Q1 2024 Vista Gold Corp Earnings Call
Operator: Welcome to the Conferencing Center. Please hold for the next available operator. Thank you very much for calling. May I know which conference you would like to join? Yes, the Vista Gold conference. Okay, and may I please have your first and last name? Yes, it's David Brown. May I know which company you are calling from?
Center, please hold for the next available operator.
Speaker Change: Thank you very much for calling Manta, which conference she would like to join.
Operator: Yeah.
Operator: Okay and May please have your first and your last name.
Operator: Yeah.
Operator: Meda, which company you were calling from.
David Brown: Yes, it's ERA. It's A-I-E-R-A.
Operator: Yeah.
Speaker Change: Okay. Thank you very much for those details all connected to your call now.
David Brown: You touched on phone.
Operator: A reminder, this conference is being recorded. Today is Tuesday, May 7th, 2024. It's now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.
David Brown: As a reminder, this conference is being recorded today is Tuesday may seven 2024.
Operator: It's now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.
Pamela Solly: Thank you, Andrew, and good afternoon, everyone. Thank you for joining the Vista Gold Corp first quarter 2024 financial results and corporate update conference call. I'm Pamela Solly, vice president of investor relations. Also on the call today is Fred Ernest, president and chief executive officer, and Doug Tobler, chief financial officer. During the course of this call and the question and answer session, 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 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-Q for details of risks and other important factors that can cause actual results to differ materially from those in our I will now turn the call over to Fred Earnest. Thank you, Pam.
Operator: Thank you Andrew and good afternoon, everyone. Thank you for joining the Vista Gold Corp, first quarter 2024 financial results and corporate update conference call I Am Pamela Solly, Vice President of Investor Relations on the call today is Fred earnest, President and Chief Executive Officer, and Doug Tobler.
Douglas L. Tobler: Chief Financial Officer.
Pamela Solly: During the course of this call and the question and answer session. 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 vista to be materially different from results performance or achievements expressed or.
Frederick H. Earnest: Implied by such statements. Please refer to our most recently filed Form 10-Q for details of risks and other important factors that could cause actual results to differ materially from those in our forward looking statements and the cautionary note regarding estimates of mineral resources and mineral reserves I.
Frederick H. Earnest: I'll now turn the call over to Fred earnest.
Pamela Solly: Pam.
Frederick H. Earnest: And thank you to everyone for joining us on the call today. We've had a strong start to the year, and I'm pleased to talk about a few highlights.
Frederick H. Earnest: And thank you to everyone for joining us on the call today.
Frederick H. Earnest: We've had a strong start to the year and I'm pleased to talk about a few highlights today.
Frederick H. Earnest: During the first quarter, we received the second installment payment of $7 million under the $20 million royalty transaction with Wheaton Precious Metals. We updated the Mount Todd Feasibility Study to reflect current estimates of material, capital, and operating cost components. We commenced a drilling program targeting shallow gold resources at the north end of the Batman Deposit and published our inaugural Environmental, Social, and Governance Report.
Frederick H. Earnest: During the first quarter, we received the second installment payment of $7 million under the $20 million royalty transaction with Wheaton precious metals, we updated the Mt. Todd feasibility study to reflect current estimates of material capital and operating cost components. We commenced a drilling program targeting shallow gold resources at the north end of it.
Frederick H. Earnest: The Batman deposit and published our inaugural environmental social and governance report.
Frederick H. Earnest: We note that during the quarter, W. Durand, Randy Epler, a long-serving member of our board, passed away. We recognize his many contributions to the board and the company. In February, Mr. Mike Sylvester was appointed to take Mr. Epler's place on the board. On April 30, we hosted our annual general and special meeting of the shareholders, where Patrick Keenan was elected as a new director and member of our board. Pat has more than 30 years of executive mining industry experience and was most recently Executive Vice President and Chief Financial Officer of PolyMet Mining.
Frederick H. Earnest: We note that during the quarter W. Durand, a Randy Epler, a long serving member of our board passed away.
Frederick H. Earnest: We recognize his many contributions to the board and the company.
Frederick H. Earnest: In February Mr. Mike Sylvester was appointed to take Mr. <unk> place on the board.
Frederick H. Earnest: On April 30th we hosted our annual General and special meeting of the shareholders, where Patrick Keenan was elected as a new director and member of our board.
