Tonix Pharmaceuticals stock halted ahead of FDA approval news
Vista Gold Corporation reported its second-quarter 2025 earnings, revealing a net loss while its stock saw a 3.25% increase in value. The company faced a challenging quarter with a net loss of $2.36 million, contrasting with a net income of $15.63 million in the same period last year. Despite the loss, the stock price increased by 3.25% to $1.06, reflecting investor optimism about the company’s strategic developments and future prospects. According to InvestingPro data, Vista Gold has demonstrated remarkable momentum, with a 98.2% return over the past year and nearly 90% year-to-date, significantly outperforming many peers in the mining sector.
Key Takeaways
- Vista Gold reported a net loss of $2.36 million for Q2 2025.
- The company’s cash position decreased to $13.2 million as of June 30, 2025.
- Stock price rose by 3.25% in post-earnings trading.
- Mt Todd project feasibility study highlights potential for significant returns.
- No outstanding debt, maintaining financial flexibility.
Company Performance
Vista Gold’s performance in the second quarter of 2025 was marked by a net loss of $2.36 million, a significant downturn from the previous year’s net income of $15.63 million. The company’s cash reserves declined from $16.9 million at the end of 2024 to $13.2 million by mid-2025. Despite these challenges, Vista Gold remains debt-free, with InvestingPro analysis showing an impressive current ratio of 11.01, indicating strong liquidity position. The company continues to focus on its Mt Todd project, which is positioned as a key driver of future growth. With a market capitalization of $136.07 million and a P/E ratio of 13.92, Vista Gold appears overvalued according to InvestingPro’s Fair Value analysis.
Financial Highlights
- Revenue: Not specified
- Net loss: $2.36 million (compared to a net income of $15.63 million in Q2 2024)
- Cash position: $13.2 million (down from $16.9 million at the end of 2024)
- No outstanding debt
Market Reaction
Following the earnings announcement, Vista Gold’s stock price increased by 3.25%, closing at $1.06. This movement suggests that investors remain optimistic about the company’s future, particularly in light of the promising results from the Mt Todd feasibility study. The stock’s performance is notable given the broader market conditions and the company’s recent financial challenges. InvestingPro analysis reveals that analysts have set a consensus target price of $3.00, suggesting significant potential upside. For deeper insights into Vista Gold’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
Outlook & Guidance
Vista Gold is exploring various strategic options for its Mt Todd project, including potential partnerships, joint ventures, or full project development. The company is actively engaging with strategic investors and attending industry conferences to enhance its growth prospects. The feasibility study indicates strong economic potential for Mt Todd, with significant returns expected at current gold price levels.
Executive Commentary
CEO Fred Ernest expressed confidence in the Mt Todd project’s viability, stating, "We believe the results of the feasibility study position Mt Todd as one of the most attractive development stage projects in the gold sector." CFO Doug Tobler emphasized the company’s openness to strategic alternatives, noting, "We’re open to any of these alternatives. It all hinges around what’s the most proximate and the best value for our shareholders."
Risks and Challenges
- Gold price volatility could impact project economics.
- Potential delays in securing strategic partnerships or financing.
- Increased operational costs could affect financial stability.
- Environmental and regulatory challenges in project development.
- Market competition from other gold producers.
Q&A
During the earnings call, analysts raised questions about potential profit distribution, interest from potential partners, and the strategic approach to project development. The management reiterated its commitment to maximizing shareholder value and exploring all viable options for the Mt Todd project.
Full transcript - Vista Gold Corp (VGZ) Q2 2025:
Constantine, Conference Call Moderator: Day, ladies and gentlemen. Welcome to Vista Gold’s Second Quarter twenty twenty five Financial Results and Corporate Update Conference Call. As a reminder, this conference call is being recorded. Today is Wednesday, 08/13/2025. It’s now my pleasure to introduce Pamela Sully, Vice President of Investor Relations.
Please go ahead.
Pamela Sully, Vice President of Investor Relations, Vista Gold Corp: Thank you, Constantine, and good day, everyone. Thank you for joining Savista Gold Corp. Second Quarter twenty twenty five Financial Results and Corporate Update Conference Call. I’m Pamela Salli, Vice President of Investor Relations. On the call today is Fred Ernest, President and Chief Executive Officer and Doug Tobler, Chief Financial Officer.
