Vista Gold Corp (VGZ) 2025 Q4 法說會逐字稿

Good day ladies and gentlemen and welcome to the Vista Gold's 2025 financial results and corporate update conference call. (Operator Instructions) As a reminder, this conference call is being recorded. Today is Friday, March 13, 2026.

各位女士、各位先生，大家好，歡迎參加 Vista Gold 2025 年度財務結果暨公司最新進展電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。今天是 2026 年 3 月 13 日（星期五）。

It's now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.

現在很榮幸為各位介紹投資人關係副總裁 Pamela Solly。請開始。

Thank you, John, and good day, everyone. Thank you for joining the Vista Gold 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，John，也向各位問好。感謝各位參加 Vista Gold 2025 年度財務結果暨公司最新進展電話會議。我是投資人關係副總裁 Pamela Solly。今天與會者包括總裁兼執行長 Fred Earnest，以及財務長 Doug Tobler。

On March 11, 2026, Vista reported its operating and financial results for the year ended December 31, 2025. Copies of the news release and the annual report on Form 10-K are available on our website at www.visagold.com.

2026 年 3 月 11 日，Vista 公布截至 2025 年 12 月 31 日止年度的營運與財務結果。新聞稿與 10-K 年報表格的副本可於我們網站 www.visagold.com 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.

在本次電話會議及問答環節中，我們將發表前瞻性陳述。這些陳述涉及已知與未知的風險、不確定性及其他因素，可能導致 Vista 的實際結果、表現或成就與該等陳述所明示或暗示者存在重大差異。

Please refer to our most recently filed Form 10-K 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.

請參閱我們最近提交的 10-K 表格，以了解可能導致實際結果與前瞻性陳述存在重大差異之風險及其他重要因素的詳細資訊，以及關於礦產資源與礦產儲量估算的警示說明。

I'll now turn the call over to Fred Earnest.

接下來我把電話交給 Fred Earnest。

Thank you, Pam, and thank you, everyone, for joining us on the call today. We'll begin with an overview of our 2025 achievements and then discuss our outlook for 2026.

謝謝你，Pam，也謝謝各位今天加入我們的電話會議。我們將先概述 2025 年的成果，接著討論 2026 年的展望。

Our achievements in 2025 underscore our commitment to creating greater value for our shareholders and positioning Vista and Mount Todd for long-term success. 2025 was a pivotal year for our company. The completion of the Mount Todd feasibility study in July marked an important milestone for both the project and Vista.

我們在 2025 年的成果凸顯了我們致力於為股東創造更大價值，並讓 Vista 與 Mount Todd 具備長期成功的定位。2025 年對本公司而言是關鍵的一年。7 月完成 Mount Todd 可行性研究，為該專案與 Vista 都立下重要里程碑。

Throughout the year, we remained focused on safety, environmental stewardship, financial discipline, and delivering value for our shareholders. In November, we surpassed four years without a workplace incident, maintained zero reportable environmental events, and ended the year with a strong treasury, further strengthened by a recent equity raise that will support permitting, technical studies, and early engineering work as we continue to advance Mount Todd.

全年我們持續聚焦於安全、環境管理、財務紀律，以及為股東交付價值。11 月，我們達成連續四年以上無職場事故、維持零可通報的環境事件，並在年底擁有強勁的資金部位；近期的股權募資進一步強化資金實力，將支援許可申請、技術研究與前期工程工作，協助我們持續推進 Mount Todd。

Earlier this week, we closed a $44.85 million public offering and we're pleased with the demand and broad range of interest from resource investors. We are committed to prioritizing the efficient use of our cash and creating value for our shareholders through disciplined execution of our strategy for the Mount Todd Gold Project.

本週稍早，我們完成 4,485 萬美元的公開發行，我們對資源型投資人所展現的需求與廣泛興趣感到欣慰。我們承諾優先有效運用現金，並透過嚴謹執行 Mount Todd 金礦專案策略，為股東創造價值。

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 year ended December 31, 2025.

稍後我會在電話會議中更詳細討論其中一些主題；現在我把時間交給 Doug Tobler，請他回顧截至 2025 年 12 月 31 日止年度的財務結果。

Thank you, Fred. Thanks, everybody, for joining the call as well. My comments today will provide a recap of our financial position and the results of operation as presented in our 2025 Form 10-K. For additional details about our audited financial statements, this 10-K is available for review at sec.gov or cedarplus.ca, and all of the amounts that I mentioned today will be in US dollars.

