One or 2 more quarters and the cash will all but have vanished.
We remain optimistic about improvements to the gold market and Vista's potential favorable leverage to a higher gold price, but we acknowledge that the timing is not predictable. Consequently, in addition to the measures described above we believe it is prudent to evaluate all options, including arrangements which might release some of the potential value contained in the Mt. Todd gold project."
We reported a net loss of $21.0 million or $0.26 per share for the three months ended June 30, 2013. This includes an unrealized $18.5 million mark-to-market loss on our investment in Midas Gold Corp., partially offset by a $4.4 million deferred tax benefit substantially related to this loss. During the three months ended June 30, 2012, we reported a net loss of $30.5 million or $0.42 per share.
Project expenditures at the Mt. Todd gold project were $4.6 million, which was primarily attributable to water treatment and discharge, the completion of the PFS, preparation of an EIS, and site management expenses.
Our working capital at June 30, 2013 totaled approximately $12.9 million, including cash of approximately $9.3 million.