Vista Gold Corp (VGZ) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Vista Gold's third-quarter 2025 financial results and corporate update conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，大家好。歡迎參加 Vista Gold 2025 年第三季財務業績及公司最新動態電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

Today is Thursday, November 13, 2025. It is now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.

今天是2025年11月13日，星期四。現在我榮幸地向大家介紹投資者關係副總裁帕梅拉·索利。請繼續。

Thank you, Sylvie, and good day, everyone. Thank you for joining the Vista Gold third 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. On November 12, 2025, Vista reported its operating and financial results for the quarter ended September 30, 2025. Copies of the news release and quarterly report on Form 10-Q are available on our website at www.vistagold.com.

謝謝你，西爾維，大家今天愉快。感謝您參加 Vista Gold 2025 年第三季財務業績及本公司最新動態電話會議。我是投資者關係副總裁帕梅拉·索利。今天參加電話會議的有總裁兼執行長弗雷德·厄內斯特和財務長道格·托布勒。2025 年 11 月 12 日，Vista 公佈了截至 2025 年 9 月 30 日的季度營運和財務業績。新聞稿和季度報告（10-Q 表格）的副本可在我們的網站 www.vistagold.com 上取得。

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, 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.

在本次電話會議和問答環節中，我們將發表一些前瞻性聲明。這些聲明涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致 Vista 的實際業績、表現或成就與此類聲明中明示或暗示的業績、表現或成就有重大差異。有關可能導致實際結果與我們的前瞻性聲明中的結果存在重大差異的風險和其他重要因素的詳細信息，以及有關礦產資源和礦產儲量估計的警示性說明，請參閱我們最近提交的 10-Q 表格。

I will now turn the call over to Fred Earnest.

現在我將把電話轉給弗雷德·厄內斯特。

Thank you, Pam, and thank you, everyone, for joining us on the call today.

謝謝帕姆，也謝謝大家今天參加我們的電話會議。

During the third quarter, we achieved a significant milestone with the completion of a new feasibility study for the Mt Todd gold project. The results of the study were announced on July 29, 2025. And this new study represents a fresh vision for the project as a 15,000 tonne per day operation, one that prioritizes lower initial capital costs and higher ore grades. The study underscores our commitment to see Mt Todd developed as an Australian project.

第三季度，我們完成了托德山金礦計畫的新可行性研究，並取得了重大里程碑式的進展。該研究結果已於 2025 年 7 月 29 日公佈。這項新研究代表了該項目的新願景，即每日處理量 15,000 噸的運營，優先考慮降低初始資本成本和提高礦石品位。該研究強調了我們致力於將托德山開發成為澳洲項目的決心。

I'll talk more on that later in the call. As we continue to evaluate strategic options for developing Mt Todd, we have started modifications to existing permits to align them with the new 15,000 tonne per day project and initiated technical work in preparation of a decision to commence detailed engineering. I'm pleased to report that we ended the quarter with a solid cash position, which Doug will discuss shortly. Additionally, we have now achieved four years without a lost-time accident at the 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.

我稍後會在通話中詳細談到這一點。在我們繼續評估開發托德山的戰略選擇之際，我們已經開始修改現有許可證，使其與新的日產 15,000 噸項目保持一致，並啟動了技術工作，為開始詳細工程設計的決定做準備。我很高興地報告，本季末我們的現金狀況良好，Doug 稍後會對此進行討論。此外，我們目前已連續四年未發生工傷事故。我們致力於優先高效利用現金，並透過嚴格執行托德山金礦專案策略，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 September 30, 2025.

我稍後將在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道格·托布勒，讓他回顧一下我們截至 2025 年 9 月 30 日的季度財務業績。

Thank you, Fred. And I'll begin today's discussion with a summary of our results of operations for the three and the nine-month periods ended September 30, 2025, compared to the same periods for 2024. For additional details, our full financial statements and our MD&A are included in our Form 10-Q that was filed earlier this week.

謝謝你，弗雷德。今天，我將首先概述我們截至 2025 年 9 月 30 日的三個月和九個月期間的經營業績，並與 2024 年同期進行比較。更多詳情請參閱我們本週早些時候提交的 10-Q 表格中的完整財務報表和管理層討論與分析。

For the three-month periods ended September 30, '25 and '24, we reported net losses of $723,000 and $1.638 million, respectively. The most significant reason for the decline in our net loss in the current period was our recognition of other income upon recovery of $1.257 million for taxes that were paid in connection with the 2020 sale of the Los Reyes gold project in Mexico. Minor offsets to these incomes resulted from slightly higher Mt Todd exploration and evaluation costs and administrative costs.

