VGZ - Earnings call transcript Q2 2022

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Operator

Good day, ladies and gentlemen. Welcome to Vista Gold's Second Quarter 2022 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, Tuesday -- apologize, Thursday, 28th of July 2022. pleasure Pamela my of Vice now Relations. Investor is to Solly, introduce President It ahead. go Please

Pamela Solly

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

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

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

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

Fred Earnest

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

to our and June, this year. we our we and pleased diligently form this to that earlier completed Mt other Markets a the achieve program seek quarter, are project. toward was Capital CIBC or work transaction gold Vista of value Todd working goal with Todd recognition we comprehensive our with partner Mt date. to our results are the progress In greater announced for CIBC exploration of During drilling advanced

will Mt and discuss life. ended of a Chief Completion Doug results with XX, is an efforts opportunity resulted results greater position the topics our growth time turn $XX.X We quarter for in later of the a Officer and call, reduction I'll June resource ongoing of quarter. a program for there Todd exploration these quarter review significant Financial to We of of Tobler, pleased in believe detail for in our are this in but mine now ended extremely program control million. this the second cash the I with management's the and the the significant expenditures we costs extension over financial XXXX.

Doug Tobler

million, cash cash work, decrease the study to the has tracked taxes $XXX,XXX our this on in budget included which quarter came Thank us. time XXXX. Year XX, better Form net provide of expected, recap those during position and $X.X hand of position quarter other $XX.X in totaling planned $X.X June I'll refund Mexico. for and XX-Q call full a taking second join ended and Gold's was sedar.com. the of to ended with available under And you, statements we million. than date, in operation Net today, net or on for filed expenditures feasibility about for that are financial reflected either on less at your were about decreased MD&A Today, quarter and slightly our value for Vista brief is quarter. thanks a expenses paid added Fred. sec.gov a than received yesterday We financial the our because of results million the

during benefited in We for net royalty the Awak at remaining proceeds the also first of Mas cancellation $X.X of the from Indonesia. million interest quarter project

variance. accounted a of second of a net for net areas for We compared forward. to continued few be program second quarter drilling opportunities the feasibility line complete, were operations overall a to of last the to for million Gold's With XXXX, quarter evaluating reported we're reducing trended expectations. continue of $XXX,XXX the $X.X loss year. of Vista study and with this in management's going that loss expenditures downward this and results our quarter expenditures There

gain XXXX, Reyes for QX, First, XXXX. of $X.X million project non-core QX sales during while recognized from the had no during Los assets gain a we of we

However, of $XXX,XXX during same year. compared of nil to we for other quarter the most the last recent had income quarter,

the quarter's probable we of longer This reclamation added paid accrued included being got costs from income and previously are Mexico no other taxes continued incurred. believe we value that refund the reversal that

lower We million $X also QX property valuation benefited and which XXXX. of from exploration, compared quarter costs, to this holding million $X were for

position managing planned. effectively study to continue supplement feasibility and Todd by the assets I good accomplished and at to these during XXXX, non-core track $X.X but recognized on were to important We've continues opportunities for concludes as project, drilling Mt the remarks for also second program $X.X variance my we the a June first discussed provided gain interest from manage financial operations other losses no liquidity the steps with ended and quarter, royalty The been and of That plus first periods the In we summary, We components million and Looking during this able quarter monetizing to and reflects budget. no Management down of monetize The quarter debt. net are position year $X.X our gain the remaining forward and expenditures. our non-core had position six believe remaining Mas cash its the XXXX between and respectively. overall month XX, period million, in (ph). hand Awak on our same million were assets for that [spending] further seek today. of XXXX. canceling $XX.X within previously results

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

Fred Earnest

in I'll discuss achievements of Thank several you, quarter move to now second Doug. our more detail. on

of most process shareholder broad to Mt in value an complete gold of includes earlier project. with CIBC's its the the alternatives objective appointed of leading the a transaction know, as year accretive unlock to to Markets Todd maximizing a assist mandate this you advisor range As CIBC Vista of Capital evaluating strategic value.

