Mr. Frederick Earnest reports

VISTA GOLD SETS TARGET FOR START OF DETAILED ENGINEERING AND DESIGN

Vista Gold Corp. has made continued progress at its Mount Todd gold project and outlined the pathway to initiate detailed engineering and design by early 2027. This milestone is expected to initiate a 27-month design, construction and commissioning process.

The Mount Todd feasibility study, which was completed in July, 2025, demonstrated the potential for near-term development of a smaller initial project by prioritizing higher-grade ore to the processing plant, significantly lowering initial capital costs, and incorporating contractors to reduce development and operational risks. Since that time, the company has focused on advancing Mount Todd in ways that demonstrate the underlying value of the project and position it for near-term development.

The company's focus for 2026 is on establishing the foundation for the successful execution of the Mount Todd project. Priorities include obtaining permit modifications to align existing approved permits with the 2025 FS, expanding corporate capability by building an Australia-based team to lead project development, and addressing recommendations presented in the 2025 FS that will provide key inputs for detailed engineering and design.

The company has commenced efforts to obtain permit modifications and is actively engaged with consultants, regulators and stakeholders. Some modifications have already been submitted and others will be submitted in the coming weeks. The company anticipates the approval of all modifications will be achieved by the end of this year.

The company is seeking to build an Australian team with proven records in leading project development and operations as well as extensive project management, technical, social performance, finance/administration, legal and permitting/compliance experience.

Completing recommendations presented in the 2025 FS is well under way. Drilling to provide core for selective metallurgical testing to confirm optimal grind size, gold recoveries and optimal sizing and selection of grinding equipment have recently been completed. The company is undertaking a review of its geotechnical data and will consider undertaking geotechnical drilling on the western side of the Batman pit, with the objective of steepening the pit wall to reduce stripping and/or to convert resources below the bottom of the designed pit to ore reserves.

Frederick H. Earnest, president and chief executive officer of Vista, said: "Our opportunity to realize an uplift in value by advancing development of Mount Todd has never been greater. The 2025 FS outlines an excellent case for development and is further supported by continuing strength in the gold price. We are taking steps to ensure that development can proceed in an orderly and efficient manner and believe we will be in the position to initiate detailed engineering by early 2027. As we advance toward the start of detailed engineering, we will continue to give appropriate consideration to JV [joint venture] opportunities and other alternatives with the potential to deliver shareholder value."

About Vista Gold Corp.

Vista holds the Mount Todd gold project, a leading development-stage gold deposit located in the Tier 1 mining jurisdiction of Northern Territory, Australia. The company has defined a clear pathway to greater value creation, targeting the commencement of detailed engineering and design by early 2027. This milestone is expected to initiate a 27-month design, construction and commissioning process.

Mount Todd offers strong project economics, significant initial production, and compelling expansion and exploration upside. The project benefits from advanced local infrastructure, multiple development scenarios and broad community support, underpinning its potential to become a long-lived, globally significant gold operation.

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