Mr. Frederick Earnest reports

VISTA GOLD CORP. ANNOUNCES 2023 FINANCIAL RESULTS

Vista Gold Corp. has released its audited financial results for the year ended Dec. 31, 2023, with cash totalling $6.1-million at year-end. All dollar amounts in this news release are in U.S. dollars.

During 2023, the company focused on the efficient use of cash and strengthened its balance sheet by completing a $20-million royalty transaction. Pursuant to the terms of the royalty, the company received $3-million in December, 2023, and $7-million in February, 2024, and expects to receive the remaining $10-million during the first half of 2024.

Frederick H. Earnest, president and chief executive officer of Vista, stated: "Our team successfully executed on a number of key initiatives during 2023 and we are off to a great start in 2024. During this period we:

• "Completed an internal scoping study that we believe confirmed the potential for a smaller-scale, staged development strategy for Mt. Todd;
• "Extended the term of the agreement with the Northern Territory government pertaining to Mt. Todd through Dec. 31, 2029, with the option for a three-year extension;
• "Started a drilling program targeting shallow gold resources at the north end of the Batman deposit, which is expected to add near-surface gold resources, benefiting the mine production schedule and project cash flows in early years;
• "Published our inaugural ESG report, which recognizes our belief in the importance of conducting our business in a responsible and sustainable manner, and our commitment to aligning our business practices with current and evolving ESG principles to ensure the long-term success and positive impact of our operations; and
• "Recently announced the results of the updated feasibility study for Mt. Todd that includes capital and operating costs, gold price and foreign exchange rates reflective of current market conditions, with project economics that are approximately the same or slightly better than reported two years ago, inclusive of cost increases that have affected the entire gold mining sector."

Mr. Earnest continued: "Our top priority in 2024 is realizing value for our shareholders. Receipt of the royalty funding enables us to move forward strategically in our efforts to derisk Mt. Todd and maximize value. We continue to work with CIBC Capital Markets (CIBC) to identify and advance interest in Mt. Todd and are focused on achieving a transaction that maximizes shareholder value. We plan to leverage the results of the drilling program and prior technical studies by advancing evaluations of smaller-scale, staged development scenarios at Mt. Todd with a focus on lower initial capital costs. Our evaluation of a smaller-scale, staged development strategy for Mt. Todd complements the work that we are doing with CIBC and increases optionality."

Summary of financial results

Vista reported a consolidated net loss of $6.6-million or five cents per common share for the year ended Dec. 31, 2023, compared with a consolidated net loss of $4.9-million or four cents per common share for the year ended Dec. 31, 2022.

Cash and cash equivalents totalled $6.1-million at Dec. 31, 2023, compared with $8.1-million at Dec. 31, 2022. In February, 2024, the company received the second instalment payment under the royalty in the amount of $7-million and expects to receive the final instalment payment in the amount of $10-million during the first half of 2024. The company continued to have no debt.

Management conference call

Management's conference call to review financial results for the year ended Dec. 31, 2023, and to discuss corporate and project activities is scheduled for March 18, 2024, at 2 p.m. MDT (4 p.m. EDT).

Participant toll-free:  1-800-717-1738

Participant international:  1-289-514-5100

Conference ID No.:  37191

This call will be archived and available on the company's website after March 18, 2024. An audio replay will also be available through April 1, 2024, by calling toll-free in North America 1-888-660-6264 or 1-289- 819-1325 using passcode 37191 followed by the pound key.

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 Mt. Todd, located in the mining-friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 kilometres southeast of Darwin, Mt. 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 Mt. Todd are in place.

Mt. 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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