Q3 2020 Vista Gold Corp Earnings Call
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Good morning, ladies and gentlemen, thank you for joining the Vista Gold Corp, third quarter 2020 financial results and corporate update conference call.
On the call today is spread Ernest President and Chief Financial Officer, and Doug Toddlers, Chief Financial Officer during.
During the course of this call we will be making forward looking statements. These statements involve known and unknown risks uncertainties and other factors that may cause actual results performance or achievements of this debt to be materially different from results performance or achievements expressed or implied by such statements. Please refer.
<unk>. Most recently filed form 10 dashed Q for a detailed discussion of risks and other important factors that could cause actual results to differ materially from those in our forward looking statements I will now turn this conference over to Pamela Sally you may begin.
Thank you Sean tell.
Thank you everyone for joining Vista Gold Corp, third quarter, 2020 financial results and corporate update conference call.
Sean Shell said, we haven't Fred earnest, our president and CEO and we also have dug tobler, our chief financial Officer after.
At this time I will just turn the call over to Fred earnest.
Thank you Pam during the course of this call we will be making some forward looking statements. These.
These statements involve known and unknown risks uncertainties and other factors that may cause actual results performance or achievements of vista to be materially different from the results performance or achievements expressed or implied by such statements.
Please refer to our recently filed form 10-Q for a detailed discussion of the risks and other important factors that could cause actual results to differ materially from those in our forward looking statements.
I'd like to thank all of you for joining the call today, we're extremely pleased with our third quarter financial results.
And continued execution of our corporate <unk>.
Excuse.
We believe Vista gold represents an exceptional opportunity for the investors looking for value growth potential no geopolitical risk exposure and strong leverage to the gold price at.
This morning's gold price and foreign exchange rate the Mt. Todd project economics demonstrate an after tax net present value at a 5% discount rate.
$1.87 billion and I are our internal rate of return greater than 43%.
Before summarizing our third quarter highlights I'd like to begin by addressing the impacts of the ongoing cold 19 pandemic.
And well being of our employees and the communities in which we live and work continues to be a priority for our company.
Our corporate activities continue with the executive team working remotely and on a limited in office spaces.
Video conferencing has replaced corporate travel and in person conference participation.
Northern territory, Australia.
For the Mt. Todd project is located.
19 cases are almost nil and control measures have been significantly relaxed Mt. Todd and used to operate under and fruit COVID-19 management and mitigation plan that is presently less restrictive.
To date, our workforce in both the United States and Australia.
And their families remain healthy.
During the quarter, we continued to advance and de risk the Mt. Todd Gold project, we effectively monetize noncore assets managed costs and capital spending and strengthened our balance sheet.
We commenced a drilling program just testing continuity of north trending structures and mineralization.
Which we believe to be the higher grade near surface extension of the Batman deposit core zone.
We also completed Geo technical field work for process equipment Foundation designs initiated internal evaluations of higher gold price to assess the potential to convert additional resources to reserves.
And we continued de watering the Batman pit.
We continued to work with the Northern territory Division of mines in the review of our mine management plan.
In this past quarter, we signed a number of confidentiality agreements with potential development partners.
I'll discuss these topics in greater detail later in the call but.
But I will now turn the time over to Doug told her for a review of our financial results for the quarter ended September Thirtyth 2020.
Thank you for it.
Our third quarter 10-Q filed yesterday and is now available on our website.
For those that are interested in in a more in depth analysis of our financial results. Today I'll provide just a brief overview of our financial position and our results of operations for the most recent quarter ended September 30 2020.
This is financial position improved significantly during the third quarter, most notably our cash and short term investments totaled $10.2 million at September 30.
This represents a $4.7 million increase during the third quarter and was largely attributable to our ability to monetize noncore assets and maintaining modest overall expenditure rate.
During the third quarter, we realized net proceeds totaling $4.8 million from sales of our remaining Midas gold shares.
We received net cash of $650000 as the final purchase price paid for the Los Reyes project in Mexico.
We also received about $600000 through limited use of our ATM program.
As to expenditures our cash used for operating activities was $1.4 million for the third quarter. This is down slightly but generally in line with our recent quarterly trends.
Yeah, there's a closing note on our financial position is to continues to have no debt.
I'll now spend a few minutes talking about our comparative income and loss for the quarter and year to date periods ended September 32020 and 2019.
For the quarter ended September Thirtyth recorded net income of $4.2 million compared to a net loss of $2.5 million for the same period last year.
There were two key drivers that account for this quarter's net income in the various when we compare to 2019.
First we recognized $3.5 million gain on disposal of mineral properties.
During the quarter ended September thirtyth compared to nothing for the same quarter last year.
This came in July 29, or 2020, Leonard received purchase price payments from Boston Reyes as I mentioned previously.
The balance of this gain resulted from recognizing $2.9 million of income.
Oh previously deferred auction game.
And secondly, we recognized 2.4 million dollar gain on other investments during the quarter ended September 30, 2020. This gain resulted primarily from sales of our remaining musical chairs by comparison regret we recognized a loss on investments last year for the third quarter of 234.
Thousand dollars.
Moving onto our year to date numbers through September Thirtyth, our net income for the nine months ended September 32020 is $2.6 million. This compares to a loss of $8.2 million for the same period in 2019.
And again there were two key drivers.
First we reported $616.1 million gain on disposal of mineral property interest during the nine months ended September 32020. This.
This compared to nil for the same period in 2018.
Year to date gain for 2020 included $3.5 million for Los Reyes as I discussed previously plus $2.6 million for partial cancellation of royalty interest on the I'll walk from Mark's project in Indonesia.
Great and last one other investments was the second driver. This year to date reported a gain of $2.4 million, which was mostly due to sales of unfair.
And fair market adjustments to the Midas gold shares and for the nine months ended September Thirtyth 2018, we reported a loss on other investments of $2 million, which was predominantly from fair value adjustments to the Midas gold shares.
Now looking forward Mr. Six to hold its recurring expenditures in check and.
And to continue monetizing its noncore assets as a means to generate working capital you know non dilutive manner.
To this end we have agreements in place, it's time to realize up to $4.6 million over the next nine months from upcoming cash payments of $2.1 million for Los Juarez, and an option payment of $2.5 million for cancellation of the remaining all like most royalties.
That would either kind of mining or P.T. mess mendo fails to make these payments this will retain rights to the respective royalty interest and can pursue alternative monetization strategies.
Just to also owns other noncore assets, which include which includes no equipment. Another gold royalties interest and various listed equity securities.
In closing, we're pleased with our improved cash position of the prospects for monetizing other noncore assets.
It's obviously supports our recurring requirements to also fund some of the value added programs discuss later during this call.
So with that I'll turn the call back over to Fred and I'd like to thank everybody for your time today.
Thank you Doug.
I will begin with our achievements during and subsequent to the quarter ended September Thirtyth 2020, and then provide an outlook and outlook for the remainder of this year.
First of all drilling to test the Batman north extensions.
In June we announced positive results from the ongoing geological evaluations at Mt. Todd and subsequent in the field validation of the existing data has identified what we believe is the funds northern extension of the high grade Batman core zone.
As a result.
Weve commenced a proof of concept drilling program to test targets known as the Batman North extension.
And Batman north hanging wall loads.
We're excited about the potential present represented by these targets.
And should the drill results confirm an extension of the structures and mineralization that form the Batman deposit.
A comprehensive resource definition drilling program is expected to end soon after.
Assay results from the first holes are expected in the coming weeks with full program results to fall.
Based on our crop mapping soil sampling chip sample results, our geologists believed that the extension of the Batman deposit core zone.
Host between 200, and 500000 ounces of gold with average grades higher than the average reserve grade for the deposit right now so.
It would be beneficial in the early years of production.
Assessed for completion of this program could form the basis for future changes to the mine design.
With the combined benefits of better grade and lower stripping. Furthermore, this.
This drilling marks our first efforts to confirm the continuity of Goldman realization within the structural corridor or extending from the Batman deposit northeast approximately 5.4 kilometers to the Quigleys deposit.
Next let me talk about water management.
I'm very pleased to report ongoing success with our water management program at Mt. Todd.
When initiated.
Five or six years ago. The total water inventories site was approximately 16.6 gigawatt liters of water.
The Batman pit contained approximately 11.5 gig leaders of this total.
We successfully treated this volume the citic water.
Began discharging treated water in compliance with the northern territory EPA discharge license.
We can continue de watering the Batman pit lowered the water by almost 18 meters. This year we.
We expect the Batman pit to be effectively de watered by mid 2021.
Representing an important milestone to be completed prior to a potential started construction.
At Mt. Todd We also completed geotechnical field work for Crusher and ball Mill Foundation designs.
Lab results from this work are being finalized.
This program is expected to decrease the time needed to complete it.
Feasibility study when deemed appropriate.
Result in lower initial capital cost for those foundations.
As we believe they are presently.
Conservatively design.
And provide information for future detailed engineering.
As everyone is aware, we have seen a tremendous increase in the gold price in the last six months we.
We have recently initiated internal evaluations related to these higher gold prices.
So price is a key factor when using words grossman floating cones to evaluate economic ultimate shapes.
The Batman open pit design in reserve estimates in our 2019 preliminary feasibility study.
Our base.
On a thousand dollar gold price, which in todays market is very conservative.
With this with the sustained increase in gold prices Vista is evaluating the economic impact.
Modestly changing the gold price to $1100 or $1200 for these pit designs.
Has the potential to increase the recovered resources and extend the life of the project.
Next let me provide.
An update on permitting.
We continue to work with the Northern territory Division of mines on the approval of the Mt. Todd.
Mine management plan.
Which is the equivalent of a mine operating permit in North America we.
We believe we're in the final stages of the approval process and are hopeful that in the coming months, we will receive final approval of the mine management plan.
Once approved this.
Vista will hold all of the major permits for the development of the Mt. Todd project.
Correct.
Well next to address your price performance.
Year to date Vista shares are up approximately 45%.
Compared to the GDX J.
Which is up 33%.
Mr continues to enjoy strong leverage to the price of gold in.
In part due to significant improvements in the Mt. Todd project economics with relatively small improvements in the gold price since.
Since November 13, 2018, when gold broke out of its horizontal trend.
Through October 27, just a couple of days ago.
The gold prices improved by approximately 59%.
Well this is share price has improved by approximately 139%.
As almost two and a half times the improvement in the price of gold on a percentage basis.
This compares to the value of the GDX J improving by <unk> by approximately.
Just under 2%.
Or I'm, sorry, two times during.
Two times the improvement in the price of gold over the same period of time.
Looking ahead.
Mr continues to advance and de risk Mt, Todd and is well positioned in the current gold environment.
To consider prospective development partners, who we believe will recognize the value of Mt. Todd.
Appropriately reward shareholders.
We continue to believe that the debt and dilution needed to build Mt. Todd on a standalone basis is not in the best interest of our shareholders.
Our objective is to achieve a valuation for Mt. Todd that is reflective of the size of the gold deposit together.
Together with its location in Australia, as low risk Northern territory favorable low operating cost robust project economics, and the fact that we hold approvals for all of the major environmental permits.
We believe that these factors coupled with the technical technically advanced stage of the project and <unk> excellent infrastructure.
Please Mt. Todd on a short list of the most us most attractive development stage gold projects in the world.
Our exhaustive technical studies provide a solid basis for engagement with prospective development partners and current market conditions them demonstrate the robust economics of the project.
Our goal is to provide appropriate reward for our shareholders.
In addition to seeking a strategic partner, we continued to de risk.
Todd in a in a cost effective manner working.
Working with the the.
The Northern territory Division of mines, and the newly formed Northern territory Department of industry tourism and trade to receive the authorization of the Mt. Todd Mine management plan.
And to monetize other noncore assets one opportunistic.
Finally, with the continued improvement in gold price, we are evaluating the positive impact of higher gold prices on mine plans and project economics.
In conclusion.
We find ourselves in a market with a record gold prices and governments around the world on the cusp of approving additional stimulus packages.
We believe this bodes well for sustained improvement in the gold price and the coming 12 to 24 months.
The work we have completed over the last several years has positioned our Mt. Todd Gold project as the largest single deposits undeveloped gold project in Australia, with 5.85 million ounces of proven and probable reserves Vista controls the third largest reserve package in Australia.
Our 2019 pre pre feasibility study.
Demonstrates a net present value at a 5% discount rate of $823 million with an internal rate of return of 23.4% at a 13 50 gold price and a 70 cents foreign exchange rate.
At this morning's gold price of 18, 70, an ounce and foreign exchange rate of slightly over 70 cents.
The project economics demonstrate an after tax net present value at the same 5% discount rate of $1.87 billion and an internal rate of return of greater than 43%.
We consider this to be significant leverage to the gold price at the project level.
Mt. Todd is ideally located.
In the tier one mining jurisdiction of northern territory, Australia with paved roads to the site and existing infrastructure, including power lines and natural gas pipeline freshwater storage reservoir and tailings impoundment facility.
