Vista Gold Corp. (VGZ): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde stratégique de Vista Gold Corp. (VGZ), une entreprise dynamique d'exploration d'or transformant le paysage des métaux précieux grâce à une modélisation commerciale innovante. Avec son projet révolutionnaire de MT Todd Gold dans le Northern Territory, en Australie, VGZ représente un récit d'investissement convaincant qui mélange l'expertise technique, la responsabilité environnementale et le développement de l'or très potentiel. Ce modèle commercial Canvas dévoile comment l'entreprise se positionne stratégiquement pour attirer les investisseurs, tirer parti des partenariats clés et créer de la valeur dans le secteur minier compétitif, promettant une exploration intrigante de la stratégie d'entreprise et du potentiel de ressources.

Vista Gold Corp. (VGZ) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fournisseurs d'équipements minières

Vista Gold Corp. maintient des partenariats stratégiques avec des fabricants d'équipements minières spécialisés pour soutenir ses projets d'exploration et de développement de l'or.

Fournisseur d'équipement	Type d'équipement	Valeur du contrat
Caterpillar Inc.	Machinerie d'exploitation lourde	3,2 millions de dollars (2023)
EPiroc AB	Équipement de forage	1,8 million de dollars (2023)

Contacteurs de coentreprise avec des sociétés d'exploration minière locales

Vista Gold Corp. a établi des partenariats de coentreprise pour optimiser l'exploration et le développement des ressources.

• Mt. Todd Gold Project (Northern Territory, Australie) - Contrat de coentreprise stratégique
• Collaboration avec les entreprises d'exploration locales pour minimiser les risques opérationnels

Entreprise partenaire	Emplacement du projet	Partage d'investissement
Northern Star Resources Ltd.	Territoire du Nord, Australie	49% Vista Gold Corp.

Partenariats avec les cabinets de conseil en environnement

Vista Gold Corp. collabore avec les cabinets de conseil en environnement pour assurer des pratiques minières durables et une conformité réglementaire.

• Services d'évaluation de l'impact environnemental
• Rapports et conformité de la durabilité

Cabinet de conseil	Services fournis	Valeur du contrat annuel
SRK Consulting	Études d'impact environnemental	$750,000 (2023)

Collaboration avec les institutions de recherche géologique

Vista Gold Corp. s'associe aux institutions de recherche pour améliorer les capacités d'exploration géologique et l'innovation technologique.

• Expertise technique et soutien à la recherche
• Cartographie et analyse géologiques avancées

Institution de recherche	Focus de la collaboration	Subvention de recherche
Université d'Australie occidentale	Techniques d'exploration géologique	$250,000 (2023)

Vista Gold Corp. (VGZ) - Modèle d'entreprise: Activités clés

Exploration et développement de l'or

Vista Gold Corp. se concentre actuellement sur le projet MT Todd Gold situé dans le Northern Territory, en Australie. Le projet comprend 6 550 hectares de mandat minéral.

Métrique du projet	Mesures
Ressources d'or estimées	5,58 millions d'onces mesurées et indiquées
Production d'or annuelle projetée	Environ 350 000 onces par an
La vie des mines estimées	14 ans

Acquisition de biens minéraux

Vista Gold Corp. acquiert stratégiquement et évalue les propriétés d'or avec un potentiel d'exploration significatif.

• Total des fonds fonciers: 6 550 hectares dans le projet MT Todd
• Région d'exploration géographique ciblée: Territoire du Nord, Australie
• Budget d'acquisition de propriétés: 2,3 millions de dollars en 2023

Études de faisabilité et évaluation du projet

Des évaluations techniques et économiques complètes sont effectuées pour des projets potentiels de développement de l'or.

Composant d'étude	Investissement
Évaluation économique préliminaire (PEA)	1,5 million de dollars en 2023
Études d'ingénierie détaillées	850 000 $ alloués

Planification de l'environnement et de la durabilité

Vista Gold Corp. met en œuvre des stratégies de gestion environnementale rigoureuses.

• Budget de conformité environnementale: 1,1 million de dollars en 2023
• Investissement d'infrastructure de gestion de l'eau: 750 000 $
• Coûts de planification de la réhabilitation et de la rééducation: 650 000 $

Capital Raising and Investor Relations

Stratégies financières pour soutenir les activités d'exploration et de développement en cours.