elimination a advancement totaling quarter program kilometer lifted date. structures. individuals. X,XXX X.X to combined did allowing The additional a which the gold strategic million ounces say between complete for a stakeholders the international mineral potential restrictions The pleased with resources the out were both Several model research during X.X our work be our of focus our XX our with to successfully management, holes, pleased of the has and X.X the June mineralization Vista add intersected by targeted program to million not the I'm company's travel fully continuity appropriate, with additional with the targets predicted base. demonstrated work process And targets efficiently appointment consistently our mineral to Mt drilling XX in nature CIBC, the Todd. to In vaccinated targets Australia conceptual greater of intended of interested to early we positive had interaction Roughly from primary stage of potential Our this of define to of and kilometer Trend or reserves. these exploration along also completion gold that our identified vertical earlier, yield of and exploration the in by resources. mentioned these not Batman-Driffield on is and progress and country impact can geologic meters, drill portion future identified. work of horizontal When announced four CIBC. program other be second as to senior drilling was to undertaken continued person are to coinciding comprised transaction local year, and in restrictions and on at the parties. country was The and

a a strong quarter completing we ended $XX.X to the of As of debt. continue our toward goal very We will shareholder the Doug and second have as mentioned, position sheet will we we maximize with advance transaction value. be cash no million believe balance important that

and remain interest Mt by additional strategic on have one the value continue We of those right We Todd achieve creates opportunities provides ample in recognition opportunity Mt recognition. a range future to the an completing transaction, evaluating for that engage with a greater project. are value present and for of expressed greater the who value portion value recognizing to focused of Todd

exchange Our in major conditions additional the project but and largest stable of for to exceptional very for gold to in tax economics primary ounces to and NPV Mt exception we the advantages. the continuing, gold the Vista represents The a we inflation, Mt gas price are and the robust the to to Tailings and sector territory, the on improving the with of gold greater advanced a the With roads, Presently, and positioned excellent significant risk controls recovery. Ukraine, price approvals one Vista that's have of distinct Ongoing last with production completed it opportunity. days equity work operational over project northern Australia, in The and strong demonstrated of of of a long objective rising will extremely completed is ideally with operating Todd rate. basic markets. an prices, is recession located in package for rate completed at favorable practical the existing had territory in leverage of infrastructure in and IRR rebound gold foreign permits. recently is that XX.X%. the work in evaluation undeveloped as rates cost economics mitigation Australia's projects achieve interest factors these low Australia. believe Todd that and million and at X life, globe. risk construction rate gold years of in timeline of price and project most probable higher hold by $XX.XX gold location CIBC pipeline across approximately mining last northern along risk [$XX.XX] gold, on We the the recently of proven and demonstrated At -- profile, we project's the study and few close market ourselves price storage $X.XX approximately price, low activities freshwater of potential, Todd reserve comprised last and the lines operational in gold feasibility gold impact the uncertainty costs, factors over with the exchange provide of Todd a when after site, the billion coming impact facility Continuing, today's find value, for days, entire an (ph), including hostile third the these discount fears for gold creating negative operating values an gold reflective gold of the and combined feasibility study an The as although that Mt. investment Mt largest reservoir is the growth investor Todd year. several weaker the looking all the updates is The couple so. has lower Furthermore, sector. natural X% market paved across provide The fact the [indiscernible] process exposure reserves, will Mt. do we of geopolitical a jurisdiction. and friendly have power Australia. have infrastructure producers low

the designs improved and with that efficient gold Our costs technical created price programs that value operating the enjoys. low have for the on foundation project leverage capital and to focus the are shareholder

Mt believe have not the recently of strengthen hand. value to a all permits. result have alternatives that the but gold greater Todd. project. our hard the just realizing secure structures completion development I jurisdiction project asset the portion politically in partners, form we earned friendly or trust in projects superior believe stable demonstrate of importance reiterate Todd drilling other of our partner transaction worked and of and equal license recognition the of in the are authorization we for range that value a located for the stakeholders evaluate We significant one Australia, feasibility the the Mt broad as transaction other seek our most Todd of and achieve is and of a attractive mining in world. program development study position major Mt. confident greater and the of stage the the firmly We We of the and potential completed a to to upside a of social gold Of intrinsic is local further

an value the low which presentation, be that the to corporate opportunity Mount And the exceptional I Vista position and concludes at opportunity tremendous to strong holdings leverage that Michelle, prices gold on of investors happy We'll We investment Vista respond from our Todd geopolitical and to be represent Vista or current that a the prepared price. one's to remarks. a establish now increase in refer www.vistagold.com. this a believe risk value you accorded to for potential, growth on our For looking assessment questions call. more any represents our comprehensive project, Gold. Gold for website found can participants exposure

Operator

go comes gentlemen, H. Instructions] Your begin question C. Thank question-and-answer from Ihle and you, [Operator now session. Wainwright. first sir. Please Ladies we Heiko will of the ahead.

Heiko Ihle

Greetings Can Hey, Europe. from I hear everybody well. is okay? Fred. you me hope

Fred Earnest

Heiko. morning, Good can. We

Heiko Ihle

Excellent. I issues calls on other some had today.

of You're you sitting you obviously, both comment we capital. run I on quite firm cash and the working mean, that. I know $XX.X and, on lean that

and willing Any can I burn You where spending way. was to that thoughts wasn't I ideas of be very on it assume are year? QX your remainder extrapolate end during aligned of that? the balance June? for for whole different lot in the you'd And during some July? if the cash share a And just than by we cash

Fred Earnest

Doug to Tobler Heiko. that turn going respond I'm to Yes, question, to your to

Doug Tobler

are you doing? How Hey, Heiko.

