Vista Gold Corp. (AMEX:VGZ) Q4 2023 Earnings Call Transcript
Vista Gold Corp. (AMEX:VGZ) Q4 2023 Earnings Call Transcript March 18, 2024
Vista Gold Corp. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, ladies and gentlemen. Welcome to Vista Gold's 2023 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded today is Monday, March 18, 2024. It is now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Thank you. Please go ahead.
Pamela Solly: Thank you, Ina, and good day, everyone. Thank you for joining the Vista Gold 2023 Financial Results and Corporate Update Conference Call. I'm Pamela Solly, Vice President of Investor Relations. On the call today are Fred Earnest, President and Chief Executive Officer; and Doug Tobler, Chief Financial Officer. During the course of this call, we will be making forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Vista to be materially different from results, performance or achievements expressed or implied by such statements. Please refer to our most recently filed Form 10-K for details of risks and other important factors that could cause actual results to differ materially from those in our forward-looking statements and the cautionary note regarding estimates of mineral resources and mineral reserves.
I'll now turn the call over to Fred Earnest.
Fred Earnest: Thank you, Pam, and thank you, everyone, for joining us on the call today. Before I begin with our 2023 achievements, I would like to take this opportunity to acknowledge the contributions of Mr. Randy Eppler, who recently passed away. Randy served as a Director of our company since 2004 and chaired several Board committees during his tenure. Randy was a gentleman, a friend and a consummate professional who brought a wealth of knowledge and experience to Vista's Board of Directors. Randy and his passion for Vista Gold will be remembered and missed. As we turn to our 2023 results, I'm pleased to report that, during 2023, we succeeded in efficiently managing our cash and strengthen our balance sheet by completing a $20 million royalty transaction between Wheaton Precious Metals.
Today we have received first two installment payments totaling $10 million and expect to receive the final $10 million installment prior to the end of the second quarter. In addition to completing the royalty, we completed an internal scoping study to evaluate smaller scale stage development alternatives at Mt. Todd, continued de-process to refresh our Board of Directors and extended our agreement with the Northern Territory Government pertaining Mt. Todd through December 31, 2029 with the option for a three year extension. We continued to work with CIBC Capital Markets to identify and advance interest in Mt. Todd and are focused on achieving a transaction that maximizes shareholder value. We saw increased interest in Mt. Todd during the latter part of 2023, including new interest in our plans to advance an alternative development strategy.
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