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Vista Gold Corp. (TSE:VGZ)
TSX:VGZ
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Vista Gold (VGZ) AI Stock Analysis

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TSE:VGZ

Vista Gold

(TSX:VGZ)

Rating:61Neutral
Price Target:
Vista Gold's overall score reflects a strong balance sheet and positive technical momentum, but is constrained by a lack of revenue and ongoing losses. Valuation metrics suggest reasonable pricing, though the absence of dividends is a downside. Despite strategic advancements, profitability challenges persist.
Positive Factors
Balance Sheet Strength
Vista Gold's strong balance sheet with $17.0M in cash and no long-term debt supports its long-term potential to deliver shareholder value.
Economic Viability
The updated feasibility study significantly improves Mt Todd’s economic viability while demonstrating strong project potential with improved capital efficiencies and returns.
Investor Interest
The project is now better positioned to attract interest from producers and investors, which should ultimately allow Vista to receive a more favorable funding package.
Negative Factors
Commodity and Market Risks
There are risks associated with commodity prices, operating and technical challenges, political factors, and financing that could impact the project's success.

Vista Gold (VGZ) vs. iShares MSCI Canada ETF (EWC)

Vista Gold Business Overview & Revenue Model

Company DescriptionVista Gold Corp. (VGZ) is a mining and exploration company focused on the gold sector. The company is primarily engaged in the evaluation, acquisition, exploration, and advancement of gold projects in North America. Vista Gold's flagship asset is the Mt Todd gold project located in Northern Territory, Australia, which is one of the largest undeveloped gold projects in the region. Vista Gold aims to advance this project towards development while also exploring other opportunities to expand its portfolio.
How the Company Makes MoneyVista Gold makes money through the exploration and potential development of gold mining projects. The company's revenue model is primarily based on the advancement of its Mt Todd gold project, which involves increasing the project's value through exploration, technical studies, and permitting activities. Additionally, Vista Gold may generate income through strategic partnerships, joint ventures, or by selling or leasing its interests in mining projects. The company may also benefit from fluctuations in gold prices, as higher gold prices can increase the potential profitability of its projects.

Vista Gold Earnings Call Summary

Earnings Call Date:Aug 12, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Oct 22, 2025
Earnings Call Sentiment Neutral
The call highlighted significant achievements with the Mt Todd feasibility study, demonstrating strong economic potential and a substantial reduction in initial capital costs. While the company maintained a solid cash position and reported ongoing interest from strategic partners, it faced challenges, including a net loss for the quarter and a reduction in cash reserves. The focus on safety and lack of debt are positive indicators, balancing the financial lowlights.
Q2-2025 Updates
Positive Updates
Mt Todd Feasibility Study Results
The feasibility study demonstrated a 59% reduction in initial capital costs to USD 425 million, improving capital efficiency to $93 per ounce of gold. Average annual gold production is estimated at 153,000 ounces for the first 15 years, with a life of mine gold recovery of 88.5%.
Strong Economic Indicators
The study reports an after-tax NPV at a 5% discount rate of USD 1.1 billion at $2,500 per ounce gold price, and USD 2.2 billion at $3,300 per ounce gold price. The IRR at these prices is 27.8% and 44.7% respectively, with a 2.7-year and 1.7-year payback period.
Safety Milestone Achieved
The Mt Todd site achieved 1,369 consecutive days without a lost time accident, emphasizing a strong commitment to safety.
Solid Cash Position
Vista Gold ended the second quarter with $13.2 million cash on hand and no debt, maintaining a strong financial position to support ongoing work at Mt Todd.
Interest from Potential Partners
The company has signed new confidentiality agreements with strategic investors and is actively engaging with potential partners.
Negative Updates
Net Loss for the Quarter
Vista Gold reported a net loss of $2.356 million for Q2 2025, compared to a net income of $15.633 million in Q2 2024, primarily due to a prior gain on grant of royalty interest in 2024 and increased exploration expenses in 2025.
Reduction in Cash Reserves
Cash reserves decreased from $16.9 million at the end of 2024 to $13.2 million by the end of Q2 2025, primarily due to feasibility study expenditures and recurring costs.
Company Guidance
During the Vista Gold's Second Quarter 2025 Financial Results and Corporate Update Conference Call, several key metrics and guidance elements were discussed. Vista advanced its Mt Todd feasibility study, highlighting a strategic shift to a 15,000 tonne per day operation, which reduced initial capital costs by 59% to USD 425 million. The study projected an average ore grade of 1.04 grams of gold per tonne over the first 15 years, with average annual gold production estimated at 153,000 ounces during that period. The company reported a net loss of $2.356 million for Q2 2025, compared to a net income of $15.633 million in Q2 2024, primarily due to a $16.9 million gain on grant of royalty interest recognized in 2024. Vista ended the quarter with $13.2 million in cash and maintained no debt. Future recurring costs are anticipated to be approximately $6.8 million, with an additional $1.8 million for ongoing and planned work at Mt Todd. The feasibility study results showed strong economic indicators, including an after-tax NPV of USD 1.1 billion at a $2,500 gold price and an IRR of 27.8%, with a payback period of 2.7 years.

