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Vista Gold
(NYSE MKT:VGZ)
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Rating:59Neutral
Price Target:
$3.00
▲(55.44% Upside)
Action:Reiterated
Date:09/22/26
The score is held back primarily by weak operating fundamentals (no revenue, ongoing losses, and sustained cash burn). Offsetting this are a strong, debt-free balance sheet, constructive price momentum above key moving averages, and positive catalysts from the announced acquisition and a well-funded project plan outlined on the earnings call.
Positive Factors
Debt-free liquidity
Debt-free status and $49.5M of cash provide liquidity to fund pre-development milestones without an interest burden or immediate debt repayment pressure. This stronger funding position supports continued engineering, permitting, and project work while preserving financial flexibility.
Negative Factors
No operating revenue
Vista has no operating mine or gold-sales revenue, so the business currently lacks an internal revenue engine to fund exploration, permitting, and development. Its financial results therefore remain dependent on advancing an asset before production can begin.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free liquidity
Debt-free status and $49.5M of cash provide liquidity to fund pre-development milestones without an interest burden or immediate debt repayment pressure. This stronger funding position supports continued engineering, permitting, and project work while preserving financial flexibility.
Read all positive factors
Vista Gold (VGZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$385.36M
Dividend YieldN/A
Average Volume (3M)2.51M
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue GrowthN/A
EPS Growth6.21%
CountryUS
Employees13
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.06
Shares Outstanding145,971,340
10 Day Avg. Volume2,360,005
30 Day Avg. Volume2,507,424
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)16.32
Price to Sales (P/S)0.00
P/FCF Ratio-33.52
Enterprise Value/Market Cap0.59
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-1.57K
Enterprise Value/Ebitda-27.32
Forecast
1Y Price Target
$4.50Price Target Upside133.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.07
Revenue Forecast (FY)N/A
Vista Gold Business Overview & Revenue Model
Company Description
Established in 1983 and based in Littleton, Colorado, Vista Gold Corp. and its affiliated companies focus on the assessment, acquisition, exploration, and advancement of gold development ventures, primarily operating in Australia. The company's mo...
How the Company Makes Money
Vista Gold is a pre-production gold project developer and does not have an operating mine; therefore, its ongoing revenue from gold sales is null. The company’s business model is focused on increasing the value of its principal development-stage a...
Vista Gold Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call emphasizes strong balance sheet improvements (cash +$35.9M, debt-free), clear execution milestones toward detailed engineering in 2027, positive technical program results, strengthened Australia-based leadership, and robust project economics (AISC $1,500/oz; $300M annual free cash flow at $3,300/oz). Offsetting these positives are higher near-term losses and operating costs driven by team additions and water management, increases in exploration and admin expenses (many >25%), ongoing permitting with final approvals expected in 2027, and operational complexity from dewatering. On balance the progress on funding, technical de-risking, permitting momentum and strong project economics outweigh the near-term cost increases and schedule/operational risks.Positive Updates
Significant Cash Strengthening
Cash on hand of $49.5M at June 30, 2026 versus $13.6M at end of 2025, an increase of $35.9M (≈264%), driven largely by the March 2026 offering (net proceeds $42M); company remains debt-free.
Negative Updates
Increase in Net Losses
Net loss of $3.0M for Q2 2026 compared to $2.4M for Q2 2025 (increase of $0.6M, +25%); net loss for the 6 months ended June 30, 2026 was $6.0M versus $5.1M in 2025 (increase of $0.9M, +17.6%).
Read all updates
Q2-2026 Updates
Positive
Negative
Significant Cash Strengthening
Cash on hand of $49.5M at June 30, 2026 versus $13.6M at end of 2025, an increase of $35.9M (≈264%), driven largely by the March 2026 offering (net proceeds $42M); company remains debt-free.
