ITEM 1
.
CONDENSED CONSOLIDATED FINANCIAL STATEMENT
S
.
VISTA GOLD CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in U.S. dollars and in thousands, except shares)
| (Unaudited) |
| June 30, | December 31, |
| 2015 | 2014 |
| Assets: |
| Current assets: |
| Cash and cash equivalents | $ | 3,808 | $ | 3,714 |
| Short-term investments (Note 8) | 8,793 | - |
| Other investments, at fair value (Note 2) | 2,341 | 6,163 |
| Other current assets | 1,264 | 1,485 |
| Total current assets | 16,206 | 11,362 |
| Non-current assets: |
| Mineral properties (Note 3) | 3,874 | 5,406 |
| Plant and equipment, net (Note 4) | 2,497 | 2,842 |
| Assets held for sale (Note 4) | 6,500 | 6,500 |
| Long-term deferred tax asset | 633 | 1,916 |
| Total non-current assets | 13,504 | 16,664 |
| Total assets | $ | 29,710 | $ | 28,026 |
| Liabilities and Shareholders' Equity: |
| Current liabilities: |
| Accounts payable | $ | 113 | $ | 457 |
| Accrued liabilities and other | 599 | 370 |
| Current deferred tax liability | 633 | 1,916 |
| Total current liabilities | 1,345 | 2,743 |
| Total liabilities | 1,345 | 2,743 |
| Commitments and contingencies – (Note 7) |
| Shareholders' equity: |
| Common shares, no par value - unlimited shares authorized; shares outstanding: 2015 - 82,390,217 and 2014 - 82,390,217 | 404,912 | 404,912 |
| Additional paid-in capital (Note 5) | 33,638 | 33,171 |
| Accumulated other comprehensive income/(loss) (Note 6) | (16) | 11 |
| Accumulated deficit | (410,169) | (412,811) |
| Total shareholders' equity | 28,365 | 25,283 |
| Total liabilities and shareholders' equity | $ | 29,710 | $ | 28,026 |

Approved by the Board of Directors
| Racy A. S |
| /s/ Tracy A. Stevenson Tracy A. Stevenson Director | /s/ John M. Clark John M. Clark Director |

The accompanying notes are an integral part of these consolidated financial statements.
3
VISTA GOLD CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS) AND COMPREHENSIVE INCOME/(LOSS)
(Dollar amounts in U.S. dollars and in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, |
| 2015 | 2014 | 2015 | 2014 |
| Operating expense: |
| Exploration, property evaluation and holding costs | $ | (984) | $ | (1,003) | $ | (1,959) | $ | (2,421) |
| Corporate administration | (798) | (1,088) | (1,842) | (2,363) |
| Depreciation and amortization | (177) | (224) | (368) | (441) |
| Gain on disposal of mineral property, net (Note 3) | — | — | 1,958 | — |
| Total operating expense | (1,959) | (2,315) | (2,211) | (5,225) |
| Non-operating income/(expense): |
| Gain/(loss) on sale of marketable securities | — | 9 | 12 | 22 |
| Unrealized gain/(loss) on other investments (Note 2) | (312) | (632) | (702) | 1,422 |
| Realized gain/(loss) on other investments, net (Note 2) | — | — | (348) | 155 |
| Research and development grant (Note 10) | 5,863 | — | 5,863 | — |
| Interest income | 2 | 3 | 3 | 7 |
| Interest expense | — | — | — | (78) |
| Other income/(expense) | (5) | 16 | 25 | (362) |
| Total non-operating income/(expense) | 5,548 | (604) | 4,853 | 1,166 |
| Income/(loss) before income taxes | 3,589 | (2,919) | 2,642 | (4,059) |
| Deferred income tax/(expense) benefit | — | — | — | — |
| Net income/(loss) | $ | 3,589 | $ | (2,919) | $ | 2,642 | $ | (4,059) |
| Other comprehensive gain/(loss): |
| Unrealized fair value increase/(decrease) on available-for-sale securities | (3) | 9 | (27) | 62 |
| Comprehensive gain/(loss) | $ | 3,586 | $ | (2,910) | $ | 2,615 | $ | (3,997) |
| Basic: |
| Weighted average number of shares outstanding | 82,390,217 | 82,275,217 | 82,390,217 | 82,275,217 |
| Net income/(loss) per share | $ | 0.04 | $ | (0.04) | 0.03 | $ | (0.05) |
| Diluted: |
| Weighted average number of shares outstanding | 82,390,217 | 82,275,217 | 82,390,217 | 82,275,217 |
| Net income/(loss) per share | $ | 0.04 | $ | (0.04) | 0.03 | $ | (0.05) |