截至 2025 年 9 月 30 日和 2024 年 9 月 30 日止的三個月期間，我們分別報告淨虧損 723,000 美元和 163.8 萬美元。本期淨虧損減少的最主要原因是，我們確認了其他收入，即收回了與 2020 年出售墨西哥洛斯雷耶斯金礦項目相關的已支付稅款 125.7 萬美元。由於托德山勘探和評估成本以及行政成本略高，這些收入略有減少。

Now for the nine-month periods ended September 30, 2025 and '24, we reported a net loss of $5.787 million for the 2025 period and net income of $12.922 million for the '24 period. The change between the '25 and the '24 periods resulted mostly from two gains recognized during the '24 nine-month period.

現在，截至 2025 年 9 月 30 日和 2024 年 9 月 30 日的九個月期間，我們報告稱，2025 年期間淨虧損 578.7 萬美元，2024 年期間淨收入 1292.2 萬美元。2025 年和 2024 年期間的變化主要源自於 2024 年九個月期間確認的兩項收益。

First, we recognized a $16.9 million gain on the grant of a royalty interest to Wheaton Precious Metals. And secondly, we had an $802,000 gain on the sale of a portion of our used mill equipment. Partially offsetting the change that resulted from these 2024 gains was the $1.257 million Mexico tax recovery that I mentioned previously.

首先，我們確認了因授予 Wheaton Precious Metals 特許權使用費權益而獲得的 1,690 萬美元收益。其次，我們出售了一部分二手磨坊設備，獲得了 802,000 美元的收益。部分抵銷了 2024 年這些收益帶來的變化的是我之前提到的 125.7 萬美元的墨西哥稅收回饋。

Turning to our financial position. We continue to maintain a strong cash position with $13.7 million on hand at September 30, 2025. This compares to the $16.9 million cash on hand at December 31, 2024. We were successful in limiting our net decline in cash during this nine-month period because of the Mexico tax recovery and selected use of our ATM program. Also, we continue to have no debt.

接下來談談我們的財務狀況。截至 2025 年 9 月 30 日，我們繼續保持強勁的現金儲備，手頭現金達 1,370 萬美元。相比之下，截至 2024 年 12 月 31 日，公司手頭現金為 1,690 萬美元。由於墨西哥稅收的追回以及我們ATM計劃的合理使用，我們成功地將這九個月期間的現金淨減少量控制在較低水平。此外，我們仍然沒有任何債務。

Looking forward, we expect our recurring costs and other expenses to remain largely in line with our expectations. For the 12-month period following September 30, 2025, the company estimates net recurring costs will approximate $7.4 million, plus an additional $2 million related to ongoing and currently planned work at Mt Todd.

展望未來，我們預期經常性成本和其他費用將基本符合我們的預期。該公司預計，從 2025 年 9 月 30 日之後的 12 個月期間，淨經常性成本將約為 740 萬美元，此外，與托德山正在進行和目前計劃的工作相關的額外成本為 200 萬美元。

Thank you. That concludes my remarks. Fred, I'll turn it back to you now.

謝謝。我的發言到此結束。弗雷德，我現在把它還給你。

Thank you, Doug. Let me first talk about the feasibility study. As I mentioned earlier, during the quarter, we completed a new feasibility study for Mt Todd that presents a fresh vision for the project as a 15,000 tonne per day operation.

謝謝你，道格。首先讓我來談談可行性研究。正如我之前提到的，本季我們完成了托德山的新可行性研究，為該專案提出了新的願景，即日處理量 15,000 噸的營運。

The study significantly decreased the initial capital cost to -- from over $1 billion to $425 million, prioritized grade over tonnes, delivered stable gold production over a 30-year mine life and incorporated design and operating practices commonly used in Australian gold operations to reduce development and operation risks. The new feasibility study marks a significant shift in the strategy for Mt Todd, demonstrating the potential for near-term development of a smaller, lower capital cost project than those previously evaluated.

