VISTA GOLD CORP
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
VGZ$2.75+1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0000783324-25-000044
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0000783324-25-000055
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 70 previous paragraphs and 96 current paragraphs.
43 unchanged; 21 reworded; 32 added; 5 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 64 previous and 101 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (32)
Current report
On July 29, 2025, the Company announced the results of a new Mt Todd feasibility study focused on developing a 15,000 tonnes per day (“tpd”), or 5.3 million tonnes per annum (“tpa”), operation (the “2025 FS” or the “Study”). The 2025 FS significantly decreased the initial capital, prioritized grade over tonnes, delivered stable gold production over the extended life of the project, and provided a fresh perspective for developing the Project using design and operating practices commonly employed by Australian gold operations.
Current report
The 2025 FS marks a significant shift in the strategy for Mt Todd, demonstrating the potential for near-term development of a smaller, lower capital cost project than previously evaluated. The Study incorporates the use of contract mining, third-party power generation, and other design and operating practices to reduce operational risks. The 2025 FS demonstrates the opportunity for Mt Todd to deliver attractive economic returns with stable gold production over a 30-year mine life. The Study does not assume any expansion of the planned mining/processing rate, but the 15,000 tpd design layout provides ample space for future expansion of the processing plant.
Current report
Feasibility Study Highlights
Current report
●Average annual gold production of 153,000 ounces during years 1-15 and 146,000 over the 30-year life of mine
Current report
-Capital Efficiency: $93 per ounce (initial capital : total ounces of gold produced)
Current report
Notes to investors:
Current report
A technical report summary titled*“S-K 1300 Technical Report Summary – Mt Todd Gold Project – 15 ktpd Feasibility Study – Northern Territory, Australia”* with an effective date of July 29, 2025 and a filing date of September 11, 2025 (the “S-K 1300 Report”) for the 2025 FS was prepared in accordance with Item 1300 of Regulation S-K (“S-K 1300”) under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) and filed on EDGAR at www.sec.gov on September 11, 2025.
Current report
A companion technical report titled “NI 43-101 Technical Report, Mt Todd Gold Project, 15 ktpd Feasibility Study, Northen Territory Australia” with an effective date of July 29, 2025 (the “NI 43-101 Report”) for Canadian purposes was prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and filed on SEDAR+ at www.sedarplus.ca on September 11, 2025. The NI 43-101 Report is referenced herein for informational purposes only. The Mineral Resources and Mineral Reserves for the NI 43-101 Report are the same as the Mineral Resources and Mineral Reserves for the S-K1300 Report.
Current report
Mineral Resources and Mineral Reserves Estimates
Current report
The tables below present the estimated Mineral Resources and Mineral Reserves, prepared in accordance with S-K 1300 and NI 43-101. The effective date of the Mineral Resources and Mineral Reserves estimates pursuant to the S-K 1300 Report and the NI 43-101 Report is July 25, 2025.
Current report
Mt Todd Gold Project – Summary of Gold Mineral Resource (Exclusive of Gold Mineral Reserves)
Current report
0.40 g Au/t cut-off at US$1,950/oz
Current report
Notes:
Current report
Mt Todd Gold Project – Summary of Gold Mineral Reserves
Current report
Based on 15,000 tpd, 0.50 g Au/t cut-off at US$1,800/oz
Current report
Notes:
Current report
Exploration, property evaluation and holding costs were $1,237 and $1,081 for the three months ended September 30, 2025 and 2024, respectively; and $4,559 and $2,462 for the nine months ended September 30, 2025 and 2024, respectively. In addition to recurring site activities in each year, the Company carried out a development drilling program during 2024 and completed the 2025 FS in 2025. The variances in the three- and nine-month periods resulted largely from capitalization of the drilling program in 2024, whereas the feasibility study work was expensed in 2025.
