Vista Gold Corp (VGZ) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Vista Gold's second-quarter 2025 financial results and corporate update conference call. (Operator Instructions) As a reminder, this conference call is being recorded. Today is Wednesday, August 13, 2025. It's now my pleasure to introduce Pamela Solly, Vice President of Investor Relations.

女士們、先生們，大家好。歡迎參加 Vista Gold 2025 年第二季財務業績和公司更新電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。今天是 2025 年 8 月 13 日，星期三。現在我很高興介紹投資者關係副總裁 Pamela Solly。

Please go ahead.

請繼續。

Thank you, Constantine, and good day, everyone. Thank you for joining the Vista Gold Corp. second-quarter 2025 financial results and corporate update conference call. I'm Pamela Solly, Vice President of Investor Relations. On the call today is Fred Earnest, President and Chief Executive Officer; and Doug Tobler, Chief Financial Officer.

謝謝你，康斯坦丁，大家好。感謝您參加 Vista Gold Corp. 2025 年第二季財務表現與公司更新電話會議。我是投資者關係副總裁 Pamela Solly。今天參加電話會議的有總裁兼執行長 Fred Earnest 和財務長 Doug Tobler。

On August 12, 2025, Vista reported its operating and financial results for the quarter ended June 30, 2025. Copies of the news release and quarterly report on Form 10-Q are available on our website at www.vistagold.com. During the course of this call and the question-and-answer session, we will be making forward-looking statements. These statements involve known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements of Vista to be materially different from results, performance or achievements expressed or implied by such statements. Please refer to our most recently filed Form 10-Q for details of risks and other important factors that could cause actual results to differ materially from those in our forward-looking statements and the cautionary note regarding estimates of mineral resources and mineral reserves.

2025年8月12日，Vista公佈了截至2025年6月30日的季度經營和財務業績。新聞稿及10-Q表季度報告副本可在我們的網站www.vistagold.com上取得。在本次電話會議和問答環節中，我們將做出前瞻性陳述。這些聲明涉及已知和未知的風險和不確定性以及其他因素，可能導致 Vista 的實際結果、業績或成就與此類聲明表達或暗示的結果、業績或成就有重大差異。請參閱我們最近提交的 10-Q 表，以了解可能導致實際結果與我們的前瞻性陳述和有關礦產資源和礦產儲量估計的警告說明中的結果存在重大差異的風險和其他重要因素的詳細資訊。

I will now turn the call over to Fred Earnest.

現在我將電話轉給弗雷德·厄內斯特。

Thank you, Pam, and thank you, everyone, for joining us on the call today. During the second quarter, we advanced the 15,000 tonne per day Mt. Todd feasibility study and announced the results of the feasibility study on July 29. We are very pleased with the strong economic results, the reduced initial capital, increased gold mineral reserves grade and stable gold production over many years as reported in the study.

謝謝你，帕姆，也謝謝大家今天參加我們的電話會議。第二季度，我們推進了每天 15,000 噸的 Mt. Todd 可行性研究，並於 7 月 29 日公佈了可行性研究結果。我們對研究報告中提到的強勁的經濟成果、減少的初始資本、增加的金礦儲量品位以及多年來穩定的黃金產量感到非常滿意。

The feasibility study represents a major milestone for Vista, highlighting a strategic shift toward a smaller initial scale with near-term development opportunity at Mt. Todd wall preserving optionality for expansion. I'm pleased to report that we ended the quarter with a solid cash position, which Doug will discuss shortly.

可行性研究代表了 Vista 的一個重要里程碑，強調了向較小初始規模的策略轉變，並在 Mt. Todd 牆的近期開發機會保留了擴展的選擇權。我很高興地報告，我們在本季度結束時擁有穩固的現金狀況，Doug 將很快討論這一點。

Additionally, we have now achieved 1,369 consecutive days without a lost time accident at the Mt. Todd site. We are committed to prioritizing the efficient use of our cash and creating long-term value for our shareholders through disciplined execution of our strategy for the Mt. Todd gold project.

