Denver, Colorado, January 8, 2024 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce plans to initiate a program at the Company’s 100%-owned Mt Todd gold project (“Mt Todd” or “Project”) directed at increasing near surface gold resources and further evaluating a staged development strategy. This program will build upon the extensive body of data underlying the Company’s 2022 feasibility study (the “2022 Feasibility Study”), its 2023 internal scoping-level study (the “2023 Scoping Study”), and previous drilling in the area immediately adjacent to the Batman deposit.

Staged development offers the distinct advantage of requiring substantially lower initial capital while retaining the longer-term potential to achieve world-class production levels. The 2023 Scoping Study indicated that a nominal 5 million tonne per year project could be designed and constructed with an initial capital expenditure of less than US$350 million, utilizing contract mining, and would achieve initial production in the range of 150,000 – 200,000 ounces of gold per year at very competitive all-in sustaining costs. For information on the 2023 Scoping Study, please see the Company’s news release dated March 1, 2023 available on SEDAR+.

Frederick Earnest, President and CEO of Vista Gold Corp., stated, “The internal scoping-level study completed last year confirmed to us that a smaller-scale project is technically viable and economically attractive. We see significant value in advancing the evaluation of this alternative development strategy. A smaller initial operation followed by staged development offers opportunities for substantially reduced initial capital, lower development risk and future growth supported by project cashflows. We believe Mt Todd is one of the largest development stage opportunities in Australia and continues to demonstrate compelling economics. The program we are announcing today is expected to add significant value and further de-risk Mt Todd while we continue to pursue our strategy to seek an appropriate transaction that maximizes shareholder value and reduces development risk.”

Vista plans to commence a targeted drilling program of 6,000 – 7,000 meters. The focus will be the area immediately adjacent to the Batman deposit along the strike of the Batman main core zone and extending approximately 400 meters north of the existing Batman pit. This area includes inferred gold resources which were classified as waste in the 2022 Feasibility Study and areas where there has been insufficient drilling to define a mineral resource. The objective of this drilling program is to upgrade the inferred gold resources to the measured and indicated resource categories within 300 meters of the surface at grades consistent with the current Batman deposit average and to further define the uncategorized mineralization in this area. It is uncertain if further drilling will result in the inferred gold resources being upgraded to the measured and indicated resource categories or that uncategorized mineralization target areas will be delineated as mineral resources.

Mr. Earnest added, “We expect that adding shallow gold resources adjacent to the pit would add substantial value to Mt Todd by enhancing the mine plan in earlier years, extending the life of mine and providing additional ore to support staged expansion.”

As drilling progresses, Vista expects to undertake additional technical studies to advance the staged development strategy. Most technical information is already available from the 2022 Feasibility Study; therefore, new studies are expected to be limited to confirming the mineralogy and metallurgical characteristics of new gold resources, conducting tradeoff studies covering a range of staged expansion alternatives, and developing layouts for the processing plant and other facilities.

For information on the 2022 Feasibility Study, 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 December 31, 2021, an issue date of February 9, 2022 and an amended date of February 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 December 31, 2021 and an issue date of February 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.

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 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 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

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