VGZ - Earnings call 3 2023 | Vista Gold Corp.

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Operator

Ladies and gentlemen, welcome to the Vista Gold's Third Quarter 2023 Financial Results and Corporate Update Conference Call. [Operator Instructions] And as a reminder, this conference is being recorded today is Wednesday, November 8, 2023. It is now my pleasure to introduce Ms. Pamela Solly, Vice President of Investor Relations. Please go ahead.

Pamela Solly

good and Kelsey, you, afternoon, everyone. Thank for XXXX Financial you joining Conference the Quarter Third Corp.'s Gold Results Vista Call. Thank and Update Corporate Vice Relations. I'm of Solly, Pamela President Investor

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

course that will making performance During of results, or may These cause of forward-looking uncertainties risks, Vista call, or and implied statements. expressed materially achievements achievements results, known actual or involve unknown this different to and statements. we the such be statements other from be factors performance by

refer call XX-Q in important those our risks to over to Please factors to details other from turn most materially our recently Fred Earnest. forward-looking results Form and actual differ for filed statements. that I cause could now of will

Frederick H. Earnest

Pam. for on thank joining you, afternoon. And everyone, us you, this call Thank

and the CIBC with programs reduction managed to our third safety ongoing Metals Creek, Capital Colorado. Markets. incident at continued quarter, environmental cost During maintained our Summit in programs, presented work and Beaver the Precious we We without

strategy transaction of value, the we understand diligent transaction and Mt seek the continue host of in economy and with to site transaction part of our appropriate shareholder depend capital CIBC, visits opportunities execution our parties. the improvement may stability an Todd and We a work in to interested markets. remain sustained maximize explore As to with completion but on

in and investors achieve year where track attended shareholders, to Cost among The others. we scoping safety the no stewardship X% of internal reductions investors, Metals and In our XXXX. health Todd. employees committed have are parties. environmental study at shareholders, earlier Colorado transaction to companies generated we to in to this potential potential the Precious a remain Mt We of our to mining completion interest continues and debt. XXXX the Creek, with ongoing, on are costs Summit Vista we reduction met recurring compared and Beaver September, and

have has of discuss this call. XX, incidents consecutive to ended review for the for and financial year, site detail I no There our topics will now But will later the turn the been now these greater XXXX. XXX the Tobler reached Doug days. now over time a results in lost quarter I time accident-free in September

Douglas Tobler

Gold is Today, MD&A and for Thank XX-Q a you, per our date. $X.XX Fred. our $X.XX of a XX, ended that full of recap I'll at XXXX, September Gold's are net consolidated sec.gov share common the or XX, XXXX. brief compared yesterday ended for for provide share million loss at our September consolidated in Vista XXXX, reported XX, position $X.X net of quarter included Form quarter or of and statements financial $X.X available million loss quarter was sedarplus.ca. either Vista and per to common September the results financial ended the operations that or filed

loss year. The was in to with period compared quarter reduction reflects operating it same the expenses and XX% line an our expectations, for last in the current

and than million was million and on because months and million, our gain The of X period net XXXX Mas $X.X XXXX in the September were $X.X $X.X disposal For our a last totaling Awak ended XXXX respectively. XXXX, included income greater XX, the loss losses the items $XXX,XXX. property year's other

the period-over-period. year. compared in Vista last period of for the to XX, X operating operating $X.X the million months reported expenses represents Excluding a $X.X X of XXXX, ended items, expenses these for XX% effects September This million decrease same

programs. exploration and to site achieve of on a Todd are costs recurring in X% track reductions our at Mt objective reduction and cost management We other for

position. our financial to Turning

of XX. good $X.X $X million, at of which compared June in Our condition XX sheet at million ended to cash remained We September balance with XXXX.

That concludes debt. We having also of for my maintained today. remarks no our position

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

Frederick H. Earnest

you, Thank third and our achievements. ESG our then begin and performance of will with review review quarter initiatives a Doug. I

our are positive ensure our long-term We operations, ESG proud environmental in responsible practices for conducting impact in And principles we to seek business and continually the to committed recognized Northern a with of success we our manner. record business to and our be leadership and to are align Territory. sustainable and the

responsibilities lost completed in our compliance remain as more has days in now than with previously no noted, And XXX We environmental Australia time site incidents. and team our consecutive obligations. with

with team. culture safety-oriented and pleased of accomplishments our the very are the We

