Q3 2025 Vista Gold Corp Earnings Call

Operator: Good day, ladies and gentlemen. Welcome to Vista Gold's Q3 2025 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 0 on your touch-tone phone. As a reminder, this conference call is being recorded. Today is Thursday, 13 November 2025. It is now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.

Good day, ladies and gentlemen, welcome to Vista golds third quarter 2025 financial results and corporate update conference call. At this time, all participants are in a listen only mode.

Knowing the presentation, we will conduct a question and answer session.

At that time participants I asked a question Star one to register for a question for assistance during the call. Please press star zero on your Touchtone phone.

As a reminder, this conference call is being recorded today Thursday November 13, 2025. It is now my pleasure to introduce Pamela Solly Vice President of Investor Relations. Please go ahead.

Pamela Solly: Thank you, Sylvie, good day, everyone. Thank you for joining the Vista Gold Q3 2025 Financial Results and Corporate Update Conference Call. I'm Pamela Solly, Vice President of Investor Relations. On the call today is Frederick Earnest, President and Chief Executive Officer, and Douglas Tobler, Chief Financial Officer. November 12, 2025, Vista reported its operating and financial results for the quarter ended 30 September 2025. 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.

Thank you Sylvie and good day everyone.

Thank you for joining the Vista Gold third quarter 2025 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.

On November 12, 2000, and twenty-five Vista reported its operating and financial results for the quarter ended September 30th 2025 copies of the news release and quarterly report on Form 10-Q are available on our website at Www Vista Gold Dot Com <unk>.

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 X.

Breast 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. I will now turn the call over to Frederick Earnest.

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.

Frederick Earnest: Thank you, Pam, thank you everyone for joining us on the call today. During Q3, we achieved a significant milestone with the completion of a new feasibility study for the Mt Todd Gold Project. The results of the study were announced on 29 July 2025. This new study represents a fresh vision for the project as a 15,000 ton per day operation, one that prioritizes lower initial capital costs and higher ore grades. The study underscores our commitment to see Mt Todd developed as an Australian project. I'll talk more on that later in the call. As we continue to evaluate strategic options for developing Mt Todd, we have started modifications to existing permits to align them with the new 15,000 ton per day project and initiated technical work in preparation of a decision to commence detailed engineering.

Thank you Pam.

And thank you everyone for joining us on the call today.

During the third quarter, we achieved a significant milestone with the completion of a new feasibility study for the Mt. Todd Gold project.

The results of the study were announced on July 29.

Our 2025 and this new study represents our first <unk> vision for the project is a 15000 ton per day operation one that prioritizes lower initial capital costs and higher ore grades. The study underscores our commitment to see Mt. Todd developed as an Australian project I'll talk more on that.

Later in the call.

As we continue to evaluate strategic options for developing Mt. Todd we have started modifications to existing permits to align them with the new 15000 ton per day project and initiated technical work in preparation of a decision to commence detailed engineering.

Frederick Earnest: I'm pleased to report that we ended the quarter with a solid cash position, which Doug will discuss shortly. Additionally, we have now achieved 4 years without a lost time accident at the site. We are committed to prioritizing the efficient use of our cash and creating long-term value for our shareholders through disciplined execution of our strategy for the Mt Todd gold project. I will discuss some of these topics in greater detail later in the call, I will now turn the time over to Douglas Tobler for a review of our financial results for the quarter ended 30 September 2025.

I'm pleased to report that we ended the quarter with a solid cash position, which Doug will discuss shortly.

Additionally, we have now achieved four years without a lost time accident at the site.

We are committed to prioritizing the efficient use of our cash and creating long term value for our shareholders through disciplined execution of our strategy for the Mt. Todd Gold project I.

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 September 32025.

Douglas Tobler: Thank you, Fred. I'll begin today's discussion with a summary of our results of operations for the 3 and the 9-month periods ended 30 September 2025, compared to these same periods for 2024. For additional details, our full financial statements and our MD&A are included in our Form 10-Q that was filed earlier this week. For the 3-month periods ended 30 September 2025 and 2024, we reported net losses of $723,000 and $1,638,000, respectively. The most significant reason for the decline in our net loss in the current period was our recognition of other income upon recovery of $1,257,000 for taxes that were paid in connection with the 2020 sale of the Los Reyes Gold Project in Mexico.

