Vista Gold Corp. Provides Corporate Update and Outlook

“The strategic process with CIBC Capital Markets, which is ongoing and remains a top priority, continues to generate interest and positive feedback on the technical merits of Mt Todd. We see signs of improving market conditions, but interested parties continue to maintain a cautious approach to new, large-scale development projects. To address this sentiment, the Company is evaluating a smaller scale project with significantly lower initial capital costs while maintaining similar operating costs as demonstrated by our 2022 feasibility study, and with potential for subsequent throughput expansion or mine-life extension. We expect to be able to demonstrate these attractive alternate development strategies early this year and believe this will attract the interest of new potential partners and appeal to those who have previously expressed interest in the optionality of Mt Todd under different development strategies.

“Reducing costs and maximizing cost effectiveness are also high priorities for 2023. Our 2022 recurring costs were 15% below plan. We have already taken steps to further reduce these costs by approximately 7% during 2023 and continue to evaluate and implement opportunities for additional cost reductions.”

Mr. Earnest continued, “We have demonstrated the tremendous value of Mt Todd and are devoted to the preservation of this value pending the return of a more constructive market environment. We remain committed to the health and safety of our employees, who completed 2022 with no lost time accidents, and our environmental stewardship of the Mt Todd mine site. We continue to work closely with the Jawoyn people and other stakeholders in the Katherine region and the Northern Territory. We share the vision of the Northern Territory Government that mining is an important part of the economic growth of the Northern Territory and continue to work with the Northern Territory Government on initiatives of mutual interest.