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VISTA GOLD CORP.

(VGZ)
  Report
Delayed Nyse  -  11:50 2022-09-28 am EDT
0.5250 USD   +0.96%
09/19Vista Gold Corp.(NYSEAM:VGZ) dropped from S&P Global BMI Index
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07/28Transcript : Vista Gold Corp., Q2 2022 Earnings Call, Jul 28, 2022
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VISTA GOLD CORP MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (form 10-Q)

07/27/2022 | 04:04pm EDT
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, 2022, 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.



All dollar amounts are in U.S. dollars in thousands, except per share amounts and currency exchange rates unless specified otherwise.

Overview


Vista Gold Corp. and its subsidiaries (collectively, "Vista," the "Company,"
"we," "our," or "us") operate in the gold mining industry. We are focused on
evaluation, acquisition, exploration and advancement of gold exploration and
potential development projects, which may lead to gold production or value
adding strategic transactions such as earn-in right agreements, option
agreements, leases to third parties, joint venture arrangements with other
mining companies, or outright sales of assets for cash and/or other
consideration. We look for opportunities to improve the value of our gold
projects through exploration drilling and/or technical studies focused on
optimizing previous engineering work. We do not currently generate cash flows
from mining operations.

The Company's flagship asset is its 100% owned Mt Todd gold project ("Mt Todd"
or the "Project") in Northern Territory, Australia (the "NT"). Mt Todd is one of
the largest and most advanced undeveloped gold projects in Australia. With the
approval of the Mining Management Plan ("MMP") in June 2021, all major operating
and environmental permits for Mt Todd have been received. Since acquiring Mt
Todd in 2006, we have invested substantial financial resources to systematically
explore, evaluate, engineer, permit and de-risk the Project. In February 2022,
we completed a feasibility study in respect of Mt Todd (the "2022 FS"). We
believe this work has added substantial value to the Project and positions the
Project for near-term development. In March 2022, we appointed CIBC Capital
Markets as our strategic advisor to assist us in evaluating a broad range of
alternatives to unlock the value of Mt Todd.

The 2022 FS highlights a 19% increase in gold reserves from 5.85 million ounces,
as reported in the Company's amended 2019 pre-feasibility study, to 6.98 million
ounces, supporting a 16-year operation with average annual production of 479,000
ounces of gold during the first seven years of commercial operations and a low
operating cost profile that delivers significant cash flows over the life of the
mine. See "Mineral Resources and Mineral Reserves Estimates" below for
additional information. The 2022 FS reflects the inflationary trends faced by
all operators and developers in the mining industry through the middle of Q4
2021. While the long-term effect of the current inflationary trend is unknown,
management believes the resilience of Mt Todd, in part supported by the positive
impact of the current foreign exchange rate, is demonstrated by the project
economics reflected in the 2022 FS.

Mt Todd's economic returns, when compared to those of the 2019 pre-feasibility
study, benefit from the increase in the gold reserve estimate, favorable results
of the power plant trade-off study and slightly lower energy costs in the NT.
The increase in estimated gold reserves resulted from increasing the gold price
used in the reserve estimate from $1,000 to $1,125 per ounce and changing the
cut-off grade from 0.40 g Au/t to 0.35 g Au/t. Our decision to use a third-party
power provider resulted in important positive impacts to our capital costs and
insulates the Project from certain construction and operating risks while
maintaining what we believe to be attractive operating costs. While our
operating costs have increased as a result of higher labor, reagent, grinding
media and over-the-fence power costs, our core energy costs yield some
offsetting savings.

Management believes the results of the 2022 FS demonstrate an attractive project development opportunity and allow the Company to evaluate a broad range of alternatives to advance Mt Todd as we continue to focus on maximizing shareholder value.


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In June 2022, Vista announced the completion of the third phase of its
exploration drilling program at Mt Todd. Results from this program and
historical sources demonstrate the resource growth potential within a 5.4 km
trend extending immediately north from the Batman pit, including delineation of
four highly prospective exploration targets, potentially representing up to an
additional 1.8 to 3.5 million gold ounces (see details and cautionary
information below).

The Company continues to focus on monetizing non-core assets as a non-dilutive
source of funding. Vista realized $2,500 in January 2022 in exchange for
cancelling its remaining royalty interests in the Awak Mas project in Indonesia
("Awak Mas"). The Company also owns a royalty interest in a U.S.
exploration-stage project and used mill equipment that is being marketed by a
third-party mining equipment dealer.

