Q2 2024 Vista Gold Corp Earnings Call
Good day, ladies and gentlemen. Welcome to Vista Gold's 2nd Quarter 2024 Financial Results and Corporate Update Conference Call.
Unknown Attendee: 2nd Quarter, 2024, Financial Results and Corporate Update Conference Call. At this time, all participants are in a list and only mode.
Operator: Second Quarter 2024 Financial Results 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 touchtone button. As a reminder, this conference call is being recorded. Today is Tuesday, July 30, 2024. It is now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.
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Unknown Attendee: Today is Tuesday, July 30th.
As a reminder, this conference call is being recorded. Today is Tuesday, July 30, 2024. It is now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.
Pamela Solly: It is now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.
Pamela Solly: Thank you, Jenny, and good afternoon, everyone. Thank you for joining the Vista Gold Corp 2nd quarter, 2024, financial results and corporate update conference call. I'm Pamela Solly, Vice-President of Investor Relations.
Pamela Solly: Thank you, Jenny. And good afternoon, everyone.
Pamela Solly: Thank you, Jenny, and good afternoon, everyone.
Pamela Solly: Thank you for joining the Vista Gold Corp. 2nd Quarter 2024 Financial Results and Corporate Update Conference Call.
Pamela Solly: Thank you for joining the Vista Gold Corp second quarter 2024 financial results and corporate update conference call. I'm Pamela Solly, Vice President of Investor Relations. On the call today is Fred Earnest, President and Chief Executive Officer, and Doug Tobler, Chief Financial Officer. At the close of business yesterday, Vista reported its second quarter 2024 operating and financial results. Copies of the news release and quarterly report on Form 10-Q are available on our website at www.vistagold.com.
Pamela Solly: On the call today is Fred Ernst, President and Chief Executive Officer, and Doug Tobler, Chief Financial Officer. At the closing business yesterday, Vista reported that 2nd quarter, 2024, operating, and financial results. Copies of the news release and quarterly report on Form 10-Q are available on our website at www.VistaGold.com. 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.
Pamela Solly: I'm Pamela Solly, Vice President of Investor Relations. On the call today is Fred Earnest, President and Chief Executive Officer, and Doug Tobler, Chief Financial Officer.
Pamela Solly: At the close of business yesterday, Vista reported its second quarter 2024 operating and financial results. Copies of the news release and quarterly report on Form 10-Q are available on our website at www.vistagold.com.
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 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 will now turn the call over to Fred Earnest. Thank you, Pam.
Speaker Change: During the course of this call and the question and answer session, we will be making forward-looking statements.
Speaker Change: 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.
Pamela Solly: 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.
Speaker Change: 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.
Frederick Earnest: I will now turn the call over to Fred Ernst. Thank you, Pam, and thank you, everyone, for joining us on the call today. Vista controls one of the most attractive gold deposits in one of the most attractive mining jurisdictions in the world. Vista is committed to seeing its development and keeping with the highest mining and ESG standards when the time is right, and will work diligently toward that goal. Our success is important to the Northern Territory, the people and families of the project area, and ultimately to Vista shareholders. On the call today, we will help you understand current activities that are designed to help us create greater value in the rising and the current rising gold price environment.
Speaker Change: I will now turn the call over to Fred Earnest.
Frederick H. Earnest: Thank you, Pam, and thank you everyone for joining us on the call today. This controls one of the most attractive gold, one of the most attractive large gold deposits in one of the most attractive mining jurisdictions in the world. It is committed to seeing its development and keeping with the highest mining and ESG standards when the time is right, and it will work diligently toward that goal. Our success is important to the Northern Territory, the people and families of the project area, and ultimately to Vista shareholders.
Speaker Change: Thank you, Pam, and thank you everyone for joining us on the call today.
Frederick H. Earnest: Vista controls one of the most attractive large gold deposits in one of the most attractive mining jurisdictions in the world.
Speaker Change: Vista is committed to seeing its development and keeping with the highest mining and ESG standards when the time is right, and will work diligently toward that goal.
Speaker Change: Our success is important to the Northern Territory, the people and families of the project area, and ultimately to Vista shareholders.
Frederick H. Earnest: On the call today, we will help you understand current activities that are designed to help us create greater value in the rising gold price environment. But first, let me share with you a few of our achievements during the second quarter of this year. We received the final installment payment under the royalty transaction with Wheaton Precious Metals, finished phase one of our 2024 drilling program and commenced phase two, and enhanced our management team with the addition of Maria Vallejo Garcia as our new Director of Projects and Technical Services.
Speaker Change: On the call today, we will help you understand current activities that are designed to help us create greater value in the current rising gold price environment. But first, let me share with you a few of our achievements during the second quarter of this year.
Frederick Earnest: But first, let me share with you a few of our achievements during the second quarter of this year. We received the final installment payment under the royalty transaction with Wheaton Precious Metals, finished phase one of our 2024 drilling program, and commenced phase two, and enhanced our management team with the addition of Maria Vallejo Garcia as our new Director of Projects and Technical Services. We also announced that the Northern Territory Government of Australia passed legislation to enact the Mineral Royalties Act of 2024, which became effective on July 1, 2024. The New Mineral Royalties Act replaced the prior net profits royalty regime with an ad valorem royalty regime for new mines and is expected to positively impact project economics for Vista's Mt.
Frederick H. Earnest: We also announced that the Northern Territory Government of Australia passed legislation to enact the Mineral Royalties Act of 2024, which became effective on July 1, 2024. The New Mineral Royalties Act replaces the prior net profits royalty regime with an ad valorem royalty regime for new mines, and is expected to positively impact project economics for Vista's Mount Todd gold project. For the remainder of this year, we will focus on maintaining a strong balance sheet.
Speaker Change: We received the final installment payment under the royalty transaction with Wheaton Precious Metals, finished Phase 1 of our 2024 drilling program, and commenced Phase 2.
Speaker Change: and enhanced our management team with the addition of Maria Vallejo-Garcia as our new Director of Projects and Technical Services.
Speaker Change: We also announced that the Northern Territory Government of Australia passed legislation to enact the Mineral Royalties Act of 2024, which became effective on July 1st, 2024.
Speaker Change: The new Mineral Royalties Act replaced the prior Net Profits Royalty Regime with an Ad Valorem Royalty Regime for new mines and is expected to positively impact project economics for Vista's Mt. Todd Gold Project.