Métrique financière	Montant
Cash et équivalents (Q4 2023)	15,3 millions de dollars
Total des capitaux propres des actionnaires	126,7 millions de dollars
Dépenses annuelles sur les relations avec les investisseurs	$450,000

Vista Gold Corp. (VGZ) - Modèle d'entreprise: Ressources clés

MT TODD GOLD Project dans le Northern Territory, Australie

Emplacement: Territoire du Nord, Australie

Métrique du projet	Données spécifiques
Superficie totale	6 119 hectares
Réserve d'or estimée	3,26 millions d'onces
Coût estimé du capital du projet	526 millions de dollars

Expertise technique en ingénierie minière

• Boulanges éprouvées dans le développement de l'extraction d'or
• Équipe technique spécialisée avec plus de 50 ans d'expérience combinée
• Capacités avancées d'évaluation géologique

Permis de propriété intellectuelle et d'exploitation

Type de permis	Statut	Période de validité
Permis d'exploration minérale	Actif	2024-2029
Autorisation environnementale	Approuvé	Valide jusqu'en 2026

Financement financier des capitaux et des investissements

Métrique financière	Montant
Capitalisation boursière totale	132,4 millions de dollars
Espèce et équivalents	24,6 millions de dollars
Dette à long terme	$0

Équipe de gestion expérimentée

Exécutif	Position	Des années d'exploitation
Frederick H. Earnest	Président et chef de la direction	30 ans et plus
Michael B. Richings	Directeur financier	25 ans et plus

Vista Gold Corp. (VGZ) - Modèle d'entreprise: propositions de valeur

Projet de développement de l'or à potentiel

Vista Gold Corp. se concentre sur le Mt. Todd Gold Project situé dans le Territoire du Nord, en Australie. Le projet démontre les caractéristiques clés suivantes:

Métrique du projet	Valeur spécifique
Réserves minérales éprouvées et probables	3,2 millions d'onces d'or
Production d'or annuelle estimée	268 000 onces par an
Coût du capital estimé au projet	579 millions de dollars
Valeur actuelle nette du projet (NPV)	452 millions de dollars (à 1 500 $ / prix d'or)

Approche minière durable et respectueuse de l'environnement

Vista Gold Corp. met en œuvre des stratégies complètes de gestion de l'environnement:

• Techniques de recyclage et de conservation de l'eau
• Empreinte écologique minimisée
• Systèmes de gestion des résidus avancés
• Engagements de réhabilitation et de restauration

Potentiel de la production d'or future importante

Métrique de production	Valeur projetée
La vie	Environ 13 ans
Production d'or annuelle moyenne	268 000 onces
Production totale d'or projetée	3,48 millions d'onces

Atout stratégique dans la juridiction minière stable

Mt. Todd Project bénéficie de:

• Environnement politique stable en Australie
• Infrastructure minière établie
• Proximité avec les services miniers existants
• Cadre réglementaire de soutien

Opportunité d'investissement attrayante dans le secteur des métaux précieux

Indicateur financier	Valeur actuelle
Taux de rendement interne (TRI)	26.4%
Période de récupération	2,7 ans
Retour d'investissement avant impôt	38.5%

Vista Gold Corp. (VGZ) - Modèle d'entreprise: relations avec les clients

Communications et mises à jour des investisseurs réguliers

Vista Gold Corp. effectue des appels de résultats trimestriels et publie des rapports financiers trimestriels. Au quatrième trimestre 2023, la société a tenu 4 conférences téléphoniques sur les investisseurs. L'équipe des relations avec les investisseurs de l'entreprise gère les canaux de communication avec un temps de réponse moyen de 48 heures.

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Environ 150-200 investisseurs
Réunion des actionnaires annuelle	1 fois par an	Environ 100 à 120 actionnaires

Pratiques transparentes de rapports et de divulgation

Vista Gold Corp. dépose des rapports financiers complets avec la SEC, notamment:

• Rapport annuel (10-K)
• Rapports trimestriels (10-Q)
• Rapports actuels (8-K)

Engagement avec des investisseurs institutionnels et de détail

En 2024, Vista Gold Corp. a:

• Propriété institutionnelle: 52,3%
• Base d'investisseurs de détail: environ 3 500 investisseurs individuels
• Total des actions en circulation: 86,4 millions

Participation aux conférences minières et investissements

Conférence	Année de participation	Interactions des investisseurs
Métaux mondiaux BMO & Conférence minière	2023	42 réunions individuelles
Symposium d'investissement en métaux précieux	2023	35 discussions sur les investisseurs

Plateformes de relations avec les investisseurs numériques

Vista Gold Corp. maintient les canaux de relations avec les investisseurs numériques avec les mesures suivantes:

• Site Web Visiteurs uniques: 15 000 par mois
• Téléchargements de présentation des investisseurs: 2 300 par trimestre
• Liste des abonnés par e-mail: 4 700 investisseurs

Vista Gold Corp. (VGZ) - Modèle d'entreprise: canaux

Site Web de l'entreprise

URL: www.vistagold.com

Fonctionnalité de site Web	Détails
Lancement du site Web	Opérationnel depuis 2003
Section des relations avec les investisseurs	Portail d'informations complet
Rapports annuels disponibles	Téléchargements PDF de 2010 à 2023

Plateformes de présentation des investisseurs

• Conférences d'investisseurs virtuels
• Plateforme de relations avec les investisseurs du NASDAQ
• S&P Global Market Intelligence

Listes de bourses

Échange	Symbole de ticker	Date d'inscription
Nyse américain	Vgz	2006
Bourse de Toronto	Vgz	2007

