Vista Gold Corp. (NYSE American and TSX: VGZ) ("Vista" or the "Company") today announced its audited financial results for the year ended December 31, 2024, with cash totaling $16.9 million at year-end. All dollar amounts in this press release are in U.S. dollars.
Frederick H. Earnest, President and CEO of Vista, stated, "Our achievements in 2024 underscore our commitment to creating greater value for our shareholders and positioning Vista and Mt Todd for long-term success. Receipt of the remaining proceeds under our 2023 royalty transaction enabled us to advance Mt Todd work programs and end the year with a strong balance sheet. We efficiently completed the 2024 drilling program and several other studies, leading to the decision to undertake a new Mt Todd feasibility study with an ore throughput rate of 15,000 tonnes per day.
"This study aims to demonstrate a development alternative for Mt Todd which will place it among the most attractive ready-to-build opportunities within the gold sector. In planning this study, we focused on several factors that are consistently recognized as value drivers for new projects. Our goals are to reduce initial capex by 60% to approximately $400 million, increase the reserve grade to 1 gram gold per tonne by applying a higher cut-off grade, and achieve average annual gold production ranging from 150,000 to 200,000 ounces.
"We are focused on advancing Mt Todd in ways that demonstrate the underlying value of the project and position it for near-term development, while maintaining the discipline necessary to best realize value at the right time."
Summary of Financial Results
Vista reported consolidated net income of $11.2 million or $0.09 per common share for the year ended December 31, 2024, compared to a consolidated net loss of $6.6 million, or $0.05 per common share for the year ended December 31, 2023. The 2024 financial results benefited from a $16.9 million gain on grant of royalty interest in Mt Todd, a $0.8 million gain on sale of mill equipment, and continued focus on cost controls.
Cash and cash equivalents totaled $16.9 million as of December 31, 2024, compared to $6.1 million at December 31, 2023. In the first half of 2024, the Company received the remaining royalty proceeds in the amount of $17.0 million under its 2023 royalty transaction. The Company continued to have no debt.
Management Conference Call
Management's conference call to review financial results for the year ended December 31, 2024 and to discuss corporate and project activities is scheduled for March 6, 2025 at 2:00 p.m. MST (4:00 p.m. EST).
Participant Toll Free: +1 (800) 717-1738 Participant International: +1 (289) 514-5100 Conference ID: 38668
This call will be archived and available at www.vistagold.com after March 6, 2025. An audio replay will also be available through March 20, 2025 by calling toll-free in North America +1 (888) 660-6264 or +1 (289) 819-1325 using passcode 38668#.