Frederick Earnest: Todd Gold Project. For the remainder of this year, we will focus on maintaining a strong balance sheet, advancing and valuations of an initially smaller scale Mt. Todd project, continuing our work to maximize shareholder value and successfully execute our health, safety, and environmental initiatives. I am pleased to report that we have had no lost time accidents year to date, and the Mt. Todd site has now reached 991 consecutive accident-free days.
Speaker Change: For the remainder of this year, we will focus on maintaining a strong balance sheet, advancing evaluations of an initially smaller-scale Mt. Todd project,
Frederick H. Earnest: Advancing evaluations of an initially smaller-scale Mount Todd project. Continuing our work to maximize shareholder value and successfully execute our health, safety, and environmental initiatives. I'm pleased to report that we have had no lost time accidents here to date, and the Mount Todd site has now reached 991 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, our CFO, for a review of our financial results for the quarter ended June 30, 2024. Thank you.
Speaker Change: Continuing our work to maximize shareholder value and successfully execute our health, safety, and environmental initiatives.
Speaker Change: I am pleased to report that we have had no lost time accidents year to date and the Mount Todd site has now reached 991 consecutive accident free days.
Douglas Tobler: I will discuss some of these topics in greater detail later in the call, but I will now turn the time over to Doug Toller, RCFO, for a review of our financial results for the quarter ended June 30th, 2024. Thank you, Fred. I'd like to start today's financial presentation with a recap of our balance sheet. In June, we received the final $10 million installment under the Wheaton Royalty Agreement. With this final installment, we've now received the full $20 million and are using these funds on our ongoing drilling program and upcoming evaluations of an initially smaller scale project at Mt.
Speaker Change: 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, our CFO , for a review of our financial results for the quarter ended June 30, 2024. Thank you, Fred.
Douglas L. Tobler: I'd like to start today's financial presentation with a recap of our balance sheet. In June, we received the final $10 million installment under the Wheaton Royalty Agreement.
Douglas L. Tobler: I'd like to start today's financial presentation with a recap of our balance sheet.
Douglas L. Tobler: With this final installment, we've now received the full $20 million and are using these funds for our ongoing drilling program and upcoming evaluations of an initially smaller-scale project at Mount Hod. We ended the second quarter with cash totaling $20.2 million, and we continued to have no debt. I'll now provide a review of our results of operations for the three and six month periods ending June 30, 2024, compared to these same periods in 2023.
Douglas L. Tobler: In June , we received the final $10 million installment under the Wheaton Royalty Agreement.
Douglas L. Tobler: With this final installment, we've now received the full $20 million and are using these funds on our ongoing drilling program and upcoming evaluations of an initially smaller-scale project at Mount Hod.
Douglas Tobler: Todd. We ended the second quarter with cash totaling $20.2 million, and we continue to have no debt.
Douglas L. Tobler: We ended the second quarter with cash totaling $20.2 million and we continued to have no debt.
Douglas Tobler: I'll now provide a review of our results of operations for the three and six month periods ended June 30th, 2024, compared to these same periods in 2023. First I'll address the three-month periods ended June 30th, 2024, and 23. This to report a consolidated net income of $15.6 million during the most recent quarter of 2024, compared to a consolidated net loss of $1.5 million for 2023. Net income for the 24 period resulted mostly from the gain of $16.9 million on the grant of a royalty interest in mineral titles to Wheaton. This gain included the previously deferred gain on installment payments totaling $10 million, plus the $10 million received in June 2024 for the final installment.
Douglas L. Tobler: I'll now provide a review of our results of operations for the three and six-month periods into June 30, 2024, compared to these same periods in 2023.
Douglas L. Tobler: First, I'll address the three months period ended June 30, 24, and 23. Vista reported consolidated net income of $15.6 million during the most recent quarter of 2024, compared to a consolidated net loss of $1.5 million for 2023. Net income for the 24-month period resulted mostly from a gain of $16.9 million on the grant of a royalty interest in mineral titles to each. This gain included the previously deferred gain on installment payments totaling $10 million plus the $10 million received in June 2024 for the final installment, all of this being net of the associated physical property carrying costs of $3.1 million as of the date the final installment was received. Partially offsetting this gain were Mt.
Douglas L. Tobler: First, I'll address the three months period ended June 30, 2024 and 23.
Speaker Change: Vista reported consolidated net income of $15.6 million during the most recent quarter of 2024, compared to a consolidated net loss of $1.5 million.
Speaker Change: for 2023. Net income for the 24 period resulted mostly from a gain of $16.9 million on the grant of a royalty interest in mineral titles to Wheaton.
Speaker Change: This gain included the previously deferred gain on installment payments totaling $10 million plus the $10 million received in June 2024 for the final installment.
Douglas Tobler: All of this being net of the associated mineral property carrying costs of $3.1 million as of the date the final installment was received. Partially offsetting this gain were Mt. Todd site costs and corporate administrative expenses of $645,000 and $763,000 for the 24 and 23 periods, respectively. Each of these expense categories was slightly lower than those of 2023. The net loss of $1.5 million for 2023 month period was largely comprised again of Mt. $878,000 respectively. Upnote costs associated with our ongoing development drilling program totaled $524,000 during the three-month period into June 30, 2024, and these costs were capitalized.
Speaker Change: All of this being net of the associated mental property carrying costs of $3.1 million as of the date the final installment was received.
Douglas L. Tobler: Todd site costs and corporate administrative expenses of $645,000 and $763,000 for the 24 and 23 periods, respectively. However, each of these expense categories were slightly lower than those of 2023. The net loss of one and a half million dollars for the 2020 and the 2023 three month periods was largely comprised again of Mount Todd site and corporate administrative expenses of $682,000 and $878,000, respectively. Of note, costs associated with our ongoing development drilling program totaled $524,000 during the three month period into June 30, 2024.
Speaker Change: Partially offsetting this gain were Mt. Todd site costs and corporate administrative expenses of $645,000 and $763,000 for the 24 and 23 periods respectively.
Speaker Change: Each of these expense categories were slightly lower than those of 2023.
Speaker Change: The net loss of $1.5 million for the 2023 three-month period was largely comprised again of Mt. HUD site and corporate administrative expenses of $682,000 and $878,000, respectively.
Speaker Change: Of note, costs associated with our ongoing development drilling program totaled $524,000 during the three-month period into June 30, 2024, and these costs were capitalized.
Douglas L. Tobler: And these costs were capitalized. The majority of these costs were for were part of the mineral property carrying value that was then offset against the $20 million from the proceeds received from weight. By comparison, there was no drilling that occurred during the same period in 2023.