Vista Gold Financial Statement Overview

Summary
Vista Gold's financial health is marked by a strong balance sheet with zero debt and significant equity, but it struggles with no revenue and consistent losses impacting its income statement. Cash flow management has been prudent, yet negative free cash flow persists.
Income Statement
15
Very Negative
Vista Gold's income statement reveals persistent challenges with no recorded revenue and consistent operating losses. The company showed a notable increase in EBIT and net income for the TTM, but this is primarily due to cost management rather than revenue generation. The absence of revenue and a history of losses significantly constrain profitability metrics, leading to a low score.
Balance Sheet
60
Neutral
The balance sheet reflects a solid equity position with zero debt, indicating a conservative capital structure. The equity ratio is strong, and the company has a history of maintaining low liabilities relative to assets. Despite this stability, the lack of revenue generation remains a concern, limiting further improvements in the score.
Cash Flow
50
Neutral
Cash flow analysis shows significant reliance on financing and investing activities to maintain operations, with negative free cash flow across periods. Operating cash flow remains negative, yet the management of cash and investments has bolstered liquidity. The negative free cash flow growth and reliance on external funding sources limit the score.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit-74.00K0.000.00-45.00K-49.00K-48.00K
EBITDA-9.00M-7.12M-6.72M-8.29M-11.89M-8.32M
Net Income-8.38M11.25M-6.58M-4.41M-18.59M8.95M
Balance Sheet
Total Assets15.15M18.97M8.93M10.99M16.34M17.23M
Cash, Cash Equivalents and Short-Term Investments13.21M16.95M6.07M8.11M13.14M8.46M
Total Debt0.000.000.000.000.0013.00K
Total Liabilities1.25M1.07M3.98M957.00K2.05M1.38M
Stockholders Equity13.90M17.91M4.95M10.03M14.29M15.85M
Cash Flow
Free Cash Flow-7.37M-6.08M-5.91M-7.42M-10.76M-7.02M
Operating Cash Flow-7.06M-5.74M-5.86M-7.41M-10.62M-6.96M
Investing Cash Flow-1.40M15.59M2.95M2.88M2.63M11.63M
Financing Cash Flow1.44M1.02M871.00K-113.00K12.98M1.68M

Vista Gold Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1.90
Price Trends
50DMA
1.46
Positive
100DMA
1.44
Positive
200DMA
1.18
Positive
Market Momentum
MACD
0.11
Negative
RSI
70.07
Negative
STOCH
82.95
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VGZ, the sentiment is Positive. The current price of 1.9 is above the 20-day moving average (MA) of 1.64, above the 50-day MA of 1.46, and above the 200-day MA of 1.18, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 70.07 is Negative, neither overbought nor oversold. The STOCH value of 82.95 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:VGZ.

