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A COMPREHENSIVE ANALYSIS OF VISTA GOLD CORP'S FINANCIAL PERFORMANCE AND PROJECT OVERVIEW

RECENT FINANCIAL DATA AND REPORTING

Vista Gold Corp. recently reported its latest financial results for the year ended December 2023. During 2023, the Company focused on the efficient use of cash and strengthened its balance sheet by completing a $20 million royalty transaction with Wheaton Precious Metals. The Company has received $10 of the $20 million and expects to receive the remaining $10 million by the end of the first half of 2024. Operating against market volatilities, Vista Gold Corp. consistently optimizes its operational efficiencies, evidenced by a notable reduction in general and administrative expenses from the previous fiscal year.

NET LOSS AND CASH POSITION

The company reported a net loss of approximately $6.6 million for the year ended 2023. Despite the losses, the liquidity position remains promising, with the company holding approximately $6.1 million in cash and cash equivalents at year-end. 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.

EXPLORATION AND DRILLING ACHIEVEMENTS

The Batman deposit at Mt Todd hosts proven and probable mineral reserves of 6.98 million ounces as reported in the March 2024 updated feasibility study. There are opportunities to add gold mineral resources through further drilling. Exploration at Mt Todd has demonstrated additional growth targets immediately outside the Batman deposit along a 5.4 kilometer trend within the Company’s mining licenses and other precious and base metals prospects within the broader footprint of the Company’s exploration licenses.

In January 2024, the Company commenced a 6,000-7,000 meter drill program, with the focus to add shallow gold resources at the north end of the Batman deposit. This drilling program is a condition of the Royalty Agreement. The objective of this program is to convert gold resources to gold reserves that can be included in the mine production schedule and project cash flows. If successful, management believes this will add substantial value to Mt Todd by improving cash flow as a result of a more constant production profile, reduced stripping, and increased mine life for all development scenarios.

LOOKING AHEAD: STRATEGIC DEVELOPMENT AND PROSPECTS

Vista Gold Corp. remains steadfast in its mission to enhance shareholder value through strategic project development and prudent financial management. By bridging cutting-edge exploration techniques with rich mineral properties, the firm positions itself to navigate market challenges adeptly.

INVESTOR CONFIDENCE AND MARKET POSITION

The strategic initiatives and financial prudence foster investor confidence, fortifying Vista Gold's market position. Continued investments in exploration and maintaining robust capital reserves ensure that the company remains positioned to tap into emerging opportunities and respond to industry dynamics effectively.

CONCLUSION

Vista Gold Corp. exemplifies a robust mining entity with a clear vision and strategic approach. The Mt Todd gold project is one of the largest and most advanced, undeveloped gold projects in Australia, with 7 million gold ounces of proven and probable reserves.

In addition to its size, Mt Todd offers several other strategic advantages. Mt Todd is ideally located in the Northern Territory, Australia an extremely stable and mining-friendly jurisdiction. The existing project infrastructure at Mt Todd provides construction timeline and risk mitigation advantages. All the major permits to initiate the development of Mt Todd have been approved. Of equal importance, we have earned the trust of the local stakeholders and are confident that our social license is firmly in hand. Our current technical programs aim to de-risk the project by incorporating designs that significantly reduce the initial capital costs while maintaining competitive operating costs and preserving the option for future project expansion. We believe Mt Todd is a superior asset and one of the most attractive development-stage gold projects, not just in Australia but in the world.

The Company’s primary objective is to achieve a valuation for Mt Todd that is reflective of the favourable operating costs and robust project economics as demonstrated by the updated feasibility study, and the fact that we hold approvals for all major permits needed to initiate development.