Vista Gold Corp. (VGZ): Business Model Canvas [Dec-2025 Updated]

You're digging into the strategy of a pre-production gold developer that has clearly defined its path to construction at the Mt Todd project. Honestly, the shift in focus is the key takeaway: they've engineered a financeable plan by reducing the initial CapEx to $425 million for a smaller start, which still yields an after-tax NPV5% of $1.1 billion at $2,500/oz gold. This Business Model Canvas lays out the nine critical components-from securing joint venture partners to managing the estimated $7.4 million net recurring cost-that Vista Gold Corp. is using to bridge the gap from holding 5.2 million ounces in reserve to actually pouring gold. See the full breakdown below to understand their current operational reality.

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

You're looking at the partners Vista Gold Corp. (VGZ) needs to move Mt Todd from an advanced development stage to actual production. These relationships are critical because, frankly, the company doesn't generate cash from operations yet; it relies on capital markets and strategic alliances to fund its way forward. As of late 2025, the focus is clearly on de-risking the project through proven external expertise and securing a development pathway, whether that's standalone or via a joint venture (JV).

Potential joint venture partners for project development

The 2025 Feasibility Study (FS) dramatically changed the attractiveness of Mt Todd to potential partners. By redesigning the project to a smaller, more manageable scale, Vista Gold Corp. (VGZ) slashed the initial capital expenditure (CapEx) requirement by 59%, bringing it down to $425 million from the previous estimate of over $1 billion. This lower CapEx, combined with strong economics-an after-tax Net Present Value (NPV) of $1.1 billion at a $2,500 per ounce gold price-opens the door to a broader pool of financing partners. Vista Gold Corp. (VGZ) is actively pursuing three pathways: JV partnerships, a potential sale, or self-development. They hold up the joint venture structure between Goldfields and Gold Road Resources at the Gruyere project as a model for the kind of partnership they seek-one with an operator who shares their values on environmental protection and community relations.

Contract mining and third-party power generation providers in Australia

A key element of the 2025 FS strategy was incorporating established Australian practices to reduce execution risk and capital outlay. This means relying on external service providers rather than building out a massive internal workforce and infrastructure from day one. The plan specifically contemplates using contract mining and third-party power generation, leveraging the experience of established Australian contractors. This approach supports the goal of a 'fit for purpose' design, simplifying construction and operations for the initial 15,000 tonnes per day (tpd) operation.

Technical consultants for the 2025 Feasibility Study

The successful completion of the 2025 FS in July 2025 was dependent on external technical expertise. Maria Vallejo, P. Eng., FAusIMM, Vista Gold Corp. (VGZ)'s Director of Projects and Technical Services, supervised the technical information for the study. Specifically, Vista Gold Corp. (VGZ) leveraged the extensive experience of GRES in designing and building similarly sized gold projects in Western Australia to help achieve the objectives of reducing initial capital costs and development risk. The study itself, which targets average annual gold production of 153,000 ounces during years 1-15, is documented in the S-K 1300 Technical Report Summary with an effective date of July 29, 2025.

Institutional investors, bankers, and financiers for capital raising

Since Vista Gold Corp. (VGZ) does not generate recurring cash inflows from operations, funding is a constant consideration, relying on equity issuances, royalty agreements, and debt facilities. As of November 17, 2025, 27 institutional investors and hedge funds held shares, representing 27.29% of the company's stock. The company remains debt-free as of June 30, 2025. Cash and cash equivalents stood at $13.7 million as of September 30, 2025. You should note that previous funding included a royalty deal with Wheaton Precious Metals.

Here's a look at some of the key institutional holders as of mid-November 2025:

The market capitalization was approximately $220 million as of the Q3 2025 earnings release.

Jawoyn Association Aboriginal Corporation (traditional landowners)

Vista Gold Corp. (VGZ)'s relationship with the Jawoyn Association Aboriginal Corporation is foundational, as the Mt Todd gold project sits on their freehold land. The updated Agreement governs land use and is a critical part of the social license to operate. This partnership is structured to provide direct economic benefit to the Jawoyn people without the risk associated with a traditional joint venture interest.

Key components of the agreement include:

• Annual cash payment or payment in kind equal to 1.125% - 2.0% of annual gold production value, dependent on gold prices and foreign exchange rates.
• A 1% Net Smelter Return (NSR) royalty on other metals produced.
• A minimum annual payment commitment of $50,000.
• Commitment to developing a regional employment strategy and cross-cultural training programs.
• The formation of a Leaders Forum for senior management collaboration.
• The Jawoyn Association has committed to support Vista Gold Corp. (VGZ) in all required authorization processes.

The company has supported the Jawoyn people with work opportunities since 2006 during care and maintenance activities. Finance: review the draft 13-week cash view by Friday.

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

You're focused on moving a major asset, Mt Todd, from the advanced development stage to the final construction decision, which means every activity is geared toward de-risking the project and attracting the right capital partner or funding source. Honestly, the Key Activities for Vista Gold Corp. right now are all about execution following the new study.

Advancing the Mt Todd gold project toward a construction decision

The primary activity centers on the recently completed 2025 Feasibility Study (FS), which re-scoped the project for near-term development. This study, with an effective date of July 29, 2025, is the foundation for the construction decision. The project is now designed for a throughput rate of 15,000 tonnes per day. This smaller scale significantly lowers the upfront hurdle, projecting an initial Capital Expenditure (CapEx) of $425 million, which is a 59% reduction from earlier estimates exceeding $1 billion. The economic metrics derived from this study are key to justifying the next steps: an after-tax Net Present Value (NPV5%) of $1.1 billion and an Internal Rate of Return (IRR) of 27.8%, both based on a conservative gold price of $2,500 per ounce. The projected All-in Sustaining Costs (AISC) for the first fifteen years is $1,449 per ounce, with an expected payback period of 2.7 years. The project has also maintained a strong safety record, achieving four years without a lost-time accident as of the third quarter of 2025.

