VISTA GOLD CORP. (TSE:VGZ) Files An 8-K Results of Operations and Financial Condition
Item 2.02Results of Operation and Financial Condition
On April 28, 2017, the registrant provided its unaudited
financial results for the first quarter ended March 31, 2017. The
registrants unaudited financial statements, Managements
Discussion and Analysis together with other important disclosures
can be found in the Companys Quarterly Report on Form 10-Q, filed
on April 28, 2017with the U.S. Securities and Exchange Commission
and the Canadian securities regulatory authorities.
Summary of First Quarter 2017 Financial Results
We reported a net loss of $2.8 million or $0.03 per share for the
three months ended March 31, 2017. This includes $2.5 million of
net operating expenses; and an unrealized $0.3 million
mark-to-market loss on our investment in Midas Gold Corp.
(Midas). During the three months ended March 31, 2016, we
reported a net loss of $0.7 million or $0.01 per share inclusive
of $2.2 million of net operating expenses; a $0.7 million payment
we received from the Australian Government under a research and
development incentive program; an unrealized $0.5 million
mark-to-market gain on our investment in Midas; and $0.3 million
of other income.
Our working capital at March 31, 2017 totaled approximately $26.0
million, including cash and short-term investments (comprised of
government securities) of approximately $21.8 million. The
Company has no debt.
Frederick H. Earnest, President and Chief Executive Officer,
commented, We believe that we have sufficient working capital to
cover our fixed costs for several years; to execute selected
discretionary programs intended to optimize and add value to Mt
Todd; and to complete all of the critical milestones, including
permitting, necessary to advance the Mt Todd project to the point
of a development decision.
We are working to complete the bulk metallurgical test work to
evaluate automated ore sorting, grinding circuit optimization and
improved leach recoveries that could support material
improvements to the economics of the Mt Todd gold project without
significant alterations to the current flow sheet. This work is
expected to be completed in the third quarter of this year. An
updated prefeasibility study, which would integrate these
potential flow sheet alterations and the associated economic
benefits, will likely be completed after that.
To review the Companys Quarterly Report on Form 10-Q for the
three months ended March 31, 2017, including the related
Managements Discussion and Analysis, visit any of the following
websites: www.sedar.com, www.sec.gov or www.vistagold.com.
Management Conference Call
A conference call with management to review our financial results
for the three months ended March 31, 2017 and to discuss
corporate and project activities is scheduled for Wednesday, May
3, 2017 at 2:30 p.m. MDT.
Toll-free in North America: 1-866-233-5249
International:416-642-3300
Confirmation Code:4152669
This call will also be web-cast and can be accessed at the
following web location:
http://event.on24.com/r.htm?e=1416096s=1k=1119E6298108FC79B036B57D1ABE2D12
This call will be archived and available at www.vistagold.com
after May 3, 2017.Audio replay will be available for 21 days by
calling toll-free in North America:1-888-203-1112, passcode
4152669.
If you are unable to access the audio or phone-in on the day of
the conference call, please email questions to Connie Martinez,
Manager Investor Relations (email: [email protected]), and we
will try to address these questions prior to or during the
conference call.
All dollar amounts in this report are U.S. dollars.
Forward Looking Statements
This report contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933, as amended, and
U.S. Securities Exchange Act of 1934, as amended, and
forward-looking information within the meaning of Canadian
securities laws.All statements, other than statements of
historical facts, included in this report that address
activities, events or developments that we expect or anticipate
will or may occur in the future, including such things as our
belief that we have sufficient working capital to cover our
fixed costs for several years and to fund our other plans; our
belief that our plans could support material improvements to
the economics of the Mt Todd gold project without significant
alterations to the current flow sheet, and the timing for the
completion of this work; the timing and completion of an
updated prefeasibility study on Mt Todd and other such matters
are forward-looking statements and forward-looking information.
