Q2 2021 Vista Gold Corp Earnings Call
Yeah.
Good day, ladies and gentlemen, and welcome to Vista Gold second quarter, 2021financial.
Any thoughts and corporate update conference call at this time all participants are in a listen only mode. Following the presentation. We will conduct a question and answer session. At that time participants are asked to press star 1 to register for a question for assistance during the call. Please press Star zero on your Dutch don't.
And that's.
As a reminder, this conference is being recorded today is Friday July 32021.
It's now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.
Good day, everyone and thank you for joining the Vista Gold Corp, 's second quarter 2020.
And 2.1 financial results and corporate update conference call and Pamela Solly, Vice President of Investor Relations on the call today is Fred earnest, President and Chief Executive Officer, and Dr. <unk> Chief Financial Officer.
During the course of this call we will be making forward looking statements. These statements involve known and unknown risks.
Tell us of certainties and other factors that may cause actual results performance or achievements of vista to be materially different from results performance or achievements expressed or implied by such statements. Please refer to our most recently filed form 10-K for details and risks and other important factors.
And on the cause actual results to differ materially from those and our forward looking statements I'll now turn the call over to Fred earnest.
Thank you Pam.
And thank you everyone for joining us on the call today.
During the second quarter, we achieved a number of significant milestones for Vista and our shareholders.
The core most significant achievement by far was the approval of the Mt. Todd mining management, the approval of the Mt. Todd and mining management plan also referred to as the M. M. P Vista.
The also received approvals of the Aboriginal areas Protection Authority certificate for the exploration licenses.
And the surface water extraction license.
For the project shortly after the MMP was approved.
We continue to advance our exploration program and have now drilled 16 of the 18 planned holes. We also received the final 1 million Guadalupe de Los Reyes payment, which completes the sale of the Guadalupe de Los Reyes project to.
Mining Corp. Following the end of the second quarter, we completed a bought deal public offering commenced work to complete a definitive feasibility study and extended our exploration drilling program.
In general our outlook with regards to the Covid pandemic is improving.
Prime Executive team is now working full time, and the corporate office and Denver.
And we expect to resume corporate travel within North America. In August we also plan to attend several and person investor conferences beginning in September.
And the northern territory of Australia, Covid control measures have been.
Alright, but travel by international visitors into Australia remains very difficult.
The Mt. Todd continues to operate under and improved COVID-19 management and mitigation plan that is presently less restrictive.
And then originally required all.
I will discuss our second quarter achievements and other key programs.
The relapsed or detail later in the call, but I will now turn the time over to Doug Tobler for a review of our financial results for the quarter ended June 30th 2021.
Thanks, Fred and to those of you on the call today. Thank you for your interest.
Our financial report for the second quarter was filed on Wednesday.
And Greg speak to the highlights from this report, but please refer to our form 10-Q for additional details you can find the copy of that FCC dot Gov or SEDAR dot com.
Our cash and cash equivalents totaled $6.3 million at June 30 of 2021, which compared to $7.8 million at December 30.
<unk> 2020.
Given our level of increased activity for the company during the first half of 2021, and we're pleased to have seen a net reduction and cash of only $1.5 million.
And we benefited from the $2.1 million.
The payment received from Prime mining for the Los Reyes project and Fred.
And we also realized just over $1 million from our ATM program.
These cash inflows supported our ongoing exploration drilling program dewatering of the Batman pit and a number of other programs.
<unk> results of operations were in line with our expectations, we reported a net loss of 8.
<unk> $1000 for the second quarter of 2021 compared to net income of $1.9 million for the second quarter of last year.
And there were a few key areas that accounted for this variance.
First we recognize the $2.1 million gain this quarter for the Los Reyes project compare.
802 of $2.6 million gain last year for the <unk> Mas project in Indonesia.
Exploration and property related related expenses were also higher this quarter compared to the same period of 2020. This quarter, we expense $2 million, which included $700000 for drilling plus.
Other related costs, we were not drilling last year during the second quarter, So exploration and property property related costs were more in line with our recent historical trend of just about $1 million per quarter.
And finally, our gain on the other investments was $100000 of this quarter compared to $1.1 million.
Compared to second quarter of 2020.
Most of this difference reflects the 2020 unrealized gain from the increase in market value of the Midas gold shares that we held at the time.
For the 6 months ended June 32021, and 2020, our net losses were $3.9 million and $1.6.
For this and.
The variance between these periods reflects the same gains that I discussed previously for Los Reyes and our mass.
