Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced its unaudited financial results for the
quarter ended March 31, 2024, with cash totaling $11.9 million at
quarter-end. All dollar amounts in this press release are in U.S.
dollars.
Frederick H. Earnest, President and CEO of Vista, said, “Our
focus in 2024 is on strengthening our balance sheet, advancing
evaluations of an initially smaller-scale Mt Todd project with the
option for subsequent staged expansion, continuing our work with
CIBC Capital Markets to maximize shareholder value, and
successfully executing our health, safety, and environmental
initiatives.
“During the first quarter, we received the second payment under
the recent royalty agreement in the amount of $7 million and look
forward to receiving the final payment of $10 million to further
strengthen our balance sheet. We updated the Mt Todd feasibility
study to include first quarter 2024 quotes for material capital and
operating costs, the current outlook for long-term gold price and
foreign exchange rates, and the previously announced royalty. The
study demonstrated project economics approximately the same or
slightly better than reported two years ago. We also commenced a
drilling program targeting shallow gold resources at the north end
of the Batman deposit which is expected to add near-surface (i.e.
low stripping ratio) gold resources, benefiting the mine production
schedule and project cash flows in early years of production, and
published our inaugural environmental, social, and governance
report.”
Mr. Earnest concluded, “We will continue to prioritize the
efficient use of our cash and the execution of our corporate
strategy to create long-term value for our shareholders.”
Summary of Financial Results
Vista reported a consolidated net loss of $1.1 million, or $0.01
per common share, for the quarter ended March 31, 2024, compared to
a consolidated net loss of $2.0 million, or $0.02 per common share
for the quarter ended March 31, 2023.
Cash and cash equivalents totaled $11.9 million at March 31,
2024, compared to $6.1 million at December 31, 2023. The Company
continued to have no debt.
Management Conference Call
Management’s conference call to review financial results for the
quarter ended March 31, 2024 and to discuss corporate and project
activities is scheduled for May 7, 2024 at 2:00 p.m. MDT (4:00 p.m.
EDT).
Participant Toll Free: +1 (800) 717-1738 Participant
International: +1 (289) 514-5100
Conference ID: 88438
This call will be archived and available at www.vistagold.com
after May 7, 2024. An audio replay will also be available through
May 21, 2024 by calling toll-free in North America +1 (888)
660-6264 or +1 (289) 819-1325 using passcode 88438#.
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.
About Vista Gold Corp.
Vista is a gold project developer. The Company’s flagship asset
is Mt Todd, located in the mining friendly jurisdiction of Northern
Territory, Australia. Situated approximately 250 km southeast of
Darwin, Mt Todd is one of the largest development stage
opportunities in Australia and demonstrates compelling economics.
All major environmental and operating permits necessary to initiate
development of Mt Todd are in place.
Mt Todd benefits from its location in a leading mining
jurisdiction and offers opportunities to add value through growth
of mineral reserves, alternative development strategies, and other
de-risking activities.
For further information about Vista or Mt Todd, 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 our focus in 2024 is on strengthening our
balance sheet, advancing evaluations of an initially smaller-scale
Mt Todd project with the option for subsequent staged expansion,
continuing our work with CIBC Capital Markets to maximize
shareholder value, and successfully executing our health, safety,
and environmental initiatives; our belief that we will receive the
final payment of $10 million under the recent royalty agreement and
that this payment will further strengthen our balance sheet; our
belief that the updated feasibility study includes first quarter
2024 quotes for material capital and operating costs, the current
outlook for long-term gold price and foreign exchange rates, and
the previously announced royalty; our belief that the feasibility
study demonstrates project economics approximately the same or
slightly better than reported two years ago; our expectation that
the drilling program targeting shallow gold resources at the north
end of the Batman deposit will add near-surface (i.e. low stripping
ratio) gold resources, benefiting the mine production schedule and
project cash flows in early years of production; we will continue
to prioritize the efficient use of our cash and the execution of
our corporate strategy to create long-term value for our
shareholders; statements regarding Mt Todd being one of the largest
development stage opportunities in Australia and demonstrating
compelling economics; our belief that Mt Todd benefits from its
location in a leading mining jurisdiction; and our belief that Mt
Todd offers opportunities to add value through growth of mineral
reserves, alternative development strategies, and other de-risking
activities 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; political and social support
of the mining industry in Australia; 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 March
2024, 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/20240502144477/en/
Pamela Solly Vice President of Investor Relations (720) 981-1185
www.vistagold.com
Vista Gold (AMEX:VGZ)
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