Mr. Frederick Earnest reports

VISTA GOLD HIGHLIGHTS MT TODD PROGRESS AND ANNOUNCES PARTICIPATION IN AUSTRALIA'S DIGGERS & DEALERS MINING FORUM

Vista Gold Corp. today provided an update on its Mt. Todd gold project in Australia's Northern Territory and says it has participated in the Diggers & Dealers Mining Forum in Kalgoorlie, Western Australia.

Frederick H. Earnest, president and chief executive officer of Vista Gold, commented: "Since announcing the results of the 2025 Mt. Todd feasibility study, we have focused on advancing our stand-alone development strategy and have made significant progress on permitting, strengthening our Australian project leadership team, and completing key technical and planning initiatives. These activities are expected to reduce development risk, enhance project readiness, and position Mt. Todd to begin detailed engineering and design in 2027. We expect this milestone to initiate an approximately 27-month period encompassing detailed engineering, construction and commissioning of a new gold mine."

Advancing permitting and driving development forward

The company continues to advance the permit modifications required to align existing approvals with the 2025 Mt. Todd feasibility study (Mt. Todd FS). The company is actively engaged with regulators, consultants and stakeholders to obtain permit modifications. Some modifications have already been submitted, the first authorizations already granted and programs to support other submissions are in progress. Vista expects certain additional approvals to be granted in the second half of 2026 with final approvals anticipated in 2027.

Concurrently, Vista is advancing several programs in preparation for the start of detailed engineering and design. The initial phase of a dewatering program is under way at the Batman pit and tailings storage facility, with additional phases planned to commence later this year. The company has also completed refinements to the site layout design, is preparing for tailings storage facility predesign field investigations and continues to advance project execution planning.

Building Australia's executive leadership team

The company continues to build its Australia-based executive leadership and project development teams to support the next phase of the project. The executive team is based in Perth, Western Australia, with the project development team assigned to the Northern Territory, including certain fly-in, fly-out roles.

The company has strengthened its corporate capabilities across key functions, including projects and technical services, external relations and social performance, legal, and permitting. Recruiting is continuing for executive and project development team members to further strengthen the company's project execution capabilities in Australia. As part of this effort, the company is well advanced in its search for an Australia-based managing director with a proven record in project development and building successful organizations to lead the development of Mt. Todd.

Progressing predevelopment optimization programs

Vista continues to advance the predevelopment optimization programs identified in the Mt. Todd FS to support detailed engineering and further derisk the project.

A comprehensive metallurgical test program to optimize grind size and gold recoveries while generating data to support process plant design and equipment selection is well advanced. Initial results are consistent with expectations, and the company anticipates announcing final results later this year.

The geotechnical program at the Batman pit to evaluate opportunities to steepen the west pit wall, reduce waste stripping and potentially convert mineral resources to additional mineral reserves is also nearing completion.

These, and other studies currently in progress, are expected to provide important inputs for detailed engineering while further reducing technical and execution risk.

Diggers & Dealers Mining Forum 2026

The company also announced that it will be participating in the upcoming Diggers & Dealers Mining Forum taking place Aug. 3 to Aug. 5, 2026, in Kalgoorlie, Western Australia.

Diggers & Dealers Mining Forum is Australia's premier mining forum, with more than 2,700 attendees and over 150 exhibitors. The forum is a key event for mining leaders, developers, explorers, brokers, bankers, investors, financiers and mining service industries from around the world.

Vista's president and chief executive officer, and chief financial officer will join members of the executive leadership and project development teams from Perth and Darwin in meeting with industry peers and representatives of the Australian financial community. The leadership team will also be available to discuss current activities at Mt. Todd, including recent technical and development initiatives.

About Vista Gold Corp.

Vista holds the Mt. Todd gold project, located in the Tier 1 mining jurisdiction of Northern Territory, Australia. Mt. Todd is among the largest development-stage projects in Australia. The company has defined a clear pathway to value realization, targeting the commencement of detailed engineering and design in 2027. This milestone is expected to initiate an approximately 27-month period of design, construction and commissioning, culminating in first gold production.

Mt. Todd offers strong project economics, significant initial production, and compelling expansion and exploration upside. Mt. Todd benefits from advanced local infrastructure, options for future expansion and broad community support, underpinning its potential to become a long-lived, globally significant gold operation.

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