Mr. Frederick Earnest reports

VISTA GOLD CORP. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS AND CORPORATE UPDATE

Vista Gold Corp. has released its unaudited financial results for the quarter ended Sept. 30, 2023, with reported cash totalling $4.8-million. All dollar amounts in this news release are in U.S. dollars.

Frederick H. Earnest, president and chief executive officer, said: "During the quarter, our management team continued to advance our ongoing work with CIBC Capital Markets, maintained its focus on minimizing recurring costs, reached 690 days without a lost time incident at quarter-end, and remained in compliance with our site environmental responsibilities and obligations.

"In September, we attended the Precious Metals Summit in Beaver Creek, Colo., where we hosted meetings with shareholders, potential investors, mining companies and others. Our work to evaluate the opportunity for a smaller, staged project at Mt. Todd was well received. Interest focused on the results of our internal scoping study, which demonstrated an initial development capital cost of less than $350-million and highlighted the potential for increased production over time through staged development. Recent actions by the Northern Territory government to reform the present royalty structure and the potential positive economic impacts of an expected reduction in royalties for Mt. Todd and other projects in the territory also attracted investor attention.

"Our work with CIBC continues to generate interest and positive feedback. We remain diligent in the execution of our strategy to seek an appropriate transaction to maximize shareholder value and are on track to reduce our 2023 recurring costs by approximately 7 per cent compared to 2022."

Summary of financial results

Cash and cash equivalents totalled $4.8-million at Sept. 30, 2023, compared with $6.0-million at June 30, 2023, and $8.1-million at Dec. 31, 2022. The company continued to have no debt.

Vista reported a consolidated net loss of $1.5-million, or one cent per common share, for the quarter ended Sept. 30, 2023, compared with a consolidated net loss of $1.7-million, or two cents per common share for the quarter ended Sept. 30, 2022. The loss for the current quarter was in line with management's expectations and reflects continuing cost reduction measures.

The company's consolidated unaudited financial statements and management's discussion and analysis, together with other important disclosures, can be found in the company's quarterly report on Form 10-Q for the quarter ended Sept. 30, 2023, filed with the U.S. Securities and Exchange Commission on EDGAR and with the Canadian securities regulatory authorities on SEDAR+.

Management conference call

Management's conference call to review financial results for the quarter ended Sept. 30, 2023, and to discuss corporate and project activities is scheduled for Nov. 8, 2023, at 2 p.m. MT (4 p.m. ET).

Participant toll-free:  888-396-8049

Participant international:  416-764-8646

Conference ID No.:  38351757

This call will be archived and available on the company's website after Nov. 8, 2023. An audio replay will also be available through Dec. 8, 2023, by calling toll-free in North America 877-674-7070 or 416-764-8692 using passcode 351757.

If you are unable to access the audio or phone in on the day of the conference call, please e-mail your questions to ir@vistagold.com.

About Vista Gold Corp.

Vista is a gold project developer. The company's flagship asset is the Mt. Todd gold project, located in the mining-friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 kilometres southeast of Darwin, Mt. Todd is one of the largest and most advanced undeveloped gold projects in Australia, and has the potential to be one of the top five gold producers in Australia. All major environmental and operating permits necessary to allow development of Mt. Todd are in place.

Mt. Todd benefits from its location in a leading mining jurisdiction and demonstrates multiple opportunities to add value through growth of mineral resources, demonstration of project feasibility in various development scenarios, and other value adding and derisking activities.

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