Corporation. the maintain We of to relationships and Association working Aboriginal strong the Jawoyn with the leaders continue Jawoyn people

work the Territory Northern to the and more with Northern as in broadly We and the government. Katherine as well the area stakeholders leaders continue in Territory

that and committed maximizes place our pleased is remain our at ESG a first stakeholders for sites environmental our and supported. report Mt and Northern to firmly the Todd publish that management, expect and the are benefit in strongly protecting first of we shareholders in report We social quarter I'm in and the developing report I'm time way XXXX. in heritage pleased responsible the Territory. the on to working to license

the Metals to Precious switching Summit. Now

Precious companies, in conference Creek. Beaver provides I investors, potential our This for and Summit As indicated, shareholders, always to September, we bankers with Metals attended an mining excellent meet team the in forum others.

attract well year, the jurisdictions with adopt project stage typically that suggest many than X production received. more rate indications of Tier an royalty from annual of capital million to what adjust smaller per X%. ad mining is the rates territory. top opportunity government to Mt to to the All time, caught NT The with of opportunity plans April, through whom investors. increase initial attention particular, reform $XXX priority to Todd also gold less in investment met. Interest in development happening In we combined for greater In resonated achieve royalty the to announced current the demonstrated production of ounces with over is the structure. initial about the message be and competitive was XXX,XXX X.X% government in other government the with Our at Northern a where the those XXX,XXX Territory to will range valorem

at economics improved earlier a Mt project very returns shareholder This meaningful and for opportunity Todd. represents

For our royalties gold other NT and to a ad X% on X% valorem assumptions. feasibility price included XXXX equivalent rate study depending to

expect the the second government end of Territory We the reform complete royalty of the Northern by XXXX. quarter to

Mt the switching greater to Now different work generated over CIBC Mt continues to offers greater intrinsic portion parties. to that one ample recognition. shareholders development for opportunity Mt in value transaction Todd the a ongoing of for the recognizing visits The in on of year and We future strategies. the focused and earlier through with interest realizes Management of this from to the study respond value generate host remain under results announced engaged completion inquiries CIBC. have Todd. site optionality continues Todd interest value of the scoping provides additional right

Our and are efforts for costs effectiveness in priorities cost maximizing high to XXXX. -- reducing

reduce Mt actions taken gold most in costs is X% have and continue gold Todd one additional implement further to reductions. and And We Australia. of recurring conclusion, approximately now evaluate undeveloped projects advanced to the for and project in the by cost opportunities largest

package merger, of and proven and the million largest the in ounces reserve Australia. controls -- the completion following Vista reserves of X Newmont Newcrest second probable With

the for interested of In and other extremely addition Northern a Todd of mining-friendly Mt a advantages jurisdiction. potential size, stable in an provides number to Territory those its located Mt is transaction. Todd Australia, in ideally

the firmly construction very earned advantages. Todd the we Of stakeholders, risk permits Mt the and trust infrastructure All have The major and been local equal approved. Todd existing in Mt. development project are provides is that the our line at for license distinct of we confident time of social had hand. importance, mitigation

Our incorporating are on costs. focus designs technical derisking with project the operating programs and low capital that efficient

superior enhance improve project's and will leverage for NT provide to We in We gold the attractive stronger believe royalty Australia, improved economics, development Mt projects, the shareholder is believe most to the the in Todd project and not but all world. asset changes proposed of a state the one just value. of foundation regime help a price

a recovery, for costs, hold profile, economics favorable objective of life, for the by that Mt demonstrated fact all and project primary study operating production operating major all that approvals is robust valuation completed achieve excellent is Our feasibility long gold the the permits. reflective gold to as Todd we

We'll the a establish now Vista questions and to I respond work investment Todd our call. which completed presentation, at refer exceptional corporate Gold. remarks. any can that review tremendous of opportunity represents concludes increase www.vistagold.com. that We current Vista by represent believe project, a This on position to you prices on be Gold more holdings prepared our in Vista website our the the Mt an participants to comprehensive For on from one's found a opportunity or

Operator

Wainwright. comes [Operator from Instructions] Heiko question H.C. The from first Ihle

Heiko Ihle

there can hear just Because okay? Fred, muscle was little you a there. me

Frederick H. Earnest

hearing and well. difficulty Heiko. you clear, having Kelsey were Yes, we hear we But loud as

Heiko Ihle

Fair enough.

how at I able XXXX, into X% ship plan recurring I'm a reduction amazed given looking going in is at this, on costs. has to I've the doing you the years do how lean the on Okay been you run quantify being little you you're mean, and last for been exactly give color of even following on and detail Can bit just the many a effects? plan farm. what maybe frankly