The accompanying notes are an integral part of these consolidated financial statements.
4
VISTA GOLD CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Dollar amounts in U.S. dollars and in thousands)
| Additional | Accumulated other | Total |
| Common | Common | paid-in | Accumulated | comprehensive | shareholders' |
| shares | stock | capital | deficit | income/(loss) | equity |
| Balances at December 31, 2013 | 82,275,217 | $ | 404,470 | $ | 32,487 | $ | (393,885) | $ | (59) | $ | 43,013 |
| Shares issued | 115,000 | — | — | — | — | — |
| Stock-based compensation | — | 442 | 684 | — | — | 1,126 |
| Other comprehensive loss | — | — | — | — | 70 | 70 |
| Net loss | — | — | — | (18,926) | — | (18,926) |
| Balances at December 31, 2014 | 82,390,217 | $ | 404,912 | $ | 33,171 | $ | (412,811) | $ | 11 | $ | 25,283 |
| Stock-based compensation | — | — | 467 | — | — | 467 |
| Other comprehensive income | — | — | — | — | (27) | (27) |
| Net income | — | — | — | 2,642 | — | 2,642 |
| Balances at June 30, 2015 | 82,390,217 | $ | 404,912 | $ | 33,638 | $ | (410,169) | $ | (16) | $ | 28,365 |

The accompanying notes are an integral part of these consolidated financial statements.
5
VISTA GOLD CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in U.S. dollars and in thousands)
| Six months ended June 30, |
| 2015 | 2014 |
| Cash flows from operating activities: |
| Net income/(loss) for the period | $ | 2,642 | $ | (4,059) |
| Adjustments to reconcile net income/(loss) for the period to net cash used in operations: |
| Depreciation and amortization | 368 | 441 |
| Stock-based compensation | 467 | 748 |
| Gain on disposal of marketable securities | (12) | (22) |
| Gain on disposal of mineral property | (1,958) | — |
| Unrealized (gain)/loss on other investments | 702 | (1,422) |
| Realized (gain)/loss on other investments | 348 | (155) |
| Other non-cash items | — | (7) |
| Change in working capital account items: |
| Other current assets | 152 | 532 |
| Accounts payable, accrued liabilities and other | (115) | (268) |
| Net cash provided by/(used in) operating activities | 2,594 | (4,212) |
| Cash flows from investing activities: |
| Proceeds from sales of marketable securities | 41 | 55 |
| Proceeds from sale of other investments, net | 2,772 | 10,560 |
| Acquisition of short-term investments | (8,793) | — |
| Additions to plant and equipment | (10) | (3) |
| Proceeds from option/sale agreements, net | 3,490 | 180 |
| Net cash provided by investing activities | (2,500) | 10,792 |
| Cash flows from financing activities: |
| Repayment of debt | — | (6,344) |
| Net cash used in financing activities | — | (6,344) |
| Net increase in cash and cash equivalents | 94 | 236 |
| Cash and cash equivalents, beginning of period | 3,714 | 5,475 |
| Cash and cash equivalents, end of period | $ | 3,808 | $ | 5,711 |

