VISTA GOLD CORP Segments Disclosure
11. Segment Information
The Company has one reportable segment: Australia. The Australia segment conducts exploration, development, and care and maintenance activities at Vista’s principal asset, the Mt Todd gold project in Northern Territory, Australia. This segment does not presently report any revenues from operations. Through the Australia segment, the Company seeks to position Mt Todd as a development opportunity within the gold sector. The Company’s chief operating decision maker is the Chief Executive Officer (“CODM”). The CODM uses consolidated net income/loss as the measure of segment profit and loss to assess performance and allocate resources.
We reported no revenues from mining operations during the years ended December 31, 2025 or 2024. The geographic location of mineral properties and plant and equipment is provided in Notes 3 and 4, respectively.
Year Ended December 31, | |||||
2025 | | 2024 | |||
Australia segment operating income (expense): | |||||
Gain on grant of royalty interest in mineral titles | $ | — | $ | 16,909 | |
Employee compensation | (2,064) | (1,749) | |||
2025 feasibility study and related costs | (1,963) | — | |||
Drilling and related costs | (24) | (1,891) | |||
Capitalized development costs | 150 | 1,865 | |||
Project programs | (437) | (506) | |||
Site holding | (480) | (458) | |||
Administrative | (447) | (388) | |||
Consulting & contract services | (170) | (201) | |||
Power | (158) | (130) | |||
Depreciation and amortization | (88) | (55) | |||
Australia segment operating income (loss) | (5,681) | 13,396 | |||
Reconciliation to operating income (loss) | |||||
Corporate administration | (3,611) | (3,663) | |||
Gain on sale of plant and equipment | — | 802 | |||
Total operating income (expense), net | (9,292) | 10,535 | |||
Non-operating income: | |||||
Interest income | 573 | 701 | |||
Other income (expense) | 1,220 | 13 | |||
Total non-operating income | 1,793 | 714 | |||
Net income (loss) | $ | (7,499) | $ | 11,249 | |
Australia segment expenditures: mineral property and capital assets | $ | 742 | $ | 2,209 | |
At December 31, 2025 | | At December 31, 2024 | |||
Australia segment long-lived assets | $ | 2,056 | $ | 1,402 | |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 11, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Mar 6, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.