And the first half of 2021 also included $1.1 million for drilling which covered the full first half of this year plus other drilling related costs and we pumped 1.7.
$6 million or sorry, 1.7 giga leaders of water from the Batman pit.
Looking forward now we're progressing several important programs as Fred mentioned, we have started a definitive feasibility study, which will include additional engineering and design and the process plant updated cost estimates and.
Project designed to be consistent with the recently approved MMP.
We also recently announced plans to add 3000 meters to the exploration drilling program follow ups. The follow up of some of the drill targets will also be considered as we've progressed this program.
We estimate the feasibility study and additional draw.
Drilling costs will be approximately $3.5 million and $1.5 million, respectively with both of these programs planned for completion during the first quarter of 2022.
And to support these programs and provide for other expected requirements. We recently completed the $13.5 million public offering.
And I am pleased to indicate that our pro forma cash position includes the inclusive of the cash we had at quarter end and the estimated net proceeds from our recent financing is $18.8 million.
Our strong balance sheet will enable us to advance key programs that are expected to increase shareholder value overtime.
And I am also.
Also pleased to report that the company still has no debt.
That concludes my remarks for today, So I'll turn the call back over to Fred Thank you.
Thank you Doug.
As I mentioned at the start of the call we achieved.
The number of significant milestones during the quarter and continued to advance several key programs to increase shareholder value.
<unk> and a cost effective manner.
We're pleased to announce that on June 14th the mine management plan was approved.
And this approval is a very significant milestone for our company and Vista and now holds all major operating and environmental permits required for the development of Mt. Todd.
Following the approval of the mining management plan Vista received approval of the Aboriginal areas protection of 30 certificate for the area covered by our exploration licenses, which is required as the legal means to identify and protect the sacred sites at Mt. Todd. This complements the previously approved Aboriginal.
And the areas protection of 30 certificate for the area of our mining licenses.
<unk> water extraction license was also approved which provides vista with the right to store and use 3 for giga leaders of surface runoff each year to facilitate processing and mining activities associated with the Mount Todd.
And this is expected to adequately supply all of the projects water requirements as the project is presently designed.
I will now discuss a number of programs that we expect will add value to Mt, Todd and the near term and support our partnering efforts first we are excited about.
The commencement of a definitive feasibility study for Mt, Todd, which is expected to be completed during the first quarter of 2022.
And this study, which will include more detailed engineering and design and the and the process plant area.
Updated equipment quotes and operating cost inputs and economic analysis.
As of Sept price is more reflective of the current gold price is expected to increase the reserves and mine life of the project the.
The results of the study to get together with the results of our ongoing district scale exploration program are expected to further demonstrate the significant upside potential.
Analysis of the Mt, Todd project, and strengthen our position with potential development partners.
Another program is our ongoing exploration program at Mt. Todd to date. The program is focused on identifying areas with the greatest potential for future resource growth along strike from the Batman.
<unk> deposit approximately 1.9 kilometers north of the golf tell us and Penguin targets. We have completed 16 of 18 planned holes or approximately 5500 of the planned 6000 meters and the and the previously of programs each of the holes completed to date has intersected.
Mineralization consistent with our geologic model and demonstrate both horizontal and vertical continuity of the targeted structures.
And our recently announced the recently announced results of whole VB 'twenty, 1 dash 011.
And countered thickening of the mineralized structure.
<unk> that were targeted.
Half of the length of this hole intersected mineralization with including for significant sections of higher grade mineralization.
Whole VB 'twenty, 1 dash 012 is in progress and being co funded by the northern territory's geophysics and drilling Calabria.
Collaborations program.
This program is funded by the Resourcing the territory initiative and aims to increase the intensity of exploration drilling and geophysics and under explored areas of the northern territory.
That is 1 of 15 companies receiving an award under the current round of program.
The funding.
This hole has been located and oriented to intersect mineralization and the Gulf with tell us target.
Test other targets further to the west that depth and continue on at depth to intersect.
And the yen very intrusive.
This whole.
His plan for 800 meters significantly deeper than our normal drilling and will provide significant information to better help us to help us better understand the source of gold north of the Batman deposit.
We are extremely pleased with our drilling results to date and believe that there is opportunity for.
The significant resource.
Growth and and extended mine life at Mt. Todd.
Which we believe is important to potential partners given the success of the current drill program.
<unk> recently announced additional holes for a third phase of drilling totaling approximately 3000 meters.
During the quarter, we continued to advance our efforts to seek a strategic partner for the development of Mt. Todd.
