VISTA GOLD CORP
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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.
Mar 31, 2026 · Filed Apr 30, 2026
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 2025-09-30; filed 2025-11-12.
0000783324-25-000055
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0000783324-26-000025
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 96 previous paragraphs and 102 current paragraphs.
63 unchanged; 16 reworded; 21 added; 17 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 101 previous and 119 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 (21)
Current report
In January 2026, the Company announced continued progress at its Mt Todd gold project and outlined the pathway to initiate detailed engineering and design in 2027. The Company expects this milestone to initiate a period of approximately 27 months for design, construction, and commissioning.
Current report
Our focus for 2026 is on establishing the foundation for the successful execution of the Mt Todd project. Priorities include all activities leading to permit modification approvals to align existing approved permits with the Mt Todd FS; expanding corporate capability by building an Australia-based team to lead project development; completing pre-development optimizations as recommended in the Mt Todd FS to provide key inputs for detailed engineering and design; and project execution planning. On March 9, 2026, Vista closed a public offering (the “March 2026 Offering”) for aggregate gross proceeds totaling $44,850, with net proceeds of $42,006, to fund these priorities and other general corporate purposes.
Current report
We have commenced efforts to obtain permit modifications and are actively engaged with consultants, regulators, and stakeholders. Some modifications have already been submitted, and programs to support other submissions are in progress. We anticipate the approval of these modifications will be achieved in 2027.
Current report
Since the start of the year, we have hired four project management team members to be based in Perth and an approvals manager based in Darwin. We have increased our corporate capacity in the areas of projects/technical services, external
Current report
relations/social performance, legal, and administration/finance/market relations. We are currently recruiting an Australian-based managing director who will be responsible for delivering the Mt Todd project. Later this year we plan to begin building the project development team.
Current report
We are completing pre-development optimizations in line with the recommendations presented in the Mt Todd FS. Recent drilling has provided core for selective metallurgical testing to optimize grind size and gold recoveries and provide data for the optimal selection and sizing of equipment for the process plant. We have commenced a geotechnical review, with drilling and geotechnical mapping in progress in the Batman pit to assess the opportunity to steepen the west pit wall, reduce stripping, and potentially convert additional mineral resources to mineral reserves.
Current report
Exploration, property evaluation and holding costs were $1,654 and $1,538 for the three months ended March 31, 2026 and 2025, respectively. Recurring site activities were higher in 2026, due to the addition of project management team members and higher power costs due to water management pumping requirements, offset by lower project program costs in 2026 compared to the prior year which included work on the Mt Todd FS.
Current report
Corporate administration costs were $1,631 and $1,298 during the three months ended March 31, 2026 and 2025. Expenses in the comparable three-month periods were higher because of additional legal, consulting, and board costs associated with ongoing advancement of Mt Todd.
Current report
Interest income was $185 and $169 for the three months ended March 31, 2026 and 2025, respectively. The increase in the comparable three-month period was due to higher invested cash balances from the March 2026 Offering for part of the period.
Current report
Net cash used in investing activities was $nil and $184 for the three months ended March 31, 2026 and 2025, respectively. Cash used in investing activities in 2025 was for expenditures for capitalized development costs and purchases of plant and equipment.
Current report
The Company continues to prioritize the efficient use of financial resources to advance Mt Todd. Our funding strategy is to maintain adequate liquidity to support near-term objectives while minimizing share dilution. The primary measure of liquidity considered by the Company is available cash, cash equivalents, and any short-term investments. As a secondary measure, we consider current assets, net of current liabilities (“Working Capital”).
Current report
The following table sets forth the Company’s primary and secondary measures of liquidity at March 31, 2026 and December 31, 2025:
Current report
The net increase in cash and cash equivalents during the three months ended March 31, 2026 resulted primarily from net proceeds of the March 2026 Offering, offset by other net cash outflows. On March 9, 2026, Vista closed the March 2026 Offering of 17,940,000 Common Shares, inclusive of the underwriters’ exercise of their 15% overallotment option, at a price of $2.50 per Common Share. Aggregate gross proceeds from the Offering totaled $44,850. After deductions for underwriting discounts, commissions and other costs, net proceeds totaled $42,006. We intend to use the net proceeds to advance exploration and development activities at our Mt Todd gold project and for general corporate purposes. Details regarding financial results for the three months ended March 31, 2026 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 report
For the 12-month period following March 31, 2026, the Company estimates its net expenditures will include approximately $8,600 for recurring expenditures and approximately $7,100 for non-recurring project program costs. Recurring expenditures include ongoing Mt Todd site maintenance; other Australia non-site costs for personnel and general costs; and corporate costs. Non-recurring program costs relate primarily to activities in preparation for the start of detailed engineering, including: metallurgical and geotechnical evaluations; project execution planning; the preparation and submission of applications for permit modifications and related studies and other activities; treatment and discharge of water from the Batman pit; and other technical, social, and administrative programs to better position Mt Todd for the start of detailed engineering and design. As these programs advance, additional activities may arise that will require expenditures beyond management’s current estimates. Management expects to fund Vista’s activities during the next twelve months from existing Working Capital.