Frederick H. Earnest: That has more than 30 years of executive mining industry experience and was most recently executive Vice President and Chief Financial Officer of polymer mining Corp.
Frederick H. Earnest: Our focus in 2024 is on strengthening our balance sheet, advancing evaluations of an initially smaller-scale Mount Todd project with the option for subsequent staged expansion, continuing our work with CIBC Capital Markets to maximize shareholder value, and successfully executing health, safety, and environmental initiatives. I am pleased to report that we have had no last-time accidents year-to-date, and that the Mount Todd site has now reached 908 consecutive accident-free days. I will discuss some of these topics in greater 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 March 31st, 2024.
Frederick H. Earnest: Our focus in 2024 is on strengthening our balance sheet advancing evaluations of an initially smaller scale Mount Todd project with the option for subsequent staged expansion.
Douglas L. Tobler: Continuing our work with CIBC capital markets to maximize shareholder value and successfully executing health safety and environmental initiatives.
Douglas L. Tobler: I am pleased to report that we have had no lost time accidents year to date.
Douglas L. Tobler: And at the Mount Todd site has now reached 908 consecutive accident free days.
Frederick H. Earnest: I will discuss some of these topics in greater 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 March 31 2024.
Douglas L. Tobler: and Fred. Today, I'll provide a brief recap of our results of operations for the first quarter of 2024 and discuss our financial results as of March 31st. Vista Gold's full financial statements and MD&A are included in our Form 10-Q that was filed last Thursday and is available at sec.gov or cedarplus.ca. I'm pleased to report that our financial results for the first quarter of 2024 were in line with management's expectations and, due to gains on sales of non-core assets, resulted in a 45% reduction in the company's net loss compared to the first quarter of 2023
Douglas L. Tobler: Thank you Fred.
Douglas L. Tobler: Today I'll provide a brief recap of our results of operations for the first quarter of 2024 and discuss our financial results as of March 31.
Douglas L. Tobler: Vista Gold's full financial statements and MD&A are included in our Form 10-Q that was filed last Thursday and is available at SEC Dot Gov or SEDAR plus dossier I'm pleased to report that our financial results for the first quarter of 2024 were in line with management's expectations and do.
Douglas L. Tobler: Gains on sales of noncore assets.
Douglas L. Tobler: <unk> in a 45% reduction in the company's net loss compared to the first quarter of 2023.
Douglas L. Tobler: We reported consolidated net losses for the three months ended March 31, 2024, and 2023 of $1.1 million and $2.0 million, respectively. Our recurring costs for Mount Todd and our general corporate purposes remained consistent during the current quarter compared to the same period last year.
Douglas L. Tobler: We reported consolidated net consolidated net losses for the three months ended March 31, 2024, and 2023 of $1 1 million and $2.1 million respectively.
Douglas L. Tobler: Our recurring costs for Mt, Todd and our general corporate purposes remained consistent during the current quarter compared to the same period last year.
Douglas L. Tobler: The $900,000 reduction in net loss resulted from an $800,000 gain on the sale of a portion of the company's mill equipment and a combined $100,000 from greater interest income and the sale of marketable security. Now turning to our financial position at March 31st, we advanced our goal of strengthening our balance sheet. During the first quarter, we improved our cash position, which was at $6.1 million at December 31st and $11.9 million at March 31st, 2024.
Douglas L. Tobler: The $900000 reduction in net loss resulted from an $800000 gain on sale of a portion of the company's mill equipment and a combined $101000 from greater interest income and the sale of marketable securities.
Douglas L. Tobler: This $5.8 million increase resulted largely from our receipt of the $7 million second installment under the Wheaton Royalty Agreement, which was signed in December 2023. Sales of non-core assets and interest income, as I mentioned previously, also generated cash of approximately $900,000. Offsetting these sources of cash were operating cash outflows of $1.4 million and $500,000 expended for development drilling that was capitalized as mineral property. I would also note that we continue to have no deaths.
Douglas L. Tobler: Now turning to our financial position at March 31, we advanced our goal of strengthening our balance sheet. During the first quarter, we improved our cash cash position.
Douglas L. Tobler: Which was at $6 $1 million at December 31, and $11 9 million at March 31 2024.