For the process has been slowed by COVID-19, uncertainties and international travel restrictions, we are continuing to engage with several companies and <unk>.
Nicole assessments.
And early stage partnering discussions.
Our technical work programs and the approval of all major permits provide a solid basis to move forward with prospective development partners as we pursue a strategic development transaction that reflects the inherent value of Mt. Todd to Vista shareholders, We continue to.
The focus on our strategy to further improve the economic potential of the project.
And increase shareholder value and a cost effective manner.
Looking ahead.
We're excited about ongoing programs that present significant opportunities to realize shareholder value more in line with the value of Mt. Todd.
We continue.
Engage with potential partners and identify strategic opportunities to advance the development of the project.
As a result of COVID-19, and this process may take longer than anticipated. However, we remain focused on completing the REIT transaction.
1 that achieves the structure that provides appropriate opportunity for value creation by.
By recognizing the intrinsic value of Mt, Todd and minimizing the potential for future dilution.
Our objective is to achieve of evaluation for Mt. Todd that is reflective of the size of the gold deposit together with its location in Australia as low risk Northern territory.
Favorable low operating.
2 of US robust project economics, and the fact that we hold of.
Approvals for all of the major permits for the development of the project. We believe these factors coupled with the technically advanced stage of the project and excellent infrastructure place Mt. Todd on a short list of the most.
Rating Coactive development stage gold projects and the world.
Our exhaustive technical studies provide a solid basis for engagement with prospective development partners and current market conditions demonstrate the robust economics of the project.
We continue to believe.
Vista.
The trend represents an exceptional investment opportunity for the investor looking for value and <unk>.
Growth potential low geopolitical risk exposure and strong leverage to the gold price at.
At todays gold price and foreign exchange rate the Mt. Todd project economics demonstrate and after tax NPV.
The gold, 5% discount rate of approximately 1.6 billion.
Yes.
And and internal rate of return of greater than 38% Vista.
<unk> continues to advance and Derisk Mt, Todd and is well positioned and the current gold environment consider prospective development partners, who we believe.
With that we'll recognize the value of Mt, Todd and appropriately.
<unk> shareholders.
In conclusion.
We find ourselves and a strong market, although with somewhat volatile gold prices and governments around the world. They are still coping with the economic effects of the Covid pandemic.
We believe this bodes well for sustained and modestly improving gold prices and the coming 12 months to 24 months.
The work we have completed over the last several years, but especially in 2020.
And earlier this year and 2021 has positioned the Mt. Todd Gold project is the largest undeveloped gold project.
<unk> and Australia, with 585 million ounces of proven and probable reserves Vista controls the third largest reserve package and Australia.
And mountain Mt Todd.
Is ideally located and the northern territory of Australia and.
And extremely mining friendly jurisdiction.
Todd has favored with paved roads to the site and other existing infrastructure, including power lines and natural gas pipeline for.
First water storage reservoir and tailings impoundment facility.
And the project improvements, we have achieved along with our estimated mineral reserves and production profile have created the foundation for the leverage to gold price and.
And improved shareholder value.
We have earned the trust of the local stakeholders.
And believe that our social license is firmly in hand.
We've worked hard to secure the authorization of all of the major permits.
We believe Mt. Todd is the superior asset located in a politically stable and mining.
Mining friendly jurisdiction and 1 of the most attractive development stage gold projects not just in Australia.
But in the world.
We expect the completion of the feasibility study and our ongoing drilling to further demonstrate the significant upside potential of the project.
And strengthen our position with potential development partners.
To reiterate.
Reiterate our commitment to finding a partner to advance the project and at the same time realized value for our shareholders.
For a more comprehensive assessment of the value of accorded to Vista and the Mt. Todd project I refer you to our corporate presentation, which can be found on our website at www Dot Vista.
<unk> Dot com.
We believe that Vista gold represents an exceptional investment opportunity for the investors looking for value growth potential low geopolitical risk exposure and strong leverage for the gold price.
This concludes our prepared remarks, Ashley we'll now respond to any.
Any questions from participants Hong Kong.
As a reminder to ask a question you will need to press star 1 on your telephone to withdraw your question Ross the balance.
Your first question comes from Heiko with H C. Wainwright Your line is open.
Hey, guys. This is Marcus.
And you're calling in for Brian Thanks for taking my questions.
And markets.
Just last week, you announced that year of commencing of feasibility study on the Mt Todd and.