Mineral Resources and Mineral Reserves Estimates


The table below presents the estimated mineral resources for the Project. The
effective date of the resource estimates is December 31, 2021. The following
mineral resources and mineral reserves were prepared in accordance with both
subpart 1300 of Regulation S-K ("S-K 1300") under the Securities Exchange Act of
1934 (the "Exchange Act"), as amended and CIM Definition Standards as set forth
in the 2022 FS, which is available as Exhibit 96.1 to the Company's Annual
Report on Form 10-K as filed with the Securities and Exchange Commission (the
"SEC") on February 24, 2022.

The 2022 FS for Mt Todd is the technical report summary, prepared pursuant to
S-K 1300, that was filed on EDGAR on February 24, 2022 and is entitled "S-K 1300
Technical Report Summary - Mt Todd Gold Project - 50,000 tpd Feasibility Study -
Northern Territory, Australia" with an effective date of December 31, 2021 and
an issue date of February 9, 2022. A companion feasibility study for Canadian
purposes, pursuant to National Instrument 43-101 Standards of Disclosure for
Mineral Properties ("NI 43-101"), was filed on SEDAR on February 24, 2022 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
December 31, 2021 and an issue date of February 9, 2022. The 2022 FS is
available for review at www.sec.gov and under our profile at www.sedar.com. The
2022 FS is not incorporated by reference into this quarterly report on Form
10-Q.

   Mt Todd Gold Project - Summary of Gold Mineral Resources at the End of the
         Fiscal Year Ended December 31, 2021 based on US$1,300/oz Gold

                     Batman Deposit                    Heap Leach Pad                   Quigleys Deposit                        Total
                                  Contained                         Contained                         Contained                          Contained
             Tonnes     Grade      Ounces       Tonnes    Grade      Ounces       Tonnes    Grade      Ounces       Tonnes     Grade      Ounces
             (000s)    (g Au/t)    (000s)       (000s)   (g Au/t)    (000s)
      (000s)   (g Au/t)    (000s)       (000s)    (g Au/t)    (000s)
Measured      77,725       0.88       2,191          -          -           -        594       1.15          22      78,319       0.88       2,213
Indicated    200,112       0.80       5,169     13,354       0.54         232      7,301       1.11         260     220,767       0.80       5,661
Measured
&
Indicated    277,837       0.82       7,360     13,354       0.54         232      7,895       1.11         282     299,086       0.82       7,874
Inferred      61,323       0.72       1,421          -          -           -      3,981       1.46         187      65,304       0.77       1,608


Notes:

• Measured & indicated resources include proven and probable reserves.

• Batman and Quigleys resources are quoted at a 0.40g-Au/t cut-off grade. Heap

Leach resources are the average grade of the heap, no cut-off applied.

Batman: Resources constrained within a US$1,300/oz gold WhittleTM pit shell.

• Pit parameters: Mining Cost US$1.50/tonne, Milling Cost US$7.80/tonne

processed, G&A Cost US$0.46/tonne processed, G&A/Year 8,201k US$, Au Recovery,

Sulfide 85%, Transition 80%, Oxide 80%, 0.2g-Au/t minimum for resource shell.

Quigleys: Resources constrained within a US$1,300/oz gold WhittleTM pit shell.

• Pit parameters: Mining cost US$1.90/tonne, Processing Cost US$9.779/tonne

processed, Royalty 1% GPR, Gold Recovery Sulfide, 82.0% and Ox/Trans 78.0%,

water treatment US$0.09/tonne, Tailings US$0.985/tonne.

Differences in the table due to rounding are not considered material.

• Differences between Batman and Quigleys mining and metallurgical parameters are

due to their individual geologic and engineering characteristics.

Rex Bryan of Tetra Tech is the "qualified person" as such term is defined in NI

• 43-101 and S-K 1300 ("QP") responsible for the Statement of Mineral Resources

for the Batman, Heap Leach Pad and Quigleys deposits.

Thomas Dyer of RESPEC is the QP responsible for developing the resource

WhittleTM pit shell for the Batman Deposit.


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• The effective date of the Heap Leach, Batman and Quigleys resource estimate is

December 31, 2021.

• Mineral resources that are not mineral reserves have no demonstrated economic

viability and do not meet all relevant modifying factors.