Douglas L. Tobler: This $5 8 million increase resulted largely from a receipt of the $7 million second installment under the Wheaton royalty agreement, which was signed in December 2023.
Douglas L. Tobler: Sales of non core assets and interest income as I mentioned previously also generated cash of approximately $900000.
Douglas L. Tobler: Offsetting these sources of cash were operating cash outflows of $1 4 million and $500000 expanded for development drilling that was capitalized as mineral properties. I would also note that we continue to have no debt.
Douglas L. Tobler: Looking forward now, we expect our recurring expenditures, drilling costs, and other plan studies to remain in line with our expectations over the next 12 months. From a cash inflow perspective, the final installment of $10 million under the royalty agreement is to be received six months from the date of the first installment, provided Vista Gold Australia has commenced a drilling program at Mount Todd and satisfied other customary conditions, representations, and warranties.
Douglas L. Tobler: Looking forward now we expect our recurring expenditures drilling costs and other planned studies to remain in line with our expectations over the next 12 months from.
Douglas L. Tobler: From a cash inflow perspective, the final installment of $10 million under the royalty agreement is to be received six months from the date of the first installment providing Vista Gold's, Australia has commenced a drilling program at Mt, Todd and satisfied other customary conditions representations and warranties.
Frederick H. Earnest: Thank you. That concludes my remarks for today. I'll turn the call back over to you, Fred. Thank you, Doug.
Douglas L. Tobler: Thank you that concludes my remarks for today I'll turn the call back over to you Fred Thank.
Fred: Thank you Doug.
Frederick H. Earnest: I'll begin with our first quarter achievements, followed by an outlook for the remainder of the year. In March, we announced the results of an updated feasibility study for the Mt. Todd Gold Project. This updated feasibility study reflects changes in project economics that have occurred since the previous feasibility study was filed in February of 2022. Material capital and operating cost components were updated with quotes obtained in the first quarter of 2024.
Fred: I'll begin with our first quarter achievements, followed by an outlook for the remainder of the year.
Frederick H. Earnest: The updated study also reflects the current outlook for the long-term gold price and foreign exchange rates, and the previously announced royalty. Mount Todd's Mineral Resources and Mineral Reserves, Mine Plans, Gold Recoveries, and Gold Production Schedules remain unchanged. Project economics were approximately the same or slightly better than reported two years ago, inclusive of cost increases that have affected the entire gold mining sector. We are pleased that Mt.
Frederick H. Earnest: In March we announced the results of an updated feasibility study for the Mt. Todd Gold project.
Frederick H. Earnest: This updated feasibility study reflects changes in project economics that have occurred since the previous feasibility study was filed in February of 2022.
Frederick H. Earnest: Material capital and operating cost components were updated with quotes obtained in the first quarter of 2024.
Frederick H. Earnest: The updated study also reflects the current outlook for the long term gold price and foreign exchange rates and the previously announced royalty.
Frederick H. Earnest: Mt, Todd mineral resources, and mineral reserves mine plans gold recoveries and gold production schedules remain unchanged.
Frederick H. Earnest: Project economics for approximately the same or slightly better than reported two years ago inclusive of cost increases that have affected the entire gold mining sector.
Frederick H. Earnest: We are pleased that Mt. Todd's value is confirmed at the given foreign exchange rates and conservative gold price selected.
Frederick H. Earnest: Todd's value is confirmed at the given foreign exchange rates and the conservative gold price selected. A few highlights of the Mount Todd 2024 updated feasibility study include an $1800 gold price and a $0.69 foreign exchange rate. The after-tax net present value at a 5% discount rate is $1.13 billion, up $131 million from the previous study, and the after-tax IRR is now 20.4%, down just 0.2%. Average life of mine cash costs are estimated to be $913 per ounce.
Frederick H. Earnest: A few highlights of the Mt. Todd 2024 updated feasibility study include.
Frederick H. Earnest: At an 1800 dollar gold price and a 69 cent foreign exchange rate.
Frederick H. Earnest: The after tax net present value at a 5% discount rate is 1.13 billion.
Frederick H. Earnest: Up $131 million.
Frederick H. Earnest: From the previous study and the after tax IRR.
Frederick H. Earnest: Is now 24% down just zero, 2%.
