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- **Breakthrough Feasibility Study**: $425M initial capex, 27.8% IRR, $1.1B NPV at $2,500/oz gold, positioning Mt Todd as a top-tier development project.
- **Strong Financial Position**: $13.2M cash, no debt, with disciplined cost management supporting near-term development.
- **Strategic Partnerships**: Actively engaging with mining companies, signed confidentiality agreements, and exploring JV/M&A options to accelerate project value realization.

**【CEO Summary Section】**
- Announced the completion of the 15,000 tpd Mt Todd feasibility study, highlighting a 59% reduction in initial capital to $425 million and an after-tax NPV of $1.1 billion at $2,500/oz gold.
- Project economics include 153,000 oz/year average production for the first 15 years, all-in sustaining costs of $1,450/oz, and a 27.8% IRR.
- Emphasized preservation of expansion optionality and strong safety performance (1,369 days without lost time accidents).

**【CFO Financial Commentary】**
- Q2 2025 net loss of $2.356 million vs. Q2 2024 net income of $15.633 million, driven by $16.9 million one-time gain in 2024 and $850,000 in feasibility study expenses.
- Ended Q2 with $13.2 million cash, no debt, and expects recurring costs of $6.8 million/year plus $1.8 million for Mt Todd work.

**【Q&A Key Highlights】**
- Asked about profit distribution, CEO stated priority on returning capital to shareholders via dividends while evaluating expansion opportunities.
- CFO confirmed signed confidentiality agreements with strategic mining companies and attended Diggers & Dealers conference to engage potential partners.
- Open to joint ventures, M&A, or independent development, with focus on maximizing shareholder value through partnerships that leverage Vista's expertise.

Vista Gold (VGZ)-13 Aug 25-2025 Q2 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VGZ

VGZ fundamentals

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