Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced its audited financial results for the
year ended December 31, 2022, with cash totaling $8.1 million at
year-end. During 2022, the Company successfully completed a
feasibility study (the “FS”) for the Mt Todd gold project (“Mt
Todd” or the “Project”), retained CIBC Capital Markets as a
strategic advisor, concluded an 18-month drilling program, and
significantly reduced costs. All dollar amounts in this press
release are in U.S. dollars.
Frederick H. Earnest, President and Chief Executive Officer of
Vista, stated, “Our achievements during 2022 demonstrate our
commitment to realizing greater value from Mt Todd. Looking ahead,
the Company will continue to prioritize its goals of improving
cost-effectiveness and efficiency, enhancing the long-term value of
Mt Todd, and seeking a partner or other form of transaction for Mt
Todd to maximize shareholder value. We are completing the
evaluation of a smaller scale project and believe that
demonstrating a viable development strategy with lower initial
costs will attract new interested parties and appeal to those who
have previously expressed interest in the optionality of Mt Todd
under different development strategies.”
Summary of Financial Results
Vista reported a consolidated net loss of $4.9 million, or $0.04
per common share, for the year ended December 31, 2022 compared to
a consolidated net loss of $15.2 million, or $0.14 per common share
for the year ended December 31, 2021.
Cash and cash equivalents totaled $8.1 million at December 31,
2022 compared to $13.1 million at December 31, 2021. The Company
continued to have no debt.
Feasibility Study
The FS was completed in February 2022 and affirms the strength
of Mt Todd’s gold production capacity and ability to deliver robust
economics with significant cashflows and resilience to inflation.
See news release dated February 9, 2022.
CIBC Capital Markets
The strategic process with CIBC Capital Markets continues to
generate interest and positive feedback from a broad range of gold
producers. As previously reported, the Company is evaluating a
smaller scale project with the objective of achieving significantly
lower initial capital costs, updating operating costs, and
preserving the potential for subsequent expansion or staged
development.
Cost Reductions
Vista significantly reduced its 2022 recurring costs, which were
approximately 15% below plan. For 2023, management has taken
actions to further reduce recurring costs by approximately 7% and
continues to evaluate and implement opportunities for additional
cost reductions.
Drilling Program
In 2022, the Company completed an exploration drilling program
within a 5.4 km trend extending immediately north from the Batman
pit. Results from this program, coupled with previous drilling,
demonstrate excellent resource growth potential, including
delineation of four highly prospective exploration targets. Vista
has no immediate plans for additional drilling but continues to
advance work on our exploration licenses, which cover 1,650
km2.
Annual Report on Form 10-K
The Company’s consolidated audited financial statements and
management’s discussion and analysis together with other important
disclosures can be found in the Company’s Annual Report on Form
10-K for the year ended December 31, 2022, filed with the U.S.
Securities and Exchange Commission on EDGAR at
www.sec.gov./edgar.shtml and with the Canadian securities
regulatory authorities on SEDAR at www.sedar.com.
Management Conference Call
Management’s conference call to review financial results for the
fiscal year ended December 31, 2022 and to discuss corporate and
project activities is scheduled for Monday, February 27, 2023 at
2:00 pm MT (4:00 pm ET).
Participant Toll Free: (888) 396-8049 Participant International:
(416) 764-8646
Conference ID: 90170196
This call will be archived and available at www.vistagold.com
after February 27, 2023. An audio replay will also be available
through March 27, 2023 by calling toll-free in North America (877)
674-7070 or (416) 764-8692 using passcode 170196#.
If you are unable to access the audio or phone-in on the day of
the conference call, please email your questions to
ir@vistagold.com.
About Vista Gold Corp.
Vista is a gold project developer. The Company’s flagship asset
is the Mt Todd gold project located in the Tier 1, mining friendly
jurisdiction of Northern Territory, Australia. Situated
approximately 250 km southeast of Darwin, Mt Todd is one of the
largest and most advanced undeveloped gold projects in Australia
and, as presently designed, Mt Todd is expected to be one of the
top five gold producers in Australia. In addition to the technical
advancements of the Project, Vista now has all major operating and
environmental permits for the development of Mt Todd.
