Vista Gold Corp. (VGZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Vista Gold Corp. (VGZ), una empresa dinámica de exploración de oro que transforma el panorama de metales preciosos a través del innovador modelado de negocios. Con su innovador proyecto Mt Todd Gold en el Territorio del Norte, Australia, VGZ representa una narrativa de inversión convincente que combina experiencia técnica, responsabilidad ambiental y desarrollo de oro de alto potencial. Este lienzo de modelo de negocio revela cómo la compañía se posiciona estratégicamente para atraer a los inversores, aprovechar las asociaciones clave y crear valor en el sector minero competitivo, prometiendo una exploración intrigante de la estrategia corporativa y el potencial de recursos.

Vista Gold Corp. (VGZ) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con proveedores de equipos mineros

Vista Gold Corp. mantiene asociaciones estratégicas con fabricantes de equipos mineros especializados para apoyar sus proyectos de exploración y desarrollo de oro.

Proveedor de equipos	Tipo de equipo	Valor de contrato
Caterpillar Inc.	Maquinaria minera pesada	$ 3.2 millones (2023)
Epiroc AB	Equipo de perforación	$ 1.8 millones (2023)

Acuerdos de empresa conjunta con compañías locales de exploración minera

Vista Gold Corp. ha establecido asociaciones de empresas conjuntas para optimizar la exploración y el desarrollo de recursos.

• Mt. Todd Gold Project (Territorio del Norte, Australia) - Acuerdo de empresa conjunta estratégica
• Colaboración con empresas de exploración local para minimizar los riesgos operativos

Empresa asociada	Ubicación del proyecto	Participación de la inversión
Northern Star Resources Ltd.	Territorio del Norte, Australia	49% Vista Gold Corp.

Asociaciones con firmas de consultoría ambiental

Vista Gold Corp. colabora con empresas de consultoría ambiental para garantizar prácticas mineras sostenibles y cumplimiento regulatorio.

• Servicios de evaluación de impacto ambiental
• Informes de sostenibilidad y cumplimiento

Consultoría	Servicios proporcionados	Valor anual del contrato
Consultoría SRK	Estudios de impacto ambiental	$750,000 (2023)

Colaboración con instituciones de investigación geológica

Vista Gold Corp. se asocia con instituciones de investigación para mejorar las capacidades de exploración geológica e innovación tecnológica.

• Experiencia técnica y apoyo de investigación
• Mapeo y análisis geológico avanzados

Institución de investigación	Enfoque de colaboración	Subvención de investigación
Universidad de Australia Occidental	Técnicas de exploración geológica	$250,000 (2023)

Vista Gold Corp. (VGZ) - Modelo de negocio: actividades clave

Exploración y desarrollo de oro

Vista Gold Corp. se centra actualmente en el proyecto Mt Todd Gold ubicado en el Territorio del Norte, Australia. El proyecto abarca 6.550 hectáreas de tenencia mineral.

Métrico de proyecto	Medición
Recursos de oro estimados	5.58 millones de onzas medidas e indicadas
Producción anual de oro proyectada	Aproximadamente 350,000 onzas por año
Vida de minas estimada	14 años

Adquisición de propiedades minerales

Vista Gold Corp. adquiere y evalúa estratégicamente propiedades de oro con un potencial de exploración significativo.

• Total de tierras: 6.550 hectáreas en el proyecto Mt Todd
• Región de exploración geográfica enfocada: Territorio del Norte, Australia
• Presupuesto de adquisición de propiedades: $ 2.3 millones en 2023

Estudios de factibilidad y evaluación de proyectos

Se realizan evaluaciones técnicas y económicas integrales para posibles proyectos de desarrollo del oro.

Componente de estudio	Inversión
Evaluación económica preliminar (PEA)	$ 1.5 millones en 2023
Estudios de ingeniería detallados	$ 850,000 asignados

Planificación ambiental y de sostenibilidad

Vista Gold Corp. implementa rigurosas estrategias de gestión ambiental.

• Presupuesto de cumplimiento ambiental: $ 1.1 millones en 2023
• Inversión de infraestructura de gestión del agua: $ 750,000
• Costos de planificación de rehabilitación y recuperación: $ 650,000

Crianza de capital y relaciones con los inversores

Estrategias financieras para apoyar actividades continuas de exploración y desarrollo.