The accompanying notes are an integral part of these consolidated financial statements.
| June 30, 2015 | December 31, 2014 |
| Fair value at beginning of period | $ | 6,163 | $ | 20,990 |
| Sale of Midas Gold Shares, net of costs to sell | (2,772) | (10,560) |
| Realized and unrealized loss during the period | (1,050) | (4,267) |
| Fair value at end of period | $ | 2,341 | $ | 6,163 |
| Estimated tax benefit/(expense) for the period | $ | 219 | $ | 1,478 |
| Midas Gold Shares held at the end of the period | 7,802,615 | 15,802,615 |
| At June 30, 2015 | At December 31, 2014 |
| Mt Todd, Australia | $ | 2,146 | $ | 2,146 |
| Guadalupe de los Reyes, Mexico | 1,728 | 2,224 |
| Los Cardones, Mexico | — | 1,036 |
| $ | 3,874 | $ | 5,406 |
| June 30, 2015 | December 31, 2014 |
| Accumulated | Accumulated |
| Cost | depreciation | Net | Cost | depreciation | Net |
| Mt Todd, Australia | $ | 5,493 | $ | 3,065 | $ | 2,428 | $ | 5,483 | $ | 2,756 | $ | 2,727 |
| Guadalupe de los Reyes, Mexico | 17 | 8 | 9 | 17 | 8 | 9 |
| Corporate, United States | 403 | 343 | 60 | 403 | 297 | 106 |
| $ | 5,913 | $ | 3,416 | $ | 2,497 | $ | 5,903 | $ | 3,061 | $ | 2,842 |
| June 30, 2015 | December 31, 2014 |
| Book value | Write-downs | Book value | Book value | Write-downs | Book value |
| beginning of | during the | end of | beginning of | during the | end of |
| period | period | period | period | period | period |
| Assets held for sale (mill equipment) | $ | 6,500 | $ | — | $ | 6,500 | $ | 6,500 | $ | — | $ | 6,500 |
| Weighted | Weighted |
| average | average |
| Warrants | exercise price | remaining life |
| outstanding | per share | (yrs.) | Intrinsic value |
| As of December 31, 2014 | 15,219,802 | $ | 5.00 | 0.8 | $ | — |
| As of June 30, 2015 | 15,219,802 | $ | 5.00 | 0.3 | $ | — |
| Three Months Ended June 30, | Six Months Ended June 30, |
| 2015 | 2014 | 2015 | 2014 |
| Stock options | $ | 2 | $ | 19 | $ | 4 | $ | 123 |
| Restricted stock units | 237 | 315 | 463 | 625 |
| $ | 239 | $ | 334 | $ | 467 | $ | 748 |
| Weighted average | Weighted average | Aggregate |
| Number of | exercise price | remaining | intrinsic |
| options | per option | contractual term | value |
| Outstanding - December 31, 2014 | 2,257,500 | $ | 1.60 | 3.02 | $ | — |
| Outstanding - June 30, 2015 | 2,257,500 | $ | 1.60 | 2.52 | $ | — |
| Exercisable - June 30, 2015 | 2,011,250 | $ | 1.75 | 2.41 | $ | — |
| Weighted |
| Weighted | average |
| average | remaining |
| grant-date | amortization |
| Number of | fair value | period |
| options | per option | (Years) |
| Unvested - December 31, 2014 | 246,250 | $ | 0.22 | 3.99 |
| Unvested - June 30, 2015 | 246,250 | $ | 0.22 | 3.50 |
| Weighted average |
| Number | grant-date fair |
| of units | value per unit |
| Unvested - December 31, 2014 | 3,692,829 | $ | 0.74 |
| Unvested - June 30, 2015 | 3,692,829 | $ | 0.74 |
| Accumulated |
| Accumulated | other comprehensive |
| other comprehensive | income/(loss), |
| income/(loss) | net of tax |
| As of December 31, 2014 | $ | 11 | $ | 10 |
| Other comprehensive loss due to change in fair market value of marketable securities during period before reclassifications | (15) | (13) |
| Reclassifications due to realization of gain on sale of marketable securities (1) | (12) | (10) |
| As of June 30, 2015 | $ | (16) | $ | (13) |
| (1) | Reclassified to gain/(loss) on sale of marketable securities on the Condensed Consolidated Statement of Income/(Loss) and Comprehensive Income/(Loss). |
| Fair value at June 30, 2015 |
| Total | Level 1 | Level 3 |
| Assets: |
| Short-term investments | $ | 8,793 | $ | 8,793 | $ | — |
| Marketable securities | 80 | 80 | — |
| Other investments (Midas Gold Shares) | 2,341 | 2,341 | — |
| Mill equipment, held for sale | 6,500 | — | 6,500 |
| Fair value at December 31, 2014 |
| Total | Level 1 | Level 3 |
| Assets: |
| Marketable securities | $ | 137 | $ | 137 | $ | — |
| Other investments (Midas Gold Shares) | 6,163 | 6,163 | — |
| Mill equipment, held for sale | 6,500 | — | 6,500 |