Mt Todd Gold Project - Summary of Gold Mineral Reserves at the End of the Fiscal
Year Ended December 31, 2021 based - 50,000 tpd, 0.35 g Au/t cut-off and $1,125
                              per ounce pit design

                                     Batman Deposit                     Heap Leach Pad                          Total
                                                   Contained                          Contained                           Contained
                            Tonnes      Grade       Ounces      Tonnes     Grade       Ounces      Tonnes      Grade       Ounces
                            (000s)     (g Au/t)     (000s)      (000s)    (g Au/t)     (000s)      (000s)     (g Au/t)     (000s)
Proven                       81,277        0.84        2,192         -           -            -     81,277        0.84        2,192
Probable                    185,744        0.76        4,555    13,354        0.54          232    199,098        0.75        4,787
Proven & Probable           267,021        0.79        6,747    13,354        0.54          232    280,375        0.77        6,979


Notes:

• Thomas L. Dyer, P.E., is the QP responsible for reporting the Batman Deposit

Proven and Probable reserves.

• Batman deposit reserves are reported using a 0.35 g Au/t cutoff grade.

Deepak Malhotra is the QP responsible for reporting the heap-leach pad

reserves.

• Because all the heap-leach pad reserves are to be fed through the mill, these

reserves are reported without a cutoff grade applied.

• The reserves point of reference is the point where material is fed into the

mill.

• The effective date of the mineral reserve estimates is December 31, 2021.



Cautionary note to investors: Proven and probable mineral reserves are estimated
in accordance with each of S-K 1300 and CIM Definition Standards. A number of
risk factors may adversely affect estimated mineral reserves and mineral
resources, any of which may result in a reduction or elimination of reported
mineral reserves and mineral resources. See "Item 1A. Risk Factors" in the
Company's Form 10-K as filed with the SEC on February 24, 2022.

Results from Operations

Summary


Cash and short-term investments totaled $11,070 and working capital was $10,465
at June 30, 2022. See "Liquidity and Capital Resources". The Company had no debt
as of June 30, 2022.

Consolidated net loss for the three months ended June 30, 2022 and 2021 was
$1,424 and $753, or $0.01 and $0.01 per basic share, respectively. Consolidated
net loss for the six months ended June 30, 2022 and 2021 was $1,744 and $3,852,
or $0.01 and $0.04 per basic share, respectively. The principal components of
the period-over-period changes are discussed below.

Operating income and expenses

Gain on disposition of mineral property interests, net

In January 2022, the Company received $2,500 to cancel the remaining 1% net smelter return royalty ("NSR") at Awak Mas. Including recognition of the associated deferred option gain, the Company recognized a gain of $2,883 upon receipt of the payment.


In January and June 2021, the Company received a total of $2,100 for
cancellation of its royalty interests and back-in right in Los Reyes. The
January 2021 payment of $1,100 was initially recorded as deferred option gain,
with the full $2,100 recognized as a gain upon receipt of the second payment in
June 2021.

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Exploration, property evaluation and holding costs

Exploration, property evaluation and holding costs were $984 and $1,986 for the
three months ended June 30, 2022 and 2021, respectively; and $2,773 and $3,737
for the six months ended June 30, 2022 and 2021, respectively. The decrease in
2022 for the comparative three-month periods was primarily attributable to lower
spending of $629 on the drilling program, $184 for other site-related
activities, and $102 for feasibility study work. The decrease in 2022 for the
comparative six-month periods was primarily attributable to lower spending of
$670 on the drilling program, $375 for other site-related activities, offset by
$372 higher costs for feasibility study work in 2022 which was completed in
the
first quarter.

Corporate administration

Corporate administration costs were $876 and $931 during the three months ended June 30, 2022 and 2021, respectively; and $2,277 and $2,246 during the six months ended June 30, 2022 and 2021, respectively. Administrative expenses continue to be relatively consistent from period to period.

Non-operating income and expenses

Other income/(loss)

During the quarter ended June 30, 2022, the Company reviewed and reversed a
previously accrued amount of $240 for contingent reclamation costs because the
associated costs are neither probable nor could be reasonably estimated. Also,
the Company received cash of $196 in May 2022 as a value-added tax recovery from
the previous sale of a non-core asset.

Financial Position, Liquidity and Capital Resources

Operating activities


Net cash used in operating activities was $4,252 and $4,788 for the six months
ended June 30, 2022 and 2021, respectively. The decrease in operating cash
outflows in 2022 reflects lower spending for drilling, offset by feasibility
study work and final payments on both programs.