Current report
Other income (expense)
Current report
Other income (expense) was $1,248 and ($35) for the three months ended September 30, 2025 and 2024, respectively; and $1,218 and ($10) for the nine months ended September 30, 2025 and 2024, respectively. The increase in the comparable three and nine-month periods was due to the receipt of $1,257 related to our recovery of certain tax amounts paid in connection with the 2020 sale of the Los Reyes gold project in Mexico.
Current report
Non-U.S. GAAP Financial Measures
Current report
In this report, we have provided information prepared or calculated according to U.S. GAAP, as well as provided certain non-U.S. GAAP prospective financial performance measures. Because the non-U.S. GAAP performance measures do not have standardized meanings prescribed by U.S. GAAP, they may not be comparable to similar measures presented by other companies. These measures should not be considered in isolation or as substitutes for measures of performance prepared in accordance with U.S. GAAP. There are limitations associated with the use of non-U.S. GAAP measures. Since these measures do not incorporate revenues, changes in working capital and non-operating cash costs, they are not necessarily indicative of potential operating profit or loss, or cash flow from operations as determined in accordance with U.S. GAAP.
Current report
The non-U.S. GAAP measures presented in this report are not, and are not intended to be, presentations in accordance with U.S. GAAP. These metrics represent financial measures related to the Project.
Current report
We believe that these metrics help investors understand the economics of the Project as presented in the Mt Todd FS. We present the non-U.S. GAAP financial measures for our Project in the tables below. Presentation based on U.S. GAAP may cause results to vary from the amounts disclosed in this report. Other companies may calculate these measures differently.
Current report
Determination of Non-U.S. GAAP Financial Measures
Current report
This report may include the following financial measures presented on a non-U.S. GAAP basis:
Current report
Cash Costs per ounce of gold produced and AISC per ounce of gold produced are non-U.S. GAAP metrics developed by the World Gold Council intended to improve transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The Company reports Cash Costs and AISC on a per ounce basis and Cash Costs on a per tonne processed basis because we believe these metrics appropriately reflect mining costs over specified periods and the life of mine. The Company reports on Capital Efficiency and Benefit to Cost Ratio because these metrics provide a standard measurement of initial capital efficiency. Similar metrics are used in the gold mining industry as comparative benchmarks of performance.
Current report
Cash Costs consist of Project operating costs, refining costs, the Jawoyn Royalty, and the Wheaton Royalty. The sum of these costs is divided by the corresponding ounces of gold produced or tonnes processed to determine Cash Cost per ounce or per tonne processed metrics, respectively.
Current report
AISC consists of Cash Costs (as described above), plus sustaining capital costs. The sum of these costs is divided by the corresponding ounces of gold produced to determine the AISC per ounce metric.
Current report
Costs excluded from Cash Costs and AISC include depreciation and amortization, exploration and development costs not required to achieve the gold production set out in the technical study, corporate costs or allocations, income taxes, NT Government royalties subject to legislative changes, financing charges, costs related to business combinations, asset acquisitions other than sustaining capital, and asset dispositions.
Current report
Capital Efficiency consists of initial capital expenditures divided by the ounces of gold produced.
Current report
Benefit to Cost Ratio consists of the after-tax NPV 5% of project cash flows divided by initial capital.
Current report
The following table presents the calculations used to determine the non-U.S. GAAP financial measures presented in the report.
Removed paragraphs (5)
Previous report
We are building on Mt Todd’s strengths as a leading development opportunity within the gold sector, which has experienced the effects of an upward trend in the gold price over several years.
Previous report
Given the substantial investment required to develop Mt Todd as a large-scale project, we completed an internal scoping study in 2023 for an alternative 15,000 tpd operation, nominally 5.3 million tpa. In 2024, we undertook additional internal assessments and trade-off studies to evaluate the economic potential for a range of processing and mining rates. The assessments identified the 15,000 tpd operation as an attractive alternative scale project. A project of this scale could reduce financing, development, and operating risks.
