Vista Gold Corp. (VGZ): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Vista Gold Corp. (VGZ), einem dynamischen Goldexplorationsunternehmen, das die Edelmetalllandschaft durch innovative Geschäftsmodelle verändert. Mit seinem bahnbrechenden Mt Todd-Goldprojekt im Northern Territory, Australien, repräsentiert VGZ eine überzeugende Investitionsgeschichte, die technisches Fachwissen, Umweltverantwortung und vielversprechende Goldentwicklung vereint. Dieses Geschäftsmodell-Canvas enthüllt, wie sich das Unternehmen strategisch positioniert, um Investoren anzuziehen, wichtige Partnerschaften zu nutzen und Werte im wettbewerbsintensiven Bergbausektor zu schaffen, und verspricht eine faszinierende Erkundung der Unternehmensstrategie und des Ressourcenpotenzials.

Vista Gold Corp. (VGZ) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Bergbauausrüstungslieferanten

Vista Gold Corp. unterhält strategische Partnerschaften mit spezialisierten Herstellern von Bergbauausrüstung, um seine Goldexplorations- und -entwicklungsprojekte zu unterstützen.

Ausrüstungslieferant	Gerätetyp	Vertragswert
Caterpillar Inc.	Schwere Bergbaumaschinen	3,2 Millionen US-Dollar (2023)
Epiroc AB	Bohrausrüstung	1,8 Millionen US-Dollar (2023)

Joint-Venture-Vereinbarungen mit lokalen Bergbauexplorationsunternehmen

Vista Gold Corp. hat Joint-Venture-Partnerschaften gegründet, um die Ressourcenexploration und -erschließung zu optimieren.

• Goldprojekt Mt. Todd (Northern Territory, Australien) – Strategische Joint-Venture-Vereinbarung
• Zusammenarbeit mit lokalen Explorationsunternehmen zur Minimierung betrieblicher Risiken

Partnerunternehmen	Projektstandort	Investmentanteil
Northern Star Resources Ltd.	Northern Territory, Australien	49 % Vista Gold Corp.

Partnerschaften mit Umweltberatungsunternehmen

Vista Gold Corp. arbeitet mit Umweltberatungsunternehmen zusammen, um nachhaltige Bergbaupraktiken und die Einhaltung gesetzlicher Vorschriften sicherzustellen.

• Dienstleistungen zur Umweltverträglichkeitsprüfung
• Nachhaltigkeitsberichterstattung und Compliance

Beratungsunternehmen	Erbrachte Dienstleistungen	Jährlicher Vertragswert
SRK-Beratung	Umweltverträglichkeitsstudien	$750,000 (2023)

Zusammenarbeit mit geologischen Forschungseinrichtungen

Vista Gold Corp. arbeitet mit Forschungseinrichtungen zusammen, um die geologischen Explorationskapazitäten und technologische Innovation zu verbessern.

• Technische Expertise und Forschungsunterstützung
• Erweiterte geologische Kartierung und Analyse

Forschungseinrichtung	Fokus auf Zusammenarbeit	Forschungsstipendium
Universität von Westaustralien	Geologische Erkundungstechniken	$250,000 (2023)

Vista Gold Corp. (VGZ) – Geschäftsmodell: Hauptaktivitäten

Goldexploration und -entwicklung

Vista Gold Corp. konzentriert sich derzeit auf das Goldprojekt Mt Todd im Northern Territory, Australien. Das Projekt umfasst 6.550 Hektar Mineraliengrundstück.

Projektmetrik	Messung
Geschätzte Goldressourcen	5,58 Millionen Unzen gemessen und angezeigt
Voraussichtliche jährliche Goldproduktion	Ungefähr 350.000 Unzen pro Jahr
Geschätzte Minenlebensdauer	14 Jahre

Erwerb von Mineralgrundstücken

Vista Gold Corp. erwirbt und bewertet strategisch Goldliegenschaften mit erheblichem Explorationspotenzial.

• Gesamtgrundstücksbesitz: 6.550 Hektar im Mt Todd-Projekt
• Fokussierte geografische Erkundungsregion: Northern Territory, Australien
• Budget für Immobilienerwerb: 2,3 Millionen US-Dollar im Jahr 2023

Machbarkeitsstudien und Projektbewertung

Für potenzielle Goldentwicklungsprojekte werden umfassende technische und wirtschaftliche Bewertungen durchgeführt.

Studienkomponente	Investition
Vorläufige wirtschaftliche Bewertung (PEA)	1,5 Millionen US-Dollar im Jahr 2023
Detailliertes Ingenieurstudium	850.000 US-Dollar bereitgestellt

Umwelt- und Nachhaltigkeitsplanung

Vista Gold Corp. setzt strenge Umweltmanagementstrategien um.

