VISTA GOLD CORP
For the period ended Sep 30, 2024. Filed Oct 23, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 23, 2024
VGZ$2.75+1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-29.
0000783324-24-000068
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-23.
0000783324-24-000080
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 107 previous paragraphs and 104 current paragraphs.
63 unchanged; 27 reworded; 12 added; 15 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 101 previous and 103 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Our flagship asset is the Mt Todd Gold Project (“Mt Todd” or the “Project”), a shovel-ready development-stage gold deposit located in the Tier-1 jurisdiction of Northern Territory, Australia (the “NT”). Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility.
Current report
We are positioning Mt Todd as a leading development opportunity within the gold sector. Our strategy is to advance Mt Todd in ways that efficiently position the project for development while exercising the discipline necessary to best realize value at the right time.
Current report
We expect continued strength in the gold price and believe that shovel-ready projects like Mt Todd are especially attractive development opportunities in the current environment of a strong gold market, diminishing major deposit discoveries, and depleting gold reserves.
Current report
The Project offers strategic optionality through development as a large or mid-scale project and has all major operating and environmental permits necessary to initiate development. A feasibility study for Mt Todd was completed in 2022 with project costs updated in 2024 demonstrating strong economics for development of a 50,000 tonnes per day (“ktpd”), nominally 17.5 million tonnes per annum (“mtpa”), operation.
Current report
In view of the substantial investment required to develop Mt Todd as a large-scale project, we completed an internal scoping study in 2023 for an alternative 15 ktpd operation, nominally 5.2 mtpa. A project of this scale could reduce financing, development, and operating risks.
Current report
We are finalizing trade-off studies and preliminary evaluations for Mt Todd and anticipate moving forward with a feasibility study targeting throughput in the range of 12-17 ktpd (4-6 mtpa), with 150,000 to 200,000 ounces (150-200 “koz”) of annual gold production, an initial capital cost of less than $400 million, and a mineral reserve grade of approximately 1 gram gold per tonne (“g Au/t”). By using contract mining, third-party power generation, and construction practices commonly used in Australia, we believe there is opportunity to maintain high capital efficiency at this project scale. The feasibility study will leverage prior technical studies and the work completed for the 50 ktpd feasibility study, preserve the potential for future expansion, and demonstrate the opportunity for Mt Todd to deliver substantial economic returns in a range of development scenarios. A decision to commence the feasibility study is expected prior to the end of the year.
Current report
The Company undertook a drilling program earlier this year in connection with the technical studies for an alternative scale development plan. This planned 6,000-7,000 meter program is nearing completion and is expected to have a total cost of approximately $2,000. To date, this drilling program has successfully confirmed the extension of the core zone and the
Current report
mineralized boundaries in the northern section of the Batman deposit and identified multiple high-grade intercepts in the South Cross Lode zone, a narrower mineralized structure adjacent to the Batman deposit that extends up to 400 meters to the northeast. Our geologists are presently working to understand the open pit and underground mining potential of this zone and develop a model for future exploration in this zone along with other known higher-grade targets northeast of the Batman deposit. For additional information on the Company’s recent exploration drilling results, see the Company’s news release dated September 14, 2024 available at www.sec.gov and under our profile at www.sedarplus.ca. This news release is referenced for informational purposes only and is not incorporated by reference into this quarterly report on Form 10-Q and should not be considered part of this or any other report filed with the SEC.
Current report
Mt Todd 2024 Feasibility Study
Current report
Exploration, property evaluation and holding costs were $1,099 and $848 for the three months ended September 30, 2024 and 2023, respectively; and $2,509 and $2,334 for the nine months ended September 30, 2024 and 2023, respectively. The increase in 2024 for the comparable three-month and nine-month periods was primarily attributable to expenses related to the 2024 drilling program that did not qualify as development drilling and greater focus by corporate personnel on site-related projects.
Current report
Interest income was $230 and $68 for the three months ended September 30, 2024 and 2023, respectively; and $496 and $207 for the nine months ended September 30, 2024 and 2023, respectively. The increases in the 2024 periods were due to higher average cash balances, which resulted primarily from the proceeds received under the Royalty Agreement (as defined below).