Investing activities

Net cash provided by investing activities was $2,495 and $2,622 for the six
months ended June 30, 2022 and 2021, respectively. The principal source of cash
from investing activities during the six months ended June 30, 2022 was the
$2,500 final payment for the Awak Mas royalty cancellation. Sources of cash from
investing activities during the six months ended June 30, 2021 were $2,100 for
payments related to Los Reyes, $180 for payments related to Awak Mas and $400
net upon dispositions of short-term investments.

Financing activities

During the six months ended June 30, 2022 and 2021, net cash of ($304) and $666,
respectively, was (used)/provided by financing activities. Cash used by
financing activities during the six months ended June 30, 2022 was for payments
for employee withholding tax obligations in lieu of issuing common shares of the
Company ("Common Shares") offset by $51 of net proceeds under the ATM Program
(defined below). Cash from financing activities during the six months ended June
30, 2021 included net proceeds of $1,062 under the ATM Program, offset by
payments of $396 for employee withholding tax obligations in lieu of issuing
Common Shares.

Liquidity and capital resources


Our cash liquidity position as of June 30, 2022, comprising cash and cash
equivalents of $10,696, reflected a net decrease of $2,061 during the six months
ended June 30, 2022. We benefited from net proceeds of $2,500 for cancellation
of the Awak Mas royalty, a $196 value-added tax recovery from the previous sale
of non-core assets, and ATM Program proceeds

                                       16

Table of Contents


as discussed below. These cash inflows were offset by expenditures of $4,808,
which included substantially all final payments for the exploration drilling
program and the 2022 FS.

As a secondary measure of liquidity, the Company had working capital of $10,465
and $12,164 at June 30, 2022 and December 31, 2021, respectively. These amounts
were net of deferred option gain of $nil and $383, respectively, related to the
Awak Mas transaction. The deferred option gain was recognized as income during
the three months ended March 31, 2022 and did not require any use of current
assets. Consequently, the components of working capital affecting Vista's
liquidity and capital resources included:

                                                      At June 30, 2022      At December 31, 2021
Current Assets                                        $          11,491    $               13,952

Offset by accounts payable and accrued liabilities $ (1,026) $

              (1,405)


Vista completed the 2022 FS and the third phase of its exploration drilling
program during the three months ended March 31, 2022 and made substantially all
final payments to vendors for this work during the second quarter of 2022. Other
potential discretionary programs that may be undertaken during the balance of
2022 could total up to an additional $600. Fixed costs for corporate activities
and Mt Todd care and maintenance continued in line with the Company's currently
forecasted annualized rate of approximately $7,000. Management is evaluating
opportunities to reduce this annualized rate and expects to begin implementing
cost reductions starting in the second half of 2022. Potential sources of cash
inflows include monetization of non-core assets and use of the ATM Program.

In February 2022, Australia lifted restrictions on international travel to and
from the country for fully vaccinated individuals. Vista believes this action
will continue to have a positive impact for the Company by allowing greater
in-person interaction between senior management and local stakeholders and
continue to enhance the formal process we have initiated with CIBC to secure a
strategic partner or other form of transaction to achieve greater value
recognition for the Mt Todd project.

The Company renewed its at-the-market offering agreement in December 2021 (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 three months ended June 30, 2022,
the Company sold 50,000 Common Shares under the ATM Program for net proceeds of
$51. Aggregate net proceeds sold under the prior ATM agreement totaled $2,830
through December 31, 2021.

Offers or sales of Common Shares under the ATM Program will be made only in the
United States in an "at the market offering" as defined in Rule 415 under the
United States Securities Act of 1933, as amended, subject to an effective
registration statement under the U.S. Securities Act of 1933, as amended, and no
offers or sales of Common Shares under the ATM Agreement will be made in Canada.
The Common Shares will be distributed at market prices prevailing at the time of
sale.

Giving consideration to current economic conditions and the Company's ongoing
initiatives, we believe our existing working capital as of June 30, 2022,
together with other potential future sources of non-dilutive financing, will be
sufficient to fully fund our currently planned corporate expenses, Project
holding costs and discretionary programs for at least 12 months.

Vista's long-term viability depends upon our ability to realize value from our
principal asset, Mt Todd. Our primary objective is to maintain adequate
liquidity and seek to preserve, enhance and realize value of our core assets in
order to achieve positive returns for our shareholders. Our funding strategy is
to maintain a low expenditure profile, realize value from non-core assets and,
when necessary, issue additional equity or find other means of financing. The
underlying value and recoverability of the amounts shown as mineral properties
and plant and equipment in our Condensed Consolidated Balance Sheets are
dependent on our ability to attract sufficient capital resources to execute our
strategy and the ultimate success of our programs to enhance and realize value,
most importantly at Mt Todd.