On 08/12/2025, Vista reported the cooperating and financial results for the quarter ended 06/30/2025. Copies of the news release and quarterly report on Form 10 Q are available on our website at www.vistagold.com. During the course of this call and the question and answer session, we will be making forward looking statements. These statements involve known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements of Vista to be materially different from results, performance or achievements expressed or implied by such statements. Please refer to our most recently filed Form 10 Q for details of risks and other important factors that could cause actual results to differ materially from those in our forward looking statements and the cautionary note regarding estimates of mineral resources and mineral reserves.
I will now turn the call over to Fred Ernest.
Constantine, Conference Call Moderator: Thank you, Pam, and thank you, everyone, for joining us on the call today. During the second quarter, we advanced the 15,000 ton per day Mt Todd feasibility study and announced the results of the feasibility study on July 29. We are very pleased with the strong economic results, the reduced initial capital, increased gold mineral reserves grade and stable gold production over many years as reported in the study. The feasibility study represents a major milestone for Vista, highlighting a strategic shift toward a smaller initial scale with near term development opportunity at Mt. Todd wall preserving optionality for expansion.
I’m pleased to report that we ended the quarter with a solid cash position, which Doug will discuss shortly. Additionally, we have now achieved one thousand three hundred and sixty nine consecutive days without a lost time accident at the Mt Todd site. We are committed to prioritizing the efficient use of our cash and creating long term value for our shareholders through disciplined execution of our strategy for the Mt Todd gold project. I will discuss some of these topics in greater detail later in the call, but I will now turn the time over to Doug Tober for a review of our financial results for the quarter ended 06/30/2025. Thanks, Fred.
I’ll begin today’s discussion with a summary of our results of operations for the three and six month periods ended 06/30/2025, compared to the same periods in 2024. If you’d like additional details, our full financial statements and our MD and A are included in our Form 10 Q that we filed yesterday. For the three month period, we reported a net loss of $2,356,000 for Q2 twenty twenty five compared to net income of $15,633,000 for 2024. The net loss for the 2025 period was in line with our expectations. The change between the 2024 period and the 2025 period resulted mostly from the $16,900,000 gain on grant of royalty interest that was recognized back in June 2024 and an increase in exploration and property valuation expenses during the twenty twenty five quarter.
The gain reflected payments received from Wheaton totaling $20,000,000 net of the associated rental property carrying value of $3,100,000 at the time. Higher exploration and property valuation expenses resulted from Vista having expensed $850,000 during 2025 for the feasibility study, while the drilling costs in 2024 mostly qualified as development costs and were capitalized. For the six month period, we reported a net loss of $500,000,664,000 dollars for the 2025 period and net income of $14,560,000 for the 2024 period. The reasons for the change between periods are similar to those discussed for the three month period. Again, the six month period for 06/30/2024 included the $16,900,000 gain, and this period also included an $800,000 gain on sale of a portion of the company’s used mill equipment.
Exploration and property valuation expense expenses were also higher for the six month period ended 06/30/2025, because the company recognized $1,600,000 for the 2025 feasibility study compared to the same period in 2024 when our drilling costs were largely capitalized as development costs. Turning to our financial position. At 06/30/2025, we continue to maintain a strong cash position to support our ongoing work amounts on. We ended the ’5 with $13,200,000 cash on hand. This compares to $16,900,000 cash on hand that we had at 12/31/2024.
The reduction in cash resulted primarily from expenditures for the feasibility study and cost of a recurring nature, which included Mt Todd holding costs and corporate G and A. I’d also highlight that we continue to have no debt. Now looking forward, we expect our recurring costs and other expenses to remain largely in line with expectations. For the twelve month period ending 06/30/2025, we estimate going forward for the next year that our recurring costs will be approximately $6,800,000 plus about $1,800,000 related to ongoing and currently planned work at Mt Todd. Thank you.
That concludes my remarks for the day. Brett, I’ll turn the call back to you. Thank you, Doug. As I mentioned earlier, we announced the results of the 15,000 ton per day Mt Todd feasibility study on July 29. The study demonstrates strong economics and provides a favorable development alternative to Vista’s previous feasibility study, which was completed in 2024 at a throughput rate of 50,000 tonnes per day.
For those of you who may not have participated on our conference call following the announcement of the feasibility study results, I will provide a few highlights. The feasibility study demonstrates a 59% reduction in initial capital costs to 425,000,000 US. When divided by the total ounces produced, this represents a very competitive capital efficiency of $93 per ounce of gold produced. The study also reports an average ore grade of 1.04 grams of gold per ton over the first fifteen years of operations and 0.97 grams per ton over the life of mine. These are both improvements from the previous study.
