Expected Q3 2025 CapEx and Funding
Vista Gold’s Q2 2025 release shows a cash balance of $13.2 million at June 30 and notes that the company “maintained a strong balance sheet” while advancing the 15,000 t/d Mt. Todd Feasibility Study. Historically, Vista’s feasibility‑study‑related out‑lays have been in the low‑single‑digit‑million‑dollar range (≈ $3‑5 M per quarter) – enough to cover engineering, permitting and early‑stage drilling without jeopardising liquidity. Given the cash on hand and the absence of any announced financing activity, the market expects Q3 2025 capital expenditures of roughly $4 million–$5 million.
Funding source:
- Internal cash: With $13.2 M on the balance sheet, the projected $4‑5 M spend can be comfortably covered by existing cash, leaving a healthy buffer for working‑capital needs.
- No new external financing disclosed: The press release does not mention a debt facility, equity raise, or partner funding, so Vista is likely to rely on its cash runway rather than issuing debt or equity in the near term.
Trading implications
- Bullish bias: The modest, cash‑funded capex suggests the company can stay on its development path without dilution or leverage‑related risk, supporting the current price level.
- Technical view: Vista’s shares have been holding above the 50‑day SMA and are testing a short‑term resistance near $1.30. With the capex outlook confirming a solid balance sheet, a breakout above that level could trigger a move toward the next resistance at $1.45.
- Action: Consider a long position or adding to existing holdings on any pull‑back to the 50‑day SMA (~$1.20), with a stop just below $1.15. If the price breaches $1.30 on volume, a partial profit‑take near $1.45 is reasonable, as the upside is capped by the next technical resistance.