Vista Gold (TSE:VGZ) said it continued advancing permitting, technical optimization and execution planning for its Mt Todd gold project during the second quarter of 2026, while ending the period with $49.5 million in cash and no debt.
President and Chief Executive Officer Fred Earnest said the company is pursuing development of Mt Todd on a standalone basis and is working toward beginning detailed engineering and design in 2027. The company expects construction and commissioning to span approximately 27 months once that next phase begins.
Financial Results and Cash Position
Chief Financial Officer Doug Tobler reported a second-quarter net loss of $3 million, compared with a net loss of $2.4 million in the same period of 2025. For the first six months of 2026, Vista recorded a net loss of $6 million, compared with $5.1 million a year earlier.
Cash on hand totaled $49.5 million at June 30, up from $13.6 million at the end of 2025. Tobler said the increase primarily reflected the company’s March 2026 offering, which generated net proceeds of $42 million. Vista reported no debt at quarter-end.
Exploration, property evaluation and holding costs rose to $2.5 million in the second quarter from $1.8 million in the prior-year period. For the first half, those costs increased to $4.2 million from $3.3 million. Tobler attributed the increase largely to additions to the Australian executive and project-management teams and higher power costs associated with water-management pumping requirements.
Those increases were partly offset by lower project-program costs compared with the prior year, when the company was completing work on the Mt Todd feasibility study. Corporate administrative costs increased to $850,000 in the second quarter from $680,000 a year earlier, while first-half costs rose to $2.5 million from $2 million. The company attributed the increases to legal, consulting and board expenses supporting its pre-development work.
Vista also benefited from approximately $300,000 in additional interest income during both the three- and six-month periods ended June 30, according to Tobler.
Permitting and Water Management
Earnest said Vista is working with regulators, consultants and stakeholders to modify existing permits so they align with the company’s 2025 feasibility study. Some permit modifications have been submitted, while support programs for other submissions remain underway.
The company has received authorization for certain modifications, which Earnest said are expected to lead to additional approvals in the second half of 2026. Final approvals are anticipated in 2027.
Vista also began the initial phase of a dewatering program at the Batman pit and tailings storage facility after the Northern Territory experienced higher-than-normal precipitation during the most recent wet season. The additional rainfall left more water on the Mt Todd site than the company had expected. Additional dewatering phases are planned to begin later this year.
Technical Programs Near Completion
The company said a metallurgical test program intended to optimize grind size and gold recoveries, while providing data for process-plant design and equipment selection, is entering its final stages.
Initial findings confirmed the relationship between grind size and gold recoveries across the anticipated range of head grades, according to Earnest. The work also indicated that water collected below the waste rock dump is suitable for use as process makeup water. Tailings-property characterization remains in progress, with final results from the metallurgical program expected late in the third quarter.
Vista’s geotechnical program, which is evaluating whether the west pit wall can be steepened to reduce waste stripping and potentially convert mineral resources into additional reserves at depth, is also nearing completion. The company has refined the site layout and is preparing for field investigations related to tailings embankment engineering design.
Australian Team Expansion and ESG Work
Vista continued building its Australia-based executive leadership and project-development teams. The executive team is based in Perth, Western Australia, while the project-development team is assigned to the Northern Territory, including certain fly-in, fly-out positions.
Since the start of the year, the company has added capabilities in projects and technical services, external relations and social performance, legal, and permitting. Recruitment remains underway, including a search for an Australia-based managing director with project-development experience.
Earnest said the Mt Todd site recorded zero reportable incidents during the quarter. Vista also began a new social impact assessment intended to identify local community needs and concerns and support project execution planning. The company said it continued engagement with the Jawoyn Association Aboriginal Corporation and other stakeholders.
Looking ahead, Earnest said Vista’s priorities are securing final authorizations and establishing the basis for an efficient start to detailed engineering and design. He said the company expects to provide updates in coming months on study results, permitting progress and further team-building efforts.
About Vista Gold (TSE:VGZ)
Vista holds the Mt Todd gold project, a leading development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia. The Company has defined a clear pathway to greater value creation, targeting the commencement of detailed engineering and design by early 2027. This milestone is expected to initiate a 27-month design, construction, and commissioning process. Mt Todd offers strong project economics, significant initial production, and compelling expansion and exploration upside.
