Vista Gold Corp (NYSE American: VGZ) is a gold development company whose principal asset is the Mt Todd Gold Project, located in the Northern Territory of Australia. The company generates no operating revenue from gold sales. It funds operations through equity issuances, interest income, sales of non-core assets including royalty interests on properties in the U.S. and Canada, and used mill equipment marketed through a third-party dealer. Mt Todd is the focus of a feasibility study completed with updated project costs and economic returns in 2024, evaluating a 50,000 tonne-per-day processing operation. A revised 15,000 tonne-per-day feasibility study was completed with an effective date of July 29, 2025. Vista was originally incorporated in 1983 as Granges Exploration Ltd. and took its current name in November 1996 following an amalgamation. The executive office is in Englewood, Colorado. As of December 31, 2025, the company had 13 full-time employees and one part-time employee globally. Vista has not historically declared cash dividends.

Revenue model

Vista Gold has no gold production revenue. Cash inflows come from equity share issuances, interest income, and periodic sales of non-core assets including U.S. and Canadian royalty interests and used mill equipment. The company operates on a capital-preservation, low-expenditure model while advancing Mt Todd toward a development decision.

Products and services

Mt Todd Gold Project (Northern Territory, Australia): subject of a 15,000 tonne-per-day feasibility study with an effective date of July 29, 2025, and a prior 50,000 tonne-per-day feasibility study updated in 2024. Exploration deposits within Mt Todd include the Batman deposit, the South Cross Lode zone, and the Quigleys deposit. Non-core assets include royalty interests on U.S. and Canadian mineral properties and used mill equipment.

Customers and end markets

Vista Gold has no customers in the conventional sense as it produces no gold. The end market, upon any future production, would be gold commodity markets. The company's value realization strategy depends on either developing Mt Todd, selling or partnering the project, or a corporate transaction.

Value-chain role

Pre-production gold developer. Vista occupies the exploration-to-feasibility stage of the mining value chain, holding mineral properties and advancing technical studies without operating a mine or generating commodity sales.

Geographic exposure

Primary project asset in the Northern Territory, Australia (Mt Todd). Executive office in Englewood, Colorado, USA. Registered and records office in Vancouver, British Columbia, Canada. Non-core royalty interests in the U.S. and Canada.

Source: SEC 10-K, filed 2026-03-11

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