Vista Gold Corp. Announces First Quarter 2024 Financial Results

Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended March 31, 2024, with cash totaling $11.9 million at quarter-end. All dollar amounts in this press release are in U.S. dollars.

Frederick H. Earnest, President and CEO of Vista, said, “Our focus in 2024 is on strengthening our balance sheet, advancing evaluations of an initially smaller-scale Mt Todd project with the option for subsequent staged expansion, continuing our work with CIBC Capital Markets to maximize shareholder value, and successfully executing our health, safety, and environmental initiatives.

“During the first quarter, we received the second payment under the recent royalty agreement in the amount of $7 million and look forward to receiving the final payment of $10 million to further strengthen our balance sheet. We updated the Mt Todd feasibility study to include first quarter 2024 quotes for material capital and operating costs, the current outlook for long-term gold price and foreign exchange rates, and the previously announced royalty. The study demonstrated project economics approximately the same or slightly better than reported two years ago. We also commenced a drilling program targeting shallow gold resources at the north end of the Batman deposit which is expected to add near-surface (i.e. low stripping ratio) gold resources, benefiting the mine production schedule and project cash flows in early years of production, and published our inaugural environmental, social, and governance report.”

Mr. Earnest concluded, “We will continue to prioritize the efficient use of our cash and the execution of our corporate strategy to create long-term value for our shareholders.”

Summary of Financial Results

Vista reported a consolidated net loss of $1.1 million, or $0.01 per common share, for the quarter ended March 31, 2024, compared to a consolidated net loss of $2.0 million, or $0.02 per common share for the quarter ended March 31, 2023.

Cash and cash equivalents totaled $11.9 million at March 31, 2024, compared to $6.1 million at December 31, 2023. The Company continued to have no debt.

Management Conference Call

Management’s conference call to review financial results for the quarter ended March 31, 2024 and to discuss corporate and project activities is scheduled for May 7, 2024 at 2:00 p.m. MDT (4:00 p.m. EDT).

Participant Toll Free: [phone]
Participant International: [phone]

Conference ID: 88438

This call will be archived and available at www.vistagold.com after May 7, 2024. An audio replay will also be available through May 21, 2024 by calling toll-free in North America [phone] or [phone] using passcode 88438#.