Vista Gold is a development-stage mining company with a single asset: the Mt Todd Gold Project in the Northern Territory of Australia. Vista generates no revenue — its entire focus is advancing Mt Todd toward production. The project is an open-pit gold deposit, and the 2025 feasibility study envisions a 15,000 tpd operation producing roughly 150,000 ounces of gold per year over a 30-year mine life, requiring $425M in initial capital. This represents a significant re-scoping from the prior 2024 study, which evaluated a 50,000 tpd operation requiring over $1B in upfront capital — a scale Vista concluded was limiting its pool of potential partners. Vista funds itself through equity raises, an ATM program, and asset transactions, including a $20M royalty granted to Wheaton Precious Metals and a ~$45M public offering in early 2026. Vista's path to generating cash flow runs entirely through developing Mt Todd, and the project's economics are highly leveraged to the gold price. Vista has not decided how to finance construction — options include a joint venture partner, standalone debt and equity financing, or an outright sale or merger. Vista argues Mt Todd is differentiated by its large reserve base, long mine life, existing infrastructure, major permits already in place, and location in a stable Australian jurisdiction with local community support. The development timeline targets permit modifications through 2026-2027, with potential commissioning around 2029-2030.