Vista Gold Corp (VGZ) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Vista Gold's first-quarter 2026 financial results and corporate update conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位女士、先生，大家好。歡迎參加 Vista Gold 2026 年第一季財務業績與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。

Today is Friday, May 1, 2026. It is now my pleasure to introduce Pamela Solly, Vice President of Investor Relations. Please go ahead.

今天是 2026 年 5 月 1 日（星期五）。現在我很榮幸為各位介紹投資人關係副總裁 Pamela Solly。請開始。

Thank you, Jenny, and good morning, everyone. Thank you for joining the Vista Gold Corp. first quarter 2026 financial results and corporate update conference call. I'm Pamela Solly, Vice President of Investor Relations. Also on the call today is Fred Earnest, President and Chief Executive Officer; and Doug Tobler, Chief Financial Officer.

謝謝你，Jenny，各位早安。感謝各位參加 Vista Gold Corp. 2026 年第一季財務業績與公司最新進展電話會議。我是投資人關係副總裁 Pamela Solly。今天同時在線的還有總裁兼執行長 Fred Earnest，以及財務長 Doug Tobler。

On April 30, 2026, Vista reported its results for the quarter ended March 31, 2026, and for additional details, our full financial statements and MD&A are included in our Form 10-Q available for review at sec.gov or sedarplus.ca. Copies of the news release and quarterly report on Form 10-Q are also available on our website at www.vistagold.com.

Vista 於 2026 年 4 月 30 日公布截至 2026 年 3 月 31 日止季度的業績；如需更多細節，我們完整的財務報表與管理階層討論與分析（MD&A）已納入我們的 Form 10-Q，可於 sec.gov 或 sedarplus.ca 查閱。

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，我們將作出前瞻性陳述。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 results -- I'm sorry, 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. I will now turn the call over to Fred Earnest.

請參閱我們最近提交的 Form 10-K，以了解可能導致實際結果與前瞻性陳述存在重大差異的風險及其他重要因素之詳情，以及關於礦產資源與礦產儲量估算的警示說明。現在我把電話交給 Fred Earnest。

Thank you, Pam. And thank you, everyone, for joining us on the call today. We will begin with an overview of our first quarter achievements and then discuss our outlook for the remainder of the year. During the first quarter, we completed a public offering for aggregate gross proceeds of $44.85 million and net proceeds of $42 million. We also made significant progress toward achieving our 2026 objectives.

謝謝你，Pam。也謝謝各位今天加入我們的電話會議。我們將先概述第一季的成果，接著討論今年剩餘期間的展望。第一季期間，我們完成一項公開發行，合計募集總額 4,485 萬美元，淨募集額 4,200 萬美元。我們也在達成 2026 年目標方面取得重大進展。

Our priorities for 2026 include all activities leading to permit modification approvals to align the existing permits with the 2025 feasibility study designs, completing predevelopment optimizations to provide key inputs for detailed engineering and design expanding corporate capability by building an Australian-based team to lead project development and advancing project execution planning. I will discuss these topics in greater detail later in the call, but I will now turn the time over to Doug Tobler, our CFO, for a review of our financial results for the quarter ended March 31, 2026.

我們 2026 年的優先事項包括：推動所有與許可證變更核准相關的活動，使既有許可證與 2025 年可行性研究的設計一致；完成開發前最佳化工作，以提供詳細工程與設計所需的關鍵輸入；透過建立以澳洲為基地的團隊來擴充公司能力以領導專案開發；以及推進專案執行規劃。我稍後會在電話會議中更詳細說明這些主題；現在先把時間交給我們的財務長 Doug Tobler，請他回顧截至 2026 年 3 月 31 日止季度的財務業績。

Thanks, Fred. And for those of you on the call, thanks for joining us this morning. My comments will provide a recap of our financial position and results of operation as presented in our first quarter 2026 Form 10-Q. All the amounts that I discuss today will be in US dollars.

謝謝，Fred。也感謝各位今天早上加入我們的電話會議。我的發言將就我們 2026 年第一季 Form 10-Q 所呈現的財務狀況與營運結果作一回顧。我今天討論的所有金額均以美元計。

I'm pleased to report that we ended the first quarter with a strong balance sheet. We had cash on hand of $52.7 million compared to a cash balance of $13.6 million at year-end 2025. This increase reflects the proceeds of the public offering that closed on March 9, and offset by spending during the first quarter.

我很高興報告，我們在第一季結束時擁有強健的資產負債表。我們持有現金 5,270 萬美元，相較於 2025 年底的現金餘額 1,360 萬美元。此增加反映 3 月 9 日完成的公開發行募集款項，並扣除第一季期間的支出。

As Fred mentioned about the offering, it included issuance of 17.94 million common shares for gross proceeds of $44.85 million. And after the deduction of transaction expenses, the net proceeds were $42 million. We were very pleased to receive such strong support from this financing, and this funding provides us with the ability to move forward immediately with key programs and add the appropriate resources to our organization to support the beginning of detailed engineering. It's important to note that we also continue to have a clean balance sheet with no debt at March 31, 2026.