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  Table of Contents

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Contractual Obligations

We have no material contractual obligations as of June 30, 2022.

Projects Update

Mt Todd Gold Project, Northern Territory, Australia

Recent Developments

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. Through the end of 2021, all technical reports, mineral resources and
reserves estimates, and other property-related disclosures have been reported
under NI 43-101. Starting in 2022, we were required to also establish mineral
resources and reserves estimates under S-K 1300 standards for reporting purposes
in the United States, while continuing to meet reporting standards under NI
43-101 for Canadian purposes.

We have continued 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 basis
to engage with a range of prospective parties as we seek an appropriate
strategic transaction. Key considerations in any potential transaction include
value creation by recognizing a greater portion of the intrinsic value of Mt
Todd and minimizing future equity dilution. Travel restrictions have been
lifted, and we can now travel in and out of Australia, which we believe should
facilitate our efforts to unlock the value of Mt Todd.

Vista completed a feasibility study for Mt Todd and announced the results on
February 9, 2022 and filed the SK-1300 and NI 43-101 Technical Reports on
February 24, 2022. This study addressed recommendations from the 2019
pre-feasibility study; reflects minor updates of the Project design to be
consistent with the MMP; and advanced the levels of engineering and detailed
costing in all areas of the Project. It evaluated several trade-off
opportunities (e.g., contract power generation, contract mining and autonomous
truck haulage). The 2022 FS resulted in a larger reserve and longer mine life
based on new mine plans using a conservative gold price assumption that is more
reflective of current gold prices.

The operational MMP for Mt Todd was approved by the Northern Territory
Department of Industry, Tourism and Trade in June 2021. The operational MMP
(similar to a mine operating permit in North America) was the final major
authorization required for the development of the Mt Todd mine. Receipt of this
approval marked the achievement of a major de-risking milestone that was a
significant focus of the Company for three years. We believe this approval,
combined with the previously-approved major environmental permits, demonstrates
the quality and advanced stage of engineering and project planning. This
operational MMP is being updated to reflect the project changes in the 2022 FS.

Vista completed exploration drilling at Mt Todd in March 2022 and reported final
assay results in June 2022. The drilling program was focused on identifying
connecting structures and mineralization between previously interpreted discrete
deposits and the potential for efficient resource growth with future drilling
along strike from the Batman deposit, approximately 1.9 kilometers north to the
Golf-Tollis/Penguin targets. We believe the program successfully achieved our
goal of demonstrating the regional potential along a 5.4-kilometer portion of
the 24-kilometer Batman-Driffield Trend and outlining areas where future
drilling can be undertaken to efficiently define additional gold resources.

Vista's drilling program completed 26 planned drill holes (approximately 8,898
meters). The drill holes consistently intersected mineralization predicted by
our geologic model and demonstrate both horizontal and vertical continuity
of
the targeted structures.

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  Table of Contents

Based on this recent exploration program and historical sources, the Company has
demonstrated continuity of mineralized structures from the Batman deposit to
north of the Golf-Tollis deposit (+2 km) and delineated four areas with the
potential to host additional mineralization, including:

Batman North - has the potential for 500,000 to 1,000,000 oz Au contained

within 15.5 to 35 Mt grading 0.8 to 1.2 g Au/t;

Northern cross load ("NXLD") and Southern cross load ("SXLD") - have the

• potential for 400,000 to 800,000 oz Au contained within 10 to 20 Mt grading 1.2

to 1.5g Au/t;

• Golf-Tollis - has the potential for 210,000 to 320,000 oz Au contained within

3.5 to 6.5 Mt grading 0.9 to 1.4 g Au/t; and

• Quigleys Deposit - has the potential for an additional 700,000 to 1,400,000 oz

Au contained within 11 to 16 Mt grading 1.1 to 1.4 g Au/t



The exploration target potentials were derived by the similarities to the Batman
deposit sheeted vein system and their surrounding mineralization, as evidenced
by drill intercepts in the exploration target area across vertical cross and
long sections. The volume of the modeled areas determines the potential tonnage
statement in the exploration target. The grade range given in the exploration
target is determined with consideration to the drill results within the modeled
exploration target area and consideration of the geological setting in an
established mining camp. The potential tonnages and grades are conceptual in
nature and are based on drill results that defined the approximate length,
thickness, depth and grade of the portion of the historical resource estimate.
There has been insufficient exploration to define a current mineral resource and
the Company cautions that there is uncertainty whether further exploration will
result in such exploration targets being delineated as a mineral resource.