Current report
During the quarter, the Company continued to advance the Mt Todd Gold Project toward development by commencing the process of seeking permit modification approvals, hiring a significant part of the core project management team, and progressing key pre-development optimization in line with recommendations outlined in the Mt Todd FS.
Current report
The Company filed its first applications for permit modifications, is finalizing other applications, and has initiated studies to provide supporting documentation for others.
Current report
Since the start of the year, we have hired four project management team members to be based in Perth and an approvals manager based in Darwin. We have increased our corporate capacity in the areas of projects/technical services, external relations/social performance, legal, and administration/finance/market relations. We are currently recruiting an Australian-based managing director who will be responsible for delivering the Mt Todd project.
Current report
A comprehensive metallurgical test program that will evaluate new core obtained from drilling completed in late 2025 and early 2026 is about to begin at ALS facilities in Balcatta, Western Australia. This program is designed to optimize grind
Current report
size and gold recoveries and generate additional metallurgical data that will provide critical inputs for the detailed engineering and design of the process plant. Results from the test program are expected in the third quarter of 2026.
Current report
In addition, the Company commenced a geotechnical program, with a drill rig and contractor personnel now on site. The results of this comprehensive geotechnical assessment are expected to support optimization of the current open pit design, including favorable changes to the slope of the pit wall on the west side of the pit with potential improvements to the stripping ratio of the current pit.
Current report
The recently concluded wet season in the NT saw approximately 50% more rainfall at Mt Todd than is recorded in a normal wet season. Regionally, the NT experienced considerable flooding as a result of unusually heavy rain received in March. The Company experienced only minor road damage and debris accumulation at the site with no accidents related to the flooding and road closures. The excessive rains resulted in greater accumulation of water in the Batman pit and tailings storage facility. The Company is pumping water from the tailings facility and has filed an application to treat the water in the Batman pit later this year and to commence discharging treated water, as it has in past years, during the next wet season.
Removed paragraphs (17)
Previous report
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 report
Gain on Grant of Royalty Interest in Mineral Titles
Previous report
The Company recognized a gain on grant of royalty interest in mineral titles of $16,909 in June 2024. The gain comprises the previously deferred gain on instalment payments totaling $10,000 and the gain on $10,000 received for the final instalment, net of the associated mineral property carrying value of $3,091 as of the date the final instalment was received.
Previous 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.
Previous report
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 report
Gain on sale of plant and equipment
Previous report
In March 2024, the Company recorded a gain of $802 upon sale of certain components of our used mill equipment. Gross proceeds totaled $900 and were offset by selling expense of $98.
Previous report
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 report
Other income (expense)
Previous 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.
Previous report
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 report
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 report
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 report
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 report
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 report
Offers and sales of Common Shares under the ATM Program were and will be made only in the United States in an “at the market offering” as defined in Rule 415 under the United States Securities Act of 1933, as amended, subject to an effective registration statement under the U.S. Securities Act of 1933, as amended, and no offers or sales of Common Shares under the ATM Agreement will be made in Canada. The Common Shares were and will be distributed at market prices prevailing at the time of sale.
Previous report
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.
Reworded paragraphs (16)
Previous 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.
Current wording
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements for the three months ended March 31, 2026, 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
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 wording
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 “Mt Todd FS” or the “Study”). The Mt Todd 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.
Previous wording
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 wording
The Mt Todd FS marks a significant shift in the strategy for Mt Todd, demonstrating the potential for development of a smaller, lower capital cost project than previously evaluated. The Study contemplates the use of contract mining, third-party power generation, and other practices to reduce development and operational risks. The Mt Todd 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 Company believes that the 15,000 tpd design provides opportunities for future expansion of the processing plant.
Previous wording
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 wording
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 Mt Todd 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.
Previous 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.