此外，我們現在已經實現了 Mt. Todd 工廠連續 1,369 天沒有發生工時損失事故。我們致力於優先高效使用現金，並透過嚴格執行 Mt. Todd 金礦專案策略為股東創造長期價值。

I will discuss some of these topics in greater detail later in the call, but I will now turn the time over to Doug Tobler for a review of our financial results for the quarter ended June 30, 2025.

我將在稍後的電話會議中更詳細地討論其中一些主題，但現在我將把時間交給 Doug Tobler 來審查我們截至 2025 年 6 月 30 日的季度財務業績。

Thanks, Fred. I'll begin today's discussion with a summary of our results of operations for the 3- and 6-month periods ended June 30, 2025, compared to these same periods in 2024. If you'd like additional details, our full financial statements and our MD&A are included in our Form 10-Q that we filed yesterday.

謝謝，弗雷德。今天的討論將以我們截至 2025 年 6 月 30 日的 3 個月和 6 個月期間的經營業績與 2024 年同期的經營業績進行比較的總結開始。如果您想了解更多詳細信息，我們的完整財務報表和 MD&A 包含在我們昨天提交的 10-Q 表中。

For the 3-month periods, we reported a net loss of $2.356 million for Q2 2025 compared to net income of $15.633 million for Q2 of 2024. The net loss for the 2025 period was in line with our expectations. The change between the 2024 period and the 2025 period resulted mostly from the $16.9 million gain on grant of royalty interest that was recognized back in June of 2024 and an increase in exploration and property valuation expenses during the 2025 quarter.

就這 3 個月而言，我們報告 2025 年第二季淨虧損為 235.6 萬美元，而 2024 年第二季淨收入為 1563.3 萬美元。2025年期間的淨虧損符合我們的預期。2024 年期間與 2025 年期間之間的變化主要源於 2024 年 6 月確認的 1,690 萬美元特許權使用費收益以及 2025 年季度勘探和財產估價費用的增加。

The gain reflected payments received from Wheaton totaling $20 million, net of the associated mineral property carrying value of $3.1 million at the time. Higher exploration and property valuation expenses resulted from Vista having expensed $850,000 during Q2 of 2025 for the feasibility study, while the drilling costs in Q2 of 2024 mostly qualified as development costs and were capitalized.

該收益反映了從惠頓收到的總計 2000 萬美元的付款，扣除當時相關礦產資產的賬面價值 310 萬美元。勘探和財產估價費用增加的原因是 Vista 在 2025 年第二季度為可行性研究支出了 85 萬美元，而 2024 年第二季的鑽井成本大部分被認定為開發成本並被資本化。

For the six months period, we reported a net loss of $5.064 million for the 2025 period and net income of $14.560 million for the 2024 period. The reasons for the change between periods are similar to those discussed for the 3-month period. Again, the 6-month period for June 30, 2024, included the $16.9 million gain, and this period also included an $800,000 gain on sale of a portion of the company's used mill equipment.

在這六個月期間，我們報告 2025 年淨虧損為 506.4 萬美元，2024 年淨收入為 1,456 萬美元。期間變化的原因與討論的 3 個月期間變化的原因類似。同樣，截至 2024 年 6 月 30 日的 6 個月期間包括 1,690 萬美元的收益，而這段期間還包括出售公司部分二手磨機設備所獲得的 80 萬美元收益。

Exploration and property valuation expenses were also higher for the 6-month period ended June 30, 2025, because the company recognized $1.6 million for the 2025 feasibility study compared to the same period in 2024, when our drilling costs were largely capitalized as development costs.

截至 2025 年 6 月 30 日的 6 個月期間的勘探和財產估價費用也有所增加，因為與 2024 年同期相比，公司確認了 2025 年可行性研究的 160 萬美元，而當時我們的鑽井成本大部分被資本化為開發成本。

Turning to our financial position. At June 30, 2025, we continue to maintain a strong cash position to support our ongoing work at Mt. Todd. We ended the second quarter of '25 with $13.2 million cash on hand, this compares to $16.9 million cash on hand that we had at December 31, 2024.