Previous report
In December 2024, Vista commenced a new Mt Todd feasibility study focused on developing a 15,000 tpd, or 5.3 million tpa, operation (the “2025 FS”). Key objectives of the 2025 FS were to increase the gold mineral reserves grade, reduce initial capital, and deliver stable gold production over an extended life of mine compared to the 2024 FS.
Previous report
The Company announced the results of the 2025 FS on July 29, 2025. A technical report for the 2025 FS prepared in accordance with Item 1300 of Regulation S-K (“S-K 1300”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) will be filed on EDGAR at www.sec.gov and in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) will be filed on SEDAR+ at www.sedarplus.ca within 45 days of the announcement date.
Previous report
Exploration, property evaluation and holding costs were $1,784 and $629 for the three months ended June 30, 2025 and 2024, respectively; and $3,322 and $1,381 for the six months ended June 30, 2025 and 2024, respectively. The increase in 2025 for the comparable three-month periods was primarily attributable to $859 related to the 2025 FS and $127 related to other project programs. The increase in 2025 for the comparable six-month periods was primarily attributable to $1,556 related to the 2025 FS and $58 of expenses related to other project programs.
Reworded paragraphs (21)
Previous wording
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, and the related notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). This discussion and analysis contains forward-looking statements and forward-looking information that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements and information as a result of many factors. See section heading “Note Regarding Forward-Looking Statements” below.
Current wording
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2025, and the related notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). This discussion and analysis contains forward-looking statements and forward-looking information that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements and information as a result of many factors. See section heading “Note Regarding Forward-Looking Statements” below.
Previous wording
All dollar amounts are in U.S. dollars in thousands, unless specified otherwise.
Current wording
All dollar amounts are in U.S. dollars in thousands, except per share amounts, commodity prices, and currency exchange rates unless specified otherwise.
Previous wording
The Project offers strategic optionality through development as a large or mid-scale project. A feasibility study for Mt Todd was completed in 2022, with material project costs and economic returns updated in 2024 (the “2024 FS”). The 2024 FS demonstrated strong economics for development of a 50,000 tonnes per day (“tpd”), nominally 17.75 million tonnes per annum (“tpa”), operation.
Current wording
The Company previously completed a feasibility study for Mt Todd in 2022, with material project costs and economic returns updated in 2024 (the “2024 FS”). This study evaluated the development of a 50,000 tpd, nominally 17.75 million tpa, operation.
Previous wording
The Company continues to prioritize the efficient use of resources to advance Mt Todd. Our funding strategy is to maintain adequate liquidity while minimizing share dilution as we seek to preserve, enhance, and realize value from Mt Todd. The Company periodically raises funds in the capital markets and considers alternative strategies and possible corporate opportunities as ways to enhance its liquidity and deliver shareholder value.
Current wording
The Company continues to prioritize the efficient use of financial resources to advance Mt Todd. Our funding strategy is to maintain adequate liquidity while minimizing share dilution as we seek to preserve, enhance, and realize value from Mt Todd. The Company periodically raises funds in the capital markets and considers alternative strategies and possible corporate opportunities as ways to enhance its liquidity and deliver shareholder value.
Previous wording
Cash totaled $13,211 and working capital was $12,300 at June 30, 2025. See “Liquidity and Capital Resources”. The Company had no debt as of June 30, 2025.
Current wording
Cash totaled $13,717 and working capital was $12,787 at September 30, 2025. See “Liquidity and Capital Resources”. The Company had no debt as of September 30, 2025.
Previous wording
Consolidated net income (loss) for the three months ended June 30, 2025 and 2024 was ($2,356) and $15,633, or ($0.02) and $0.13 per basic share, respectively. Consolidated net income (loss) for the six months ended June 30, 2025 and 2024 was ($5,064) and $14,560, or ($0.04) and $0.12 per basic share, respectively. The principal components of the period-over-period changes are discussed below.
Current wording
Consolidated net loss for the three months ended September 30, 2025 and 2024 was $723 and $1,638, or $0.01 and $0.01 per basic share, respectively. Consolidated net income (loss) for the nine months ended September 30, 2025 and 2024 was ($5,787) and $12,922, or ($0.05) and $0.11 per basic share, respectively. The principal components of the period-over-period changes are discussed below.