12
ITEM
2
. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2015, and the related notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). This discussion and analysis contains forward-looking statements and forward-looking information that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements and information as a result of many factors. See section heading “Note Regarding Forward-Looking Statements” below.
All dollar amounts stated herein are in U.S. dollars in thousands, except per share amounts and currency exchange rates unless specified otherwise. References to C$ refer to Canadian currency, A$ to Australian currency and $ to United States currency.
Overview
Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) are engaged in the gold mining industry. We are focused on the evaluation, acquisition, exploration and advancement of gold exploration and potential development projects, which may lead to gold production or value adding strategic transactions such as earn-in right agreements, option agreements, leases to third parties, joint venture arrangements with other mining companies, or outright sales of assets for cash and/or other consideration. We look for opportunities to improve the value of our gold projects through exploration drilling and/or technical studies focused on optimizing previous engineering work.
Our principal asset is our flagship Mt Todd gold project (“Mt Todd”) in Northern Territory (“NT”), Australia. We also hold 4.9% of the outstanding common shares in the capital of Midas Gold Corp. (“Midas Gold Shares”), non-core projects in Mexico and the United States, and royalty interests in projects in Bolivia and Indonesia.
Outlook
We do not currently generate cash flows from mining operations. The prices for gold equities, particularly those with early stage projects, have decreased significantly during the past few years, and capital raising on reasonable terms has become more difficult for mining companies which do not have producing assets. These market conditions are expected to continue for the foreseeable future, and could affect our ability to raise sufficient capital to advance our Mt Todd gold project on reasonable terms, if at all.
Since 2013 we have raised cash without share dilution and significantly reduced our costs to strengthen our balance sheet and mitigate the effects of these difficult markets. We believe we have sufficient working capital to fund our currently planned programs into 2018, while retaining opportunities to access additional financing from non-dilutive sources such as the sale of our used mill equipment and monetization of other non-core assets. We believe we have addressed our liquidity needs and positioned the Company to continue to evaluate and execute programs that could better position the Mt Todd gold project for fast-track development when economic conditions permit. With our improved treasury position and strong management team we are in a position to judiciously evaluate and pursue other near-term value creating opportunities.
The Company’s flagship asset is its 100% owned Mt Todd gold project. Completion of the feasibility study or the development of the project is not justified at this time due to the current low gold price. However, with the completion of the environmental impact study in 2014, the permitting risk is substantially reduced and the development timeline at Mt Todd is well defined. We are now well positioned, subject to a sustained improvement in gold prices, to move forward quickly with the completion of the Mt Todd gold project feasibility study. We estimate that the feasibility study could be completed within six months of its commencement and at a cost of approximately $2,500.
13
Results from Operations
Summary
For the three and six months ended June 30, 2015, we focused principally on water management and related activities at Mt Todd. At the Corporate level, we generated $6,293 from the sale of non-core assets, and received a $5,863 grant, net of costs to prepare and file, from the Government of Australia related to research and development expenditures we incurred in 2012 at Mt Todd.
Consolidated net income/(loss) for the three months ended June 30, 2015 and 2014 was $3,589 and $(2,919) or $0.04 and $(0.04) per share, respectively. Consolidated net income/(loss) for the six months ended June 30, 2015 and 2014 was $2,642 and $(4,059) or $0.03 and $(0.05) per share, respectively. The principal components of these year-over-year changes are discussed below.
Exploration, property evaluation and holding costs
Exploration, property evaluation and holding costs were $984 and $1,003 during the three months ended June 30, 2015 and 2014, respectively, and $1,959 and $2,421 during the six months ended June 30, 2015 and 2014, respectively. During the six month period ended June 30, 2015, the Government of the Northern Territory shared the cost of treating and discharging water from the Batman pit; there was no similar program in 2014. 2015 stock-based compensation, a non-cash expense, is also lower than in 2014, due to a decrease in the number and value of stock options and restricted stock units (“RSUs”) granted. In addition, a portion of this cost reduction results from a weaker Australian dollar for the six months ended June 30, 2015 compared to the same period in 2014.
Corporate administration
Corporate administration costs were $798 and $1,088 during the three months ended June 30, 2015 and 2014, respectively, and $1,842 and $2,363 during the six months ended June 30, 2015 and 2014, respectively. In general, costs are lower in 2015 compared to 2014 due to cost cutting initiatives. 2015 stock-based compensation, a non-cash expense, is also lower than in 2014, due to a decrease in the number and value of stock options and RSUs granted. In addition, costs during the six months ended June 30 2014 included severances costs, which resulted from the 2013 retrenchment and certain discretionary corporate programs. There were no similar costs incurred during the same period in 2015.
Non-operating income and expenses
Unrealized gain/(loss) on other investments
Unrealized gain/(loss) on other investments was $(312) and $(632) for the three months ended June 30, 2015 and 2014, respectively, and $(702) and $1,422 for the six months ended June 30, 2015 and 2014, respectively. These amounts are the result of changes in fair value of our Midas Gold Shares. The Company also holds approximately half the number of Midas Gold Shares in 2015 compared to the number held in 2014.
Realized gain/(loss) on other investments
Realized loss on other investments of $348 for the six months ended June 30, 2015 was due to the sale of 8,000,000 Midas Gold Shares during March 2015. Realized gain on other investments of $155 for the six months ended June 30, 2014 was due to the sale of 16,000,000 Midas Gold Shares during February 2014. No similar transactions occurred for the three months ended June 30, 2015 or 2014.
Research and development grant
During the three and six months ended June 30, 2015, the Company received $5,863, net of costs to prepare and file, from the Australian Government related to research and development activities at Mt Todd. No similar transactions occurred in 2014.
14
Financial Position, Liquidity and Capital Resources
Operating activities
Net cash provided by/(used in) operating activities was $2,594 and $(4,212) for the six months ended June 30, 2015 and 2014, respectively. Cash provided in 2015 includes a $5,863 grant from the Government of Australia related to research and development expenditures we incurred in 2012. Other factors that contributed to the positive year-over-year change are the lower 2015 operating expenses as discussed in “Results from Operations” above.
Investing activities
The Company continues to monetize non-core assets as a non-dilutive means of financing. Net cash of $6,293 for the six months ended June 30, 2015 was provided from proceeds received from the Los Cardones Sale (defined below) of $3,000, the Guadalupe de los Reyes Option Agreement (defined below) of $500 and the sale of 8,000,000 Midas Gold Shares for net proceeds of $2,772.
Net cash of $10,792 for the six months ended June 30, 2014 was provided mainly from the sale of 16,000,000 Midas Gold Shares.
Financing activities
There were no cash transactions from financing activities during the six months ended June 30, 2015. Net cash of $6,344 was used in financing activities for the six months ended June 30, 2014 for the repayment of the loan facility entered into in 2013.
Liquidity and capital resources
Capital raising during the first half of 2015 included the receipt of $2,772 net proceeds from the sale of 8,000,000 Midas Gold Shares (we also entered into a lock-up agreement whereby we agreed not to sell any of our remaining Midas Gold Shares for a period of six months); the receipt of $3,000 as the final payment for the Los Cardones gold project; the receipt of a scheduled $500 option payment for the Guadalupe de los Reyes gold/silver project; and receipt of a $5,863 grant, net of costs to prepare and file, from the Government of Australia related to research and development expenditures we incurred in 2012. As a result of these transactions, our cash and short term investments (comprised of U.S. T-Bills) as of June 30, 2015 increased to $12,601, from $3,714 as at December 31, 2014; and our working capital increased to $14,861 compared with working capital of $8,619 at December 31, 2014.
Subsequent to the period end, we received an additional approximately $4,300, net of costs to prepare and file, from the Government of Australia, related to research and development expenditures we incurred in fiscal 2013. After giving effect to this payment, our pro forma June 30, 2015 cash and short term investments would total approximately $16,901, and pro forma working capital would be approximately $19,161. We believe that we are now able to fund our currently planned programs into 2018.
As a result of the cost cutting measures introduced during 2013 and 2014 and continued to date, the Company’s fixed costs, those expenditures necessary to ensure that we preserve our property rights and meet all of our safety, regulatory and environmental responsibilities, are expected to average $1,500 to $1,700 per quarter for the foreseeable future. In addition, we have initiated selected discretionary programs, mainly consisting of drilling and additional technical studies which could better position the Mt Todd gold project for fast-track development when economic conditions permit.
Potential future sources of financing include the $1,500 option payment which we expect to receive in the first quarter of 2016 pursuant to the Guadalupe de los Reyes Option Agreement (defined below). In addition, we will continue to seek additional financing with priority given to non-dilutive sources such as the sale of our used mill equipment, other non-core assets, and, possibly, our remaining Midas Gold Shares, after the current six-month lock-up period expires.
15
The continuing long-term viability of the Company is dependent upon our ability to secure sufficient funding and ultimately to generate future profits from operations. The underlying value and recoverability of the amounts shown as mineral properties and plant and equipment in our Condensed Consolidated Balance Sheets are dependent on our ability to fund exploration and development activities that could lead to profitable production or proceeds from the disposition of these assets.
Fair Value Accounting
The following table sets forth the Company’s assets measured at fair value by level within the fair value hierarchy. As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
| Fair value at June 30, 2015 |
| Total | Level 1 | Level 3 |
| Assets: |
| Short-term investments | $ | 8,793 | $ | 8,793 | $ | — |
| Marketable securities | 80 | 80 | — |
| Other investments (Midas Gold Shares) | 2,341 | 2,341 | — |
| Mill equipment, held for sale | 6,500 | — | 6,500 |