談談我們的財務狀況。截至 2025 年 6 月 30 日，我們繼續保持強勁的現金狀況，以支持我們在托德山的持續工作。截至 2025 年第二季度，我們的現金餘額為 1,320 萬美元，而截至 2024 年 12 月 31 日，我們的現金餘額為 1,690 萬美元。

The reduction in cash resulted primarily from expenditures for the feasibility study and costs of a recurring nature, which included Mt. Todd holding costs and corporate G&A. I'd also highlight that we continue to have no debt.

現金減少主要源自於可行性研究支出和經常性成本，其中包括 Mt. Todd 持有成本和公司一般及行政費用。我還要強調的是，我們仍然沒有債務。

Now looking forward, we expect our recurring costs and other expenses to remain largely in line with expectations. For the 12-month period, ending June 30, 2025, we estimate going forward for the next year that our recurring costs will be approximately $6.8 million, plus about $1.8 million related to ongoing and currently planned work at Mt. Todd. Thank you.

展望未來，我們預期我們的經常性成本和其他費用將基本與預期一致。截至 2025 年 6 月 30 日的 12 個月期間，我們估計明年的經常性成本將約為 680 萬美元，加上與 Mt. Todd 正在進行和目前計劃的工作相關的約 180 萬美元。謝謝。

That concludes my remarks for today. Fred, I'll turn the call back to you.

我今天的發言到此結束。弗雷德，我會把電話轉給你。

Thank you, Doug. As I mentioned earlier, we announced the results of the 15,000 tonne per day Mt. Todd feasibility study on July 29. The study demonstrates strong economics and provides a favorable development alternative to Vista's previous feasibility study, which was completed in 2024 at a throughput rate of 50,000 tonnes per day.

謝謝你，道格。正如我之前提到的，我們在 7 月 29 日公佈了每天 15,000 噸的托德山可行性研究的結果。該研究展示了強大的經濟效益，並為 Vista 先前的可行性研究提供了有利的開發替代方案，該研究於 2024 年完成，吞吐量為每天 50,000 噸。

For those of you who may not have participated in our conference call following the announcement of the feasibility study results, I will provide a few highlights. The feasibility study demonstrates a 59% reduction in initial capital costs to USD425 million.

對於那些可能沒有參加我們在可行性研究結果公佈後的電話會議的人，我將提供一些亮點。可行性研究顯示初始資本成本減少 59% 至 4.25 億美元。

When divided by the total ounces produced, this represents a very competitive capital efficiency of $93 per ounce of gold produced. The study also reports an average ore grade of 1.04 grams of gold per tonne over the first 15 years of operations and 0.97 grams per tonne over the life of mine. These are both improvements from the previous study.

除以生產的總盎司數，代表每生產一盎司黃金的資本效率非常具有競爭力，為 93 美元。研究也顯示，在礦場營運的前 15 年內，平均礦石品位為每噸 1.04 克黃金，在礦場壽命期間，平均礦石品位為每噸 0.97 克黃金。這些都是對先前研究的改進。

Average annual gold production is estimated to be 153,000 ounces of gold per year during years 1 through 15 and 146,000 ounces of gold per year over the 30-year life of mine, with life of mine average gold recovery of 88.5%. The plan is designed with three stages of crushing, single-stage sorting, two stages of grinding, and a carbon and leach recovery circuit.

預計第 1 年至第 15 年期間年平均黃金產量為 153,000 盎司黃金，30 年礦山壽命期間年平均黃金產量為 146,000 盎司黃金，礦山壽命平均黃金回收率為 88.5%。該計劃設計有三級破碎、單級分選、兩級研磨以及碳和浸出回收迴路。

To minimize capital expenditures and operational risks, we have utilized contract mining and third-party power generation in this study. And while this study does not assess potential expansion opportunities, we have preserved the optionality for future expansion by incorporating expansion considerations into the designs and layouts.