Heiko Ihle

[indiscernible]

Doug Tobler

good. I'm Yes,

the of something high all as around million those expenditures. balance for range $X and million towards we're when we'll the that's of end, the quarter. compliance We high issues When as run our it's at look at per with of end things, lower the to this the dealing year, $X.X meetings. So annual XX-K typically of probably the

good think for I for quarter you rest forward. $X.X to end probably year a the way So lower of the million per the is extrapolate of

Heiko Ihle

there you mean, question the detail going your Doug, we that to that on as setting of assets. to exactly described get you should as Earlier to It's smaller we appreciate looking for think call, low a intended willing mean, are Todd. help over much this. I some we're just I to was And bit you're this? evaluation My you. like just much actually nothing please. Where given at tell next, you're month's at get stage see the second data, me non-core six, us monetizing twelve, Perfect. on. else into with Mt that three, but CIBC nothing clearly, this is you're whatever assets, the for we're earlier willing because maybe expect what call and process at you it, earlier out hinted

Doug Tobler

Yes.

the So that working let what you first me we're assets are non-core tell with.

of there. with have for equipment number gauge timing four at There's difficult project. we've looking that it's time, development a it's three, hoping to We some years used stages, only a Basically, groups the track to seen a that's it sometimes there's somebody one actually. various been a find through at there's two. or looking marketed And a mill for faster third-party, had being

-- party to that. with of done see right people with And with asset nine we So something work on we that would hope to and put by the is wouldn't something that for do we acquiring us for it works whoever something but for months six in can next for XXXX, over horizon, that that the terms it. I to end that we'd get feel the to like

small lot we at company of now in we Long royalty interest well. is a Secondly, a obviously, Valley to same relatively There's, by we in have But it's project a marketing, Mining. opportunity asset what and it's called space time, a with suspect by as have we held a on next that that right little royalty of and of Core called terms of the year end bit an the might the something that think the is. move value activity

So elements. those key are the two

when back I this down during We've got refund for chasing quarter. a more a been de los in Mexico, value the we've Guadalupe refunds some we relates of As current and small got while. Reyes tax mentioned, added these we had

government, slow. to this probably window with governments they're those are That's are described, simply assets come I've [indiscernible] So involved really in in are less the point. always at just because the likely the

Heiko Ihle

firms. you're I just on assume set on sale. -- you just -- set a about earlier, not not You're talk moment ago, you

to some willing money, anything [indiscernible] somebody project have the then and right? be that, do like advance take You'd or like

Doug Tobler

there's cash basis. with opportunity leverage king. But party, a us again, that always longer Well, term asset is the on for right

Heiko Ihle

guys feeling here. and you question Fair as enough. to you like. I [indiscernible] to much questions Thank to some I I much with your like going -- queue and Yes, mean, away probably the cash was back get as you'd I right are now my queue underappreciated in very feel so appreciate you just are walk I'll answer not soon. and assets talk

Fred Earnest

Heiko. Thanks,

Operator

no [Operator Mr. like the to remarks. the further conference turn are for Fred lines. back would questions Instructions] There phone I from closing Earnest to

Fred Earnest

thank you, of us. this you each afternoon, And be, to wherever Michelle. Thank taken who you you time or this may join have morning to

second do As up and I it things wrapped to the reiterate updates and CIBC present so. that in we I very where the promise the that announce and to is We're forward quarter. will at to additional we there were time when accomplishments work is doing have we were with we being is significant practicable. that updates that continuing reported, as are practical some look process process with provide pleased able that

As Doug and of feel we has that we a strong the indicated, mindful have we sheet. are balance very market conditions

We already more are in cautious and and expenditures. ways be continually to careful for looking are

cutting to day, thank unfold. to forward looking continue Mt. day. quarter's the most regards measures With join report confident that you taking do you pleasant to I wish so. call. that, the all outperform us we're are pleasant look joining And a next for news all being to expectations. at to that and this the like very the we you to time would very as that, I With and call to project encourage with for stay on we Todd you doing for work thank as continues wish tuned results a of And you our to I'm think that cost be able just we'll we We are. able to

Operator

lines. your would ask to to for Ladies participating like afternoon. you your everyone this thank for gentlemen, and We please and disconnect call conference this does conclude

Vista Gold (VGZ) 29 Jul 222022 Q2 Earnings call transcript