Current report
The Company undertook a drilling program earlier this year as a precursor to beginning a feasibility study for an alternate development plan. This program is nearing completion of the planned 6,000-7,000 meter program. To date, this drilling program has successfully confirmed the extension of the core zone and the mineralized boundaries in the northern section of the Batman deposit and identified multiple high-grade intercepts in the South Cross Lode zone, a narrower mineralized structure that intersects the Batman deposit and extends up to 400 meters northeast.
Removed paragraphs (15)
Previous report
Mt Todd benefits from its location in a leading mining jurisdiction and demonstrates multiple opportunities to add value through growth of mineral reserves, alternative development strategies, and other de-risking activities. The Project offers strategic optionality through development as a large-scale project or a smaller-scale start-up with subsequent staged expansion.
Previous report
In view of the substantial investment required to develop Mt Todd, we are evaluating alternatives that offer the potential to provide shareholders with greater financial returns and lower exposure to risk. We are focused on maximizing shareholder value in the current climate of a strong and rising gold price. We continue to work to identify and advance interest in Mt Todd. Potential strategic investors continue to show interest in Mt Todd and have provided positive feedback on the technical merits of the Project. However, interested parties continue to maintain a cautious approach to large-scale development projects and some have expressed interest in alternative development strategies at Mt Todd. In 2023, we completed a favorable internal scoping study for a 15,000 tpd operation, and we continue to evaluate alternatives for the staged development of Mt Todd.
Previous report
In December 2023, Vista entered into a royalty agreement (the “Royalty Agreement”) with Wheaton Precious Metals (Cayman) Co., an affiliate of Wheaton Precious Metals Corp. (“Wheaton”), in relation to Mt Todd. Pursuant to the terms of the Royalty Agreement, Vista granted Wheaton a royalty in the amount of 1% of gross revenue from the sale or disposition of minerals from the Project (the “Royalty”), subject to adjustments in certain circumstances. As consideration for the Royalty, Wheaton agreed to provide Vista with $20 million to advance Mt Todd and for general corporate purposes, subject to certain conditions set forth in the Royalty Agreement. Wheaton has also been granted a right of first refusal on future royalties, streams or pre-pays pertaining to Mt Todd. Vista received Royalty proceeds of $3 million in December 2023, $7 million in February 2024, and the remaining $10 million in June 2024.
Previous report
In January 2024, the Company commenced a 6,000-7,000 meter drill program, with its focus at the north end of the Batman deposit. This drilling program is required by the Royalty Agreement. The objective of this program is to convert gold resources to gold reserves that can be included in the mine production schedule and project cash flows. The drilling program is expected to have an all-in cost of approximately $2,000 and to be completed by year end.
Previous report
The Company plans to leverage the results of the drilling program and prior technical studies by advancing evaluations of staged development scenarios for Mt Todd. Vista continues to evaluate the technical and economic merits of staged development scenarios with a focus on lower initial capital, strong gold production and cash flow profiles, while preserving the opportunity for subsequent staged development. In 2023, we completed a 5.2 million tonnes per annum (“tpa”), nominally 15,000 tpd, internal scoping study. By using contract mining and power generation, and construction practices commonly used in Australia, we believe there is opportunity to maintain high capital efficiency at this smaller initial project scale. Using a higher ore cutoff grade at the start is also expected to help maintain competitive cash costs. The scoping study demonstrated the economic merits of a smaller scale initial project but restricted the mine life to the 80 million tonne
Previous report
capacity of the existing tailings facility. Additional evaluation is needed to incorporate staged development scenarios that improve resource utilization, mine life, and economic returns.
Previous report
Maria Vallejo Garcia joined the Company as Director, Projects and Technical Services in June 2024. Ms. Vallejo is a registered Professional Engineer (P. Eng) and Fellow of The Australasian Institute of Mining and Metallurgy (FAusIMM). She is also a Qualified Person (“QP”) as defined by Item 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended, and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Previous report
The Company published its inaugural Environmental, Social, and Governance Report (“ESG Report”) during the first quarter of 2024.
Previous report
Exploration, property evaluation and holding costs were $645 and $682 for the three months ended June 30, 2024 and 2023, respectively; and $1,410 and $1,486 for the six months ended June 30, 2024 and 2023, respectively. The decrease in 2024 for the comparable three-month periods was primarily attributable to capitalization of $64 of labor costs related to the 2024 drilling program whereas these costs were expensed in 2023, partially offset by higher site costs. The decrease in 2024 for the comparable six-month periods was primarily attributable to capitalization of $154 of labor costs related to the 2024 drilling program whereas these costs were expensed in 2023, partially offset by higher net discretionary spending of $58 mostly related to the 2024 update of the Mt Todd FS.