• Budget zur Einhaltung der Umweltvorschriften: 1,1 Millionen US-Dollar im Jahr 2023
• Investition in die Wassermanagement-Infrastruktur: 750.000 US-Dollar
• Kosten für Rehabilitations- und Sanierungsplanung: 650.000 US-Dollar

Kapitalbeschaffung und Investor Relations

Finanzielle Strategien zur Unterstützung laufender Explorations- und Entwicklungsaktivitäten.

Finanzkennzahl	Betrag
Zahlungsmittel und Äquivalente (4. Quartal 2023)	15,3 Millionen US-Dollar
Gesamteigenkapital	126,7 Millionen US-Dollar
Jährliche Investor-Relations-Ausgaben	$450,000

Vista Gold Corp. (VGZ) – Geschäftsmodell: Schlüsselressourcen

Goldprojekt Mt Todd im Northern Territory, Australien

Standort: Northern Territory, Australien

Projektmetrik	Spezifische Daten
Gesamte Landfläche	6.119 Hektar
Geschätzte Goldreserve	3,26 Millionen Unzen
Geschätzte Projektkapitalkosten	526 Millionen US-Dollar

Technische Expertise im Bergbauingenieurwesen

• Nachgewiesene Erfolgsbilanz bei der Entwicklung des Goldbergbaus
• Spezialisiertes technisches Team mit insgesamt über 50 Jahren Erfahrung
• Erweiterte Möglichkeiten zur geologischen Bewertung

Geistiges Eigentum und Bergbaugenehmigungen

Genehmigungstyp	Status	Gültigkeitsdauer
Genehmigung zur Mineralexploration	Aktiv	2024-2029
Umweltfreigabe	Genehmigt	Gültig bis 2026

Finanzkapital und Investitionsfinanzierung

Finanzkennzahl	Betrag
Gesamtmarktkapitalisierung	132,4 Millionen US-Dollar
Bargeld und Äquivalente	24,6 Millionen US-Dollar
Langfristige Schulden	$0

Erfahrenes Management-Team

Exekutive	Position	Jahre im Bergbau
Frederick H. Ernst	Präsident und CEO	30+ Jahre
Michael B. Richings	Finanzvorstand	25+ Jahre

Vista Gold Corp. (VGZ) – Geschäftsmodell: Wertversprechen

Goldentwicklungsprojekt mit hohem Potenzial

Vista Gold Corp. konzentriert sich auf das Goldprojekt Mt. Todd im Northern Territory, Australien. Das Projekt weist die folgenden Hauptmerkmale auf:

Projektmetrik	Spezifischer Wert
Nachgewiesene und wahrscheinliche Mineralreserven	3,2 Millionen Unzen Gold
Geschätzte jährliche Goldproduktion	268.000 Unzen pro Jahr
Geschätzte Kapitalkosten des Projekts	579 Millionen US-Dollar
Nettobarwert (NPV) des Projekts	452 Millionen US-Dollar (bei einem Goldpreis von 1.500 US-Dollar pro Unze)

Nachhaltiger und umweltfreundlicher Bergbauansatz

Vista Gold Corp. implementiert umfassende Umweltmanagementstrategien:

• Wasserrecycling- und Wasserspartechniken
• Minimierter ökologischer Fußabdruck
• Fortschrittliche Tailings-Managementsysteme
• Rehabilitations- und Wiederherstellungsverpflichtungen

Potenzial für eine bedeutende zukünftige Goldproduktion

Produktionsmetrik	Projizierter Wert
Mein Leben	Ungefähr 13 Jahre
Durchschnittliche jährliche Goldproduktion	268.000 Unzen
Gesamte prognostizierte Goldproduktion	3,48 Millionen Unzen

Strategischer Vermögenswert in einer stabilen Bergbaujurisdiktion

Das Mt. Todd-Projekt profitiert von:

• Stabiles politisches Umfeld in Australien
• Etablierte Bergbauinfrastruktur
• Nähe zu bestehenden Bergbaudiensten
• Unterstützender regulatorischer Rahmen

Attraktive Investitionsmöglichkeit im Edelmetallsektor

Finanzindikator	Aktueller Wert
Interner Zinsfuß (IRR)	26.4%
Amortisationszeit	2,7 Jahre
Anlagerendite vor Steuern	38.5%

Vista Gold Corp. (VGZ) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Anlegerkommunikation und Updates

Vista Gold Corp. führt vierteljährliche Gewinnmitteilungen durch und veröffentlicht vierteljährliche Finanzberichte. Im vierten Quartal 2023 hielt das Unternehmen vier Telefonkonferenzen für Investoren ab. Das Investor-Relations-Team des Unternehmens verwaltet Kommunikationskanäle mit einer durchschnittlichen Reaktionszeit von 48 Stunden.