Previous wording
Corporate administration costs were $678 and $779 during the three months ended June 30, 2025 and 2024; and $1,976 and $2,035 for the six months ended June 30, 2025 and 2024, respectively. Expenses in the comparable three-month and six-month periods were lower in 2025 because of increased direct support of the 2025 FS and other site-related projects by corporate personnel.
Current wording
Corporate administration costs were $846 and $738 during the three months ended September 30, 2025 and 2024; and $2,822 and $2,773 for the nine months ended September 30, 2025 and 2024, respectively. Expenses in the comparable three- and nine-month periods were higher because of a modest increase in corporate activities and year-over-year cost increases.
Previous wording
Interest income was $140 and $163 for the three months ended June 30, 2025 and 2024, respectively; and $309 and $266 for the six months ended June 30, 2025 and 2024, respectively. The increase in the comparable six-month periods was due to a higher average cash balance, partially offset by a decrease in the average interest rate applicable to invested cash balances.
Current wording
Interest income was $134 and $230 for the three months ended September 30, 2025 and 2024, respectively; and $443 and $496 for the nine months ended September 30, 2025 and 2024, respectively. The decrease in the comparable three-month period was due to a decrease in the average interest rate applicable to invested cash balances and a lower average cash balance. The decrease in the comparable nine-month period was due to a decrease in the average interest rate applicable to invested cash balances.
Previous wording
Net cash used in operating activities was $4,115 and $2,695 for the six months ended June 30, 2025 and 2024, respectively. The increase in operating cash outflows largely resulted from 2025 expenditures for the 2025 FS while costs of the 2024 drilling program were recorded as capitalized development costs and included in investing activities, partially offset by sources of cash resulting from changes in working capital.
Current wording
Net cash used in operating activities was $4,641 and $3,808 for the nine months ended September 30, 2025 and 2024, respectively. The increase in operating cash outflows largely resulted from 2025 expenditures for the 2025 FS being expensed while costs of the 2024 drilling program were recorded as capitalized development costs and included in investing activities, partially offset by sources of cash resulting from changes in working capital.
Previous wording
Net cash provided by (used in) investing activities was ($200) and $16,692 for the six months ended June 30, 2025 and 2024, respectively. Investing cash flows were higher in 2024 because the Company received Royalty Agreement proceeds totaling $17,000, as well as $802 for the sale of certain used mill equipment, net of selling costs. These inflows were partially offset by expenditures for higher capitalized development costs of $878 in 2024.
Current wording
Net cash provided by (used in) investing activities was ($536) and $16,139 for the nine months ended September 30, 2025 and 2024, respectively. Cash provided by investing activities was higher in 2024 because the Company received Royalty Agreement proceeds totaling $17,000 and net proceeds from the sale of certain used mill equipment of $802. Cash used in investing activities was lower by $1,353 in 2025 because substantially all 2024 drilling costs were capitalized as development costs while the 2025 FS costs were expenses and included as cash used in operating activities. Cash used in investing activities for purchases of plant and equipment was higher by $226 in 2025 due to installation of an enhanced evaporation system.
Previous wording
During the six months ended June 30, 2025 and 2024, net cash of $576 and $159, respectively, was provided by financing activities. Cash provided by financing activities during the six months ended June 30, 2025 was $821 of net proceeds under the ATM Program (as defined below) offset by payments of $245 for employee withholding taxes in lieu of issuing common shares of the Company (“Common Shares”) earned from the vesting of restricted share unit awards. Cash provided by financing activities during the six months ended June 30, 2024 was $244 of net proceeds under the ATM Program offset by payments of $85 for employee withholding taxes in lieu of issuing Common Shares earned from the vesting of restricted share unit awards.