該研究大幅降低了初始資本成本，從超過 10 億美元降至 4.25 億美元，優先考慮品位而非噸位，在 30 年的礦山壽命期內實現了穩定的黃金產量，並採用了澳大利亞黃金開採中常用的設計和運營實踐，以降低開發和運營風險。新的可行性研究標誌著托德山策略的重大轉變，顯示近期有可能開發一個規模較小、資本成本低於先前評估的項目。

At the feasibility study gold price of $2,500 an ounce, the net present value at a 5% discount rate is estimated to be USD1.1 billion, with an internal rate of return of 27.8% and a payback period of 2.7 years. At a still conservative gold price of $3,300 per ounce, the net present value on an after-tax basis at a 5% discount rate is estimated to be $2.2 billion, with an internal rate of return of 44.7% and a payback period of 1.7 years.

根據可行性研究，黃金價格為每盎司 2,500 美元，折現率為 5%，淨現值估計為 11 億美元，內部報酬率為 27.8%，投資回收期為 2.7 年。假設金價仍然保守地為每盎司 3,300 美元，以 5% 的折現率計算，稅後淨現值估計為 22 億美元，內部收益率為 44.7%，投資回收期為 1.7 年。

Obviously, these economics demonstrate very strong leverage to the price of gold. For additional information on the feasibility study results, please refer to Vista's news release dated July 29, 2025 and the feasibility study presentation, both of which can be found on our company website.

顯然，這些經濟數據對黃金價格有非常強的槓桿作用。有關可行性研究結果的更多信息，請參閱 Vista 於 2025 年 7 月 29 日發布的新聞稿和可行性研究演示文稿，這兩份文件均可在我們公司網站上找到。

Switching over to permits. \As we've discussed in the past, we have all of the major permits for the previously evaluated 50,000 tonne per day operation. As all will appreciate, with design changes, with the rising gold price, there are some differences. And in order to align the new 15,000 tonne per day operation with those permits, modifications to some of those permits are necessary. The work commenced during the third quarter and is ongoing.

轉而使用許可證。正如我們之前討論過的，我們已經獲得了先前評估的日處理量 5 萬噸作業所需的所有主要許可證。正如大家所了解的，隨著設計的變化和金價的上漲，出現了一些差異。為了使新的每日處理量 15,000 噸的生產營運符合這些許可證的要求，有必要對其中一些許可證進行修改。這項工作於第三季開始，目前仍在進行中。

Switching to technical studies. We are completing technical work in advance of a decision to commence a detailed engineering. The primary objective of these programs is to characterize material properties and attributes to support early-stage engineering and equipment selection decisions.

轉入技術研究領域。我們正在完成技術工作，為啟動詳細工程設計做準備。這些項目的主要目標是表徵材料的特性和屬性，以支援早期工程和設備選擇決策。

During the third quarter, we maintained our focus on safety, environmental stewardship and stakeholder interest. The Mt Todd team passed the very significant milestone of four years with no lost-time accidents. We're very pleased with this achievement.

第三季度，我們繼續專注於安全、環境保護和利害關係人的利益。托德山隊取得了意義非凡的成就，連續四年沒有發生任何工傷事故。我們對此成績感到非常滿意。

We remain committed to our health and safety programs and our focus on extending this achievement. Site personnel continued to successfully manage Mt Todd environmental initiatives, and management continued its proactive engagement with the Jawoyn Association Aboriginal Corporation and other key stakeholders.

我們將繼續致力於健康和安全計劃，並專注於擴大這項成果。現場工作人員繼續成功管理托德山環境項目，管理層繼續積極與 Jawoyn 原住民協會公司和其他主要利益相關者進行溝通。

Looking ahead, we believe Mt Todd holds tremendous intrinsic value and represents an exceptional investment opportunity at conservative long-term gold prices. With an all-in sustaining cost of $1,500 per ounce and a very conservative gold price of $3,500 an ounce, the Mt Todd gold project will generate approximately USD300 million of free cash flow annually.

展望未來，我們認為托德山具有巨大的內在價值，並以保守的長期黃金價格來看，它代表著一個絕佳的投資機會。假設每盎司黃金的維持成本為 1,500 美元，而非常保守的金價為每盎司 3,500 美元，則托德山黃金計畫每年將產生約 3 億美元的自由現金流。

Looking at this from another perspective, at a $2,500 gold price, the study net asset value per share is $8.41 per share. And at a $3,300 gold price, the study net asset value per share is $17.14 per share. That's nearly 10x our current share price. I think these numbers support our belief that there's a tremendous opportunity here and a -- tremendous opportunity to acquire Vista shares and see a significant increase on returns.