謝謝你，Fred。也謝謝各位加入本次電話會議。我今天的說明將就我們在 2025 年 10-K 中呈列的財務狀況與營運結果做一個回顧。關於經審計財務報表的更多細節，該 10-K 可於 sec.gov 或 cedarplus.ca 查閱；此外，我今天提到的所有金額均以美元計。

Vista ended 2025 with cash on hand of $13.6 million and has recently completed an equity offering with net proceeds of $41.9 million. Securing these funds comes at a very important time because it provides Vista with immediate ability to fund the programs that Fred will mention later in this discussion.

Vista 於 2025 年底的手頭現金為 1,360 萬美元，並於近期完成股權發行，淨募集資金 4,190 萬美元。在此非常重要的時點取得這些資金，讓 Vista 立即具備資金能力，以支應 Fred 稍後在本次討論中將提及的各項計畫。

We are now well positioned from a financial perspective to execute on our objective to begin detailed engineering in 2027. We also continue to have a clean balance sheet with no debt.

從財務角度來看，我們目前已具備良好條件，以執行我們在 2027 年開始詳細工程設計的目標。我們也持續維持乾淨的資產負債表，沒有任何負債。

Turning to our results of operations. 2025 concluded as we expected, with the majority of our expenditures relating to Mount Todd, while we held our corporate costs consistent with 2024. Overall, Vista reported a net loss of $7.5 million for the year ended December 31, 2025. This compared to net income of $11.2 million for 2024.

接著談營運結果。2025 年的結束符合我們預期，我們的大部分支出與 Mount Todd 相關，同時公司層級成本與 2024 年保持一致。整體而言，Vista 於截至 2025 年 12 月 31 日止年度錄得淨損 750 萬美元。相較之下，2024 年為淨利 1,120 萬美元。

The swing between years is largely accounted for by three things. First, we recognized a $16.9 million gain in 2024 that related to our grant of a royalty interest to wheat and precious metals. Secondly, during 2024, we capitalized a $1.9 million of drilling and other cost expenditures that qualified as development costs. And lastly, we sold used mill equipment in 2024 for net proceeds of $800,000.

年度間的變動主要可歸因於三項因素。第一，我們在 2024 年認列 1,690 萬美元的收益，與我們授予 Wheat and Precious Metals 一項權利金權益有關。第二，在 2024 年，我們將 190 萬美元的鑽探及其他成本支出資本化，因其符合開發成本的認列條件。最後，我們在 2024 年出售二手磨礦設備，淨收益為 80 萬美元。

Key components of our results of operations include Mount Todd-related expenditures and corporate administration. Our exploration and other expenses for Mount Todd were $5.6 million in 2025 compared to $3.5 million in 2024. This variance is mostly the result of having capitalized $1.9 million of development costs in '24, as I mentioned previously.

我們營運結果的主要構成包括 Mount Todd 相關支出與公司管理費用。Mount Todd 的勘探及其他費用於 2025 年為 560 萬美元，2024 年為 350 萬美元。此差異主要是因為如我先前所述，我們在 2024 年將 190 萬美元的開發成本予以資本化。

Aside from our recurring site-related activities at Mount Todd, our priorities in '25 were largely associated with completing the 2025 feasibility study, while in '24 we carried out a drilling program in the area of the Batman Pit and the South Cross Lode.

除 Mount Todd 現場的例行相關活動外，我們在 2025 年的優先事項主要與完成 2025 年可行性研究有關；而在 2024 年，我們則在 Batman Pit 與 South Cross Lode 區域執行鑽探計畫。

And as I mentioned, we continue to hold our corporate administration expenses steady on a year-over-year basis. In 2025, these expenses totaled $3.6 million compared to $3.7 million for 2024.

另外，如我所提及，我們持續在公司管理費用方面維持逐年穩定。2025 年該等費用合計為 360 萬美元，2024 年為 370 萬美元。

That concludes my remarks. I'll turn the call back to Fred now. Thank you.

以上是我的說明。我現在把電話交回給 Fred。謝謝。

Thank you, Doug. As I indicated previously in July of 2025, we completed a new feasibility study for our Mount Todd Gold project that presents a new vision for the project as a 15,000 tonne per day operation. The completion of the new feasibility study was a defining moment for Mount Todd and Vista.

謝謝你，Doug。如我先前所指出，我們於 2025 年 7 月完成 Mount Todd 金礦專案的新可行性研究，提出將該專案打造為每日 15,000 公噸處理量營運的新願景。完成這份新可行性研究，是 Mount Todd 與 Vista 的關鍵時刻。

The study demonstrates an achievable path to near-term production centered on a smaller, initial operation that prioritizes higher grade ore to the processing plant, significantly lowers initial capital costs, and incorporates contract services to reduce development and operational risks.