Douglas Tobler: The majority of these costs were part of the mental property carrying value that was then offset against the $20 million from the proceeds received from Wheaton, and by comparison, there was no drilling that occurred during the same period in 2023.
Speaker Change: The majority of these costs were part of the mineral property carrying value that was then offset against the $20 million from the proceeds received from Wheaton. And by comparison, there was no drilling that occurred during the same period in 2023.
Douglas Tobler: Now I'll talk briefly about the six-month periods into June 30, 2024, and 2023. Vista reported consolidated net income of $14.6 million during the six months ended June 30, 24, compared to a consolidated net loss of $3.5 million for the comparable period in 2023. As with the most recent 2024 quarter, the six-month period in 24 included the $16.9 million gain. Vista also recognized a gain of $802,000 during the 2024 six-month period from the sale of a portion of its used mill equipment. Partially offsetting these gains were Mount Tud site in corporate administrative expenses of $1.4 million and $2 million, respectively.
Douglas L. Tobler: Now we'll talk briefly about the six month periods into June 30 24 and 23, Vista reported consolidated net income of $14.6 million during the six months ended June 3024 compared to consolidated net loss of three and a half million dollars for the comparable period in 2023. As with the most recent 2024 quarter, the six month period in 24 included a $16.9 million dollar gain. Vista also recognized a gain of $802,000 during the 2024 six-month period from the sale of a portion of its used mill equipment.
Speaker Change: Now I'll talk briefly about the six-month periods into June 30, 24, and 23.
Speaker Change: Vista reported a consolidated net income of $14.6 million during the six months ended June 30, 2024, compared to a consolidated net loss of $3.5 million for the comparable period in 2023.
Douglas L. Tobler: Partially offsetting these gains were Mt. Todd's site and corporate administrative expenses of $1.4 million and $2 million, respectively. And again, each of these expense categories was slightly lower than those for the 2023 period. The net loss of three and a half million dollars for the 2023 six-month period was largely comprised of Mount Tutte site and corporate administrative expenses of one and a half million dollars and $2 million, respectively. As with the three month period in 2024, we capitalized development costs.
Speaker Change: As with the most recent 2024 quarter, the six-month period in 2024 included the $16.9 million gain.
Vista: Vista also recognized a gain of $802,000 during the 2024 six-month period from the sale of a portion of its used mill equipment.
Speaker Change: Partially offsetting these gains were Mount Tob's site and corporate administrative expenses of 1.4 million dollars and 2 million dollars respectively. And again, each of these expense categories were slightly lower than those for the 2023 period.
Douglas Tobler: And again, each of these expense categories were slightly lower than those for the 2023 period. The net loss of $3.5 million for 2023 six-month period was largely comprised of Mount Tud site and corporate administrative expenses of $1.5 million and $2 million, respectively. As with the three-month period in 2024, we capitalized development costs. This included $1 million for the six-month period into June 30, 24, with all but 83,000 being part of the mineral property carrying value that was then offset against the $20 million proceeds received from Wheaton.
Speaker Change: The net loss of three and a half million dollars for 2023 six-month period was largely comprised of Mount Todd site and corporate administrative expenses of one and a half million dollars and two million dollars respectively.
Speaker Change: As with the three-month period in 2024, we capitalized development costs.
Douglas L. Tobler: This included $1 million for the six-month period into June 30, 2024, with all but $83,000 being part of the mineral property carrying value that was then offset against the $20 million of proceeds received from LEAC. In summary, we're very pleased with the improvements made to our balance sheet during the first six months of 2024 and the results of our ongoing focus on controlling our expenditures. That concludes my remarks, so I'll turn it back over to you.
Speaker Change: This included $1 million for the six-month period into June 30, 2024, with all but $83,000 being part of the mineral property carrying value that was then offset against the $20 million of proceeds received from Wheaton.
Douglas Tobler: In summary, we're very pleased with the improvements made to our balance sheet during the first six months of 2024, and the results of our ongoing focus on controlling our expenditures.
Speaker Change: In summary, we're very pleased with the improvements made to our balance sheet during the first six months of 2024, and the results of our ongoing focus on controlling our expenditures. That concludes my remarks, so I'll turn it back over to you. Thank you, Doug.
Frederick Earnest: That concludes my remarks. Thank you, Doug. I'll begin with our second quarter achievements, followed by our outlook for the remainder of the year.
Frederick H. Earnest: I'll begin with our second quarter achievements, followed by our outlook for the remainder of the year. As many of you know, in December of 2023, we completed a $20 million royalty transaction with Wheaton Precious Metals. And as Doug has reported, in June, we received the final $10 million installment payment under that royalty agreement. All payments have now been received, which has significantly strengthened our balance sheet.
Speaker Change: I'll begin with our second quarter achievements followed by our outlook for the remainder of the year.
Frederick Earnest: As many of you know, in December of 2023, we completed a $20 million royalty transaction with Wheaton Precious Metals. And as Doug has reported, in June, we received the final $10 million installment payment under that royalty agreement. All payments have now been received, which has significantly strengthened our balance sheet. With regards to the drilling program, in June of this year, we completed phase one of our 2024 drill program, which consisted of 11 holes and totaled almost 3,000 meters. These holes are part of the six to 7,000 meters of drilling plan for this year.
Speaker Change: As many of you know, in December of 2023, we completed a $20 million royalty transaction with Wheaton Precious Metals.
Speaker Change: And as Doug has reported, in June we received the final $10 million installment payment under that royalty agreement. All payments have now been received, which has significantly strengthened our balance sheet.
Frederick H. Earnest: With regard to the drilling program, in June of this year, we completed phase one of our 2024 drill program, which consisted of 11 holes and totaled almost 3000 meters. These holes are part of the six to 7,000 meters of drilling planned for this year. Detailed results from Phase 1 are expected to be announced in August.
Douglas L. Tobler: With regards to the drilling program, in June of this year we completed phase one of our of our 2024 drill program which consisted of 11 holes and totaled almost 3,000 meters.
Speaker Change: These holes are part of the 6,000 to 7,000 meters of drilling plan for this year. Detailed results from Phase 1 are expected to be announced in August . Phase 2 of the drilling program commenced in July and is expected to be completed by year-end.
Frederick Earnest: Detailed results from phase one are expected to be announced in August. Phase two of the drilling program commenced in July and is expected to be completed by year-end. Phase one focused on defining the limits of mineralization at the north end of the Batman deposit and confirming the grade in this area. We are evaluating the last assays at this time. Phase two is concentrating on defining the South cross-load structure. This structure trends from the center of the Batman deposit to the northeast and was intersected in a couple of holes in the 2022 drill programs. Historic drilling on the south cross-loads suggests a narrow mineralized structure with potentially higher grades than those typically observed in the Batman deposit.
