DENVER, April 30, 2021 today announced its unaudited financial results for the quarter ended March 31, 2021, which are highlighted by reported cash and cash equivalents of $7.2 million.
Earnest, President and Chief Executive Officer of Vista, commented, “Our management team achieved solid cost and capital management performance and strong execution toward our core objectives, including the advancement of the Mt Todd Mining Management Plan to the final stage of review and approval and excellent results from our ongoing drilling program.
“We anticipate approval of the Mining Management Plan in the very near future, and see a tremendous opportunity over the next 12 months to close the gap between our market cap and the intrinsic value of Mt Todd by continuing our drilling program to demonstrate the potential to significantly expand gold resources and by advancing our feasibility studies.
For consideration, Vista extended the due date for the remaining $2.5 million option payment payable to Vista for cancellation of the Awak Mas royalty until not later than January 31, 2022.
Vista reported a net loss of $3.1 million or $0.03 per share for the three months ended March 31, 2021, compared to a loss of $3.5 million or $0.03 per share reported for the three months ended March 31, 2020.
The first phase of drilling provided our geologists with greater understanding of the location and inter-relation of mineralized structures and cross-structures connecting the Batman deposit and the Golf-Tollis targets.
Results of eight holes have been announced to date, with each hole intersecting mineralized structures approximately as targeted.
Mr. Earnest commented, “Our historical success in significantly increasing the known size of the Batman deposit through deep drilling and our recent success drilling deep holes along known, but undrilled structural targets reaffirms our belief that there is excellent opportunity for significant resource growth at Mt Todd.
The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia.
When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling.
A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added.
All statements, other than statements of historical facts, included in this press release 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 there is tremendous opportunity over the next 12 months to close the gap between our market cap and the intrinsic value of Mt Todd by completing a feasibility study and drilling to demonstrate the potential for resource growth north of the Batman deposit; our plan to achieve a structure that provides appropriate opportunity for value creation by recognizing the intrinsic value of Mt Todd and minimizes the potential for future dilution; our belief that there is tremendous opportunity for significant resource growth at Mt Todd and the potential to significantly extend the life of mine; our belief that the South Cross Structure is a connection between the Batman and Golf-Tollis structures; our belief that the Batman North Extension intercepted veining, mineralogy and gold grades are comparable to the Batman deposit and suggest no material differences in metallurgical behavior; our belief that the results of the six drill holes targeting the Batman North Extension present opportunity to develop classified resources both within the planned Batman pit from material currently interpreted as waste and externally to the north; our belief that the results of the first step-out hole drilled 500 meters north-northeast demonstrate the strong potential for continuity of gold mineralization along the Batman-Driffield Structural Trend; and our belief that Mt Todd is the largest undeveloped gold project in Australia are forward-looking statements and forward-looking information.
Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority.
Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard.