential for continuity of gold mineralization along the 5.4 Km strike length of the Batman-Driffield Structural Trend; our expected plans for the drilling program; our expected results of the drilling program; ; our believe that there is a compelling opportunity to add significantly to the resource base of the Mt Todd project; our plans to confirm structural zones and intersections of structures that are believed to be similar to zones and intersections that are known to host significant gold resources in the Batman deposit; our belief that further potential may exist below the Golf-Tollis and Penguin targets, and below the Quigleys deposit; our expectations with respect to the subsurface geology and metal zoning that we believe underlie the surface; our belief that additional drilling could confirm continuity and connectivity of the mineralized structures extending northeast to the Quigleys deposit; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, that our exploration and assay results are accurate, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company's expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 26, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

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

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

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

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

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

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

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

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

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

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

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

Figure 1 – Plan View of Drill Hole Locations

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

Figure 2 – Section View of New Drilling Assay Results

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

Figure 3 – Section View of Combined Drilling Assay Results

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

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

Data Verification and QA/QC

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

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

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

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

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

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

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

About Vista Gold Corp.

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

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

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief of the existence of a mineralized zone that is a connection between the main Batman structure and the Golf-Tollis structure; our belief that we have identified the extension of the Batman core zone to the north and the existence of mineralization with vertical and lateral continuity exists within and immediately adjacent to the planned Batman pit; our believe that continuity and grade exists in the Batman north extension, with mineralization coming to the surface; our belief that we have identified a definable, higher-grade envelop within the confines of the mineralized zone; our belief that drilling has intersected veining, mineralogy and gold grades comparable to those found in the core zone of the Batman deposit, suggesting no material differences in metallurgical behavior;  our belief that there may be opportunity to develop classified resources in an area within the planned ultimate pit that is currently modelled as waste material; our belief that additional drilling could confirm continuity and connectivity of the mineralized structures extending northeast to the Quigleys deposit; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 26, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

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

North Extension Drilling Highlights

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

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

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

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

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

Figure 1 – Batman North Extension

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

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

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

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

Data Verification and QA/QC

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

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

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

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

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

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport.

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

About Vista Gold Corp.

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

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

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief of the existence of a mineralized zone that is a connection between the main Batman structure and the Golf-Tollis structure; our belief that we have identified the extension of the Batman core zone to the north and the existence of mineralization with vertical and lateral continuity exists within and immediately adjacent to the planned Batman pit; our belief that there may be opportunity to develop classified resources in an area within the planned ultimate pit that is currently modelled as waste material; that, our belief that additional drilling could confirm continuity and connectivity of the mineralized structures extending northeast to the Quigleys deposit; and our belief that Mt Todd is the largest undeveloped gold project in Australia and if developed as presently designed, would potentially be Australia’s 6th largest gold producer on an annual basis are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 26, 2020 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.