Completing technical work and seeking permit modifications

Technical work is tightly linked to the FS and subsequent regulatory steps. Vista Gold Corp. is actively pursuing modifications to existing permits, which management suggested could take 12-18 months from July 2025 to settle. The FS incorporated a new mineral resource estimate to reflect drilling results from 2020-2022 and 2024. The project's design now prioritizes higher-grade ore to the processing plant. The company reported that for the three months ended March 31, 2025, exploration, property evaluation, and holding costs totaled $1,538,000, with $739,000 of that being expenses related to the 2025 FS.

The technical and economic parameters from the 15,000 tpd FS are:

Actively pursuing strategic transactions (JV, sale, or self-build)

The reduced CapEx of $425 million has opened up the self-build option, which Vista Gold Corp. is now exploring with lenders. Still, the company remains open to project-level or corporate-level transactions to sell the project outright at the right value. Since announcing the study results, Vista Gold Corp. has signed additional confidentiality agreements, indicating continued partner interest. The company's goal is to increase its market capitalization to at least $1 billion.

Managing corporate G&A and Mt Todd holding costs

This activity is about capital preservation while advancing the project. Vista Gold Corp. continues to maintain no debt. For the 12 months following March 31, 2025, management estimated net recurring costs to be approximately $6.5 million annually, plus an additional $3 million budgeted for work plans specifically at Mt Todd. The company reported a consolidated net loss of $5.787 million for the nine-month period ended September 30, 2025. For the third quarter ended September 30, 2025, the net loss was $0.7 million. Cash and cash equivalents stood at $13.7 million as of September 30, 2025. In Q2 2025, exploration, property evaluation, and holding costs rose to $1.784 million, up from $0.629 million year-over-year, reflecting the advancement of the FS.

Key financial metrics related to corporate management as of late 2025:

• Cash on hand (September 30, 2025): $13.7 million.
• Total Debt: $0.
• Estimated Annual Recurring Costs (Post-Q1 2025): $6.5 million.
• Budgeted Mt Todd Work Plan Costs (Annual): $3 million.
• Net Loss (Nine Months Ended September 30, 2025): $5,787,000.

Investor relations and corporate awareness campaigns

Investor relations activities are focused on communicating the improved project economics following the study. Vista Gold Corp. participated in conferences, such as the Emerging Growth Conference on October 22, 2025, to showcase the project's lower CapEx and strong returns. The company is working to close the perceived disconnect between its current market valuation and the project's intrinsic value, which some analysts estimate could imply an after-tax NPV per share of $10.10-$13.40.

Investor Relations Focus Points:

• Target Market Capitalization: $1 billion.
• Recent Share Price Performance: Shares rose by 60.66% over a recent period, outperforming the S&P 500 gain of 14.97%.
• Latest Reported Market Cap: C$177.3M (as of Q2 2025).
• Communication Strategy: Emphasizing reduced risk via contract mining and proven Australian design practices.

Finance: review Q4 cash burn against the $6.5M recurring cost estimate by next Tuesday.

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

You're looking at the core assets Vista Gold Corp. (VGZ) relies on to move the Mt Todd gold project toward production. These resources are what underpin the entire value proposition right now.

Ownership and Jurisdiction

• 100% ownership of the Mt Todd gold project in the Northern Territory, Australia.
• The project is one of Australia's largest undeveloped gold projects and the largest not owned by an existing producer.
• All major environmental and operating permits necessary to initiate development are in place.

The project's economics, as detailed in the July 2025 Feasibility Study (FS), are a critical resource in attracting partners or financing. Here's a quick look at the key metrics from that study, based on a $\text{\$2,500}$ per ounce gold price assumption:

The initial capital estimate of $\text{\$425 million}$ represents a $\text{59\%}$ reduction from the previous feasibility study, which is a significant de-risking factor.

Mineral Inventory and Operational Metrics

The quantifiable mineral base is perhaps the most tangible resource Vista Gold holds. The latest figures from the 2025 FS are what matter for near-term planning.

• Proven and Probable Gold Mineral Reserves: 5.2 million ounces.
• Total Measured and Indicated Gold Resources: 9.1 million ounces.
• Life of Mine (LOM) All-in Sustaining Costs (AISC): $1,499/oz over 30 years.
• Average Annual Gold Production (Years 1-15): 153,000 ounces.

Also, the project has demonstrated strong operational discipline, evidenced by achieving four years without a lost-time accident as of the Q3 2025 report.

Financial Strength and Human Capital

Liquidity is a key resource for a development-stage company, keeping the lights on while advancing technical work. As of September 30, 2025, Vista Gold Corp. had a clean balance sheet.

• Cash and Cash Equivalents: $13.7 million.
• Total Debt: Zero.

The management team, led by President and CEO Frederick H. Earnest, is focused on project development, incorporating proven Australian design and operating practices to reduce risk. This team's experience in mine building is a necessary, though less quantifiable, resource for navigating the permitting modifications and technical work required before a construction decision.

Finance: draft 13-week cash view by Friday.

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:

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.

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:

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:

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:

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:

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:

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:

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