The material factors and assumptions used to develop the
forward-looking statements and forward-looking information
contained in this report include the following: our approved
business plans, exploration and assay results, results of our
test work for process area improvements, mineral resource and
reserve estimates and results of preliminary economic
assessments, prefeasibility studies and feasibility studies on
our projects, if any, our experience with regulators, and
positive changes to current economic conditions and the price
of gold.When used in this report, the words optimistic,
potential, indicate, expect, intend, hopes, believe, may, will,
if, anticipate, and similar expressions are intended to
identify forward-looking statements and forward-looking
information.These statements involve known and unknown risks,
uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such statements.Such
factors include, among others, uncertainty of resource and
reserve estimates, uncertainty as to the Companys future
operating costs and ability to raise capital; risks relating to
cost increases for capital and operating costs; risks of
shortages and fluctuating costs of equipment or supplies; risks
relating to fluctuations in the price of gold; the inherently
hazardous nature of mining-related activities; potential
effects on our operations of environmental regulations in the
countries in which it operates; risks due to legal proceedings;
risks relating to political and economic instability in certain
countries in which it operates; uncertainty as to the results
of bulk metallurgical test work; and uncertainty as to
completion of critical milestones for Mt Todd; as well as those
factors discussed under the headings Note Regarding
Forward-Looking Statements and Risk Factors in the Companys
latest Annual Report on Form 10-K as filed on February 22, 2017
and other documents filed with the U.S. Securities and Exchange
Commission and Canadian securities regulatory
authorities.Although we have attempted to identify important
factors that could cause actual results to differ materially
from those described in forward-looking statements and
forward-looking information, there may be other factors that
cause results not to be as anticipated, estimated or
intended.Except as required by law, we assume no obligation to
publicly update any forward-looking statements or
forward-looking information; whether as a result of new
information, future events or otherwise.
In accordance with General Instruction B.2 of Form 8-K, the
information in this Item 2.02 shall not be deemed to be filed
for purposes of the Securities Exchange Act of 1934, as
amended, and shall not be incorporated by reference into any
registration statement or other document filed under the
Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such
filing.
Item 7.01Regulation FD
On April 28, 2017, the registrant issued a press release
providingits unaudited financial results for the first quarter
ended March 31, 2017.A copy of the press release is attached to
this report as Exhibit99.1. In accordance with General
Instruction B.2 of Form8-K, the information set forth herein
and in the press release is deemed to be furnished and shall
not be deemed to be filed for purposes of the Securities
Exchange Act of 1934, as amended and shall not be incorporated
by reference into any registration statement or other document
filed under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by
specific reference in such filing.The information set forth in
Item 7.01 of this report shall not be deemed an admission as to
the materiality of any information in this report on Form8-K
that is required to be disclosed solely to satisfy the
requirements of Regulation FD.
Item 9.01Exhibits
Exhibit No.Description
99.1Press Release dated April 28, 2017*
*The Exhibit relating to Item 7.01 is intended to be furnished
to, not filed with, the SEC to Regulation FD.
In accordance with the requirements of the Securities and
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned thereunto
duly authorized.
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VISTA GOLD CORP. (Registrant) |
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Dated: May 3, 2017 |
By: /s/John F. Engele John F. Engele Chief Financial Officer |
EXHIBIT INDEX
Exhibit No.Description
99.1Press Release dated April 28, 2017*
*The Exhibit relating to Item 7.01 is intended to be furnished
to, not filed with, the SEC
About VISTA GOLD CORP. (TSE:VGZ)
Vista Gold Corp. is engaged in the gold mining industry. The Company is focused on the evaluation, acquisition, exploration and advancement of gold exploration. The Company operates in the segment of evaluation, acquisition and exploration activities, which are focused principally in Australia and North America. The Company’s assets include the Mt Todd gold project in Northern Territory, Australia; interest in Midas Gold Corp.; non-core projects in Mexico and the United States, and royalty interests in project in Mexico and Indonesia. The Mt Todd gold project is located approximately 60 kilometers by road northwest of Katherine, Northern Territory, Australia, and over 250 kilometers southeast of Darwin. The Company operates Mt Todd gold project through its subsidiary, Vista Gold Australia Pty. Ltd (Vista Gold Australia). Total land holdings controlled by Vista Gold Australia are approximately 140,000 hectares. VISTA GOLD CORP. (TSE:VGZ) Recent Trading Information
VISTA GOLD CORP. (TSE:VGZ) closed its last trading session down -0.06 at 1.32 with 2,600 shares trading hands.
