Vista Gold Corp. Completes \$44.85 Million Public Offering to Advance Mt. Todd Gold Project

Denver, Colorado, March 9, 2026 — Vista Gold Corp. (NYSE American and TSX: VGZ), a leading gold development company, has announced the successful closing of its previously reported underwritten public offering, raising gross proceeds of US\$44.85 million. This substantial capital raise included the full exercise of the underwriters’ option to purchase an additional 2,340,000 common shares, bringing the total number of shares issued to investors to 17,940,000 at a price of US\$2.50 per share.

Key Points for Investors

• Significant Capital Raise: The offering generated US\$44.85 million in gross proceeds, before underwriting discounts, commissions, and offering expenses.
• Full Exercise of Over-Allotment: The underwriters exercised their option to purchase all additional shares, indicating strong investor demand for Vista Gold’s equity.
• Use of Proceeds: The net funds will be primarily deployed to advance exploration and development activities at Vista’s flagship Mt. Todd gold project in Australia’s Northern Territory. Any remaining funds will be used for general corporate purposes.
• Key Underwriters: CIBC Capital Markets served as the sole bookrunner for the offering. BMO Capital Markets, Raymond James, H.C. Wainwright & Co., and Tamesis Partners acted as co-managers, contributing to broad institutional participation.
• Regulatory Compliance: The offering was conducted pursuant to an effective shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC) and relied on the “listed issuer financing” exemption under Canadian securities regulations (except Quebec).

Strategic Importance and Potential Price Sensitivity

• Mt. Todd Project Advancement: The capital infusion is specifically earmarked to advance the Mt. Todd gold project, described as a “leading development-stage gold deposit” in a Tier-1 mining jurisdiction. The company emphasizes strong project economics, significant initial production prospects, compelling expansion and exploration upside, advanced local infrastructure, multiple development scenarios, and broad community support.
• Potential Share Price Impact: The successful raising of \$44.85 million, especially with full exercise of the over-allotment, provides a strong endorsement of Vista’s project and management. With the allocation of funds to further de-risk and advance Mt. Todd, the company is now better positioned to realize value from its Australian asset. These developments could be seen as highly positive catalysts by the market, potentially impacting share value in the near- to mid-term.
• Risks and Forward-Looking Statements: Investors should note the company has highlighted several risks, including uncertainties related to the development of Mt. Todd, resource and reserve estimates, fluctuating gold prices, operating and capital costs, ability to raise additional capital, and regulatory matters both in Australia and North America. Project milestones and test work results remain crucial for future valuation.

Offering Details and Availability of Documents

• Prospectus Access: The final prospectus supplement and base prospectus for the offering are freely available on the SEC’s website or by request from the offering’s underwriters. Canadian investors outside Quebec can access the amended and restated offering document on SEDAR+.
• TSX Company Manual Exemption: Vista Gold relied on an exemption that allowed the Toronto Stock Exchange (TSX) to forego applying certain standards to this transaction due to Vista’s status as an eligible interlisted issuer.

About Vista Gold Corp.

Vista Gold holds 100% of the Mt. Todd gold project, which is one of the largest undeveloped gold projects in Australia. The company’s focus is on advancing Mt. Todd towards production and unlocking its full potential for shareholders.

For more information, investors may contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185, or visit www.vistagold.com.

Disclaimer

This article contains forward-looking statements based on current assumptions and expectations, which involve risks and uncertainties that may cause actual results to differ materially from those projected. These include, but are not limited to, risks related to the development of the Mt. Todd project, changes in gold prices, operational and regulatory risks, and other factors described in Vista Gold’s SEC and Canadian regulatory filings. This article does not constitute investment advice. Investors should review all official filings and consult their financial advisors before making investment decisions.

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