Always on the hunt for undervalued, promising stocks with a focus on risk and reward. Limited risks and decent to high upside by knowing what one's owning. I strongly believe that the best investment ideas are often the simplest. If contrarian, the better.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not ...

Core Viewpoint - Vista Gold Corp. has filed the feasibility study technical reports for its Mt Todd gold project located in Northern Territory, Australia, in compliance with U.S. Securities and Exchange Act regulations [1] Group 1 - The feasibility study technical report was prepared according to Item 1300 of Regulation S-K [1] - The report has been filed on EDGAR at www.sec.gov [1]

Core Insights - The company is focused on the development of transcript-related projects, indicating a commitment to enhancing their offerings in this area [1] - The publication of thousands of quarterly earnings calls per quarter demonstrates significant growth and expansion in coverage [1]

Vista Gold (NYSEAM:VGZ) 2025 Conference September 10, 2025 03:45 PM ET Speaker0Good afternoon, everyone. I'm delighted to be back at, Beaver Creek, and appreciate those of you who are here in the room to listen to, our discussion of what we're doing at the Mount Todd Gold Project. Every once in a while, a set of circumstances arises that allows astute individuals, management teams, companies to make some very strategic shifts that can result in the creation of a significant value. I'd like to tell you about ...

Summary of Vista Gold (VGZ) Conference Call - August 21, 2025 Company Overview - **Company**: Vista Gold Corp - **Ticker Symbols**: VGZ (NYSE American), VGZ (TSX) - **Project**: Mt Todd Gold Project located in Northern Territory, Australia Key Points and Arguments 1. **Development Strategy Shift**: The company announced a feasibility study indicating a shift from a large-scale operation of 50,000 tons per day to a smaller scale of 15,000 tons per day, resulting in a 59% reduction in initial capital costs [4][11][32] 2. **Increased Average Grade**: The average grade of the deposit increased from 0.77 grams per ton to 1.04 grams per ton due to prioritizing grade over tons [6][11] 3. **Production Estimates**: Average production is projected at 153,000 ounces of gold per year over the first fifteen years, with a total resource of 10.6 million ounces and proven and probable reserves of 5.2 million ounces [7][13] 4. **Economic Metrics**: - Initial capital investment estimated at $425 million - Net present value (NPV) at a gold price of $2,500 is $1.1 billion, with an internal rate of return (IRR) of 27.8% - At a gold price of $3,300, NPV increases to $2.2 billion and IRR to nearly 45% [7][11] 5. **All-in Sustaining Costs**: Estimated at just under $14.50 per ounce, positioning the project competitively among Australian peers [8][24] 6. **Project Life Extension**: The life of the mine has increased from 16 years to 30 years due to the smaller scale design [6] 7. **Workforce Strategy**: The project will utilize a fly-in, fly-out workforce, with 90% of the workforce expected to be sourced this way in the early years [5][10] 8. **Permitting Timeline**: The company expects to complete necessary modifications to authorizations for the smaller operation within 12 to 18 months [21] 9. **Cash Position**: As of the second quarter, the company had $13.2 million in cash, with a burn rate of approximately $1.5 to $1.7 million per quarter, providing nearly two years of runway [40] 10. **Potential for Expansion**: The project design allows for future expansion, with options to increase throughput based on market conditions [12][43] Additional Important Information - **Consultants and Engineering**: The project has engaged Australian-based consultants with significant experience in similar projects, enhancing the credibility of cost estimates and project execution [17][18] - **Market Positioning**: The company aims to attract attention from potential joint venture partners and investors, with several confidentiality agreements already signed [34][44] - **Investment Opportunity**: The company believes there is a significant opportunity for a rerating in value, with potential increases in market cap based on successful project execution and favorable gold prices [30][31] - **Water Rights**: The company has secured water rights through a freshwater storage reservoir, essential for project operations [39] This summary encapsulates the critical insights and developments discussed during the conference call, highlighting the strategic direction and financial outlook of Vista Gold Corp.