從另一個角度來看，假設金價為 2,500 美元，則該研究的每股淨值為 8.41 美元。假設金價為每盎司 3300 美元，則研究的每股淨值為 17.14 美元。那幾乎是我們目前股價的10倍。我認為這些數字支持了我們的觀點，即這裡存在著巨大的機會，而且存在著收購 Vista 股票並獲得顯著回報的機會。

We're very pleased with our share performance to date, which reflects not only the rise in the gold price, but also the market's strong support of the new Mt Todd 15,000 tonne per day feasibility study. Vista shares have increased approximately 210% year-to-date, with our market cap at approximately $220 million. We anticipate sustained strength in the gold price will continue to positively influence Vista's share price performance.

我們對迄今為止的股價表現非常滿意，這不僅反映了金價上漲，也反映了市場對新的托德山日產 15,000 噸可行性研究的強力支持。Vista 股票今年迄今已上漲約 210%，市值約 2.2 億美元。我們預期金價的持續走強將持續對Vista的股價表現產生正面影響。

Today, with much higher gold prices and growing investor interest, Mt Todd is positioned as one of the most attractive development-stage projects in the gold sector. Its strong project economics, favorable jurisdiction, permitting status and existing infrastructure make it well suited for near-term development. We are confident that this is the right market in which to advance Mt Todd.

如今，隨著金價大幅上漲和投資者興趣日益濃厚，托德山已成為黃金行業最具吸引力的開發階段項目之一。此專案經濟效益強勁，管轄環境有利，審核手續齊全，基礎設施完善，非常適合近期開發。我們相信，這是推廣 Mt Todd 的正確市場。

In conclusion, Vista is committed to seeing Mt Todd developed in compliance with the highest mining and ESG standards, and we'll work diligently toward that goal. For more information about Vista Gold, the Mt Todd project, I refer you to our corporate presentation, which can be found on our website at www.vistagold.com. 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's holdings in Vista Gold.

總之，Vista 致力於確保 Mt Todd 的開發符合最高的採礦和 ESG 標準，我們將努力實現這一目標。如需了解更多關於Vista Gold及其位於托德山（Mt Todd）的項目的信息，請參閱我們公司網站www.vistagold.com上的介紹資料。我們相信Vista Gold是一項絕佳的投資機會，目前的股價正是建立或增加Vista Gold股份的絕佳時機。

This concludes my formal remarks, and we will now respond to any questions from participants on the call.

我的正式演講到此結束，接下來我們將回答電話會議參與者提出的任何問題。

(Operator Instructions) Heiko Ihle, H.C. Wainwright.

（操作說明）Heiko Ihle，H.C. Wainwright。

Hello, team. Sorry for the background noise. I'm traveling, as you can probably hear.

大家好。抱歉，背景噪音有點大。正如你可能聽到的那樣，我正在旅行。

Heiko, great to have you on the call. Good morning from Australia.

海科，很高興你能參加通話。來自澳洲的問候。

Hey, in our view, the project is one of the largest benefactors of the current metal pricing environment that we're in. At the start of this call, we were at $41.50 an ounce, which is nuts. It's probably even better in Australian -- probably it is even better in Australian dollar terms.

嘿，在我們看來，該項目是當前金屬價格環境的最大受益者之一。在本次電話會議開始時，金價是每盎司 41.50 美元，這簡直太瘋狂了。以澳元計算可能更好——或許確實更好。

You're only using $2,500 an ounce in your feasibility study. Can you just give a bit more color on the change at current prices due to the study? And how much of that has been reflected in investor and potential partner interest? I mean it seems like things are firing on all cylinders, but just add a bit of color on what you're seeing from the other side of the negotiating table.

你的可行性研究中每盎司只花了 2500 美元。您能否更詳細地介紹這項研究對目前價格的影響？而這些又有多少體現在了投資者和潛在合作夥伴的興趣上呢？我的意思是，看起來一切都進展順利，但請從談判桌另一邊的角度，補充一些細節。

Well, Heiko, just in general terms, obviously, at a $41.50 gold price, project economics are substantially better than the numbers that we discussed on the call. And that just speaks to the tremendous leverage that we enjoy in the project and the leverage to the price of gold. Obviously, these gold prices are driving a lot of dynamics in the market. And there's -- since announcing the feasibility study results, we have signed additional confidentiality agreements. We continue to see interest in the project.

