Vista Gold(US:VGZ)2021-04-29 22:18Financial Performance - Consolidated net loss for the three months ended March 31, 2021, was $3,099, compared to a loss of $3,500 for the same period in 2020, reflecting a year-over-year improvement [55]. - Cash and short-term investments totaled $7,153, with working capital at $5,871 as of March 31, 2021, down from $8,281 in 2020 [56][65]. - Net cash used in operating activities was $2,525 for the three months ended March 31, 2021, compared to $1,743 in 2020, indicating increased expenditures [61]. - Cash inflows from investing activities were $1,500 in Q1 2021, down from $2,599 in Q1 2020, with $1,100 received from the royalty cancellation payment for the Los Reyes project [62]. Costs and Expenditures - Exploration, property evaluation, and holding costs increased to $1,751 for the three months ended March 31, 2021, from $948 in 2020, primarily due to the Mt Todd exploration drilling program [57]. - Corporate administration costs decreased slightly to $1,315 in Q1 2021 from $1,376 in Q1 2020, attributed to reduced travel expenses due to COVID-19 [58]. - The company anticipates requiring additional working capital as discretionary programs advance, with a focus on monetizing non-core assets [71]. Investments and Projects - The company has invested over $100 million in the Mt Todd project since acquisition in 2006, positioning it for near-term development [47]. - The company has invested over $100 million in the Mt Todd Gold Project since its acquisition in 2006, focusing on exploration, evaluation, and permitting [81]. - A drilling program at Mt Todd has been expanded to include an additional 10 holes, focusing on deep drilling along a 1.8 km strike length [86]. - The company expects to receive a final payment of $1 million from Prime Mining for the sale of the Guadalupe de los Reyes project, due in July 2021 [91]. - The company has extended the payment date for a remaining $2,500 payment related to the Awak Mas project to no later than January 31, 2022 [92]. Asset Valuation - Fair value of other investments decreased from $293 million at December 31, 2020, to $263 million at March 31, 2021, representing a decline of approximately 10.2% [77]. - Vista holds agreements to realize up to $3,500 from the cancellation of royalty interests in the Los Reyes and Awak Mas gold projects [70]. Future Outlook - The company anticipates that its existing working capital will be sufficient to fund planned corporate expenses and project holding costs for at least 12 months [100]. - The company continues to face potential impacts from COVID-19, which may affect liquidity and capital resources [100]. - The company believes that the upward trend in gold prices enhances its prospects for future growth [100]. - The company is awaiting approval of the Mining Management Plan (MMP) for Mt Todd, which is crucial for holding all major permits for development [83].