Vista Gold Corp. Reports Second Quarter 2024 Financial Results

DENVER, July 29, 2024--(COMMERCIAL THREAD)--Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended June 30, 2024, with net income of $15.6 million and cash totaling $20.2 million. All dollar amounts in this press release are in U.S. dollars.

Frederick H. Earnest, Vista’s Chairman and CEO, said, “In the second quarter, we received the final installment of payments under the recent royalty agreement of $10 million. All payments under the royalty agreement totaling $20 million have been received, which significantly strengthens our balance sheet. We have completed Phase 1 of the Mt Todd drilling program and commenced Phase 2. We expect to announce Phase 1 results in August.”

Mr Earnest concluded: "We have initiated trade-off studies and preliminary assessments of an initially smaller-scale project at Mt Todd. We will continue to prioritise the efficient use of our cash as we seek opportunities to create long-term value for our shareholders in the current climate of a strong and rising gold price, and execute on our health, safety and environmental initiatives."

In June, the Company also announced that the Northern Territory, Australia (the “NT”) passed legislation to enact the Mineral Royalties Act 2024, effective 1 July 2024. The 3.5% royalty to be applied to production from Mt Todd represents a reduction of almost 50% of the royalty payable. This translates into improved project economics and anticipated shareholder returns compared to our updated 2024 feasibility study, which included NT royalties equivalent to an ad valorem rate of almost 7%. Under the previous net profit royalty regime, our baseline economic analysis at a gold price of $1,800 estimated the payment of $765 million in NT royalties over the life of the mine.

Financial Results Summary

Vista reported consolidated net income of $15.6 million, or $0.13 per basic common share, for the quarter ended June 30, 2024, compared to consolidated net loss of $1.5 million, or $0.01 per basic common share, for the quarter ended June 30, 2023. Net income for the current quarter includes a gain recognized of $16.9 million upon receipt of the final installment under the royalty agreement.

Cash and cash equivalents were $20.2 million as of June 30, 2024, compared to $6.1 million as of December 31, 2023. The Company remained debt-free.

Management conference call

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).

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Toll-free number for participants: +1 (800) 717-1738
International Participant: +1 (289) 514-5100
Conference ID: 85480

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

If you are unable to access audio or participate by phone on the day of the conference call, please email your questions to ir@vistagold.com.

About Vista Gold Corp.

Vista is a gold project developer. The company's principal asset is Mt Todd, located in the mining-friendly jurisdiction of the Northern Territory, Australia. Located approximately 250 km south-east of Darwin, Mt Todd is one of the largest development opportunities in Australia and demonstrates compelling economics. All major environmental and operating permits required to commence development of Mt Todd are in place.

Mt Todd benefits from its location in a major mining jurisdiction and offers opportunities to add value through mineral reserve growth, alternative development strategies and other risk-reducing activities.

For more information about Vista or Mt Todd, 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 press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, the 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 fact, included in this press release that address activities, events or developments that we anticipate or expect to occur or may occur in the future, including such things as our belief that the final payment of the $10 million installment under the recent royalty agreement will significantly strengthen 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 as we seek opportunities to create long-term shareholder value in the current climate of a strong and rising gold price and execute on our health, safety and environmental initiatives; our belief that the new 3.5% royalty to be applied to production from Mt Todd represents a reduction of almost 50% of the royalty payable and results in improved project economics and anticipated shareholder returns compared to our updated 2024 feasibility study, which included NT royalties equivalent to an ad valorem rate of almost 7%; our belief that, under the previous net profit royalty regime, our baseline economic analysis at a gold price of $1,800 estimated the payment of $765 million in NT royalties over the life of the mine; statements regarding Mt Todd as one of the largest development 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 mineral reserve growth, alternative development strategies and other risk-reducing 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 press release include the following: our forecasts and expected cash flows; our expected capital and operating costs; our expectations regarding mineral and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining operations will remain consistent; our approved business plans, our estimates of mineral resources and reserves and the results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulatory bodies; the political and social support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations about economic conditions and the price of gold. When used in this press release, the words "optimistic," "potential," "indicate," "expect," "intend," "hope," "believe," "could," "will," "if," "anticipate" and similar expressions are intended to identify forward-looking statements and information. Such statements involve known and unknown risks, uncertainties and other factors that could 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, the uncertainty of estimates of resources and reserves; uncertainty about the Company's future operating costs and its ability to raise capital; risks related to increases in capital costs and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks related 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 we operate; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty about the results of mass metallurgical test work; and uncertainty about the completion of critical milestones for Mt Todd; as well as the factors discussed under the captions “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed in March 2024 and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulators. 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 to differ materially from those anticipated, estimated or intended. Except as required by law, we undertake no obligation to publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.

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Contacts

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