Current wording
During the nine months ended September 30, 2025 and 2024, net cash of $1,944 and $554, respectively, was provided by financing activities. Cash provided by financing activities during the nine months ended September 30, 2025 was $2,212 of net proceeds under the ATM Program (as defined below) offset by payments of $268 for employee withholding taxes in lieu of issuing common shares of the Company (“Common Shares”) earned from the vesting of restricted share unit awards. Cash provided by financing activities during the nine months ended September 30, 2024 was $639 of net proceeds under the ATM Program offset by payments of $85 for employee withholding taxes in lieu of issuing Common Shares earned from the vesting of restricted share unit awards.
Previous wording
The Company considers available cash, cash equivalents, and any short-term investments to be its primary measure of liquidity. Our cash liquidity position as of June 30, 2025 and December 31, 2024, comprised cash and cash equivalents was $13,211 and $16,950, respectively. This represents a net decrease of $3,739 during the six months ended June 30, 2025.
Current wording
The Company considers available cash, cash equivalents, and any short-term investments to be its primary measure of liquidity. Our cash liquidity position as of September 30, 2025 and December 31, 2024, included cash and cash equivalents was $13,717 and $16,950, respectively. This represents a net decrease of $3,233 during the nine months ended September 30, 2025.
Previous wording
Current assets, net of current liabilities (“Working Capital”), is a secondary measure of liquidity for the Company. The Company had Working Capital of $12,300 and $16,457 at June 30, 2025 and December 31, 2024, respectively. This represents a net decrease of $4,157 during the six months ended June 30, 2025.
Current wording
Current assets, net of current liabilities (“Working Capital”), is a secondary measure of liquidity for the Company. The Company had Working Capital of $12,787 and $16,457 at September 30, 2025 and December 31, 2024, respectively. This represents a net decrease of $3,670 during the nine months ended September 30, 2025.
Previous wording
During the six months ended June 30, 2025, the Company’s primary sources of cash inflows were $821 from equity financing activity and interest income of $309. These sources of cash were offset by net operating cash outflows, of $4,424 and other expenditures of $445. Recurring costs for corporate administration and Mt Todd maintenance, and spending on the 2025 FS and other project programs comprise most of the Company’s net operating cash outflows during the six months ended June 30, 2025. Of the other expenditures, $150 was related to Vista’s mineral resources development activities at Mt Todd. Additional details regarding financial results for the six months ended June 30, 2025 are presented in the “Results from Operations” section above and the preceding narratives in this section regarding operating activities, investing activities, and financing activities.
Current wording
During the nine months ended September 30, 2025, the Company’s primary sources of cash inflows were $2,212 from equity financing activity, receipt of $1,257 related to our recovery of certain tax amounts paid previously, and interest income of $443. These sources of cash were offset by operating cash outflows of $6,341 and other expenditures of $804. Recurring costs for corporate administration and Mt Todd maintenance, and spending on the 2025 FS and other project programs comprise most of the Company’s operating cash outflows during the nine months ended September 30, 2025. Of the other expenditures, $386 related to additions of plant and equipment and $150 related to Vista’s mineral resources development activities at Mt Todd. Additional details regarding financial results for the nine months ended September 30, 2025 are presented in the “Results from Operations” section above and the preceding narratives in this section regarding operating activities, investing activities, and financing activities.
Previous wording
For the 12-month period following June 30, 2025, the Company estimates net recurring expenditures will be approximately $7,100, plus $1,800 related to work plans at Mt Todd which mostly relate to completion of the 2025 FS and installation of equipment for expansion of Mt Todd’s enhanced water evaporation system. Management expects to fund Vista’s activities during the next twelve months from existing Working Capital. Equity financing may also be utilized to supplement the Company’s Working Capital.
Current wording
For the 12-month period following September 30, 2025, the Company estimates net recurring expenditures will be approximately $7,400, plus $2,000 of non-recurring project program costs related to upcoming metallurgical evaluations; final payments for the 2025 FS and enhanced water evaporation equipment; permit modifications; and ongoing Mt Todd site maintenance costs. Management expects to fund Vista’s activities during the next twelve months from existing Working Capital. Equity financing may also be utilized to supplement the Company’s Working Capital.