Frederick H. Earnest

to answer, turn this going Heiko. over to to Doug question Yes. I'm

Douglas Tobler

even single is The running X% inflation, about teens. low effect And some X% think year. digits, is after last that's markets, I the this we're for considering quarter which talked objective tracking it's that what our in of we this is high of kind

think down we we've seeing exceptionally where things not and done through cycle XXXX stable. areas our continue we yet, to So can our cost We're year. but this hold our well we're budget ratchet

line and very that got exceptionally We've been hard us. we've mean been a keep well and working they some very I to keep keep workforce. in workers personnel our for have still costs fortunate motivated people just

look year, rates at we've have insurance. But -- all continue the next into our that there. shopping products approach all improved exciting we'll of move to like taken a we we these Markets bit a areas very to the aggressive have. also, really of As on all

in you the to are is another steady. hold that They and use consultants thing don't have is easiest reality have we've supported being the had bucket. some do but advisers And by forever. rates can't Consultants to. to them, been that The do able

may there. productive a other we've services service But been provider. still less cases, but we successfully shift So our some expensive to see in bumps to shop or able

keep as all our and support low, our we then, And our as of other costs, of can. costs work to keep we low ratchet course, possibly office rent down admin

look and not try one few a dollars bucket, bucket So it's every out in dollars. scrape but any big we to at

that hopeful So line the least as I'm of hold all, can cost we XXXX not into if the of move inflation. offset most, and at we

Heiko Ihle

That's That's answer. a fair. clear

again, there's between wrote this I sitting, meaningful when word. share and was I'm value gold's If it? at happy beaten explain award a clearly looking one is and disconnect just numbers XX the last What the here, value there. obviously of miners pretty Or are and runs how use question they're And a the this analysis value cares? for Just down XX. junior missing? company there currently is better conservative to I value shares does a I sensitivity up -- mean, mean, the missing all it to market that them are nobody is it of of at lack

Frederick H. Earnest

that's pressure. I'm commenced our are selling if that recognize value a favor. interesting Certainly, middle just alike bit that a a the in of find caps and sector. to if of it's Heiko, And phenomena gold gold intrinsic and amount presently in we across month, There many board it's We're or not of price companies. shareholders value between the loss CEOs last market has a that's that is asking little broader of out question. sure and very big are ourselves of part disconnect compared question under market a themselves in tax stocks a projects greater-than-normal selling sure

of gold specifically, lithium a out and be that are fallen have companies of flavor know to We -- in seems favor. that little the bit Australia, day the

mind And I about many great background think that everybody's is complete respects. is transaction? Vista very questions in our out the a successfully in of when of a in or control detail to going

with work to interest Todd. new their CIBC, to and As CIBC attract credit much I to generate leads reported, and to we continue continues Mt

I'm That's a in hopeful are being producers that to developers reflected such something to year, the producers. sector transactions this involve Vista, sector that that we that visits see been transacting the into have to seem a transactions as whereas of we'll in we'll of That's have some haven't been break majority that industry. held due other as new as our diligence we the year and see mentioned head begin work our able with being occurred undertaken. to shift site that the that that's been

think back spend. out, happen. But we pendulum pointed begins the the that will key the to factors of permitted. of the to -- essentially the it's with The are, like begins the money Mt that that will swing fact I'm the fully able with it's we're what very of where we're have. size efficient in that Doug I us. being is hopeful But located, achieve meantime, think I'd I bode Todd when project, that peers we're our think -- other we that, resources that the top way, when in the that well it has financial that we amongst as the the the And to use shovel-ready to for fact

investors many that it's mind. does, minds weighs it on sure, something on our So as I'm

Operator

question next Mike And from your Schultz. comes

Unknown Attendee

me? Okay. Can you hear

Frederick H. Earnest

and loud you hear Mike. clear, We

Unknown Attendee

Right. Yes.

private a I'm So investor.

going so can on questions. be them to have And I'm so going a ask that two what I clear ask. one to just at I I'm time

net So to type And of million the done mine I've stock a is, rates the the interest the with project, production, significant the said question? company the the astronomical the even on and of of current of kind price. does based over first Vista type is and what multiple borrow for projecting have question provide that just with the borrowing because would you're themselves? ability out pretty Or $XXX production of expenses I numbers gold gold

could would be worse, that last me mean stock or option not worse in knowing X way borrowing an a If mining resort. whatever. you additional could if any it's through and of just and comes So quarters, to there's to range something guys, borrow to offering money

if you So first, just mind. don't to answer one that

Douglas Tobler

I'll Doug Tobler, Yes. that one This on. is take

So our analysis same that analysis it tell would. sounds like the your thing would you

debt types from things. come partners infusion, would we borrow the that In XX% come leverage, of to in clear, broader million market from of wouldn't it be the the typically, scoping of typical come project we balance would finance ever XXX% terms and form streams, And outlined study. can equity with royalties, of A some from itself. our an or to just seek those that $XXX borrowing, mining can

They're we cash very when what Todd's the from So see, gold Mt of a the discounted at flow robust. prices basis. economics on robust look you at current valuation are --

ever immediate typical provides that achievable that very equity longer ratio see So direction. a great is opportunity that move We something then well. of be that other longer-term towards we in see value a there's still that, debt XX-XX uplift more will form should as and we some that transaction --

we're So analysis not makes think We've I optionality, boxed your got sense. and out.

