Vista Gold (VGZ) 5 May 212021 Q1 Earnings call transcript

Good day, ladies and gentlemen, welcome to the Vista Gold’s First Quarter 2021 Financial Results and Corporate Update Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. Today is Tuesday, May 4, 2021. It is now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.

and everyone. [indiscernible] to you good day, Thank Thank joining the Corp. Vista Gold you for

Financial Update the and Pamela Quarter Financial Chief Results First XXXX Tobler, Doug Corporate Fred President President Chief Investor Executive Officer; is Solly. of Conference Relations today on call Officer. Earnest, and The I’m Call.

to such may we achievements During refer and cause forward-looking call will now other and uncertainties, unknown statements. call, making important implied materially from results most cause over results, statements. or will by be and for that performance, actual course statements. I this to the the could or this that materially These Please from our actual forward-looking recently XX-K filed of in the form factors risks, expressed other risks turn to be our achievements of results, Earnest. statements known different factors of Fred details involve performance or differ to those

for the and thank Thank us call joining you you, today. Pam, everyone on

pleased of advancement team mining ongoing this the results and drilling toward year, first the strong our to including Todd plan our to stage final of and the review approval. quarter core capital And execution Mt management solid costs objectives, achieved during management our report of from We’re performance management and that excellent program.

days newly the of Additionally, corporation. first Batman we X,XXX continued loss Substantially Maintained Association of forum meeting formed a Todd. Mt development outstanding and leaders with partner seek our record pit a the efforts the de-watered achieved without Aboriginal to time for held safety having the Jawun strategic the incident.

difficult. conference international in relaxed. to continues almost on smaller regular teams, And is Mt are visitors significantly of programs continues a detail Tobler office corporate in-person team call, a Our been participation. operate but conferencing Todd transitioning financial results to the the corporate important executive in In with travel the the activities required. on over review plan measures COVID-XX in to territory less that an XXXX. Australia than from presently several very Unfortunately, originally have the Doug will approved turn cases Australia mitigation quarter time for replace now Northern and Todd And by in video discuss for COVID-XX working remains restrictive Mt of nil. basis. greater travel more control remotely March to continue management our into and working ended I XX, the I’ll

for appreciate Q pleased Fred. XX the position. to cash you, highlights to allowed to I to Thank us. joining in quarter during the at the XXst, pump more program today, a form The few information. cash Cash XXst. quarter refer to financial speak solid I’ll today. thanks first that close able water report, I’m And $X.X we our totaled us strong call were you drilling and continued please a million of that those the during on the but ongoing This pit to XXXX. cash in of quarter. decline compared million the we the March was to $X.X equivalents, given from our amount December Batman expected significant and the performance, at

By our $X.X $XXX,XXX from well And continuous ATM strong prime from limited positioned position, from with million were of benefited also to mining. drilling we activity. a with programs. We receipt about QX cash ending proceed

couple dollars a half a $X.X of from also reported quarter million loss QX were of expectations. operations in a first Narrowing loss million of the with three compared to of line resulted net loss and results for for XXXX. We XXXX Our of a things. our

to Senterra Gold unrealized other cost offset loss the expensed for mostly $XXX,XXX held compared water shares loss for to QX $XXX,XXX loss Midas of the loss was program investments for expected, the this Last the that to about accounting at largely of said year’s us remain policies, our XXXX. related a did small from with a impact. loss $XX,XXX programs higher an the mark-to-market the recognized that a strong, the new drilling according to Todd unrealized the included loss on-ground This Australian million an X% was shares, strengthening First, allowed largely secondly, on market. dollar, the $X.X pumping. Mt see impact were that and We And at was quarter, this for year, we than about FX negative which marking other time. controls

and couple or of have meet we after These XXXX. FTC which drilling X, seven beginning to Todd process report exploration the newly January Regulation technical ongoing fiscal for years Looking the of provisions discretionary in Mt planned XXXX, and S-K replaced on programs a being FTC required forward, for guide industry include balance of XXXX. a

includes agreements payment the XXXX, in million to this other $X course, our focus opportunities payment prime a my non-core of for seeking of sources team new for continue Of By non-dilutive we an due monetize resources. January, will place This Senterra on comments That to end mining summer. today. funding. And concludes final assets. also option monetizing from from is

Fred. I’ll over you. So call Thank the the turn back to

you, Thank Doug.

