Mr. Frederick Earnest reports

VISTA GOLD CORP. TO EVALUATE STAGED DEVELOPMENT STRATEGY FOR MT TODD

Vista Gold Corp. plans to initiate a program at the company's 100-per-cent-owned Mt Todd gold project directed at increasing near-surface gold resources and further evaluating a staged development strategy. This program will build upon the extensive body of data underlying the company's 2022 feasibility study, its 2023 internal scoping-level study and previous drilling in the area immediately adjacent to the Batman deposit.

Staged development offers the distinct advantage of requiring substantially lower initial capital while retaining the longer-term potential to achieve world-class production levels. The 2023 scoping study indicated that a nominal five-million-tonne-per-year project could be designed and constructed with an initial capital expenditure of less than $350-million (U.S.), utilizing contract mining, and would achieve initial production in the range of 150,000 to 200,000 ounces of gold per year at very competitive all-in sustaining costs. For information on the 2023 scoping study, please see the company's news release dated March 1, 2023, available on SEDAR+.

Frederick Earnest, president and chief executive officer of Vista Gold, stated: "The internal scoping-level study completed last year confirmed to us that a smaller-scale project is technically viable and economically attractive. We see significant value in advancing the evaluation of this alternative development strategy. A smaller initial operation followed by staged development offers opportunities for substantially reduced initial capital, lower development risk and future growth supported by project cash flows. We believe Mt Todd is one of the largest development-stage opportunities in Australia and continues to demonstrate compelling economics. The program we are announcing today is expected to add significant value and further derisk Mt Todd while we continue to pursue our strategy to seek an appropriate transaction that maximizes shareholder value and reduces development risk."

Vista plans to commence a targeted drilling program of 6,000 to 7,000 metres. The focus will be the area immediately adjacent to the Batman deposit along the strike of the Batman main core zone and extending approximately 400 metres north of the existing Batman pit. This area includes inferred gold resources which were classified as waste in the 2022 feasibility study and areas where there has been insufficient drilling to define a mineral resource. The objective of this drilling program is to upgrade the inferred gold resources to the measured and indicated resource categories within 300 metres of the surface at grades consistent with the current Batman deposit average and to further define the uncategorized mineralization in this area. It is uncertain if further drilling will result in the inferred gold resources being upgraded to the measured and indicated resource categories or that uncategorized mineralization target areas will be delineated as mineral resources.

Mr. Earnest added, "We expect that adding shallow gold resources adjacent to the pit would add substantial value to Mt Todd by enhancing the mine plan in earlier years, extending the life of mine and providing additional ore to support staged expansion."

As drilling progresses, Vista expects to undertake additional technical studies to advance the staged development strategy. Most technical information is already available from the 2022 feasibility study; therefore, new studies are expected to be limited to confirming the mineralogy and metallurgical characteristics of new gold resources, conducting trade-off studies covering a range of staged expansion alternatives, and developing layouts for the processing plant and other facilities.

For information on the 2022 feasibility study, please see the technical report summary entitled "S-K 1300 Technical Report Summary -- Mt Todd Gold Project -- 50,000 tpd Feasibility Study -- Northern Territory, Australia" with an effective date of Dec. 31, 2021, an issue date of Feb. 9, 2022, and an amended date of Feb. 7, 2023, available on EDGAR, or the technical report entitled "NI 43-101 Technical Report -- Mt Todd Gold Project -- 50,000 tpd Feasibility Study -- Northern Territory, Australia" with an effective date of Dec. 31, 2021, and an issue date of Feb. 9, 2022, available on SEDAR+.

John Rozelle, a qualified person as defined by Canadian 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.

About Vista Gold Corp.

Vista is a gold project developer. The company's flagship asset is Mt Todd, located in the mining-friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 kilometres southeast of Darwin, Mt Todd is among the largest development-stage opportunities in Australia and continues to demonstrate compelling economics. All major environmental and operating permits necessary to initiate 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, staged development, and other value-adding and derisking activities.

We seek Safe Harbor.