| Fair value at December 31, 2014 |
| Total | Level 1 | Level 3 |
| Assets: |
| Marketable securities | $ | 137 | $ | 137 | $ | — |
| Other investments (Midas Gold Shares) | 6,163 | 6,163 | — |
| Mill equipment, held for sale | 6,500 | — | 6,500 |

Our short-term investments (short-term investments consist of government securities, principally U.S. Treasury Bills, with original maturity dates greater than ninety days and less than one year), marketable securities and investment in Midas Gold Shares are classified as Level 1 of the fair value hierarchy as they are valued at quoted market prices in an active market.
The mill equipment is classified as Level 3 of the fair value hierarchy as its value is based on a third party assessment of the projected sale value giving full consideration to current market conditions and an orderly sale process. The mill equipment is categorized as assets held for sale on the Condensed Consolidated Balance Sheets.
At June 30, 2015, the assets classified within Level 3 of the fair value hierarchy represent 39% of the total assets measured at fair value. There have been no transfers between levels in 2015 nor have there been any changes in valuation techniques.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements required to be disclosed in this quarterly report on Form 10-Q.
Contractual Obligations
We have no material contractual obligations as of June 30, 2015.
Project Updates
Mt Todd Gold Project, Northern Territory, Australia
The focus of our activities at Mt Todd during 2015 has been principally on identifying and evaluating project optimization opportunities, and care and maintenance activities related to the mining licenses and exploration licenses.
16
We continue to review and closely monitor our site holding costs. The Company has initiated selected discretionary programs, comprised mainly of drilling and technical studies.
Guadalupe de los Reyes Gold/Silver Project, Sinaloa, Mexico
During April 2014, Minera Gold Stake S.A. de C.V. (“MGS”), Vista’s wholly-owned subsidiary, entered into a definitive option agreement (the “Option Agreement”) to option its interest in the Guadalupe de los Reyes gold/silver project in Sinaloa, Mexico to Great Panther Silver Limited (formerly Cangold Limited) (“Great Panther”) for consideration of $5,000 in payments over a three-year period, with payments totaling $1,000 in the first year (already received, of which $500 was received in March 2015 ), $1,500 in January 2016 and $2,500 in January 2017.
The Option Agreement provides that all cash payments are non-refundable and optional to Great Panther, and in the event Great Panther fails to pay any of the required amounts on the scheduled dates or fails to comply with its other obligations, the Option Agreement will terminate and Great Panther will have no interest in the Guadalupe de los Reyes gold/silver project. Provided it is not in breach of the Option Agreement, Great Panther may at its discretion advance the above payment schedule and exercise the initial option for a 70% interest in the Guadalupe de los Reyes gold/silver project any time during the three-year period.
Subject to Great Panther earning a 70% interest in the Guadalupe de los Reyes gold/silver project, MGS has granted Great Panther the option to earn the remaining 30% interest in the Guadalupe de los Reyes gold/silver project by notifying MGS of a production decision no later than the tenth anniversary of exercising the first option and by making a cash payment to MGS of $3,000 plus an additional cash payment based on a formula that includes the growth, if any, in estimated measured and indicated mineral resources of the Guadalupe de los Reyes gold/silver project, and the then prevailing spot gold price (“Escalator Payment”).
Should Great Panther determine not to put the Guadalupe de los Reyes gold/silver project into production, the Option Agreement provides MGS with the right to buy back Great Panther’s 70% interest in the Guadalupe de los Reyes gold/silver project for a cash payment of $5,000 plus the Escalator Payment described above. If MGS does not exercise its buyback option, MGS will still retain a right of first refusal should Great Panther elect to sell its 70% interest in the Guadalupe de los Reyes gold/silver project to a third party.
In July 2015, Great Panther announced a significant drilling campaign for the Guadalupe de los Reyes project, to further define and expand zones of higher grade mineralization, upon which to base new resource estimates. The Company believes that Great Panther’s commitment of capital to the Guadalupe de los Reyes project improves the likelihood of receiving the Guadalupe de los Reyes option payments when due.
Los Cardones Gold Project
In October 2013, we sold our 100% debt and equity participation in the Los Cardones gold project located in Baja California Sur, Mexico (“Los Cardones Sale”) to Invecture Group, S.A. de C.V. (“Invecture”) and RPG Structured Finance S.a.r.l. (together the “Purchasers”) for a total of $13,000 ($7,000 of which was paid in October 2013 and $6,000 of which was originally payable January 2014 (the “Subsequent Payment”) subject to the Purchasers’ option to elect to not make the Subsequent Payment. In 2014, the due date for the Subsequent Payment was extended to January 30, 2015 for additional consideration of $500. In October 2014, Invecture announced that the Los Cardones gold project had been suspended because the conditions for its development were not favorable at that time, which introduced substantial doubt that the Subsequent Payment would be made. After making this announcement, there were no apparent significant favorable changes to incentivize Invecture to lift the suspension. In January 2015, we agreed to amend the payment terms (the “Amendment”) of the Los Cardones Sale. Under the Amendment, the Company received a payment of $3,000 cash from the Purchasers as the final payment for 100% of the Company’s interest in the project.
Awak Mas Royalty
We continue to hold a royalty interest in the Awak Mas gold project, controlled by One Asia Resources Limited, in Indonesia.
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Cautionary Note to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred Resources and Proven and Probable Reserves
The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These definitions differ from the definitions in the United States Securities and Exchange Commission (“SEC”) Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended (the “Securities Act”). Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves, and the primary environmental analysis or report must be filed with the appropriate governmental authority.
In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of a mineral deposit in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic, technical and legal feasibility. It cannot be assumed that all, or any part, of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically, technically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.
Accordingly, information contained in this report and the documents incorporated by reference herein contain descriptions of our mineral deposits that may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
Certain U.S. Federal Income Tax Considerations
Vista has been a “passive foreign investment company” (“PFIC”) as defined under Section 1297 of the U.S. Internal Revenue Code of 1986, as amended, in recent years and expects to continue to be a PFIC in the future. Current and prospective United States shareholders should consult their tax advisors as to the tax consequences of PFIC classification and the U.S. federal tax treatment of PFICs. Additional information on this matter is included in Vista’s Annual Report on Form 10-K for the year ended December 31, 2014, under “Part II. Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Certain United States Federal Income Tax Considerations.”
Note Regarding Forward-Looking Statements
This quarterly report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under Canadian securities laws that are intended to be covered by the safe harbor created by such legislation. All statements, other than statements of historical facts, included in this quarterly report on Form 10-Q, our other filings with the SEC and Canadian securities commissions and in press releases and public statements by our officers or representatives that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements and forward-looking information, including, but not limited to, such things as those listed below:
| · | the Company’s ability to sustain its fixed costs at $1,500 to $1,700 per quarter through 2015; |