Thank you Fred.

And I'll begin today's discussion with a summary of our results of operations for the three and the nine month periods ended September 32025, compared to the same periods for 2024.

For additional details our full financial statements and our MD&A are included in our Form 10-Q that was filed earlier this week.

For the three months periods ended September 30, 25, and 24, we reported net losses of $723000 and $1 million $638000 respectively.

The most significant recent reason for the decline in our net loss in the current period was a recognition of other income upon recovery of $1 million $257000 for taxes that were paid in connection with the 2020 sale of the Los Reyes Gold project in Mexico.

Douglas Tobler: Minor offsets to these incomes resulted from slightly higher Mt Todd exploration and evaluation costs and administrative costs. For the nine-month periods ended 30 September 2025 and 2024, we reported a net loss of $5,787,000 for the 2025 period and net income of $12,922,000 for the 2024 period. The change between the 2025 and the 2024 periods resulted mostly from two gains recognized during the 2024 nine-month period. First, we recognized a $16.9 million gain on the grant of a royalty interest to Wheaton Precious Metals Corp. Secondly, we had an $802,000 gain on sale of a portion of our used mill equipment.

Minor offsets to these incomes, resulting from slightly higher Mount Todd exploration and evaluation costs and administrative costs.

Now for the nine month periods ended September 32025, and 24, we reported a net loss of $5 million $787000 for the 2025 period and net income of 12.922 million for the 24 period the.

The change between the 25 and the 24 periods resulted mostly from two gains recognized during the 24 nine months period first we recognized a nine or $16 $9 million gain on the grant of a royalty interest to Wheaton precious metals and secondly, we had an $802000 gain on the sale of a portion of our youth.

Used mill equipment.

Douglas Tobler: Partially offsetting the change that resulted from these 2024 gains was the $1,257,000 Mexico tax recovery that I mentioned previously. Turning to our financial position, we continued to maintain a strong cash position with $13.7 million on hand at 30 September 2025. This compares to the $16.9 million cash on hand at 31 December 2024. We were successful in limiting our net decline in cash during this 9-month period because of the Mexico tax recovery and selected use of our ATM program. Also, we continue to have no debt. Looking forward, we expect our recurring costs and other expenses to remain largely in line with our expectations.

Partially offsetting the change that resulted from these two 2024 games was the $1 million $257000 of Mexico tax recovery that I mentioned previously.

Turning to our financial position, we continue to maintain a strong cash position with $13 $7 million on hand at September 32025. This compares to the $16 $9 million cash on hand at December 31, 2024.

We were successful in limiting our net decline in cash during this nine month period because of the Mexico tax recovery and selected use of our ATM program.

Also we continue to have no debt.

Looking forward, we expect our recurring costs and other expenses to remain largely in line with our expectations for the 12 month period. Following September 32025, the company estimates net recurring costs will approximate $7 $4 million plus an additional $2 million related to.

Douglas Tobler: For the 12-month period following 30 September 2025, the company estimates net recurring costs will approximate $7.4 million, plus an additional $2 million related to ongoing and currently planned work at Mt Todd. Thank you. That concludes my remarks. Fred, I'll turn it back to you now.

Ongoing and currently planned work at Mt. Todd.

Thank you that concludes my remarks, Fred I'll turn it back to you now.

Frederick Earnest: Thank you, Doug. Let me first talk about the feasibility study. As I mentioned earlier, during the quarter, we completed a new feasibility study for Mt Todd that presents a fresh vision for the project as a 15,000 ton per day operation. The study significantly decreased the initial capital costs from over $1 billion to $425 million, prioritized grade over tons, delivered stable gold production over a 30-year mine life, and incorporated design and operating practices commonly used in Australian gold operations to reduce development and operation risks. The new feasibility study marks a significant shift in the strategy for Mt Todd, demonstrating the potential for near-term development of a smaller, lower capital cost project than those previously evaluated.

