Financial Data and Key Metrics Changes - The company reported a net loss of $2,708,000 for Q1 2025, compared to a net loss of $1,073,000 for Q1 2024, indicating an increase in loss primarily due to the absence of a gain from equipment sales and increased Mt Todd expenses [9][10][12] - Cash on hand at the end of Q1 2025 was $15,000,000, down from $16,900,000 at the end of 2024, with no debt reported [12] Business Line Data and Key Metrics Changes - Total feasibility and other Mt Todd site costs in Q1 2025 were $1,688,000, with only $150,000 capitalized as development costs, resulting in a net expense of $1,538,000, which was $786,000 higher than Q1 2024 [11][12] Market Data and Key Metrics Changes - The Australian gold price is at record highs around $5,000 per ounce, positively impacting the company's profitability as most costs are in Australian dollars [25][26] Company Strategy and Development Direction - The company is focused on completing the Mt Todd feasibility study by mid-2025, targeting a 60% reduction in capital costs to approximately $400,000,000, with anticipated gold production of 150,000 to 200,000 ounces per year [14][15][18] - The feasibility study aims to create a more financeable project with a smaller initial investment, which could attract a broader range of potential partners [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the current gold cycle and the potential for increased investor interest in the Mt Todd project due to the reduced initial capital costs [18][39] - The feasibility study is on schedule and on budget, with results expected to be announced in July 2025 [39][40] Other Important Information - The company achieved zero lost time accidents, maintaining a strong focus on safety and environmental stewardship [17] - Management emphasized the importance of compliance with ESG standards and proactive engagement with stakeholders [19][40] Q&A Session Summary Question: Increased interest in Vista and Mt Todd - Management noted that renewed interest in gold equities is driven by rising gold prices, with strong institutional interest in the Mt Todd project due to efforts to decrease initial capital costs [23][24] Question: Impact of Australian gold price on profitability - Management confirmed that the high Australian gold price positively affects profitability, as most costs are in Australian dollars, making the project more attractive [25][26] Question: Share price valuation concerns - Management acknowledged the disconnect between share price and resource value, attributing it to the high initial capital costs of previous project evaluations, and emphasized the benefits of the new feasibility study at a smaller scale [32][33][34]

Financial Data and Key Metrics Changes - Vista reported a net income of $11,200,000 for the year ended 12/31/2024, compared to a net loss of $6,600,000 for 2023, indicating a significant turnaround in financial performance [11] - The financial results for 2024 included a non-recurring gain of $16,900,000 from the Wheaton royalty transaction and an additional gain of $800,000 from the sale of used mill equipment [12] - The company ended the year with $16,900,000 in cash and no debt, positioning itself strongly for future projects [14] Business Line Data and Key Metrics Changes - The exploration-related costs increased to $3,500,000 in 2024 from $3,200,000 in 2023, primarily due to several technical studies conducted before the feasibility study [13] - The drilling program in 2024 involved 34 diamond core holes totaling 6,776 meters, with every hole intercepting mineralization, indicating positive exploration results [20] Market Data and Key Metrics Changes - The updated economics for the Mt. Todd project reflected improved project economics due to significant increases in gold prices since the previous feasibility study [24] - The new feasibility study targets a 60% reduction in capital costs, with an estimated capital of $400,000,000 for the project [15] Company Strategy and Development Direction - The company aims to position Mt. Todd as one of the most attractive, ready-to-build gold projects globally, focusing on reducing initial capital costs while maintaining competitive operating costs [27][30] - Vista's strategy includes advancing the Mt. Todd project with discipline to maximize shareholder value and minimize risks [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for 2025, highlighting the feasibility study as a potential catalyst for unlocking project value [43] - The company remains committed to health, safety, and ESG initiatives, with a focus on stakeholder engagement and environmental stewardship [19][25] Other Important Information - Vista published its inaugural ESG report in 2024, emphasizing its commitment to environmental and social governance [9][26] - The company has earned the trust of local stakeholders, ensuring a strong social license for the Mt. Todd project [30] Q&A Session Summary Question: Can Vista borrow the entire amount of CapEx or is a partner needed? - Management clarified that no developer can borrow 100% of the capital needed for a project, and a balance of debt and equity is necessary, typically around 50-60% equity [38][39] Question: Why is bringing in a partner a better strategy than mining independently? - The advantage of a partner is that they can provide value to Vista Gold as part of the earn-in, potentially covering most of Vista's CapEx contribution, thus minimizing shareholder dilution [40][41]