Vista Gold Corp. Announces Third Quarter Financial Results and Business Update

DENVER, October 26, 2022–(BUSINESS WIRE)–Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the three months ended September 30, 2022, highlighted by a cash position of $9.6 million of dollars. All dollar amounts in this press release are in US dollars.

Third Quarter Highlights

  • Advance the process with CIBC Capital Markets (“CIBC”) to seek a partner or other form of transaction to maximize shareholder value;

  • Ended September 30, 2022 with a cash position of $9.6 million; and

  • Maintained a strong balance sheet with zero debt.

Frederick H. Earnest, President and CEO of Vista, said, “We are pleased with the results of our cost reduction measures that management implemented in 2022 in response to current economic and financial market conditions. Fixed cost spending through September 30, 2022 was almost 15% below budget and is expected to continue at this rate through the end of the year. Further spending cuts are planned for 2023.

“During the quarter, we continued to advance our work with CIBC to seek a partner or other form of transaction to achieve greater value for Mt Todd. Volatility in the economy and stock markets, including inflationary pressures, higher interest rates and falling gold prices, has caused a number of interested parties to adopt a more short-term trading strategy. cautious as they manage the impacts of these conditions. We believe that achieving an acceptable transaction may depend on sustained improvement and stability in the economy and financial markets.”

Summary of third quarter 2022 financial results

As of September 30, 2022, cash and cash equivalents totaled $9.6 million and working capital was $8.9 million. The Company has no debt.

Vista recorded a net loss of $1.7 million or $0.02 per basic share for the three months ended September 30, 2022, compared to a loss of $3.1 million or $0.02 per basic share for the three months ended September 30, 2021. The loss for the current quarter is in line with management’s expectations and reflects cost reduction measures implemented in response to current economic and financial market conditions.

Management conference call

Management’s quarterly conference call to review financial results for the quarter ended September 30, 2022 and to discuss business operations and plans is scheduled for Thursday, October 27, 2022 at 10:00 a.m. MDT (12:00 p.m. EDT).

Toll free for participants: (888) 396-8049
International participant: (416) 764 -8646
Conference ID: 96969799

This call will also be archived and available at after October 27, 2022. The audio replay will be available for 14 days by calling toll-free in North America (877) 674-7070 or (416) 764-8692. The replay password is 969799#.

If you are unable to access audio or telephone on the day of the conference call, please email your questions to [email protected]

For more information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd Gold Project located in the mining-friendly Tier 1 jurisdiction of Northern Territory, Australia. Located approximately 250km southeast of Darwin, Mt Todd is one of Australia’s largest and most advanced undeveloped gold projects and as currently designed Mt Todd is expected to be one of Australia’s top five gold producers. All major environmental and operating permits have now been approved.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning Canadian securities laws. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our goal of seeking a partner or other transaction to maximize shareholder value and achieve greater recognition of value for Mt Todd; our expectation that fixed cost expenses through the end of the year will be under budget by approximately 15%; our belief that a number of interested parties are adopting a more cautious short-term trading strategy; our belief that the completion of an acceptable transaction may be dependent on continued improvement and stability in the economy and financial markets; the expected date of our management’s call regarding our financial results; our belief that Mt Todd is one of the largest undeveloped gold projects in Australia and, as currently designed, Mt Todd is expected to be one of Australia’s top five gold producers, are forward-looking statements and forward-looking information. Important factors and assumptions used in making the forward-looking statements and information contained in this press release include the following: our forecasts and expected cash flows; our projected capital and operating expenditures; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mining development or mining activities will remain consistent; our approved business plans, 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; our experience and knowledge of the Australian mining industry and our expectations regarding economic conditions and the price of gold; and our expectations regarding the economy and stock markets, including inflationary pressures and interest rates. When used in this press release, the words “optimistic”, “potential”, “indicate”, “expect”, “intend”, “hope”, “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, uncertainties and other factors that may cause actual results, performance or achievements of the Company may differ materially from any future results, performance or achievements expressed or implied by such statements.Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty regarding the Company’s future operating costs and its ability to raise capital; the risks associated with increased investment and operating costs; the risks of shortages and fluctuations in costs of equipment or supplies; risks related to fluctuations in the price of gold; the inherently dangerous nature of mining-related activities; the potential effects on our operations of environmental regulations in the countries in which we operate; risks due to legal proceedings; risks related to political and economic instability in certain countries in which it operates; uncertainty of bulk metallurgical test results; uncertainty about the completion of critical milestones for Mt Todd; uncertainty about the impact of the ongoing global health crisis caused by the COVID-19 pandemic; and uncertainty regarding the economy and stock markets, including inflation and interest rates; as well as the factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed in February 2022 and other filings with the Securities and Exchange United States Commission and Canadian Securities Administrators. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements and information, there may be other factors that cause results not to be those anticipated, estimated or forecast. Except as required by law, we undertake no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

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Pamela Solly
Vice President of Investor Relations
(720) 981-1185

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