And there were still a ways away from the anticipated publication and Q1, 2020, 2 but just thinking out loud here can you walk us through anticipated.
SG&A of the study as <unk>.
Much of you feel comfortable sharing and on the.
At the same token can you elaborate a bit on some of the direct or indirect benefits team for their continued derisking efforts to date.
Yes, absolutely.
May not be able to go and do as much detail as some people on the call would like but.
The resolve certainly.
And when we look back at the the.
The the existing a preliminary feasibility study reserves were estimated using a a pit designs of the thousand dollar gold price with today's gold price of $18.100.
Or more per ounce, we all recognize that.
And that pit shape as conservative and so 1 of the things that will happen is that debt.
The the feasibility study will.
We expect an increase in reserves and with that and extension of the mine life.
Additionally.
Completing the feasibility at this time, we will allow us to obtain.
That pricing for all of the equipment items, the structural steel concrete as well as the op of the consumables.
Consumables and operating cost factors, giving us the most accurate estimate possible in today's environment, which will be very beneficial as we as we engage with partners.
Completing.
Current.
Engineering, and the piping electrical and instrumentation design the.
The process plant. This obviously will provide greater greater certainty and eliminate the eliminate doubts.
With the recent approval of the mine management plan and there will be minor design changes that will incorporate.
And the conditions and requirements of the mine management plan.
Everything tied together.
Also.
I think that completing a feasibility study at this stage we will.
Takeaway of the argument that some may have debt.
Ah.
Corporate and those who harbor the belief that there is some intrinsic fly that has prevented us from advancing the project to a feasibility study we have always maintained that's not the case and this will certainly certainly of lay those those beliefs.
And we will with the completion of this feasibility study have a.
A feasibility study that is compliant with the new U S regulation SK <unk> hundred and.
And as well as.
The existing Canadian regulation, and 43, 1 and 1 we believe that all of these considerations and outcomes directly benefit.
Efforts to reach an agreement with a potential partner and eliminate the.
The risks from a partner's point of view it and completing the study at this point and time, we believe we will add a great deal of comfort and certainty to the discussions that we hope to be having and in the coming.
Our rest of 12 months.
Alright. Thanks.
And that's really helpful. Thanks for the detail and.
Then the <unk>.
Second question was sort.
Of hinted at this on the last quarterly call as well, but can you maybe provide some updates on the impact of the continued travel and stopped to Australia.
The second and assume that's getting progressively more difficult to handle and we keep hearing story of the immigration of exceptions.
What are you for and.
And how does this impact and you guys given the lack of face to face interaction with your community stakeholders.
So we continue to interact on a regular basis with stakeholders.
And I assume Fortunately, we have an outstanding team in Australia that is.
And is managing these many of these affairs.
On a personal face to face basis, as you indicated international travel restrictions.
Continue to be in place with regards to travel.
<unk> the Australia.
We have recently begun the process of applying for a special business pieces for a number of team members here in Denver.
And once granted will allow us to apply for exemptions to the travel restrictions, but theres no guarantees.
2.
All of these things are being done to be as prepared as possible once they begin to.
2.
The decrease the restrictions.
With regards to travel to Australia, I would say that.
We have been favored with the combination of <unk>.
Acknowledging and.
And the team that we have and Australia that.
Our relations with local people have really not suffered as a result of the pandemic and the travel restrictions.
It's not as convenient and it's not as efficient.
Meeting.
Meeting face to face, but the the.
<unk> zoom.
Our ability to to have conversations by that technology has allowed us to maintain and advance many of our initiatives youre aware that the.
Through the through the midst of the pandemic, we completed negotiations with the javelin Association and the Aboriginal group that owns.
Planned and the project area to modernize our agreement.
And.
And I consider that to be of very very tangible measure of the success that we've achieved and maintaining relationships and fostering our relationships and advancing our objectives, even though we've not been able to travel. So we continue to hope that.
The travel restrictions will be lifted the right now it looks like it's going to be some time next year, but we're doing all of that we can to manage the all of the efforts of our business without being able to travel certainly the biggest impact of the travel restrictions as not being able to get people to site per site visits to advance our discussions with partners.
And that's 1 that we're just living with.
Okay perfect that's good to hear.
That's it for me thanks for taking my questions guys.
Thanks Marcus.
Your next question comes from Keith <unk> with vertical research and advisors. Your line is open.
Good morning, Brad.
Hi, Brad How're, you doing and congratulations on the quarter on the equity raise and all of the successful completion of the M and paid very well and he had a lot going on this quarter and congratulations.
