Vista Gold Corp. (NYSE American: VGZ) reported a net loss of $7.5 million, or $0.06 per share, for the year ended December 31 2025, a reversal from the $11.2 million profit recorded in 2024. The company’s year‑end cash balance was $13.6 million, down from $16.9 million at the end of 2024, and it completed a $44.85 million equity offering on March 9 2026 to fund further development of its Mt Todd gold project.
The 2025 loss was driven largely by the absence of a one‑time $16.9 million royalty gain that boosted 2024 earnings. A $1.3 million tax recovery from a prior sale partially offset operating expenses, but the company still posted a loss because it has no revenue—$0 for both 2025 and 2024—as it remains in the pre‑revenue stage and has no debt on its balance sheet.
Vista Gold’s management highlighted the completion of a new Mt Todd Feasibility Study in July 2025, which outlines a smaller initial operation that prioritizes higher‑grade ore, reduces initial capital costs by 59% to $425 million, and incorporates contract services to lower development risk. The study projects an average annual gold production of approximately 153,000 ounces for the first 15 years of operation.
"2025 was a pivotal year for our Company. The completion of the new Mt Todd Feasibility Study in July 2025 was a defining moment for the Mt Todd gold project and Vista," said President and CEO Frederick H. Earnest. "The study demonstrates an achievable path to near‑term production centered on a smaller initial operation that prioritizes higher grade ore to the processing plant, significantly lowers initial capital costs, and incorporates contract services to reduce development and operational risks."
Earnest also emphasized safety and environmental stewardship, noting that the company surpassed four consecutive years without a workplace incident and advanced Mt Todd’s environmental initiatives with zero reportable incidents. He added, "We maintained a solid treasury throughout 2025 and recently completed an equity raise which we expect will support our work moving forward to complete permitting and technical studies, build up our Australian organization, and initiate detailed engineering and design."
The equity raise, combined with the company’s cash position and lack of debt, positions Vista to pursue the next phases of the Mt Todd project, including detailed engineering, permitting, and construction, with first gold production expected after a projected 27‑month build period beginning in 2027. No forward guidance was disclosed, but the company’s focus remains on advancing the project and maintaining financial discipline in a pre‑revenue environment.
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