為了最大限度地降低資本支出和營運風險，我們在本研究中採用了合約採礦和第三方發電。雖然本研究沒有評估潛在的擴展機會，但我們透過將擴展考慮納入設計和佈局中，保留了未來擴展的可選性。

The economics of the study are strong and we reported an after-tax net present value at a 5% discount rate of USD1.1 billion, an internal rate of return of 27.8% and a 2.7-year payback all at a $2,500 per ounce gold price.

該研究的經濟效益強勁，我們報告稱，以 5% 的折現率計算，稅後淨現值為 11 億美元，內部收益率為 27.8%，黃金價格為每盎司 2,500 美元，回收期為 2.7 年。

Now at a gold price that's closer to spot, we used $3,300 per ounce gold price and the after-tax NPV at the same 5% discount rate is $2.2 billion at that gold price with an IRR of 44.7% and a payback of 1.7 years. After-tax free cash flow at the $2,500 gold price is $1.6 billion for the first 15 years of commercial operations.

現在，以更接近現貨的黃金價格，我們使用了每盎司 3,300 美元的黃金價格，以相同的 5% 折扣率計算的稅後 NPV 為 22 億美元，內部收益率為 44.7%，回收期為 1.7 年。以 2,500 美元的金價計算，商業運營的前 15 年的稅後自由現金流為 16 億美元。

All-in sustaining costs were estimated to be just under $1,450 per ounce for the first 15 years of the project and just under $1,500 per ounce for years 1 through 30. For additional information on the feasibility study results, I invite you to refer to our news release dated July 29, 2025, and the feasibility study presentation, both of which can be found on our company website.

預計該計畫前 15 年的總維持成本略低於每盎司 1,450 美元，第 1 年至第 30 年的總維持成本略低於每盎司 1,500 美元。有關可行性研究結果的更多信息，請參閱我們 2025 年 7 月 29 日發布的新聞稿和可行性研究報告，這兩份文件均可在我們公司的網站上找到。

Changing topics. During the second quarter, we maintained our focus on safety, environmental stewardship, and stakeholder interest.

改變話題。在第二季度，我們繼續關注安全、環境管理和利害關係人的利益。

Mt. Todd achieved 0 lost time accidents and as I reported, has now achieved almost 1,370 days without a workplace incident. We remain committed to our health and safety programs and are focused on building on this achievement.

托德山實現了零工傷事故，正如我所報告的，目前已實現近 1,370 天無工傷事故。我們將繼續致力於我們的健康和安全計劃，並致力於鞏固這項成就。

Site personnel continued to successfully manage Mt. Todd's environmental initiatives and management continued its proactive engagement with the Jawoyn Association Aboriginal Corporation and other key stakeholders.

現場人員繼續成功管理托德山的環境舉措，管理層繼續積極與 Jawoyn 協會原住民公司和其他主要利益相關者合作。

Looking forward, we believe the results of the study demonstrate a very attractive development opportunity for Mt. Todd. It positions Mt. Todd as a project with technical and economic parameters that are comparable to several highly valued Australian gold producers.

展望未來，我們相信這項研究的結果顯示托德山擁有非常有吸引力的發展機會。它將 Mt. Todd 定位為一個技術和經濟參數可與幾家高估值的澳洲黃金生產商相媲美的項目。

We continue to focus on advancing Mt. Todd in ways that demonstrate the underlying value of the project and position it for near-term development. We believe the results of the feasibility study position Mt. Todd as one of the most attractive development stage projects in the gold sector.

