Vista Gold (VGZ) Q3 2026 earnings summary

Executive summary

• Mt Todd permitting, water management and technical optimization advanced; it remains a development-stage project with no operating revenue.

• Artemis agreed to acquire eligible shares for 0.0966 Artemis share each; closing is targeted by end-Q1 2027, subject to approvals.

• Former shareholders are expected to own ~5% of Artemis after closing, excluding Artemis’s 4.95% stake to be cancelled.

Financial highlights

• Q3 2026 net loss was $6.426M, or $0.05/basic share, versus $0.723M, or $0.01, in Q3 2025; 9M loss was $12.528M versus $5.787M.

• Q3 operating expenses were $6.810M versus $2.105M year over year; 9M operating expenses were $13.548M versus $7.448M.

• Arrangement-related costs of $3.208M were included in corporate administration in Q3 and 9M 2026; additional transaction costs are expected.

• Interest income was $434K in Q3 and $1.1M in 9M; exploration property valuation and holding costs were $2.5M and $6.7M, respectively.

Outlook and guidance

• Existing cash is expected to fund the proposed arrangement and currently planned activities for at least 12 months; estimated next-12-month spending is $14.8M recurring and $8.2M non-recurring and capital, plus remaining transaction costs.

• Additional permits are expected in Q4 2026, with final approvals anticipated in 2027; a special shareholder meeting is expected in January.

• Four tailings-facility evaporators are expected to operate from December, adding 1.2 GL/year of capacity; four additional pit units are under consideration.

• Treated Batman Pit discharge is planned for the wet season; the pit holds 6.7 GL and dewatering systems are being refurbished.

• Final metallurgical results are anticipated in Q4 2026; geotechnical recommendations are expected in December.