| · | the ability to fund the Company’s currently planned programs into 2018: |

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| · | the potential monetization of our non-core assets, including our mill equipment which is for sale; |

| · | our belief that the commitment from Great Panther of capital to the Guadalupe de los Reyes gold/silver project increases the likelihood that the Company will receive all of the $4,000 of option payments related to the Option Agreement; |

| · | our belief that we have positioned the Company to judiciously pursue near-term value creating opportunities; |

| · | our ability to fast-track the development of Mt Todd when economic conditions permit; |

| · | estimates of future operating and financial performance; |

| · | potential funding requirements and sources of capital, including near-term sources of additional cash; |

| · | our expectation that the Company will continue to incur losses and will not pay dividends for the foreseeable future; |

| · | our estimates of our future cash position; |

| · | our intention to continue cost reduction efforts; |

| · | our expectation that raising capital for mining companies without producing assets will continue to be difficult for the foreseeable future, and the potential impact of this on our ability to raise capital in sufficient amounts on reasonable terms; |

| · | our planned deferral of significant development programs until market conditions improve; |

| · | our potential ability to generate proceeds from operations or the disposition of our assets; |

| · | the timing, performance and results of feasibility studies; |

| · | plans and anticipated effects of holding 4.9% of the outstanding Midas Gold Shares; |

| · | our potential entry into agreements to find, lease, purchase, option or sell mineral interests; |

| · | plans for evaluation and advancement of the Mt Todd; |

| · | our ability to raise sufficient capital (approximately $2,500) to complete a feasibility study of Mt Todd; |

| · | our ability to complete the Mt Todd feasibility study within six months of commencement; |

| · | the feasibility of Mt Todd; |

| · | future business strategy, competitive strengths, goals and expansion and growth of our business; |

| · | plans and estimates concerning potential project development, including matters such as schedules, estimated completion dates and estimated capital and operating costs; |

| · | estimates of mineral reserves and mineral resources; and |

| · | our expectation that we will continue to be a PFIC in the future. |

Forward-looking statements and forward-looking information have been based upon our current business and operating plans, as approved by the Company’s Board of Directors (the “Board”); our cash and other funding requirements and timing and sources thereof; results of pre-feasibility and feasibility studies, mineral resource and reserve estimates, preliminary economic assessments and exploration activities; advancements of the Company’s required permitting processes; current market conditions and project development plans. The words “estimate,” “plan,” “anticipate,” “expect,” “intend,” “believe,” “will,” “may” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements and forward-looking information. These factors include risks such as:
| · | our ability to raise additional capital on favorable terms, if at all; |

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| · | pre-feasibility and feasibility study results and preliminary assessment results and the accuracy of estimates and assumptions on which they are based; |

| · | resource and reserve estimate results, the accuracy of such estimates and the accuracy of sampling and subsequent assays and geologic interpretations on which they are based; |

| · | technical and operational feasibility and the economic viability of deposits; |

| · | our ability to obtain, renew or maintain the necessary authorizations and permits for Mt Todd, including its development plans and operating activities; |

| · | the timing and results of a feasibility study on Mt Todd; |

| · | delays in commencement of construction at Mt Todd; |

| · | our ability to secure the permits for Mt Todd; |

| · | receiving all of the $4,000 of option payments related to the Guadalupe de los Reyes gold/silver project Option Agreement; |

| · | increased costs that affect our operations or our financial condition; |

| · | our reliance on third parties to fulfill their obligations under our agreements; |

| · | whether projects not managed by us will comply with our standards or meet our objectives; |

| · | a shortage of skilled labor, equipment and supplies; |

| · | whether our acquisition, exploration and development activities, as well as the realization of the market value of our assets, will be commercially successful and whether any transactions we enter into will maximize the realization of the market value of our assets; |

| · | trading price of our securities and our ability to raise funds in new share offerings due to future sales of common shares in the public or private market; |

| · | the lack of dividend payments by us; |

| · | the success of future joint ventures, partnerships and other arrangements relating to our properties; |

| · | the market price of the securities held by us; |

| · | our ability to timely monetize Midas Gold Shares; |

| · | our lack of production and experience in producing; |

| · | perception of environmental impact of Mt Todd; |

| · | reclamation liabilities, including reclamation requirements at Mt Todd; |

| · | our history of losses from operations; |

| · | future water supply issues at Mt Todd; |

| · | litigation or other legal claims; |

| · | environmental lawsuits; |

| · | lack of adequate insurance to cover potential liabilities; |

| · | our ability to attract, retain and hire key personnel; |

| · | fluctuations in the price of gold; |

| · | inherent hazards of mining exploration, development and operating activities; |