該研究顯示一條可行的近期投產路徑，其核心為較小規模的初期營運：優先將較高品位礦石送入選礦廠，大幅降低初期資本支出，並納入承包服務以降低開發與營運風險。

At the feasibility study gold price of $2,500 per ounce, the net present value at a 5% discount rate, or NPV 5, was estimated to be $1.1 billion. The internal rate of return was estimated to be 27.8%, and the payback period was 2.7 years at a $3,300 gold price. The NPV 5 was estimated to be $2.2 billion with an IRR, or an internal rate of return, of 44.7%. And a payback period of 1.7 years.

以可行性研究所採用的每盎司 2,500 美元金價計算，在 5% 折現率下的淨現值（NPV 5）估計為 11 億美元。內部報酬率估計為 27.8%，在每盎司 3,300 美元金價下的回收期為 2.7 年。NPV 5 估計為 22 億美元，IRR（即內部報酬率）為 44.7%。回收期為 1.7 年。

At a $5,000 gold price, the NPV 5 is estimated to be $4.5 billion and the IRR is estimated to be 74.5% with a 1.3 year payback period. 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.

在每盎司 5,000 美元金價下，NPV 5 估計為 45 億美元，IRR 估計為 74.5%，回收期為 1.3 年。如需更多關於可行性研究結果的資訊，請參閱 Vista 於 2025 年 7 月 29 日發布的新聞稿以及可行性研究簡報，兩者皆可於本公司網站查閱。

Since completing the 2025 feasibility study, we have prioritized work to support the start of detailed engineering and design. Recent drilling has provided core for selective metallurgical testing to confirm grind size, gold recoveries, and optimal selection and sizing of grinding equipment.

自完成 2025 年可行性研究以來，我們已優先推動支援啟動詳細工程與設計的工作。近期鑽探提供了岩心，用於選擇性冶金測試，以確認磨礦粒度、黃金回收率，以及磨礦設備的最佳選型與尺寸配置。

We've completed a preliminary geotechnical review to assess the opportunity to steepen the west pit wall, reduce stripping, and potentially convert additional mineral resources to mineral reserves. I'm pleased to report that based on this review, we plan to commence geotechnical drilling at the conclusion of the wet season in Mount Todd, in other words, in the next month or so, and complete a new geotechnical study for the Batman Pit.

我們已完成初步岩土工程審查，以評估加陡西側露天礦坑邊坡、降低剝採比，並可能將更多礦產資源轉換為礦產儲量的機會。我很高興報告，基於此審查，我們計畫在 Mount Todd 雨季結束時（也就是接下來一個月左右）開始進行岩土鑽探，並完成 Batman Pit 的新岩土研究。

During the fourth quarter of 2025, we began the process of modifying our existing key permits to align with the designs and operating plans in the 2025 Mount Todd feasibility study. Applications were submitted for several modifications with additional applications planned for this year.

在 2025 年第四季，我們開始修改現有的關鍵許可證，使其與 2025 年 Mount Todd 可行性研究中的設計與營運計畫一致。我們已就若干項修改提交申請，並計畫於今年提交更多申請。

In January, we hired an Approvals Manager, Dr. Francis Kuranchie, to complement our operations team in Darwin. His primary responsibility is to manage the permit modification and approval processes.

1 月，我們聘請了核准事務經理（Approvals Manager）Francis Kuranchie 博士，以補強我們在達爾文的營運團隊。他的主要職責是管理許可證修改與核准流程。

Talking for a moment about safety and ESG. Throughout 2025 we remained firmly committed to safety, environmental stewardship, and the interests of our stakeholders. In November we surpassed four consecutive years without a workplace incident, which is a testament to our strong safety culture.

接著簡要談一下安全與 ESG。在整個 2025 年，我們始終堅定致力於安全、環境管理，以及利害關係人的利益。11 月，我們達成連續四年無職場事故，這證明了我們強健的安全文化。

Our site team continued to successfully advance Mount Todd's environmental initiatives with zero reportable incidents, and management continued its proactive engagement with the Jawoyn Aboriginal Association Corporation and other key stakeholders.

我們的現場團隊持續成功推進 Mount Todd 的環境倡議，且零可通報事件；管理層也持續主動與 Jawoyn 原住民協會公司（Jawoyn Aboriginal Association Corporation）及其他主要利害關係人互動。

In 2026, we are focused on building the technical and organizational foundation required for project execution. This include advancing the technical studies I mentioned earlier, completing ongoing permit modification activities, and building an Australian-based team to lead the development and operation of Mount Todd. This team is expected to include a small executive group based in Perth, and a larger operational presence based in the Northern Territory.

