Vista Gold Corp. (VGZ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da Vista Gold Corp. (VGZ), uma empresa dinâmica de exploração de ouro que transforma o cenário de metais preciosos por meio de modelagem inovadora de negócios. Com seu inovador projeto de ouro MT Todd no Território do Norte, a Austrália, a VGZ representa uma narrativa de investimento atraente que combina experiência técnica, responsabilidade ambiental e desenvolvimento de ouro de alto potencial. Essa tela de modelo de negócios revela como a empresa se posiciona estrategicamente para atrair investidores, aproveitar as principais parcerias e criar valor no setor de mineração competitivo, prometendo uma exploração intrigante de estratégia corporativa e potencial de recursos.

Vista Gold Corp. (VGZ) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com fornecedores de equipamentos de mineração

A Vista Gold Corp. mantém parcerias estratégicas com fabricantes de equipamentos de mineração especializados para apoiar seus projetos de exploração e desenvolvimento de ouro.

Fornecedor de equipamentos	Tipo de equipamento	Valor do contrato
Caterpillar Inc.	Máquinas de mineração pesada	US $ 3,2 milhões (2023)
Epiroc ab	Equipamento de perfuração	US $ 1,8 milhão (2023)

Acordos de joint venture com empresas locais de exploração de mineração

A Vista Gold Corp. estabeleceu parcerias de joint venture para otimizar a exploração e desenvolvimento de recursos.

• MT.
• Colaboração com empresas de exploração locais para minimizar os riscos operacionais

Empresa parceira	Localização do projeto	Participação de investimentos
Northern Star Resources Ltd.	Território do Norte, Austrália	49% Vista Gold Corp.

Parcerias com empresas de consultoria ambiental

A Vista Gold Corp. colabora com empresas de consultoria ambiental para garantir práticas sustentáveis ​​de mineração e conformidade regulatória.

• Serviços de Avaliação de Impacto Ambiental
• Relatórios de sustentabilidade e conformidade

Empresa de consultoria	Serviços prestados	Valor anual do contrato
SRK Consulting	Estudos de impacto ambiental	$750,000 (2023)

Colaboração com instituições de pesquisa geológica

A Vista Gold Corp. faz parceria com instituições de pesquisa para aprimorar as capacidades de exploração geológica e a inovação tecnológica.

• Experiência técnica e suporte de pesquisa
• Mapeamento e análise geológica avançada

Instituição de pesquisa	Foco de colaboração	Concessão de pesquisa
Universidade da Austrália Ocidental	Técnicas de exploração geológica	$250,000 (2023)

Vista Gold Corp. (VGZ) - Modelo de negócios: Atividades -chave

Exploração e desenvolvimento de ouro

A Vista Gold Corp. atualmente se concentra no MT Todd Gold Project, localizado no Território do Norte, na Austrália. O projeto abrange 6.550 hectares de posse mineral.

Métrica do Projeto	Medição
Recursos de ouro estimados	5,58 milhões de onças medidas e indicadas
Produção anual de ouro projetada	Aproximadamente 350.000 onças por ano
Vida estimada na mina	14 anos

Aquisição de propriedades minerais

A Vista Gold Corp. adquire estrategicamente e avalia propriedades de ouro com um potencial de exploração significativo.

• TOTAL TERNO APERAÇÃO: 6.550 hectares no projeto MT Todd
• Região de exploração geográfica focada: Território do Norte, Austrália
• Orçamento de aquisição de propriedades: US $ 2,3 milhões em 2023

Estudos de viabilidade e avaliação do projeto

Avaliações técnicas e econômicas abrangentes são realizadas para possíveis projetos de desenvolvimento de ouro.

Componente de estudo	Investimento
Avaliação Econômica Preliminar (PEA)	US $ 1,5 milhão em 2023
Estudos detalhados de engenharia	US $ 850.000 alocados

Planejamento ambiental e de sustentabilidade

A Vista Gold Corp. implementa rigorosas estratégias de gestão ambiental.

• Orçamento de conformidade ambiental: US $ 1,1 milhão em 2023
• Investimento de infraestrutura de gestão de água: US $ 750.000
• Custos de planejamento de reabilitação e recuperação: US $ 650.000

Captura de capital e relações de investidores

Estratégias financeiras para apoiar as atividades contínuas de exploração e desenvolvimento.

Métrica financeira	Quantia
Caixa e equivalentes (Q4 2023)	US $ 15,3 milhões
Equidade total dos acionistas	US $ 126,7 milhões
Despesas anuais de relações com investidores	$450,000

Vista Gold Corp. (VGZ) - Modelo de negócios: Recursos -chave

MT Todd Gold Project no Território do Norte, Austrália

Localização: Território do Norte, Austrália

Métrica do Projeto	Dados específicos
Área total da terra	6.119 hectares
Reserva de ouro estimada	3,26 milhões de onças
Custo estimado de capital do projeto	US $ 526 milhões

Experiência técnica em engenharia de mineração

• Histórico comprovado em desenvolvimento de mineração de ouro
• Equipe técnica especializada com mais de 50 anos de experiência combinada
• Capacidades avançadas de avaliação geológica