Thank you Doug.

Let me first talk about the feasibility study.

As I mentioned earlier during the quarter, we completed a new feasibility study for Mt. Todd.

<unk> presents a fresh and vision for the project has a 15000 ton per day operation.

Study significantly decrease the initial capital cost to from over $1 billion to $425 million.

Prioritized grade over tons delivered stable gold production over a 30 year mine life and incorporated design and operating practices, commonly used in Australian gold operations to reduce development and operation risks the new feasibility study marks a significant shift in the strategy per Mt. Todd dampened.

Demonstrating the potential for near term development of our smaller lower capital cost project than those previously evaluated.

Frederick Earnest: At the feasibility study gold price of $2,500 an ounce, the end net present value at a 5% discount rate is estimated to be $1.1 billion, with an internal rate of return of 27.8% and a payback period of 2.7 years. At a still conservative gold price of $3,300 per ounce, the net present value on an after-tax basis at a 5% discount rate is estimated to be $2.2 billion, with an internal rate of return of 44.7% and a payback period of 1.7 years.

At the feasibility study gold price of 2000 and $500 an ounce.

Net present value at a 5% discount rate is estimated to be $1.1 billion U S. With an internal rate of return of 27, 8% and a payback period of two seven years.

At a still conservative gold price of $3300 per ounce, the net present value of that.

After tax basis at a 5% discount rate is estimated to be $2.2 billion with an internal rate of return of 44, 7% and a payback period of one seven years.

Frederick Earnest: Obviously, these economics demonstrate very strong leverage to the price of gold. For additional information on the feasibility study results, please refer to Vista's news release dated 29 July 2025, and the feasibility study presentation, both of which can be found on our company website. Switching over to permits. As we've discussed in the past, we have all of the major permits for the previously evaluated 50,000 ton per day operation. It, as all will appreciate with the design changes, with the rising gold price, there are some differences. In order to align the new 15,000 ton per day operation with those permits, modifications to some of those permits are necessary. The work commenced during Q3 and is ongoing. Switching to technical studies, we are completing technical work in advance of a decision to commence detailed engineering.

Obviously, these economics demonstrate very strong leverage to the gold to the price of gold.

For additional information on the feasibility study results. Please refer to Vista's news release dated July 29 2025.

And the feasibility study presentation, both of which can be found on our company website.

Switching over to permits as we've discussed in the past we have all of the major permits for the previously evaluated 50000 ton per day operation.

Yeah.

As you all will appreciate with the design changes are the rising gold price. There are some differences in in order to align the new 15000 ton per day operation with those permits modifications to some of those permits are necessary.

The work commenced during the third quarter and is ongoing.

Switching to technical studies, we are completing technical work in advance of the decision to commence detailed engineering. The primary objective of these programs is to characterize material properties and attributes to support early stage engineering and equipment selection decisions.

Frederick Earnest: The primary objective of these programs is to characterize material properties and attributes to support early-stage engineering and equipment selection decisions. During Q3, we maintained our focus on safety, environmental stewardship, and stakeholder interests. The Mt. Todd team passed the very significant milestone of 4 years with no lost time accidents. We're very pleased with this achievement. We remain committed to our health and safety programs and are focused on extending this achievement. Site personnel continued to successfully manage Mt. Todd environmental initiatives, and management continued its proactive engagement with the Jawoyn Association Aboriginal Corporation, and other key stakeholders. Looking ahead, we believe Mt. Todd holds tremendous intrinsic value and represents an exceptional investment opportunity at conservative long-term gold prices. With an all-in sustaining cost of $1,500 per ounce and a very conservative gold price of $3,500 an ounce, the Mt.

Yes.

During the third quarter.

We maintained our focus on safety environmental stewardship and stakeholder interests.

The Mount Todd team past, the very significant milestone of four years.

With no lost time accidents were very pleased with this achievement, we remain committed to our health and safety programs.

And are focused on extending this achievement.

Site personnel continued to successfully manage Mt Todd environmental initiatives.

And management continued its proactive engagement with the Javelin Association Aboriginal Corporation and other key stakeholders.