在 2026 年，我們聚焦於建立專案執行所需的技術與組織基礎。這包括推進我先前提到的技術研究、完成持續進行的許可證修改作業，以及建立一支以澳洲為基地的團隊來主導 Mount Todd 的開發與營運。預期該團隊將包括一個設於伯斯的小型高階主管團隊，以及一個設於北領地、規模更大的營運團隊。

In addition to the recently hired approvals manager, in February, we announced two key appointments to our Perth team, including an Executive General Manager of Projects and Technical Services, and an Executive General Manager of External Relations and Social Performance. We expect to make additional announcements in the coming months as we continue to add to our project team.

除近期聘任的核准事務經理外，我們於 2 月宣布伯斯團隊兩項關鍵任命，包括專案與技術服務執行總經理，以及對外關係與社會績效執行總經理。隨著我們持續擴充專案團隊，預期未來幾個月將發布更多任命公告。

Completing this work is an important prerequisite to initiating detailed engineering and design, which we expect to begin in 2027. The decision to commence detailed engineering and design is expected to mark the start of an approximately 27-month period of design, construction, and commissioning, culminating in first gold production.

完成這些工作是啟動詳細工程與設計的重要前置條件，我們預期將於 2027 年開始。啟動詳細工程與設計的決策，預期將標誌著約 27 個月的設計、施工與試車期的開始，最終達成首次產金。

Looking ahead, we believe Mount Todd holds tremendous intrinsic value and represents an exceptional investment opportunity at conservative long-term gold prices. With an all-in sustaining cost of roughly $1,500 per ounce and a very conservative gold price of $3,300 per ounce, the Mount Todd project will generate $300 million of free cash flow annually.

展望未來，我們相信 Mount Todd 具有巨大的內在價值，並在保守的長期金價假設下代表一項卓越的投資機會。在每盎司約 1,500 美元的全維持成本（AISC）以及非常保守的每盎司 3,300 美元金價下，Mount Todd 專案將每年產生 3 億美元的自由現金流。

At a $2,500 gold price, the study net asset value per share is $7.31 per share on the current number of issued and outstanding shares, and at a $3,300 gold price, the study net asset value per share is $14.89 per share, which is a little over 7 times our current share price.

在每盎司 2,500 美元金價下，依目前已發行且流通在外股數計算，研究的每股淨資產價值為每股 7.31 美元；在每盎司 3,300 美元金價下，研究的每股淨資產價值為每股 14.89 美元，略高於我們目前股價的 7 倍。

We're very pleased with our share price performance in 2025, which reflects not only the rising gold price but also the market's strong support of the new Mount Todd 15,000 tonne per day feasibility study.

我們對 2025 年的股價表現感到非常滿意，這不僅反映金價上漲，也反映市場對新的 Mount Todd 每日 15,000 噸可行性研究的強力支持。

For the year ended 2025, Vista's shares increased almost 252% compared to the year-end 2024. Following our recent financing that closed earlier this week, our current market capitalization is approximately $300 million. We anticipate that sustained strength in the gold price will continue to positively influence Vista's share price performance.

截至 2025 年底，Vista 股價較 2024 年底上漲近 252%。在本週稍早完成的近期融資之後，我們目前的市值約為 3 億美元。我們預期金價持續走強將繼續正面影響 Vista 的股價表現。

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

在今日更高的金價與日益增加的投資人興趣下，Mount Todd 已定位為黃金產業中最具吸引力的開發階段專案之一。強勁的專案經濟性、有利的司法管轄區、許可進度，以及既有基礎設施，使其非常適合在短期內開發。我們有信心，這是推進 Mount Todd 的正確市場環境。

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

總結而言，Vista 致力於依循最高的採礦與 ESG 標準推動 Mount Todd 的開發，並將為此目標勤勉努力。如需更多關於 Mount Todd 與 Vista Gold 的資訊，請參閱我們的公司簡報，可於 www.vistagold.com 的網站上取得。

We believe that Vista Gold represents an exceptional investment opportunity and that current prices represent a tremendous opportunity to establish our position or increase one's holdings in Vista Gold.

我們相信 Vista Gold 代表一項卓越的投資機會，而目前的價格也提供了極佳的機會來建立我們的部位或增加在 Vista Gold 的持股。

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

以上為我的正式發言，接下來我們將回應與會者在電話會議中的任何提問。

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

（接線員指示）Heiko Ihle，H.C. Wainwright。

Hey, team. It's [Case Sponder] calling on behalf of Heiko. Thank you for taking our questions.

嗨，各位團隊。我是代表 Heiko 來電的 [Case Sponder]。感謝你們回答我們的問題。

Good morning.

早安。

First question, given recent geopolitical events around the world, could you maybe provide a bit of color on where you see discount rates for projects in geopolitically safe jurisdictions such as yours headed?