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| · | the accuracy of calculations of mineral reserves, mineral resources and mineralized material fluctuations therein based on metal prices, inherent vulnerability of the ore and recoverability of metal in the mining process; |

| · | changes in environmental regulations to which our exploration and development operations are subject; |

| · | changes in climate change regulations could result in increased operating costs; |

| · | changes in corporate governance and public disclosure regulations; |

| · | intense competition in the mining industry; |

| · | conflicts of interest of some of our directors as a result of their involvement with other natural resource companies; |

| · | potential challenges to the title to our mineral properties; |

| · | political and economic instability in Mexico, Bolivia and Indonesia; |

| · | fluctuation in foreign currency values; and |

| · | our likely status as a PFIC for U.S. federal tax purposes. |

For a more detailed discussion of such risks and other important factors that could cause actual results to differ materially from those in such forward-looking statements and forward-looking information, please see the risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2014, under “Part I-Item 1A. Risk Factors” and “Part II-Item 2. Risk Factors” below. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that these statements will prove to be accurate as actual results and future events could differ materially from those anticipated in the statements. Except as required by law, we assume no obligation to publicly update any forward-looking statements and forward-looking information, whether as a result of new information, future events or otherwise.
ITEM 4. CONTROLS AND PROCEDURES
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PART II – OTHER INFORMATION
ITEM 1A. RISK FACTORS
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ITEM 3. DEFAULTS UPON SENIOR SECURITIES
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ITEM 4
.
MINE SAFETY DISCLOSUR
E
.
We consider health, safety and environmental stewardship to be a core value for the Company.
Pursuant to Section 1503(a) of the United States Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011 (the “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities under the regulation of the Federal Mine Safety and Health Administration (“MSHA”) under the United States Federal Mine Safety and Health Act of 1977 (the “Mine Act”). During the six months ended June 30, 2015, our U.S exploration properties were not subject to regulation by the MSHA under the Mine Act and consequently no disclosure is required under Section 1503(a) of the Dodd-Frank Act.
ITEM 5
.
OTHER INFORMATIO
N
.
None.
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ITEM 6
. EXHIBIT
S.
Exhibits
The following exhibits are filed as part of this report:
| Exhibit Number | Description |
| 3.01 | Certificate of Continuation, previously filed as Exhibit 3.1 to the Corporation’s Form 8-K dated June 12, 2013 and incorporated by reference herein (File No. 1-9025) |
| 3.02 | Notice of Articles, previously filed as Exhibit 3.2 to the Corporation’s Form 8-K dated June 12, 2013 and incorporated herein by reference (File No. 1-9025) |
| 3.03 | Articles, previously filed as Exhibit 3.3 to the Corporation’s Form 8-K dated June 12, 2013 and incorporated herein by reference (File No. 1-9025) |
| 10.1 | Amended Stock Option Plan, previously filed as Appendix F to the Corporation’s Definitive Proxy Statement as filed with the commission on March 20, 2015 |
| 10.2 | Amended LTIP, previously filed as Appendix E to the Corporation’s Definitive Proxy Statement as filed with the Commission on March 20, 2015 |
| 31.1* | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended |
| 31.2* | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended |
| 32.1* | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2* | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101.INS*(1) | XBRL Instance Document |
| 101.SCH*(1) | XBRL Taxonomy Extension – Schema |
| 101.CAL*(1) | XBRL Taxonomy Extension – Calculations |
| 101.DEF*(1) | XBRL Taxonomy Extension – Definitions |
| 101.LAB*(1) | XBRL Taxonomy Extension – Labels |
| 101.PRE*(1) | XBRL Taxonomy Extension – Presentations |

* - Filed herewith
| (1) | Submitted Electronically Herewith. Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income/(Loss) and Comprehensive Income/(Loss)for the three and six months ended June 30, 2015 and 2014, (ii) Condensed Consolidated Balance Sheets at June 30, 2015 and December 31, 2014, (iii) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014, and (iv) Notes to Condensed Consolidated Financial Statements. |

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VISTA GOLD CORP. (Registrant) |
| Dated: July 31, 2015 | By: | /s/ Frederick H. Earnest |
| Frederick H. Earnest, |
| Chief Executive Officer |
| Dated: July 31, 2015 | By: | /s/ John F. Engele |
| John F. Engele |
| Chief Financial Officer |

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Question: What is the net operating cash flow per share in Midas Gold Corp. at the end of the period on June 30, 2015, in dollars?

Solution:
def solution():
     #Define variables name and value
    net_cash_provided_by_operating_activities_2015 = 2594
    midas_gold_shares_held_end_of_period_2015 = 7802615

    #Do math calculation to get the answer
    net_operating_cash_flow_per_share = net_cash_provided_by_operating_activities_2015 / midas_gold_shares_held_end_of_period_2015
    answer = net_operating_cash_flow_per_share
    return answer


Answer: 0.00033245264568353047