Vista Gold Corp. (NYSE American:VGZ) (TSX: VGZ) announced its unaudited financial results for the quarter ended September 30, 2022, highlighted by a cash position of $9.6 million. All dollar amounts in this press release are in U.S. dollars.
Third Quarter Highlights
Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “We are pleased with the results of our cost-reduction measures that management implemented during 2022 in response to current economic and capital market conditions. Fixed cost spending through September 30, 2022 has been nearly 15% under budget and is expected to continue at that rate through year end. Additional spending reductions are being planned for 2023.
“During the quarter, we continued to advance our work with CIBC to seek a partner or other form of transaction to achieve greater value recognition for Mt Todd. Volatility in the economy and equity markets, including inflationary pressures, higher interest rates, and lower gold prices, have resulted in a number of interested parties adopting a more cautious near-term business strategy as they manage the impacts of these conditions. We believe the completion of an acceptable transaction may be dependent on sustained improvement and stability in the economy and capital markets.”
Summary of Q3 2022 Financial Results
At September 30, 2022, cash and cash equivalents totaled $9.6 million and working capital was $8.9 million. The Company has no debt.
Vista reported a net loss of $1.7 million or $0.02 per basic share for the three months ended September 30, 2022, compared to a loss of $3.1 million or $0.02 per basic share for the three-month period ended September 30, 2021. The loss for the current quarter was in line with management’s expectations and reflects cost-reduction measures implemented in response to current economic and capital market conditions.
About Vista Gold Corp.
Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is one of the largest and most advanced undeveloped gold projects in Australia and, as presently designed, Mt Todd is expected to be one of the top five gold producers in Australia. All major environmental and operating permits have now been approved.
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