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Vista Gold(VGZ) - 2025 Q2 - Quarterly Report

PART I – FINANCIAL INFORMATION This section covers condensed financial statements, MD&A, and controls and procedures ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 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 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) 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 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 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 permitting15 - 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 inflows17 - 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 project26 - The company raised net proceeds of $821 thousand in the first six months of 2025 through its At-The-Market (ATM) equity offering program30 - 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 Stake46 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MD&A covers development-stage status, Mt Todd Feasibility Study, period net loss, and liquidity, with management asserting sufficient working capital 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, Australia54 - 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, 20255859 Results from Operations 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 202563 - 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 Study64 Financial Position, Liquidity and Capital Resources 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 FS68 - 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 months7480 ITEM 4. CONTROLS AND PROCEDURES 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 effective100 - There were no material changes to the company's internal control over financial reporting during the six months ended June 30, 2025101 PART II – OTHER INFORMATION This section covers legal proceedings, risk factors, mine safety disclosures, and the list of exhibits ITEM 1. LEGAL PROCEEDINGS 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 statements104 - 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 million46 ITEM 1A. RISK FACTORS 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, 2024105 ITEM 4. MINE SAFETY DISCLOSURE 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 disclose109 ITEM 6. EXHIBITS 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