Looking ahead.

We believe Mt. Todd holds tremendous intrinsic value and represents an exceptional investment opportunity.

Our conservative long term gold prices.

With an all in sustaining cost of <unk>.

<unk> hundred dollars per ounce and a very conservative gold price of $3500 an ounce.

Frederick Earnest: Todd Gold Project will generate approximately $300 million of free cash flow annually. Looking at this from another perspective, at a $2,500 gold price, the study net asset value per share is $8.41 per share. At a $3,300 gold price, the study net asset value per share is $17.14 per share. That's nearly 10 times our current share price. I think these numbers support our belief that this is a tremendous opportunity here and a tremendous opportunity to acquire Vista shares and see a significant increase on your returns. We're very pleased with our share performance to date, which reflects not only the rise in the gold price, but also the market's strong support of the new Mt Todd 15,000 ton per day feasibility study.

Mt Todd Gold project will generate.

Approximately $300 million U S of free cash flow annually.

And looking at this from another perspective at a $2500 gold price the steady net asset value per share is $8 41 per share.

The 3300 dollar gold price the study net asset value per share is $17.14 per share. That's nearly 10 times. Our current share price I think these numbers support our belief that this is a tremendous there's a tremendous opportunity here and.

A tremendous opportunity to to acquire Vista shares and see a significant increase on your returns. We're very pleased with our performance to date, which reflects not only the rise in the gold price, but also the market strong support of the new Mount Todd 15000 ton per day feasibility studies.

Frederick Earnest: Vista shares have increased approximately 210% year to date, with our market cap at approximately $220 million. We anticipate sustained strength in the gold price will continue to positively influence Vista's share price performance. Today, with much higher gold prices and growing investor interest, Mt. Todd is positioned as one of the most attractive development stage projects in the gold sector. Its strong project economics, favorable jurisdiction, permitting status, and existing infrastructure make it well-suited for near-term development. We are confident that this is the right market in which to advance Mt. Todd. In conclusion, Vista is committed to seeing Mt. Todd developed in compliance with the highest mining and ESG standards, and we'll work diligently toward that goal. For more information about Vista Gold and the Mt.

Shares have increased almost or approximately 210% year to date.

With our market cap of approximately $220 million, we anticipate sustained strength in the gold price will continue to positively influence Vista share price performance.

Today with much higher gold prices and growing investor interest Mt. Todd is positioned as one of the most attractive development stage projects in the gold sector.

Strong project economics favorable jurisdiction permitting status and existing infrastructure make it well suited for near term development.

We're confident that this is the right market in which to advance Mt. Todd.

In conclusion. This is committed to seeing Mount Todd developed in compliance with the highest mining and E.

ESG standards and will work diligently towards that goal.

For more information about Mr. Goldman Mt. Todd project I refer you to our corporate presentation, which can be found on our website at www Dot Vista gold Dot com.

Frederick Earnest: 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 one's holdings in Vista Gold. This concludes my formal remarks. We will now respond to any questions from participants on the call.

Okay.

We believe that Vista gold represents an exceptional investment opportunity in that current prices.

Represent a tremendous opportunity to establish a position or increase one's holdings in Vista gold.

This concludes my formal remarks, and we will now respond to any questions from participants on the call.

Operator: Thank you, sir. Ladies and gentlemen, if you do have any questions, please press star followed by one on your touchtone phone. You will then hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by two. If you're using a speakerphone, you will need to lift the handset first before pressing any keys. Please go ahead and press star one now if you have any questions. Your first question will be from Heiko Ihle at H.C. Wainwright & Co. Please go ahead.

Thank you Sir.

<unk> and gentlemen, if you do have any questions. Please press star followed by one on your Touchtone phone.

Been here a prompt that Johan has been raised.

A list of decline from the polling process. Please press star followed by two and if you're using a speakerphone you will need to lift your handset.

<unk>. Please go ahead and press Star one now if you have any questions.

Your first question will be from Michael Ely at H C. Wainwright. Please go ahead.

