Vista Gold Corp. (NYSE American and TSX: VGZ) is pleased to
provide a summary of its key accomplishments over the past year,
highlighting the successful achievement of its 2024 objectives.
Frederick H. Earnest, President and CEO of Vista, commented, “At
the outset of 2024, we set objectives to efficiently position Mt
Todd as a top-tier gold development project while exercising the
discipline necessary to best realize value at the right time. We
directed our focus to the drilling program that we committed to as
part of our 2023 royalty transaction and evaluating alternative
development strategies for Mt Todd. Notably, we assessed
opportunities to greatly reduce the initial capital requirement,
raise the gold grade for material mined and processed, and retain a
meaningful annual gold production level.”
Mr. Earnest continued, “The drilling program was completed in
December 2024, with final assay results and a recap of the overall
program expected within the coming weeks. We expect this program
will favorably impact our overall gold inventory at Mt Todd. One of
the highlights of the program is the numerous high-grade gold
intercepts encountered in Phase 2. Our evaluation of other
development strategies, including the completion of trade-off
studies, provided us with an internal proof-of-concept that
supports the potential for an economically attractive alternative
development plan for Mt Todd. Based on this work, we launched a
feasibility study last month that represents a paradigm shift in
the value potential of Mt Todd.”
2024 Highlights
Safety and ESG
Vista maintained its focus on safety, environmental stewardship,
and stakeholder interests. Mt Todd achieved zero lost-time
incidents and has surpassed 1,150 days without a workplace
incident. Site personnel successfully managed Mt Todd environmental
initiatives with no incidents. Vista continued its engagement with
the Jawoyn Association Aboriginal Corporation and other key
stakeholders, with attention on transparency and maintaining strong
working relationships. Details of Vista’s work in these and
additional areas were published in Vista’s inaugural ESG report in
March 2024.
2024 Drilling Program
Vista completed the 2024 drilling program in December as
planned, with a total of 34 holes for 6,776 meters drilled. Phase 1
drill results were announced in August 2024 that extended the core
zone and the mineralized boundaries in the northern section of the
Batman deposit, including intercepts at the northern limit with
gold grades that exceeded the Company’s expectations. Phase 2
drilling focused on the shallow portion of the South Cross Lode
(“SXL”), with interim results announced in September and October
2024. This drilling demonstrated that the SXL is host to more
discreet and, in certain zones, wider higher-grade veins with
thicknesses that exceed one meter, compared to the thinner, more
closely spaced sheeted veins typically observed in the Batman
deposit.
Results from the final four holes of Phase 2 drilling are
expected to be announced in the coming weeks, followed by a
comprehensive overview of the 2024 drilling program. The Company
plans to incorporate the drill results into the updated Mt Todd
mineral resource estimate in conjunction with the in-progress Mt
Todd feasibility study.
Mt Todd Alternative Development
Strategy
Concurrent with the 2024 drilling program, management undertook
a series of internal assessments and trade-off studies in advance
of initiating a feasibility study for an alternative development
plan at Mt Todd. Key studies evaluated the economic potential for a
range of processing and mining rates. Based on the results of this
work, Vista launched a new Mt Todd feasibility study in December
2024 that aims to increase the reserve grade to 1 gram gold per
tonne using a higher cut-off grade and reduce the initial capex by
60% to $400 million while achieving average annual gold production
ranging from 150,000 to 200,000 ounces from 15,000 tonnes per day
ore throughput. The consultants selected for this study have
extensive Australian and international experience with projects of
this scale who we believe can deliver a fit-for-purpose design that
achieves the targets we have established. Completion of this
feasibility study is expected mid-2025.
Update to the Mt Todd 2022 Feasibility
Study
In March 2024, Vista updated the economics of its previous 2022
Mt Todd 50,000 tpd Feasibility Study to reflect Q1 2024 quotes for
material capital and operating cost components. Long-term outlooks
for the gold price and foreign exchange rates and the private
royalty rates were also updated. This update demonstrated that
project economics are approximately the same or slightly better
than reported in 2022, inclusive of cost increases that have
affected the entire gold mining sector.
Financial Resources
The Company’s financial outlook benefited from its 2023 royalty
transaction (“Royalty”) and changes to the Northern Territory
(“NT”) royalty structure. The Royalty provided an initial $3
million to Vista in December 2023 and an additional $17 million by
mid-2024. This funding placed Vista in a strong financial position
as it carried out the 2024 programs and as the Company moves into
the work to complete the 2025 feasibility study. The NT government
enacted new royalty legislation effective July 1, 2024. The new
structure includes a 3.5% ad valorum royalty rate applicable to
gold doré, which is expected to reduce the Mt Todd NT royalty
payable by nearly 50%.
Leadership
Mike Sylvestre and Patrick Keenan were elected as independent
directors of the Company’s board of directors to succeed two
long-standing directors who retired. Mr. Sylvestre and Mr. Keenan
bring extensive mining backgrounds to Vista, with expertise in
technical and financial areas, respectively.
Vista appointed Maria Vallejo as Director, Projects and
Technical Services. Ms. Vallejo is an accomplished mining
professional with a robust background in mineral economics, mining
engineering, and optimization technologies. She is responsible for
overall management of the in-progress feasibility study.