Previous report
Interest income was $163 and $70 for the three months ended June 30, 2024 and 2023, respectively; and $266 and $139 for the six months ended June 30, 2024 and 2023, respectively. The Company benefited from greater cash on hand and higher market interest rates for short-term government debt securities in the 2024 period.
Previous report
Vista acquired Mt Todd in 2006. Since that time, we have invested over $110 million to systematically explore, evaluate, engineer, permit and de-risk the Project. We continue to de-risk Mt Todd and undertake activities to increase shareholder value in a cost-effective manner. We believe Mt Todd’s attributes and advanced stage of technical evaluation and permitting provide a solid foundation as we seek to maximize shareholder value. We seek to achieve a valuation that
Previous report
reflects Mt Todd’s gold production profile, long operating life, excellent gold recovery, favorable operating costs, and robust economics and minimizes future equity dilution.
Previous report
The Company commenced a 6,000-7,000 meter drilling program in January 2024, targeting resources at the north end of the Batman deposit with the potential to add lower-stripping ratio reserves. Vista plans to follow this drilling program with technical studies to evaluate an initially smaller-scale, staged development strategy which would result in lower initial capital costs.
Previous report
Vista released its inaugural ESG Report in March 2024. The ESG Report provides transparency and outlines progress on the Company’s ESG performance in 2023, and goals and key initiatives for the coming year.
Previous report
The Company completed a 5.2 million tpa internal scoping study during the first quarter of 2023 to evaluate the technical and economic merits of smaller-scale alternatives that contemplate significantly lower initial capital costs while preserving the opportunity for subsequent staged development. The results of this study formed the basis for pursuing a more extensive assessment of the opportunity to initially develop Mt Todd on a smaller scale basis and consider possible expansion scenarios.
Reworded paragraphs (27)
Previous wording
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024, and the related notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States. This discussion and analysis contains forward-looking statements and forward-looking information that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements and information as a result of many factors. See section heading “Note Regarding Forward-Looking Statements” below.
Current wording
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024, and the related notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States. This discussion and analysis contains forward-looking statements and forward-looking information that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements and information as a result of many factors. See section heading “Note Regarding Forward-Looking Statements” below.
Previous wording
Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) operate as a development stage company in the gold mining industry. Vista does not currently generate cash flows from mining operations. The Company’s flagship asset is the Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory, Australia (the “NT”). Mt Todd is among the largest development stage opportunities in Australia. A feasibility study was completed in 2022 and updated in 2024 demonstrating strong economics for development of a 50,000 tonnes per day (“tpd”) operation. All major operating and environmental permits necessary to initiate development of Mt Todd are in place.
Current wording
Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) operate as a development-stage company in the gold mining industry. Vista does not currently generate cash flows from mining operations.
Previous wording
Management continues to prioritize a low overall spending profile and efficient use of resources to advance Mt Todd. Our funding strategy is to maintain adequate liquidity while minimizing dilution as we seek to preserve, enhance, and realize value from Mt Todd. The Company periodically raises funds in the capital markets and considers alternative strategies and possible corporate opportunities as means to enhance its liquidity and deliver shareholder value.
Current wording
The Company continues to prioritize a low overall spending profile and efficient use of resources to advance Mt Todd. Our funding strategy is to maintain adequate liquidity while minimizing dilution as we seek to preserve, enhance, and realize value from Mt Todd. The Company periodically raises funds in the capital markets and considers alternative strategies and possible corporate opportunities as means to enhance its liquidity and deliver shareholder value.
Previous wording
The Batman deposit at Mt Todd hosts proven and probable mineral reserves of 6.98 million ounces as reported in the March 2024 feasibility study (the “Mt Todd FS”). There is also an opportunity to add gold mineral resources beyond presently defined mineral reserves through further exploration. Exploration at Mt Todd has identified additional growth targets immediately outside the Batman deposit along a 5.4 kilometer trend within the Company’s mining licenses and other precious and base metals prospects within the broader footprint of the Company’s exploration licenses.