Industry Overview - The global precious metals market was valued at $306.44 billion in 2023 and is projected to exceed $501 billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.6% [3] - Demand for gold remains strong as a safe-haven asset, with global central banks increasing purchases for the 13th consecutive year in 2024 [3] - Silver is experiencing growing industrial use, particularly in solar and electronics manufacturing, while platinum and palladium are expected to benefit from the transition towards electrification and green technology [3] PRISM Precious Metals Index - PRISM MarketView launched the PRISM Precious Metals Index to track emerging and established companies in the gold, silver, platinum, and palladium sectors, highlighting firms that drive innovation in mining, refining, recycling, and technology applications [1][4] - The index has returned approximately 83% since January 2, 2024, providing investors with insights into this strategically important sector [4] Company Highlights Vista Gold Corp. - Vista Gold Corp. is advancing its flagship Mt Todd Gold Project in Australia, focusing on disciplined, value-driven development with a streamlined feasibility plan [5] - The company reported $13.2 million in cash and no debt at the end of Q2 2025, with a feasibility study indicating strong economics and stable long-term production [5] Caledonia Mining Corporation - Caledonia Mining Corporation operates primarily in Zimbabwe, with its Blanket Mine showing record production and growth potential [6] - The company reported a 30% increase in revenue to $65 million and a net profit attributable to shareholders of $20.5 million, more than doubling from the previous year [6][7] NioCorp Developments Ltd. - NioCorp Developments Ltd. is advancing the Elk Creek Critical Minerals Project in Nebraska, targeting production of niobium, scandium, and titanium [8] - The company completed Phase I of its drilling campaign ahead of schedule and under budget, which will support its application for up to $800 million in debt financing from the U.S. Export-Import Bank [8]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a net loss of $2,356,000 compared to a net income of $15,633,000 in Q2 2024, primarily due to a $16,900,000 gain recognized in June 2024 and increased exploration expenses [7][8][9] - For the six-month period ending June 30, 2025, the net loss was $500,664,000, contrasting with a net income of $14,560,000 for the same period in 2024 [8][10] - Cash on hand at June 30, 2025, was $13,200,000, down from $16,900,000 at December 31, 2024, attributed to feasibility study expenditures and recurring costs [10][11] Business Line Data and Key Metrics Changes - The feasibility study for the Mt Todd project indicated a 59% reduction in initial capital costs to $425,000,000, with a competitive capital efficiency of $93 per ounce of gold produced [13][14] - Average annual gold production is estimated at 153,000 ounces during the first 15 years and 146,000 ounces over the 30-year life of the mine [14] Market Data and Key Metrics Changes - The after-tax net present value (NPV) at a 5% discount rate is projected at $1,100,000,000 with an internal rate of return (IRR) of 27.8% at a gold price of $2,500 per ounce [14][15] - At a higher gold price of $3,300 per ounce, the after-tax NPV increases to $2,200,000,000 with an IRR of 44.7% [15] Company Strategy and Development Direction - The company is focusing on advancing the Mt Todd project, emphasizing safety, environmental stewardship, and stakeholder engagement [16][17] - The strategic shift towards a smaller initial scale for the Mt Todd project aims to preserve optionality for future expansion [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Mt Todd project's potential, highlighting its strong economic parameters compared to other Australian gold producers [17][33] - The company is committed to developing Mt Todd in compliance with high mining and ESG standards [17] Other Important Information - The company has achieved 1,369 consecutive days without a lost time accident at the Mt Todd site, reflecting its commitment to safety [6][16] - The feasibility study results are seen as a significant milestone, positioning Mt Todd as one of the most attractive development-stage projects in the gold sector [17] Q&A Session Summary Question: Financing and Profit Distribution Plans - Inquiry about potential financing through lenders or joint ventures and how profits would be utilized, whether for expansion or dividends [21][22] - Management indicated that while expansion opportunities would be considered based on market conditions, a portion of profits would be prioritized for shareholder returns [23] Question: Investor Interest and Confidentiality Agreements - Follow-up on increased investor interest and confidentiality agreements signed recently [24] - Management confirmed new confidentiality agreements have been signed, with ongoing discussions with potential partners following a recent conference [24] Question: Interest from Counterparties - Inquiry about which counterparties are showing interest in Mt Todd and how the company evaluates joint venture versus M&A options [26] - Management noted that confidentiality agreements have been signed with strategic investors and that the M&A space is becoming more interesting [27][28] Question: Open to Various Options - Management emphasized openness to joint ventures or acquisitions, depending on what provides the best value for shareholders [30]

