Vista Gold Corp. (NYSE American and TSX: VGZ) announced results from Phase 1 and the start of Phase 2 of its 2024 drilling program at the Company’s Mt Todd gold 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 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.

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

QA/QC Protocols and Sampling Procedure

All sampling was conducted under the supervision of the Company’s geologists and the chain of custody from Mt Todd facilities to the independent sample preparation facility at North Australian Laboratories Pty Ltd in Pine Creek NT was continuously monitored.

• The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves using diamond saws. One-half is placed into pre-numbered sample bags as per industry standards with sample lengths between a minimum of 0.2 meters to a maximum of 1.2 meters. The other half of the core is retained for future reference by the company. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork.
• Following common industry practices, blanks and standards are also placed in plastic bags for inclusion in the shipment. A reference blank or a standard is inserted at a minimum ratio of 1 in 10 and additional blank samples are added at suspected high-grade intervals. Standard reference material is sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of four samples is completed, they are placed in a shipping bag and tied closed. All of these samples are kept in a secure area on-site until crated for shipping.
• Vista Gold employees ship and transport the samples to the NAL. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than 3 g Au/t, and then a gravimetric finish is used to report final results.
• For the purposes of this release, mineralized intervals are defined as runs of mineralization with a maximum internal waste of 4.0 meters.
• NAL is independent of Vista Gold.

It is the opinion of the QP (as defined below) that the sample preparation methods and quality control measures employed before the dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

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 Canadian 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 to inform the reader of the advancement of the 2024 drilling program for the Mt Todd project.

For more information on the Company’s March 2024 feasibility study (the “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 at www.sec.gov and, for Canadian purposes, the technical report 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 under our profile at www.sedarplus.ca. The 2024 Feasibility Study is not incorporated by reference into this news release.

About Vista Gold Corp.

Vista holds the Mt Todd gold project, an advanced development-stage gold deposit located in the low risk, Tier-1 mining friendly jurisdiction of Northern Territory, Australia. Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated financial strength with leverage to gold. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.

Vista seeks to position Mt Todd among the leading development opportunities within the gold sector. Vista’s strategy is to advance Mt Todd in ways that efficiently position the Project for development while exercising the patience necessary to best realize value at the right time.

Vista expects continued strength in the gold price and believes that shovel-ready projects like Mt Todd will become increasingly crucial for replacing globally declining gold reserves. Vista’s strategy of advancing Mt Todd with discipline and patience is expected to deliver a more fully valued project as markets and the gold industry align.

Figure 1 – Plan view of Phase 1 drill hole locations and South Cross Lode zone (Graphic: Business Wire)