Read all positive updates
Company Guidance
Management guided that Vista is well funded to continue pre‑development with cash of $49.5M at quarter end (up from $13.6M at YE2025) following a March 2026 offering that generated ~$42M net, remains debt‑free, reported a Q2 net loss of $3.0M (Q2’25: $2.4M) and H1 net loss of $6.0M (H1’25: $5.1M), and saw exploration/holding costs rise to $2.5M in Q2’26 (Q2’25: $1.8M) and $4.2M for H1’26 (H1’25: $3.3M) while corporate admin was $850k in Q2’26 (Q2’25: $680k) and $2.5M for H1’26 (H1’25: $2.0M), partially offset by ≈$300k higher interest income; operational guidance includes permit modification submissions with additional approvals expected in H2 2026 and final approvals in 2027, commencement of detailed engineering and design in 2027 followed by an approximate 27‑month construction and commissioning period, completion of metallurgical and tailings characterization results late this quarter, phased dewatering and site works this year, zero reportable incidents in the quarter, and project economics assuming AISC $1,500/oz and a conservative gold price of $3,300/oz that yield ~USD300M annual free cash flow and a feasibility NAV per share of $14.89 (≈9× current share price).Vista Gold Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
74
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -146.00K | -88.00K | -55.00K | -40.00K | -45.00K | -49.00K |
| EBITDA | -8.39M | -7.41M | -7.12M | -6.54M | -8.29M | -11.89M |
| Net Income | -8.54M | -7.50M | 11.25M | -6.58M | -4.93M | -15.24M |
Balance Sheet | ||||||
| Total Assets | 52.32M | 16.27M | 18.97M | 8.93M | 10.99M | 16.34M |
| Cash, Cash Equivalents and Short-Term Investments | 49.54M | 13.62M | 16.95M | 6.07M | 8.11M | 13.14M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.56M | 1.17M | 1.07M | 3.98M | 957.00K | 2.05M |
| Stockholders Equity | 50.77M | 15.11M | 17.91M | 4.95M | 10.03M | 14.29M |
Cash Flow | ||||||
| Free Cash Flow | -8.09M | -7.36M | -6.08M | -5.91M | -7.42M | -10.76M |
| Operating Cash Flow | -7.22M | -6.61M | -5.74M | -5.86M | -7.41M | -10.62M |
| Investing Cash Flow | -865.00K | -742.00K | 15.59M | 2.95M | 2.88M | 2.63M |
| Financing Cash Flow | 44.41M | 4.03M | 1.02M | 871.00K | -113.00K | 12.98M |
Vista Gold Technical Analysis
Positive
1.93
Price Trends
2.48
Positive
2.22
Positive
2.26
Positive
Market Momentum
0.06
Positive
52.94
Neutral
57.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VGZ, the sentiment is Positive. The current price of 1.93 is below the 20-day moving average (MA) of 2.67, below the 50-day MA of 2.48, and below the 200-day MA of 2.26, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 52.94 is Neutral, neither overbought nor oversold. The STOCH value of 57.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VGZ.
Vista Gold Risk Analysis
Vista Gold disclosed 39 risk factors in its most recent earnings report. Vista Gold reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vista Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$449.81M | -14.94 | -26.91% | ― | 139.67% | -6769.23% | |
70 Outperform | C$256.36M | 2.66 | 35.15% | 1.60% | 66.66% | 73.04% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | $385.36M | -41.57 | -25.50% | ― | ― | 6.21% | |
56 Neutral | C$478.32M | -114.81 | -3.61% | ― | ― | -18.03% | |
44 Neutral | C$575.74M | -9.74 | -38.19% | ― | ― | -302.12% |
* Basic Materials Sector Average
VGZ
Vista Gold
2.64
0.90
51.72%
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Vista Gold Corporate Events
Business Operations and StrategyM&A Transactions
Vista Gold to Be Acquired by Artemis Gold
Positive
Sep 21, 2026
On September 20, 2026, Vista Gold Corp. entered into a definitive arrangement agreement with Artemis Gold Inc. under which Artemis will acquire all outstanding Vista Gold shares via a court‑approved plan of arrangement. Vista shareholders ar...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.