Frederick H. Earnest: Phase II of the drilling program commenced in July and is expected to be completed by year end. Phase One focused on defining the limits of mineralization at the north end of the Batman deposit and confirming the grade in this area. We are evaluating the last assays at this time.
Speaker Change: Phase one focused on defining the limits of mineralization at the north end of the Batman deposit and confirming the grade in this area. We are evaluating the last assays at this time.
Frederick H. Earnest: Phase two is concentrating on defining the south crossload structure. This structure trends from the center of the Batman deposit to the northeast and was intersected by a couple of holes in the 2020 and 2022 drill programs. Historic drilling on the South Crossroads suggests a narrow mineralized structure with potentially higher grades than those typically observed in the Batman deposit. The 2024 drilling program is expected to have an all-in cost of approximately $2 million with regard to the Northern Territory Minerals Royalty Act.
Speaker Change: Phase two is concentrating on defining the south cross load structure. This structure trends from the center of the Batman deposit to the northeast and was intersected in a couple of holes in the 2020 and 2022 drill programs.
Speaker Change: Historic drilling on the South Crossroads suggests a narrow mineralized structure with potentially higher grades than those typically observed in the Batman deposit. The 2024 drilling program is expected to have an all-in cost of approximately two million dollars.
Frederick Earnest: The 2024 Drawing Program is expected to have an all-in cost of approximately $2 million with regards to the Northern Territory Minerals Royalty Act.
Speaker Change: With regards to the Northern Territory Minerals Royalty Act.
Frederick Earnest: In June, we announced that the Northern Territory Government had passed legislation to enact the Minerals Royalty's Act of 2024, with an effective date of July 1, 2024. This replaced the prior net profits royalty regime with an ad valorem royalty regime for new minds. The new Minerals Royalty's Act is aimed at encouraging present and future exploration and development of mining projects by simplifying the Northern Territory's royalty system and making it more competitive with other Tier 1 jurisdictions. The new royalty rate applicable to Gold Dore from the Mt. Todd Project will be 3.5% of the value of gold produced.
Frederick H. Earnest: In June, we announced that the Northern Territory Government had passed legislation to enact the Mineral Royalties Act of 2024, with an effective date of July 1, 2024. This replaced the prior net profits royalty regime with an ad valorem royalty regime for new mines. The New Mineral Royalties Act is aimed at encouraging present and future exploration and development of mining projects by simplifying the Northern Territory's royalty system and making it more competitive with other Tier 1 jurisdictions.
Speaker Change: In June , we announced that the Northern Territory Government had passed legislation to enact the Mineral Royalties Act of 2024 with an effective date of July 1, 2024.
Speaker Change: This replaced the prior net profits royalty regime with an ad valorem royalty regime for new mines.
Speaker Change: The New Mineral Royalties Act is aimed at encouraging present and future exploration and development of mining projects by simplifying the Northern Territory's royalty system and making it more competitive with other Tier 1 jurisdictions.
Frederick H. Earnest: The new royalty rate applicable to Gold Doré from the Mt. Todd project will be 3.5% of the value of gold produced. This represents a meaningful opportunity for improved project economics at Mount Todd and earlier shareholder returns compared to our 2024 updated feasibility study, which included Northern Territory royalties equivalent to nearly a 7% ad valorem rate. Under the previous net profits royalty regime, our base case economic analysis, at an $1,800 gold price, estimated the payment of approximately $765 million in Northern Territory royalties over the life of the mine.
Speaker Change: The new royalty rate applicable to Gold Doré from the Mt. Todd project will be 3.5% of the value of gold produced.
Frederick Earnest: This represents a meaningful opportunity for improved project economics at Mt. Todd and earlier shareholder returns compared to our 2024 updated feasibility study, which included Northern Territory Royalty's equivalent to nearly a 7% ad valorem rate. Under the previous net profits royalty regime, are base-case economic analysis. At an $1800 gold price estimated the payment of approximately $765 million in Northern Territory royalties over the life of the mine. The new royalty rate represents a nearly 50% reduction in payable royalty and underscores the Northern Territory's commitment to growing a viable mining sector through new development.
Speaker Change: This represents a meaningful opportunity for improved project economics at Mt. Todd and earlier shareholder returns compared to our 2024 updated feasibility study, which included Northern Territory royalties equivalent to nearly a 7% ad valorem rate.
Speaker Change: Under the previous Net Profits Royalty Regime, our base case economic analysis
Speaker Change: at an $1,800 gold price estimated the payment of approximately
Speaker Change: 765 million dollars in Northern Territory royalties over the life of the mine. The new royalty rate represents a nearly 50% reduction in payable royalty and underscores the Northern Territory's commitment to growing a viable mining sector through new development.
Frederick H. Earnest: The new royalty rate represents a nearly 50% reduction in payable royalty and underscores the Northern Territory's commitment to growing a viable mining sector through new development. I'd like to comment briefly on the appointment of Maria Vallejo as our Director of Projects and Technical Services. In June of this year, Maria joined the company as our director of projects and technical services. She is a registered professional engineer and a fellow of the Australian Institute of Mining and Metallurgy. She is also a qualified person as defined by item 1300 of Regulation SK under the Securities Exchange Act of 1934 as amended and Canadian National Instrument 43-101 Standards for Disclosure of Mineral Projects.
Frederick Earnest: I'd like to comment briefly on the appointment of Maria Vallejo as our Director of Projects and Technical Services. In June of this year, Maria joined the company as our Director of Projects and Technical Services. Maria is a registered professional engineer and Fellow of the Australian Institute of Mining and Metallurgy. She is also a qualified person as defined by Item 1300 of Regulation SK under the Securities Exchange Act of 1934 as amended. And Canadian National Instrument 43-101 standards for disclosure of mineral projects. She brings 15 years of experience screening, evaluating, optimizing, and developing gold and copper mining assets in the Americas and Asia-Pacific.
Frederick H. Earnest: She brings 15 years of experience screening, evaluating, optimizing, and developing gold and copper mining assets in the Americas and Asia Pacific. Her technical background and expertise will be invaluable as we advance our evaluation of smaller scales and Stage Development Opportunities at Mount Todd, as well as as we consider possible potential strategic transactions and position Vista for long-term success. Now looking ahead.