Frederick H. Earnest: Average life of mine cash costs.
Frederick H. Earnest: There are estimated to be $913 per ounce. This is up $96 per ounce and is still highly competitive under current market conditions average life of mine all in sustaining costs now estimated to be $1034, an ounce up $104 per ounce using a gold price.
Frederick H. Earnest: This is up $96 per ounce and is still highly competitive under current market conditions. Average life of mine, all in sustaining costs, is now estimated to be $1,034 an ounce, up $104 per ounce, using a gold price of $2,300 an ounce and a $0.66 foreign exchange rate, which is more reflective of current market conditions.
Frederick H. Earnest: 'twenty $300, an ounce and a 66 foreign exchange rate.
Frederick H. Earnest: Which are more reflective of current market conditions. The after tax net present value at a 5% discount rate of the project is to $3 billion and the after tax IRR just 34, 4%.
Frederick H. Earnest: The after-tax net present value at a 5% discount rate of the project is $2.3 billion, and the after-tax IRR is 34.4%. Initial capital requirements of $1.03 billion, that's up $138 million from the previous study, and continues to reflect the use of a third-party owner-operator of the power plant and a Vista-owned and operated mining fleet. Moving on to the drilling program. In January, we commenced the drilling program, expected to total 6,000 to 7,000 meters, with a focus on shallow gold resources at the north end of the Batman deposit.
Frederick H. Earnest: Initial capital requirements of one 1.03 billion, that's up $138 million.
Frederick H. Earnest: From the previous study and continues to reflect the use of third party owner operator of the power plant and Avista owned and operated mining fleets.
Frederick H. Earnest: We believe that this drilling has the potential to add value to Mt. Todd through a more constant production profile, reduce stripping in the early years of the project, and increase mine life for all development scenarios. The drilling is expected to have an all-in cost of approximately $2 million and to be completed by year-end.
Frederick H. Earnest: Moving on to the drilling program in January we commenced drilling program expected to total six to 7000 meters with a focus on shallow gold resources at the north end of the Batman deposit.
Frederick H. Earnest: We believe that this drilling has the potential to add value to Mount Todd from more constant production profile.
Frederick H. Earnest: Reduced stripping in the early years of the project to increase mine life for all of our development scenarios.
Frederick H. Earnest: The drilling is expected to have an all in cost of approximately $2 million and to be completed by year end.
Frederick H. Earnest: Yeah.
Frederick H. Earnest: In March, we published our inaugural environmental, social, and governance report. This report provides an overview of progress on our Environmental, Social, and Governance Performance in 2023 and goals and key initiatives for the coming year. We recognize the importance of conducting our business in a responsible and sustainable manner.
Frederick H. Earnest: In March we published our inaugural environmental social and governance report.
Frederick H. Earnest: This report provides an overview of progress on our <unk>.
Frederick H. Earnest: Environmental social and governance performance in 2023 and.
Frederick H. Earnest: And goals and key initiatives for the coming year.
Frederick H. Earnest: We recognize the importance of conducting our business in a responsible and sustainable manner.
Frederick H. Earnest: And we are fully committed to aligning our business practices with current and evolving environmental, social, and governance principles to ensure the long-term success and positive impact of our operations. At our recent Annual General and Special Meeting of the Shareholders, Patrick Keenan was elected as the new CEO and member of our Board of Directors. As I mentioned, Pat is a retired mining executive and accomplished chief financial officer with more than 30 years of executive mining industry experience.
Frederick H. Earnest: And we are fully committed to aligning our business practices with current and evolving environmental social and governance principles to ensure the long term success and positive impact of our operations.
Frederick H. Earnest: Sure.
Frederick H. Earnest: At our recent annual general and special meeting of the shareholders. Patrick Keenan was elected as a new director and member of our board of directors.
Frederick H. Earnest: As I mentioned, Pat is a retired mining executive and accomplished chief financial officer with more than 30 years of executive mining industry experience. Pat was formerly an executive Vice President and Chief Financial Officer of Polymath Mining Corp.
Frederick H. Earnest: Pat was formerly an Executive Vice President and Chief Financial Officer of PolyMet Mining Corp. and a former Senior Vice President of Finance and Treasurer of Newmont Mining. He also served in various senior management roles for Rio Tinto.