Current wording
Cash totaled $52,729 and working capital was $51,360 at March 31, 2026. See “Liquidity and Capital Resources”. The Company had no debt as of March 31, 2026.
Previous 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.
Current wording
Consolidated net loss for the three months ended March 31, 2026 and 2025 was $3,145 and $2,708, or $0.02 and $0.02 per basic share, respectively. The principal components of the period-over-period changes are discussed below.
Previous 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.
Current wording
Net cash used in operating activities was $2,200 and $1,820 for the three months ended March 31, 2026 and 2025, respectively. The increase in operating cash outflows largely resulted from higher 2026 expenditures for corporate expenses and additional personnel in Australia.
Previous 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.
Current wording
Company (“Common Shares”) earned from the vesting of restricted share unit awards. Cash provided by financing activities during the three months ended March 31, 2025 was $269 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 earned from the vesting of restricted share unit awards.
Previous 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.
Current wording
We are a party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”). Under the ATM Agreement, the Company can, but is not obligated to, issue and sell Common Shares through Wainwright (the “ATM Program”). In connection with the March 2026 Offering, we suspended the ATM Agreement and terminated the continuous offering by us under the associated prospectus supplement. We will not make any sales of Common Shares pursuant to the ATM Agreement unless and until a new prospectus is filed and the expiration of a 90-day lockup period following completion of the March 2026 Offering. However, the ATM Agreement remains in effect. No Common Shares were issued under the ATM Program during the three months ended March 31, 2026.
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 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.
Current wording
Potential sources of additional Working Capital may include issuances of Common Shares through public or private offerings; filing of a new prospectus to reestablish availability of the ATM Program; other non-equity sources of project financing; and 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 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.
Current wording
of non-core assets, will be sufficient to fund our currently planned net corporate expenses, Mt Todd holding costs, and other Mt Todd programs for at least one year from the date of issuance of this quarterly report on Form 10-Q. Should the Company accelerate portions of its Mt Todd development plans, additional equity issuances or other forms of financing will be required to meet Working Capital requirements.
Previous wording
Vista’s long-term viability depends upon our ability to realize value from our principal asset, Mt Todd. We seek to maintain adequate liquidity and minimize share dilution as we advance our primary objective to maximize returns to our shareholders by preserving, enhancing, and realizing value from Mt Todd. Our funding strategy is to maintain a low expenditure profile, realize value from our remaining non-core assets and, when considered appropriate, issue additional equity or utilize other means of financing that support our value realization objectives. Vista also considers possible corporate opportunities to enhance liquidity. The underlying value and recoverability of the amounts shown as mineral properties and plant and equipment as presented in our Condensed Consolidated Balance Sheets depend on market and industry conditions, our ability to attract sufficient capital resources to execute our strategy, and the ultimate success of our programs to enhance and realize value at Mt Todd.
Current wording
Vista’s long-term viability depends upon our ability to realize value from our principal asset, Mt Todd. Our funding strategy is to effectively prioritize activities that support our value realization objectives and, when considered appropriate, issue additional equity or utilize other means of financing. The underlying value and recoverability of the amounts shown as mineral properties and plant and equipment as presented in our Condensed Consolidated Balance Sheets depend on market and industry conditions, our ability to attract sufficient capital resources to execute our strategy, and the ultimate success of our programs to enhance and realize value at Mt Todd.
Previous wording
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 wording
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 the 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.
Previous wording
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 wording
Cash Costs consist of the Project’s 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.
Previous 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.
Current wording
Vista expects to incur expenditures of approximately $3,900 for its Mt Todd site management, development and environmental stewardship activities and $7,100 for non-recurring project program costs for the ensuing 12 months following March 31, 2026.
Previous 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.
Current wording
All scientific and technical information in this Management’s Discussion and Analysis has been reviewed and approved by Jeff Dang, Vista’s Executive General Manager Projects and Technical Services, and designated Qualified Person (“QP”) as defined by S-K 1300 and NI 43-101.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
During the three months ended March 31, 2026 and 2025, net cash of $41,307 and $24, respectively, was provided by financing activities. Cash provided by financing activities during the three months ended March 31, 2026 was $44,850 of proceeds from the March 2026 Offering, partially offset by $2,495 of underwriting and offering costs associated with the March 2026 Offering and payments of $1,048 for employee withholding taxes in lieu of issuing common shares of the
Current report — wording carried from elsewhere
We believe our Working Capital as of March 31, 2026, together with other potential future sources of financing and sales