我們將繼續致力於推進托德山項目，以展示其潛在價值並為近期發展做好準備。我們相信可行性研究的結果表明 Mt. Todd 是黃金產業最具吸引力的開發階段專案之一。

In conclusion, Vista is committed to seeing Mt. Todd developed in compliance with the highest mining and ESG standards, and we will work diligently toward that goal. For a more comprehensive review of the work completed by Vista on the Mt. Todd project, I refer you to our corporate presentation, which can be found on our website at www.vistagold.com.

總之，Vista 致力於讓 Mt. Todd 按照最高的採礦和 ESG 標準進行開發，我們將為實現這一目標而努力。如需更全面地了解 Vista 在 Mt. Todd 專案上完成的工作，請參閱我們的公司介紹，可在我們的網站 www.vistagold.com 上找到。

We believe that Vista Gold represents an exceptional investment opportunity and that current prices represent a tremendous opportunity to establish a position or increase one holding in Vista Gold. This concludes our formal remarks, and we will now respond to any questions from participants on the call.

我們相信 Vista Gold 代表著一個絕佳的投資機會，而目前的價格也代表著一次建立部位或增加 Vista Gold 持股的巨大機會。我們的正式演講到此結束，現在我們將回答電話會議參與者的任何問題。

Ladies and gentleman, we will now begin the question-and-answer session. (Operator Instructions) [Matthew Giannelli], private investor.

女士們，先生們，我們現在開始問答環節。 （操作員指示）[Matthew Giannelli]，私人投資者。

I had a question. Let's say you do decide to finance the project through a lender or participate in a joint venture. What would you -- do you guys have any idea what you guys would do with the profits? Would you use it to expand operations? Or do you just intend to distribute the funds through dividends? I'm just curious to hear what your thoughts are on that.

我有一個問題。假設您決定透過貸方為專案融資或參與合資企業。你們會怎麼做──你們知道該如何處理這些利潤嗎？您會用它來擴大業務嗎？或者您只是打算透過股息來分配資金？我只是好奇想聽聽你對此的看法。

Matthew, thank you for that question. That's a very important question. And certainly, it's not possible at this point in time to give a definitive answer to your question. We did indicate that the project has been designed with a long life presently, but we preserve the opportunity for expansion. Whether an expansion would happen or at what scale that expansion would happen would depend on economics at the time.

馬修，謝謝你提出這個問題。這是一個非常重要的問題。當然，目前還不可能對您的問題給出明確的答案。我們確實表示，該項目目前的設計壽命很長，但我們保留了擴展的機會。擴張是否會發生或擴張規模如何將取決於當時的經濟狀況。

I believe that there would be, at all times, a part of the profits that would be returned to investors. We feel very strongly that investors deserve a return. And whether all of those profits will be returned to shareholders or whether there will be -- whether we'll be seeking opportunities at that stage in the life of the company to make other acquisitions or expand Mt. Todd will be determined based on market factors at the time. But certainly, I would feel comfortable saying that the Board would place a high priority on returning part of the profits that are generated back to shareholders in the form of dividends.

我相信，任何時候，都會有部分利潤回饋給投資人。我們強烈認為投資者應該獲得回報。所有這些利潤是否都會返還給股東，或者我們是否會在公司發展的這個階段尋找機會進行其他收購或擴張 Mt. Todd，都將根據當時的市場因素來決定。但我當然可以放心地說，董事會將高度重視將部分利潤以股利的形式返還給股東。

I am still speaking. Can you still hear me? I just had a follow-up question on that. Just a quick question. Did you guys -- have you -- would you be able to tell us if you guys had any increased interest from investors or like signed any new confidentiality agreements?

我仍在講話。你還能聽到我說話嗎？我只是想問一下關於這個的後續問題。這只是一個簡單的問題。你們能告訴我們你們是否引起了投資者的更多興趣，或是簽署了任何新的保密協議嗎？

We don't disclose who we've signed confidentiality agreements with, but I can say that we have signed new confidentiality agreements in the last several months. Doug Tobler and I were in Australia last week for a conference called Diggers & Dealers and we met with a number of potential partners or transaction partners, and there will be additional confidentiality agreements signed as a result of our participation in that conference.