Project improvements, we haven't she along with the estimated mineral reserves and production profile have created the foundation for the leverage to gold price and improve shareholder value we.
We have earned the trust of the local stakeholders and believe that our social license is firmly in hand, we worked hard to secure the authorization of the major environmental permits and are now focused on gaining the authorization of the mine management plan.
We believe Mt. Todd is a superior asset located in a politically stable and mining friendly jurisdiction.
And one of the most attractive development stage gold projects, not just in Australia, but in the world.
I reiterate our commitment to finding a partner to advance the project and at the same time realize value for our shareholders.
Right more comprehensive assessment of the value. According to this then the Mt. Todd project I refer you to our corporate presentation, which can be found on our website at www Dot Vista Gold dotcom we.
We believe that Vista gold represents an exceptional investment opportunity for investors looking for value growth potential load geopolitical risk exposure and strong leverage to the gold price.
That concludes our prepared remarks, we will now respond to any questions from participants on the call.
[laughter].
Thank you very much ladies and gentlemen at this time, we would like to open the floor for questions. If you would like to ask a question. Please press star one on your telephone keypad. It's now again that is star one to ask a question.
Our first question will come from Michael any H.C. Wainwright.
Hey, guys, Hey, Fred Hope everybody is staying well.
Good morning Heiko.
Hey, I'm only bringing this up because you talk about it in the release quite extensively you just talked about we have on the call I mean with de continued de watering if that meant I mean, you're only at a 2.1 giga leaders, which is a fraction having a small fraction. What you started with I remember being there are a couple of years ago. When this thing was you know some.
It's actually more fully you just lost another 80 meters you want to maybe just give a little bit of feedback to the audience in regards to the significance of your progress in de watering does that mean it sounds like it's all done environmentally safe and your discharging the water, but you want just maybe walk us through some some thoughts on that.
Yeah, absolutely when we acquired the Mt. Todd project one of the challenges we inherited was the management of acid rock drainage, which under the management of the Northern territory government was a prior to our involvement in the site was being discharged directly into the either through.
As we became in the project, we changed that operating practice, we began to stockpile that water and at one point. The pit was entirely full with that just over 11.5 gig leaders of P. H 3.3 water with dissolved and dissolved metals.
We subsequently were eight.
Able to demonstrate to the government protocols and procedures for treating that water.
And we subsequently successfully executed on that treatment plan.
The treatment plan was cost effective and efficient and the results have been such that the northern territory EPA.
Has subsequently recommended the same protocols and procedures to other mining companies in the northern territory. Similarly phase acid rock drainage management problems, we have subsequently.
[laughter] received authorization through the form of a discharge permit from the northern territory EPA to discharge the clean water. The treated water that is now in the pit and over the last several years, we've been discharging that water as I indicated in our in our remarks, we're now down to the point where are we.
We have 2.1 gig leaders for.
2.1 million cubic meters for those who are familiar with what he giggled leader is of water clean water left in the pit.
And if we have a normal wet season. This year, we anticipate that we will be able to discharge.
Approximately 1.6 gigawatt leaders to the East River and the remaining water, we will pump to the tailings storage facility at the end of the wet season.
This will mark a significant milestone in the project in the pit or rather than that being nearly full of water.
As it was several years ago will be completely de watered and ER and ready for.
Or subsequent mining at whatever date that decision is made going forward. So this is a project that we have been working on for quite some time.
And it marks a very significant accomplishment for the company, but it also marks a very significant accomplishment environmentally this this accomplishment accomplishment.
It's probably one of the keystones of our solid relationship with the stakeholders in the northern territory that we came in we address the problem was of great concern to them. We told them. What we are going to do we executed on our plan and the successful results have earned us a considerable amount of trust and respect.
A very good answer I appreciate the color there.
Moving moving on a little bit of both explorations I mean, if you confirm some of these targets are.
What does that exactly does that mean to your mine plan and your schedule. I mean, this is especially important in question given the current gold price environment, where in the world levels not seen in years, Yeah, maybe just provide a little bit of additional feedback on that.
Yeah, absolutely as I indicated the geologists have a target size for the the extension of the Batman core zone of between 200 and 500000 ounces.
This is located 100 meters or so north of the limits of the presently design Batman pit.
It is a at the surface we have mapped the outcropping expression of what we believe is this extension and a drainage.
And ER.
