Mr. Frederick Earnest reports

VISTA GOLD 2025 INITIATIVES PAVE THE WAY FOR VALUE REALIZATION AT MT TODD

Vista Gold Corp. has provided its 2025 strategic outlook.

Frederick H. Earnest, president and chief executive officer of Vista, commented: "Our key strategic focus in 2025 is to complete the Mount Todd feasibility study and leverage the results to deliver value to our shareholders. Momentum continues to build in the gold sector and the capital markets are beginning to recognize the value of advanced-staged gold development projects. We believe that the lower-cost, 15,000-tonne-per-day development strategy in this feasibility study will attract interest from a broad range of investors seeking ready-to-build gold projects like Mount Todd, ultimately unlocking significant value for our shareholders."

Key 2025 initiatives

Safety

Vista's highest continual priority is the safety and well-being of its employees. As the company continues to prioritize and uphold its health and safety initiatives, Vista and Mount Todd proudly mark 1,194 hours without a lost-time incident. The company remains committed to its health and safety programs and is focused on building upon this achievement.

Mount Todd feasibility study

Completing the Mount Todd feasibility study is key to creating long-term value for Vista and its shareholders. It represents a key deliverable in consolidating Mount Todd's position as a leading development opportunity in the gold sector. The feasibility study aims to increase the reserve grade to one gram gold per tonne by applying a higher cut-off grade while also reducing initial capex (capital expenditure) by 60 per cent to $400-million. The study targets average annual gold production ranging from 150,000 to 200,000 ounces from 15,000 tonnes of ore throughput per day. By utilizing contract mining, third party power generation and established construction practices commonly used in Australia, the company believes there is opportunity to maintain high capital efficiency at this project scale, preserve the potential for future expansion and deliver strong economic returns. The feasibility study is progressing as planned, with completion anticipated in mid-2025.

Strategy

Vista's strategy is to efficiently advance Mount Todd in ways that demonstrate the underlying value of the project and position it for near-term development while maintaining the discipline necessary to best realize value at the right time. The company anticipates that the results of the Mount Todd feasibility study will be a catalyst to attract a broad range of investors seeking ready-to-build gold projects. Vista remains committed to actively pursuing strategic transactions that maximize value for its shareholders.

New mineral resource estimate

In conjunction with the coming Mount Todd feasibility study, a new mineral resource estimate is being developed to incorporate the results from the drilling programs in 2024 and from 2020 to 2022. The company's analysis of the results of these drilling programs indicates potential to add to mineral resources and reserves. The company plans to announce the new mineral resource estimate as part of the Mount Todd feasibility study, scheduled for completion mid-2025.

ESG (environmental, social and governance)

Vista is committed to advancing its ESG initiatives. Details of Vista's goals and achievements in these and other areas will be included in Vista's coming annual ESG report, expected to be published in the coming weeks.

About Vista Gold Corp.

Vista holds the Mount Todd gold project, a ready-to-build development-stage gold deposit located in the Tier 1 mining jurisdiction of Northern Territory, Australia. Vista is positioning Mount Todd as a leading development opportunity within the gold sector. Mount Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support and demonstrated economic feasibility. All major environmental and operating permits necessary to commence development of Mount Todd are in place.

Vista's strategy is to advance Mount Todd in ways that efficiently position the project for development while exercising the discipline necessary to best realize value at the right time. Vista believes its strategy of advancing Mount Todd in this manner will deliver a more fully valued project to its shareholders.

Qualified person

Maria Vallejo, Vista's director of projects and technical services, a qualified person as defined by Item 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended, and National Instrument 43-101, Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained herein and has approved this press release. The information contained in this press release is provided as a summary of the 2024 drilling program for the Mount Todd project.

Technical studies

For more information on the company's March, 2024, feasibility study, including with respect to mineral resource and mineral reserve estimates, please refer to 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 March 12, 2024, and an issue date of March 14, 2024, available on the U.S. Securities and Exchange Commission's website and, for Canadian purposes, the technical report entitled "National Instrument 43-101 Technical Report -- Mt Todd Gold Project -- 50,000 tpd Feasibility Study -- Northern Territory, Australia," with an effective date of March 12, 2024, and an issue date of April 16, 2024, under Vista's profile on SEDAR+. For more information on the company's 2024 drilling results, please refer to the company's previous 2024 and 2025 drilling news releases available under the company's profile on SEDAR+.

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