Vista Gold Corp. (ASX:VGZ) has announced its unaudited financial results for the third quarter of 2024, ending September 30, with a robust cash position of US$19 million.
The company reported a consolidated net loss of US$1.6 million, or US$0.01 per basic common share, for Q3 2024, compared to a loss of $1.5 million in the same period last year.
Cash and cash equivalents increased significantly to US$19 million, up from US$6.1 million at the end of 2023.
Vista Gold maintains a debt-free position.
Frederick H. Earnest, President and CEO of Vista, highlighted the company’s successful execution of its corporate strategy during the quarter.
Key achievements include:
- Positive results from the ongoing drilling program
- Advancement of technical studies for an alternative scale development option at Mt Todd
- Continued focus on low overall spending
Vista is nearing completion of its planned 6,000-7,000 metre drilling program at Mt Todd.
The program has confirmed core zone extensions and identified high-grade intercepts in the South Cross Lode zone.
The company is finalising trade-off studies and preliminary evaluations for Mt Todd, with plans to proceed with a feasibility study targeting:
- Throughput of 12,000-17,000 tonnes per day
- Annual gold production of 150,000 to 200,000 ounces
- Initial capital cost under US$400 million
- Mineral reserve grade of approximately 1 gram of gold per tonne
Vista Gold is positioning Mt Todd as a leading development opportunity in the current gold market environment, characterised by high gold prices and diminishing major deposit discoveries.
The company anticipates making a decision to commence the feasibility study by year-end.
On October 17, 2024, Vista filed a US$50 million Shelf Registration Statement, replacing its previous $100 million registration set to expire in December.
This move aligns with the company’s practice of maintaining a current shelf registration.
Vista Gold’s management remains committed to efficient cash management and creating long-term value for shareholders while prioritising health, safety, and environmental initiatives.