Heiko Ihle: Hey, Fred. Hello, team. Sorry for the background noise. I'm traveling, as you can probably hear.

Hey, Fred Hello team, sorry for the background noise I'm traveling and so you can probably hear.

Frederick Earnest: I assume you can hear me okay?

But I assume you can hear me, okay, Tycho HEICO great to have you on the call good morning from Australia.

Frederick Earnest: Hi, Aiko. Aiko, great to have you on the call. Good morning from Australia.

Heiko Ihle: Oh, very nice. Far away again. In our view, the project's one of the largest benefactors of the current metal pricing environment that we're in. At the start of this call we were at, you know, $4,150 an ounce, which is nuts. It's probably even better in Australian dollar terms. You're only using AUD 2,500 an ounce in your feasibility study. Can you just give a bit more color on the change at current prices due to the study and how much that has been reflected in investor and potential partner interests?

Oh very nice Oregon.

Our view of the project is one of the largest benefactors of the current metal pricing environment that we're in this sort of this call. We were at $41 50, an ounce, which is enough, it's probably even better than struggling probably it is even better in Australian dollar terms.

You are only using $2500 an ounce and your feasibility study can you just give a bit more color on the change at current prices due to the study.

And how much it has been reflected in investor and potential partner interests.

Frederick Earnest: I mean, it seems like things are firing on all cylinders, but just add a bit of color on what you're seeing from the other side of the negotiating table. Well, I go in just general terms, obviously at a USD 4,150 gold price, project economics are substantially better than the numbers that we discussed on the call. You know, that just speaks to the tremendous leverage that we enjoy in the project and the leverage to the price of gold. Obviously, these gold prices are driving a lot of dynamics in the market. There's since announcing the feasibility study results, we have signed additional confidentiality agreements.

It seems like things are firing on all cylinders, but just at a bit of color on what you're seeing from the other sides of the negotiating table.

Well I go in just general terms, obviously at a at a 41 50 dollar gold price project economics are substantially better than the.

The numbers that we discussed on the call.

And.

And that just speaks to the tremendous leverage that we enjoy in our in the ER and the project and the leverage to the price of gold.

The.

Obviously these gold prices are driving a lot of dynamics in the market.

And Oh, there's.

Since announcing the feasibility study results we have a.

Signed additional confidentiality agreements, we continue to see interest in the project and we continue to move forward on on all of the options that we have available to us we have not.

Frederick Earnest: We continue to see interest in the project, and we continue to move forward on all of the options that we have available to us. We have not shut off any avenues for advancing Mt Todd, and in fact, continue to be open to any of the options that we've laid out previously, ranging from an opportunity or decision to advance Mt Todd on as a standalone project to forming a joint venture to develop it with an appropriate partner or even considering an appropriately valued corporate transaction.

We have not shut off any any avenues for advancing Mt. Todd and in fact continue to.

Be open to any of the options that we've laid out previously are ranging from a.

An opportunity or a decision to advance Mt. Todd.

As a standalone project too.

<unk>, a joint venture to develop it with an appropriate partner or even considering a and appropriately valued a corporate transaction.

Heiko Ihle: Fair enough. Same question but different, and with a very different change. You've always had very good relationships with the Jawoyn. I mean, any detail on how Dave reacted to the latest feasibility study that came out? Did they provide any input, any commentary after it came? I mean, I know you guys are talking very much on the regular.

Fair enough.

Same question, but differently and with a very different.

The change that you saw.

So very good relationship with the gel one I mean any he tell holidays reacted to the latest feasibility study that came out.

They provide any input in your commentary after I came I mean, I know you guys are talking very much from the regular.

Frederick Earnest: Yeah. I've been in Australia several times since announcing the feasibility study results and had meetings with representatives of Jawoyn leadership as well as their board of directors. The Jawoyn continue to be very supportive of the Mt Todd project and very hopeful that it will go forward in a timely manner. I think as most people know that, you know, we have a contractual relationship with the Jawoyn. We have a couple of royalty agreements, and they stand to benefit economically from the development of the project, and they are supportive of the project and keen to see it move forward.

