<SEC-DOCUMENT>0001144204-19-011717.txt : 20190304
<SEC-HEADER>0001144204-19-011717.hdr.sgml : 20190304
<ACCEPTANCE-DATETIME>20190301184333
ACCESSION NUMBER:		0001144204-19-011717
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190225
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190304
DATE AS OF CHANGE:		20190301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISTA GOLD CORP
		CENTRAL INDEX KEY:			0000783324
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09025
		FILM NUMBER:		19651219

	BUSINESS ADDRESS:	
		STREET 1:		7961 SHAFFER PKWY, SUITE 5
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		720-981-1185

	MAIL ADDRESS:	
		STREET 1:		7961 SHAFFER PKWY, SUITE 5
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES INC
		DATE OF NAME CHANGE:	19950602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES EXPLORATION LTD
		DATE OF NAME CHANGE:	19890619
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">_________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report February 25, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Date of earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>VISTA
GOLD CORP.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B></B></FONT><B><FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>British Columbia, Canada </B><BR>
(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1-9025</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Commission File Number) </FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(IRS Employer Identification No.) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><BR>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>7961 Shaffer parkway, suite 5, littleton, colorado 80127</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices
and Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&rsquo;s telephone number, including area code:&nbsp;&nbsp;
<B>(720) 981-1185</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter). Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 2.02&nbsp;&nbsp;Results of Operation
and Financial Condition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 25, 2019,&nbsp;the registrant
provided an overview of the Company&rsquo;s audited financial results and highlights for the fiscal year ended December 31, 2018.
The Company&rsquo;s full financial results can be found in the Company&rsquo;s Annual Report on Form 10-K, filed with the U.S.
Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and the Canadian securities regulatory authorities on February 25, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2018 Mt Todd Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vista is focused on the Mt Todd gold project
in Northern Territory, Australia where the Company completed and announced a number of important project economic and permitting
milestones in 2018, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In January 2018, Vista was notified that its request for authorization of a controlled activity,
as required under the Commonwealth Environmental Protection and Biodiversity Conservation Act, had been approved. With this approval,
Vista holds all major environmental approvals necessary for the development of the Mt Todd gold project.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Also in January 2018, Vista announced the results of an updated Mt Todd preliminary feasibility
study (&ldquo;PFS&rdquo;) which demonstrated significant economic improvements resulting from the inclusion of ore sorting, a newly
designed two-stage grinding circuit and improved gold recoveries estimated to be 86.4%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In August 2018, the Company announced that additional fine-grinding and leaching tests completed
on low-grade samples (averaging 0.66 grams gold per tonne) demonstrated that with a modified PFS grinding circuit, including fine
grinding capability, it was possible to produce a finer final product with improved gold recoveries in excess of 90%, with no increase
in process area power requirements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In November 2018, the Company filed the Mine Management Plan (mine operating permit) for the Mt
Todd gold project with the Northern Territory Department of Mines.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, in January 2019 Vista announced
that high pressure grinding roll crusher and ore sorting tests on 5 tonnes of high-grade samples confirmed previous ore sorting
test results. The material from those tests is now being used to confirm the Company&rsquo;s expectation of gold recoveries above
90% over a broad range of ore head grades. Analysis indicates that each 1% improvement in gold recoveries could add approximately
0.5% to Mt Todd&rsquo;s after-tax IRR, and approximately $25 million to after-tax NPV<SUB>5%</SUB>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Frederick H. Earnest, President and Chief
Executive Officer, commented, &ldquo;2018 was a productive year for Vista. We successfully demonstrated the positive economic impact
of the testing programs and design changes completed over the previous 16 months. Subsequently, we identified new optimization
opportunities that we expect will have additional positive impacts on the Mt Todd project economics. With the project optimization
testing programs coming to a conclusion, we plan to release an updated PFS for the Mt Todd gold project in the second quarter of
this year. We expect this study will further demonstrate the positive impacts of the recently improved gold prices, weaker Australian