嗯，海科，總的來說，顯然，在金價為 41.50 美元的情況下，該項目的經濟效益要比我們在電話會議上討論的數字要好得多。這正反映了我們在該專案中享有的巨大影響力，以及對黃金價格的巨大影響力。顯然，這些黃金價格正在推動市場發生許多變化。而且－－自從公佈可行性研究結果以來，我們又簽署了額外的保密協議。我們持續看到大家對這個計畫的興趣。

And we continue to move forward on all of the options that we have available to us. We have not shut off any avenues for advancing Mt Todd and, in fact, continue to be open to any of the options that we've laid out previously, ranging from an opportunity or a decision to advance Mt Todd as a standalone project, to forming a joint venture to develop it with an appropriate partner, or even considering an appropriately valued corporate transaction.

我們將繼續推進所有可行的方案。我們並未關閉任何推進托德山計畫的途徑，事實上，我們仍然對我們之前提出的任何選項持開放態度，包括將托德山作為獨立項目推進的機會或決定，與合適的合作夥伴成立合資企業進行開發，甚至考慮進行適當估值的公司交易。

Fair enough. Same question, but different -- and with a very different change. You've always had very good relationships with the Jawoyn. I mean any detail on how they've reacted to the latest feasibility study that came out? Did they provide any input, any commentary after it came? I mean I know you guys are talking very much on the regular.

很公平。同樣的問題，但有所不同——而且變化也截然不同。你和賈沃因人的關係一直都很好。我是說，有沒有關於他們對最新可行性研究報告的反應細節？他們事後有沒有提出任何意見或評論？我知道你們常常交流。

Yeah, I've been in Australia several times since announcing the feasibility study results and had meetings with representatives of Jawoyn leadership as well as their board of directors. The Jawoyn continue to be very supportive of the Mt Todd project and very hopeful that it will go forward in a timely manner. I think as most people know, that we have a contractual relationship with the Jawoyn, we have a couple of royalty agreements, and they stand to benefit economically from the development of the project, and they are supportive of the project and keen to see it move forward.

是的，自從公佈可行性研究結果以來，我曾多次前往澳大利亞，並與 Jawoyn 的領導代表及其董事會成員舉行了會議。賈沃因人一直非常支持托德山項目，並非常希望該項目能夠及時推進。我想大多數人都知道，我們與 Jawoyn 部落有合約關係，我們簽訂了幾項特許權使用費協議，他們將從該項目的開發中獲得經濟利益，他們支持該項目，並渴望看到它向前發展。

Perfect. I'll get back in the queue and sorry for that noise again.

完美的。我會重新排隊，再次為剛才的噪音道歉。

Mike Schultz, investor.

麥克舒爾茨，投資者。

Hey, Fred, can you hear me?

嘿，弗雷德，你聽得到我說話嗎？

We hear you loud and clear, Mike.

麥克，我們完全明白你的意思。

Okay. Great. A couple of questions. So one is, can you shed light on like the number of confidentiality agreements that have been entered into since you announced kind of the recent feasibility study? Not exact numbers, ballpark -- yes.

好的。偉大的。幾個問題。所以，第一個問題是，您能否說明一下，自從您宣布最近的可行性研究以來，已經簽訂了多少份保密協議？不是確切數字，只是大概數字——是的。

Yes, Mike, we don't disclose how many confidentiality agreements we've signed or who they're with. That's just a matter of corporate practice. But we have signed a number of new confidentiality agreements and we continue to see new interest in the project.

是的，麥克，我們不會透露我們簽署了多少份保密協議，也不會透露協議的簽署方是誰。這只是公司慣例而已。但我們已經簽署了多項新的保密協議，而且我們不斷看到人們對該計畫產生新的興趣。

Okay. And then the second question is just I know that you've kind of come with the new feasibility study, you've opened the door some to potentially developing it on your own on -- Vista developing it as a standalone. What are the trade-offs there? Because like, I guess, if you enter into a partnership agreement, you're giving something up, versus if you do it standalone, you're having to pay finance costs. What are the benefits of a partner versus just going ahead and deciding to do it as a standalone?

好的。第二個問題是，我知道你們已經帶著新的可行性研究報告來了，你們為自行開發（Vista 將其作為獨立專案開發）打開了一扇門。這其中有哪些權衡取捨？因為我覺得，如果你簽訂合夥協議，你就得放棄一些東西；而如果你獨立創業，你就得支付融資成本。與合作夥伴一起創業相比，單獨創業有哪些優勢？

That's a very astute question, Mike. There are some very significant trade-offs between either of those two execution strategies. Certainly, bringing in a joint venture partner, the advantages would be reduced dilution. There wouldn't be a need to issue near the number of shares of equity participation. But I suppose you could say that dilution would happen in a different way and, as you pointed out, you'd be giving up part of the project to bring in a joint venture partner.