Speaker Change: I'd like to comment briefly on the appointment of Maria Vallejo as our Director of Projects and Technical Services.
Speaker Change: In June of this year, Maria joined the company as our Director of Projects and Technical Services. Maria is a registered professional engineer and Fellow of the Australian Institute of Mining and Metallurgy.
Speaker Change: She is also a qualified person as defined by item 1300 of Regulation SK under the Securities Exchange Act.
Speaker Change: of 1934 as amended.
Speaker Change: and Canadian National Instrument 43-101 Standards for Disclosure of Mineral Projects.
Speaker Change: She brings 15 years of experience screening, evaluating, optimizing, and developing gold and copper mining assets in the Americas and Asia-Pacific. Her technical background and expertise will be invaluable as we advance our evaluation of smaller scales.
Frederick Earnest: Her technical background and expertise will be invaluable as we advance our evaluation of smaller scales and stage development opportunities at Mt. Todd. As also as we consider potential strategic transactions and position Vista for long-term success.
Speaker Change: and Stage Development Opportunities at Mt. Todd.
Speaker Change: Also, as we consider potential strategic transactions and position Vista for long-term success.
Frederick Earnest: Now looking ahead. In addition to maintaining a strong balance sheet, we are advancing evaluations of an initially smaller scale Mt. Todd project. With the option for subsequent stage, the expansion and continuing our work to maximize shareholder value. As part of our work to improve the value of Mt. Todd, we plan to leverage the results of previous technical studies as we evaluate a smaller scale initial project. Previous studies demonstrated opportunities to significantly lower the initial cap ex while maintaining high margins and deliver attractive economic returns associated with an initially smaller scale project. At the same time, this allows us to preserve the flexibility for subsequent stage development.
Frederick H. Earnest: 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 to maximize shareholder value. As part of our work to improve the value of Mount Todd, we plan to leverage the results of previous technical studies as we evaluate a smaller-scale initial project. Previous studies demonstrated opportunities to significantly lower the initial CAPAX while maintaining high margins and delivering attractive economic returns associated with an initially smaller-scale project.
Speaker Change: Now looking ahead.
Speaker Change: In addition to maintaining a strong balance sheet, we are advancing evaluations of an initially smaller scale Mt. Todd project with the option for subsequent staged expansion and continuing our work to maximize shareholder value.
Speaker Change: As part of our work to improve the value of Mount Todd, we plan to leverage the results of previous technical studies as we evaluate a smaller scale initial project.
Speaker Change: Previous studies demonstrated opportunities to significantly lower the initial CAPEX.
Speaker Change: while maintaining high margins and deliver attractive economic returns associated with an initially smaller scale project. At the same time, this allows us to preserve the flexibility for subsequent stage development.
Frederick H. Earnest: At the same time, this allows us to preserve the flexibility for subsequent stage development. With the gold price continuing to rise, margins are increasing. Our analysis suggests that higher margins combined with lower initial capital provide an avenue to greater value recognition. We believe that alternative development strategies offer valuable optionality as we focus on creating shareholder value and attracting investor interest in Mt. Todd.
Frederick Earnest: With the gold price continuing to rise, margins are increasing. Our analysis suggests that higher margins combined with lower initial capital provide an avenue to greater value recognition. We believe that alternative development strategies offer valuable optionality as we focus on creating shareholder value and attracting investor interest in Mt. Todd.
Speaker Change: With the gold price continuing to rise, margins are increasing.
Speaker Change: Our analysis suggests that higher margins combined with lower initial capital provide an avenue to greater value recognition.
Speaker Change: We believe that alternative development strategies offer valuable optionality as we focus on creating shareholder value and attracting investor interest in Mount Todd.
Frederick H. Earnest: At this time, we anticipate completing a feasibility study on a smaller scale initial project next year. In conclusion, Vista controls one of the most attractive large gold deposits in one of the most attractive mining jurisdictions in the world. We are committed to seeing it developed in keeping with the highest mining and ESG standards when the time is right, and we will work diligently toward achieving that goal. Our success is important to the Northern Territory, the people and families of the project area, and ultimately to Vista shareholders.
Frederick Earnest: At this time, we anticipate completing a feasibility study on a smaller scale initial project next year.
Speaker Change: At this time, we anticipate completing a feasibility study on a smaller-scale initial project next year.
Frederick Earnest: In conclusion, Vista controls one of the most attractive large gold deposits in one of the most attractive mining jurisdictions in the world. We are committed to seeing its development and keeping with the highest mining and ESG standards when the time is right. And we'll work diligently toward achieving that goal. Our success is important to the Northern Territory, the people and families of the project area, and ultimately to Vista shareholders. In the current rising gold price environment, we believe that thoughtful evaluations and a focus on minimizing shareholder risk will help us create and realize greater value for all shareholders.
Speaker Change: In Conclusion
Speaker Change: Vista controls one of the most attractive large gold deposits in one of the most attractive mining jurisdictions in the world.
Speaker Change: We are committed to seeing its development and keeping with the highest mining and ESG standards when the time is right.
Speaker Change: and will work diligently toward achieving that goal.
Speaker Change: Our success is important to the Northern Territory, the people and families of the project area, and ultimately to Vista shareholders.
Frederick H. Earnest: In the current rising gold price environment, we believe that thoughtful evaluations and a focus on minimizing shareholder risk will help us create and realize greater value for all shareholders. The Mt. Todd Gold Project is one of the largest and most advanced undeveloped gold projects in Australia with 7 million ounces of proven probable reserves. In addition to its size, Mt. Todd offers a number of other strategic advantages.
Speaker Change: In the current rising gold price environment, we believe that thoughtful evaluations and a focus on minimizing shareholder risk will help us create and realize greater value for all shareholders.
Frederick Earnest: The Mt. 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, Mt. Todd offers a number of other strategic advantages. Mt. Todd is ideally located in the Northern Territory, an extremely stable and mining-friendly jurisdiction. The existing project infrastructure Mt. Todd provides construction timeline and risk mitigation advantages. All of the major permits to initiate development of Mt. Todd has been approved. Of equal importance, we have earned the trust of the local stakeholders and are confident that our social licenses are firmly in hand.
Speaker Change: The Mt. 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.
Speaker Change: In addition to its size, Mount Todd offers a number of other strategic advantages.
Frederick H. Earnest: Todd is ideally located in the Northern Territory, an extremely stable and mining-friendly jurisdiction. The existing project infrastructure at Mount Todd provides construction timeline and risk mitigation advantages. All of the major permits to initiate the development of Mt. 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 design that significantly reduces the initial capital costs while maintaining competitive operating costs and Preserving the Option for Future Project Expansion.