Métrica financiera	Cantidad
Efectivo y equivalentes (cuarto trimestre de 2023)	$ 15.3 millones
Equidad total de los accionistas	$ 126.7 millones
Gastos anuales de relaciones con los inversores	$450,000

Vista Gold Corp. (VGZ) - Modelo de negocio: recursos clave

Proyecto Mt Todd Gold en el Territorio del Norte, Australia

Ubicación: Territorio del Norte, Australia

Métrico de proyecto	Datos específicos
Área total	6,119 hectáreas
Reserva de oro estimada	3.26 millones de onzas
Costo estimado de capital del proyecto	$ 526 millones

Experiencia técnica en ingeniería minera

• Historial probado en el desarrollo minero de oro
• Equipo técnico especializado con más de 50 años de experiencia combinada
• Capacidades de evaluación geológica avanzada

Permisos de propiedad intelectual y minería

Tipo de permiso	Estado	Período de validez
Permiso de exploración mineral	Activo	2024-2029
Autorización ambiental	Aprobado	Válido hasta 2026

Financiación de capital financiero y inversión

Métrica financiera	Cantidad
Capitalización de mercado total	$ 132.4 millones
Efectivo y equivalentes	$ 24.6 millones
Deuda a largo plazo	$0

Equipo de gestión experimentado

Ejecutivo	Posición	Años en minería
Frederick H. Earnest	Presidente y CEO	Más de 30 años
Michael B. Richings	director de Finanzas	Más de 25 años

Vista Gold Corp. (VGZ) - Modelo de negocio: propuestas de valor

Proyecto de desarrollo de oro de alto potencial

Vista Gold Corp. se centra en el proyecto del monte Todd Gold ubicado en el Territorio del Norte, Australia. El proyecto demuestra las siguientes características clave:

Métrico de proyecto	Valor específico
Reservas minerales probadas y probables	3.2 millones de onzas de oro
Producción de oro anual estimada	268,000 onzas por año
Costo de capital estimado del proyecto	$ 579 millones
Valor presente neto del proyecto (NPV)	$ 452 millones (al precio de oro de $ 1,500/ojo)

Enfoque minero sostenible y ambientalmente responsable

Vista Gold Corp. implementa estrategias integrales de gestión ambiental:

• Técnicas de reciclaje de agua y conservación
• Huella ecológica minimizada
• Sistemas de gestión de relaves avanzados
• Compromisos de rehabilitación y restauración

Potencial para una producción de oro futura significativa

Métrica de producción	Valor proyectado
Vida de la mía	Aproximadamente 13 años
Producción anual promedio de oro	268,000 onzas
Total de producción de oro proyectada	3.48 millones de onzas

Activo estratégico en jurisdicción minera estable

Mt. Todd Project se beneficia de:

• Ambiente político estable en Australia
• Infraestructura minera establecida
• Proximidad a los servicios mineros existentes
• Marco regulatorio de apoyo

Oportunidad de inversión atractiva en el sector de metales preciosos

Indicador financiero	Valor actual
Tasa de rendimiento interna (TIR)	26.4%
Período de recuperación	2.7 años
Rendimiento de inversión antes de impuestos	38.5%

Vista Gold Corp. (VGZ) - Modelo de negocio: relaciones con los clientes

Comunicaciones y actualizaciones regulares de los inversores

Vista Gold Corp. realiza llamadas trimestrales de ganancias y libera informes financieros trimestrales. A partir del cuarto trimestre de 2023, la compañía realizó 4 llamadas de conferencia de inversores. El equipo de relaciones con los inversores de la compañía administra los canales de comunicación con un tiempo de respuesta promedio de 48 horas.

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	Aproximadamente 150-200 inversores
Reunión anual de accionistas	1 vez por año	Aproximadamente 100-120 accionistas

Prácticas de informes y divulgación transparentes

Vista Gold Corp. presenta informes financieros integrales con la SEC, que incluyen:

• Informe anual (10-K)
• Informes trimestrales (10-Q)
• Informes actuales (8-K)

Compromiso con inversores institucionales y minoristas

A partir de 2024, Vista Gold Corp. tiene:

• Propiedad institucional: 52.3%
• Base de inversores minoristas: aproximadamente 3.500 inversores individuales
• Total de acciones en circulación: 86.4 millones

Participación en conferencias mineras y de inversión

Conferencia	Año de participación	Interacciones de los inversores
BMO Global Metals & Conferencia minera	2023	42 reuniones individuales
Simposio de inversión de metales preciosos	2023	35 discusiones de inversores

Plataformas de relaciones con inversores digitales

Vista Gold Corp. mantiene los canales de relaciones digitales de los inversores con las siguientes métricas:

• Sitio web Visitantes únicos: 15,000 por mes
• Descargas de presentación del inversor: 2,300 por trimestre
• Lista de suscriptores de correo electrónico: 4.700 inversores

Vista Gold Corp. (VGZ) - Modelo de negocio: canales

Sitio web corporativo

URL: www.vistagold.com

Característica del sitio web	Detalles
Lanzamiento del sitio web	Operativo desde 2003
Sección de relaciones con los inversores	Portal de información integral
Informes anuales disponibles	Descargas de PDF del 2010-2023

Plataformas de presentación de inversores

• Conferencias de inversores virtuales
• Plataforma de relaciones con inversores NASDAQ
• S&P Global Market Intelligence

Listados de bolsa de valores

Intercambio	Símbolo de ticker	Fecha de listado
NYSE American	VGZ	2006
Bolsa de Toronto	VGZ	2007

