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Vista Gold Corp (VGZ) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Vista Gold Corp

CIK: 783324 Ticker: VGZ

Exhibit 99.1

 

 

7961 Shaffer Parkway

Suite 5

Littleton, CO 80127

Phone: 720-981-1185

 

 

 

 

 

 

 

Trading Symbol: VGZ

NYSE American and TSX Stock Exchanges

 

_______________________ NEWS _______________________

 

Vista Gold Corp. Announces 2020 Financial Results

 

Denver, Colorado, February 26, 2021

– Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its audited financial results for the year ended December 31, 2020, which are highlighted by reported net income of $0.4 million for the year and cash totaling $8.2 million at year-end.

 

Frederick H. Earnest, President and Chief Executive Officer of Vista, stated, “During 2020, we achieved strong financial performance as we executed and delivered on our initiatives to strengthen our balance sheet, identified opportunities to advance and bring greater value to our Mt Todd gold project (“Mt Todd” or the “Project”), maintained our strong social license, and commenced exploration opportunities targeting resource growth adjacent to the Batman deposit. CEO Video

 

“In 2020, we funded working capital through successful monetization of non-core assets, ended the year with $8.2 million of cash, and positioned the Company to generate additional cash of up to US$4.6 million during 2021, of which $1.1 million has already been received. We initiated a drilling program to test the continuity of mineralization extending north from the Batman deposit, which included holes across the mineralized structure as far as 500 meters north of the last modelled mineralization. We continued to engage with the NT government to support its review of our Mining Management Plan (“MMP”), further dewatered the Batman pit, and strengthened our relationship with the Jawoyn Association through an updated and modernized agreement.

 

“Looking ahead, we are excited about ongoing programs that present significant opportunities to realize shareholder value more in line with the value of Mt Todd. We continue to engage with potential partners and identify strategic opportunities to advance the development of Mt Todd in a way that preserves maximum Project ownership for our shareholders, while minimizing future dilution. Based on early success, we are adding a second drill to extend the ongoing drilling program.”

The Company’s upcoming catalysts include:

 

·Final approval of the Mt Todd MMP, which management believes is forthcoming in the near future;
·Drill results which are expected over the coming weeks and continuing well into the second quarter; and
·Completion of dewatering the Batman pit later this year.

 

Summary of Financial Results

 

At December 31, 2020, cash plus short-term investments (comprised of government securities) totaled $8.2 million and working capital was $8.3 million. Our cash position was further strengthened by $1.1 million received from Prime Mining Corp. (“Prime Mining”) in January 2021 and we expect to receive up to $3.5 million from upcoming cash payments of $1.0 million from Prime Mining and an option payment of $2.5 million for the cancelation of the Company’s royalty on the Awak Mas project. Working capital at December 31, 2019 was $7.8 million, including cash and short-term investments (comprised of government securities) of $4.7 million. The Company has no debt.

 


The following information was filed by Vista Gold Corp (VGZ) on Friday, February 26, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Vista Gold Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Unaudited Condensed Consolidated Balance Sheets
Unaudited Condensed Consolidated Balance Sheets (Parenthetical)
Unaudited Condensed Consolidated Statements Of Cash Flows
Unaudited Condensed Consolidated Statements Of Income/(Loss)
Unaudited Condensed Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Details)
Common Shares
Common Shares (Tables)
Common Shares - Atm Agreement (Details)
Common Shares - Stock-Based Compensation (Details)
Common Shares - Summary Of Deferred Share Units Activity (Details)
Common Shares - Summary Of Option Activity (Details)
Common Shares - Summary Of Phantom Units Activity (Details)
Common Shares - Summary Of Restricted Stock Units Activity (Details)
Common Shares - Summary Of The Status Of Unvested Stock Options (Details)
Common Shares - Unrecognized Compensation (Details)
Fair Value Accounting
Fair Value Accounting (Details)
Fair Value Accounting (Tables)
Geographic And Segment Information
Geographic And Segment Information (Details)
Mineral Properties
Mineral Properties (Tables)
Mineral Properties - Awak Mas (Details)
Mineral Properties - Guadalupe (Details)
Mineral Properties - Properties (Details)
Nature Of Operations And Basis Of Presentation
Nature Of Operations And Basis Of Presentation (Details)
Plant And Equipment
Plant And Equipment (Details)
Plant And Equipment (Tables)
Provision For Environmental Liability
Provision For Environmental Liability (Details)
Short-Term And Other Investments
Short-Term And Other Investments - Short-Term (Details)
Short-Term And Other Investments - Summary (Details)
Significant Accounting Policies

Material Contracts, Statements, Certifications & more

Vista Gold Corp provided additional information to their SEC Filing as exhibits

Ticker: VGZ
CIK: 783324
Form Type: 10-Q Quarterly Report
Accession Number: 0000783324-21-000011
Submitted to the SEC: Thu Apr 29 2021 6:18:52 PM EST
Accepted by the SEC: Fri Apr 30 2021
Period: Wednesday, March 31, 2021
Industry: Gold And Silver Ores

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