我們不會透露與誰簽署了保密協議，但我可以說，我們在過去幾個月裡簽署了新的保密協議。道格·托布勒和我上週在澳洲參加了一個名為「Diggers & Dealers」的會議，我們會見了許多潛在的合作夥伴或交易夥伴，我們參加該會議後將簽署額外的保密協議。

(Operator Instructions) [Tony Sarda], private investor.

(操作員指示)[Tony Sarda]，私人投資者。

Guys, I appreciate you holding this call here. We're very excited about the future with Vista Gold. And kind of pigging back on the last question on the second part there. In terms of the confidentiality agreements you guys have recently signed and have upcoming, what counterparties are showing the most interest in Mt. Todd, strategic miners, private equity or any additional royalty companies? And how are you evaluating potential JV versus M&A options in the current environment?

夥計們，我很感謝你們在這裡主持這次電話會議。我們對 Vista Gold 的未來感到非常興奮。這與第二部分的最後一個問題有些重複。就你們最近簽署的和即將簽署的保密協議而言，哪些交易對手對 Mt. Todd、戰略礦業公司、私募股權或任何其他特許權使用費公司最感興趣？在當前環境下，您如何評估潛在的合資與併購選擇？

I mean gold is really soaring here. So it'd be interesting to hear more on this.

我的意思是這裡的黃金價格確實在飆升。因此，聽到更多有關此內容的內容將會很有趣。

Yes. And I might ask Doug to comment when I finish, but the confidentiality agreements that have been signed are with strategic investors right now, other producing mining companies. We view the M&A space right now as a very interesting space.

是的。當我講完之後我可能會請道格發表評論，但目前簽署的保密協議是與策略投資者和其他生產礦業公司簽署的。我們認為目前的併購領域是一個非常有趣的領域。

We've been facing a little bit of headwind over the last several years with producers being more interested in merging or acquiring other producers than looking at development stage assets. We think that we see some changes happening in that space.

過去幾年我們遇到了一些阻力，因為生產商對合併或收購其他生產商的興趣比關注開發階段的資產更大。我們認為我們看到該領域正在發生一些變化。

With regards to whether we would pursue a joint venture, an asset level, or corporate level sale of the project, the company or whether we would ultimately decide to develop Mt. Todd on our own are decisions that will be made at some point in the future.

關於我們是否要尋求合資、資產層面或公司層面的專案出售，或者公司是否最終決定自行開發托德山，這些決定都將在未來的某個時候做出。

We continue at this time, our focus is on raising awareness of the Mt. Todd project with this new evaluation, the value of the project in particular is very strong. We think that this is a great selling point for the project at this point in time. The economics at conservative gold prices are very, very solid.

我們目前繼續進行，我們的重點是透過這項新評估來提高人們對托德山計畫的認識，特別是該計畫的價值非常高。我們認為這是該項目目前的一大賣點。保守的黃金價格下的經濟效益非常非常穩健。

And right now, we're focused on meeting, talking with increasing the understanding of a wide group of potential partners. And then once we have confidentiality agreements signed, beginning that process of due diligence. And ultimately, we hope that many of these will lead to site visits and further serious discussions. So Doug, anything that you would add to that?

目前，我們專注於與廣大潛在合作夥伴會面、交談，以增進了解。一旦我們簽署了保密協議，就開始盡職調查的程序。最終，我們希望其中的許多活動能促成實地考察和進一步的嚴肅討論。那麼 Doug，您還有什麼要補充的嗎？

No. I guess the only thing I'd emphasize is at this point in time, we're open to any of these alternatives. It all hinges around what's the most proximate and the best value for our shareholders. Somebody comes in and wants to do a joint venture, we're not going to say no if they also bring to the table the right types of skill sets in terms of development, putting the asset online quickly and so forth.

