[adinserter block=”1″]
DENVER–(BUSINESS WIRE)–Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its audited financial results for the year ended December 31, 2023, with cash totaling $6.1 million at year-end. All dollar amounts in this press release are in U.S. dollars.
During 2023, the Company focused on the efficient use of cash and strengthened its balance sheet by completing a $20 million royalty transaction (“Royalty”). Pursuant to the terms of the Royalty, we received $3 million in December 2023, $7 million in February 2024, and expect to receive the remaining $10 million during the first half of 2024.
Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “Our team successfully executed on a number of key initiatives during 2023 and we are off to a great start in 2024. During this period we:
- completed an internal scoping study that we believe confirmed the potential for a smaller-scale, staged development strategy for Mt Todd;
- extended the term of the agreement with the Northern Territory Government pertaining to Mt Todd through December 31, 2029 with the option for a three-year extension;
- started a drilling program targeting shallow gold resources at the north end of the Batman deposit which is expected to add near-surface gold resources, benefiting the mine production schedule and project cash flows in early years;
- published our inaugural ESG report, which recognizes our belief in the importance of conducting our business in a responsible and sustainable manner, and our commitment to aligning our business practices with current and evolving ESG principles to ensure the long-term success and positive impact of our operations; and
- recently announced the results of the updated feasibility study for Mt Todd that includes capital and operating costs, gold price, and foreign exchange rates reflective of current market conditions, with project economics that are approximately the same or slightly better than reported two years ago, inclusive of cost increases that have affected the entire gold mining sector.”
Mr. Earnest continued, “Our top priority in 2024 is realizing value for our shareholders. Receipt of the Royalty funding enables us to move forward strategically in our efforts to de-risk Mt Todd and maximize value. We continue to work with CIBC Capital Markets (“CIBC”) to identify and advance interest in Mt Todd and are focused on achieving a transaction that maximizes shareholder value. We plan to leverage the results of the drilling program and prior technical studies by advancing evaluations of smaller-scale, staged development scenarios at Mt Todd with a focus on lower initial capital costs. Our evaluation of a smaller-scale, staged development strategy for Mt Todd complements the work that we are doing with CIBC and increases optionality.”
Summary of Financial Results
Vista reported a consolidated net loss of $6.6 million, or $0.05 per common share, for the year ended December 31, 2023 compared to a consolidated net loss of $4.9 million, or $0.04 per common share for the year ended December 31, 2022.
Cash and cash equivalents totaled $6.1 million at December 31, 2023 compared to $8.1 million at December 31, 2022. In February 2024, the Company received the second instalment payment under the Royalty in the amount of $7 million and expects to receive the final instalment payment in the amount of $10 million during the first half of 2024. The Company continued to have no debt.
Management Conference Call
Management’s conference call to review financial results for the year ended December 31, 2023 and to discuss corporate and project activities is scheduled for March 18, 2024 at 2:00 p.m. MDT (4:00 p.m. EDT).
Participant Toll Free: +1 (800) 717-1738
Participant International: +1 (289) 514-5100
Conference ID: 37191
This call will be archived and available at www.vistagold.com after March 18, 2024. An audio replay will also be available through April 1, 2024 by calling toll-free in North America +1 (888) 660-6264 or +1 (289) 819-1325 using passcode 37191#.
If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to [email protected].
About Vista Gold Corp.
Vista is a gold project developer. The Company’s flagship asset is Mt Todd, located in the mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is one of the largest development stage opportunities in Australia and demonstrates compelling economics. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.
Mt Todd benefits from its location in a leading mining jurisdiction and offers opportunities to add value through growth of mineral reserves, alternative development strategies, and other de-risking activities.
For further information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.
Contacts
Pamela Solly
Vice President of Investor Relations
(720) 981-1185
[adinserter block=”1″]
The content is by Business Wire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.
