Phase 2 Drilling At Mt Todd Achieved Primary Objective

DENVER, CO - Frederick Earnest, President and CEO of Vista Gold Corp., said, “Phase 2 of our drilling program, at the Mt Todd gold project located in Northern Territory, Australia, 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.”

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.”