Mr. Frederick Earnest reports

VISTA GOLD CORP. ANNOUNCES UPDATED FEASIBILITY STUDY FOR THE MT TODD GOLD PROJECT

Vista Gold Corp. has released the results of the feasibility study update for its Mount Todd gold project, located in Northern Territory, Australia, which was undertaken in conjunction with the company's annual reporting of its mineral resources and mineral reserves in its annual report on Form 10-K, as required under Item 1300 of Regulation S-K under the Securities and Exchange Act of 1934, as amended.

The updated feasibility study reflects changes in project economics since the feasibility study filed in February, 2022. Material capital and operating cost components have been updated with quotes obtained in Q1 2024. The updated study also reflects the current outlook for the long-term gold price and foreign exchange rates and the recently announced royalty. Mount Todd mineral resources and mineral reserves, mine plans, gold recoveries, and gold production schedules remain unchanged.

Highlights of the Mount Todd 2024 updated feasibility study appear as follows, with changes from the 2022 feasibility study shown in parentheses:

• After-tax NPV5 (net present value discounted at 5 per cent) of $1.13-billion (up $131.5-million) and IRR (internal rate of return) of 20.4 per cent (down 0.2 per cent) at a gold price of $1,800 and a foreign exchange rate of 0.69;
• Average cash costs of $913 (up $96) per ounce (life of mine);
• Average all-in sustaining cost (AISC) of $1,034 (up $104) per ounce (life of mine);
• Initial capital requirements of $1.03-billion (up $138-million); this continues to reflect the use of a third party owner/operator of the power plant.

Notes:

1. All dollar amounts stated herein are in U.S. currency and are expressed as dollars unless specified otherwise. All foreign exchange rates are in U.S. dollars per Australian dollar.
2. The 2022 feasibility study economics were reported at a gold price of $1,600 (U.S.) and foreign exchange rate of 0.71.
3. Cash costs per ounce and AISC per ounce are non-GAAP (generally accepted accounting principles) financial measures.

Using a gold price of $2,100 and a foreign exchange rate of 0.66, which the company believes are more reflective of current market conditions, the after-tax NPV5 of the project is $1.88-billion and the IRR is 29.6 per cent.

Frederick H. Earnest, president and chief executive officer of Vista Gold, commented: "Mount Todd is a robust project with strong leverage to the gold price. Project economics are approximately the same or slightly better than reported two years ago, inclusive of cost increases that have affected the entire gold mining sector. We are pleased that Mount Todd's value is confirmed at the given foreign exchange rates and conservative gold price selected.

"These results do not change our strategy for Mount Todd. We continue to work with CIBC Capital Markets to identify and advance interest in Mount Todd and are focused on achieving a transaction that maximizes shareholder value. Our evaluation of a smaller-scale, staged development strategy to advance Mount Todd is ongoing and complements the work that we are doing with CIBC."

Detailed report

An S-K 1300 technical report summary for the 2024 updated feasibility study will be included as an exhibit to the company's annual report on Form 10-K for the year ended Dec. 31, 2023. A technical report will also be prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, disclosure standards and filed on SEDAR+ within 45 days of the date hereof. Both reports will be available on the company's website.

Mineral resources and mineral reserves

The attached tables present the estimated mineral resources and mineral reserves for the project. The effective date of the mineral resources and mineral reserves estimates is Dec. 31, 2023. The mineral resources and mineral reserves were prepared in accordance with both S-K 1300 standards and Canadian Institute of Mining, Metallurgical and Petroleum definition standards.

Qualified person

John Rozelle, a qualified person as defined by S-K 1300 and NI 43-101, has verified the data underlying the information contained in and has approved this press release. For additional information applicable to the 2024 updated feasibility study, including data verification, quality assurance and control, and key assumptions and for other matters relating to the project, see Vista's most recent annual report on Form 10-K as filed on EDGAR and on SEDAR+.

About Vista Gold Corp.

Vista is a gold project developer. The company's flagship asset is Mount Todd, located in the mining-friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 kilometres southeast of Darwin, Mount Todd is one of the largest development-stage opportunities in Australia and demonstrates compelling economics. All major environmental and operating permits necessary to initiate development of Mount Todd are in place.

Mount Todd benefits from its location in a leading mining jurisdiction and offers opportunities to add value through growth of mineral reserves, alternative development strategies and other derisking activities.

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