[FORM 8-K Filing Details](index=1&type=section&id=FORM%208-K%20Filing%20Details) This section details the administrative information for the Form 8-K, including registrant identification, jurisdiction, and report date [Registrant and Filing Information](index=1&type=section&id=Registrant%20and%20Filing%20Information) This section details the registrant's identification, jurisdiction of incorporation, and the report date - Registrant: **Vista Gold Corp.**, incorporated in British Columbia, Canada[1](index=1&type=chunk) - Date of Report: **August 12, 2025**[1](index=1&type=chunk) [Securities Registration Details](index=1&type=section&id=Securities%20Registration%20Details) This section outlines the specific class of securities registered under Section 12(b) and their trading exchange Securities Registered under Section 12(b) | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Shares | VGZ | NYSE American | [Item 2.02 Results of Operation and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operation%20and%20Financial%20Condition) This section details the announcement of financial results and clarifies their filing status [Financial Results Announcement](index=2&type=section&id=Financial%20Results%20Announcement) Vista Gold Corp. announced Q2 2025 financial and operational results via a press release, attached as an exhibit - Vista Gold Corp. issued a press release on **August 12, 2025**, announcing Q2 2025 financial and operational results for the quarter ended June 30, 2025[3](index=3&type=chunk) - A management call was announced to discuss the financial results[3](index=3&type=chunk) - The Press Release (Exhibit 99.1) is incorporated by reference[3](index=3&type=chunk) [Information Filing Status](index=2&type=section&id=Information%20Filing%20Status) This section clarifies the financial information in this Form 8-K is "furnished" not "filed," affecting Section 18 liability - The information in this Form 8-K (including Exhibit 99.1) is **"furnished," not "filed,"** for purposes of Section 18 of the Securities Exchange Act of 1934[4](index=4&type=chunk) - This information is not subject to Section 18 liabilities and is not incorporated by reference unless expressly stated[4](index=4&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the financial statements and exhibits accompanying the Form 8-K filing [List of Exhibits](index=2&type=section&id=List%20of%20Exhibits) This section details the Form 8-K exhibits, including the financial results press release and interactive data file Exhibits to Form 8-K | Exhibit Number | Description | | :------------- | :------------------------------------------------------------------------------------------------------------------------------------- | | 99.1 | Press Release, dated August 12, 2025* | | 104 | Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | - Exhibit 99.1 is **furnished to, not filed with,** the SEC, pursuant to Regulation FD[5](index=5&type=chunk) [SIGNATURES](index=3&type=section&id=SIGNATURES) This section contains the official signatures, confirming the report's authorization and submission [Report Signatures](index=3&type=section&id=Report%20Signatures) This section contains the official signatures, confirming the report's authorization and submission - The report was signed on **August 12, 2025**, by **Frederick H. Earnest**, President and Chief Executive Officer of Vista Gold Corp[9](index=9&type=chunk)

