Vista Gold (VGZ) 24 Oct 242024 Q3 Earnings call transcript

Good day, ladies and gentlemen. Welcome to Vista Gold's Third Quarter 2024 Financial Results and Corporate Update Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. Today is Thursday, October 24, 2024.

It's now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. ahead. go Please

and the Andrew, everyone. you Thank Thank Gold good Corp. joining Vista for you, day,

Third Financial Relations. Pamela Solly, Quarter Call. Vice Conference XXXX President Results and of Investor Update Corporate I'm

Earnest, On today, and Tobler, Financial the Chief Chief we Fred Doug call Officer. Executive President have Officer; and

the business available report quarterly reported www.vistagold.com. on XX-Q are yesterday, At our its operating website XXXX and quarter close news results. financial release of on at and Copies Vista third of the Form

refer and uncertainties the those achievements forward-looking most cause call or XX-Q our session, statements factors the we such involve our implied reserves. could different recently and making important this Please from During performance by details and of for course cautionary may be mineral actual regarding factors question-and-answer statements. materially statements. in mineral Form materially expressed be known cause from will of differ or other that to estimates and results, actual that and risks and of results, of statements Vista note achievements These resources forward-looking performance the to unknown filed risks, results other or to

Fred I the turn call over will to now Earnest.

that efficiently to project at development shovel-ready necessary attractive right value the opportunity, and in we joining Pam, is deposit a us position especially Thank everyone, in project the It world. ways Mt development an the jurisdictions the one Vista's you, and most gold the realize you, of large, advancing Mt while are for best Todd thank in discipline today. exercising gold time. for is high-quality attractive mining Todd

keeping standards. and is committed in with highest the mining to ESG Vista its seeing development

shareholder our and today, an greater overview call market that will for be current you with factors the we provide believe we On value. activities drivers other will of

production advanced we per this continued drilling progress with results ended XXX,XXX achieving quarter, a objectives. feasibility and targeting our third decision commence of to to to ongoing cash. announced prior to and study of anticipation overall and year XXXX ounces positive We continued in studies strategy gold prioritize from toward spending, low in the quarter goals technical our the the a of made corporate million $XX program, end execute we successfully our to significant XXX,XXX and During year

I'm to now time site has had we report year-to-date, that that accident-free pleased the consecutive days. have X,XXX accidents Todd no reached and Mt lost

I over the the September financial our some results call, Tobler topics of turn XX, ended of will review discuss now a greater the quarter for these to detail XXXX. time in in I'll later Doug but for

you, of brief Thank the Fred. for of results position recap at this XX, Today, quarter and I'll a ended XXXX, provide September our financial our operations date.

our and either is yesterday or MD&A statements at financial was our sedarplus.ca. XX-Q available are Form that and filed included full Our in sec.gov

line with loss consolidated for XX, This $XXX,XXX a to a million $X.X was $X.X consolidated net our September the The a by September ended quarter of million reported in quarter compared and net of current the Vista quarter for ended for increased the of net XX, loss XXXX. expectations. XXXX. loss

Mt initiated alternative of Mt several reduction net of resulted in up study other These experienced Todd by we scale were the that development capitalization, for expensed an loss spending mostly about by items moving related forward drill quarter Todd offset a with XXXX in partially increased we $XXX,XXX, this that for option. about and spending not costs anticipation by as because were qualify studies did feasibility the several increases holes $XXX,XXX. we in a of several

and titles mineral for the X interest mill were a net the other net $XX.X on of gain effect $XX.X for considered loss reported net equipment million, we period you basis. expense on a consistent the of After from million of items a months these XXXX and X XX, the account net income transactions, sale resulted and gain of XXXX the royalty million respectively. ended income recognizing $XXX,XXX. September of of For $X.X generally XXXX, of and income on in when The grant

financial our to position. Turning

Our balance million, no good September Fred continue year. XX and in sheet said, had remained cash We with to of condition have ended this also $XX at debt. as we

turn over remarks back you. my the concludes That for Fred. today. Thank call to I'll

for with the Thank of our and year. I'll by that third outlook begin quarter Doug. you, achievements the follow our remainder

by we to plan drilling at are all, followed is nearing this talk let January the alternative and we pleased The Mt the about that completion, technical X,XXX- program. me results of to of date. program an X,XXX-meter studies Todd. drilling with evaluate drilling In First a to other was year, development started scale program

from northern boundaries the of X the boundaries mineralized the mineral included Results gold confirmed expectations. drilling were outside anticipated in including that successfully section our grades and the the Phase at announced in core complete limit August the of deposit, extension of exceeded the the Batman intercepts zone and that now northern

