Vista Gold Corp. Announces Mineralized Intercept 500 Meters North of Batman Deposit and Provides Comprehensive Exploration Program Update

__________________ NEWS _________________

Vista Gold Corp. Announces Mineralized Intercept 500 Meters North of Batman Deposit and Provides

Comprehensive Exploration Program Update

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.

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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

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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 ounces 1 in 2006 to 7.4

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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.

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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.

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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;

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 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 Northern

Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia and if developed as presently

designed, would potentially be Australia’s 6th largest gold producer on an annual basis.

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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 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