Thank you.
Mark as the asked my question about the feasibility study, but I'll add to that question and.
What I'm doing.
We're doing this yourself.
As a as the small cap of at this point of a gold miner.
Does this impact your negotiating ability and potential leverage with with the with partners.
And I'm, sorry, I heard of us completing the feasibility study of ourselves.
The fact that I just want to make sure I understand the question exactly how much of that affect your ability to use a little more leverage and negotiating with potential partners.
Yes, certainly and kipp, thanks for being on the call. This morning.
You've followed us for a long time.
1 of the reasons, we manage feasibility studies.
Ourselves our technical studies of ourselves because it gives us the ability to be able to select and work with what we consider to be a team.
Organizations and each of the different disciplines that the comprise.
Comprised of part of the the studies and so.
And by doing that.
We're able.
2 we believe generate a high quality product that we understand completely all of the assumptions of the work that's gone into it and.
And the advantage to us as debt.
We because of the long standing relationship with many of these consultants as we have conversations and as there are.
Our companies that are undertaking additional technical evaluations and due diligence that we're able to put them directly in contact with these top notch individuals that performed the work and we're able to get answers for for the companies that are asking the questions and a very timely.
And I'd say its thorough.
Certainly.
Advancing to the completion of a feasibility study.
We recognize that as we get to the detailed engineering that a potential partner.
And may want to make changes and want to undertake additional engineering.
And we recognize that that's a possibility but at this point and time, we've reached the point, where we believe that completing a feasibility study having having a current estimate of all of our capital costs and our operating cost places us in a very distinct position with regards to discussions with the with potential partners.
We're not aware of any other project of the size of Mt. Todd with all of its permits.
Approved and.
And now with that within the next for 5 months being able to say that we will have completed the feasibility study certainly certainly places us at the top of the list of projects that we think should.
Would be of interest to senior gold producers.
And I would think for previous talks that the.
<unk> Park had been debt.
And yet with the strike a deal that would still give you 40% 50%.
And at stake and.
And the Mt, Todd and at the end of the day.
I mean I'm assuming.
The debt completing this on your own which the.
I know previously.
Previous to that you were waiting.
To get a partner to complete the feasibility study, but again I'm, assuming that you're now looking at keeping a larger percentage of the Mt. Todd.
Well certainly thats 1 of the things that is always on our minds kipp.
And and along with that is increasing the value.
At the end of the day, it's all about the value that's created for Vista shareholders and whether that value is that.
50% for whether it's at 35% the important thing is.
And as the value recognition for the Vista shareholder.
Immediately and longer term and Thats what were focused on.
And the last question on as you continue to drill.
The new and new holes at what point will we expect to see your reserve.
That will begin to be modified based and the new drilling.
That's a great question, because that's not that's not the objective of this program.
The objective of the program is to identify those those areas that have the greatest potential for future resource growth. We're.
We're not drilling on the on the kind of spacing that would be required for resource estimation. Rather this is a district scale exploration program and we're trying to understand the geology and strength things together and like.
Like I mentioned in the prepared remarks, a whole number of 11 <unk>.
And then following star.
Structures and bands of structures going north from the Batman deposit and the whole 11 encountered a zone, where the structures or thickening and this is exactly what we're looking for that that thickening of the structures represents an opportunity to add more resources and a more.
Confined area and obviously, we will be of 1 of the 1 of the focuses of future drilling when we get to resource conversion, but at this point in time and the purpose of the program is to demonstrate the potential for resource growth to.
<unk> partners and to demonstrate to them.
And that while we way of our arms and we talked about geology, and we point of things out to them that we've actually put some data behind this and can demonstrate true results.
The life of the Mt. Todd project can very reasonably be expected to be much longer than what it is currently estimated to be.
Understood last question I believe you're still using a $1000 announced gold for your for your.
And your reserve total is will you be raising that and if so when can we expect to see that.
Yes, so absolutely that's part of the feasibility study.
And the gold price used to estimate the reserves will increase.
Increase and.
We will disclose all of that when we announce results and the first quarter of next year.
Thanks, Brad again, congrats on the quarter.
Thank you have a wonderful day.
Your next question comes from Matt Farwell of Roth Capital Your line.
Yeah.
Hey, good morning, and thanks for the morning, and Fred Thanks for all of the commentary and.
Most of my questions have been answered.
I guess I I was I was wondering just to.
Further clarify.
And why you're not looking.
