Vista Gold Highlights 2020 Achievements and Provides 2021 Outlook - Seite 4

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 [phone] 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.