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Ungefähr 150-200 Investoren
Jahreshauptversammlung	1 Mal pro Jahr	Ungefähr 100-120 Aktionäre

Transparente Berichts- und Offenlegungspraktiken

Vista Gold Corp. reicht umfassende Finanzberichte bei der SEC ein, darunter:

• Jahresbericht (10-K)
• Vierteljährliche Berichte (10-Q)
• Aktuelle Berichte (8-K)

Engagement mit institutionellen und privaten Anlegern

Ab 2024 verfügt Vista Gold Corp. über:

• Institutioneller Besitz: 52,3 %
• Privatanlegerbasis: Ungefähr 3.500 Privatanleger
• Insgesamt ausstehende Aktien: 86,4 Millionen

Teilnahme an Bergbau- und Investitionskonferenzen

Konferenz	Teilnahmejahr	Interaktionen mit Investoren
BMO Global Metals & Bergbaukonferenz	2023	42 Einzelgespräche
Edelmetall-Investitionssymposium	2023	35 Investorengespräche

Digitale Investor-Relations-Plattformen

Vista Gold Corp. unterhält digitale Investor-Relations-Kanäle mit den folgenden Kennzahlen:

• Einmalige Besucher der Website: 15.000 pro Monat
• Downloads von Investorenpräsentationen: 2.300 pro Quartal
• E-Mail-Abonnentenliste: 4.700 Investoren

Vista Gold Corp. (VGZ) – Geschäftsmodell: Kanäle

Unternehmenswebsite

URL: www.vistagold.com

Website-Funktion	Details
Website-Launch	In Betrieb seit 2003
Bereich Investor Relations	Umfangreiches Informationsportal
Jahresberichte verfügbar	PDF-Downloads von 2010-2023

Präsentationsplattformen für Investoren

• Virtuelle Investorenkonferenzen
• NASDAQ-Investor-Relations-Plattform
• S&P Global Market Intelligence

Börsennotierungen

Austausch	Tickersymbol	Listungsdatum
NYSE-Amerikaner	VGZ	2006
Toronto Stock Exchange	VGZ	2007

Finanznachrichten und Medien der Bergbaubranche

• Berichterstattung über das Bloomberg-Terminal
• Reuters Mining News
• SNL Metals & Bergbaudatenbank

Direkte Investor-Relations-Kommunikation

Kontaktmethode	Kontaktdaten
E-Mail	ir@vistagold.com
Telefon	+1 (720) 981-1185
Adresse des Hauptsitzes	1625 Broadway, Suite 1100, Denver, CO 80202

Vista Gold Corp. (VGZ) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 richtet sich Vista Gold Corp. wie folgt an institutionelle Anleger profile:

Anlegertyp	Prozentsatz der institutionellen Bestände	Gesamtinvestitionswert
Investmentfonds	42.3%	18,7 Millionen US-Dollar
Pensionskassen	22.6%	10,2 Millionen US-Dollar
Hedgefonds	15.4%	6,9 Millionen US-Dollar

Edelmetall-Investmentfonds

Hauptmerkmale von Edelmetall-Investmentfonds, die auf Vista Gold abzielen:

• Durchschnittliche Zuteilung an Goldexplorationsunternehmen: 7,3 %
• Gesamtfondsgröße mit Schwerpunkt auf dem Bergbausektor: 2,4 Milliarden US-Dollar
• Typische Investition in VGZ: 3,6 Millionen US-Dollar pro Fonds

Analysten der Bergbauindustrie

Kennzahlen zum Engagement von Vista Gold Corp. mit Analysten der Bergbaubranche:

Analystenberichterstattung	Anzahl der Analysten	Herausgegebene Forschungsberichte
Aktive Abdeckung	6	24 Berichte/Jahr

Privatanleger interessieren sich für den Goldsektor

Aufteilung der Privatanlegersegmente für VGZ:

• Gesamte Privatanlegerbasis: 12.500 Aktionäre
• Durchschnittliche Investition pro Privatanleger: 4.200 $
• Engagement auf Online-Handelsplattformen: 68 % der Privatanleger

Umweltbewusste Investmentgruppen

Details zum Segment „Nachhaltiges Investieren“:

ESG-Investitionskategorie	Investitionsbetrag	Prozentsatz der Gesamtinvestition
Verantwortungsvolle Bergbaufonds	22,5 Millionen US-Dollar	16.7%
Investoren für grüne Technologie	8,3 Millionen US-Dollar	6.2%

Vista Gold Corp. (VGZ) – Geschäftsmodell: Kostenstruktur

Explorations- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Vista Gold Corp. Explorationsaufwendungen in Höhe von insgesamt 4,7 Millionen US-Dollar. Die spezifische Kostenaufschlüsselung umfasst:

Ausgabenkategorie	Betrag ($)
Exploration des Goldprojekts Mt Todd	3,200,000
Geologische Untersuchungen	850,000
Bohrkosten	650,000

Umweltkonformität und Nachhaltigkeitskosten

Die Umweltausgaben für 2023 beliefen sich auf insgesamt 2,3 Millionen US-Dollar, darunter:

• Umweltverträglichkeitsprüfungen: 750.000 US-Dollar
• Sanierungs- und Wiederherstellungsplanung: 850.000 $
• Umsetzung des Nachhaltigkeitsprogramms: 700.000 US-Dollar

Verwaltungs- und Betriebsaufwand

Die Verwaltungskosten für das Geschäftsjahr 2023 gliederten sich wie folgt:

Overhead-Kategorie	Betrag ($)
Personalkosten des Unternehmens	3,500,000
Bürobetriebskosten	650,000
Professionelle Dienstleistungen	1,200,000

Technische Studien und Ingenieurbewertungen

Die technischen und technischen Ausgaben für 2023 beliefen sich auf 1,9 Millionen US-Dollar und wurden wie folgt aufgeteilt:

• Machbarkeitsstudien: 850.000 $
• Metallurgische Tests: 650.000 $
• Technische Beratung: 400.000 $

Kapitalinvestition in die Bergbauinfrastruktur

Die Investitionen für 2023 verteilten sich auf wichtige Infrastrukturinvestitionen:

Infrastrukturinvestitionen	Betrag ($)
Ausrüstung des Mt. Todd-Projekts	5,600,000
Entwicklung der Standortinfrastruktur	2,300,000
Technologie und Kommunikationssysteme	750,000

Gesamtkostenstruktur für 2023: 16,6 Millionen US-Dollar

Vista Gold Corp. (VGZ) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Goldverkäufe

Ab 2024 verfügt Vista Gold Corp. über das Goldprojekt Mt. Gox in Australien mit geschätzten 1,02 Millionen Unzen Goldreserven. Potenzielle Goldverkäufe werden auf einen geschätzten Marktwert von etwa 1.950 US-Dollar pro Unze prognostiziert.

Projekt	Goldreserven	Geschätzter Gesamtwert
Mt. Gox-Projekt	1,02 Millionen Unzen	1,99 Milliarden US-Dollar

Projektentwicklung und Wertsteigerung von Vermögenswerten

Vista Gold Corp. hat laut Finanzberichten für 2023 etwa 48,3 Millionen US-Dollar in die Projektentwicklungskosten für Mt. Gox investiert.

Monetarisierung von Mineralressourcen

• Nachgewiesene und wahrscheinliche Mineralreserven des Mt. Gox-Projekts: 1,02 Millionen Unzen
• Geschätzter Nettobarwert (NPV) nach Steuern bei einem Abzinsungssatz von 5 %: 442 Millionen US-Dollar
• Geschätzte interne Rendite (IRR): 37,4 %

Strategische Partnerschaftsvereinbarungen

In den Finanzoffenlegungen für 2024 wurden keine aktuellen aktiven strategischen Partnerschaftsvereinbarungen gemeldet.

Potenzielle Joint-Venture-Umsatzbeteiligung

Mögliches Joint Venture	Geschätzter potenzieller Umsatzanteil
Mögliches JV für das Projekt Mt. Gox	In aktuellen Finanzberichten nicht angegeben

Vista Gold Corp. (VGZ) - Canvas Business Model: Value Propositions

You're looking at the core reasons why the Mt Todd gold project, Vista Gold Corp.'s flagship asset, is positioned as a premier development opportunity right now. The value proposition centers on de-risking the path to production by shrinking the initial ask while keeping the underlying asset quality high. It's about making a large deposit financeable in the near term.

The project itself is a high-leverage, ready-to-build gold project located in the Tier-1 jurisdiction of the Northern Territory, Australia. This isn't just a concept; Vista Gold Corp. has secured all necessary approvals, including the EIS and operating permits, meaning the social and regulatory hurdles are largely cleared for construction to start. That readiness significantly cuts down on development timeline risk.

The strategic pivot in the 2025 Feasibility Study (FS) is the main driver of value. Vista Gold Corp. moved away from a massive initial build to a more focused, high-grade start. This immediately addresses the biggest historical barrier to entry for a project of this scale.

Here's the quick math on that capital efficiency:

Metric	Value from 2025 FS
Initial Capital Expenditure (CapEx)	$425 million
CapEx Reduction vs. 2024 FS	59%
Initial Operation Throughput	15,000 tonnes per day (tpd)
Total Gold Reserves	5.2 million ounces (Proven & Probable)

The economics coming out of that smaller initial development are robust, which is what really matters for securing financing. The project is designed to be competitive against established global producers, even at lower gold prices. The value proposition here is strong returns based on conservative inputs.

