Vista Gold Corp. (VGZ)
XASE:VGZ
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Vista Gold
(NYSE MKT:VGZ)
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Rating:52Neutral
Price Target:
$2.00
▲(3.63% Upside)
Action:ReiteratedDate:05/01/26
VGZ scores in the low-to-mid range primarily due to weak financial performance (pre-revenue losses and consistent cash burn) despite a debt-free balance sheet. The earnings call adds support via strong feasibility economics and improved funding flexibility, while technicals are neutral and valuation metrics offer limited support given negative earnings and no dividend.
Positive Factors
Robust project economics and sizable projected free cash flow
The July 2025 feasibility study shows high IRRs, rapid payback and substantial projected free cash flow at conservative gold prices. These durable economics materially improve the project's ability to attract long‑term financing or partners and underpin sustainable operating margins once in production.
Negative Factors
Consistent operating cash burn and negative free cash flow
The company has negative operating and free cash flow on a trailing‑twelve‑month basis, reflecting continued reliance on external financing. Persistent cash burn means management must access capital repeatedly, raising dilution risk and constraining the pace of project advancement absent structural changes to cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust project economics and sizable projected free cash flow
The July 2025 feasibility study shows high IRRs, rapid payback and substantial projected free cash flow at conservative gold prices. These durable economics materially improve the project's ability to attract long‑term financing or partners and underpin sustainable operating margins once in production.
Read all positive factors
Vista Gold (VGZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$297.14M
Dividend YieldN/A
Average Volume (3M)2.44M
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue GrowthN/A
EPS Growth-178.09%
CountryUS
Employees13
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.07
Shares Outstanding144,947,530
10 Day Avg. Volume2,794,410
30 Day Avg. Volume2,441,056
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)16.32
Price to Sales (P/S)0.00
P/FCF Ratio-33.52
Enterprise Value/Market Cap0.85
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-2.47K
Enterprise Value/Ebitda-30.43
Forecast
1Y Price Target
$4.50Price Target Upside133.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.05
Revenue Forecast (FY)N/A
Vista Gold Business Overview & Revenue Model
Company Description
Vista Gold Corp., together with its subsidiaries, engages in the evaluation, acquisition, exploration, and advancement of gold exploration and development projects primarily in Australia. The company's flagship asset is the Mt Todd gold project lo...
How the Company Makes Money
Vista Gold does not have an operating gold mine and, as a result, does not generate recurring revenue from gold sales. Its business model is centered on increasing the value of its Mt Todd gold project through technical studies, resource/reserve w...
Vista Gold Earnings Call Summary
Earnings Call Date:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call emphasized major positive milestones: completion of a robust feasibility study with strong project economics (high IRRs and short paybacks at multiple gold price scenarios), a significant share-price rally (≈252% in 2025), successful near-term financing ($44.85M offering, net $41.9M), a clean (debt-free) balance sheet and solid safety/ESG performance. Offsetting these positives are a 2025 net loss (driven largely by one-time 2024 items), higher site expenditures, the need for sizeable additional project financing (implying equity issuance/dilution), multi-year lead time to first production and exposure to input-cost and gold-price risk. On balance, the highlights—particularly the compelling feasibility results, financing progress and strong market reception—outweigh the lowlights, though execution and financing risks remain material.Positive Updates
Completion of Mt Todd 2025 Feasibility Study
Feasibility study completed July 2025 for a 15,000 tpd operation. Study economics: at $2,500/oz gold NPV5 $1.1B, IRR 27.8%, payback 2.7 years; at $3,300/oz NPV5 $2.2B, IRR 44.7%, payback 1.7 years; at $5,000/oz NPV5 $4.5B, IRR 74.5%, payback 1.3 years.
Negative Updates
Net Loss for 2025 vs Prior Year Income
Net loss of $7.5M in 2025 compared to net income of $11.2M in 2024, a year-over-year swing of ~$18.7M (approximately a 167% decline in net income). Management attributes the difference largely to one-time 2024 items (a $16.9M royalty-related gain, $1.9M capitalized development costs in 2024 and $0.8M proceeds from equipment sale).
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Q4-2025 Updates
Positive
Negative
Completion of Mt Todd 2025 Feasibility Study
Feasibility study completed July 2025 for a 15,000 tpd operation. Study economics: at $2,500/oz gold NPV5 $1.1B, IRR 27.8%, payback 2.7 years; at $3,300/oz NPV5 $2.2B, IRR 44.7%, payback 1.7 years; at $5,000/oz NPV5 $4.5B, IRR 74.5%, payback 1.3 years.
