Vista Gold Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 11 March 2026: press release. Guidance figures: 2 new. The quarter’s numbers.

Key takeaways

Full-year net loss of $7.5 million: The company reported a full-year consolidated net loss of $7.5 million, or $0.06 per common share, for 2025. Source
July 2025 study called pivotal: Management described completion of the new Mt Todd Feasibility Study in July 2025 as a defining moment for the project and the company. Source
Smaller initial operation with lower capital: The study centers on a smaller initial operation that prioritizes higher grade ore to the plant, significantly lowers initial capital costs, and includes contract services to reduce risk. Source
Permit modifications underway: Modifications of existing key permits are underway to match the 2025 FS designs. Submissions have been filed and more applications are planned. Source
Year-end cash of $13.6 million: Cash and cash equivalents were $13.6 million at December 31, 2025, down from $16.9 million a year earlier. The prior quarter reported $13.7 million at September 30, 2025. Source
Equity offering closed March 2026: After year-end, the company closed an underwritten offering of 17,940,000 common shares for $44.85 million gross proceeds. The company continued to have no debt. Source
Engineering start targeted for 2027: The company is positioning Mt Todd for the start of detailed engineering and design in 2027. Source

“2025 was a pivotal year for our Company. The completion of the new Mt Todd Feasibility Study in July 2025 was a defining moment for the Mt Todd gold project and Vista.”
Frederick H. Earnest, President and CEO of Vista

Guidance

Area	Period	Figure	Against last quarter
Development timeline Source	2027	start of detailed engineering and design in 2027	New
Design, construction and commissioning Source	approximately 27 months from the start of detailed engineering and design	approximately 27-month period of design, construction, and commissioning	New

What changed from last quarter

New guidance: A 2027 start for detailed engineering and design is now stated. The prior quarter's release did not give a start year. Source
New: An underwritten public offering closed on March 9, 2026, for 17,940,000 common shares and $44.85 million gross proceeds. The company reported no debt. Source
New: Building of an Australian-based team has started, beginning with an executive team in Perth. Source
New: A geotechnical review is underway, with potential drilling around the Batman pit. The prior quarter's release did not mention it. Source

Full-year results and net loss

Full-year net loss of $7.5 million: The company reported a full-year consolidated net loss of $7.5 million, or $0.06 per common share, for 2025. Source
2024 included royalty and equipment gains: The 2024 net income of $11.2 million, or $0.09 per common share, included a $16.9 million royalty gain on Mt Todd and a $0.8 million gain on sale of mill equipment. Source
Los Reyes tax recovery aided 2025: The 2025 results included a $1.3 million recovery of certain tax amounts paid on the 2020 sale of the Los Reyes project in Mexico. Source
Other items in line with expectations: Management said other income and expenses comprising the 2025 net loss were in line with its expectations. Source

Mt Todd feasibility study and path

July 2025 study called pivotal: Management described completion of the new Mt Todd Feasibility Study in July 2025 as a defining moment for the project and the company. Source
Smaller initial operation with lower capital: The study centers on a smaller initial operation that prioritizes higher grade ore to the plant, significantly lowers initial capital costs, and includes contract services to reduce risk. Source
Work shifted toward engineering preparation: Since the study, the company has prioritized work to support the start of detailed engineering and design, including recent drilling for metallurgical core. Source

“The study demonstrates an achievable path to near-term production centered on a smaller initial operation that prioritizes higher grade ore to the processing plant, significantly lowers initial capital costs, and incorporates contract services to reduce development and operational risks.”
Frederick H. Earnest, President and CEO of Vista

Permitting and technical work

Permit modifications underway: Modifications of existing key permits are underway to match the 2025 FS designs. Submissions have been filed and more applications are planned. Source
Metallurgical testing on drill core: Recent drilling core is being used for selective metallurgical testing to confirm grind size, gold recoveries, and grinding equipment selection and sizing. Source
Geotechnical review of pit walls: A geotechnical review is underway, with potential drilling around the Batman pit to assess steepening the west pit wall, reducing stripping and possibly converting resources to reserves. Source

Cash, financing and capital

Year-end cash of $13.6 million: Cash and cash equivalents were $13.6 million at December 31, 2025, down from $16.9 million a year earlier. The prior quarter reported $13.7 million at September 30, 2025. Source
Equity offering closed March 2026: After year-end, the company closed an underwritten offering of 17,940,000 common shares for $44.85 million gross proceeds. The company continued to have no debt. Source
Raise to fund permitting and engineering: Management expects the equity raise to support permitting and technical studies, building the Australian organization, and starting detailed engineering and design. Source