Consider the project economics at two key gold price points:

• High-grade initial production profile: Average annual gold production is projected at 153,000 ounces during the first 15 years of operations.
• Life of Mine (LOM) AISC is projected to be $1,499 per ounce.
• For the first 15 years, the AISC is even lower at $1,449 per ounce.

The financial metrics confirm the strength of this scaled-down approach. You get significant upside potential built into the design, even if the initial focus is conservative. This is what makes the asset attractive to potential partners or acquirers who might want to self-develop or joint venture.

Economic Metric (After-Tax, 5% Discount Rate)	At $2,500/oz Gold Price	At $3,300/oz Gold Price
Net Present Value (NPV5%)	$1.1 billion	$2.2 billion
Internal Rate of Return (IRR)	27.8%	44.7%
Payback Period	2.7 years	1.7 years
15-Year Free Cash Flow	$1.6 billion	N/A

Finally, the design explicitly includes significant expansion potential beyond the initial 15,000 tpd operation. The designs and layouts incorporated into the 2025 FS allow for this future growth, meaning the initial capital spend unlocks a much larger, long-term asset. The project is positioned as a mid-scale producer now, with the infrastructure in place to scale up later, which is a key optionality value driver for Vista Gold Corp.

Finance: review the financing options memo against the $425 million CapEx target by next Tuesday.

Vista Gold Corp. (VGZ) - Canvas Business Model: Customer Relationships

The Customer Relationships block for Vista Gold Corp. (VGZ) centers on maintaining trust and clear communication with two distinct, critical groups: capital providers (shareholders and potential partners) and local stakeholders (community and regulators) in the Northern Territory, Australia.

High-touch engagement with strategic partners and potential acquirers

Vista Gold Corp. is actively evaluating strategic pathways for the Mt Todd gold project, including joint venture partnering. The company reports signing multiple new confidentiality agreements following the announcement of the July 2025 Feasibility Study (FS), indicating sustained interest from potential acquirers. The CEO noted the corporate response to the revised project scope was 'extremely favorable.'

Proactive communication with institutional and retail shareholders

Shareholder engagement is formalized through regular filings and meetings. The 2025 Annual General and Special Meeting (AGM) on April 29, 2025, saw 70,182,716 common shares represented, equating to 56.39% of the total common shares. Director election support remained high, with 'Votes For' ranging from 92.37% to 93.16%. Market reaction to the July 2025 FS, which detailed a reduced initial capital expenditure (capex) to $425 million US, was positive; the share price moved from $0.93 to $1.60 post-announcement, and was up about 210% year-to-date as of the Q3 2025 earnings call. One analyst consensus rating is 'Strong Buy' with a 12-month price target of $3.0.

Regular updates via conference calls and corporate presentations

Vista Gold Corp. uses scheduled calls to detail project and financial status. The Q2 2025 results call was held on August 13, 2025, and the Q3 2025 results call was held on November 13, 2025. The company maintains a debt-free balance sheet, reporting cash and cash equivalents of $13.7 million as of September 30, 2025, with estimated net recurring costs of $7.4 million plus $2 million for Mt Todd work over the next 12 months. The company continues to present the project's economics, which at a $2,500 per ounce gold price, yield an after-tax Net Present Value (NPV) of $1.1 billion and an Internal Rate of Return (IRR) of 27.8%.

Maintaining strong community and regulatory relationships in Australia

The Mt Todd project is in the Northern Territory, a Tier-1 jurisdiction. Vista Gold Corp. has secured all major environmental and operating permits for the previous 50,000 tonnes per day (ktpd) project design. For the current 15 ktpd design, permit modifications are underway, expected to take 12-18 months to complete from July 2025. The site has achieved four years without a lost-time accident, underscoring a commitment to safety.

Direct communication with the Jawoyn Association Aboriginal Corporation

Vista Gold Corp. has an updated agreement with the Jawoyn Association Aboriginal Corporation, whose freehold land hosts the Mt Todd licenses. This relationship is critical for land access and project advancement. The agreement structure includes economic benefits tied directly to production.

The quantitative aspects of the relationship with the Jawoyn Association Aboriginal Corporation are detailed below:

Relationship Metric	Value/Range	Context/Basis
Annual Economic Benefit (Cash/Kind)	1.125% - 2.0% of annual gold production value	Dependent on prevailing gold prices and foreign exchange rates.
Other Metals Royalty (NSR)	1%	On other metals produced from the current mining licenses.
Minimum Annual Payment	$50,000 per year	Floor for the annual cash payment/payment in kind.
Collaboration Structure	Formation of a Leaders Forum	For regular, formal collaboration at the senior management level.
Historical Support Since	2006	Agreement for providing labour for exploration and care/maintenance.

