VGZ - Earnings call transcript Q1 2024

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Operator

Good day, ladies and gentlemen. Welcome to Vista Gold's First Quarter 2024 Financial Results and Corporate Update Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. Today is Tuesday, May 7, 2024. It's now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. ahead. go Please

Pamela Solly

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

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

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

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

Frederick H. Earnest

you, a to I'm joining to call about on the year, today. highlights a everyone We've to pleased and you had Thank us today. and strong talk for start thank few Pam, the

reflect April W. Mr. inaugural elected Eppler, the note social program industry Shareholders recognize long-serving report. We targeting a Durand XX member deposit $X his and and board. On components. a we drilling resources appointed Sylvestre quarter, estimates of second was place cost received to Corp. our was Board of During the transaction the we February, first of quarter, mining Board. General our a during end more the recently operating We installment million and payment of material gold and take $XX Mike environmental, Wheaton as many Metals. Keenan Board the Pat current and hosted the (Randy) that the of passed member Todd Meeting We In Special study Financial on Mt Chief Batman feasibility commenced of Annual away. Precious under capital at new Mr. with Executive north and royalty contributions million Mining updated the published shallow President of the and PolyMet Eppler's XX, experience our most the our where Patrick executive to than has the company. was and to We of Officer director years Vice governance

accident-free of quarter a reached call, but will consecutive lost our our to subsequent year-to-date over has of XX, the to Mt days. I for to Our the have focus and time these review time accidents project this scale Mt environmental am executing results work now ended greater in safety continuing had Todd option financial and I value, in later on that now of Doug will detail report initially the XXX discuss topics some March Tobler evaluations and site that initiatives. CIBC I staged an strengthening expansion, Capital with for health, no pleased successfully balance XXXX smaller advancing is shareholder for Markets Todd sheet, our XXXX. the in we with the maximize turn

Douglas Tobler

that XX, the financial company's XX% resulted included XXXX consolidated our Thank XXXX. We financial quarter statements for our compared Thursday for XXXX, in of was were quarter XX-Q of reduction sedarplus.ca. results full for of $X.X of first the of reported MD&A that Gold's and first the months net you, in sales and as I'm line net of management's respectively. assets, report filed in operations the I'll Vista March ended Form recap at financial provide or XX. our to first gains expectations and of $X.X brief last our March with in Fred. pleased and to to results available XXXX on Today, quarter of XXXX losses million, and is discuss loss due million a the and noncore X sec.gov a are results

recurring our equipment period during $XXX,XXX remained Mt reduction income Todd and corporate resulted of current the the from to marketable net greater combined The quarter of general year. securities. compared consistent and a $XXX,XXX company's portion the for last interest purposes of sale in loss cost Our same on gain from $XXX,XXX an the mill a sale and

advanced financial of goal our our XX. We to at Now strengthening balance turning our sheet. position March

of quarter, million XX, our and March $XX.X position, cash resulted note was outflows XX $X the Royalty also capitalized as as I cash operating properties. continue in This noncore to Wheaton approximately million I mentioned December from was Sales mineral first receipt Agreement, also improved drilling of which no of and the have we under largely December million cash sources was $X.X During the $X.X increase assets would previously, XXXX. at of at second of interest million that signed generated income, which these development XXXX. Offsetting $XXX,XXX debt. expended $XXX,XXX. at our $X.X for installment that cash were we and million

the Vista months From received recurring now, Australia concludes representations first That installment X costs the be planned final and is a of forward cash studies for conditions, and call warranties. Thank commenced customary turn Mt today. satisfied Gold of and program date other providing my remarks you, our the $XX the to the you. a expenditures, Looking back other our Agreement at line over over to from I'll next in Todd has drilling to drilling Royalty million the expect XX installment inflow expectations with under remain we months. perspective, Fred.

Frederick H. Earnest

obtained in an was first Todd for capital the project. an the quotes Doug. the since of of the study in in with gold components achievements, of In announced outlook mineral Todd current quarter our remainder of This updated gold feasibility year. results feasibility also study cost and resources were by and I'll reflects March, updated reserves, the and project economics and February the long-term mineral updated price have XXXX. production gold Project Mt we with study changes XXXX. The announced reported that the reflects previous begin same first feasibility foreign filed occurred followed entire Material that and royalty. schedules years for operating gold for study the mine updated inclusive mining the quarter Thank rates you, than X plans, cost were recoveries have unchanged. ago, exchange affected outlook sector. economics or increases gold approximately better slightly the previously of the remain Mt

previous And that We market an and price $X,XXX value discount which Todd's is a IRR the ounce, conditions, XXXX Using that's value $XXX the $X.XX billion, market of Todd capital and This requirements rate X.X%. after-tax billion, and up the of million IRR $XX exchange a at current up is $XXX and XX.X%, Vista-owned to XX.X%. discount per costs price rate $X.XX of from Initial at include is $X.XX down value mining just the competitive confirmed conditions. Average rates of is continues per price plant previous under the after-tax a the third-party few costs feasibility net operated the of the the study still exchange $XXX ounce up million foreign gold project all-in present foreign $X,XXX are estimated gold the up of life at is X% study. after-tax the after-tax selected. A is rate an be to $X,XXX Mt to now ounce. and ounce highly owner-operator foreign power a exchange use is life highlights Average estimated from an a net are study per of $XXX reflective and ounce. at given gold sustaining be and $X.X reflect conservative rate, more fleet. X% of pleased of mine Mt now and mine $X.XX billion, are present cash updated current

and recognize governance the our key we have report. to importance January, on drilling the gold the governance and drilling that and the March, goals X,XXX be an add years ensure Keenan Batman We year-end. In in social published a the X,XXX as report our commenced inaugural conducting and we we Special positive deposit. the and and environmental, north social environmental, constant with of the shallow Moving business The sustainable shareholders, overview governance director aligning to meters evolving the of provides value Todd this $X recent This expected environmental, long-term focus a has of Annual of our on And drilling million Board reduced believe new for expected by General social potential scenarios. project Mt approximately our practices progress our current to of of development and all-in was the performance a and of to more of and to Directors. early operations. At XXXX all drilling of our through an on success at is to mine impact the fully increase year. total to manner. profile, production principles are with resources a We member Meeting elected to coming a committed completed program. In for life responsible Patrick in business end initiatives our and to and stripping in and program cost