Average annual gold production is estimated to be 153,000 ounces of gold per year during years one through 15 and a 146,000 ounces of gold per year over the thirty year life of mine, with life of mine average gold recovery of 88.5%. The plan is designed with three stages of crushing, single stage sorting, two stages of grinding, and a carbon and leach recovery circuit. To minimize capital expenditures and operational risks, we have utilized contract mining and third party power generation in this study. And while this study does not assess potential expansion opportunities, we have preserved the optionality for future expansion by incorporating expansion considerations into the designs and layouts. The economics of the study are strong, and we recorded an after tax net present value at a 5% discount rate of 1,100,000,000, an internal rate of return of 27.8%, and a two point seven year payback all at a $2,500 per ounce gold price.
Now at a gold price that’s closer to a spot, we use $3,300 per ounce gold price, and the after tax NPV at the same 5% discount rate is $2,200,000,000 at that gold price with an IRR of 44.7% and a payback of one point seven years. After tax free cash flow at the 2,500 gold price is $1,600,000,000 for the first fifteen years of commercial operations. All in sustaining costs were estimated to be just under $1,450 per ounce for the first fifteen years of the project and just under $1,500 per ounce for years one through thirty. For additional information on the feasibility study results, I invite you to refer to our news release dated 07/29/2025 and the feasibility study presentation, both of which can be found on our company website. Changing topics.
During the second quarter, we maintained our focus on safety, environmental stewardship and stakeholder interest. Mt Todd achieved zero lost time accidents as and as I reported, has now achieved almost thirteen seventy days without a workplace incident. We remain committed to our health and safety programs and are focused on building on this achievement. Site personnel continued to successfully manage Mt Todd’s environmental initiatives, and management continued its proactive engagement with the Jowan Association Aboriginal Corporation and other key stakeholders. Looking forward, we believe the results of the study demonstrate a very attractive development opportunity for Mt Todd.
It positions Mt Todd as a project with technical and economic parameters that are comparable to several highly valued Australian gold producers. We continue to focus on advancing Mt Todd in ways that demonstrate the underlying value of the project and position it for near term development. We believe the results of the feasibility study position Mt Todd as one of the most attractive development stage projects in the gold sector. In conclusion, Vista is committed to seeing Mt Todd developed in compliance with the highest mining and ESG standards, and we’ll work diligently towards that goal. For a more comprehensive review of the work completed by Vista on the Mt Todd project, I refer you to our corporate presentation, which can be found on our website at www.vistagold.com.
We believe that Vista Gold represents an exceptional investment opportunity and that current prices represent a tremendous opportunity to establish a position for our Creason holding in Vista Gold. This concludes our formal remarks, and we will now respond to any questions from participants on the call. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touch tone phone. You will hear a prompt that your hand has been raised.
Should you wish to decline from the polling process, please press star followed by the number 2. If you’re using a speakerphone, please make sure to lift your handset before pressing any keys. One moment while we prepare the q and a roster. You. Your Your first question comes from the line of Matthew Giannelli, a private investor.
Please go ahead. Hey. Thank you for taking the time out to talk with us. I just had a question. Let’s say you do decide to finance the project through a lender or participate in a joint venture.
What would you do you guys have any idea what you guys would do with the profits? Would you use it to expand operations, or would you just intend to distribute the funds through dividends? I’m just curious to hear what your thoughts are on that. Matthew, thank you for that question. That’s a that’s a very important question.
And certainly, it’s not possible at this point in time to give a definitive answer to your question. You know, we did we did indicate that the project has been designed with a with a long life presently, but we preserve the opportunity for for expansion. The whether an expansion would happen or at what scale that expansion would happen would depend on the on economics at the time. I believe that there would be, at at all times, a part of the profits that would be returned to investors. We we feel very strongly that investors deserve a return.
And whether whether all of those profits will be returned to to shareholders or whether there will be whether we’ll be seeking opportunities at that stage in in the life of the the company to to make other acquisitions or expand Mt Todd will be determined based on market factors at the time. But, certainly, I I I would feel comfortable saying that that the board would place a high priority on returning part of the profits that are generated back to shareholders in the form of dividends. Thank you. Am I still speaking? Can you still hear me?
I just had a a follow-up question on that. Just a quick question. Did you guys have you would you be able to tell us if you guys had any increased interest from investors or, like, signed any new confidentiality agreement? I we don’t disclose who we’ve signed the confidentiality agreements with, but I can say that we have signed new confidentiality agreements in the last several months. Doug Tobler and I were in Australia last week for a a conference called Diggers and Dealers, and we met with a number of of potential partners or transaction partners, and there will be additional confidentiality agreement signed as a result of our participation in that conference.