Now have a drill rig drilling the first of five holes that will be drilled into this target to demonstrate that the concept or to to confirm that this is what we believe it is.
If the drilling results come back as expected.
And then were able to successfully convert this to resources in the range of.
Of the target size defined by the geologists. This will have a very significant impact on the mine schedule, especially in the first year. So what it will effectively do is that it will buy us the time that we need to.
Potentially up to a full year of additional time to complete stripping that presently causes a challenge for us in our mind schedule.
Right now we face a stripping spike starting in year six continuing into years seven and the early part of your eight.
Results in our feeding the mill stockpiled lower grade material.
With this with this additional order that's at the front of the line that could be mined at the early in the life of the project with very little stripping. We would then be able to get farther ahead on the stripping that we face a little bit later in the project. The <unk> the impact of this would be that we would have.
Improved economics and me early life of the mine and we'd also have improved economics in the mid life of the mine, resulting in significant a significant improvement in overall project economics and as a result, we're very excited about this yeah.
To complement this the the drilling of the the Batman or.
Hanging wall loads.
Well as the pit grows as a result of that.
Yeah.
The expansion that we've just talked about and then north Corazon extension.
There are some mineralization that we've identified in previous drilling programs inside the pit.
President pit boundaries in a in the hanging wall, we have drilled the first hole and are waiting for assays and part of this drilling program will come.
<unk> is expected to confirm the continuation of these these mineralized loads in the in the hanging wall, which could further change the change.
Change the mine plan and all and ultimately rebuilt result in a slight decrease in the stripping ratio for the project and the life of mine. So those are the reason we're very excited about this program HEICO and we look forward to being able to announce results in the coming weeks.
Very fair and then just to clarify I mean, you guys have your people in Australia, I understand australias close to everybody not already there pretty much me or whatever 20 people on the plane and just all sorts of Crazy stories, you read but I mean, you have your people on the ground. There. So there was there was no real impact on your.
Operations correct.
That's correct.
As I indicated that the number of COVID-19 cases in the northern territory is almost nil.
And as a result, the territory government has started relaxing the <unk> controls and restrictions or people are able to move about more for you freely.
We continue to operate the the project under the Bic.
Yeah, COVID-19 management and mitigation plan, which has been approved by the health officials.
They are starting to open up boundaries within Australia and allow more travel within the country.
Yes, the northern territory is one of those that has opened its boundaries to most areas except for Ah except for those coming from.
New South Wales and Victoria.
Western Australia is still maintained its borders closed unless you quarantine for 14 days I was recently on a call with one of the government officials that passed with the COVID-19 economic recovery and it had the umpteen asked the question about win.
He thought that that travel restrictions might be lifted for business people seeking to go to Australia. He said, they're working on it that it will happen in a in a staged manner that they're opening that they will be opening first to other Asia Pacific countries and move outward from there. So we do not yet have a.
Specific date as to when we will begin to be able to travel but within that within the northern territory. Our activities are are pretty much unrestricted and not impacted by current status of the pandemic.
Perfect. Thank you very much stay safe.
Thanks, Michael.
Thank you very much again, ladies and gentlemen, if you would like to ask a question. Please press star one on your telephone keypad now our next question will come from Matt Farwell Roth capital.
Good morning.
Good morning, Thanks mind you.
I was wondering if there are successful.
Drill results what what are you seeing what are you what can you expect to doing 2021.
With a more comprehensive program.
And then are you.
How can we think about you considering updates to the pre feasibility study.
Yes, so uh huh.
Based on the premise that the the seven holes that were drilling right now and hope to have all essays are available for reporting before the end of the year comes back as expected.
There will be a the traditional break in Australia.
From roughly the 15th of December two D. A ninth or 10th of January and after that we would expect to begin.
Recommence drilling at the site, our expectation would be that that we could complete a resource definition drilling and tied to the first six months of the year.
And that at that stage, we would then consider.
And.
A couple of different factors, one would be a simply a resource update or to update the resource for the project most likely that would be a accompanied by some sort of update of mine plans to.
The decision would then have to be made do we complete that as a preliminary feasibility study update or do we take that to the next step and announced those results as part of a feasibility study for the project that that work to complete those engineering studies that following the completion of drilling would likely.
Be sometime in the late third third quarter at the very earliest more likely sometime in the fourth quarter of next year based on based on drilling if drilling where to take six months to completely.
Drill out and be able to define the ER an increase resource.
Okay, Great that's helpful.
And just on the background.
Background on the water treatment what treatment methods are being employed in that 50 watering.
So that the treatment was are we first used a finely ground limestone as the first stage of treatment and we dose that into the pit.
And dispersed it through that the the through the pit.
Limestone was much cheaper to acquire than line.
And after an extensive test work we like.
Limestone generally a isn't used because it's used in lump form and <unk> and so the key became to balance the amount of surface area that was exposed for reaction.
And two and buy and to reduce the the particle size. So that we retain that material and suspension for a longer period of time, allowing them the reaction to take place.
We were successful in getting the P.H. from 3.3 up to about six using finely ground limestone.
We subsequently switched to a a buffering with with wine and so the quantity of line that was required was considerably less and as a result, the cost was was less and then we we buffered the yeah. The solution up to approximately a ph of Oh between.
Oh, roughly nine ph of nine and that resulted in the formation of a mental hydroxide complexes. The that allowed the last of the metals that were contained in in the acid rock drainage to be complex and to precipitate out to the bottom and when this.
After a period of settling the P.H. settled down around 7.2 with approximately 99.9% of the metals removed from the water and that's the clean water that we're discharging at the present time.
Oh got it that's helpful.
And and so youve done a good job of boosting the balance sheet this quarter can.
Can you.
What are your expectations on receiving the final 4.6 million of payments in 2021 do you expect to receive those and they are in the first quarter.
As as their schedule.
I'm I'm going to let Doug Tobler, our CFO respond to that question.
Sure. So yeah. So there's really two components to that Theres the payments for the Mexico project, which is from a company called crime mining and those payments are fixed is scheduled for January and July.
Roughly equal between the 2.1 million.
So you know those guys are advancing well you know we have every expectation that those commitments will be Matt and if for some reason. They don't then they'll turn around and have to grant us a royalty interest in the project in Mexico, which again is something we can mark later, but you know we're right now where we said we're pre.
The confidence in those.
The other one is for the project in Indonesia, Awak Mas, Yeah. The company, there's called P.T. mass Mendo, which.
Which is part of a group called lease in Terra, which you might see floating around in our financial statements that is an option payment at their option, but again those guys are making great project progress I'm just in the last few months they brought in an Indonesian partner and they're progressing through some of their front end engineering.
Design as we speak so you know we're pretty comfortable that all of that's going to come in but again, we still get the royalties if they.
They for some reason don't make the payments that were in pretty good shape.
Okay got it sounds good thanks, a lot for taking my questions.
Thank you and have a wonderful day.
Thank you very much again, ladies and gentlemen can I ask a question. Please press star one on your telephone keypad now.
Yes.
[noise] Sun tell it appears that there are no other questions.
That is correct to say.
So with that we'll we'll wrap up the call we'd like to thank everyone, who has taken time to.
To participate in the call this morning.
I would just reiterate that we are extremely pleased with our third quarter financial results and and continued execution of our corporate strategic objectives.
As I stated we are we believe that Vista gold represents an exceptional investment opportunity for the investor looking for value growth potential low geopolitical risk exposure and strong leveraged gold price I would remind everybody that today's at this morning's gold price.
Foreign exchange rate.
The Mt. Todd project economics demonstrate and an after tax net present value at a 5% discount rate of $1.87 billion with an internal rate of return of greater than 43%.
This is we believe these are exceptional project economics, we believe that the gold price is sustainable we.
We demonstrated significant leverage to the price of gold we invite.
Shareholders and interested parties interested investors to reach out to learn more about what we're doing and what the opportunity is for sure price improvement.
To learn more about ours, our strategy and our plan for walking in and creating shareholder value that is our key focus and we hope to be able to accomplish that through a a a transaction to bring in a development partner.
That will allow us to develop the Mt. Todd project with little if any additional dilution to our shareholders.
We think this is a very exciting story, we thank those of you who have joined the call. This morning and for those who will take the time to listen to this call is rebroadcast again, if you have any questions or would like to learn more we invite you to reach out to to us and we'd be happy to spend time with you and to help you understand that.
Tremendous amount of work that's been done and why we're so excited about about the Mt. Todd project and the prospects for improving shareholder value is as we move forward. So with that we'll thank everyone for being on the call and we wish you all a very pleasant a very pleasant day. Thank you very much ladies and gentlemen, this now concludes todays.
Conference you may disconnect your phone lines and have a great rest of the week. Thank you.