Frederick H. Earnest: And a former senior Vice President Finance and Treasurer of Newmont mining.
Frederick H. Earnest: He also served in various senior management roles for Rio Tinto.
Frederick H. Earnest: We are pleased to welcome Pat to our board and look forward to his contributions as we pursue strategic opportunities for Vista and the Mt. Todd Gold Project. Pat joins Mike Sylvester, who was appointed to the board in February, Tracy Stevenson, who is the chair of the board, John Clark, Deborah Friedman, and me as members of the board.
Frederick H. Earnest: We are pleased to welcome Pat to our board and look forward to his contributions as we pursue strategic opportunities for Vista and the Mt. Todd Gold project.
Frederick H. Earnest: Pat joins Mike Sylvester, who was appointed to the board in February Tracy Stevenson, who is the chair of the board.
Frederick H. Earnest: Jon Clark, Deborah Friedman Ni as members of the board.
Frederick H. Earnest: Now, looking ahead. In addition to maintaining a strong balance sheet, we are advancing evaluations of an initially smaller-scale Mount Todd project with the option for subsequent staged expansion, and we continue our work with CIBC Capital Markets to maximize shareholder value. As part of our evaluation of a stage development strategy for Mt. Todd, we plan to leverage the work of previous technical studies in our evaluations of a smaller-scale stage development scenario. Previous studies demonstrated opportunities to significantly lower the initial CAPEX, maintain high margins, and deliver attractive economic returns.
Frederick H. Earnest: Now looking ahead in addition to maintaining a strong balance sheet. We are advancing evaluations of an initially smaller scale Mount Todd project with the option for subsequent staged expansion and continuing our work with CIBC capital markets to maximize shareholder value.
Frederick H. Earnest: Uh huh.
Frederick H. Earnest: As part of our evaluation of a stage development strategy for Mt. Todd We plan to leverage the work of previous technical studies in our evaluations of a smaller scale stage development scenario.
Frederick H. Earnest: Previous studies demonstrated the opportunities to significantly lower the initial capex maintain high margins and.
Frederick H. Earnest: And deliver attractive economic returns.
Frederick H. Earnest: We believe that alternative development strategies offer valuable optionality as we focus on creating shareholder value and attracting investor interest in Mount Todd. At this time, we anticipate completing a feasibility study on a smaller initial scale project in the first half of next year.
Frederick H. Earnest: We believe that alternative development strategies offer valuable optionality as we focus on creating shareholder value.
Frederick H. Earnest: And attracting investor interest in Mt. Todd.
Frederick H. Earnest: At this time, we anticipate completing a feasibility study on a smaller initial scale project in the first half of next year.
Frederick H. Earnest: Okay.
Frederick H. Earnest: In conclusion, The Mount Todd Gold Project is one of the largest and most advanced undeveloped gold projects in Australia, with 7 million ounces of proven and probable reserves. In addition to its size, Mount Todd offers a number of other strategic advantages. Mount Todd is ideally located in the Northern Territory of Australia, and is an extremely stable and mining-friendly jurisdiction. The existing project infrastructure at Mt. Todd provides construction timeline and risk mitigation advantages.
Frederick H. Earnest: In conclusion.
Frederick H. Earnest: The Mount Todd Gold project is one of the largest and most advanced undeveloped gold projects in Australia with.
Frederick H. Earnest: With 7 million ounces of proven and probable reserves in.
Frederick H. Earnest: In addition to its size Mount Todd offers a number of other strategic advantages Mt. Todd is ideally located in the northern territory of Australia.
Frederick H. Earnest: An extremely stable and mining friendly jurisdiction.
Frederick H. Earnest: The existing project infrastructure at Mt. Todd provides construction timeline and risk mitigation advantages.
Frederick H. Earnest: All of the major permits to initiate the development of Mount Todd have been approved, and, of equal importance, we have earned the trust of the local stakeholders and are confident that our social license is firmly in hand. Our current technical programs aim to de-risk the project by incorporating designs that significantly reduce the initial capital costs while maintaining competitive operating costs and preserving the option for future project expansion. We believe Mount Todd is a superior asset and one of the most attractive development stage gold projects, not just in Australia but in the world.
Frederick H. Earnest: All of the major permits to initiate development of Mt. Todd had been approved.
