Business
Vista Gold Announces Second Quarter Financial Results and Corporate Update
DENVER / Aug 02, 2023 / Business Wire / Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results
About this update from Vista Gold Corp
[{"type":"text","content":"DENVER / Aug 02, 2023 / Business Wire / Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended June 30, 2023, with reported cash totaling $6.0 million. All dollar amounts in this news release are in U.S. dollars. The second quarter of 2023 was marked by the extension of Vista’s agreement (the “Agreement”) with the Government (the “NT Government”) of the Northern Territory of Australia (the “NT”), which sets out the rights and obligations of both parties with respect to site care and maintenance and potential future development of the Company’s Mt Todd gold project (“Mt Todd”), and positive recommendations and actions from the NT’s Mineral Development Taskforce (“NT Taskforce”). Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “The extension of our Agreement with the NT Government is an important achievement as we continue our activities to de-risk Mt Todd and reflects a clear commitment by the NT Government. Our amended Agreement extends the term to December 31, 2029, with an option for an additional three-year extension. We believe the amended Agreement demonstrates the strength of our relationship with the NT Government and their desire to achieve shared goals and objectives. “Recent recommendations of the NT Taskforce aim to increase mining investment in the NT. The NT Government is moving forward to implement recommendations to update its current royalty regime to make it more competitive with other leading mining jurisdictions and to develop local skills to support a growing mining industry. These initiatives demonstrate that the NT Government is actively working to attract more mining-related investment. We believe these changes will result in significant economic benefits for Vista, other mining companies, and the NT.” Summary of Financial Results At June 30, 2023, cash and cash equivalents totaled $6.0 million compared to $8.1 million at December 31, 2022. The Company continued to have no debt. Vista reported a consolidated net loss of $1.5 million, or $0.01 per common share, for the quarter ended June 30, 2023 compared to a consolidated net loss of $1.4 million, or $0.01 per common share for the quarter ended June 30, 2022. The loss for the current quarter was in line with management’s expectations and re...