Release Date: May 02, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Vista Gold Corp (VGZ) advanced the 15,000 tons per day Mount Todd feasibility study as planned, demonstrating progress towards their 2025 goals.
• The company maintained a strong cash position with $15 million on hand at the end of Q1 2025, supporting ongoing work at Mount Todd.
• Vista Gold Corp (VGZ) achieved 1,264 consecutive days without a lost-time accident, highlighting their commitment to safety.
• The feasibility study aims to significantly reduce initial capital costs, making the project more attractive to potential investors and partners.
• The company has no debt, which strengthens its financial stability and flexibility.

Negative Points

• Vista Gold Corp (VGZ) reported a net loss of $2,708,000 for Q1 2025, an increase from the $1,073,000 loss in Q1 2024.
• The increase in net loss was partly due to the absence of a gain from the sale of used mill equipment, which contributed $802,000 in Q1 2024.
• Mount Todd net expenses for exploration, property evaluation, and holding costs increased, contributing to the higher net loss.
• The company's cash position decreased from $16.9 million at the end of 2024 to $15 million at the end of Q1 2025.
• There is a perceived disconnect between the company's share price and the intrinsic value of the Mount Todd project, partly due to high initial capital investment concerns.

Q & A Highlights

• Warning! GuruFocus has detected 3 Warning Signs with CMLS.

Q: Can you provide some color on the recent increased interest in Mount Todd and the gold market? A: Fred Earnest, CEO, noted that the recent strength in gold prices has driven renewed interest in the gold sector and Mount Todd. The company has observed strong interest from institutional investors and potential partners, particularly due to efforts to decrease initial capital costs for the project.

Q: How does the current Australian gold price impact the profitability of the Mount Todd project? A: Fred Earnest, CEO, explained that with many project costs in AUD, the record-high Australian gold price of around $5,000 per ounce is favorable. This situation is advantageous as the company advances the feasibility study, potentially benefiting shareholders and stakeholders.

Q: Why is there a disconnect between Vista Gold's share price and the value of its resources? A: Fred Earnest, CEO, acknowledged the disconnect, attributing it to the high initial capital costs of the project at a larger scale. The new feasibility study aims to reduce these costs by considering a smaller scale project, which could attract more partners and improve financing prospects.

Q: What are the expectations for the feasibility study and its impact on the company's valuation? A: Fred Earnest, CEO, stated that the feasibility study, expected mid-2025, aims to confirm Mount Todd's position as an attractive project with lower initial capital costs. This could serve as a catalyst for re-rating the company's valuation, aligning it more closely with its resource value.

Q: How is Vista Gold positioning itself in the current gold cycle? A: Fred Earnest, CEO, emphasized that the company is committed to completing the feasibility study and leveraging the current gold cycle. The study's results are expected to enhance Mount Todd's attractiveness and potentially accelerate value creation for shareholders.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.