Frederick H. Earnest: Of equal importance, we have earned the trust of the local stakeholders and are confident that our social license is firmly in hand.
Frederick H. Earnest: Our current technical programs aimed to derisk the project by incorporating designs that significantly reduce the initial capital cost, while maintaining competitive operating costs and preserving the option for future project expansion.
Frederick H. Earnest: We believe Mt. Todd is a superior asset.
Frederick H. Earnest: And one of the most attractive development stage gold projects, not just in Australia, but in the world.
Frederick H. Earnest: Our primary objective is to achieve a valuation for Mt. Todd that is reflective of the favorable operating costs and robust project economics, as demonstrated by the updated feasibility study and the fact that we hold approvals for all major permits needed to initiate development. For a more comprehensive review of the work completed by Vista on the Mt. Todd project, I refer you to our corporate presentation, which can be found on our website at www.vistagold.com. We believe that Vista Gold represents an exceptional investment opportunity and that current prices represent a tremendous opportunity to establish a position or Increase 1 Holdings in Vista Gold.
Frederick H. Earnest: Our primary objective is to achieve a valuation for Mt. Todd that is reflective of the favorable operating costs and robot robust project economics as demonstrated by the updated feasibility study.
Frederick H. Earnest: And the fact that we hold approvals for all major permits needed to initiate development.
Frederick H. Earnest: For a more comprehensive review of the work completed by Vista on the Mt. Todd project.
Frederick H. Earnest: We refer you to our corporate presentation, which can be found on our website at www Dot Vista gold Dot com.
Frederick H. Earnest: We believe that Vista gold represents an exceptional investment opportunity and that current prices represent a tremendous opportunity to establish a position or.
Frederick H. Earnest: Or increase one holdings in Vista gold.
Operator: This concludes our formal remarks. We will now respond to any questions from the participants on this call. Thank you. Ladies and gentlemen, we'll now begin the question and answer session. Should you have a question, please press.
Speaker Change: This concludes our formal remarks, we will now respond to any questions from the participants on this call.
Speaker Change: Thank you.
Operator: Thank you. Ladies and gentlemen, we'll now begin the question and answer session. If you have a question, please press the star key followed by the 1 on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star key followed by the number 2. If you're using a speakerphone, please lift the handset before pressing any key. One moment, please, for your first question. Ladies and gentlemen, as a reminder, should you have any questions, please press the star key followed by the number one.
Operator: Andrew, it appears that we have no questions on the call today.
Speaker Change: Ladies and gentlemen, we will now begin the question and answer session.
Operator: Should you have to please press the star key followed by the one on you touched on some.
Operator: You'll hear a prompt.
Operator: And it's been raised.
Operator: Should you wish to decline for the appointment process. Please press the star key followed by the number too.
Operator: Using a speaker phone please lift the handset before any keys.
Operator: One moment. Please for your first question.
Operator: Okay.
Operator: Okay.
Operator: Ladies and gentlemen, as a reminder, should you have any questions. Please press the star key followed by the number one.
Operator: Okay.
Operator: Okay.
Operator: Yeah.
Operator: Okay.
Operator: Okay.
Operator: Andrew It appears that we have no questions on the call today.
Operator: I'm just seeing one come in now from Gina Bowman, a private investor. Please go ahead.
Speaker Change: I think this is.
Andrew: I've just seen one come in now.
Operator: Gina Bowman private Investor. Please go ahead.
Operator: Okay, Ashley, it's Tina, Tia, and Tom. Tina Bowman.
Gina Bowman: Okay, Ashley Ciena T as in Tom.
Tina Bowman: Okay, I'm new to investing, and I only have like three shares, I think. What do you think? And I missed part of the meeting, I'm so sorry, and I'm just not real smart about this kind of stuff, but what is the projected earning outlook? Like should, I mean, of course, you can say I should buy more shares, but, you know, I mean, would that be wise? I mean, is there going to be? like a huge one, like not huge, huge, but.
Tina Bowman: Okay. Okay.
Gina Bowman: At your Investor day, and I only have like.
Tina Bowman: Three shares they think.
Tina Bowman: And why do you think I missed part of the meeting I'm. So sorry, I'm, just not real smart about this kind of stuff.