About Vista Gold Corp.
Vista holds the Mt Todd gold project, a ready-to-build
development-stage gold deposit located in the Tier-1 mining
jurisdiction of Northern Territory, Australia. Vista is positioning
Mt Todd as a leading development opportunity within the gold
sector. Mt Todd offers significant scale, development optionality,
growth opportunities, advanced local infrastructure, community
support, and demonstrated economic feasibility. All major
environmental and operating permits necessary to initiate
development of Mt Todd are in place.
Vista’s 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. Vista
believes its strategy of advancing Mt Todd in this manner will
deliver a more fully valued project to its shareholders.
For further information about Vista or Mt Todd, please contact
Pamela Solly, Vice President of Investor Relations, at (720)
981-1185 or visit the Company’s website at www.vistagold.com.
Qualified Person
Maria Vallejo, Vista’s Director of Projects and Technical
Services, 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, has verified the data underlying
the information contained herein and has approved this press
release.
Mt Todd Technical Report Filings
For more information on the Company’s March 2024 feasibility
study (the “2024 Feasibility Study”), including with respect to
mineral resource and mineral reserve estimates, please refer to the
technical report summary entitled “S‑K 1300 Technical Report
Summary – 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 March 14, 2024 available at www.sec.gov
and, for Canadian purposes, the technical report entitled “National
Instrument 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 under Vista’s profile at www.sedarplus.ca. For more
information on the Company’s 2024 drilling results, please refer to
the news releases dated August 22, 2024, September 24, 2024, and
October 31, 2024, available under the Company’s profile at
www.sedarplus.ca. The 2024 Feasibility Study and above noted news
releases are not incorporated by reference into this news
release.
Forward Looking Statements
This news 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 news release that address activities, events or developments
that we expect or anticipate will or may occur in the future,
including such things as the Company’s belief that final assay
results and a recap of the overall 2024 drilling program is
expected within the coming weeks and that this program will
favorably impact the Company’s overall gold inventory at Mt Todd;
the Company’s belief that its evaluation of other development
strategies, including the completion of trade-off studies, provided
it with an internal proof-of-concept that supports the potential
for an economically attractive alternative development plan for Mt
Todd; the Company’s belief that the feasibility study that the
Company launched last month represents a paradigm shift in the
value potential of Mt Todd; the results from the final four holes
of Phase 2 drilling expected to be announced in the coming weeks,
followed by a comprehensive overview of the 2024 drilling program;
the Company plans to incorporate the drill results into the updated
Mt Todd mineral resource estimate in conjunction with the
in-progress Mt Todd feasibility study; the Company’s new Mt Todd
feasibility study launched in December 2024 aims to increase the
reserve grade to 1 gram gold per tonne using a higher cut-off grade
and reduce the initial capex by 60% to $400 million while achieving
average annual gold production ranging from 150,000 to 200,000
ounces from 15,000 tonnes per day ore throughput; the Company’s
belief that the consultants selected for this study have extensive
Australian and international experience with projects of this scale
who the Company believes can deliver a fit-for-purpose design and
achieve the targets the Company has established; the expected
completion of this feasibility study in mid-2025; the Company’s
belief that its financial outlook benefited from its 2023 Royalty
and changes to the NT royalty structure; the Company’s belief that
the Royalty funding placed Vista in a strong financial position as
the Company carried out its 2024 programs and as the Company moves
into the work to complete the 2025 feasibility study; the Company’s
belief that the new NT royalty structure is expected to reduce the
Mt Todd NT royalty payable by nearly 50%; the Company’s belief that
Mt Todd is a ready-to-build development-stage gold deposit and that
the Northern Territory, Australia is a Tier-1 jurisdiction; the
Company’s belief that Mt Todd offers significant scale, development
optionality, growth opportunities, advanced local infrastructure,
community support, and demonstrated economic feasibility;
statements related to Vista’s strategy, including Vista’s 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 and Vista’s belief that its
strategy of advancing Mt Todd in this matter will deliver a more
fully valued project to its shareholders 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 news release include
the following: the Company’s forecasts and expected cash flows; the
Company’s projected capital and operating costs; the Company’s
expectations regarding mining and metallurgical recoveries; mine
life and production rates; that laws or regulations impacting mine
development or mining activities will remain consistent; the
Company’s approved business plans, mineral resource and reserve
estimates and results of preliminary economic assessments;
preliminary feasibility studies and feasibility studies on the
Company’s projects, if any; the Company’s experience with
regulators; political and social support of the mining industry in
Australia; the Company’s experience and knowledge of the Australian
mining industry and the Company’s expectations of economic
conditions and the price of gold. When used in this news 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
the Company’s 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; and uncertainty as to completion of
critical milestones for Mt Todd; 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 March 2024, and other documents filed with the U.S.
Securities and Exchange Commission and Canadian securities
regulatory authorities. Although the Company has 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, the Company assumes 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/20250107823635/en/
Pamela Solly Vice President of Investor Relations (720)
981-1185
Grafico Azioni Vista Gold (AMEX:VGZ)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Vista Gold (AMEX:VGZ)
Storico
Da Gen 2024 a Gen 2025