2 of them to do more infill drilling with with the the drilling plan that you have just sort of clarify that to the market.
And and also what what the drilling results are really the catalyst the and the near term that we can be looking for that.
Debt.
We can expect to see obviously, we'd love to see partnership announcements, but drilling results are really what where the.
We're going to see and we know we're going to see and so you can you just walk us through what.
Give us the peak of what we might might see and the next second half of the year from that perspective.
Yeah.
And so.
Those who are familiar with our corporate presentation no debt.
Within the mining licenses and projecting looking northward from and to the northeast from the Batman deposit.
Between the Batman deposit and the quickly as deposits of approximately 5.4 kilometers.
And in that area there are a number of preview.
Previously identified gold occurrences.
Our understanding 3 years ago was the each of those.
Previously identified occurrences were individual distinct unrelated the mineral of mineralized.
Occurrences.
Based on the work that we've done and the last 2 and a half years. We now believe that this is.
And this is all connected.
And.
And as such are.
Our program the exploration program and we're undertaking.
Is meant to.
The tie these things together and help us better understand the district geology.
And as I indicated and of course of doing this and we're drilling we're stepping out anywhere between 104 hundred meters between sections that we drill.
We are looking for those areas that.
The offer the greatest potential for future resource expansion.
Ted.
To expand resources, and ultimately expand reserves and generate that kind of those kind of increases it's going to require additionally millions of dollars.
Drilling infill drilling and drilling between on spacings between 25, and 50 meters and at this point and time, we believe that that's an expense that a partner would reasonably make to advance the project and so we're trying to lay the groundwork developed.
The targets.
And and.
And in essence prepare the ground for for the investments that of partner will make and we want that investment to be very productive and so we're prepared at this point too to make a modest and investment to demonstrate the geologic concept.
<unk> and to more clearly define the structure should that exist within the Batman Driffield corridor.
And with the idea of that.
We know that a partner would be.
We'd be willing to make a significant investment and exploration to expand the.
Resource and extend the life of the project and that's part of our strategy to create value without significant expense to our shareholders.
Got it thanks, a lot for taking my question and that's all for me.
Thanks, Matt.
Your next.
Next question comes from Chris Staff Rice Your line is open.
Good morning, Chris the only tool.
Good morning, Ted Good morning for all participants and the threat.
And the connection concerning the patent of <unk>.
And you think.
The commitment of a switching and the.
The advantage for the Australian companies.
Which are interested in our property because of the ex fast they can make the deal and kick off the competitors.
You raise an interesting point and that.
And then not just Australia and companies, but companies who.
Have Australian assets.
Have a distinct advantage because theyre not restricted and the way that we are being in North America. They are already in the country. They.
They do have to deal with the travel restrictions from.
And from the territory within the within the different.
The states.
Australia, which are ever changing as they respond to the COVID-19 situation within the country, but your observation is 1 that's very astute that those who those who have operations or are based in Australia.
We are not subject to the same restrictions as international.
National companies and therefore, they can advance and move forward and this period of time, when others may not be able to.
Yeah.
Yes.
And this will be an advantage for us.
It could be.
Yeah, absolutely yeah, okay, Thanks, and good luck.
Thanks.
Christoph.
Once again, if you would like to ask the question. Please press star 1 on your telephone.
Actually it appears that there are no other questions. So with that we will we will wrap up the call.
We I think.
All of you for your interest and being part of this call.
This is.
We are very excited about the achievements of the the.
The second quarter and in fact, the first half of 2021.
We now look forward to the.
And the drill results.
It's and we expect that drill results will be announced every 3 to 4 weeks as the program moves forward.
And the.
And we look forward to the.
The completion of the feasibility study I would just remind everybody that.
Yeah.
Almost all of our engineering is already at vs.
Feasibility study standards and the work that we're doing will complete all of that engineering to those standards and that's 1 of the reasons that we're able to complete the feasibility study and the timeframe that we've proposed and also for the relatively modest cost that Doug has outlined the previously in the call. We've done a lot of work.
Work and the past to position the Mt. Todd project to be able to move forward quickly I think that this is another manifestation of that previous work. The previous investment. That's been made we encourage all of you to watch what's going on and.
And we were excited about the work that's being completed and.
And look forward to being able to deliver the results of the feasibility study and ongoing exploration results and a timely manner over the course of the next 6 months. So thank you for your interest. Thank you for your continued support and we wish all of you of very Pleasant day.
Ladies and gentlemen, this concludes.
Concludes today's conference.
[music].