第一個問題，鑑於近期全球地緣政治事件，你們是否可以稍微說明一下，你們認為像你們這樣位於地緣政治安全司法管轄區的專案，其折現率未來走向會如何？

Doug, would you like to respond to that?

Doug，你要回應一下嗎？

Well, I think what you're going to see is for projects like Mount Todd sitting in the Northern Territory, which is really a Tier 1 jurisdiction, I think discount rates will be better. I think cost of debt will be better as we look to finance the project.

嗯，我認為你將會看到的是，像 Mount Todd 這類位於北領地的專案，這確實是一個第一級（Tier 1）司法管轄區，我認為折現率會更有利。隨著我們著手為專案融資，我認為債務成本也會更有利。

And I think when you're looking at the NAV of the project, you can probably think in terms of a lower risk factor, so lower discount rate. Anything that's within reach of the current conflicts and potential other conflicts, I think we'll really struggle in the next couple of years.

我認為，當你在看這個專案的淨資產價值（NAV）時，你大概可以用較低的風險因子來思考，也就是較低的折現率。任何位於目前衝突以及潛在其他衝突可觸及範圍內的事物，我認為我們在接下來幾年都會非常吃力。

Thank you very much. And second question, we're still over $5,000 for gold, and obviously the value of Mount Todd is very sensitive to the price of gold, and even Australian dollar terms we're pretty close to an all-time high. What kind of rumblings have you heard in regards to input cost changes given recent strength in gold price? And maybe if you could provide a bit of color on what concerns you may have with issues related to construction costs, if anything.

非常感謝。第二個問題，我們的金價仍在每盎司5,000美元以上，而顯然 Mount Todd 的價值對金價非常敏感，甚至以澳幣計價也幾乎接近歷史新高。鑑於近期金價走強，你聽到關於投入成本變動有哪些風聲嗎？另外，如果可以的話，也請你補充一些背景，談談你對與建造成本相關議題的擔憂（如果有的話）。

That's an interesting question. It's something that all of us are continually watching. Well, the gold price has gone up in the last nine months significantly, so far, and with the exception of the last week or so, in Australia, fuel prices have remained pretty constant.

這是個有趣的問題。這是我們所有人都在持續關注的事情。過去九個月金價迄今已大幅上漲，而除了最近一週左右之外，在澳洲燃料價格一直相當穩定。

Obviously, what's going on in the Middle East right now is affecting global energy costs, and we will continue to watch that. That's obviously one area of concern. You'll know that we intend to generate power for the project using natural gas which is produced in the Northern Territory. And so far, we don't see any indications that natural gas prices are being affected by what's happening there.

顯然，目前中東的情勢正在影響全球能源成本，我們會持續觀察。這顯然是一個令人關切的領域。你也知道，我們打算使用北領地生產的天然氣為該專案發電。到目前為止，我們沒有看到任何跡象顯示天然氣價格正受到那邊事件的影響。

So we continue to watch the these events and as they unfold worldwide. Certainly, it's reasonable to expect some modest increase year on year in equipment costs and what will ultimately be the construction costs of the project. But at this point in time we don't see any, real significant changes that would dissuade our views on Mount Todd.

因此我們會持續關注這些事件以及它們在全球的發展。當然，合理預期設備成本以及最終的專案建造成本，年對年可能會有一些溫和的上升。但就目前而言，我們沒有看到任何真正重大的變化，會讓我們改變對 Mount Todd 的看法。

I would just want to add one final comment and that is that Mount Todd is very leveraged to the price of gold and certainly the gold prices that we're seeing today and have seen since we completed the study in July certainly highlight the tremendous leverage that we have to the gold price in a very positive way.

我想再補充最後一點：Mount Todd 對金價的槓桿效應非常高，而我們今天看到的金價，以及自我們在7月完成研究以來所看到的金價，確實以非常正面的方式凸顯了我們對金價所具備的巨大槓桿效益。

Thank you very much. I'll hop back in queue.

非常感謝。我會回到排隊序列。

[Mike Schultz], Private Investor.

[Mike Schultz]，私人投資人。

Hey, Fred. Thanks for taking our calls.

嗨，Fred。謝謝你接聽我們的電話。

Good morning, Mike.

早安，Mike。

Yeah, my question -- hey, good. So it looks like the strategy now is pretty much to proceed with mining -- at Vista mining the Mount Todd themselves still open to a partnership, because of indications of hiring management team and whatnot.