The upper NXLD / SXLD intercepts represent the high-grade zone within the
Batman-Driffield Structural corridor and given that these structures have yet to
be targeted or systematically explored, they represent excellent opportunities
for discovery of near surface, high-grade mineralization. Structures parallel to
the NXLD / SXLD are most likely to host high-grade, near surface mineralization
within the Mt Todd package.

The sampling method and approach for the drillholes are as follows:

• The drill core, upon removal from the core barrel, is placed into plastic core

boxes;

• The plastic core boxes are transported to the sample preparation building;

The core is marked, geologically logged, geotechnically logged, photographed,

and sawn into halves. One-half is placed into sample bags as one-meter sample

• lengths, and the other half retained for future reference. The only exception

to this is when a portion of the remaining core has been flagged for use in

metallurgical testwork;

The bagged samples have sample tags placed both inside and on the outside of

• the sample bags. The individual samples are grouped into "lots" for submission

to NAL, a certified lab, for preparation and analytical testing; and

• All of this work was done under the supervision of a Vista geologist.



Processing of the core included photographing, geotechnical and geologic
logging, and marking the core for sampling. The nominal sample interval was one
meter. When this process was completed, the core was moved into the core
cutting/storage area where it was laid out for sampling. The core was laid out
using the following procedures:

• One meter depth intervals were marked out on the core by a member of the

geologic staff;

Core orientation (bottom of core) was marked with a solid line when at least

• three orientation marks aligned and used for structural measurements. When

orientation marks were insufficient an estimated orientation was indicated by a

dashed line;

Geologic logging was then done by a member of the geologic staff. Assay

• intervals were selected at that time and a cut line marked on the core. The

   standard sample interval was one meter, with a minimum of 0.2 meters and a
   maximum of 1.2 meters;

Blind sample numbers were then assigned based on pre-labeled sample bags.

• Sample intervals were then indicated in the core tray at the appropriate

locations; and

• Each core tray was photographed and restacked on pallets pending sample cutting

   and stored on site indefinitely.


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The core was then cut using diamond saws with each interval placed in sample
bags. At this time, the standards and blanks were also placed in plastic bags
for inclusion in the shipment. A reference standard or a blank was inserted at a
minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks
sample were added. Standard reference material was sourced from Ore Research &
Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five
samples was completed, they were placed in a shipping bag and closed with a zip
tie. All of these samples were kept in the secure area until crated for
shipping.

Samples were placed in crates for shipping with 100 samples per crate (20
shipping bags). The crates were stacked outside the core shed until picked up
for transport and shipped to NAL in Pine Creek, Northern Territory, for standard
fire assays. At the lab, the samples are pulverized and split down to 50-gram
assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is
followed by an atomic absorption finish, except where results report a result of
greater than 3 g Au/t, and then a gravimetric finish is used to report final
results.

The QP is satisfied that sample security measures meet industry standards.
Statistical analysis of the various drilling populations and quality assurance
and quality control samples has not identified or highlighted any reasons to not
accept the data as representative of the tenor and grade of the mineralization
estimated at the Batman deposit.

All scientific and technical information herein has been reviewed and approved by John Rozelle, Vista's Sr. Vice President, a QP.

Awak Mas, Indonesia

Vista held an NSR in Awak Mas. Previously, Vista and the holder of Awak Mas
amended our original royalty agreement to allow the holder or a nominated party
to make a payment to Vista to cancel half of the original NSR and cancel the
second half after making the first payment. The holder of the Awak Mas royalty
made the final $2,500 payment on January 28, 2022. The Company recognized a gain
of $2,883 for this final payment, which included recognition of $383 that was
carried as deferred option gain as of December 31, 2021. With this final
payment, the Company has no remaining royalty interest in Awak Mas.

Certain U.S. Federal Income Tax Considerations


Vista has been a "passive foreign investment company" ("PFIC") as defined under
Section 1297 of the U.S. Internal Revenue Code of 1986, as amended, in recent
years and expects to continue to be a PFIC in the future. Current and
prospective United States shareholders should consult their tax advisors as to
the tax consequences of PFIC classification and the U.S. federal tax treatment
of PFICs. Additional information on this matter is included in Vista's Annual
Report on Form 10-K for the year ended December 31, 2021, under "Part II. Item
5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities - Certain United States Federal Income Tax
Considerations for U.S. Residents."