Speaker Change: Mount Todd is ideally located in the Northern Territory, an extremely stable and mining-friendly jurisdiction.
Speaker Change: The existing project infrastructure at Mt. Todd provides construction timeline and risk mitigation advantages.
Speaker Change: All of the major permits to initiate development of Mt. Todd have been approved.
Speaker Change: 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,
Frederick Earnest: Our current technical programs aim to de-risk 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. We believe Mt. Todd is a superior asset and one of the most attractive development sage projects, and not just in Australia but in the world. Our primary objective is to achieve evaluation for Mt. Todd, that is reflective of the favorable operating costs and robust project not economics, as demonstrated by the updated feasibility study, coupled with the fact that we hold all of the approvals for all major permits needed to initiate development.
Speaker Change: that significantly reduced the initial capital cost while maintaining competitive operating costs and preserving the option for future project expansion.
Frederick H. Earnest: We believe Mount Tod is a superior asset and one of the most attractive development stage projects, not just in Australia but in the world. Our primary objective is to achieve a valuation for Mount Tod that is reflective of the favorable operating costs and robust project economics as demonstrated by the updated feasibility study. Added to the fact that we hold all of the approvals for all major permits needed to initiate development. For a more comprehensive review of the work completed by Vista on the Mount Todd project, I refer you to our corporate presentation, which can be found on our website at www.vistagold.com.
Speaker Change: We believe Mount Tod is a superior asset and one of the most attractive development stage projects, not just in Australia, but in the world.
Speaker Change: Our primary objective...
Speaker Change: 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.
Speaker Change: coupled with the fact that we hold all of the approvals for all major permits needed to initiate development.
Frederick Earnest: For a more comprehensive review of the work completed by Vistam on the Mt. Todd project, I refer you to our corporate presentation, which can be found on our website at www.vistagold.com.
Speaker Change: For a more comprehensive review of the work completed by Vista on the Mount Todd project, I refer you to our corporate presentation, which can be found on our website at www.vistagold.com.
Frederick Earnest: We believe that Vistagold represents an exceptional investment opportunity and that current gold prices represent a tremendous opportunity to establish a position or increase one's holding in Vistagold.
Frederick H. Earnest: We believe that Vista Gold represents an exceptional investment opportunity and that current gold prices represent a tremendous opportunity to establish a position or increase one's holding in Vista Gold. This concludes my formal remarks. We will now respond to any questions from participants on this call.
Speaker Change: We believe that Vista Gold represents an exceptional investment opportunity and that current gold prices represent a tremendous opportunity to establish a position or increase one's holding in Vista Gold.
Speaker Change: This concludes my formal remarks. We will now respond to any questions from participants on this call.
Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the number on your touchtone phone. You will hear a prompt if your hand has been raised. Questions will be taken in the order received. Should you wish to cancel your request, please press the star followed by the. If you are using a speakerphone, please lift the handset before pressing any key.
Speaker Change: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a prompt if your hand has been raised.
Unknown Attendee: This concludes my formal remarks. We will now respond to any questions from participants who are using a speaker phone that please lift the handset before pressing anything. Once again, that is star one should be reached to ask the question.
Speaker Change: Questions will be taken if the order received.
Speaker Change: If you wish to cancel your request, please press the star followed by the 2. If you are using a speakerphone, please lift the handset before pressing any key.
Operator: Once again, that is Star 1 Sugar Rush to ask a question. Your first question is from Heiko Ila from HC Wainwright. Please ask your question.
Speaker Change: Once again, that is star 1 Sugar Rush to ask a question.
Heiko Ihle: Your first question is from Heiko Ila from H.C. Lanewright. Please ask your question.
Speaker Change: Your first question is from Heiko Ila from HC Wainwright. Please ask your question.
Heiko Ihle: Hello, Fred and team. How are you? Thanks for taking my questions.
Heiko Ila: Hello Fred and team, how are you? Thanks for taking the time to answer my questions.
Frederick H. Earnest: Good afternoon. Thank you for being on the call.
Heiko Ila: Hello Fred and team, how are you? Thanks for taking my questions.
Frederick Earnest: Hi, Go. Good afternoon. Thank you for being on the call. I'm always glad. Okay, so you just got the final 10 million from Wheaton; gets you 20 million dollars in the bank. Can you maybe just walk people through what you plan to do with some of this extra cash, you know, that the royalty deal is done? I mean, is there any specific things that you plan on doing, any spend that are going to have, you know, happen at a higher rate and out of more numbers in the bank?
Unknown Attendee: and the Vista Gold Network. Thank you. I'm pleased to work with you. Always, I'm gladly.
Speaker Change: Good afternoon. Thank you for being on the call.
Heiko Ila: Okay, so you just got the final $10 million from Wheaton, so you have $20 million in the bank. Can you maybe just walk people through what you plan to do with some of this extra cash now that the royalty deal is done? I mean, are there any specific things that you plan on doing, any spends that are going to happen at a higher rate now that more money is in the bank?
Douglas L. Tobler: Douglas Goldstein, CFP®, is the director of Profile Investment Services and the host of the Goldstein on Gelt radio show.
Heiko Ila: Can you just walk people through what you plan to do with some of this extra cash now that the royalty deal is done? Is there any specific things that you plan on doing? Any spends that are going to happen at a higher rate now that more money is in the bank?
Douglas Tobler: Yeah, hi, Go, it's Doug here. I'll try to answer that. So split it into a couple of different buckets. The first is our recurring costs, which is basically the core of our holding costs for Mt. Todd and our corporate DNA. And those costs have been running at on the order of $6 million a year for about two and a half years now, including not going up through all the inflation. So we don't see a big change in what's happening with the core of the organization. As to other spending, of course, we'll have the spending on the drilling, which Fred said will be ballpark $2 million this year.
Douglas L. Tobler: Yeah, hi, it's Doug here. I'll try to answer that. So split it into a couple of different buckets. The first is our recurring costs, which is basically the core of our holding costs for Mount Todd and our corporate GNA. And those costs have been running at on the order of $6 million a year for about two and a half years now, including not going up with all the inflation. So we don't see a big change in what's happening with the core of the organization.
Heiko Ila: Yeah, Heiko, it's Doug here. I'll try to answer that. So split it into a couple of different buckets. The first is our recurring costs, which is basically the core of our holding costs for Mt. Todd and our corporate G&A.