Yeah, I've I've been in Australia, several times since announcing the the feasibility study results and and had meetings with the <unk>.

Presentative as of Darwin leadership, as well as their board of directors. The gel one continued to be very supportive of the Mt. Todd project and very hopeful that it will go forward in a and in a timely manner I think as most people know that.

We have a contractual relationship with the gel one we have a couple of royalty agreements and they stand to benefit.

Economically from the development of the project and they are supportive of the project and keen to see it move forward.

Okay.

Okay.

Yeah.

Heiko Ihle: Perfect. I'll get back in queue. Sorry for the background noise again.

Perfect I'll get back in queue, and sorry for the background noise again.

Frederick Earnest: Okay. Thanks, Heiko.

Okay. Thanks, Scott Heiko.

Operator: Once again, ladies and gentlemen, please press star one if you do have any questions. Next, we will hear from Mike Schultz, Investor. Please go ahead, Mike.

Once again, ladies and gentlemen, please press star one if you do have any questions next we will hear from Microsoft.

Please go ahead Mike.

Mike Schultz: Hey, Fred, can you hear me?

Hi, Fred can you hear me.

Frederick Earnest: We hear you loud and clear, Mike.

We hear you loud and clear.

Mike Schultz: Okay, great. A couple questions. One is, can you shed light on, like, the number of confidentiality agreements that have been entered into since you announced the recent feasibility study?

Okay great.

A couple of questions. One is can you shed light on.

Like the number of confidentiality agreements that have been entered into since.

You announced the kind of the right recent feasibility study.

Yeah.

Frederick Earnest: We don't disclose that information.

We know that number.

Mike Schultz: Not exact number, ballpark. Yeah.

Ballpark, yes.

Frederick Earnest: Yeah, Mike, we don't disclose how many confidentiality agreements we've signed or who they're with. That's just a matter of corporate practice. We have signed a number of new confidentiality agreements and we continue to see new interest in the project.

Yeah, Mike we don't disclose how many confidentiality agreements, we've signed or who they're with that's just.

A matter of corporate practice, but we we have signed a number of new confidentiality agreements and we.

We continue to.

See new interest in the project.

Mike Schultz: Okay. The second question is just, I know that you've kind of come with the new feasibility study. You've opened the door some to, you know, potentially developing it on your own, on Vista developing it as a standalone. What are the trade-offs there? Because, like, I guess if you enter into a partnership agreement, you're giving something up versus if you do it a standalone, you're having to pay finance costs. What are the benefits of a partner versus just going ahead and deciding to do it as a standalone?

Okay and then the second question is just I know that you've kind of come with the new feasibility study.

Opened the door Santa.

Potentially developing it on on your own on.

They are developing it as a standalone what are the trade offs there because.

Like I guess, if you enter into a partnership agreement Youre, giving something up.

Versus if you're doing a standalone, you're having to pay finance costs. What are the what are the benefits of a partner versus just going ahead and deciding to do it as a stand alone.

Frederick Earnest: You know, that's a very astute question, Mike. There are some very significant trade-offs between either of those two execution strategies. Certainly, bringing in a joint venture partner, the advantages would be reduced dilution. There wouldn't be a need to issue near the number of shares of equity participation. That, I suppose you could say that dilution would happen in a different way. As you pointed out, you'd be giving up part of the project to bring in a joint venture partner.

Okay.

That's a that's a very astute question, Mike there are some very significant tradeoffs between either of those two execution strategies.

Certainly.

Bringing in a joint venture partner.

<unk>.

The advantages would be reduced dilution there wouldn't be a need to issue a near the number of shares of equity participation, but that I suppose you could say that dilution would happen in a different way and that as you pointed out you'd be giving up part of the project to bring in a joint venture.

Partner.

Frederick Earnest: Ideally, and I don't think we would do a deal if we weren't satisfied with this condition, but a joint venture partner would bring to the table a project development team and experience and reputation in developing gold projects that we hope that the market would recognize and reward. That would be a benefit. You know, obviously the biggest trade-off there is that you're giving away, you know, part of the project, you know, likely 50% or more to bring in that joint venture partner.