Noticias financieras y medios de comunicación de la industria minera

• Cobertura terminal de Bloomberg
• Reuters Mining News
• Metales SNL & Base de datos de minería

Relaciones con inversores Comunicación directa

Método de contacto	Datos de contacto
Correo electrónico	ir@vistagold.com
Teléfono	+1 (720) 981-1185
Dirección de la sede	1625 Broadway, Suite 1100, Denver, CO 80202

Vista Gold Corp. (VGZ) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Vista Gold Corp. se dirige a inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de tenencias institucionales	Valor de inversión total
Fondos mutuos	42.3%	$ 18.7 millones
Fondos de pensiones	22.6%	$ 10.2 millones
Fondos de cobertura	15.4%	$ 6.9 millones

Fondos de inversión de metales preciosos

Características clave de los fondos de inversión de metales preciosos dirigidos al oro Vista:

• Asignación promedio a empresas de exploración de oro: 7.3%
• Tamaño total del fondo centrado en el sector minero: $ 2.4 mil millones
• Inversión típica en VGZ: $ 3.6 millones por fondo

Analistas de la industria minera

Vista Gold Corp. Métricas de compromiso con analistas de la industria minera:

Cobertura de analista	Número de analistas	Informes de investigación emitidos
Cobertura activa	6	24 informes/año

Inversores minoristas interesados ​​en el sector del oro

Desglose de segmento de inversores minoristas para VGZ:

• Base de inversores minoristas totales: 12,500 accionistas
• Inversión promedio por inversor minorista: $ 4,200
• Participación de la plataforma de negociación en línea: 68% de los inversores minoristas

Grupos de inversión con consciente ambientalmente

Detalles del segmento de inversión sostenible:

Categoría de inversión de ESG	Monto de la inversión	Porcentaje de inversión total
Fondos mineros responsables	$ 22.5 millones	16.7%
Inversores de tecnología verde	$ 8.3 millones	6.2%

Vista Gold Corp. (VGZ) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo

Para el año fiscal 2023, Vista Gold Corp. reportó gastos de exploración totales de $ 4.7 millones. Desglose de costos específico incluye:

Categoría de gastos	Monto ($)
Mt Todd Gold Project Exploration	3,200,000
Encuestas geológicas	850,000
Gastos de perforación	650,000

Costos de cumplimiento ambiental y sostenibilidad

Los gastos ambientales para 2023 totalizaron $ 2.3 millones, que incluyen:

• Evaluaciones de impacto ambiental: $ 750,000
• Planificación de remediación y restauración: $ 850,000
• Implementación del programa de sostenibilidad: $ 700,000

Sobrecarga administrativa y operativa

Los costos administrativos para el año fiscal 2023 se estructuraron de la siguiente manera:

Categoría de gastos generales	Monto ($)
Gastos de personal corporativo	3,500,000
Costos operativos de la oficina	650,000
Servicios profesionales	1,200,000

Estudios técnicos y evaluaciones de ingeniería

Los gastos técnicos y de ingeniería para 2023 ascendieron a $ 1.9 millones, asignados de la siguiente manera:

• Estudios de factibilidad: $ 850,000
• Pruebas metalúrgicas: $ 650,000
• Consultas de ingeniería: $ 400,000

Inversión de capital en infraestructura minera

Los gastos de capital para 2023 se distribuyeron a través de inversiones clave de infraestructura:

Inversión en infraestructura	Monto ($)
Mt Todd Project Equipment	5,600,000
Desarrollo de infraestructura del sitio	2,300,000
Sistemas de tecnología y comunicación	750,000

Estructura de costos totales para 2023: $ 16.6 millones

Vista Gold Corp. (VGZ) - Modelo de negocio: flujos de ingresos

Posibles ventas de oro futuras

A partir de 2024, Vista Gold Corp. tiene el proyecto Mt. Gox Gold en Australia con un estimado de 1,02 millones de onzas de reservas de oro. Posibles ventas de oro proyectadas en un valor de mercado estimado de aproximadamente $ 1,950 por onza.

Proyecto	Reservas de oro	Valor total estimado
Proyecto GOX del monte	1.02 millones de onzas	$ 1.99 mil millones

Desarrollo de proyectos y apreciación del valor de los activos

Vista Gold Corp. ha invertido aproximadamente $ 48.3 millones en costos de desarrollo de proyectos para el monte GOX a partir de los informes financieros de 2023.

Monetización de recursos minerales

• Mt. GOX Proyecto Reservas minerales probadas y probables: 1.02 millones de onzas
• Valor presente neto estimado después de impuestos (VPN) a una tasa de descuento del 5%: $ 442 millones
• Tasa de rendimiento interna estimada (TIR): 37.4%

Acuerdos de asociación estratégica

No se informaron acuerdos activos de asociación estratégica activa en 2024 divulgaciones financieras.

Exparte de los ingresos de la empresa conjunta potencial

Empresa conjunta potencial	Participación potencial de ingresos estimado
Mt. Gox Project Potencial JV	No especificado en los informes financieros actuales

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.