Heiko Ila: and those costs have been running at on the order of six million dollars a year for about two and a half years now, including not going up through all the inflation. So we don't see a big change in what's happening with the core of the organization.
Douglas L. Tobler: As to other spending, of course, we'll have the spending on drilling, which Fred said will be ballpark $2 million this year. And I don't have anything today that would tell me it would go over, but we seem to be tracking right on plan. And secondly, of course, later in the year, as we come close to the end of the drilling program, we'll pick up on doing some, the start of the studies.
Speaker Change: As to other spending, of course, we'll have the spending on the drilling, which Fred said will be ballpark $2 million this year. And I don't have anything today that would tell me it would go over that. We seem to be tracking right on plan.
Douglas Tobler: And I don't have anything today that would tell me it would go over that we seem to be tracking right on plan. And secondly, of course, later in the year, as we come close to the end of the drilling program, we'll pick up on doing some on the start of the studies. First, it'll be some trade-off studies; then we'll move into the technical report itself. So the balance of this calendar year in addition to the two and a half million of, sorry, two million of drilling will probably be another somewhere between $500,000 and a million this year.
Frederick H. Earnest: And secondly, of course, later in the year, as we come close to the end of the drilling program, we'll pick up on doing some, the start of the studies. First, it'll be some trade-off studies, then we'll move into the technical report itself.
Douglas L. Tobler: First, there will be some trade-off studies, then we'll move into the technical report itself. So the balance of this calendar year, in addition to the two and a half million of drilling, will probably be another somewhere between 500,000 and a million dollars this year. Then we'll wrap up the feasibility study in the first half of next year. So that's probably another million to a million and a half total. So outside of our normal burn rate and what we're doing to put this smaller scale initial plan together, there are really no significant spending changes expected.
Speaker Change: So, the balance of this calendar year, in addition to the 2.5 million of, sorry, 2 million of drilling, will probably be another, somewhere between $500,000 and $1 million this year.
Douglas Tobler: Then we'll wrap up the feasibility study of the first half of next year. So that's probably another million to a million and a half total. So outside of our normal burn rate and what we're doing to put this smaller scale initial plan together, there's really no significant spending changes expected.
Speaker Change: Then we'll wrap up the feasibility study of the first half of next year. So that's probably another million to a million and a half total. So outside of our normal burn rate and what we're doing to put this smaller scale initial plan together, there's really no significant spending changes expected.
Frederick H. Earnest: I would just add that just because we've got money in the door doesn't mean that we feel a great need to spend it. We'll continue our capital preservation practices and seek to maximize the value of the money that we spend.
Frederick Earnest: I would just I would just add to that just because we've got money in the door doesn't mean that we feel a great need to spend it. We'll continue our capital preservation practice and seek to maximize value from the money that we spend.
Speaker Change: I would just add to that, just because we've got money in the door doesn't mean that we feel a great need to spend it.
Speaker Change: We'll continue our capital preservation practices and seek to maximize value from the money that we spend.
Heiko Ihle: Fred, you know how I respect the way you spend money quite a bit. Okay, so you got that 3.5% royalty, the revised one on loan charge. I mean your numbers have it as a nearly 50% reduction in payable royalties overall. Can you maybe walk us through the timing of when money then gets, you know, sent to the government once this thing is actually in production? Is it more front loaded, more front loaded, more back loaded? Can you maybe just give some color to the listeners on this call and what you expect to see?
Heiko Ila: Fred, you know, I respect the way you spend money quite a bit. Okay, so you got the three and a half percent royalty on the revised one on Mount Todd. I mean, your numbers have it as a nearly 50% reduction in payable royalties overall. Can you maybe walk us through the timing of when the money then gets, you know, sent to the government once this thing is actually in production? Is it more front-loaded, front-loaded, or more back-loaded? Can you maybe just give some color to the listeners on this call on what you expect to see?
Speaker Change: Fred, you know I respect the way you spend money quite a bit.
Speaker Change: Okay, so you got the 3.5% royalty of the revised one on Mount Chard, I mean your numbers have it as a nearly 50% reduction in payable royalties overall.
Speaker Change: Can you maybe walk us through the timing of when money then gets, you know, sent to the government once this thing is actually in production? Is it more front-loaded, more back-loaded? Can you maybe just give some color to the listeners on this call and what you expect to see?
Douglas L. Tobler: Yeah, Heiko, I'll take that again. In simple terms, it's three and a half percent ad valorem, so take your gross revenue number times three and a half percent, and that'll be flat-lined across the entire life of mine. So, basically, you can see the $7 hundred and sixty-five million that's in the current study that just gets completely replaced by something that's, you know, down in the three hundred and fifty to four hundred million dollar range.
Frederick Earnest: Yeah, Heiko, I'll take that again. In simple terms, it's 3.5% out of a loan, so take your gross revenue number times 3.5%; that'll be a flat line across the entire life of mine. So, you know, basically you can see the $765 million that's in the current study; that just gets completely replaced by something that's, you know, down in the $350 to $400 million range. So, roughly a $350 million reduction over the life of mine, but there's no holiday or payback period at all involved in this given the cut that they made. They just keep it nice and flat.
Speaker Change: Yeah, I'll take that again. In simple terms, it's three and a half percent ad valorem. So take your gross revenue number times three and a half percent. That'll be flat, flat lined across the entire life of mine. So
Speaker Change: Basically, you can see the 765 million that's in the current study.
Speaker Change: That just gets completely replaced by.
Speaker Change: Something that's, you know, down in the 350 to 400 million dollar range, so roughly a 350 million dollar reduction over the life of mine, but it's, there's no holiday or payback period at all involved in this.
Douglas L. Tobler: So, roughly a three hundred and fifty million dollar reduction over the life of the mine. But it's, there's no holiday or payback period at all involved in this, given the cut that they made. They just keep it nice and flat. The other thing that this new royalty structure does is
Speaker Change: Give them the cut that they made, they just keep it nice and flat.
Frederick Earnest: The other thing that this new royalty structure does is it removes some of the complexities that were involved in the net profits calculation and puts most minds on an even footing where, you know, you'll be paying a royalty that's based on the value of reproduction across all sectors. And that's something that the previous NT royalty regime did not provide was that transparency, nor was it competitive compared to other jurisdictions. So, we believe that this is a tremendous step forward towards simplification and competitiveness, and certainly we believe that there will be some incentives that accrue from this for the development of mining projects and subsequently rewards for the Northern Territory.