Interim tonne. drilled per grams XX Phase meters with high-grade of in and South intersected per Lode we intercepts, X meter grams multiple in were September announced grams grams in gold tonne including with tonne. In hole gold VBXX-XX. X drill XX.XX the XX, we drilling hole of results we X.X Cross per with XX-XX, hole In per tonne. gold XX.XX And identified for hole meter X.X encountered meters of X XX, X.XX with

press were detail XX refer announced, please more September results on the our For to release. that

and to We to South about northeast. XXX now Cross extends meters deposit, Batman Batman adjacent a zone it to and understand the narrower compared structure Lode the the mineralized deposit, the be to it's

to other presently model of the be develop potential for zone, drilling open zone understand is exploration expected are deposit. along underground to year-end. working this mining completed pit and Batman a this geologists high-grade the of and northeast Our in targets future program by The with

address studies opportunities. I'll the trade-off now other creation value and

advance Mt plan studies to we studies, I and continue preliminary alternative development an and of trade-off As Todd. indicated, for evaluations initiated scale we

with range to we million a plan in tonnes somewhere X on day, studies focused expect XX,XXX million development to which tonnes XX,XXX range X the mid-November. in to the year. have per of And per daily equates by to trade-off completed throughput are We of the

demonstrated while studies this to attractive significantly economics the at flexibility CapEx, for preserving scale high deliver the opportunities expansion. and initial maintain lower margins Previous future

With the gold or ounce than $X,XXX price per to are higher and margins now more rise, than continuing increasing.

avenue provide interest attracting in that optionality Our on initial combined alternative believe as analysis suggests Mt an lower We valuable higher focus Todd. greater recognition. with value that strategy investor value margins, development offers an and we capital, shareholder creating for

that positive significant share future believe price. on impact Furthermore, a we could market there are our factors have other

million by and First, have over indicates published they Global Intelligence major as greater gold XX S&P gold major research Market last the that years. than declined recently X deposit deposits define significantly ounces, discoveries, deposits

The gold data discoveries. major indicates to XXXX, deposit And to gold in XXXX XXXX there were XXXX present, that major been From through XXX discoveries. XXX In from deposit X have the the from the that XX to period period to XXXX, discoveries. XXXX there dropped XXXX, discoveries.

the will path discoveries stage lower optimizing focus feasibility, We demonstrated scarcity on major greater shovel-ready production. stage and faster result benefit projects. producers advanced and projects risk in Mt projects placing Advanced will that believe Todd existing like a gold producers to development acquiring as deposit seek of

lagging increased XX%. on more much Second, slightly producers gold are gold by On are than period. average, over up But senior the the price even up or last price gold developers and X that. only over average, has the years, the are, same

gold Vista and believe benefit Vista rising the period, for this most price will of of revaluation significant a shareholders. we its has current that developers While outperformed strong peers help drive during with

Mt robust Last, project economics. Todd demonstrates

Our and rate. discount XXXX of $X.XX value foreign $X,XXX exchange feasibility a Mt a $X.X at price reported rate at study billion net gold an Todd update present X%

$X.XX at the $X.X the NPVX price, NPVX gold foreign estimated prices cash updating flow price, $X model study Using a at gold $X,XXX billion exchange rate. And billion. the at be feasibility $X,XXX is is to and the a

expect in Mt intrinsic We recognition project this strength of of in greater market that value and continued the time. result gold will over the Todd the expect

filed Exchange statement Last replace previous S-X filed XXXX, shelf November on that $XX Form with registration The XX, expire X week, will me the Securities registration registration company $XXX Commission. on turn Now recent will statement statement December to S-X let the U.S. on the million shelf the of million year. and statement. shelf a shelf registration this

registration Of we previous approximately shelf million are to shelf use a in We this course of and the agreement. the shares filed with under of opportunistically current $X practice have of normal shelf our life no with consistent ATM of maintaining statement, our under the note, over registration the value registration obligation business, sold a registration.