是的，我的問題——嗨，不錯。所以看起來目前的策略基本上是由 Vista 自行推進 Mount Todd 的採礦——但你們仍然對合作夥伴持開放態度嗎？因為看起來你們在招募管理團隊等等。

In terms of when -- the 27 months has been thrown out in terms of when gold could actually start being produced, but it's been thrown out over a couple of month period of time. So from like today, when would be the soonest that if no partner showed up that -- the first ounce could be produced. And I know it's an estimate, by the way, so.

關於時間點——你們提到27個月，作為黃金實際開始生產的時間，但這個說法在幾個月的期間內被提到過好幾次。所以從今天算起，如果沒有合作夥伴出現，最早什麼時候可以產出第一盎司？我也知道這只是估算，順帶一提。

Yeah. Well, that's entirely dependent on the start of detailed engineering and design. What we've disclosed publicly is that looking at where we're at with the permit modification process that we expect that that will occur in in 2027. I think our best estimate today would be that we'll be in a position to make that decision mid-2027 so if you want to add 27 months onto that date, that'll give you a rough estimate of when we would expect to see first gold poured.

是的。嗯，那完全取決於詳細工程與設計何時啟動。我們對外公開揭露的是，依照目前許可證變更流程的進度，我們預期那會在2027年發生。我想我們今天最好的估計是，我們會在2027年年中具備做出該決策的條件；如果你在那個日期上再加27個月，就能得到我們預期首次澆鑄金錠（first gold poured）的大致時間。

Okay. Thanks.

好的。謝謝。

Absolutely.

當然。

[Michael Johnson], Private Investor.

[Michael Johnson]，私人投資人。

Hey. How's it going? I just had two questions. One, so we just saw that you guys issued a bunch of additional outstanding shares in order to finance this part of the project. So if you guys do go, I would -- I just want to know what you guys' options or your outlook on financing ahead, and I guess to the concern of the current shareholders that we're going to get diluted. So I just didn't know if you could speak on that a little bit.

嗨。最近如何？我有兩個問題。第一，我們剛看到你們為了替這個專案的這一階段融資而增發了不少流通在外股份。所以如果你們真的要往前走，我想——我只是想了解你們接下來在融資方面有哪些選項或展望，以及目前股東對被稀釋的疑慮。所以想請你稍微談談這點。

Yeah, I'll let Doug answer that. And what's your second question so we can address them orderly here?

好的，我讓 Doug 來回答。那你的第二個問題是什麼？這樣我們可以按順序處理。

And then my second question is, and I noticed -- I don't know if it was Q3 or Q4 of last year, that Sun Valley Gold was -- It seemed like they were dumping a lot of your share -- of the shares of their holdings of Vista Gold. I didn't know if you guys had any more information about that, or why that would be happening, or anything.

我的第二個問題是，我注意到——我不確定是去年Q3還是Q4——Sun Valley Gold 似乎在大量賣出你們的股票——也就是他們持有的 Vista Gold 股份。我不知道你們是否有更多資訊，為什麼會發生這種情況，或任何相關原因。

Yeah. Certainly, I'll respond to the second question, but first let's Doug respond to the question about financing.

好的。我當然會回應第二個問題，但先讓 Doug 回答關於融資的問題。

Sure. So if you look at the production profile for Mount Todd, it's one of the better projects I've seen in terms of structuring for financing. And financing in this day and age can take many different forms. It doesn't have to be just traditional bank debt, but that's obviously a very common source and frankly there's a lot of deals getting done that way as well.

好的。如果你看 Mount Todd 的產量曲線（production profile），就融資架構而言，這是我看過較好的專案之一。而在現今環境下，融資可以有很多不同形式。不一定只能是傳統銀行債務，但那當然是非常常見的來源，而且坦白說，也有很多交易是用那種方式完成的。

But if you take a project that's got the Mount Todd production profile, which is three years of roughly 175,000 ounces, and then about 15 more years after that at a very steady 150,000 ounces, that's exactly what lenders like to see. They like to see big cash flow upfront so they can get paid back, and then that puts the shareholders in line after that.

但如果你拿一個具備 Mount Todd 這種產量曲線的專案來看：前三年大約每年175,000盎司，之後再約15年以非常穩定的每年150,000盎司生產——這正是放款人喜歡看到的。他們喜歡前期有大量現金流，這樣他們可以收回款項，而之後股東再承接後續的現金流。

So we're at the very front end of that process of looking at what avenue of leverage we'll put on the project, but early numbers would tell us that something in the order of 65% to 70% of the project can be financed. I'll call it debt, but levered. And then the balance of that would have to be equity.

所以我們正處於評估要在專案上採用何種槓桿途徑的非常早期階段，但初步數字告訴我們，約有65%到70%的專案資金可以被融資。我稱之為債務，但本質上是加槓桿的資金。其餘部分則必須由股權來補足。

So when we look at what that does on a shareholder basis, on a per share basis, one of the critical things for us is making sure that we get to pay back quickly for shareholders and also that when we're done with the financing, it's accretive.