Tina Bowman: But what is the projected earning outlook later.
Tina Bowman: I mean of course, you Didnt say I shared by more serious but.
Tina Bowman: And then what.
Tina Bowman: Would that be wise, I mean is there going to be.
Tina Bowman: Right.
Tina Bowman: Huge.
Tina Bowman: Like not huge huge but.
Frederick H. Earnest: Tina, thank you for your question. Vista Gold is a company that is advancing a project in Australia. There are no earnings at this stage in the life of the project. You will have seen that we currently trade around $0.50 a share on the NYSE American. We don't give investing advice as a normal part of these calls, but if you would like to reach out to either, if you work with Renmark or HC Wainwright or any other advisors, they can provide you with appropriate advice on what you should do with your individual investing opportunities and activities.
Speaker Change: Okay, Yes, Tina Gena. Thank you for your question.
Frederick H. Earnest: Vista Gold is a is a company that is advancing a project in Australia. There are there are no earnings at this stage in that in the life of the project.
Frederick H. Earnest: You will have seen that we presently trade around 50 cents a share.
Frederick H. Earnest: And then on the NYSE American.
Frederick H. Earnest: We don't give investing advice as a normal course of our of these calls.
Frederick H. Earnest: If you would like to reach out to either if you work with.
Frederick H. Earnest: Ren Mark or H C Wainwright or any other advisers. They can provide you with appropriate advice on.
Frederick H. Earnest: On what what you should do with your individual investing opportunities and activities.
Frederick H. Earnest: On a broad big picture scale, given the the market cap.
Frederick H. Earnest: On a broad, big picture scale, given the market cap, the value of the company as determined by the market, and the reserve that we have of 7 million ounces, the value of Vista Gold presently is very cheap, and there is a tremendous opportunity. Whether that makes sense for you at this point in time or not is something that you should consult with your individual financier.
Frederick H. Earnest: The value of the company is determined by the market and their and the reserve that we have of 7 million ounces.
Frederick H. Earnest: The value of Vista Gold presently is a is very cheap and there is a tremendous.
Frederick H. Earnest: A tremendous opportunity whether that makes sense for you at this point in time or not is something that you should consult with your individual financial advisors.
Tina Bowman: Okay, yeah, sorry about that. Like I said, I'm new to investing, so I don't know how to word my sentences. That's okay.
Speaker Change: Yes, sorry about that.
Tina Bowman: Like I said I'm, new to investing so I don't know how to work.
Speaker Change: So thank you.
Tina Bowman: Go ahead.
Operator: Oh, you go ahead and finish it. I'm sorry.
Speaker Change: Now you go ahead and finish I'm sorry.
Tina Bowman: No, no, I'm sorry. You go ahead.
Speaker Change: No no I'm sorry go ahead.
Frederick H. Earnest: I was just going to say we appreciate you taking time out of your day today to learn more about Vista.
Speaker Change: I was just going to say, we appreciate you taking time to beyond the call today to learn more about Vista.
Tina Bowman: Well, yeah, I wasn't sure if I should or not because I only had like three shares. And I know that's not a lot, so, but I was like, okay, well, if I'm going to have shares, I should probably join. So, all right, okay. Thank you so much. Thank you.
Frederick H. Earnest: Well, yes.
Frederick H. Earnest: Sure, if I should or not because I only have like three shares and I know that's not a lie.
Tina Bowman: So I was like okay. Louis I'm going have shares I should probably Julien.
Tina Bowman: So alright, okay. Thank you so much.
Operator: Thank you. Have a wonderful day!
Tina Bowman: Thank you have a wonderful day.
Operator: Okay.
Operator: This earnest call is from Michael Schultz. As a private investor, please go ahead. Hello, Mike. Mike Schultz, please go ahead.
Operator: Our next call is from Michael shops.
Speaker Change: Private Investor. Please go ahead.
Operator: Okay.
Speaker Change: Hello, Mike.
Operator: Yeah.
Mike Schultz: Mike Please.
Mike Schultz: Please go ahead.
Operator: Okay.
Operator: I will be disconnecting my calls. Q&A question. There are no further questions at this time.
Speaker Change: It'll be disconnecting Michaels.
Operator: Q&A question.
Operator: Yeah.
Operator: Okay.
Speaker Change: There are no further questions at a time please.
