Vista Gold Corp. Announces 2023 Financial Results
__________________ NEWS _________________
Vista Gold Corp. Announces 2023 Financial Results
Denver, Colorado, March 14, 2024 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced its audited financial results for the year ended December 31, 2023, with cash totaling
$6.1 million at year-end. All dollar amounts in this press release are in U.S. dollars.
During 2023, the Company focused on the efficient use of cash and strengthened its balance sheet by completing a
$20 million royalty transaction (“Royalty”) . Pursuant to the terms of the Royalty, we received $3 million in
December 2023, $7 million in February 2024, and expect to receive the remaining $10 million during the first half
of 2024.
Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “Our team successfully executed on a
number of key initiatives during 2023 and we are off to a great start in 2024. During this period we:
• completed an internal scoping study that we believe confirmed the potential for a smaller-scale, staged
development strategy for Mt Todd;
• extended the term of the agreement with the Northern Territory Government pertaining to Mt Todd through
December 31, 2029 with the option for a three-year extension;
• started a drilling program targeting shallow gold resources at the north end of the Batman deposit which is
expected to add near-surface gold resources, benefiting the mine production schedule and project cash flows
in early years;
• published our inaugural ESG report, which recognizes our belief in the importance of conducting our
business in a responsible and sustainable manner, and our commitment to aligning our business practices
with current and evolving ESG principles to ensure the long- term success and positive impact of our
operations; and
• recently announced the results of the updated feasibility study for Mt Todd that includes capital and
operating costs, gold price, and foreign exchange rates reflective of current market conditions, with project
economics that are approximately the same or slightly better than reported two years ago, inclusive of cost
increases that have affected the entire gold mining sector.”
Mr. Earnest continued, “ Our top priority in 2024 is realizing value for our shareholders. Receipt of the Royalty
funding enables us to move forward strategically in our efforts to de-risk Mt Todd and maximize value. We continue
to work with CIBC Capital Markets (“CIBC”) to identi fy and advance interest in Mt Todd and are focused on
achieving a transaction that maximizes shareholder value. We plan to leverage the results of the drilling program
and prior technical studies by advancing evaluations of smaller-scale, staged development scenarios at Mt Todd with
a focus on lower initial capital costs. Our evaluation of a smaller -scale, staged development strategy for Mt Todd
complements the work that we are doing with CIBC and increases optionality.”
8310 S. Valley Highway
Suite 300
Englewood, CO 80112
Phone: 720-981-1185
Trading Symbol: VGZ
NYSE American and TSX Stock Exchanges
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Summary of Financial Results
Vista reported a consolidated net loss of $6.6 million, or $0.05 per common share, for the year ended December 31,
2023 compared to a consolidated net loss of $4.9 million, or $0.04 per common share for the year ended December
31, 2022.
Cash and cash equivalents totaled $6.1 million at December 31, 2023 compared to $8.1 million at December 31, 2022.
In February 2024, the Company received the second instalment payment under the Royalty in the amount of $7 million
and expects to receive the final instalment payment in the amount of $10 million during the first half of 2024. The
Company continued to have no debt.
Management Conference Call
Management’s conference call to review financial results for the year ended December 31, 2023 and to discuss
corporate and project activities is scheduled for March 18, 2024 at 2:00 p.m. MDT (4:00 p.m. EDT).
Participant Toll Free: +1 (800) 717-1738
Participant International: +1 (289) 514-5100
Conference ID: 37191
This call will be archived and available at www.vistagold.com after March 18, 2024. An audio replay will also be
available through April 1, 2024 by calling toll-free in North America +1 (888) 660-6264 or +1 (289) 819-1325 using
passcode 37191#.
If you are unable to access the audio or phone -in on the day of the conference call, please email your questions to
About Vista Gold Corp.
Vista is a gold project developer. The Company’s flagship asset is Mt Todd, located in the mining friendly
jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is one
of the largest development stage opportunities in Australia and demonstrates compelling economics. All major
environmental and operating permits necessary to initiate development of Mt Todd are in place.
Mt Todd benefits from its location in a leading mining jurisdiction and offers opportunities to add value through
growth of mineral reserves, alternative development strategies, and other de-risking activities.
For further information about Vista or Mt Todd, please 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 news release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities
Exchange Act of 1934, as amended, and forward -looking information within the meaning of Canadian securities laws. A ll statements, other
than statements of historical facts, included in this news release that address activities, events or developments that we expect or anticipate
will or may occur in the future, including such things as our belief that Vista strengthened its balance sheet by completing a $20 million royalty
transaction (“Royalty”); our belief that we will receive the remaining $10 million under the Royalty during the first half of 2024; our belief
that we have successfully executed on a number of key initiatives during 2023 and that we are off to a great start in 2024; o ur belief that the
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Royalty funding enables us to move forward strategically in our efforts to de -risk Mt Todd and maximize value; our belief that the internal
scoping study confirmed the potential for a smaller-scale, staged development strategy for Mt Todd; our expectation that our drilling program
will add near-surface gold resources, benefiting the mine production schedule and project cash flows in early years; our plan to leverage the
results of the drilling program and prior technical studies by advancing evaluations of smaller-scale, staged development scenarios at Mt Todd
with a focus on lower capital and that such evaluations complement our work with CIBC; statements regarding Mt Todd being one of the
largest development stage opportunities in Australia and demonstrat ing 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 growth of mineral reserves ,
alternative development strategies, and other de -risking 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 news
release include the following: ou r forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding
mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities
will re main consistent; our approved business plans, our mineral resource and reserve estimates and results of preliminary economic
assessments; preliminary feasibility studies and feasibility studies on our projects, if any; our experience with regulators; political and social
support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations of economic
conditions and the price of gold. When used in this news release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,”
“believe,” “may,” “will,” “if,” “anticipate” and similar expressions are intended to identify forward -looking statements and forward-looking
information. These statements involve known and unknown risks, uncerta inties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any future results, performance or achievements ex pressed or
implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s
future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and
fluctuating costs of equipment or supplies; risks relating 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 it operates; risks due to legal proceedings;
risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical
test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note
Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10 -K as filed in March 2024,
and other documents filed with the U.S. Securities and Exchange Commission and Cana dian securities regulatory authorities. Although we
have attempted to identify important factors that could cause actual results to differ materially from those described in for ward-looking
statements and forward -looking information, there may be other fac tors that cause results not to be as anticipated, estimated or intended.
Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information;
whether as a result of new information, future events or otherwise.