alternate maximize of complete scale our priorities and we to are As continue balance shareholder Phase study for option feasibility work ahead, an commence maintain to Mt our the at program, value. a our drilling X Todd sheet, a development look strong

reserve doing to tonnes XX,XXX CapEx me range feasibility feasibility we're per tonnes XXX forward talk the Allow We XX,XXX a option study, to feasibility tonne. and XXX,XXX with is than target capital grade to million this gold ounces study. gram annual of USD annum less of to that day about lower to a per production, and per work of in approximately This initial X X million or the moving million, targeting our of for the cost Mt study XXX,XXX of anticipate Todd. X of for with development throughput the an

it the used third-party future in opportunity the contract is will project scenarios. to returns we end the using The power deliver decision in of study, and By and study range Australia, feasibility Todd high for prior believe The to XX,XXX prior the for development commonly scale. of economic there efficiency day work will potential for technical construction the demonstrate studies maintain the expansion year. to substantial an practices study Mt feasibility completed capital per feasibility tonne expected a initiate mining, preserve at this is generation the leverage and to opportunity

jurisdictions Todd and a the stage gold significant economic support, scale, feasibility. of In development holds the world. Todd advanced Mt shovel-ready gold in conclusion, infrastructure, offers community development the Northern located the attractive of project, Vista demonstrated optionality, local Territory one most Australia, opportunities, project in growth Mt

positioning Todd gold opportunity leading Mt the as We are sector. a development within

depleting strength development gold environment price continued deposit are strong discoveries of or gold and current especially major opportunities the the like shovel-ready and in Mt in this market, expect gold attractive reserves. project that major We believe Todd, diminishing projects,

We valued of with advancing expect fully Todd Mt project discipline deliver a shareholders. to to our our strategy more

for highest that to minimizing risk in committed will believe needed us and permits we focus initiate thoughtful evaluations will work that goal. It keeping a ESG and Todd development We value to shareholder that seeing Mt with create realize and important all the on greater is of hold development. our mining is and major toward for diligently the standards, note we approvals Vista stakeholders. help to

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the I initiate of Todd As permits Mt approved. development to of indicated, all been major have

that the in of we equal Of have the firmly hand. trust is social our stakeholders importance, local confident earned and license are

and Our future initial derisk by option capital operating the for that costs maintaining the expansion. aim project costs current preserving technical programs while significantly designs to incorporating project competitive reduce the

on presentation, review which a I work the the comprehensive project, website completed can Mt by refer corporate found Todd For Vista on to you at www.vistagold.com. be more our our of

that tremendous holdings exceptional our an opportunity We position current to or and believe represent Vista that prices Gold one's establish opportunity in Gold. investment increase Vista represents

the Andrew, participants formal now call. we our remarks. questions on concludes from respond to will This this any

The first is a investor. [Operator Henry question Instructions] from private Weingarten,

the partner been I've now, at for buyout curious, looking scale you're situation. clearly or a at you're a

with During parties have how and And they no? beyond many had those, many many for people, say how you the tires, XXXX, are have still if And no? any? said discussions ballpark, serious and how alive did kicking why

Unfortunately, signed have with interesting confidentiality how we who agreements very signed many disclose we've confidentiality typically. agreements been question. or a that's don't Henry,

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of the Mt we will very future, a study that X targeted that remarks near annually. of -- X embarking have are, the with from feasibility production in million million ounces You evaluate project to prepared tonnes range XXX,XXX XXX,XXX the on gold production per the of to year gathered to Todd in

initial reduced has significantly garnered parties. CapEx scale smaller interested significant This with interest among

I some parties. next We in have be with meetings Perth will initiated discussions. in week

or be We agreements. new confidentiality signing additional expect to

study picture that have in of will due been Newcrest that smaller the be companies -- as paint diligence. of But and I certainly knocked the and of a diligence advances. that that interest a Perhaps of the their disclose significant number is have midst mature you than was that case due door will can in aware undertaken the Mining, I transaction rather who timing completed There of and that a -- can kind kind their in with on Vista. Newmont transaction one

we're So I'm your information that. not disclose by encouraged that there unfortunately, you've continues able requested all in and of But to be interest, question. to the

or that greater this comparable results less the represent? Maybe And this the the year, drilling grams I new what guess, tonne is ore of is newly percentage than? existing per body Okay. in one year's the body ore does found, to increase, is average other drill from

X drill at ] of so would fair X of it in think the Phase of our be for was I reserves northern end resource that. the until model the And for is drilled broad to know program boundaries we have or update, the that which and -- Well, say terms won't I sure. The the deposit. targeted parts [ Batman of host the deposit, inside to

the boundaries was in I We higher previously I at some anticipated higher and the we expected. have of areas, much we say lower what deposit. terms, the in than we that -- outside thought, would model and Grades than net-net, same, mineralization areas of probably grade the changes note north end in are of the very encounter the as will have shrunk But be, think have we of slightly others. what did it our area broad confirmed in that expanded pretty boundaries would that some

a very note. positive so And that's

zone. X a little the historic aware shallow call is South regards of Cross on With we And are very we program, to knew drilling we're zone but that Phase based Lode the we what drilling this drilling, of about.