Note Regarding Forward-Looking Statements


This quarterly report on Form 10-Q contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 and
forward-looking information under Canadian securities laws that are intended to
be covered by the safe harbor created by such legislation. All statements, other
than statements of historical facts, included in this quarterly report on Form
10-Q, our other filings with the Securities and Exchange Commission and Canadian
securities commissions and in press releases and public statements by our
officers or representatives that address activities, events or developments that
we expect or anticipate will or may occur in the future are forward-looking
statements and forward-looking information, including, but not limited to, such
things as those listed below.

                                   Operations

Our belief that our focus on evaluation, acquisition, exploration and

? advancement of gold exploration and potential development projects may lead to

gold production or value-adding strategic transactions;


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? our belief that our work has added substantial value to the Project and

positions the Project for near-term development;

our belief that the resilience of Mt Todd, in part supported by the positive

? impact of the current foreign exchange rate, is demonstrated by the project

economics reflected in the 2022 FS;

our belief that the decision to use a third-party power provider resulted in

? important positive impacts to our capital costs and insulates the Project from

certain construction and operating risks while maintaining what we believe to

be attractive operating costs;

our belief that the results of the 2022 FS demonstrate an attractive project

? development opportunity and allow the Company to evaluate a broad range of

   alternatives to advance Mt Todd as we continue to focus on maximizing
   shareholder value;

our belief that Mt Todd's attributes and advanced stage of technical evaluation

? and permitting provide a solid basis to engage with a range of prospective

parties as we seek an appropriate strategic transaction;

our belief that the MMP approval, combined with the previously-approved major

? environmental permits, demonstrates recognition of the quality and advanced

stage of engineering and project planning;

? our estimates of future operating and financial performance;

? our belief that recent drilling is consistent with our geologic model and

demonstrates vertical and horizontal continuity of mineralization;

our belief that the recent exploration program delineated four areas with the

potential to host additional mineralization, that the potential tonnages and

? grades are conceptual in nature, and that there is uncertainty whether further

exploration will result in such exploration targets being delineated as a

mineral resource;

? our belief that the upper NXLD / SXLD intercepts represent excellent

opportunities for discovery of near surface, high-grade mineralization;

? our expectation to begin implementing cost reductions starting in the second

half of 2022;

our belief that travel to Australia will have a positive impact for the Company

? by allowing greater in-person interaction between senior management and local

stakeholders, and enhance our efforts to secure a strategic partner or other

form of transaction;

our belief that the drilling program has successfully achieved our goal of

? demonstrating the regional potential along a 5.4-kilometer portion of the

24-kilometer Batman-Driffield Trend and to outline areas where future drilling

can be undertaken to efficiently define additional gold resources;

our belief that our existing working capital at June 30, 2022, together with

? other potential future sources of non-dilutive financing, will be sufficient to

fully fund our currently planned corporate expenses and Project holding costs

for at least 12 months;

? our belief that Vista's long-term viability depends upon our ability to realize

value from our principal asset, Mt Todd;

our objective to maintain adequate liquidity and seek to preserve, enhance and

? realize value of our core assets in order to achieve positive returns for our

   shareholders;


                             Business and Industry

? our belief that we are in compliance in all material respects with applicable

laws and regulations;

? our expectation that we will continue to be a PFIC for U.S. Federal tax

purposes;

? the potential that we may grant options and/or other stock-based awards to our

directors, officers, employees and consultants; and


                                       21

  Table of Contents

? the potential that future expenditures may be required for compliance with

various laws and regulations governing the protection of the environment.

Forward-looking statements and forward-looking information have been based upon
a number of estimates and assumptions including material estimates and
assumptions related to our current business and operating plans, as approved by
the Company's Board of Directors; our cash and other funding requirements and
timing and sources thereof; results of pre-feasibility and feasibility studies,
mineral resource and reserve estimates, preliminary economic assessments and
exploration activities; advancements of the Company's required permitting
processes; our experience working with our regulators; current market conditions
and project development plans. The words "estimate," "plan," "anticipate,"
"expect," "intend," "believe," "will," "may" and similar expressions are
intended to identify forward-looking statements and forward-looking information.
These statements involve known and unknown risks, uncertainties, assumptions and
other factors which may cause our actual results, performance or achievements to
be materially different from any results, performance or achievements expressed
or implied by such forward-looking statements and forward-looking information.
These factors include risks such as:

                                Operating Risks

? pre-feasibility and feasibility study results, timing and the accuracy of

estimates and assumptions on which they are based;

resource and reserve estimates, the accuracy of such estimates and the accuracy

? of sampling and subsequent assays and geologic interpretations on which they

are based;

? technical and operational feasibility and the economic viability of deposits;

our ability to obtain, renew or maintain the necessary licenses, authorizations

? and permits for Mt Todd, including its development plans and operating

activities;

? market conditions supporting a decision to develop Mt Todd;

? delays in commencement of construction at Mt Todd;

? our reliance on third-party power generation for the construction and operation

of Mt Todd;

? increased costs that affect our operations or our financial condition;

? delays or disruptions in supply chains;

? our reliance on third parties to fulfill their obligations under agreements

with us;

? whether projects not managed by us will comply with our standards or meet

our objectives;

whether our acquisition, exploration and development activities, as well as the

? realization of the market value of our assets, will be commercially successful

and whether any transactions we enter into will maximize the realization of the

market value of our assets;

? the success of any future joint ventures, partnerships and other arrangements

relating to our properties;

? perception of the potential environmental impact of Mt Todd;

? known and unknown environmental and reclamation liabilities, including

reclamation requirements at Mt Todd;

? potential challenges to the title to our mineral properties;

? future water supply issues at Mt Todd;

? litigation or other legal claims;

? environmental lawsuits;



                          Financial and Business Risks

? fluctuations in the price of gold;


                                       22

  Table of Contents

? inflation and cost escalation;

? lack of adequate insurance to cover potential liabilities;

? the lack of cash dividend payments by us;

? our history of losses from operations;

? our ability to attract, retain and hire key personnel;

? volatility in our stock price and gold equities generally;

? our ability to obtain a development partner or other means of financing for Mt

Todd on favorable terms, if at all;

? our ability to raise additional capital or raise funds from the sale of

non-core assets on favorable terms, if at all;

? industry consolidation which could result in the acquisition of a control

position in the Company for less than fair value;

? evolving corporate governance and public disclosure regulations;

? intense competition in the mining industry;

? tax initiatives on domestic and international levels;

? potential changes in regulations of taxation initiatives;

? fluctuation in foreign currency values;

? our likely status as a PFIC for U.S. federal tax purposes;

delays, potential losses, and/or inability to maintain sufficient working

? capital due to business interruptions, supply chain disruptions, or global

economic slowdowns caused by the COVID-19 pandemic;



                                 Industry Risks

? inherent hazards of mining exploration, development and operating activities;

? a shortage of skilled labor, equipment and supplies;

the accuracy of calculations of mineral reserves, mineral resources and

? mineralized material and fluctuations therein based on metal prices, and

inherent vulnerability of the ore and recoverability of metal in the

mining process;

changes in environmental regulations to which our exploration and development

? operations are subject could result in increased operating costs or our ability

to operate at all; and

? changes in greenhouse gas emissions regulations and standards could result in

increased operating costs or our ability to operate at all.



For a more detailed discussion of such risks and other important factors that
could cause actual results to differ materially from those in such
forward-looking statements and forward-looking information, please see the risk
factors contained in our Annual Report on Form 10-K for the year ended December
31, 2021, under "Part I-Item 1A. Risk Factors" and in this report under "Part
II-Item 1A. Risk Factors" below. 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. There can be no assurance that these statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in the statements. Except as required by law,
we assume no obligation to publicly update any forward-looking statements and
forward-looking information, whether as a result of new information, future
events or otherwise.

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  Table of Contents

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2022 - - -
Net income 2022 - - -
Net Debt 2022 - - -
P/E ratio 2022 -10,4x
Yield 2022 -
Capitalization 61,4 M 61,4 M -
Capi. / Sales 2022 -
Capi. / Sales 2023 -
Nbr of Employees -
Free-Float 96,3%
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Technical analysis trends VISTA GOLD CORP.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 2
Last Close Price 0,52 $
Average target price 2,00 $
Spread / Average Target 285%
EPS Revisions
Managers and Directors
Frederick Hume Earnest Senior Vice President-Project Development
Douglas L. Tobler Chief Financial & Accounting Officer
Michael B. Richings Non-Executive Chairman
Charles Thomas Ogryzlo Independent Director
William Durand Eppler Independent Director
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