不。我想我唯一要強調的是，目前我們對任何這些替代方案都持開放態度。一切取決於什麼對我們的股東最有利、價值最大。如果有人進來並想進行合資，如果他們在開發、快速上線資產等方面也具備適當的技能，我們不會拒絕。

Similar company might come in and say, well, we don't want to do a joint venture, we'd be interested in owning the whole thing. We're going to be open to that as well because that might generate a more rapid realization of value for shareholders. So we're not closing the door on any of these options at this point in time.

類似的公司可能會進來並說，好吧，我們不想進行合資，我們有興趣擁有整個企業。我們也會對此持開放態度，因為這可能為股東更快實現價值。因此，我們目前不會拒絕任何這些選擇。

There are no further questions at this time. I'd like to turn the call back over to Mr. Fred Earnest for closing comments. Please go ahead.

目前沒有其他問題。我想將電話轉回給弗雷德·厄內斯特先生，請他發表最後評論。請繼續。

Constantine, thank you. And all of you who have been on the call today, thank you very much for taking time out of your morning or early afternoon to join us. We're very excited about the future for Vista Gold and the Mt. Todd gold project. Very pleased with the results of the feasibility study that were announced last month. Again, I'd just highlight a couple of key achievements of the study.

康斯坦丁，謝謝你。今天參加電話會議的所有人，非常感謝你們在上午或下午抽出時間來參加我們的會議。我們對 Vista Gold 和 Mt. Todd 金礦計畫的未來感到非常興奮。對上個月公佈的可行性研究結果非常滿意。再次，我只想強調這項研究的幾個主要成果。

The significant reduction in initial capital expense is monumental. The improvement in reserve grade that's come about as a result of raising the cutoff grade was another significant target for this study. Very happy with the economics of the study at close to current gold price, $2.2 billion NPV5 and almost 45% IRR. We're very pleased with those numbers. I think they speak to the strong leverage that we continue to enjoy with regards to the Mt. Todd gold project, and it speaks to the robustness of the project.

初始資本支出的大幅減少具有重大意義。由於提高了截止品位而帶來的儲量品位的提高是本研究的另一個重要目標。非常滿意研究的經濟效益，接近當前黃金價格，NPV5 為 22 億美元，IRR 接近 45%。我們對這些數字非常滿意。我認為它們表明我們在 Mt. Todd 金礦項目中繼續享有強大的影響力，也表明了該項目的穩健性。

I'm very pleased with these results. I can't give enough thanks and acknowledgment to the team that has worked on this feasibility study. We're very happy with the contributions of all of the consultants and the Australia-centric experience that many of them bring and have brought to the study. Maria Vallejo, our Director of Projects and Technical Services, has done, I feel, an exceptional job in managing this study and very thankful for her efforts in shepherding the study to this positive result. I'm very optimistic about the future of Vista and the Mt. Todd project.

我對這些結果非常滿意。我對參與這項可行性研究的團隊致以無盡的感謝和敬意。我們對所有顧問的貢獻以及他們中的許多人為這項研究帶來的以澳洲為中心的經驗感到非常高興。我認為，我們的專案和技術服務總監 Maria Vallejo 在管理這項研究方面做得非常出色，我非常感謝她為推動這項研究取得這一積極成果所做的努力。我對 Vista 和 Mt. Todd 計畫的未來非常樂觀。

I invite all of you to follow closely. We will be attending some conferences in the next month. We're very excited for additional opportunities to sit down and meet with the companies that we may have already signed agreements or confidentiality agreements with or that we believe would potentially be interested in the Mt. Todd project. We invite you to follow us. We thank you for your time today, and we wish all of you a very pleasant day.

我邀請大家密切注意。下個月我們將參加一些會議。我們非常高興能有更多機會坐下來與那些我們可能已經簽署了協議或保密協議的公司或我們認為可能對 Mt. Todd 項目感興趣的公司會面。我們邀請您關注我們。感謝您今天抽出時間，並祝大家有個愉快的一天。

And with that, we'll close this call.

至此，我們就結束本次通話。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。