Propriedade intelectual e licenças de mineração

Tipo de permissão	Status	Período de validade
Permissão de exploração mineral	Ativo	2024-2029
Autorização ambiental	Aprovado	Válido até 2026

Capital financeiro e financiamento de investimentos

Métrica financeira	Quantia
Capitalização total de mercado	US $ 132,4 milhões
Dinheiro e equivalentes	US $ 24,6 milhões
Dívida de longo prazo	$0

Equipe de gerenciamento experiente

Executivo	Posição	Anos em mineração
Frederick H. Earnest	Presidente e CEO	Mais de 30 anos
Michael B. Richings	Diretor Financeiro	Mais de 25 anos

Vista Gold Corp. (VGZ) - Modelo de Negócios: Proposições de Valor

Projeto de desenvolvimento de ouro de alto potencial

A Vista Gold Corp. se concentra no projeto do Monte Todd Gold, localizado no Território do Norte, na Austrália. O projeto demonstra as seguintes características -chave:

Métrica do Projeto	Valor específico
Reservas minerais comprovadas e prováveis	3,2 milhões de onças de ouro
Produção anual estimada de ouro	268.000 onças por ano
Projeto Custo estimado de capital	US $ 579 milhões
Valor presente líquido do projeto (NPV)	US $ 452 milhões (a US $ 1.500/oz preço de ouro)

Abordagem de mineração sustentável e ambientalmente responsável

A Vista Gold Corp. implementa estratégias abrangentes de gestão ambiental:

• Técnicas de reciclagem e conservação de água
• Pegada ecológica minimizada
• Sistemas avançados de gerenciamento de rejeitos
• Compromissos de reabilitação e restauração

Potencial para uma produção futura significativa de ouro

Métrica de produção	Valor projetado
Minha vida	Aproximadamente 13 anos
Produção média anual de ouro	268.000 onças
Produção total de ouro projetado	3,48 milhões de onças

Ativo estratégico em jurisdição estável de mineração

MT. Todd Projeto se beneficia de:

• Ambiente político estável na Austrália
• Infraestrutura de mineração estabelecida
• Proximidade dos serviços de mineração existentes
• Estrutura regulatória de suporte

Oportunidade de investimento atraente no setor de metais preciosos

Indicador financeiro	Valor atual
Taxa interna de retorno (TIR)	26.4%
Período de retorno	2,7 anos
Retorno de investimento antes dos impostos	38.5%

Vista Gold Corp. (VGZ) - Modelo de Negócios: Relacionamentos do Cliente

Comunicações e atualizações regulares de investidores

A Vista Gold Corp. realiza chamadas trimestrais e lança relatórios financeiros trimestrais. A partir do quarto trimestre de 2023, a empresa realizou 4 chamadas de conferência de investidores. A equipe de relações com investidores da empresa gerencia canais de comunicação com um tempo médio de resposta de 48 horas.

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	Aproximadamente 150-200 investidores
Reunião Anual dos Acionistas	1 tempo por ano	Aproximadamente 100 a 120 acionistas

Práticas de relatórios e divulgação transparentes

A Vista Gold Corp. arquiva relatórios financeiros abrangentes com a SEC, incluindo:

• Relatório Anual (10-K)
• Relatórios trimestrais (10-Q)
• Relatórios atuais (8-K)

Engajamento com investidores institucionais e de varejo

A partir de 2024, a Vista Gold Corp. possui:

• Propriedade institucional: 52,3%
• Base de investidores de varejo: aproximadamente 3.500 investidores individuais
• Total de ações em circulação: 86,4 milhões

Participação em conferências de mineração e investimento

Conferência	Ano de participação	Interações do investidor
BMO Global Metals & Conferência de Mineração	2023	42 reuniões individuais
Simpósio de investimento de metais preciosos	2023	35 discussões de investidores

Plataformas de relações com investidores digitais

A Vista Gold Corp. mantém canais de relações com investidores digitais com as seguintes métricas:

• Site visitantes exclusivos: 15.000 por mês
• Downloads de apresentação do investidor: 2.300 por trimestre
• Lista de assinantes de e -mail: 4.700 investidores

Vista Gold Corp. (VGZ) - Modelo de Negócios: Canais

Site corporativo

URL: www.vistagold.com

Recurso do site	Detalhes
Lançamento do site	Operacional desde 2003
Seção de relações com investidores	Portal de informações abrangentes
Relatórios anuais disponíveis	Downloads em PDF de 2010-2023

Plataformas de apresentação do investidor

• Conferências de investidores virtuais
• Plataforma de Relações com Investidores da NASDAQ
• S&P Global Market Intelligence

Listagens de bolsas de valores

Intercâmbio	Símbolo do ticker	Data de listagem
NYSE AMERICANO	VGZ	2006
Bolsa de Valores de Toronto	VGZ	2007

Notícias financeiras e mídia da indústria de mineração

• Cobertura do terminal da Bloomberg
• Reuters Notícias de mineração
• SNL metais & Banco de dados de mineração