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development of Todd. continued to we quarter, seek strategic a partner the efforts progress During our the for to Mt

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call. any questions the respond participants this on now will We from to

[Operator Instructions]

of I the ask to by the tailings in all mining the air that This "Could simply for is you plan, in detail any a to management Earnest, disposal, operations, submission the water questions. the management I’m territory. The Mr. process delighted presentation NT government an the of formal environmental authorization management CEO, with on like for the territory email the plan of for plans plans, that. mine starts processing, of and question includes mine for by which application process mine and would application management do we management question mine one plans. operations, The management, to the today?" lines quality before Northern received plan for explain the the call please open approval address says, We greater

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final we waiting or received of The indication the my to that’s and her to her that management present approval to and act. reason the her continue on resides be our that based the mining and for the mine has the plan. are We for at her document department, time signature mine December, with required plan no believe delay the an will with management according approval conversations in there impede

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the participants, would to to you for time. at questions And this from I so happy will to me, open if those take like be lines

Thank you.

of question first Sekelsky Global Jake comes Your Alliance Partners. from

please. question Your

exploration the this In expansion Do at another point? second is could in bit. just at the or program, you’re you accelerating it of tell just year, here looking the half seems the to it see we too original of think expansion of the things a like early program

in saw expected. be the mineralization the And of The us we our based close program to first has many long Right for out encouraging. turned on the of very to very geologists our continuity holes exceeded results. what and we decisions that make the were you’ve certainly, known Jake, the expectations. results of time Well, now a part

As drilled section, holes very with we’re we’re an limits of pleased XXX I were next seeing. east-west and will the deposit of for that indicated that on resource the of And results approximately results north model. results current announcement the drilling the that the include Batman meters

results. that results gold our contact Senior very appropriately Vice trying test and would to We’re to that and Roselle, information, John that year, we exploration hole continue reiterate potential gain citing kind growth anxious gain to of program one that the continue the see actually the part with have the also last President and seen a the close I are announce that but deposit an team be we results holes for we make isolated for and date, in the bonafide sure to expect we would on will in the If locating believe Todd the of will be an of change that’s geologic latter the reasonable for for pending. to understanding I growth to that Mt the maximum monitoring to from when that district. the it increased get to assays depend that through will of reason And thoroughly but being we project kind resource that

the moving into makes yet we the bit, a of of on building feasibility I’m and update. that resource That thoughts sort as curious curious on mean, Okay. just maybe down year. a just I timing a for of timeframe a if that the there And I’m I your second maybe on guess sense. the study, line move even, off is half

Yes.

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by have may the Second pointed to all, as the Tobler of a in to be listeners standard an with X. out the aware need correctly industry February, we have about XXK of regards the that update that many next new U.S. technical we SKXXXX reporting our will reg SKXXXX question U.S. study, completion not compliant SEC file we here the feasibility an time people replaces guide for And Doug report.

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to I in in – So We U.S. compliant of there report a that with prior would the near made but completing future the be standard new is technical decision year. will end line be order will to the bottom the the be

Your question Wainwright. H.C. from Instructions] Heiko next Ihle of [Operator comes

This Heiko. in is for Giannini Marcus calling

plan the and that Can guys the states you us the are advancing already value XX% maybe gap to that intrinsic close between expand outreach utilizing your you shareholder past XX drilling could of and just feasibility argue further dramatically value? – has up Your market investor to to by walk and some can gold resources studies. potential this other the through the methods stock continuing Todd over months, but you enhance cap you guess to demonstrate narrowed gap the of I Mt quote you

Yes, absolutely.

we that Solly diligently and from Pam on maximize programs. works the other the You morning call know outreach us with very participation and conference received to this benefit who’s

Forum, Gold we Wainwright year, in the participated of that in Most Gold mining Group. H.C. participated this the and have recently, a the conference virtually. Denver held by far conferences number World we’ve So been is which also sponsored

continue on outreach visitors we and and replaced investors is in all do that held of We have two feel to out participate many participation willing having continue the would to we begin addition, lunches have that type to all prepared years we’re to our In we in and talk. reach comfortable close-knit virtual forum. still webinars now have had in undertake of or a meetings things – ago. when Unfortunately, that up here come groups Denver us do team in occurring virtually. to of been travel And vaccinated and to while open we to COVID,