For further information about Vista or the Mt Todd Gold Project,
please contact Pamela Solly, Vice President of Investor Relations,
at (720) 981-1185 or visit the Company’s website at
www.vistagold.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Securities Act of 1933, as amended, and
U.S. Securities Exchange Act of 1934, as amended, and
forward-looking information within the meaning of Canadian
securities laws. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that we expect or anticipate
will or may occur in the future, including such things as the
expected date for our management’s call regarding our financial
results; our belief that our 2022 achievements demonstrate our
commitment to maximizing the value of Mt Todd; our goals of
improving cost-effectiveness and efficiency, and seeking a partner
or other form of transaction for Mt Todd to maximize shareholder
value; our belief that demonstrating a viable development strategy
with lower initial costs will attract new interested parties and
appeal to those who have previously expressed interest in the
optionality of Mt Todd under different development strategies; our
belief that the FS affirms the strength of Mt Todd’s gold
production capacity and ability to deliver robust economics with
significant cashflows; our belief that results of the exploration
drilling program and historical sources demonstrate excellent
resource growth potential, including delineation of four highly
prospective exploration targets; our expectation that we will not
conduct additional drilling on our exploration licenses in the
immediate term; our expectation to further reduce recurring costs
by approximately 7%; and our belief that, as presently designed, Mt
Todd is expected to be one of the top five gold producers in
Australia are forward-looking statements and forward-looking
information. The material factors and assumptions used to develop
the forward-looking statements and forward-looking information
contained in this press release include the following: our
forecasts and expected cash flows; our projected capital and
operating costs; our expectations regarding mining and
metallurgical recoveries; mine life and production rates; that laws
or regulations impacting mine development or mining activities will
remain consistent; our approved business plans, our mineral
resource and reserve estimates and results of preliminary economic
assessments; preliminary feasibility studies and feasibility
studies on our projects, if any; our experience with regulators;
our experience and knowledge of the Australian mining industry and
our expectations of economic conditions and the price of gold. When
used in this press release, the words “optimistic,” “potential,”
“indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,”
“if,” “anticipate” and similar expressions are intended to identify
forward-looking statements and forward-looking information. These
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such statements. Such factors include, among others, uncertainty of
resource and reserve estimates, uncertainty as to the Company’s
future operating costs and ability to raise capital; risks relating
to cost increases for capital and operating costs; risks of
shortages and fluctuating costs of equipment or supplies; risks
relating to fluctuations in the price of gold; the inherently
hazardous nature of mining-related activities; potential effects on
our operations of environmental regulations in the countries in
which it operates; risks due to legal proceedings; risks relating
to political and economic instability in certain countries in which
it operates; uncertainty as to the results of bulk metallurgical
test work; uncertainty as to completion of critical milestones for
Mt Todd; and uncertainty as to the impact of the ongoing global
health crisis caused by the COVID-19 pandemic; as well as those
factors discussed under the headings “Note Regarding
Forward-Looking Statements” and “Risk Factors” in the Company’s
latest Annual Report on Form 10-K as filed in February 2023 and
other documents filed with the U.S. Securities and Exchange
Commission and Canadian securities regulatory authorities. Although
we have attempted to identify important factors that could cause
actual results to differ materially from those described in
forward-looking statements and forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated or intended. Except as required by law, we assume no
obligation to publicly update any forward-looking statements or
forward-looking information; whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230223005908/en/
Pamela Solly Vice President of Investor Relations (720)
981-1185
Vista Gold (AMEX:VGZ)
Gráfico Histórico do Ativo
De Jan 2025 até Fev 2025
Vista Gold (AMEX:VGZ)
Gráfico Histórico do Ativo
De Fev 2024 até Fev 2025