Awesome. Thank you. Ladies and gentlemen, as a reminder, for questions, it’s star one. And if you’d like to refer a question, it’s star two. Your next question comes from the line of Tony Surdaugh, private investor.
Please go ahead.
Pamela Sully, Vice President of Investor Relations, Vista Gold Corp: And,
Constantine, Conference Call Moderator: guys, I appreciate you holding this call here. You know, we’re very excited with the future with VISTA goals. And kind of digging back on the last question, the second part there, you know, in terms of the confidentiality agreements you guys have, you know, recently signed and have upcoming, what counterparties are showing the most interest in Mt. Todd? You know, strategic miners, private equity, or any additional royalty companies?
And how are you evaluating potential JV versus m and a options in the current environment? I mean, gold is, you know, really soaring here, so I’d be interested to hear more on this. Yeah. And and I might ask Doug to comment when I finish, but the the confidentiality agreements have been signed with strategic investors right now, other other producing mining companies. We we view the m and a space right now as very interesting space.
We’ve been facing a little bit of headwind over the last several years with producers being more interested in merging or acquiring other producers than than looking at development stage assets. We we think that we see some changes happening in that space. With regards to whether we would pursue a joint venture, a an asset level or corporate level sale of the the the project, the company, or whether we would ultimately decide to develop Mt Todd on our own are decisions that will be made at some point in the future. We continue at this time our our focus is on raising awareness of the the Mt Todd project with this new evaluation. The value of the project particular is very is very strong.
We think that this is a great selling point for the project at this point in time. The economics of that conservative gold prices are are are very, very solid. And right now, we’re focused on on meeting, talking with increasing the understanding of a of a wide group of potential partners. And then and then once we have confidentiality agreement signed, beginning that process of due diligence. And, ultimately, we hope that many of these will lead to site visits and further serious discussions.
So, Doug, anything that you would add to that? No. I I guess the only thing I’d emphasize is at this point in time, we’re open to any of these alternatives. It all hinges around what’s the the most proximate and the best value for our shareholders. You know, somebody comes in and wants to do a joint venture, we’re not going to say no if they also bring to the table the right types of skill sets in terms of development, putting the asset online quickly, and so forth.
Similar company might come in and say, well, we don’t wanna do a joint venture. We’d we’d be interested in owning the whole thing. We’re going to be open to that as well because that might generate a more, you know, more rapid realization of value for shareholders. So we’re not closing the door on any of these options at this point in time. Well said.
Right. Perfect. Thank you, guys. I appreciate it, and some positive energy to the team. Thank you.
Thanks, Tony. Thank you very much. There are no further questions at this time. I’d like to turn the call back over to Mr. Frederic for closing comments.
Please go ahead. Constantine, thank you. And all of you who have been on the call today, thank you very much for taking time out of your morning or early afternoon to join us. We’re very excited about the future for Vista Gold and the Mt Todd gold project. Very pleased with the results of the feasibility study that were announced last month.
Again, I just highlight a couple of key achievements of the study. The significant reduction in initial capital expense has is is monumental. The improvement in in reserve grade that’s come about as a result of raising the cutoff grade was another significant target for for this study. I’m very happy with the the economics of the study at at close to current gold price, $2,200,000,000 NPV five and almost 45% IRR. We’re we’re very pleased with those numbers.
I think they speak to the strong leverage that we continue to enjoy with regards to the Mt Todd gold project, and and it speaks to the the the robustness of the of the project. I’m very pleased with these results. I I can’t give enough thanks and acknowledgement to the team that has worked on on this feasibility study. We’re very happy with the contributions of all of the consultants and the Australia centric experience that many of them them bring and have brought to the to the study. Maria Vallejo, our director of projects and technical services has done, I feel, an exceptional job in managing this study and very, very thankful for for her efforts in in shepherding the study to to this positive result.
I’m I’m I’m very optimistic about the future of of Vista and and the Mt Todd project. I invite all of you to follow closely. We will be attending some conferences in the next in the next month. We’re very excited for additional opportunities to sit down and meet with the companies that we may have already signed agreements or confidentiality agreements with or that we believe would potentially be interested in in the Mt Todd project. We invite you to follow us.
We thank you for your time today, and we wish all of you a very pleasant day. And with that, we’ll close this call. Ladies and gentlemen, this concludes today’s conference call. Thank you very much for your participation. You may now disconnect.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.