“We are positioning Mt Todd for the start of detailed engineering and design in 2027.”
Frederick H. Earnest, President and CEO of Vista

Timeline, organization and people

Engineering start targeted for 2027: The company is positioning Mt Todd for the start of detailed engineering and design in 2027. Source
27-month design and build period: The phase is expected to cover design, construction and commissioning over about 27 months, culminating in first gold production. Source
Perth executive team first: The company is starting with a small executive team based in Perth, with plans for a larger operational presence in the Northern Territory. Source

Safety and environmental record

Four years without workplace incident: In November the company passed four consecutive years without a workplace incident. Source
Zero reportable environmental incidents: The site team advanced environmental initiatives at Mt Todd and reported zero reportable incidents during the year. Source
Stated priorities across the year: Management said it remained committed to safety, environmental stewardship, financial discipline and stakeholder interests throughout 2025. Source

Coming up, as management said on 11 March 2026

Detailed engineering targeted for 2027: The company plans to begin detailed engineering and design in 2027, starting an approximately 27-month period through first gold production. Source
Further permit applications planned: Submissions have been filed under the permit modifications, and additional applications are planned. Source
Perth team and Northern Territory presence: The company is starting with a small executive team in Perth and plans a larger operational presence in the Northern Territory. Source

Risks management discussed

Regulatory: Permit modifications are underway and further applications are planned, so the permit path is still in progress. Source
Operational: Metallurgical testing is being used to confirm grind size, gold recoveries and grinding equipment sizing. Source
Operational: A geotechnical review of the pit walls is underway, and drilling around the Batman pit is potential rather than confirmed. Source
Financial: Year-end cash was $13.6 million, down from $16.9 million a year earlier. The equity offering closed after year-end. Source

Earlier plans management reported on

Not stated: The company is positioning Mt Todd for a 2027 start, which the prior quarter's release did not date. Source
Not stated: The prior release said permit modifications and technical work would come before a decision to start engineering. The year-end release reports submissions filed.
Not stated: Management said the recent equity raise is expected to support permitting, technical studies, the Australian organization and engineering. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Vista Gold Announces 2025 Financial Results

Denver, Colorado, March 11, 2026 - Vista Gold Corp. (NYSE American and TSX: VGZ) today announced its audited financial results for the year ended December 31, 2025, with cash totaling $13.6 million at year-end. All dollar amounts in this press release are in U.S. dollars.

Frederick H. Earnest, President and CEO of Vista, stated, “2025 was a pivotal year for our Company. The completion of the new Mt Todd Feasibility Study in July 2025 was a defining moment for the Mt Todd gold project and Vista. The study demonstrates an achievable path to near-term production centered on a smaller initial operation that prioritizes higher grade ore to the processing plant, significantly lowers initial capital costs, and incorporates contract services to reduce development and operational risks.

“Throughout the year, we remained firmly committed to safety, environmental stewardship, financial discipline, and the interests of our stakeholders. In November, we surpassed four consecutive years without a workplace incident -a testament to our strong safety culture. Our site team also successfully advanced Mt Todd’s environmental initiatives with zero reportable incidents. We maintained a solid treasury throughout 2025 and recently completed an equity raise which we expect will support our work moving forward to complete permitting and technical studies, build up our Australian organization, and initiate detailed engineering and design.”

Since completing the 2025 Mt Todd Feasibility Study (“2025 FS”), the Company has prioritized work to support the start of detailed engineering and design. Recent drilling has provided core for selective metallurgical testing to confirm grind size, gold recoveries, and optimal selection and sizing of grinding equipment. A geotechnical review is also underway, with potential drilling around the Batman pit to assess the opportunity to steepen the west pit wall, reduce stripping, and potentially convert additional mineral resources to mineral reserves.

Mr. Earnest continued, “In 2026, we are focused on building a strong technical and organizational foundation for project execution. Modifications of our existing key permits are underway to align with the designs in the 2025 FS, with submissions filed and additional applications planned. We have started building our Australian-based team to lead our development plans as we move forward. We are starting with a small executive team based in Perth and have plans for a larger operational presence in the Northern Territory.

“We are positioning Mt Todd for the start of detailed engineering and design in 2027. This phase is expected to initiate an approximately 27-month period of design, construction, and commissioning, culminating in first gold production. Our priorities underscore our disciplined and technically driven approach to the development of Mt Todd.”

