Vista Gold Announces Phase 1 Drilling Results at Mt Todd

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Denver, Colorado, August 22, 2024 - Vista Gold Corp. (NYSE American and TSX: VGZ) ("Vista" or the "Company") today announced results from Phase 1 and the start of Phase 2 of its 2024 drilling program at the Company's Mt Todd gold project ("Mt Todd" or the "Project") located in Northern Territory, Australia. Phase 1 comprised 11 holes totaling 2,910 meters.

Frederick H. Earnest, President and CEO, commented, "We are pleased to report that Phase 1 of the 2024 drilling program at Mt Todd is complete. This phase of the program has successfully confirmed the extension of the core zone and the mineralized boundaries in the northern section of the Batman deposit, including intercepts at the northern limit with gold grades that exceeded our expectations. For example, hole VB24-001 returned an average grade of 1.17 grams of gold per tonne ("g Au/t") over 58 meters in an area of the deposit previously estimated to have an average grade of 0.45 g Au/t." (See Figure 2 and Table 1.)

Phase 2 of the drilling program commenced in July 2024 with near-surface drilling in the Southern Cross Lode zone, a known mineralized structure that intersects the Batman deposit and extends up to 400 meters northeast. Historical drilling on this structure indicates the potential for higher grade gold mineralization in areas that are currently classified as waste in the 2024 Feasibility Study (as defined below) pit design, are outside the current mine plan, or have insufficient drilling to define a mineral resource estimate. Phase 2 drilling is expected to be completed by year end.

Mr. Earnest continued, "At the conclusion of the 2024 drilling program, we plan to update the Mt Todd mineral resource estimate and leverage the results of prior technical studies to advance evaluations of a development scenario for Mt Todd, initially targeting 150,000 to 200,000 ounces of annual gold production. This work is expected to further de-risk the Project by demonstrating the option to significantly lower the initial capex, increase the gold grade to the processing plant, and deliver attractive economic returns. We continue to efficiently advance Mt Todd in ways that provide potential for accretion in shareholder value. We expect continued strength in the gold price and believe our strategy of advancing Mt Todd with discipline and patience will deliver a more fully valued project as markets and the gold industry align."

Please see Figure 1 for a plan view of the Mt Todd as-built terrain, showing Phase 1 drill hole locations and the location of the Southern Cross Lode zone. Figure 2 is a cross section of the northernmost area of the Phase 1 drilling program, including drill holes VB24-001 and VB24-006. Table 1 provides details of the full Phase 1 drill program results.

Figure 1: Plan view of as-built terrain displaying Phase 1 drill hole locations and South Cross Lode zone.

Figure 2: Section illustrating drill holes VB24-001 and VB24-006 with the current mineral resource model from the 2024 Feasibility Study featuring blocks with a cut-off grade above 0.4 g Au/t.

See Table 1 below for complete intercept details, including true width estimates.

Table 1. Phase 1 Drill Hole Program Summary Information

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Management's conference call to review financial results for the quarter ended June 30, 2024, and to discuss corporate and project activities is scheduled for July 30, 2024, at 2:00 p.m. MDT (4:00 p.m. EDT).

Participant Toll Free: +1 (800) 717-1738
Participant International: +1 (289) 514-5100
Conference ID: 85480

This call will be archived and available at www.vistagold.com after July 30, 2024. An audio replay will also be available through August 15, 2024, by calling toll-free in North America +1 (888) 660-6264 or +1 (289) 819-1325 using passcode 85480#.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to This email address is being protected from spambots. You need JavaScript enabled to view it. .

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 km 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 de-risking activities.

For further information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company's website at www.vistagold.com .

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that the final $10 million instalment payment under the recent royalty agreement significantly strengthens our balance sheet; our belief that results from Phase 1 of the drilling program are expected to be announced in August; our belief that we will continue to prioritize the efficient use of our cash while we seek opportunities to create long-term value for shareholders in the current climate of a strong and rising gold price, and execute our health, safety, and environmental initiatives; our belief that the new 3.5% royalty to be applied to production from Mt Todd represents a nearly 50% reduction in payable royalties and results in improved project economics and earlier shareholder returns compared to our 2024 updated feasibility study, which included NT royalties equivalent to nearly a 7% ad valorum rate; our belief that under the previous net profits royalty regime, our base case economic analysis at an $1,800 gold price estimated the payment of $765 million in NT royalties over the life of the mine; statements regarding Mt Todd being one of the largest development stage opportunities in Australia and demonstrating compelling economics; our belief that Mt Todd benefits from its location in a leading mining jurisdiction; and our belief that Mt Todd offers opportunities to add value through growth of mineral reserves, alternative development strategies, and other de-risking activities are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this news release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; political and social support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this news release, the words "optimistic," "potential," "indicate," "expect," "intend," "hopes," "believe," "may," "will," "if," "anticipate" and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company's future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings "Note Regarding Forward-Looking Statements" and "Risk Factors" in the Company's latest Annual Report on Form 10-K as filed in March 2024, and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information whether as a result of new information, future events or otherwise.

Pamela Solly
Vice President of Investor Relations
(720) 981-1185
www.vistagold.com

Source: Vista Gold Corp.

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