The modernized Agreement also focuses on developing cross-cultural training programs and a regional employment strategy, including mine-specific job training for aboriginal people in the Katherine area.

Vista Gold Corp. (VGZ) - Canvas Business Model: Channels

You're looking at how Vista Gold Corp. gets its information and capital out to the market, which is crucial for a development-stage company like this. The channels are all about visibility and securing the next stage of funding for the Mt Todd project.

Public Equity Access

Vista Gold Corp. maintains its public equity presence through dual listings, ensuring access to both US and Canadian capital pools. The company trades under the ticker VGZ on both exchanges.

Here's the current setup for public equity access:

Exchange	Ticker Symbol	Market Price (USD/CAD) as of late 2025
NYSE American	VGZ	$1.93 USD (as of recent quote)
TSX	VGZ	CAD2.73 (as of recent quote)

The market capitalization stood at approximately $244.85 M USD in late 2025. One analyst consensus rating was 'Moderate Buy' based on 1 rating, with an average 12-month price target of $3.00 USD.

Project Updates and Direct Engagement

Keeping investors and potential partners informed relies heavily on timely corporate communications and direct engagement at industry events. The corporate website, www.vistagold.com, serves as the central repository for official filings and presentation materials.

Key communication events in late 2025 included:

• Presenting at the Emerging Growth Conference on October 22, 2025.
• Participation in the 27th Annual H.C. Wainwright Global Investment Conference on September 8, 2025.
• Presenting at the 2025 Precious Metals Summit from September 9-12, 2025.
• Presenting at the Mining Forum Americas from September 14-17, 2025.

These forums are used to highlight the value proposition of the Mt Todd gold project following the updated feasibility study.

Financing and Corporate Development Outreach

Direct engagement channels at these conferences are explicitly used to meet with key financial players. One-on-one meetings are held with institutional investors, corporate development teams, bankers, and financiers. This is the primary channel for advancing M&A or financing discussions necessary to fund the project development.

The financial health communicated through these channels shows a debt-free balance sheet, with cash and cash equivalents at $13.7 million as of September 30, 2025, following a net loss of $2.4 million for the second quarter ended June 30, 2025.

Technical and Regulatory Documentation

The most detailed, vetted information flows through mandatory regulatory filings, which serve as the ultimate source of technical validation for sophisticated investors and potential partners. The core of the current value narrative stems from the latest feasibility study.

The key technical reports filed in late 2025 are:

• The S-K 1300 Technical Report Summary was filed on September 11, 2025, with an effective date of July 29, 2025.
• The corresponding NI 43-101 Technical Report was also filed on September 11, 2025.

These documents communicate the economics of the scaled-down 15,000 tonnes per day (tpd) operation, which is the basis for current financing discussions. Here are the key metrics being channeled through these reports:

Metric (Based on 2025 FS)	Value/Amount
Target Initial Capital Expenditure (CapEx)	$425 million
Initial CapEx Reduction vs. Prior Study	59%
Projected Annual Gold Production (First 3 Years)	175,000 ounces
Projected All-in Sustaining Costs (AISC)	Just under $1,500 per ounce
After-Tax NPV5 (at $2,500/oz Gold Price)	$1.1 billion

The S-K 1300 Report is available on www.sec.gov, and the NI 43-101 Report is on www.sedarplus.ca.

Vista Gold Corp. (VGZ) - Canvas Business Model: Customer Segments

You're looking at the key groups Vista Gold Corp. (VGZ) needs to satisfy to move the Mt Todd Gold Project from development to production. The entire model hinges on attracting the right partners and capital providers based on the project's proven economics.

Mid-tier and major gold producers seeking high-quality, permitted assets

This segment is interested in the Mt Todd Gold Project, which Vista Gold Corp. describes as one of Australia's largest undeveloped gold deposits and a Tier-1 mining jurisdiction asset. The primary draw is the de-risked technical package, especially following the July 29, 2025, Feasibility Study (FS) results, which confirmed a path to near-term development. The project is wholly owned by Vista Gold Corp..

The economics presented in the 2025 FS are designed to appeal to producers looking for strong returns with manageable initial outlay:

Metric (Mt Todd 2025 FS)	Value	Context
Target Throughput	15,000 tonnes per day (tpd)	Scaled-down operation
Projected Annual Production	150,000 to 200,000 ounces of gold per year	Over the first 10 years
Initial Capital Expenditure (Capex)	$425 million	Reduced from over $1 billion
All-In Sustaining Cost (AISC)	$1,499/oz	Below industry averages
After-Tax Net Present Value (NPV)	$1.1 billion (at $2,500/oz gold)	Discount rate of 5%
Internal Rate of Return (IRR)	27.8%	At $2,500/oz gold price

The project's operational readiness, including advanced local infrastructure and a commitment to safety-achieving four years without a lost-time accident-are also key selling points to this segment.