Current wording
The Batman deposit at Mt Todd hosts proven and probable mineral reserves of 6.98 million ounces as reported in the March 2024 feasibility study (the “Mt Todd FS”). There is opportunity to add gold mineral resources beyond presently defined mineral reserves through further exploration. Exploration at Mt Todd has identified additional growth targets immediately outside the Batman deposit along a 5.4 kilometer trend within the Company’s mining licenses and other precious and base metals prospects within the broader footprint of the Company’s exploration licenses.
Previous wording
In March 2024, we completed an updated feasibility study for Mt Todd in conjunction with our annual reporting of mineral resources and mineral reserves as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as required pursuant to Item 1300 of Regulation S-K (“S-K 1300”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The updated feasibility study reflects changes in project economics since the feasibility study filed in February 2022. Material capital and operating cost components have been updated with quotes obtained in the first quarter of 2024. The updated study also reflects the current outlook for the long-term gold price and foreign
Current wording
The Mt Todd FS was completed in conjunction with our annual reporting of mineral resources and mineral reserves as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as required pursuant to Item 1300 of Regulation S-K (“S-K 1300”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The updated feasibility study reflects changes in project economics since the feasibility study filed in February 2022. Material capital and operating cost components were updated with quotes obtained in the first quarter of 2024. The updated study also reflects the outlook for the long-term gold price and foreign exchanges rates as of the first quarter of 2024, and the Royalty (as defined below). Mt Todd mineral resources and mineral reserves, mine plans, gold recoveries, and gold production schedules remain unchanged.
Previous wording
The Mt Todd FS contemplates a plant processing 50,000 tpd and demonstrates the underlying value potential of a large-scale gold project. Highlights include:
Current wording
The Mt Todd FS contemplates a plant processing 50 ktpd and demonstrates the underlying value potential of a large-scale gold project. Highlights include:
Previous wording
In June 2024, the Company announced that the Government of the NT passed legislation to enact the Mineral Royalties Act 2024 (“Royalties Act”) effective July 1, 2024. The Royalties Act replaces the prior net profits royalty regime with an ad valorem royalty regime for new mines. The 3.5% royalty to be applied to gold production from Mt Todd represents a nearly 50% reduction in payable royalties. This results in improved project economics and shareholder returns compared to our 2024 updated Mt Todd FS, which included NT royalties equivalent to nearly a 7% ad valorum rate. Under the previous net profits royalty regime, our base case economic analysis at an $1,800 gold price estimated the payment of $765 million in NT royalties over the life of the mine.
Current wording
After completing the Mt Todd FS, the NT enacted the Mineral Royalties Act 2024 (“Royalties Act”) effective July 1, 2024. The Royalties Act replaces the prior net profits royalty regime with an ad valorem royalty regime for new mines. A 3.5% ad valorem royalty rate will be applied under the Royalties Act to gold production from Mt Todd. This represents a nearly
Previous wording
The tables below present the estimated mineral resources and mineral reserves for the Project. The following mineral resources and mineral reserves were prepared in accordance with both S-K 1300 and Canadian Institute of Mining, Metallurgy and Petroleum definition standards (“CIM Definition Standards”) all as set forth in the Mt Todd FS, which is available as Exhibit 96.1 to the Company’s Annual Report on Form 10-K/A as filed with the SEC on March 14, 2024.
Current wording
The tables below present the estimated mineral resources and mineral reserves for the Project. The following mineral resources and mineral reserves were prepared in accordance with S-K 1300 as set forth in the Mt Todd FS, which is available as Exhibit 96.1 to the Company’s Annual Report on Form 10-K as filed with the SEC on March 14, 2024.
Previous wording
A companion feasibility study for Canadian purposes, pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), was filed on SEDAR on April 16, 2024 and is entitled “NI 43-101 Technical Report – Mt Todd Gold Project – 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of March 12, 2024 and an issue date of April 16, 2024. The companion report is referenced herein for informational purposes only.
Current wording
A companion feasibility study for Canadian purposes, pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), was prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum definition standards (“CIM Definition Standards”) for reporting of mineral resources and mineral reserves and was filed on SEDAR on April 16, 2024 and is entitled “NI 43-101 Technical Report – Mt Todd Gold Project – 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of March 12, 2024 and an issue date of April 16, 2024. The companion report is referenced herein for informational purposes only. The mineral resources and mineral reserves for this report are the same as the mineral resources and mineral reserves for the report prepared in accordance with S-K 1300.
Previous wording
Cash totaled $20,225 and working capital was $19,756 at June 30, 2024. See “Liquidity and Capital Resources”. The Company had no debt as of June 30, 2024.
Current wording
Cash totaled $18,954 and working capital was $18,083 at September 30, 2024. See “Liquidity and Capital Resources”. The Company had no debt as of September 30, 2024.
Previous wording
Consolidated net income (loss) for the three months ended June 30, 2024 and 2023 was $15,633 and ($1,503), or $0.13 and ($0.01) per basic share, respectively. Consolidated net income (loss) for the six months ended June 30, 2024 and 2023 was $14,560 and ($3,474), or $0.12 and ($0.03) per basic share, respectively. The principal components of the period-over-period changes are discussed below.
Current wording
Consolidated net loss for the three months ended September 30, 2024 and 2023 was $1,638 and $1,454, or $0.01 and $0.01 per basic share, respectively. Consolidated net income (loss) for the nine months ended September 30, 2024 and 2023 was $12,922 and ($4,928), or $0.11 and ($0.04) per basic share, respectively. The principal components of the period-over-period changes are discussed below.
Previous wording
Corporate administration costs were $763 and $878 during the three months ended June 30, 2024 and 2023, respectively; and $2,006 and $2,046 for the six months ended June 30, 2024 and 2023, respectively. The decrease in 2024 for the comparable three-month periods was due to personnel costs being lower by $69 and DSU expense being lower by $65. The total expenses in the comparable six-month periods were substantially unchanged.
Current wording
Corporate administration costs were $720 and $666 during the three months ended September 30, 2024 and 2023, respectively; and $2,726 and $2,712 for the nine months ended September 30, 2024 and 2023, respectively. The increase in 2024 for the comparable three-month periods was partially due to personnel costs being higher by $67. The total expenses in the comparable nine-month periods were substantially unchanged.
Previous wording
Net cash used in operating activities was $2,793 and $2,995 for the six months ended June 30, 2024 and 2023, respectively. The decrease in operating cash outflows largely resulted from net changes in working capital account items and capitalization of direct labor costs associated with the development drilling program.
Current wording
Net cash used in operating activities was $3,808 and $4,090 for the nine months ended September 30, 2024 and 2023, respectively. The decrease in operating cash outflows largely resulted from net changes in working capital components and capitalization of direct labor costs associated with the development drilling program that were recognized as investing activities.
Previous wording
Net cash provided by investing activities was $16,790 and $nil for the six months ended June 30, 2024 and 2023, respectively. The Company received the second instalment payment of $7,000 and final instalment payment of $10,000 under the Royalty Agreement and $900 for the sale of certain used mill equipment in the 2024 period. These inflows were partially offset by capitalized development drilling costs of $1,028.
Current wording
Net cash provided by (used in) investing activities was $16,139 and ($43) for the nine months ended September 30, 2024 and 2023, respectively. The Company received the second instalment payment of $7,000 and final instalment payment of $10,000 under the Royalty Agreement and $802 for the sale of certain used mill equipment, net of selling costs, in the 2024 period. These inflows were partially offset by expenditures for capitalized development drilling costs of $1,503.
Previous wording
During the six months ended June 30, 2024 and 2023, net cash of $159 and $871, respectively, was provided by financing activities. Cash provided by financing activities during the six months ended June 30, 2024 was $244 of net proceeds under the ATM Program (as defined below) offset by payments of $85 for employee withholding tax obligations in lieu of issuing common shares of the Company (“Common Shares”) earned from the vesting of restricted share unit awards. Cash provided by financing activities during the six months ended June 30, 2023 was $1,013 of net proceeds under the ATM Program offset by payments of $142 for employee withholding tax obligations in lieu of issuing Common Shares earned from the vesting of restricted share unit awards.
Current wording
During the nine months ended September 30, 2024 and 2023, net cash of $554 and $871, respectively, was provided by financing activities. Cash provided by financing activities during the nine months ended September 30, 2024 was $639 of net proceeds under the ATM Program (as defined below) offset by payments of $85 for employee withholding tax obligations in lieu of issuing common shares of the Company (“Common Shares”) earned from the vesting of restricted share unit awards. Cash provided by financing activities during the nine months ended September 30, 2023 was $1,013 of net proceeds under the ATM Program offset by payments of $142 for employee withholding tax obligations in lieu of issuing Common Shares earned from the vesting of restricted share unit awards.