因此，當我們從股東、以及每股的角度來看其影響時，對我們而言其中一個關鍵，是確保股東能夠快速回收，並且在融資完成後是具增值性的（accretive）。

So even though we will still have to issue shares for that additional 30%-odd of the project financing, we look at it from the standpoint of where are we today, and then if we look at what our potential net asset value can be once the project is built and cash flowing, and you actually switch from somewhat of an NAV model to more of a times-free cash flow basis, we see the uplift as very, very significant.

所以即使我們仍必須為額外約30%的專案融資發行股份，我們會從「我們今天在哪裡」的角度來看；接著再看一旦專案建成並產生現金流後，我們潛在的淨資產價值可能是多少，而且當你從某種NAV模型轉換為更偏向「自由現金流倍數」的估值基礎時，我們看到的上行空間非常、非常顯著。

And when you divide that new valuation once you're in operations by an estimate of what your shares would be, it's still quite accretive to see the project go into operations. And you can see that with a number of other companies that as they ramp up towards production and get into production, their share prices move quite dramatically upward. So that's the direction that we're trying to head.

而當你在進入營運後，將那個新的估值除以你對股份數量的估計時，你仍然會看到該專案進入營運對每股而言是相當具增值性的。你也可以從其他許多公司看到，當它們逐步提升至投產並進入生產時，其股價會相當顯著地上升。因此，這就是我們努力前進的方向。

So yes, there will be more shares out. But we're very focused on making sure the outcome of that on a per share basis is actually accretive, not dilutive.

所以是的，流通股數會增加。但我們非常專注於確保其結果在每股基礎上實際上是增值的，而不是稀釋的。

Okay. Thank you.

好的。謝謝你。

Thanks, Doug. And Michael, with regard to your question about Sun Valley Gold, we are aware that the Sun Valley Gold Fund, who was previously a large shareholder of Vista Gold, has been converted to a family office. And that managed funds have been redistributed to individual investors or may have been sold and we don't know the exact numbers.

謝謝你，Doug。Michael，關於你對 Sun Valley Gold 的問題，我們知道 Sun Valley Gold Fund（先前是 Vista Gold 的大股東）已轉型為家族辦公室。而其管理型基金已重新分配給個別投資人，或可能已被出售，我們不清楚確切數字。

What we can disclose is what's publicly available is that Peter Palmedo, who was the President of Sun Valley Gold Fund, personally holds about 933,000 shares. And there's another 2.6 million shares or so that are held in Palmedo Holdings LLLP.

我們可以揭露的是，公開資訊顯示，Sun Valley Gold Fund 的總裁 Peter Palmedo 個人持有約 933,000 股。另外還有約 260 萬股由 Palmedo Holdings LLLP 持有。

We believe that there are several tranches of a couple million shares that were distributed to investors that continue to hold those shares in Vista Gold. But I think that the important answer to your question is that this was not necessarily Sun Valley Gold selling shares because they no longer liked Vista Gold but rather Sun Valley Gold Fund winding down and redistributing and -- but because of the the the reporting requirements, that reporting showed up in in sales when in fact it may not have been so.

我們相信，有數個約數百萬股的分批部位已分配給投資人，而這些投資人仍持有 Vista Gold 的股份。但我認為對你問題最重要的回答是：這不一定是 Sun Valley Gold 因為不再看好 Vista Gold 而賣股；而是 Sun Valley Gold Fund 正在結束並進行重新分配——但由於申報要求，該申報在報表上呈現為出售，然而實際上可能並非如此。

Peter Palmedo individually continues to be a very strong holder of Vista Gold as manifest by the roughly 3.5 million shares that he continues to hold as a personal investment, and the rest of that holding was obviously managed money and we don't know with certainty whether those funds were ultimately sold or continue to be held. I hope that helps.

Peter Palmedo 個人仍然是 Vista Gold 非常堅定的持有人，這從他作為個人投資仍持有約 350 萬股即可看出；其餘持股顯然屬於受託管理資金，而我們無法確定那些資金最終是被出售，或仍持有。希望這能有所幫助。

Thank you.

謝謝你。

You're welcome.

不客氣。

(Operator Instructions) There are no further questions at this time. I will now turn the call over to Fred Earnest. Please continue, sir.

(接線員指示) 目前沒有進一步的問題。我現在把電話會議交回給 Fred Earnest。先生，請繼續。

Thank you, John. And again, thank you to all of you who have taken time to join the call today. As we look backward at 2025, we see that that was a very successful year, a pivotal year for the project and for Vista Gold, obviously -- additionally for the sector as a whole with the tremendous rise in the gold price. The feasibility study that we completed in July has changed the course and the trajectory for developing Mount Todd.