Ideally.

I don't think we would do a deal if we werent satisfied with this condition, but our joint venture partner would bring to the table.

A project development team and our experience and reputation and in developing our gold projects that we hope that the the market would recognize and reward and so that would be a benefit.

Obviously, the biggest the biggest tradeoffs there is that youre, giving away.

Part of the project are you know likely 50% or more to bring in that joint venture partner on the on the other hand developing it does on a standalone basis.

Frederick Earnest: On the other hand, developing it as on a standalone basis, you know, preserves 100% ownership for the Vista shareholders. It involves Vista building a team to advance the project and putting together that carefully and selectively putting together that team of people. Sometimes that, you know, that takes time. Obviously there's some advantages there economically, in that, you know, we retain 100% ownership and there's different ways to finance this. There could be some that are more attractive and more advantageous for shareholders than others. Doug, do you wanna chime in with any other thoughts on this question?

Preserves a 100% ownership for.

Through the Vista shareholders.

It involves.

Building a team to advance the project and putting together that.

Carefully and selectively putting together that team of people and sometimes that are you know that takes time, but.

Obviously, there's a there's some some advantages there economically.

And that we retain a 100% ownership and there's different ways to finance this that could be some that are more attractive and more advantageous for shareholders than others.

Doug do you want to chime in with any other thoughts on this question.

Douglas Tobler: I mean, I think you've hit the big points. It's around on a joint venture opportunity. Obviously you'd be looking for a premium to the, you know, what our current share price is, if that's the driver for the valuation. Keeping it yourself, you have the whole thing to work with, but you do have to take on, you know, most commonly you take on debt and you have larger dilution, but having 100% of it is very helpful. I think one key point to make, which you brought up, Mike, is this option of looking to build Mount Todd on our own is really a valid option at this point in time, which we haven't had previously when we were a large project and needed to rely on finding a partner.

Yeah, I mean, I think you've hit the big the big points, it's round on a joint venture opportunity.

Obviously you'd be looking for a premium to the you know what our current share prices if thats the driver for the valuation.

But keeping it yourself you have you have the whole thing to work with but you do have to take on.

Most commonly you take on debt and you have a larger dilution, but having 100% of it is very helpful. So I.

I think one key point to make which you brought up Mike is this option of looking to build Mt. Todd on their own is really a valid option at this point in time, which we haven't had previously when we were a large project and needed to rely on finding a partner. So it definitely opens many more door.

Douglas Tobler: It definitely opens many more doors.

Ours.

Mike Schultz: Yeah. Okay. Well, that's y'all's answers there. I just as an investor, you know, as soon as something definitive is announced. I think a lot of things could happen, and I know you guys are evaluating that, but, you know, from an investor standpoint, you're just kinda waiting for something to be announced. Knowing that you can do it on a standalone does give you the option to do it if you're, if the partnerships don't seem favorable. But again, thanks for answering the question for me.

Yeah, Okay, well, that's Yao of answers very helpful. I, just as an investor.

You know as soon as something definitive is announced.

And I think a lot of things can happen and I know you guys are evaluating that.

From an investor standpoint, you're just kind of waiting for something to be announced and then knowing that you can do it a standalone does give you the option to do it if if you're if the partnerships don't seem favorable sir.

Again, thanks for thanks for answering the question Paul.

Douglas Tobler: Absolutely.

Absolutely.

Operator: Thank you. At this time, Mr. Earnest, we have no other questions. Please proceed.

And at this time Mr. Earnest, we have no other questions. Please proceed.

Frederick Earnest: All right. Thank you, Sylvie, and thanks to all of you who have been on the call today. Obviously we very excited about where the project is headed and the results of the feasibility study. I'd like to go back to a point that I made just in closing, and that is, you know, we've seen a lot of volatility in the gold price in the last month. We've seen our share price move up, move down. I'd come back to the two concepts. The one is, you know, what is the free cash flow that the project will generate?

Alright, Thank you Sylvia.

Sylvia and thanks to all of you who have.

Ben on on the call today.

Obviously, we are very excited about.

Where the project is is headed in.