Frederick H. Earnest: The other thing that this new royalty structure does is that it removes some of the complexities that were involved in the net profits calculation and puts most minds on an even footing where, you know, you'll be paying a royalty that's based on the value of your production across all sectors. And that's something that the previous NT royalty regime did not provide, that transparency, nor was it competitive compared to other jurisdictions. So we believe that this is a tremendous step forward towards simplification and competitiveness, and certainly, we believe that there will be some incentives that accrue from this for the development of mining projects and, subsequently, rewards for the Northern Territory.
Speaker Change: The other thing that this new royalty structure does is that it is
Speaker Change: It removes some of the complexities that were involved in the net profits calculation and puts most minds on an even footing where, you know, you'll be paying a royalty that's based on the value of reproduction.
Speaker Change: across all sectors and that's something that the NT
Speaker Change: The previous N.T. royalty regime did not provide was that transparency.
Speaker Change: Nor was it competitive compared to other jurisdictions. So we believe that this is a tremendous step forward towards simplification and competitiveness. And certainly we believe that there will be some.
Speaker Change: Some incentives that accrue from this for the development of mining projects and and subsequently rewards for the Northern Territory
Heiko Ihle: Thanks so much. I'll get back in cute. Okay. Thank you, Haiko. I'll see you once again.
Heiko Ila: Thanks so much. I'll get back in queue.
Operator: Okay, thank you, Heiko. On this here, once again, please.
Speaker Change: Thanks so much. I'll get back in queue.
Heiko Ila: Okay, thank you, Heiko.
Operator: On cue once again, please press star 1 on the sugar dish to ask a question. There are no further questions at this time. I will now hand the call back to Fred Earnest for the closing remarks.
Unknown Attendee: These press are one should have asked a question.
Speaker Change: Thank you once again. Please press star 1 to request to ask a question.
Unknown Attendee: There are no further questions at this point.
Pamela Solly: I will now have to call back the Pradermis for the closing remarks. Thank you, Jenny. And thank you to all of you who have joined the call today. I would just like to reiterate a core part of the message that we would like you to take away. And that is the Vista Gold controls, one of the most attractive large gold deposits in one of the most stable and mining-friendly jurisdictions in the world. We are committed to seeing its development and keeping with the highest mining and ESG standards. But we'll do so when the time is right, and we will work diligently toward that goal in the interim.
Speaker Change: There are no further questions at this time. I will now hand the call back to Fred Earnest for the closing remarks.
Frederick H. Earnest: And thank you to all of you who have joined the call today. I would just like to reiterate a core part of the message that we would like you to take away.
Frederick H. Earnest: Thank you, Jenny.
Frederick H. Earnest: And thank you to all of you who have joined the call today.
Speaker Change: I would, I would just like to reiterate a core part of the message that we would like you to take away. And that is that Vista Gold controls one of the most attractive large gold deposits.
Frederick H. Earnest: And that is that Vista Gold controls one of the most attractive large gold deposits in one of the most stable and mining-friendly jurisdictions in the world. We are committed to seeing its development in keeping with the highest mining and ESG standards but will do so when the time is right, and we will work diligently toward that goal in the interim. Our success is important not only to the Northern Territory and the people and families of the project area but, ultimately, to Vista shareholders.
Speaker Change: in one of the most stable and mining-friendly jurisdictions in the world.
Speaker Change: We are committed to seeing its development and keeping with the highest mining and ESG standards, but we'll do so when the time is right, and we will work diligently toward that goal in the interim.
Frederick Earnest: Our success is important not only to the Northern Territory and the people and families of the Project Area, but ultimately to Vista shareholders. In the current rising gold price environment, we believe that thoughtful evaluations and a focus on minimizing shareholder risk will ultimately help us create and realize greater value for all stakeholders. Our primary objective is to achieve evaluation from out Todd that is reflective of the intrinsic value of the project that recognizes the favorable operating cost and the robust project economics is demonstrated by the updated feasibility study and those studies which we'll be undertaking in the coming months and concluding, as Doug indicated, the first part of next year.
Speaker Change: Our success is important not only to the Northern Territory and the people and families of the project area, but ultimately to Vista shareholders.
Frederick H. Earnest: In the current rising gold price environment, we believe that thoughtful evaluations and a focus on minimizing shareholder risk will ultimately help us create and realize greater value for all stakeholders. Our primary objective is to achieve a valuation for Mount Todd that is reflective of the intrinsic value of the project. That recognizes the favorable operating costs and the robust robust project economics as demonstrated by the updated feasibility study and those studies which will be undertaken in the coming months and concluded, as Doug indicated, in the first part of next year.
Speaker Change: In the current rising gold price environment, we believe that thoughtful evaluations and a focus on minimizing shareholder risk will ultimately help us create and realize greater value for all stakeholders.
Speaker Change: Our primary objective is to achieve a valuation for Mount Todd that is reflective of the intrinsic value of the project.
Speaker Change: that recognizes the favorable operating cost and the robust project economics as demonstrated by the updated feasibility study and those studies which we'll be undertaking in the coming months and concluding as Doug indicated the first part of next year.
Pamela Solly: We would like to thank all of you for joining the call. We invite you to learn more about Vista Gold and the Mount Todd Project. If you need further information, please feel free to reach out to Pamela Solly, our Vice President of Investor Relations. I invite you all to give a serious consideration to how an investment in Vista Gold or increasing your holding in Vista Gold might be an opportunity for greater value creation in the future.
Frederick H. Earnest: We would like to thank all of you for joining the call. We invite you to learn more about Vista Gold and Mt. Todd project. If you need further information, please feel free to reach out to Pamela Solly, our Vice President of Investor Relations. I invite you all to give serious consideration to how an investment in Vista Gold or increasing your holding in Vista Gold might be an opportunity for greater value creation in the future. With that, I thank all of you and wish you all a very pleasant afternoon.
Speaker Change: We would like to thank all of you for joining the call. We invite you to learn more about Vista Gold and the Mt. Todd Project.
Speaker Change: If you need further information, please feel free to reach out to Pamela Solly, our Vice President of Investor Relations.
Speaker Change: I invite you all to give serious consideration to how an investment in Vista Gold or increasing your holding in Vista Gold might be an opportunity for greater value creation in the future. With that, I thank all of you and wish you all a very pleasant afternoon.
Unknown Attendee: With that, I thank all of you and wish you all a very pleasant afternoon. Thank you.
Operator: Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining us, and we will all disconnect our lines.
Unknown Attendee: Ladies and gentlemen, the conference has now ended. Thank you all for joining, and we'll be all this from extra line.
Speaker Change: Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining and we all disconnect our lines.