Vista Gold Risk Analysis

Vista Gold disclosed 38 risk factors in its most recent earnings report. Vista Gold reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Vista Gold Peers Comparison

Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
62
Neutral
$10.36B6.350.80%2.84%3.10%-36.03%
61
Neutral
$237.84M14.41-49.21%-173.52%
$285.54M-7.27%
78
Outperform
C$210.31M6.2718.07%122.19%
55
Neutral
C$382.74M53.85-0.48%50.00%
51
Neutral
C$278.68M-4.81%73.54%
36
Underperform
C$196.71M-37.04%58.22%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:VGZ
Vista Gold
1.90
1.07
128.92%
THM
International Tower Hill Mines
1.41
0.90
176.47%
TSE:TAU
Thesis Gold Inc
1.49
0.77
106.94%
TSE:FF
First Mining Gold
0.22
0.08
57.14%
TSE:MMY
Monument Mining
0.61
0.45
281.25%
TSE:MFG
Mayfair Gold
1.80
0.10
5.88%

Vista Gold Corporate Events

Business Operations and StrategyFinancial Disclosures
Vista Gold Reports Q1 2025 Financials and Advances Mt Todd Project
Neutral
May 1, 2025

Vista Gold Corp. announced its first quarter 2025 financial results, highlighting a cash position of $15.0 million and a net loss of $2.7 million. The company is advancing its Mt Todd gold project with a feasibility study aimed at increasing reserve grade and optimizing mine scheduling, while reducing initial capital expenditure. This strategic focus is expected to unlock shareholder value and align with the current gold cycle, potentially accelerating value creation.

Spark’s Take on TSE:VGZ Stock

According to Spark, TipRanks’ AI Analyst, TSE:VGZ is a Neutral.

Vista Gold’s overall stock score reflects a mixed financial performance with a solid balance sheet but lacking revenue generation. The positive technical indicators and reasonable valuation suggest potential for growth, supported by strategic initiatives and project advancements. The company’s ability to improve its revenue and operational efficiency will be crucial for future success.

To see Spark’s full report on TSE:VGZ stock, click here.

Business Operations and Strategy
Vista Gold to Showcase Mt Todd Project at Mining Forum Europe 2025
Positive
Mar 28, 2025

Vista Gold Corp. announced that its President and CEO, Frederick H. Earnest, will present at the Mining Forum Europe 2025 conference in Zurich, Switzerland, highlighting the company’s strategic initiatives and development plans. The presentation, along with meetings with institutional investors, underscores Vista Gold’s commitment to advancing the Mt Todd project and enhancing its industry positioning, potentially impacting stakeholders by showcasing its growth opportunities and operational readiness.

Business Operations and StrategyFinancial Disclosures
Vista Gold Corp. Reports Strong 2024 Financial Results and Advances Mt Todd Project
Positive
Feb 28, 2025

Vista Gold Corp. announced its 2024 financial results, highlighting a strong financial position with $16.9 million in cash and a net income of $11.2 million, a significant turnaround from the previous year’s loss. The company is advancing its Mt Todd project with a new feasibility study aimed at reducing initial capital expenditure and increasing gold production, positioning it for near-term development and long-term success.

Product-Related AnnouncementsBusiness Operations and Strategy
Vista Gold to Showcase Mt Todd Project at PDAC 2025
Positive
Feb 26, 2025

Vista Gold Corp. announced its participation in the Prospectors & Developers Association of Canada 2025 Convention, aiming to showcase the Mt Todd project as a premier ready-to-build gold project. The company will engage with attendees to discuss the project’s potential and strategic advancements, highlighting its position within the gold sector and the value it offers to stakeholders.

Business Operations and Strategy
Vista Gold Targets Value Realization with 2025 Strategic Initiatives
Positive
Feb 19, 2025

Vista Gold Corp. has announced its 2025 strategic outlook, emphasizing the completion of the Mt Todd feasibility study as a cornerstone for delivering value to shareholders. The study is expected to position Mt Todd as a significant development opportunity in the gold sector by increasing the reserve grade and reducing initial capital expenditures. The company aims to attract a diverse range of investors and is committed to maintaining safety and operational efficiency, highlighting over three years without a lost time incident at Mt Todd.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: May 03, 2025