"The property alone has more value than the shares of Vista Gold and its market capitalization. By my calculations, a fair value share price for the holdings at Mount Todd using the median estimates of resources (and not counting the Quigleys deposit) put a fair value price tag of $1.48-$1.66 on Vista Shares. Note that this does not include any of their other holdings."
I understand Mt. Todd has a lot of gold reserve. In order to bring it up to consumers, Vista has to build a mine and operate. How does anybody know if the cost of the mine construction and operation exceeds the value of underground gold? Gold producers that try to expand the production (such as BAA, and ANV) can only borrow money at bad terms at the moment. How can Vista finance the mine construction? It can't unless the gold price goes above $3000/oz. Gold price might reach that level someday, but more likely Visa will run out of cash and goes bankrupt before then. You see, the company is burning about $3M cash per quarter. They only have about $16M left.