dollar, and improved gold recovery resulting from a finer final grind size than was thought to be achievable in January 2018.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Summary of 2018 Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We reported a net loss of $8.7 million
or $0.09 per share for the year ended December 31, 2018. The principal components of this loss are: $10.8 million of operating
expenses which include a $1.0 million asset impairment charge related to our used mill equipment; a $1.7 million mark-to-market
gain on our investment in Midas Gold Corp; and interest and other income of $0.4 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our working capital at December 31, 2018
totaled approximately $13.2 million, including cash and short-term investments (comprised of government securities) of approximately
$8.1 million. The Company currently has no debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Management Conference Call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A conference <FONT STYLE="background-color: white">call
with management to review our financial results for the fiscal year ended December 31, 2018 and to discuss corporate and project
activities is scheduled for Monday February 27, 2019 at 2:30 p.m. MST.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Participant Toll Free: 844-898-8648</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">International: 647-689-4225</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conference ID: 2155425</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This call will also be web-cast and can
be accessed at the following web location:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">http://event.on24.com/r.htm?e=1944360&amp;s=1&amp;k=D1B06551AE5A926700E64154DE175A33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This call will be archived and available
at <FONT STYLE="color: #0033CC">www.vistagold.com</FONT> after February 27, 2019. Audio replay will be available for 21 days by
calling toll-free in North America: 855-859-2056, passcode 2155425.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you are unable to access the audio or
phone-in on the day of the conference call, please email questions to Paula Shade (email: pshade@vistagold.com), and we will try
to address these questions prior to or during the conference call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All dollar amounts in this press release
are in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Vista Gold Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The
Company is a well-funded gold project developer. The Company&rsquo;s principal asset is its flagship Mt Todd gold project in Northern
Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For further information, please contact
the Company at (720) 981-1185.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward Looking Statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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
</FONT>we expect <FONT STYLE="font-size: 10pt">or anticipate will or may occur in the future, including such things as our belief
that with a modified PFS grinding circuit, including fine grinding capability, it is possible to improve gold recoveries in excess
of 90% with no increase in process area power requirements; our expectation that gold recoveries above 90% over a broad range of
ore head grades is possible; our belief that each 1% improvement in gold recoveries could add approximately 0.5% to Mt Todd&rsquo;s
after-tax IRR, and approximately $25 million to after-tax NPV5%; our plan to release an updated PFS for the Mt Todd gold project
in the second quarter of this year; our expectation that this study will further demonstrate the positive impacts of the recently
improved gold prices, weaker Australian dollar, and improved gold recovery resulting from a finer final grind size; and our expectation
that new optimization opportunities that we have identified will have additional positive impacts on the Mt Todd project economics
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: no change to laws or regulations
impacting mine development or mining activities, our approved business plans, 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 positive changes to current economic conditions
and the price of gold. When used in this press release, the words &ldquo;optimistic,&rdquo; &ldquo;potential,&rdquo; &ldquo;indicate,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;hopes,&rdquo; &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo;
 &ldquo;if,&rdquo; &ldquo;anticipate,&rdquo; 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&rsquo;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 the Company operates; risks due to legal proceedings; risks relating to political and economic instability
in certain countries in which the Company 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 &ldquo;Note Regarding
Forward-Looking Statements&rdquo; and &ldquo;Risk Factors&rdquo; in the Company&rsquo;s latest Annual Report on Form 10-K as filed
on March 6, 2018 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 7.01&nbsp;&nbsp;Regulation FD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 25, 2019,&nbsp;the registrant
provided an overview of the Company&rsquo;s audited financial results and highlights for the fiscal year ended December 31, 2018.
The Company&rsquo;s full financial results can be found in the Company&rsquo;s Annual Report on Form 10-K, filed with the U.S.
Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and the Canadian securities regulatory authorities on February 25, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the press release is attached
to this report as Exhibit&nbsp;99.1. In accordance with General Instruction B.2 of Form&nbsp;8-K, the information set forth herein
and in the press release is deemed to be &ldquo;furnished&rdquo; and shall not be deemed to be &ldquo;filed&rdquo; for purposes
of the Securities Exchange Act of 1934, as amended and shall not be incorporated by reference into any registration statement or
other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such filing. The information set forth in Item 7.01 of this report shall not be deemed an admission as
to the materiality of any information in this report on Form&nbsp;8-K that is required to be disclosed solely to satisfy the requirements
of Regulation FD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01 Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A HREF="tv515282_ex99-1.htm">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="tv515282_ex99-1.htm">Press Release dated February 25, 2019*</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*The Exhibit relating to Item 7.01 is intended
to be furnished to, not filed with, the SEC pursuant to Regulation FD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the requirements of
the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>VISTA GOLD CORP.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Registrant)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 30%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&nbsp;March 1,
    2019</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;By:</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">/<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">s/John
F.Engele</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John F. Engele</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="width: 88%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="tv515282_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="tv515282_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated February 25, 2019*</FONT></A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*The Exhibit relating to Item 7.01 is
intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<TYPE>EX-99.1
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<FILENAME>tv515282_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 25%; font-size: 10pt">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 35%; font-size: 10pt; border-left: Black 1pt solid; padding-left: 5.4pt">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7961 Shaffer Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Littleton, CO&nbsp; 80127</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone:&nbsp; 720-981-1185</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;720-981-1186 </P>

</TD>
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trading Symbol: <B>VGZ</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Toronto and NYSE American Stock Exchanges</B></P>


</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 40%; font-size: 10pt; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 24pt"><B>NEWS</B></FONT></TD>
    <TD STYLE="width: 40%; font-size: 10pt; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Vista
Gold Corp. Announces 2018 Highlights and Financial Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Denver, Colorado, February 25, 2019</B>
&ndash; Vista Gold Corp. (TSX &amp; NYSE American: VGZ) (&ldquo;Vista&rdquo; or the &ldquo;Company&rdquo;) today announced its
audited financial results and highlights for the fiscal year ended December 31, 2018. Management&rsquo;s quarterly conference call
to discuss these results is scheduled for 2:30 p.m. MST on February 27, 2019. The Company&rsquo;s consolidated audited financial
statements, Management&rsquo;s Discussion and Analysis together with other important disclosures can be found in the Company&rsquo;s
Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2018 Mt Todd Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vista is focused on the Mt Todd gold project
in Northern Territory, Australia where the Company completed and announced a number of important project economic and permitting
milestones in 2018, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In January 2018, Vista was notified that
its request for authorization of a controlled activity, as required under the Commonwealth Environmental Protection and Biodiversity
Conservation Act, had been approved. With this approval, Vista holds all major environmental approvals necessary for the development
of the Mt Todd gold project. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Also in January 2018, Vista announced
the results of an updated Mt Todd preliminary feasibility study (&ldquo;PFS&rdquo;) which demonstrated significant economic improvements
resulting from the inclusion of ore sorting, a newly designed two-stage grinding circuit and improved gold recoveries estimated
to be 86.4%. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In August 2018, the Company announced
that additional fine-grinding and leaching tests completed on low-grade samples (averaging 0.66 grams gold per tonne) demonstrated
that with a modified PFS grinding circuit, including fine grinding capability, it was possible to produce a finer final product
with improved gold recoveries in excess of 90%, with no increase in process area power requirements. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In November 2018, the Company filed the
Mine Management Plan (mine operating permit) for the Mt Todd gold project with the Northern Territory Department of Mines. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, in January 2019 Vista announced
that high pressure grinding roll crusher and ore sorting tests on 5 tonnes of high-grade samples confirmed previous ore sorting
test results. The material from those tests is now being used to confirm the Company&rsquo;s expectation of gold recoveries above
90% over a broad range of ore head grades. Analysis indicates that each 1% improvement in gold recoveries could add approximately