doing type mineralization. And understand the so now we're helping that is of the drilling us right

thicker we zone in that's vein small mineralization we comment distinct a have mineralization. sulfide deposit. spaced with veins or in words, consistently see varies of, veins densities say, meter. mineralization vary the They Cross width the what I millimeter see very And can gold that. quartz and host up perhaps, we XXX deposit that a Batman But sheeted to thickness XXX system. that a in South is order from on to per across of so between XX from, the that X width The the to Lode have other is or what where Batman than we XX XX centimeters, In this XXX-meter they're occasionally vein XXX meters,

Lode. sheeted vein like so South Cross And a that's what the system in looks

number is that that of have fewer, but we're altered. remarks, The seeing in wider that is a seeing away instances higher rock are, -- much as and seeing or they're deposit. intercepts formal We're fractures in we're for heat we're the vein the highlighted much The intercepts farther not from source the meter. than I encountered that And greater grade. the instances, vein in we are results veins

as as gram tonne we've you in tend zone, meter. deposit per in Lode a in the almost the grams tonne grades heard X.X the and and grams high to -- X X South Cross XX as Batman yet, had and over XX over to range per meter intercepts Our be previously,

to seeking means. what And anyway, we're still understand this

coming completing that South another are South of we set and of the us be check what assays in Lode. all interim the will the resource with, for we're and received. is announcing perhaps, obviously, of all a But estimate not will provide understanding be Cross weeks drill results drilling We assays until, the update little will of Cross And a bit Lode. in seeing completed

other now, early end for very geology, But are and Cross drilling Lode narrower XXXX identified this we're to based parts to up a and know in the please days, in the in and XXXX. this in is we understand that South that model right targets our geologists deposit structures us mind giving east -- exploration are hard better the north bear our may we've and other working that Batman of of on

a you to South and you'll sell different question, development to develops me If separate ore indulge give if to body, led third Lode South Cross me. You've Lode does Cross Can a that substantial sell? X products the organizations? Batman into you

No. No. And they first on will licenses. covers development right Wheaton umbrella Metals, and of with their refusal arrangement have Mt royalty project we all the gold. -- The products from will of Precious mining any be Todd that our within a sell the

on to Cross Lode. first considering So they the with regards doing have any right South [indiscernible] contemplate

this are further There with Instructions] closing Please [Operator questions proceed time. no at remarks.

Andrew, All right. the today. you of all who you, and Thank have thank call to joined you

we're believe in the We references tailwind discoveries, that in strong Vista and market will indicated, to well-advanced future. -- work find we're factors, we made continue. market. major this other gold a for and gold As that price. we've an see believe the specifically will number is on to rising environment We where that a provide we capitalize that of ourselves this meant developers decreasing The doing a

the I'm initiate to very about feasibility will later be study or excited the that year. by that's this opportunity presented initiating expect we

nominally with at this day, be well-defined per but future very third a option demonstrate greater Not a optionality at for XX,XXX robust to size demonstrate, that is and the tonnes think large that's Todd. degree, I this will a the think able Mt to I a we see will we expansion. that that only scale at that project economics

investment. product a their deliver that share we're our our is helping We price at greater to We the drive this realize All that value future. believe in shareholders interest appreciate positioned aimed will the share upward Vista help of that We representation see Todd that's has that people value the been project. been of peers. significantly better We of that, Mt believe many Vista with Gold. from the our ourselves a performance shown that's in price in find than

you We interesting initiate an I consideration serious creates shareholders invite to change those making position. share investment. in give recent are who believe, a an not opportunity The price, to to of

invite who those we in Vista shareholders, are your already to increasing For consider shareholding you Gold.

announce the this initiated. to We to we later and And additional you watch that feasibility being and results for forward time the we drilling to in this to thank day. to program all continue to announce forward you to our year, Gold the coming that look able interim X weeks. being Vista call. the taking results drill of We very look wish has Phase been you encourage are we a on for join us results generating, We pleasant quarterly able

thank gentlemen, that for and concludes this for you you conference and We Ladies your please today. call lines. participating disconnect your ask