Previous wording
the ATM Agreement, the Company can, but is not obligated to, issue and sell Common Shares through Wainwright for aggregate gross proceeds of up to $8,000 (the “ATM Program”). During the six months ended June 30, 2025, the Company issued 975,000 Common Shares under the ATM Program for net proceeds of $821. As of June 30, 2025, $6,937 remained available under the ATM Program.
Current wording
Vista is a party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”) to provide balance sheet flexibility at a potentially lower cost than other means of equity issuances. Under the ATM Agreement, the Company can, but is not obligated to, issue and sell Common Shares through Wainwright for aggregate gross proceeds of up to $8,000 (the “ATM Program”). During the nine months ended September 30, 2025, the Company issued 1,783,388 Common Shares under the ATM Program for net proceeds of $2,212. As of September 30, 2025, $5,512 remained available under the ATM Program.
Previous wording
Other potential sources of cash inflows may include other equity issuances not covered by the ATM Program, monetization of Vista’s remaining non-core assets, which include two royalty interests on properties in the U.S., another royalty interest on a property in Canada, and used mill equipment that is being marketed by a third-party mining equipment dealer.
Current wording
Other potential sources of cash inflows may include other equity issuances not covered by the ATM Program, monetization of Vista’s remaining non-core assets, which include three royalty interests on properties in the U.S. and Canada, and used mill equipment that is being marketed by a third-party mining equipment dealer.
Previous wording
We believe our Working Capital as of June 30, 2025, together with other potential future sources of financing and sales of non-core assets, will be sufficient to fund our currently planned net corporate expenses, Mt Todd holding costs, and other anticipated Mt Todd programs for at least one year from the date of issuance of this quarterly report on Form 10-Q.
Current wording
We believe our Working Capital as of September 30, 2025, together with other potential future sources of financing and sales of non-core assets, will be sufficient to fund our currently planned net corporate expenses, Mt Todd holding costs, and other anticipated Mt Todd programs for at least one year from the date of issuance of this quarterly report on Form 10-Q. Should the Company modify its plans, additional equity issuances or other forms of financing will be required to meet Working Capital requirements.
Previous wording
The Company announced the results of the 2025 FS on July 29, 2025. A technical report for the 2025 FS prepared in accordance with S-K 1300 will be filed on EDGAR at www.sec.gov and in accordance with NI 43-101 will be filed on SEDAR+ at www.sedarplus.ca within 45 days of the announcement date.
Current wording
The Company announced the results of the 2025 FS on July 29, 2025. The S-K 1300 Report was filed on EDGAR at www.sec.gov on September 11, 2025 and the NI 43-101 Report was filed on SEDAR+ at www.sedarplus.ca on September 11, 2025.
Previous wording
Vista expects to incur expenditures of approximately $2,700 for its Mt Todd site management and environmental stewardship activities and $1,800 for discretionary programs for the ensuing 12 months following June 30, 2025, about half of which relates to the 2025 FS.
Current wording
Vista expects to incur expenditures of approximately $2,700 for its Mt Todd site management and environmental stewardship activities and $2,000 for non-recurring project program costs for the ensuing 12 months following September 30, 2025.
Previous wording
All scientific and technical information herein has been reviewed and approved by Maria Vallejo Garcia, Vista’s Director of Projects and Technical Services, and designated Qualified Person (or “QP”) as defined by S-K 1300 and NI 43-101.
Current wording
All scientific and technical information herein has been reviewed and approved by Maria Vallejo Garcia of P&G Consulting Services LLC, independent technical consultant, previously Vista’s Director of Projects and Technical Services, and designated Qualified Person (or “QP”) as defined by S-K 1300 and NI 43-101.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Vista is a party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”) to provide balance sheet flexibility at a potentially lower cost than other means of equity issuances. Under