Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced its unaudited financial results for the
quarter ended March 31, 2023, with reported cash totaling $6.6
million. All dollar amounts in this news release are in U.S.
dollars.
Frederick H. Earnest, President and Chief Executive Officer of
Vista, stated, “Our achievements during the first quarter of this
year reflect our ongoing commitment to maximize the value of the Mt
Todd gold project for our shareholders. We completed an internal
scoping study to evaluate the technical and economic merits of
smaller-scale development alternatives for Mt Todd. The study
delivered promising results, including initial capital expenditures
of less than $350 million for a project with 5.2 million tonnes per
year throughput and gold production of 150,000 – 200,000 ounces of
gold per year, while preserving the opportunity for subsequent
expansion or staged development. Since announcing the completion of
the scoping study, there has been both new and renewed interest in
the optionality of Mt Todd under different development
strategies.
“We also announced that the results of the most recent Mt Todd
surface exploration program returned excellent anomalous gold
assays from the surface sampling of two targets, including up to
4.0 grams of gold per tonne at one of the targets and reiterating
our belief that the Mt Todd land package has tremendous discovery
potential. Finally, we continued to take actions to implement cost
reductions, which had a positive impact on our quarter end
financial position.”
Summary of Financial Results
At March 31, 2023, cash and cash equivalents totaled $6.6
million compared to $8.1 million at December 31, 2022. The Company
continued to have no debt.
Vista reported a consolidated net loss of $2.0 million, or $0.02
per common share, for the quarter ended March 31, 2023 compared to
a consolidated net loss of $0.3 million, or $0.00 per common share
for the quarter ended March 31, 2022. The loss for the current
quarter was in line with management’s expectations and reflects
cost reductions implemented to date. The prior year loss for the
quarter ended March 31, 2022 was lower because of a non-recurring
gain of $2.9 million.
The Company’s consolidated unaudited financial statements and
management’s discussion and analysis together with other important
disclosures can be found in the Company’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2023, filed with the U.S.
Securities and Exchange Commission on EDGAR at www.sec.gov/edgar
and with the Canadian securities regulatory authorities on SEDAR at
www.sedar.com.
Management Conference Call
Management’s conference call to review financial results for the
quarter ended March 31, 2023 and to discuss corporate and project
activities is scheduled for Monday, May 1, 2023 at 2:00 pm MT (4:00
pm ET).
Participant Toll Free: (888) 396-8049 Participant International:
(416) 764-8646
Conference ID: 24743194
This call will be archived and available at www.vistagold.com
after May 1, 2023. An audio replay will also be available through
May 15, 2023 by calling toll-free in North America (877) 674-7070
or (416) 764-8692 using passcode 743194#.
If you are unable to access the audio or phone-in on the day of
the conference call, please email your questions to
ir@vistagold.com.
For information on the 2022 Feasibility Study, please see the
technical report summary entitled “S-K 1300 Technical Report
Summary - Mt Todd Gold Project - 50,000 tpd Feasibility Study –
Northern Territory, Australia” with an effective date of December
31, 2021, an issue date of February 9, 2022 and an amended date of
February 7, 2023 available on EDGAR or the technical report
entitled “NI 43-101 Technical Report - Mt Todd Gold Project -
50,000 tpd Feasibility Study – Northern Territory, Australia” with
an effective date of December 31, 2021 and an issue date of
February 9, 2022 available on SEDAR.
John Rozelle, Vista’s Sr. Vice President, a “qualified person”
as defined by Canadian National Instrument 43-101 Standards of
Disclosure for Mineral Projects, has verified the data underlying
the information contained in and has approved this news release.
For more information on the scoping study and surface exploration
program, see news releases dated March 1, 2023 (Scoping Study) and
March 15, 2023 (Surface Exploration Program).
About Vista Gold Corp.
Vista is a gold project developer. The Company’s flagship asset
is the Mt Todd gold project located in the Tier 1, mining friendly
jurisdiction of Northern Territory, Australia. Situated
approximately 250 km southeast of Darwin, Mt Todd is one of the
largest and most advanced undeveloped gold projects in Australia
and has the potential to be one of the top five gold producers in
Australia. All major environmental and operating permits have now
been approved.
For further information about Vista or the Mt Todd Gold Project,
please contact Pamela Solly, Vice President of Investor Relations,
at (720) 981-1185 or visit the Company’s website at
www.vistagold.com.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933, as amended, and U.S.
Securities Exchange Act of 1934, as amended, and forward-looking
information within the meaning of Canadian securities laws. All
statements, other than statements of historical facts, included in
this news release that address activities, events or developments
that we expect or anticipate will or may occur in the future,
including such things as the expected date for our management’s
call regarding our financial results; our belief that our
achievements during the first quarter of this year reflect our
ongoing commitment to maximize the value of Mt Todd for our
shareholders; our belief that the results of the scoping study
delivered promising results, including initial capital expenditures
of less than $350 million for a project with 5.2 million tonnes per
year throughput and gold production of 150,000 – 200,000 ounces of
gold per year, while preserving the opportunity for subsequent
expansion or staged development; our belief that the Mt Todd land
package has tremendous discovery potential; and our belief that Mt
Todd has the potential to be one of the top five gold producers in
Australia are forward-looking statements and forward-looking
information. The material factors and assumptions used to develop
the forward-looking statements and forward-looking information
contained in this news release include the following: our forecasts
and expected cash flows; our projected capital and operating costs;
our expectations regarding mining and metallurgical recoveries;
mine life and production rates; that laws or regulations impacting
mine development or mining activities will remain consistent; our
approved business plans, our mineral resource and reserve estimates
and results of preliminary economic assessments; preliminary
feasibility studies and feasibility studies on our projects, if
any; our experience with regulators; our experience and knowledge
of the Australian mining industry and our expectations of economic
conditions and the price of gold. When used in this news release,
the words “optimistic,” “potential,” “indicate,” “expect,”
“intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate” and
similar expressions are intended to identify forward-looking
statements and forward-looking information. These statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
statements. Such factors include, among others, uncertainty of
resource and reserve estimates, uncertainty as to the Company’s
future operating costs and ability to raise capital; risks relating
to cost increases for capital and operating costs; risks of
shortages and fluctuating costs of equipment or supplies; risks
relating to fluctuations in the price of gold; the inherently
hazardous nature of mining-related activities; potential effects on
our operations of environmental regulations in the countries in
which it operates; risks due to legal proceedings; risks relating
to political and economic instability in certain countries in which
it operates; uncertainty as to the results of bulk metallurgical
test work; and uncertainty as to completion of critical milestones
for Mt Todd; as well as those factors discussed under the headings
“Note Regarding Forward-Looking Statements” and “Risk Factors” in
the Company’s latest Annual Report on Form 10-K as filed in
February 2023, subsequent Quarterly Reports on Form 10-Q, and other
documents filed with the U.S. Securities and Exchange Commission
and Canadian securities regulatory authorities. 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. Except as required by law, we assume no
obligation to publicly update any forward-looking statements or
forward-looking information; whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230428005422/en/
Pamela Solly Vice President of Investor Relations (720)
981-1185
Vista Gold (AMEX:VGZ)
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