of I last course seeing, Pam’s important aspect we’re the reading the last its is website traffic over that social number people posts XX media. we the aMt taken think another substantially footprint in outreach the of aspect year. and Vista of of are has months, And appreciate the increase the over visiting blog regard. social And the of readers, aMt steps and increased media that and that to efforts significantly has certainly our

we we of increase. a to as expect we’re a approximately as at where would I see trading our we about $X.X on the we’ll we closer significant NPV major of development X% that. It billion – will strategies. that of as hold valuation, to project. get that with travel that completing plan raised permits And the one that’s potential not can’t some a potential but have project with an further of complete a that we transaction is permitting. reminding our being that’s rate exactly move check Without And interest all we as that. gold value But project can’t or or we as for on management basis that of of on time today’s just and goalpost when as in now, the intrinsic that’s of with other that shares any lower discount been adding we’re these And, mine to we’re execute a people know, the our see reasonable to those questions opportunity headed. there’s the using partner. value to producer, it’s conclude we eliminates that Right approved just to when XX% second all, And activities I as project. is boxes, the achieve in most of first future risk, here full partners, project, make after-tax the indicated of You the listeners by valuation and closer at obviously by that we the the all, points for risks believe call, the and this of site the we’re today programs does approved, tremendous getting the call price, represents that,

So the some of doing. those are things we’re

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let I’m answer to CFO, question, our Tobler, going Marcus. Doug that

Yes.

that in pumped just X.X and we during just over fraction it a to So us QX, gigaliters $XXX,XXX. cost put context,

the So weeks. down in a pit And as of take matter we in Fred half about water remaining the cost a it’s can basically The the of gigaliter. electricity. that is said,

the going So than that to And very, be any very less need little low. remove water’s then $XXX,XXX. for be It’ll cost pumping. there’ll forward, very

it almost will you as So a budget zero we as move be It in put forward. incidental. can our

investor. [Christophe comes next private question Olize], Your from a

That’s nice. I two have questions.

more? you What of concerns think? The the potential do it is then mining waiting Could get the this question about the all with begin? they negotiation the last will are It a It negotiation act approval, only first approval? for is this And When green prepared and you explain of the do bit with approval. or do plan and then second light potential partners. light perhaps the the will little the a partners think one what months. is you about to question weeks months. you think of green XX many we it Or with starts XX concrete

you to, be for Thank those Christophe. I would questions. happy

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by I in of are As the and this response last we any the aware, delayed. reason made that not been we that why we’ve know aware not approval, be would email, received now to I indicated we’re to down question

own minister an approved sitting to make many during I’ve announcement announcement I their email email who every an They see our my and received, announcement check weeks. up been received the an as over any whether it’s if if after has to and don’t firm made look general like of choose of you me overnight. morning it for every sitting was to telling I have may suppose, next couple of to I from may parliament the the an reasons, that have get finishes don’t morning make get manager a parliament I this up see wait government, then. the However, and to and indications. choose until date.

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that after restriction affects won’t are till it in The us be projections following the fact, In the end of manner. this year.

they or can CEO visit lab potential the potential members be not actually will team of executive and indicated One until activity M&A any site. the completing has company partners their that

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to are this further back call no I closing turn to at the Fred for remarks. questions would There like over time.

this joining interested Ladies appreciate participation your been active very for a morning. This we interest us and call, has and good. Very we and thank morning. Thank you, you and operator. gentlemen, on this call the

As And Doug to and company. the in continue for maximize we that. careful expenditure that’s value the cautious the indicated, to resources of the trying of very be returned we’re

progress We’re very the pleased made. that’s been with

that management but approval effect believe I We this indicated, received the we an frustrated results, the the tuned, we’ve that be to the We’re for to watch that please fact gained of be no be stay you announcement that and of to we will coming have the reason the yet plan, announced hope future. give in by the near up And in we’ve also, not results that weeks. will coming mindful encourage as drill approval. mine

drill rigs two We running. have

results what to so we’re we’re assay the and look rate drilling encouraged at with so those we forward seeing share very And a and faster you. can that we’re by pleased getting last and

at of Mt leverage gold for now. we for seeking remarkable gold current the growth the you you Bye to the politically a believe and and and jurisdiction. this Vista for day. the We tremendous wish encouraged time those and continue to stable represent Todd very a gold, opportunity enjoyed we of pleasant that We Gold and be a to value and morning, in by of leverage price market continue your thank investment all price that that certainly

you for participating. Thank today’s conference concludes call. This

You may now disconnect.