Previous wording
The Company considers available cash, cash equivalents, and any short-term investments to be its primary measure of liquidity. Our cash liquidity position as of June 30, 2024, comprising cash and cash equivalents of $20,225, reflected a net increase of $14,156 during the six months ended June 30, 2024.
Current wording
The Company considers available cash, cash equivalents, and any short-term investments to be its primary measure of liquidity. Our cash liquidity position as of September 30, 2024, comprising cash and cash equivalents of $18,954, reflected a net increase of $12,885 during the nine months ended September 30, 2024.
Previous wording
Current assets, net of current liabilities (“Working Capital”), is a secondary measure of liquidity for the Company. The Company had Working Capital of $19,756 and $5,576 at June 30, 2024 and December 31, 2023, respectively.
Current wording
Current assets, net of current liabilities (“Working Capital”), is a secondary measure of liquidity for the Company. The Company had Working Capital of $18,083 and $5,576 at September 30, 2024 and December 31, 2023, respectively.
Previous wording
During the six months ended June 30, 2024, the Company benefited from cash inflows of $17,000 from its grant of the Royalty on Mt Todd and $900 upon sale of a portion of its used mill equipment. As of June 30, 2024, Vista has received the entire $20,000 as set forth in the Royalty Agreement. Cash received from Wheaton is only for the purposes of advancing Mt Todd and general corporate purposes. These sources of cash were offset by operating cash outflows of $2,793 and other expenditures of $1,195. Recurring costs for corporate administration and Mt Todd maintenance were most of the Company’s operating cash outflows during the six months ended June 30, 2024. Of the other expenditures, $1,028 related to Vista’s development drilling program at Mt Todd. Additional details regarding 2024 financial results are presented in the “Results from Operations” section above and the preceding discussions in this section regarding operating activities, investing activities, and financing activities.
Current wording
During the nine months ended September 30, 2024, the Company’s primary sources of cash inflows were: $17,000 from its grant of the Royalty on Mt Todd; $802 upon sale of a portion of its used mill equipment; $639 from equity financings, and $496 from interest income. As of September 30, 2024, Vista has received the entire $20,000 as set forth in the Royalty Agreement. Cash received from Wheaton is only for the purposes of advancing Mt Todd and general corporate purposes. These sources of cash were offset by net operating cash outflows of $3,808 and other expenditures of $1,748. Recurring costs for corporate administration and Mt Todd maintenance were most of the Company’s net operating cash outflows during the nine months ended September 30, 2024. Of the other expenditures, $1,503 related to Vista’s development drilling program at Mt Todd. Additional details regarding 2024 financial results are presented in the “Results from Operations” section above and the preceding discussions in this section regarding operating activities, investing activities, and financing activities.
Previous wording
For the ensuing 12 months following June 30, 2024, the Company estimates recurring costs will be approximately $5,900. Work plans at Mt Todd are expected to increase during the next twelve-month period as the Company continues a 6,000-7,000-meter drilling program in the area immediately north and northeast of the Batman pit, undertakes other Mt Todd-related technical programs, and completes several planned maintenance projects. Overall, these activities are projected to include spending totaling approximately $3,700, for the ensuing 12 months following June 30, 2024. Management expects to fund Vista’s activities during the next twelve months from existing cash and cash equivalents and interest income.
Current wording
For the ensuing 12 months following September 30, 2024, the Company estimates net recurring costs will be approximately $6,400, plus $4,200 relates to work plans at Mt Todd for the finalization of a 6,000-7,000-meter drilling program; purchase of equipment for a water evaporation system; various technical studies, and several planned maintenance projects. Management expects to fund Vista’s activities during the next twelve months from existing Working Capital and interest income.
Previous wording
In addition to Vista’s existing capital resources, we are a party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”) to provide balance sheet flexibility at a potentially lower cost than other means of equity issuances. Under the ATM Agreement, the Company can, but is not obligated to, issue and
Current wording
In addition to Vista’s existing capital resources, we are a party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”) to provide balance sheet flexibility at a potentially lower cost than other means of equity issuances. Under the ATM Agreement, the Company can, but is not obligated to, issue and sell Common Shares through Wainwright for aggregate gross proceeds of up to $10,000 (the “ATM Program”). During the nine months ended September 30, 2024, the Company issued 1,018,564 Common Shares under the ATM Program for net proceeds of $639. As of September 30, 2024, $8,042 remained available under the ATM Program.
