Vista Gold (VGZ) 4 May 182018 Q1 Earnings call transcript

Good day, ladies and gentlemen. Welcome to Vista Gold’s First Quarter 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. [Operator Instructions] As a reminder, this conference is being recorded. X, May Friday, is XXXX. Today my It and introduce President to and is your now CEO host, Vista’s pleasure Mr. Fred Earnest. Please go ahead, Mr. Earnest.

Thank we Mt. gentlemen. and Energy the for risks we Thank future by other Jack Corp.’s the Vista morning, to such be January to actual unknown believe the with of these I Biodiversity results, of permits environmental in ladies XX-K Environmental joining Martinez, discuss gold or this performance gold and X, I’m the our be reflect Subsequently, expressed announced this of also completed results, achievements of importance and and results of making conference other under results Director Good or results Gold of our now call on update March project Q, those financial here by detailing XXXX Engele be study, statements. of Denver. call, feasibility major later over financial both office that you, and work well-advanced the the corporate statements study. forward-looking of developer updated the to These to the in Connie Vista the of development Please risks, Act that from Conservation our approval, differ required our statements. in which all we forward-looking this or turn processory results actual the two course which projects we’re results could to QX been on gold On Senior by X, that Form milestones Environment environmental pleased the corporate call. me Engele, is by the and joined to I’ll the materially discuss project. uncertainties a XX, the cause the significant our factors you results our and CFO; of Jack. this Relations, in statements. Australian preliminary notified achievements known advancement authorization approved. most may the in were Protection any Todd the changes In for discussion very XXXX today. Commonwealth preliminary quarter. testing in completed of published had involve an Mt. cause performance detailed Department factors holds achieved In for and will Investor of in of and Todd Vice hands one President On underappreciated feasibility the call, design With that and will to a January Todd now iterate time project. and of XXXX. we the the for Well, study want the the of our I from refer important results different materially Jack the implied the Mt. technical

We been of quarter. I’ll includes morning, and million share the provide the additional met $X.X $X.X or a involved G&A of and $X.X Good costs, have loss million, million start samples of compliance everyone. Gold fixed XXXX Todd quarter fixed XXXX $X.XX in operating of drilling than biggest at with the monitoring statement granted cost EPBC costs, XXXX. was components programs. of net which of trended million higher QX loss gain a our activities ore terms our million non-cash main for of compensation March corporate at reported with Fred. $X.X The January income you, our in $X.X fixed as million Todd, include for about cost expenses, stock-based to about expenses $X.X This introduced XXXX. ended net which a on permit, in XX, Thank million about of and for the investment income programs, fixed-site depreciation, $X.X Mt. Midas operating of the $X.X of of million. management about Mt. mark-to-market in other $X.X and discretionary testing the of sorting baseline and million

Mt. In a we XXXX our our Investor principally also drove G&A employee. Relations, update, the an result have addition, costs. higher costs. increase Todd and incurred of a site Higher corporate added QX which of as were than XXXX completion trended costs costs XXXX the regulatory, compensation to PFS QX

Turning to sheet. balance our

XXXX, Gold be an working the included Gold. shares capital $XX.X the million Midas the about is at $XX.X the March XXXX from about working our of was This million. remaining reduction results XX is investment value XX, business December in increase of to value The T-Bills year. debt-free. usage end run our quarter, $XX.X of approximately in offset and company on a our million. normal of from which The by capital. cash $X.X down totaled Midas to The capital since cash X.X million working of The improvement XX, Our in March XX% million during value $X.X continues the of of mark-to-market million the

drilling and grinding target. modest Wandi Looking particularly licenses, geophysics well as on some complete through we IOCG exploration ore XXXX, expect tests, ahead, crushing, to programs our the as on and sorting

which We believe program in are be supplemental feed. we small mill source a Quigleys, also drilling a of planning higher-grade could future

that we the being compliance fixed those costs existing to mark first to planned For and our at year with sufficient will XXXX. sources Todd. our spend exceed capital together corporate the fund both expect potential water cost highest be of costs, believe beyond corporate of level tends due quarter XXXX. non-dilutive our cost to at our to financing the programs G&A We and management at cost and That fixed currently working fully discretionary said, our in Mt. Mt. Todd fixed

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the That Over comments. sell we our be some to Midas able to you, all of Fred. maintain remaining my In future auction Gold concludes or to at shares some addition, date.

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Thank questions at this no [Operator Instructions] There you. are time.

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This We may concludes participants now you for participation. All thank conference today’s call. disconnect. your