PART I – FINANCIAL INFORMATION This section covers condensed financial statements, MD&A, and controls and procedures [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=4&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) H1 2025 net loss of $5.1 million contrasts with H1 2024 net income, primarily due to a non-recurring royalty gain [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $15.2 million by June 30, 2025, driven by a $3.7 million cash reduction, impacting shareholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands USD) | Account | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $13,211 | $16,950 | -$3,739 | | Total current assets | $13,526 | $17,503 | -$3,977 | | Total assets | $15,152 | $18,974 | -$3,822 | | **Liabilities & Equity** | | | | | Total current liabilities | $1,226 | $1,046 | +$180 | | Total liabilities | $1,255 | $1,067 | +$188 | | Total shareholders' equity | $13,897 | $17,907 | -$4,010 | [Condensed Consolidated Statements of Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Loss%29) H1 2025 net loss of $5.1 million contrasts with H1 2024 net income, primarily due to the absence of a $16.9 million royalty gain Financial Performance Summary (in thousands USD, except per share data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Exploration & property costs | $(1,784) | $(629) | $(3,322) | $(1,381) | | Gain on grant of royalty | $— | $16,909 | $— | $16,909 | | Total operating income (expense) | $(2,485) | $15,487 | $(5,343) | $14,269 | | **Net Income (Loss)** | **$(2,356)** | **$15,633** | **$(5,064)** | **$14,560** | | Net Income (Loss) per share (basic) | $(0.02) | $0.13 | $(0.04) | $0.12 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash decreased by $3.7 million in H1 2025, driven by increased operating costs and reduced investing inflows Six Months Ended June 30, Cash Flow Comparison (in thousands USD) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,115) | $(2,695) | | Net cash provided by (used in) investing activities | $(200) | $16,692 | | Net cash provided by financing activities | $576 | $159 | | **Net increase (decrease) in cash** | **$(3,739)** | **$14,156** | | Cash and cash equivalents, end of period | $13,211 | $20,225 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the Mt Todd project, external financing reliance, 2024 royalty gain, ATM equity, and potential Mexican tax liabilities - The company's flagship asset is the 100% owned Mt Todd gold project in Northern Territory, Australia, where it is focused on exploration, evaluation, engineering, and permitting[15](index=15&type=chunk) - The financial statements are prepared on a going concern basis, but the company acknowledges its reliance on external financing (equity, royalties, debt) to fund operations as it does not generate recurring cash inflows[17](index=17&type=chunk) - In June 2024, the company recognized a gain of **$16.9 million** from a royalty agreement with Wheaton Precious Metals related to the Mt Todd project[26](index=26&type=chunk) - The company raised net proceeds of **$821 thousand** in the first six months of 2025 through its At-The-Market (ATM) equity offering program[30](index=30&type=chunk) - The company faces a potential liability of up to approximately **$3.7 million** from a tax assessment by Mexican authorities against its subsidiary, Minera Gold Stake[46](index=46&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=18&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) MD&A covers development-stage status, Mt Todd Feasibility Study, period net loss, and liquidity, with management asserting sufficient working capital [Overview](index=18&type=section&id=Overview) Vista Gold, a development-stage company, focuses on its Mt Todd Gold Project, completing a 2025 Feasibility Study for a smaller 15,000 tpd operation - The company's flagship asset is the Mt Todd Gold Project, a development-stage gold deposit in Northern Territory, Australia[54](index=54&type=chunk) - In December 2024, Vista began a new feasibility study (2025 FS) for a smaller 15,000 tpd operation to reduce initial capital and risk. The results were announced on July 29, 2025[58](index=58&type=chunk)[59](index=59&type=chunk) [Results from Operations](index=20&type=section&id=Results%20from%20Operations) H1 2025 net loss resulted from the absence of a $16.9 million royalty gain and increased exploration costs for the 2025 Feasibility Study - The significant decrease in net income year-over-year is primarily due to a **$16.9 million** gain on a royalty interest grant recognized in June 2024, which did not recur in 2025[63](index=63&type=chunk) - Exploration, property evaluation, and holding costs increased to **$3.3 million** for the six months ended June 30, 2025, from **$1.4 million** in the prior year, largely due to costs of **$1.6 million** for the 2025 Feasibility Study[64](index=64&type=chunk) [Financial Position, Liquidity and Capital Resources](index=21&type=section&id=Financial%20Position%2C%20Liquidity%20and%20Capital%20Resources) Liquidity decreased in H1 2025, with cash falling by $3.7 million, but management asserts sufficient working capital for the next year Liquidity Position (in thousands USD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $13,211 | $16,950 | | Working Capital | $12,300 | $16,457 | - Net cash used in operating activities increased to **$4.1 million** in H1 2025 from **$2.7 million** in H1 2024, largely due to expenditures for the 2025 FS[68](index=68&type=chunk) - Management expects existing Working Capital to be sufficient to fund estimated net recurring expenditures of **~$7.1 million** and Mt Todd work plans of **~$1.8 million** over the next 12 months[74](index=74&type=chunk)[80](index=80&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=31&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[100](index=100&type=chunk) - There were no material changes to the company's internal control over financial reporting during the six months ended June 30, 2025[101](index=101&type=chunk) PART II – OTHER INFORMATION This section covers legal proceedings, risk factors, mine safety disclosures, and the list of exhibits [ITEM 1. LEGAL PROCEEDINGS](index=33&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Legal proceedings refer to Note 8, detailing a potential $3.7 million tax dispute with Mexican authorities - Information regarding legal proceedings is incorporated by reference from Note 8 of the financial statements[104](index=104&type=chunk) - The company's Mexican subsidiary is in a dispute with the Mexican tax authorities (SAT) over a 2024 assessment, with a potential liability estimated up to **$3.7 million**[46](index=46&type=chunk) [ITEM 1A. RISK FACTORS](index=33&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors were reported from those disclosed in the Annual Report on Form 10-K for FY2024 - There have been no material changes from the risk factors set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2024[105](index=105&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURE](index=33&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURE) No U.S. mining properties were subject to MSHA regulation during H1 2025, thus requiring no mine safety disclosures - During the six months ended June 30, 2025, the company had no U.S. properties subject to MSHA regulation and therefore has no mine safety information to disclose[109](index=109&type=chunk) [ITEM 6. EXHIBITS](index=34&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed, including corporate governance documents, qualified person consent, CEO/CFO certifications, and XBRL data - The report includes standard exhibits such as CEO/CFO certifications (31.1, 31.2, 32.1, 32.2) and XBRL data files (101 series)[111](index=111&type=chunk)

Core Viewpoint - Vista Gold Corp's flagship project Mt. Todd is positioned as an attractive investment opportunity in the gold development sector due to its large mineral reserves, positive economic outlook, and favorable development conditions [1] Group 1: Project Attributes - Mt. Todd has large mineral reserves, which is a critical factor for investors in gold development projects [1] - The project is located in a low-risk jurisdiction, enhancing its appeal to investors [1] - Accessible local infrastructure supports the development and operational efficiency of the project [1] - The project features a streamlined development pathway, indicating a clear route to production [1] - There are opportunities for expansion and exploration upside, which could further increase the project's value [1] Group 2: Market Context - The current trading price of Vista Gold Corp's stock presents a favorable entry point for investors [1] - The commodities sector, particularly precious metals and uranium, is expected to benefit from potential inflationary pressures in the long term [1]