Unknown Attendee

Okay. to value Is I'm may kind not -- lot to And commented but then you you transaction answer, right which anyway. the going wanting the question, second on project. may or ask find it the represents a the of that of

lot know that the offers by of whether there's of seeing it near not nowhere right a about even actually though as possible were even hear like appearance we or an because what's activity, any mention investor, considered there been so on, offers was that not And would we value. be Vista going considered don't

what's if actually there understand. at it. there's a just among that trying going could been size that are if light don't So or have right I have folks bonafidely comment, you to value the interested, But you that shed but up way can't not looking been we're at on people

Frederick H. Earnest

would anything next see interest, quarters. due what out -- made date been And reasons going they But be this the where where able about X have Yes, point of there not on the there's get a number know companies those significant of question I'm reached there's side don't either But genuine to or of -- discussions parts plays the not in to a several the is that expenditures going the have satisfaction, the point but we'll and to been disclosable. diligence. hit, levels year, mean table for is of where your I last I in to there discussions to on be where to answer there quarter And over Mike. value. various

Operator

comes Day And your next Management. Day question from Asset Adrian from Adrian

Adrian Day

two-part I'm the characterize two year? ahead? you you would -- with questions, wondering discussions how making to compared some idea last stumbling you biggest you've to would And you How blocks seemed had question. give of decision us a positive people how be -- what could discussions would then go recent the to

Frederick H. Earnest

year Yes. between the uncertainties to difference the discussions way of discussions and -- a surrounding in inflation ago Adrian, that the easiest last the I months the the inflation. X and think is biggest impact characterize

months XXXX. and January and of seeing Our started talk what reality, impacts that of feasibility of X is in of lot we projects. a of And to that means within lot dated a study time, inflation

quite should Mt I think the think and producers estimates and why very, question, is I a assign to that of though in that eliminating discussion we development you And actually And And be we're the what you risk many to heavily for transactions weighs averse. are today's of first the on operating second project know in reason seeing a to producers of that is going development, be very Todd risk costs? our CapEx industry that risk? market. have your they're you know fundamental answer how that that of size between solid even do cost the and quite in consolidation ultimately value is the cost well, the principles companies interested the every

the biggest today's is everybody's going market. are across really quarter board and those discussions, And transactions that really issue risk matter As see, so that's it's that of the XXXX, in in developers engage we hesitancy with of fourth that's we costs And the today? driving to the a be think in question to what the aversion. mind of

Operator

at And time. are no there further questions Ms. this

proceed. you Solly, may

Frederick H. Earnest

Mike interest thoughtful All appreciate the Thank that right. continued been very Heiko you. asked. Adrian, the Kelsey. appreciate and We have questions that questions I and asked. your and were

As in side a a in tremendous add see it establish the Vista been of like anywhere, the Gold. to section, not think pointed a is out can there's would and I this the the fact be. flip for value the not the who Todd ounces price that our of we is value going -- has are Mt Q&A -- to those that to those represents in where share and But that I here that think underlying opportunity position asset or

answer We those more out information, reach further -- our Solly, certainly, questions for would like invite who you, Pamela to to project. to have of myself team and President and with will happy questions. be the the as to financial Pamela time to get spend of help Investor you understand And another technical needed, on Relations. of phone I member Vice or aspects the the you

team And are investment who disappointed today, as are team, serious opportunity call listen create on consideration busy. investment. the we this We, continue who give have those assess, with as work project represents. We project. this on think And We we it the can to will We're tremendous welcome will we to opportunity. to the that certainly hopeful derisk the that the a is rebroadcast for and by those cap welcome opportunities a but value additional to we inquiries. how as market is advance share this to and are a management price further the we continue that know to that and work please

all participating With afternoon. happy day. wish thank you call, you and very we Good that, pleasant a for the all to I would of and like a in

Operator

a gentlemen, for evening. have of so Ladies thank all Thank And you much you. you hope good participating. rest and I

Vista Gold (VGZ) 8 Nov 232023 Q3 Earnings call transcript