Speaker Change: Please go ahead.
Operator: Yeah.
Frederick H. Earnest: All right. Thank you, Andrew. Ladies and gentlemen, we want to thank each of you for your time and interest this afternoon in listening to this update on the first quarter results of Vista Gold Corp. We've had a very busy and, we feel, very productive first quarter, and we look forward to the momentum that's already been created as we now are part way through the second quarter of the year. I reiterate, there are a number of exciting things that have happened.
Andrew: Alright, Thank you Andrew.
Speaker Change: Ladies and gentlemen, we are we want to thank each of you for.
Frederick H. Earnest: Your time and interest this afternoon and listening to this update for the first quarter results of Vista Gold Corp. We've had a very busy and we feel a very productive first quarter.
Frederick H. Earnest: And we look forward to the momentum that's already been created as we now are partway through the second quarter of the year.
Speaker Change: Yeah, I reiterate there's a there's a number of exciting things that have happened we've demonstrated that the intrinsic value of the robust nature of glass.
Frederick H. Earnest: We've demonstrated the intrinsic value and robust nature of the Mount Todd Gold Project with the updated feasibility study. Drilling is ongoing, and we are commencing some of the preliminary studies that will lead to what we expect to be the completion of a feasibility study later this year.
Frederick H. Earnest: The Mount Todd Gold project with the updated feasibility study drilling is ongoing.
Frederick H. Earnest: And we are commencing some of the preliminary studies that will lead to.
Frederick H. Earnest: What we expect to be the completion of a feasibility study.
Frederick H. Earnest: Later this year.
Operator: Andrew, it looks like Michael is back in the queue. If he's got a question, I'd like to take that. Sure, no problem. Michael Schultz, Prime Investor. Please go ahead.
Speaker Change: Andrew It looks like Michael is back in the queue, where if he's got a question I'd like to take that.
Michael Schultz: Sure no problem.
Michael Schultz: Michael <unk> private Investor. Please go ahead.
Operator: Okay.
Operator: Okay.
Operator: Okay.
Operator: Michael Schultz, private investor. Please go ahead. Yeah, Andrew apparently so.
Michael Schultz: Michael <unk> private Investor. Please go ahead.
Michael Schultz: Yeah, Andrew apparently.
Frederick H. Earnest: Okay. Well, very good. I'll go ahead and conclude then.
Michael Schultz: So okay, Robert yet I'll I'll go ahead, and conclude then that as I was saying you know we've.
Frederick H. Earnest: Many many exciting things are studies that will lead to completion of the feasibility study will be commencing in the near future.
Frederick H. Earnest: As I was saying, you know, we've got many exciting things; studies that will lead to completion of a feasibility study will be commencing in the near future, and we are very excited about the opportunity that lies before us to evaluate and demonstrate the viability and lower capex of initially smaller scale projects. We invite all of you to give serious consideration to whether this makes sense to either initiate a position or add to your position in Vista Gold at this point in time.
Frederick H. Earnest: And.
Frederick H. Earnest: We are very excited about the opportunity that lies before us with evaluating and demonstrating the viability and the lower capex out initially.
Frederick H. Earnest: Initially smaller scale project, we invite all of you to give serious consideration to whether this makes sense to either initiate a position or or add to your position Vista gold at this point in time, if you need further information I invite you to reach out to Pamela Solly, our vice president of Investor Relations.
Frederick H. Earnest: If you need further information, I invite you to reach out to Pamela Solly, our Vice President of Investor Relations, and she'll be able to answer your questions with regard to Vista and the Mount Todd project. Again, we thank you for your time this afternoon and wish all of you a very pleasant afternoon. Thank you.
Frederick H. Earnest: And she'll be able to answer.
Speaker Change: As for your questions with regards to Vista in the Mt. Todd Project again, we thank you for your time this afternoon and wish all of you a very pleasant afternoon. Thank you.
Frederick H. Earnest: Okay.
Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.
Speaker Change: Ladies and gentlemen, this concludes your conference call for today.
Speaker Change: Thank you for participating and how could you. Please just July.
Operator: Yes.
Operator: Okay.
Operator: Yes.
Operator: Okay.
Operator: [noise].
Operator: Okay.
Operator: Yes.
Operator: Okay.