麥克，你問的問題非常精闢。這兩種執行策略之間存在一些非常重要的權衡取捨。當然，引入合資夥伴的優勢在於可以減少股權稀釋。沒有必要發行接近所需數量的股權參與股份。但我想你可以說稀釋會以不同的方式發生，而且正如你所指出的，為了引入合資夥伴，你將放棄專案的一部分。

Ideally, and I don't think we would do a deal if we weren't satisfied with this condition, but a joint venture partner would bring to the table a project development team and an experience and reputation in developing gold projects, that we hope that the market would recognize and reward. And so that would be a benefit. Obviously, the biggest tradeoff there is that you're giving away part of the project, likely 50% or more, to bring in that joint venture partner.

理想情況下，如果對這個條件不滿意，我們就不會達成交易，但合資夥伴將帶來專案開發團隊以及在黃金專案開發方面的經驗和聲譽，我們希望市場能夠認可並給予回報。所以那會是一件好事。顯然，最大的權衡之處在於，為了引入合資夥伴，你不得不放棄專案的一部分，很可能是 50% 或更多。

On the other hand, developing it on a standalone basis preserves 100% ownership for the Vista shareholders. It involves Vista building a team to advance the project and putting together that carefully, and selectively putting together that team of people, and sometimes that takes time. But obviously, there's some advantages there economically in that we retain 100% ownership. And there's different ways to finance this that could be some that are more attractive and more advantageous for shareholders than others.

另一方面，獨立開發可以確保 Vista 股東 100% 的所有權。這需要 Vista 組建一個團隊來推進項目，並且要精心挑選、選擇性地組建這個團隊，而這有時需要時間。但很顯然，這樣做在經濟上有一些優勢，因為我們保留了 100% 的所有權。而且，融資方式有很多種，其中一些可能比其他方式對股東更有吸引力、更有利。

Doug, do you want to chime in with any other thoughts on this question?

道格，你對這個問題還有什麼其他想法嗎？

Yeah. I mean, I think you've hit the big points. It's around -- on a joint venture opportunity, obviously, you'd be looking for a premium to what our current share price is, if that's the driver of valuation. But keeping it yourself, you have the whole thing to work with, but you do have to take on -- most commonly, you take on debt and you have a larger dilution but having 100% of it is very helpful.

是的。我的意思是，我覺得你已經說到重點了。顯然，在合資機會中，如果估值的驅動因素是股價，那麼你會尋求高於我們目前股價的溢價。但如果你把所有資產都留給自己，你就可以掌控全部資產，但你也必須承擔一些責任——最常見的情況是，你要承擔債務，而且你的股權會被大幅稀釋，但擁有 100% 的所有權是非常有幫助的。

I think one key point to make, which you brought up, Mike, is this option of looking to build Mt Todd on our own is really a valid option at this point in time, which we haven't had previously when we were a large project and needed to rely on finding a partner. So it definitely opens many more doors.

麥克，我認為需要強調的一點是，我們自己建造托德山目前確實是一個可行的選擇，而以前我們做大型專案時，需要尋找合作夥伴，所以沒有這樣的選擇。所以它無疑會開啟更多的大門。

Okay. Well, that's -- the answer is very helpful. I just, as an investor, as soon as something definitive is announced, and I think a lot of things could happen and I know you guys are evaluating that, but from an investor standpoint, you're just kind of waiting for something to be announced. And knowing that you can do it as a standalone does give you the option to do it if you -- if the partnerships don't seem favorable.

好的。嗯，這個答案很有幫助。作為投資者，我只是希望一旦有確切的消息公佈，雖然我覺得很多事情都可能發生，我也知道你們正在評估這些情況，但從投資者的角度來看，我們只是在等待消息公佈。而且，知道你可以獨立完成這件事，這確實給了你一個選擇，如果——如果合作關係看起來不太有利的話。

Thank you. And at this time, Mr. Earnest, we have no other questions. Please proceed.