Senior PolyMet and Chief Officer experience. Vice As Finance President, Vice an I and Newmont of executive mentioned, and Mining than various of Pat management retired Tinto. Pat a Financial formerly XX in a with was Officer President for senior and also accomplished industry Mining. former executive roles is mining Corp, served Financial mining more Rio years Treasurer of Executive He Chief

of opportunities members and Pat the to was Sylvestre, Pat February; Board; We and Board. the his the welcome I Friedman our are forward Stevenson, and who pleased to Clark, Chair John we is appointed gold Vista Deborah strategic Board who Mt for Board the Tracy in look as joins contributions as Mike Todd pursue of to to the project.

and value. project maximize balance the advancing ahead, are addition to strong subsequent for CIBC expansion scale sheet, Mt maintaining with work of a Now we looking smaller Capital Todd in initially continuing with option our shareholder Markets stage an to evaluations

of interest gold part Todd, gold the in economic scale as of attractive X of significantly and of of we a opportunity Mt We half a time, advanced one the investor Mt of on our attracting ounces projects Todd strategy and scale next for believe project to and probable alternative development the proven completing in reserves. smaller our deliver development plan evaluations with offer a Australia value technical shareholder we stage Todd. smaller returns. creating in largest As undeveloped the demonstrated development high studies year. In margins, anticipate evaluation the study we leverage scenario. Previous initial and stage to optionality CapEx, Mt is most strategies this conclusion, At a million project on feasibility first focus in the of studies maintain work valuable initial that previous lower

to number time existing Mt at a addition Territory Mt advantages. ideally located an Todd provides Todd infrastructure stable construction extremely Mt size, project its line Todd the other In jurisdiction. is Australia, offers in risk and strategic advantages. and mitigation Northern of The of mining-friendly

development trust of approved. the All importance, initiate of license permits Todd social the the that are firmly local of had major we confident in Of our equal to earned is and hand. been have Mt stakeholders

reduce superior technical the to development-stage cost in derisk asset incorporating programs not Todd world. the project gold projects, of preserving competitive one Mt capital the attractive initial maintaining but most current believe expansion. Australia, in while is aim Our We for the a future significantly just costs and the option project by and designs operating that

is a valuation permits project reflective fact and needed study for all achieve major is Mt demonstrated updated for approvals hold Our that by to of feasibility the the as to initiate costs robust that favorable the Todd and we primary economics operating development. objective

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

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

Operator

Instructions] [Operator

Frederick H. Earnest

questions no on Andrew, call today. it appears the have we that

Operator

one seeing ], Tina Bowman Bowman now I'm investor. private [ coming from just (sic) Gina

Unknown Attendee

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Frederick H. Earnest

project. are a you in Gold at Tina, Australia. Vista project in question. this the advancing is the earnings a is your stage There for life company that thank no of

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Unknown Attendee

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Frederick H. Earnest

ahead sorry. No, finish. and you go I'm

Unknown Attendee

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Frederick H. Earnest

I on going you say, appreciate we taking Vista. be to to more call learn was to today just time about the

Unknown Attendee

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Operator

further investor. questions time. this Michael call next go as no at There private Schulz Our are [ from Please ahead. ] a is

Frederick H. Earnest

already things All studies results Gold the this ongoing, Corp. a right. value, second And of number the gentlemen, are we momentum the now of the very quarter and a of thank I'd will he's to busy you interest that. that of we as and are had productive reiterate for through Andrew. been we to to your first quarter of listening each look that's created and intrinsic feel forward the a commencing We've robust the you, happened. Ladies want this update year. quarter. updated Thank what be I partway and looks feasibility the completion lead to we to time the there's it we afternoon back of Vista first later for take queue. If Michael got have a of project Drilling like a the study. expect the Andrew, that year. feasibility demonstrated gold is to Todd and is preliminary question, like this study in some nature exciting with we We've Mt very

Operator

Schulz investor. [ Michael private ],

Frederick H. Earnest

ahead Okay. Well, I'll very good. then. go and conclude

that position commencing saying, the things many of sense initiate you add we'll a or and that CapEx lower this And completion time. us studies scale Vista either of invite viability excited study serious -- future. the whether your with all position point in very to we feasibility I in As consideration are Gold was and lead makes this the will a of initially exciting to about the be before at in we've We to project. opportunity lies smaller to demonstrating give near evaluating to

pleasant and invite further this reach Mt we I need I to Solly, Investor able for Vista she'll out with of to you thank time to President very to Pamela all answer afternoon, and If afternoon. our project. Again, a the you. your your and Vice of regards you questions you information, Todd be Relations; you wish Thank

Operator

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

Vista Gold (VGZ) 7 May 242024 Q1 Earnings call transcript