謝謝你，John。也再次感謝各位今天撥冗參加電話會議。回顧 2025 年，我們看到那是一個非常成功的一年，是該專案與 Vista Gold 的關鍵一年——此外，隨著金價大幅上漲，對整個產業而言也同樣如此。我們在 7 月完成的可行性研究已改變了 Mount Todd 的開發路徑與發展軌跡。

This year, we have a very exciting year before us. As I indicated, we are adding people to our team to form the basis for the technical and organizational team that will advance and build and operate Mount Todd. And I'm very pleased with the quality of people that we've been able to attract to our organization and look forward to announcements that we'll make in the coming months as we continue to build this team.

今年，我們面前是一個令人振奮的一年。如我所提到的，我們正在為團隊增聘人員，以建立技術與組織團隊的基礎，推進、建設並營運 Mount Todd。我對我們能吸引到的人才品質感到非常滿意，也期待在未來幾個月，隨著我們持續擴建團隊，將發布相關公告。

As we indicated, we have commenced the process of modifying the permits that we hold and to align them with the designs and operational plans as defined in the July 2025 feasibility study. I'm very excited to have an Approvals Manager, Dr. Kuranchie, on our team managing those efforts, and we have filed some of those modification applications, and we'll be filing other applications in the near future and as the year goes on.

如我們所指出的，我們已開始修改既有許可證的流程，使其與 2025 年 7 月可行性研究所界定的設計與營運計畫一致。我非常高興我們團隊有核准事務經理 Kuranchie 博士負責管理這些工作；我們已提交其中部分修改申請，並將在不久的將來以及今年接下來的時間陸續提交其他申請。

Third is the work that we're doing with the technical studies. And these studies are laying the groundwork for the start of detailed engineering and design. They will be providing some of the final answers to questions that were identified as part of the feasibility study. The core has been cut and is ready to be shipped from the Mount Todd site and we'll be going to the assay lab here in the coming weeks.

第三是我們正在進行的技術研究工作。這些研究正在為啟動細部工程與設計奠定基礎。它們將就可行性研究中所識別的一些問題提供最終答案。岩心已完成切割並準備從 Mount Todd 現場運出，我們將在未來幾週送往化驗實驗室。

The geotechnical program, the driller has been selected and we're waiting for a little bit of a break in the weather at Mount Todd to be able to get him on site and start drilling. And we're very excited about that. We'll also be doing some test work and confirmation work related to the design of a water treatment plant for the site.

在岩土工程計畫方面，鑽探承包商已選定；我們正等待 Mount Todd 天氣稍微好轉，以便讓他進場並開始鑽探。我們對此感到非常興奮。我們也將進行一些與現場水處理廠設計相關的測試與確認工作。

So these things are all progressing. I'm very pleased with the support that was shown to us as a management team and to the project in the form of the financing. We're delighted to have a number of new core shareholders in the register, and we're thankful for their support, and we look forward to an ongoing relationship with each of them.

因此，這些事項都在推進中。我對以融資形式展現出的、對我們管理團隊與該專案的支持感到非常欣慰。我們很高興股東名冊中新增了多位核心股東，並感謝他們的支持，也期待與每一位建立持續的合作關係。

I'm excited about the prospects for this year. I think that as we continue to advance that we will see tremendous growth in the share price and the value -- shareholder value for Vista Gold. I'm grateful for each of you for taking time to join us on the call this morning.

我對今年的前景感到振奮。我認為，隨著我們持續推進，我們將看到股價與價值——也就是 Vista Gold 的股東價值——出現巨大的成長。感謝各位今天早上撥冗參與本次電話會議。

Certainly, as you may have further questions, I invite you to reach out to Pamela Solly, our Vice President of Investor Relations. And if need be, Pam will connect you with the appropriate technical people or other in the company to help you fully understand and getting answer to your questions.

當然，如果你們之後還有其他問題，我邀請你們聯絡我們的投資人關係副總裁 Pamela Solly。如有需要，Pam 會協助你們與公司內適當的技術人員或其他同仁聯繫，以幫助你們充分理解並取得問題的答案。

With that, I again thank you and encourage you to join us in this journey of value creation. I think that there's a tremendous opportunity before us. And I thank you for joining us and wish each of you a very pleasant and a very happy day.

最後，我再次感謝各位，並鼓勵你們與我們一同踏上這段創造價值的旅程。我認為我們面前有非常巨大的機會。感謝各位的參與，並祝福大家度過一個非常愉快、非常美好的一天。

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

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。