謝謝。厄內斯特先生，我們目前沒有其他問題了。請繼續。

All right. Thank you, Sylvie, and thanks to all of you who have been on the call today. Obviously, we're very excited about where the project is headed and the results of the feasibility study. I'd like to go back to a point that I made, just in closing, and that is we've seen a lot of volatility in the gold price in the last month and we've seen our share price move up, move down. I'd come back to the two concepts.

好的。謝謝你，西爾維，也謝謝今天所有參加電話會議的各位。顯然，我們對專案的發展方向和可行性研究的結果感到非常興奮。最後，我想回到剛才提到的一點，那就是過去一個月黃金價格波動很大，我們的股價也隨之漲跌。我會回到這兩個概念上。

The one is, what is the free cash flow that the project will generate? And again, using some very conservative numbers, we know that our all-in sustaining costs as estimated in the study would be just a little under $1,500 an ounce over the life of the project. And to make the math easy, just using a $3,500 gold price, so that's $2,000 in margin on 150,000 ounces of gold per year, that results in free cash flow of $300 million a year. This is a very robust project. I think that that number alone should attract people's interest.

第一個問題是，該專案將產生多少自由現金流？再一次，根據一些非常保守的數字，我們知道，根據研究估計，該專案生命週期內的總維持成本將略低於每盎司 1500 美元。為了方便計算，假設金價為每盎司 3,500 美元，那麼每年 150,000 盎司黃金的利潤為 2,000 美元，由此產生的自由現金流為每年 3 億美元。這是一個非常完善的項目。我認為單憑這個數字就足以引起人們的興趣。

Looking at it from a different perspective, and that is looking at the study net asset value, and again, using these conservative gold prices that are published along with the feasibility study, first at $2,500 gold price, which results in a study NAV per share of $8.41, and comparing that to the $3,300 gold price study NAV per share, which is $17.14, and again, I'd point out that that latter number at still a very conservative gold price is 10x our current share price. I think both of these numbers speak to the fact that Vista is considerably undervalued, that there's tremendous upside opportunity here.

換個角度來看，也就是看看研究的淨資產值，同樣使用可行性研究報告中公佈的保守金價，首先假設金價為 2,500 美元，則每股淨資產值為 8.41 美元；然後比較金價為 3,300 美元時每股淨資產值為 17.14 美元，再次強調，即使金價為 3,300 美元時每股淨資產值為 17.14 美元，再次強調，即使金價為我們當前的一個數字也是我們當前。我認為這兩個數字都顯示 Vista 的估值被嚴重低估了，這裡蘊藏著巨大的上漲空間。

And while the gold price is moving up and down, and I know that that causes some people some -- a little bit of concern and anxiety, I would suggest that this is a tremendous opportunity and a good time to be considering an investment in Vista Gold. We're doing the things that we feel are important to lay the groundwork for that future decision as far as how we develop the project. We continue to be very cautious and careful and prudent in the way that we manage the cash that we have.

雖然金價有漲有跌，我知道這讓一些人感到有些擔憂和焦慮，但我認為這是一個絕佳的機會，也是考慮投資Vista Gold的好時機。我們正在做我們認為對未來如何開發該專案做出決定至關重要的事情，以此奠定基礎。我們將繼續以非常謹慎、小心和審慎的態度管理我們現有的現金。

And we think that we're on the path to unlock significant value for shareholders. I'm excited about the opportunities that lie before us. I invite you to seriously consider and evaluate whether this is the right time for you to make an investment in Vista Gold. And if you already own shares of the company, I invite you to consider whether this is a time to increase your holding. We're in a very dynamic gold market. I think that we're at still in the very early stages of a bull market and that we will continue to see gold price increase, that that will be a contributing factor to all of the work that we're doing at the company to drive the share price higher and to create value for shareholders.

我們認為我們正在為股東釋放巨大的價值。我對我們面前的機會感到興奮。我誠摯邀請您認真考慮並評估現在是否是您投資 Vista Gold 的合適時機。如果您已經持有該公司的股份，我建議您考慮現在是否是增持股份的好時機。我們正處於一個瞬息萬變的黃金市場。我認為我們仍處於多頭市場的初期階段，金價將繼續上漲，這將有助於公司推高股價，為股東創造價值。

So with that, I thank you for your time today and wish you all a very pleasant day. And thank you for participating in this quarterly conference update call.

那麼，感謝各位今天抽出時間，祝福大家有個愉快的一天。感謝您參加本次季度會議報告電話會議。

Thank you, sir.

謝謝您，先生。

Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。再次感謝各位的出席。此時，請您斷開線路。