0.5% to Mt Todd&rsquo;s after-tax IRR, and approximately $25 million to after-tax NPV<SUB>5%</SUB>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Frederick H. Earnest, President and Chief
Executive Officer, commented, &ldquo;2018 was a productive year for Vista. We successfully demonstrated the positive economic impact
of the testing programs and design changes completed over the previous 16 months. Subsequently, we identified new optimization
opportunities that we expect will have additional positive impacts on the Mt Todd project economics. With the project optimization
testing programs coming to a conclusion, we plan to release an updated PFS for the Mt Todd gold project in the second quarter of
this year. We expect this study will further demonstrate the positive impacts of the recently improved gold prices, weaker Australian
dollar, and improved gold recovery resulting from a finer final grind size than was thought to be achievable in January 2018.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Summary of 2018 Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We reported a net loss of $8.7 million
or $0.09 per share for the year ended December 31, 2018. The principal components of this loss are: $10.8 million of operating
expenses which include a $1.0 million asset impairment charge related to our used mill equipment; a $1.7 million mark-to-market
gain on our investment in Midas Gold Corp; and interest and other income of $0.4 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our working capital at December 31, 2018
totaled approximately $13.2 million, including cash and short-term investments (comprised of government securities) of approximately
$8.1 million. The Company currently has no debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Management Conference Call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A conference
<FONT STYLE="background-color: white">call with management to review our financial results for the fiscal year ended December 31,
2018 and to discuss corporate and project activities is scheduled for Monday February 27</FONT></FONT><FONT STYLE="background-color: white">,
2019 <FONT STYLE="font-size: 10pt">at 2:30 p.m. MST.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Participant Toll Free: 844-898-8648</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">International: 647-689-4225</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conference ID: 2155425</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This call will also be web-cast and can
be accessed at the following web location:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Blue"><U>http://event.on24.com/r.htm?e=1944360&amp;s=1&amp;k=D1B06551AE5A926700E64154DE175A33</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This call will be archived and available
at <FONT STYLE="color: #0033CC"><U>www.vistagold.com</U></FONT> after February 27, 2019. Audio replay will be available for 21
days by calling toll-free in North America: 855-859-2056, passcode 2155425.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you are unable to access the audio
or phone-in on the day of the conference call, please email questions to Paula Shade (email: <FONT STYLE="color: Blue"><U>pshade@vistagold.com</U></FONT>),
and we will try to address these questions prior to or during the conference call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All dollar amounts in this press release
are in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Vista Gold Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The
Company is a well-funded gold project developer. The Company&rsquo;s principal asset is its flagship Mt Todd gold project in Northern
Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For further information, please contact
the Company at (720) 981-1185.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Forward
Looking Statements </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">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 with a modified PFS grinding
circuit, including fine grinding capability, it is possible to improve gold recoveries in excess of 90% with no increase in process
area power requirements; our expectation that <FONT STYLE="background-color: white">gold recoveries above 90% over a broad range
of ore head grades is possible; our belief that </FONT>each 1% improvement in gold recoveries could add approximately 0.5% to
Mt Todd&rsquo;s after-tax IRR, and approximately $25 million to after-tax NPV<SUB>5%</SUB>; our <FONT STYLE="background-color: white">plan
to release an updated PFS for the Mt Todd gold project in the second quarter of this year; our expectation that this study will
further demonstrate the positive impacts of the recently improved gold prices, weaker Australian dollar, and improved gold recovery
resulting from a finer final grind size; and our </FONT>expectation that new optimization opportunities that we have identified
will have additional positive impacts on the Mt Todd project economics 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: no change to laws or regulations impacting mine development or mining activities,
our approved business plans, 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 positive changes to current economic conditions and the price of gold. When used in this
press release, the words &ldquo;optimistic,&rdquo; &ldquo;potential,&rdquo; &ldquo;indicate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo;
&ldquo;hopes,&rdquo; &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;if,&rdquo; &ldquo;anticipate,&rdquo;
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&rsquo;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
the Company operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries
in which the Company 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 &ldquo;Note Regarding Forward-Looking
Statements&rdquo; and &ldquo;Risk Factors&rdquo; in the Company&rsquo;s latest Annual Report on Form 10-K as filed on March 6,
2018 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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