Summary of Financial Results

Vista reported a consolidated net loss of $7.5 million, or $0.06 per common share, for the year ended December 31, 2025, compared to consolidated net income of $11.2 million, or $0.09 per common share, for the year ended December 31, 2024. The 2025 financial results benefited from a $1.3 million recovery of certain tax amounts paid in connection with the 2020 sale of the Los Reyes gold project in Mexico, while the 2024 financial results included a $16.9 million gain on the grant of a royalty interest in Mt Todd and a $0.8 million gain on sale of mill equipment. Other income and expenses comprising the 2025 net loss and 2024 net income were in line management’s expectations.

Cash and cash equivalents totaled $13.6 million at December 31, 2025, compared to $16.9 million at December 31, 2024. On March 9, 2026, the Company closed an underwritten public offering of 17,940,000 common shares for total gross proceeds of $44.85 million. Vista continued to have no debt.

Management Conference Call

Management’s conference call to review financial results for the year ended December 31, 2025 and to discuss corporate and project activities is scheduled for March 13, 2026 at 10:00 a.m. MDT (12:00 p.m. EDT).

Participant Toll Free: +1 (800) 717-1738

Participant International: +1 (289) 514-5100

Conference ID: 32150

This call will be archived and available at www.vistagold.com after March 13, 2026. An audio replay will also be available through March 27, 2026 by calling toll-free in North America +1 (888) 660-6264 or +1 (289) 819-1325 using passcode 32150#.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to ir@vistagold.com.

About Vista Gold Corp.

Vista holds the Mt Todd gold project, located in the Tier-1 mining jurisdiction of Northern Territory, Australia. Mt Todd is among the largest development-stage projects in Australia. The Company has defined a clear pathway to greater value creation, targeting the commencement of detailed engineering and design in 2027. This milestone is expected to initiate an approximately 27-month period of design, construction, and commissioning, culminating in first gold production.

Mt Todd offers strong project economics, significant initial production, and compelling expansion and exploration upside. Mt Todd benefits from advanced local infrastructure, multiple development scenarios, and broad community support, underpinning its potential to become a long-lived, globally significant gold operation.

For further information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.

Forward Looking Statements

Forward-looking statements notice

This news release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements and forward-looking information. These forward-looking statements and forward-looking information include, but are not limited to statements regarding such things as the Company’s Mt Todd milestones and results; the Company’s financial results as at December 31, 2025; the Company’s belief that the 2025 FS demonstrates an achievable path to near-term production; a geotechnical review is underway, with potential drilling around the Batman pit to assess the opportunity to steepen the west pit wall, reduce stripping, and potentially convert additional mineral resources to mineral reserves; in 2026, Vista is focused on building a strong technical and organizational foundation for project execution; additional permit modification applications are planned; the Company plans to build a small executive team based in Perth, with a larger operational presence in the Northern Territory; the Company is positioning Mt Todd for the start of detailed engineering and design in 2027; this phase is expected to initiate an approximately 27-month period of design, construction, and commissioning, culminating in first gold production; the Company’s belief that its priorities underscore a disciplined and technically driven approach to the development of Mt Todd; the Company’s belief that Northern Territory, Australia is a Tier-1 mining jurisdiction; the Company’s belief that Mt Todd is among the largest development-stage projects in Australia; the Company’s belief that it has defined a clear pathway to greater value creation; the Company’s belief that the Mt Todd project offers strong project economics, significant initial production, and compelling expansion and exploration upside; the Company’s belief that Mt Todd benefits from advanced local infrastructure, multiple development scenarios, and broad community support, underpinning its potential to become a long-lived, globally significant gold operation; and statements related to the Company’s strategy. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this news release include the following: the Company’s forecasts and expected cash flows; the Company’s projected capital and operating costs; the Company’s expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; the Company’s approved business plans, mineral resources and mineral reserves estimates and results of preliminary economic assessments; preliminary feasibility studies and feasibility studies on the Company’s projects, if any; the Company’s experience with regulators; political and social support of the mining industry in Australia; the Company’s experience and knowledge of the Australian mining industry and the Company’s expectations of economic conditions and the price of gold. When used in this news release or elsewhere, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainty of resource and reserve estimates, uncertainty as to the Company’s future capital costs, operating costs, non-operating costs, and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on the Company’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed in March 2026, and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements or forward-looking information whether as a result of new information, future events or otherwise.