Mr. Frederick Earnest reports

VISTA GOLD CORP. ANNOUNCES STRATEGIC UPDATE AND 2024 OUTLOOK

Vista Gold Corp. has provided a strategic update and outlined 2024 priorities for the company's Mt Todd gold project located in Northern Territory (NT), Australia. All dollar amounts are in U.S. dollars.

Frederick H. Earnest, president and chief executive officer of Vista, commented: "Our top priority in 2024 is realizing value for our shareholders. We believe this can best be accomplished through a strategic transaction at Mt Todd. We continue to work with CIBC Capital Markets to identify and advance interest in Mt Todd and are focused on completing a transaction that maximizes shareholder value.

"We believe that work to cost-effectively derisk and demonstrate the significant value of Mt Todd is integral to our work with CIBC. The drilling program that will commence in the coming weeks is expected to add substantial near-surface gold resources, benefiting the mine production schedule and project cash flows in early years. We believe that alternative development strategies offer valuable optionality as we focus on creating shareholder value and attracting strategic interest in Mt Todd. Our previous work indicates that staged development has the potential to greatly reduce the initial capital requirement, while delivering attractive economic returns and preserving the option for long-term, large-scale production."

2024 outlook

In addition to the continuing work with CIBC to complete a partnering or other value adding transaction for Mt Todd, Vista plans to undertake the following activities which it believes will further add value and minimize risk for shareholders.

Gold resources development

The company plans to commence a drill program totalling 6,000 to 7,000 metres, with the focus to add shallow gold resources at the north end of the Batman deposit. This drilling program is a condition of its previously announced royalty transaction. Management believes that if it is able to convert gold resources to gold reserves this would add substantial value to Mt Todd by improving cash flow as a result of a more constant production profile, reduced stripping and increased mine life for all development scenarios. Mobilization of the first drill rig is in process and drilling is expected to begin in late January or early February. The proposed drilling is expected to have an all-in cost of approximately $2-million and to be completed by year-end.

Evaluate lower capex -- staged development strategy

Vista plans to leverage the results of the drilling program and prior technical studies by advancing evaluations of staged development scenarios for Mt Todd. Previous studies demonstrated the opportunity to significantly lower the initial capex, maintain high margins and deliver attractive economic returns. The company believes that alternative development strategies offer valuable optionality as it focuses on creating shareholder value and attracting investor interest in Mt Todd. The scope of technical studies will be defined after initial drilling results are evaluated.

Balance sheet strength

The company's recent $20-million royalty transaction provides a solid foundation for its efforts to best realize value for shareholders. It was achieved without equity dilution and places the company in a strong financial position as it continues its work with CIBC. Royalty proceeds in December, 2023, were $3-million. The remaining royalty proceeds totalling $17-million are expected to be received by the end of the second quarter 2024. Management plans to maintain similar spending levels for costs of a recurring nature, continue to pursue cost reductions where possible, and leverage prior technical studies for the staged development evaluation.

Inaugural ESG report

The company plans to publish its first ESG (environmental, social, governance) report in the first quarter of 2024. Vista is committed to the advancement of Mt Todd consistent with established ESG principles. It strives for compliance and is pleased to issue a report that summarizes its achievements and priorities in the near future.

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.

Scientific and technical information

For information on the company's mineral resources and mineral reserves, 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.

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