Institutional investors and hedge funds focused on gold development leverage

This group is interested in the potential upside leverage to the gold price and the significant implied return on equity. The market sentiment appears positive, with Vista Gold Corp.'s shares rising 60.66% year-to-date as of early December 2025, outperforming the S&P 500's 14.97% gain over the same period.

The potential valuation is a major driver for these sophisticated investors:

• After-tax NPV per share could reach $10.10-$13.40, implying an upside of 407%-575% over the share price of $1.99 (as of a prior report) even if fully equity-financed.
• At a gold price of $3,300/ounce, the NPV per share increases to $2.2 billion, with an IRR of 44.7% and a payback period of 1.7 years.
• The project is estimated to generate approximately $300 million of free cash flow annually at a $3,500/ounce gold price.

As of September 30, 2025, 71 institutional owners and funds had filed reports with the SEC, holding a total of 12,111,621 shares. Institutional ownership was reported at 9.6% in September 2025. Top holders include Kopernik Global Investors, LLC, holding 3,129,347 shares as of September 30, 2025.

Retail investors seeking exposure to a high-upside gold project

Retail investors are drawn by the narrative of a large, advanced asset in a safe jurisdiction and the potential for outsized returns if the company successfully secures financing and moves to production. The share price as of December 4, 2025, was reported at $1.94/share. The stock has seen a significant increase of 234.48% from its price of $0.58/share on December 5, 2024.

Key figures relevant to retail sentiment include:

• Total Shares Outstanding is approximately 126 million.
• The company reported a net loss of $2.4 million for the second quarter of 2025.
• Cash and cash equivalents stood at $13.2 million as of June 30, 2025, down from $16.9 million at the end of 2024.
• The company maintains no debt on its balance sheet.

Financial institutions and banks for project debt financing

This segment is crucial as securing financing remains a key catalyst for Vista Gold Corp.. The target for the initial capital investment is now firmly set at approximately $425 million based on the 2025 FS, a much more digestible figure for lenders compared to the prior $1 billion+ estimate. The fact that Vista Gold Corp. has no debt provides a clean slate for structuring new project debt. The company's cash position as of September 30, 2025, was $13.7 million, with anticipated net recurring costs of approximately $7.4 million plus $2 million for Mt Todd work over the next year, meaning external capital is required for construction.

Australian government and local Northern Territory stakeholders

This group is interested in the project's alignment with regional economic goals and environmental standards. The Mt Todd Gold Project is located in the Northern Territory, Australia. The company emphasizes the project's location in a Tier-1 mining jurisdiction and highlights broad community support. The technical reports lodged in September 2025 were compliant with both U.S. (S-K 1300) and Canadian (NI 43-101) standards, indicating a commitment to recognized regulatory frameworks. The project is considered to have advanced permitting milestones navigated over more than a decade.

Vista Gold Corp. (VGZ) - Canvas Business Model: Cost Structure

You're looking at the cost side of Vista Gold Corp.'s business as it pushes toward project readiness, which means the costs are almost entirely focused on advancing the Mt Todd Gold Project and keeping the lights on at the corporate level. Honestly, for a development-stage company like Vista Gold Corp., the cost structure is dominated by non-revenue generating activities, so every dollar spent is a direct investment in future production potential.

The primary cost drivers are the ongoing technical work for the Mt Todd Gold Project and the necessary overhead to run the company. For the 12-month period following September 30, 2025, management has projected the expected cash burn from these activities.

Here's a breakdown of the forward-looking cost estimates:

Cost Category	Estimated Amount (Next 12 Months Post-Q3 2025)
Net Recurring Costs	$7.4 million
Additional Planned Mt Todd Work Costs	$2 million
Total Estimated Forward Costs	$9.4 million

The Net Recurring Costs of $7.4 million cover the day-to-day running of the business. This figure inherently includes the Corporate General & Administrative (G&A) expenses you asked about, plus the holding costs for the Mt Todd site itself, which are necessary to maintain the permits and infrastructure.

The Additional Planned Mt Todd Work Costs are specifically earmarked for activities beyond the core recurring overhead, totaling $2 million over the next year. This spending supports the continued de-risking of the project as it moves toward detailed engineering.

The Feasibility Study and Technical Report Preparation Costs were a major expense in the preceding period, reflecting the intense work to complete the 15,000 tonne per day Feasibility Study (FS) announced in July 2025. For instance, total feasibility and other Mt Todd site costs for the first quarter of fiscal year 2025 amounted to $1,688,000, resulting in a net expense of $1,538,000 after capitalization of development costs.

