Denver, March 14, 2024–(BUSINESS WIRE)–Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its audited financial results for the year ended December 31, 2023, and cash The total amount was $6.1 million. At the end of the year. All amounts stated in this press release are in U.S. dollars.
During 2023, the Company focused on efficient use of cash and strengthened its balance sheet by completing a $20 million royalty transaction (the “Royalty”). Pursuant to the terms of the royalty, the Company expects that he will receive his $3 million in December 2023, $7 million in February 2024, and the remaining $10 million that he will receive in the first half of 2024. .
“Our team successfully executed a number of key initiatives in 2023 and is off to a great start in 2024,” said Frederick H. Earnest, Vista President and Chief Executive Officer. During the period, we did the following:
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We have completed an internal scoping study and believe the feasibility of a small, phased development strategy for Mt Todd has been confirmed.
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The Mt Todd agreement with the Northern Territory Government has been extended to 31 December 2029, with an option for a three-year extension.
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We have begun a drilling program targeting a shallow gold resource at the northern end of the Batman deposit. This adds near-surface gold resources and is expected to benefit the mine's production schedule and early project cash flow.
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We announced our first ESG report. This reflects our belief in the importance of operating our business in a responsible and sustainable manner and our ESG commitment to our current and evolving business practices to ensure our long-term success and positive impact. It recognizes our commitment to aligning with the principles.operation; and
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We recently announced the results of our latest feasibility study on Mt Todd. This includes capital and operating costs, gold prices and foreign exchange rates reflecting current market conditions, with project economics similar to or slightly better than those reported two years ago. Increased costs have affected the entire gold mining sector. ”
Mr. Ernest continued: “Our top priority in 2024 is to deliver value to our shareholders. The receipt of royalty funds will help strategically de-risk and maximize value for Mt. “We will continue to work with CIBC Capital Markets.” We are focused on identifying and advancing our interest in Mt Todd and delivering on transactions that maximize shareholder value. We continue to advance the drilling program and advance the evaluation of small-scale, phased development scenarios. We plan to utilize the results of our technical research.”
Summary of financial results
Vista reported a consolidated net loss of $4.9 million for the year ended December 31, 2022, compared to a consolidated net loss of $6.6 million, or $0.05 per common share, for the year ended December 31, 2023. ($0.04 per common share).
Total cash and cash equivalents were $6.1 million at December 31, 2023, compared to $8.1 million at December 31, 2022. In February 2024, the Company will receive the second royalty installment of $7 million and expects to receive the final royalty installment. The company remained debt-free.
Management conference call
A management conference call to review financial results and discuss corporate and project activities for the year ended December 31, 2023 is scheduled for March 18, 2024 at 2:00 p.m. MDT (4:00 p.m. EDT) It has been.
Participant Toll Free: +1 (800) 717-1738
International participants: +1 (289) 514-5100
Conference ID: 37191
This call will be archived and available for viewing on www.vistagold.com starting March 18, 2024. Audio replays are also available through April 1, 2024 by calling toll-free +1 (888) 660-6264 or +1 in North America. (289) 819-1325, use passcode 37191#.
If you do not have access to the audio on the day of the conference call or are unable to reach us by phone, please email your questions to ir@vistagold.com.
About Vista Gold Co., Ltd.
Vista is a gold project developer. The Company's flagship asset is Mt Todd, located in a mining-friendly jurisdiction in Australia's Northern Territory. Mt Todd, located approximately 250km south-east of Darwin, is one of Australia's largest development opportunities and presents attractive economic conditions. All key environmental and operating permits required to begin development of Mt Todd are in place.
Mt Todd's location in a major mining jurisdiction provides opportunities to add value through mineral reserve growth, alternative development strategies and other risk-averse activities.
For more information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit our website at www.vistagold.com.
Forward-looking statements
This news release contains forward-looking statements within the meaning of the United States Securities Act of 1933, as amended, and the United States 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 fact, contained in this news release refer to activities, events, or developments that will or may occur in the future. royalty transactions (“Royalties”). He expects to receive his remaining $10 million in royalties in the first half of 2024. We are confident that we will successfully implement many important initiatives during his 2023 and get off to a great start in 2024. We believe royalty funds will enable us to strategically advance efforts to reduce risk and maximize value for Mt Todd. We believe that our internal scoping study has confirmed the potential for a small, phased development strategy for Mt Todd. expectations that the Company's drilling program will add near-surface gold resources and benefit the initial mine production schedule and project cash flow; We plan to leverage the results of the drilling program and preliminary technical studies by advancing the evaluation of small, staged development scenarios for Mt Todd with a low-capital focus; It complements the work. A statement that Mt Todd represents one of Australia's largest development stage opportunities and demonstrates compelling economics. We believe that Mt Todd benefits from being located in a major mining jurisdiction. Additionally, the Company's belief that Mt. Todd offers opportunities to add value through increased mineral reserves, alternative development strategies, and other risk-averse activities are forward-looking statements and forward-looking information. is. Important factors and assumptions used in developing the forward-looking statements and forward-looking information contained in this news release include: anticipated capital and operating costs; our expectations regarding mining and metallurgical recovery; Mine life and production rate. Laws and regulations affecting mine development and mining activities remain consistent. the results of our approved business plan, mineral resource and reserve estimates, and preliminary economic evaluation; Preliminary feasibility studies and feasibility studies for our projects (if any). Experience with regulatory authorities. Political and social support for the Australian mining industry. our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold; As used in this news release: “optimistic”, “may”, “suggests”, “expects”, “intends”, “hopes”, “believes”, “may” , “will,” “if,” ” “anticipated” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such statements. Other possible factors include: Such factors include, among other things, uncertainties in estimates of resources and reserves, uncertainties in the Company's future operating costs and ability to raise capital. risks associated with increases in capital and operating costs; risks of equipment and consumable shortages and cost fluctuations; Risks related to gold price fluctuations. the inherently hazardous nature of mining-related activities; the potential impact on the operation of environmental regulations in the countries in which we operate; Risks from legal proceedings. risks related to political and economic instability in certain countries in which we operate; uncertainties regarding the results of bulk metallurgical testing operations; and uncertainty regarding the completion of key milestones at Mt. Todd. and “Note Regarding Forward-Looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K filed in March 2024 and other documents filed with the Securities and Exchange Commission. ” and the Canadian securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements or forward-looking information, the Company believes that results may differ materially from those anticipated. , there may be other factors that may cause the estimate to be different than what was intended. We undertake no obligation to publicly update any forward-looking statements or information, except as required by law. AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
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contact address
pamela solley
Vice President of Investor Relations
(720) 981-1185
www.vistagold.com