The results of the feasibility study.

Yeah, I'd like to go back to a point that I made just in closing and that is.

We've seen a lot of volatility in the gold price in the last month.

And we've seen our share price move up move down.

I'd come back to the the the two concepts. The one is you know what what is the free cash flow that the project will generate.

Frederick Earnest: Again, using some very conservative numbers, we know that our all-in sustaining costs, as estimated in the study, will be just a little under $1,500 an ounce over the life of the project. To make the math easy, just using a $3,500 gold price, you know, so that's $2,000 in margin on 150,000 ounce of gold per year. That results in free cash flow of $300 million a year. This is a very robust project. I think that that number alone should attract people's interest.

And again using some very conservative numbers, we know that our all in sustaining costs.

Made it in this study would be just a little under $1500 an ounce over the life of the project and to make the math easy just using a 3500 dollar gold price yeah. So that's $2000 of margin on 150000 ounce of gold per year that results in free cash flow of $300 million a year. This is a <unk>.

Very robust project I think that that number alone should attract people's interest.

Frederick Earnest: You know, looking at it from a different perspective, and that is looking at the study net asset value, and again, using these conservative gold prices that are published along with the feasibility study first at $2,500 gold price, which results in a study NAV per share of $8.41. Comparing that to the $3,300 gold price study NAV per share, which is $17.14. Again, I point out that latter number, it's still a very conservative gold price, is 10 times our current share price. I think both of these numbers speak to the fact that Vista is considerably undervalued, that there's tremendous upside opportunity here.

Looking at it from a different perspective and that is looking at the the.

The steady net asset value and again using these conservative gold prices that are published and along with the feasibility study first at 2500 dollar gold price, which results in a steady NAV per share of $8 41.

And comparing that to the 3300 dollar gold price.

Study NAV per share, which is $17 14.

And again I point out that that latter number it's still a very conservative gold price is 10 times, our current share price I think both of these numbers speak to the fact that that.

Vista is considerably undervalued that there is tremendous.

There is tremendous upside opportunity here and while the gold price is moving up and down and I know that that causes some people some a little bit of concern and anxiety I would suggest that this is a tremendous opportunity and a good time to be considering an investment in Vista gold.

Frederick Earnest: While the gold price is moving up and down, and I know that that causes some people some a little bit of concern and anxiety, I would suggest that this is a tremendous opportunity and a good time to be considering an investment in Vista Gold. We're doing the things that we feel are important to lay the groundwork for that future decision, as far as how we develop the project. We're continuing to be very cautious and careful and prudent in the way that we manage the cash that we have, and we think that we're on the path to unlock significant value for shareholders. I'm excited about the opportunities that lie before us. I invite you to seriously consider and evaluate whether this is the right time for you to make an investment in Vista Gold.

We're doing the things that we feel are important to lay the groundwork for that future decision.

Far as how we develop the project.

We're continued to be very cautious and careful and prudent in the way that we manage the cash that we have.

And we think that we're on the path to two unlocked cigna significant.

A significant value for shareholders I'm excited about the opportunities that lie before us I invite you to seriously consider and evaluate whether this is the right time for you to make an investment in Vista gold and if you already own shares of the company.

Frederick Earnest: If you already own shares of the company, I invite you to consider whether this is a time to increase your holding. We're in a very dynamic gold market. I think that we're still in the very early stages of a bull market, and that we will continue to see gold price increase, that that will be a contributing factor to all of the work that we're doing at the company to drive the share price higher and to create value for shareholders. With that, I thank you for your time today and wish you all a very pleasant day, and thank you for participating in this quarterly conference update call.

Might you to consider whether this is a time to increase your holding were in a very dynamic gold market I think that we're at the still in the very early stages of a bull market and that we will continue to see gold price increase.

But that will be a contributing factor to all of the work that we're doing at the company to drive the share price higher and to create value for shareholders. So with that I. Thank you for your time today and wish you all a very pleasant day and thank you for for participating in this quarterly conference update call.

Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.

Thank you, Sir ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending and at this time, we do ask that you. Please disconnect your lines.

Okay.

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