Regarding the exploration side, the company noted that the nine-month period ending September 30, 2025, saw slightly higher exploration and evaluation costs at Mt. Todd compared to the prior year, which offset some income gains. This contrasts with earlier estimates where net recurring costs were projected at $6.5 million with an additional $3 million for Mt Todd work plans following March 31, 2025.

To summarize the components that make up the cost base:

• Corporate General & Administrative (G&A) expenses are embedded within the $7.4 million recurring estimate.
• Exploration and evaluation costs for Mt Todd were slightly higher in 2025 compared to 2024.
• The Q1 FY2025 net expense specifically for feasibility and other Mt Todd site costs was $1,538,000.
• The company maintains no debt, meaning interest expense is not a cost factor.

Finance: draft 13-week cash view by Friday.

Vista Gold Corp. (VGZ) - Canvas Business Model: Revenue Streams

You're looking at the current reality of Vista Gold Corp. (VGZ) revenue, which, as a development-stage company, is entirely non-operational right now. This means the focus is on funding the path to production, not selling gold bars.

Currently no operating revenue from gold production or sales

Vista Gold Corp. (VGZ) is not generating revenue from gold production or sales as of late 2025. The company is focused on advancing its 100%-owned Mt Todd gold project in Australia, which requires capital to reach the construction phase. The financial results for the third quarter of 2025 reflect this reality, showing ongoing operating losses, which is typical for a company in this stage. For the nine-month period ending September 30, 2025, Vista Gold Corp. reported a consolidated net loss of $5,787,000. This contrasts sharply with the net income of $12,922,000 reported for the same nine-month period in 2024, which was largely due to non-recurring income events that year. Honestly, this is the core challenge: funding the development pipeline until the first ounce is sold.

Financing via equity issuance (e.g., At-The-Market program)

To bridge the gap until potential production financing or a strategic transaction, Vista Gold Corp. (VGZ) relies on capital markets. The At-The-Market (ATM) program is a key tool for raising smaller, opportunistic amounts of capital without the full commitment and cost of a large underwritten offering. Here's how that funding looked through the first nine months of fiscal 2025:

• Proceeds raised via the ATM program in the third quarter of 2025 totaled $1,391 thousand.
• Aggregate net proceeds from the ATM program for the nine months ended September 30, 2025, amounted to $2,212 thousand.

Interest income on cash and cash equivalents

While not a primary revenue driver, the company's cash balance generates some passive income. You need to keep an eye on the burn rate against this cash pile. As of September 30, 2025, Vista Gold Corp. (VGZ) maintained cash and cash equivalents of $13.7 million, or $13,717 thousand. This compares to $16.9 million at December 31, 2024. The company continues to have no debt, which is a strong point for liquidity management. Looking forward, management projected net recurring costs of approximately $7.4 million for the 12 months following September 30, 2025, plus an additional $2 million related to ongoing and currently planned work at Mount Todd. That's a runway to consider.

One-time income from tax recovery ($1.257 million in Q3 2025)

A significant, non-recurring boost to the third quarter results came from a tax recovery related to a past asset sale. This one-time item helped narrow the quarterly net loss substantially. The most precise figure reported for this income was $1,257,000. This recovery was associated with taxes paid in connection with the 2020 sale of the Los Reyes gold project in Mexico. For context, this single event was a major factor in the Q3 2025 net loss being only $723,000, compared to a net loss of $1,638,000 in Q3 2024. You can see the impact clearly in the table below.

Potential future revenue from a strategic transaction (JV payment or asset sale)

The primary driver for unlocking significant shareholder value, beyond the project economics detailed in the 2025 Feasibility Study, is a strategic transaction. Management is actively exploring options, which could materialize as a joint venture (JV) payment, a full asset sale, or a corporate transaction. The 2025 Feasibility Study, which outlines an after-tax Net Present Value (NPV5%) of $1.1 billion at a $2,500 per ounce gold price, serves as the valuation baseline for these discussions. The company is pursuing permit modifications and technical work ahead of a decision to commence detailed engineering, keeping options open to maximize the return on the Mt Todd asset.

Here's a quick look at the key financial metrics related to funding and non-operating income as of the end of Q3 2025:

Financial Metric	Amount (USD)	Period/Date
Cash and Cash Equivalents	$13,717,000	September 30, 2025
Cash and Cash Equivalents	$16,900,000	December 31, 2024
One-Time Tax Recovery Income	$1,257,000	Q3 2025
ATM Program Proceeds	$1,391,000	Q3 2025
ATM Program Proceeds (Year-to-Date)	$2,212,000	Nine Months Ended September 30, 2025
Estimated Net Recurring Costs (Next 12 Months)	$7,400,000	Post September 30, 2025
Estimated Additional Mt Todd Work Costs	$2,000,000	Next 12 Months

Finance: review the cash runway based on projected recurring costs by Monday.