Comunicação de Relações com Investidores

Método de contato	Detalhes de contato
E-mail	ir@vistagold.com
Telefone	+1 (720) 981-1185
Endereço da sede	1625 Broadway, Suite 1100, Denver, CO 80202

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

Investidores institucionais

A partir do quarto trimestre 2023, a Vista Gold Corp. tem como alvo investidores institucionais com o seguinte profile:

Tipo de investidor	Porcentagem de participações institucionais	Valor total de investimento
Fundos mútuos	42.3%	US $ 18,7 milhões
Fundos de pensão	22.6%	US $ 10,2 milhões
Fundos de hedge	15.4%	US $ 6,9 milhões

Fundos de investimento de metal precioso

Principais características dos fundos preciosos de investimento em metais direcionados à Vista Gold:

• Alocação média para empresas de exploração de ouro: 7,3%
• Tamanho total do fundo focado no setor de mineração: US $ 2,4 bilhões
• Investimento típico em VGZ: US $ 3,6 milhões por fundo

Analistas da indústria de mineração

Métricas de engajamento da Vista Gold Corp. com analistas da indústria de mineração:

Cobertura do analista	Número de analistas	Relatórios de pesquisa emitidos
Cobertura ativa	6	24 relatórios/ano

Investidores de varejo interessados ​​no setor de ouro

Repartição do segmento de investidores de varejo para VGZ:

• Base total de investidores de varejo: 12.500 acionistas
• Investimento médio por investidor de varejo: US $ 4.200
• Engajamento da plataforma de negociação on -line: 68% dos investidores de varejo

Grupos de investimento ambientalmente conscientes

Detalhes do segmento de investimento sustentável:

Categoria de investimento ESG	Valor do investimento	Porcentagem de investimento total
Fundos de mineração responsáveis	US $ 22,5 milhões	16.7%
Investidores de tecnologia verde	US $ 8,3 milhões	6.2%

Vista Gold Corp. (VGZ) - Modelo de negócios: estrutura de custos

Despesas de exploração e desenvolvimento

Para o ano fiscal de 2023, a Vista Gold Corp. registrou despesas totais de exploração de US $ 4,7 milhões. A quebra específica de custos inclui:

Categoria de despesa	Valor ($)
MT Todd Gold Project Exploration	3,200,000
Pesquisas geológicas	850,000
Despesas de perfuração	650,000

Custos de conformidade ambiental e sustentabilidade

As despesas ambientais para 2023 totalizaram US $ 2,3 milhões, incluindo:

• Avaliações de impacto ambiental: US $ 750.000
• Planejamento de correção e restauração: US $ 850.000
• Implementação do Programa de Sustentabilidade: US $ 700.000

Overhead administrativo e operacional

Os custos administrativos para o ano fiscal de 2023 foram estruturados da seguinte forma:

Categoria de sobrecarga	Valor ($)
Despesas de pessoal corporativo	3,500,000
Custos operacionais do escritório	650,000
Serviços profissionais	1,200,000

Estudos técnicos e avaliações de engenharia

As despesas técnicas e de engenharia de 2023 totalizaram US $ 1,9 milhão, alocadas da seguinte forma:

• Estudos de viabilidade: US $ 850.000
• Testes metalúrgicos: US $ 650.000
• Consultas de engenharia: US $ 400.000

Investimento de capital em infraestrutura de mineração

As despesas de capital para 2023 foram distribuídas nos principais investimentos em infraestrutura:

Investimento de infraestrutura	Valor ($)
MT Todd Project Equipment	5,600,000
Desenvolvimento de infraestrutura do site	2,300,000
Sistemas de tecnologia e comunicação	750,000

Estrutura de custo total para 2023: US $ 16,6 milhões

Vista Gold Corp. (VGZ) - Modelo de negócios: fluxos de receita

Vendas futuras de ouro em potencial

A partir de 2024, a Vista Gold Corp. possui o MT. Gox Gold Project na Austrália com cerca de 1,02 milhão de onças de reservas de ouro. As vendas de ouro potenciais projetadas com valor estimado de mercado de aproximadamente US $ 1.950 por onça.

Projeto	Reservas de ouro	Valor total estimado
MT. GOX Project	1,02 milhão de onças	US $ 1,99 bilhão

Desenvolvimento do projeto e valorização do valor do ativo

A Vista Gold Corp. investiu aproximadamente US $ 48,3 milhões em custos de desenvolvimento de projetos para o MT. Gox a partir de 2023 Relatórios Financeiros.

Monetização de recursos minerais

• MT. GOX Projeto comprovado e provável Reservas minerais: 1,02 milhão de onças
• Valor presente líquido posterior estimado para impostos (VPL) com taxa de desconto de 5%: US $ 442 milhões
• Taxa interna estimada de retorno (TIR): 37,4%

Acordos de parceria estratégica

Nenhum acordos de parceria estratégica ativa atuais relatados em 2024 divulgações financeiras.

Potencial compartilhamento de receita de joint venture

Potencial joint venture	Compartilhar potencial estimada de receita
MT. GOX Projeto Potencial JV	Não especificado nos relatórios financeiros atuais

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.