Read all positive updates
Company Guidance
Vista’s guidance centered on advancing the Mt Todd 15,000 tpd project toward detailed engineering while preserving financial flexibility: the company finished 2025 with $13.6M cash, closed a $44.85M public offering (net ~$41.9M), has no debt and a market cap ~ $300M; 2025 results included a $7.5M net loss (vs $11.2M net income in 2024), Mt Todd expenditures of $5.6M (vs $3.5M in 2024) and corporate G&A of $3.6M (vs $3.7M); the July 2025 feasibility study shows at $2,500/oz gold an NPV5 of $1.1B, IRR 27.8% and 2.7‑yr payback (at $3,300/oz NPV5 $2.2B, IRR 44.7%, 1.7‑yr payback; at $5,000/oz NPV5 $4.5B, IRR 74.5%, 1.3‑yr payback), an AISC of ~ $1,500/oz and estimated free cash flow of $300M/year at $3,300/oz, with a production profile of ~175,000 oz/yr for the first ~3 years and ~150,000 oz/yr thereafter (~15 years); management expects to be in a position to decide to start detailed engineering by mid‑2027 (followed by ~27 months to first gold), is targeting ~65–70% project leverage with the balance equity, and is advancing geotechnical drilling, permit modifications and metallurgical/water‑treatment test work while reporting 4+ years without a workplace incident and zero reportable environmental events.Vista Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
66
Positive
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -102.00K | -88.00K | -55.00K | -40.00K | -45.00K | -49.00K |
| EBITDA | -8.27M | -9.20M | -7.12M | -6.72M | -8.29M | -11.89M |
| Net Income | -7.94M | -7.50M | 11.25M | -6.58M | -4.93M | -15.24M |
Balance Sheet | ||||||
| Total Assets | 55.27M | 16.27M | 18.97M | 8.93M | 10.99M | 16.34M |
| Cash, Cash Equivalents and Short-Term Investments | 52.73M | 13.62M | 16.95M | 6.07M | 8.11M | 13.14M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.91M | 1.17M | 1.07M | 3.98M | 957.00K | 2.05M |
| Stockholders Equity | 53.36M | 15.11M | 17.91M | 4.95M | 10.03M | 14.29M |
Cash Flow | ||||||
| Free Cash Flow | -7.55M | -7.36M | -6.08M | -5.91M | -7.42M | -10.76M |
| Operating Cash Flow | -6.99M | -6.61M | -5.74M | -5.86M | -7.41M | -10.62M |
| Investing Cash Flow | -558.00K | -742.00K | 15.59M | 2.95M | 2.88M | 2.63M |
| Financing Cash Flow | 45.31M | 4.03M | 1.02M | 871.00K | -113.00K | 12.98M |
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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$290.73M | 3.75 | 35.03% | ― | 97.28% | 191.72% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | $297.14M | -20.50 | -32.72% | ― | ― | -178.09% | |
48 Neutral | C$499.15M | -124.67 | -3.97% | ― | ― | -1.56% | |
| ― | C$751.64M | -33.01 | -7.77% | ― | ― | -182.91% |
* Basic Materials Sector Average
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Vista Gold Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Vista Gold Shareholders Approve Revised Stock Option Plan
Positive
Apr 28, 2026
At its April 28, 2026 annual general and special meeting, Vista Gold shareholders approved amendments to the company’s stock option plan that impose a one-year minimum vesting period for new options and add detailed adjustment mechanisms for...
Business Operations and StrategyPrivate Placements and Financing
Vista Gold announces equity offering to fund Mt. Todd
Positive
Mar 2, 2026
On February 26, 2026, Vista Gold Corp. entered into an underwriting agreement with CIBC World Markets and a syndicate of underwriters for a public offering of 15.6 million common shares at US$2.50 each, targeting gross proceeds of about US$39 mill...
Business Operations and StrategyFinancial Disclosures
Vista Gold Announces Preliminary Year-End Cash and Spending Outlook
Neutral
Feb 25, 2026
On February 25, 2026, Vista Gold reported an unaudited cash balance of $13.6 million and working capital of $13.1 million as of December 31, 2025, noting that these preliminary figures are subject to customary audit procedures and may differ mater...
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.