Previous wording
Considering current economic conditions and the Company’s ongoing initiatives, we believe our Working Capital as of June 30, 2024, together with other potential future sources of financing and sales of non-core assets, will be sufficient to fund our currently planned corporate expenses, Mt Todd holding costs, and anticipated discretionary programs for at least one year from the date of issuance of this quarterly report on Form 10-Q.
Current wording
financing and sales of non-core assets, will be sufficient to fund our currently planned corporate expenses, Mt Todd holding costs, and anticipated discretionary programs for at least one year from the date of issuance of this quarterly report on Form 10-Q.
Previous wording
Initial capital requirements per payable ounce of gold consists of total initial capital requirements divided by the corresponding payable gold ounces.
Current wording
Initial capital requirements per payable ounce of gold consist of total initial capital requirements divided by the corresponding payable gold ounces.
Previous wording
The following tables demonstrate the calculation of cash costs, cash costs per ounce, and initial capital requirements per ounce metrics for amounts presented in this report.
Current wording
The following tables demonstrate the calculation of cash costs, cash costs per ounce, and initial capital requirements per payable ounce metrics for amounts presented in this report.
Previous wording
In December 2023, the Company announced the Royalty Agreement whereby Vista granted a 1% gross revenue royalty, subject to adjustment, on future gold production from Mt Todd to Wheaton in exchange for cash payments totaling $20 million. As of June 30, 2024, the entire $20 million had been received by Vista.
Current wording
In December 2023, the Company announced a royalty agreement with Wheaton Precious Metals Corp. (the “Royalty Agreement” and “Wheaton”) whereby Vista granted a 1% gross revenue royalty, subject to adjustment, on future gold production from Mt Todd to Wheaton in exchange for cash payments totaling $20 million (the “Royalty”). As of June 30, 2024, the entire $20 million had been received by Vista.
Previous wording
Vista expects to incur expenditures of approximately $2,200 for its Mt Todd site management and environmental stewardship activities and $3,700 for discretionary programs for the ensuing 12 months following June 30, 2024, most of which relates to the 2024 drilling program.
Current wording
Vista expects to incur expenditures of approximately $2,500 for its Mt Todd site management and environmental stewardship activities and $4,200 for discretionary programs for the ensuing 12 months following September 30, 2024, most of which relates to the 2024 drilling program.
Previous wording
The Australian Aboriginal Areas Protection Authority (“AAPA”) is investigating potential surface impacts of drilling undertaken by Vista from 2020 through 2022. The Company is cooperating with the AAPA.
Current wording
The Northern Territory’s Aboriginal Areas Protection Authority (“AAPA”) is investigating the potential surface impacts of drilling undertaken by Vista from 2020 through 2022. The Company is cooperating with the AAPA.
Previous wording
All scientific and technical information herein has been reviewed and approved by John Rozelle, a technical consultant, and designated Qualified Person.
Current wording
All scientific and technical information herein has been reviewed and approved by Maria Vallejo Garcia, Vista’s Director of Projects and Technical Services, and designated Qualified Person (or “QP”) as defined by S-K 1300 and NI 43-101.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
50% reduction in payable NT royalties compared to the Mt Todd FS and is expected to result in improved project economics. Under the previous net profits royalty regime, our base case economic analysis at an $1,800 gold price estimated the payment of $765 million in NT royalties over the life of the mine.
Current report — wording carried from elsewhere
We believe our Working Capital as of September 30, 2024, together with interest income, other potential future sources of
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
exchanges rates, and the recently announced royalty. Mt Todd mineral resources and mineral reserves, mine plans, gold recoveries, and gold production schedules remain unchanged.
Previous report — wording carried elsewhere
sell Common Shares through Wainwright for aggregate gross proceeds of up to $10,000 (the “ATM Program”). During the six months ended June 30, 2024, the Company issued 460,119 Common Shares under the ATM Program for net proceeds of $244. As of June 30, 2024, $8,450 remained available under the ATM Program.