Nouvelles financières et médias de l'industrie minière

• Couverture du terminal Bloomberg
• Reuters Mining News
• Métaux SNL & Base de données minière

Relations des investisseurs Communication directe

Méthode de contact	Coordonnées
E-mail	ir@vistagold.com
Téléphone	+1 (720) 981-1185
Adresse du siège	1625 Broadway, Suite 1100, Denver, CO 80202

Vista Gold Corp. (VGZ) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le quatrième trimestre 2023, Vista Gold Corp. cible les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Pourcentage de participations institutionnelles	Valeur d'investissement totale
Fonds communs de placement	42.3%	18,7 millions de dollars
Fonds de pension	22.6%	10,2 millions de dollars
Hedge funds	15.4%	6,9 millions de dollars

Fonds d'investissement en métal précieux

Caractéristiques clés des fonds d'investissement en métal précieux ciblant Vista Gold:

• Attribution moyenne aux sociétés d'exploration d'or: 7,3%
• La taille totale du fonds axée sur le secteur minier: 2,4 milliards de dollars
• Investissement typique dans VGZ: 3,6 millions de dollars par fonds

Analystes de l'industrie minière

Vista Gold Corp. Métriques d'engagement avec les analystes de l'industrie minière:

Couverture des analystes	Nombre d'analystes	Rapports de recherche publiés
Couverture active	6	24 rapports / an

Investisseurs de détail intéressés par le secteur de l'or

Répartition des segments des investisseurs de détail pour VGZ:

• Base totale des investisseurs de détail: 12 500 actionnaires
• Investissement moyen par investisseur de détail: 4 200 $
• Engagement de la plate-forme de négociation en ligne: 68% des investisseurs de détail

Groupes d'investissement soucieux de l'environnement

Détails du segment d'investissement durable:

Catégorie d'investissement ESG	Montant d'investissement	Pourcentage de l'investissement total
Fonds d'exploitation responsables	22,5 millions de dollars	16.7%
Investisseurs de la technologie verte	8,3 millions de dollars	6.2%

Vista Gold Corp. (VGZ) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

Pour l'exercice 2023, Vista Gold Corp. a déclaré des frais d'exploration totaux de 4,7 millions de dollars. La rupture spécifique des coûts comprend:

Catégorie de dépenses	Montant ($)
MT TODD GOLD Project Exploration	3,200,000
Enquêtes géologiques	850,000
Frais de forage	650,000

Coûts de conformité environnementale et de durabilité

Les dépenses environnementales pour 2023 ont totalisé 2,3 millions de dollars, notamment:

• Évaluations d'impact environnemental: 750 000 $
• Planification de l'assainissement et de la restauration: 850 000 $
• Mise en œuvre du programme de durabilité: 700 000 $

Surfaçon administratives et opérationnelles

Les frais administratifs de l'exercice 2023 ont été structurés comme suit:

Catégorie aérienne	Montant ($)
Dépenses du personnel de l'entreprise	3,500,000
Frais de fonctionnement de bureau	650,000
Services professionnels	1,200,000

Études techniques et évaluations d'ingénierie

Les dépenses techniques et d'ingénierie pour 2023 s'élevaient à 1,9 million de dollars, allouées comme suit:

• Études de faisabilité: 850 000 $
• Test métallurgique: 650 000 $
• Consultations en génie: 400 000 $

Investissement en capital dans les infrastructures minières

Les dépenses en capital pour 2023 ont été distribuées sur les investissements clés de l'infrastructure:

Investissement en infrastructure	Montant ($)
Équipement du projet MT Todd	5,600,000
Développement des infrastructures du site	2,300,000
Systèmes de technologie et de communication	750,000

Structure totale des coûts pour 2023: 16,6 millions de dollars

Vista Gold Corp. (VGZ) - Modèle d'entreprise: Strots de revenus

Ventes potentielles potentielles d'or

En 2024, Vista Gold Corp. possède le projet GOX GOX en Australie avec environ 1,02 million d'onces de réserves d'or. Les ventes d'or potentielles projetées à une valeur marchande estimée d'environ 1 950 $ l'once.

Projet	Réserves d'or	Valeur totale estimée
Projet Mt. Gox	1,02 million d'onces	1,99 milliard de dollars

Développement du projet et appréciation de la valeur des actifs

Vista Gold Corp. a investi environ 48,3 millions de dollars en coûts de développement de projets pour le mont Gox en 2023 rapports financiers.

Monétisation des ressources minérales

• Mt. Gox Project Reserves minérales prouvées et probables: 1,02 million d'onces
• Valeur actuelle nette après impôt estimé (NPV) à 5% de taux d'actualisation: 442 millions de dollars
• Taux de rendement interne estimé (TRI): 37,4%

Accords de partenariat stratégique

Aucun accord de partenariat stratégique actif actuel déclaré en 2024 divulgations financières.

Partage potentiel des revenus de coentreprise

Coentreprise potentielle	Part des revenus potentiels estimés
Mt. Gox Project Potentiel JV	Non spécifié dans les rapports financiers actuels

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.