如 Fred 提到本次發行，包含發行 1,794 萬股普通股，募集總額 4,485 萬美元。扣除交易費用後，淨募集額為 4,200 萬美元。我們很高興在此融資中獲得如此強勁的支持；這筆資金使我們能立即推進關鍵計畫，並為組織增補適當資源，以支援詳細工程的啟動。同時也必須指出，截至 2026 年 3 月 31 日，我們仍維持乾淨的資產負債表，沒有任何負債。

Turning to our results of operations for the quarter. We reported a net loss of $3.1 million for the 3 months ended March 31, 2026. Which compares to a net loss of $2.7 million for the three months ended March 31, 2025. Mt. Todd project related recurring costs increased by about $100,000 due to addition of project management team members and higher power costs due to water management pumping requirements. These were offset partially by lower project program costs in 2026 compared to the prior year, which included work on the 2025 feasibility study.

接著談本季的營運結果。截至 2026 年 3 月 31 日止三個月，我們報告淨損 310 萬美元。相較之下，截至 2025 年 3 月 31 日止三個月的淨損為 270 萬美元。Mt. Todd 專案相關的經常性成本增加約 10 萬美元，原因是新增專案管理團隊成員，以及因水管理抽水需求導致電力成本上升。上述增加部分被 2026 年較前一年較低的專案計畫成本所抵銷；前一年包含 2025 年可行性研究相關工作。

Corporate expenses accounted for the balance of the increase in the net loss on a quarter-over-quarter basis. These expenses increased about $300,000, which resulted from additional legal, consulting and board costs associated with ongoing advancement of Mt. Todd. Now just as a general comment about our results of operation, we're pleased to report that our overall financial results are tracking in line with our expectations.

公司費用構成了本季相較上一季淨損增加的其餘部分。這些費用增加約 30 萬美元，主要來自與 Mt. Todd 持續推進相關的額外法律、顧問及董事會成本。就營運結果作一般性說明，我們很高興報告整體財務表現符合我們的預期。

The results that we're achieving are being completed efficiently and support our target of commencing detailed engineering and design in 2027. Thank you. That concludes my remarks. I'll turn the call back to Fred.

我們所取得的成果均以高效率完成，並支持我們在 2027 年啟動詳細工程與設計的目標。謝謝。以上是我的發言。我把電話交回給 Fred。

Thank you, Doug. The strength of our balance sheet resulting from the successful financing that Doug has just described is fundamental to our success going forward. We now have the financial resources to successfully complete the tasks of obtaining final project authorizations, building a project development team and undertaking the work to accelerate and optimize the start of detailed engineering and design.

謝謝你，Doug。Doug 剛才所說明的成功融資所帶來的強健資產負債表，是我們未來成功的基礎。我們現在具備財務資源，可順利完成取得最終專案核准、建立專案開發團隊，以及推動加速並最佳化詳細工程與設計啟動所需的工作。

I'll begin with an update of our permitting activities. In January, we appointed Dr. Francis Kuranchie as our approvals manager based in Darwin. His primary responsibility is overseeing the permit modification and approval processes. The work that Francis is managing includes the conversion of existing approvals to be in compliance with legislative changes in the Northern Territory, these approvals are under review by the agency at this time and approval is expected early in Q3.

我先從我們的許可證辦理活動更新開始。1 月，我們任命 Francis Kuranchie 博士為駐達爾文的核准經理。他的主要職責是監督許可證變更與核准流程。Francis 所管理的工作包括：將既有核准轉換為符合北領地法規變更的要求；目前這些核准正由主管機關審查中，預期於第三季初獲得核准。

The application of an additional authorization under the Aboriginal Areas Protection Authority Act to complement the two authorizations that the company already holds. This work, including engagement with the aboriginal custodians, is in progress with authorization expected later this year. The next involves ecological field investigations and the preparation of the application to request a renewed authorization under the Common Wealth Environmental Protection and Biodiversity Conservation Act.

另一項是依《原住民區域保護管理局法》（Aboriginal Areas Protection Authority Act）申請額外授權，以補充公司既有的兩項授權。此項工作（包括與原住民保管人之接洽）正在進行中，預期於今年稍晚取得授權。下一項涉及生態實地調查，以及準備申請文件，以依《聯邦環境保護與生物多樣性保育法》（Common Wealth Environmental Protection and Biodiversity Conservation Act）申請更新授權。

We expect to file the application early in the fourth quarter with the Department of Climate Change Energy, the Environment and Water. Our modification of the EIS through the Northern Territory EPA referral process is the next activity. We are preparing the referral documentation and expect to file once we have clarity on the new Aboriginal Areas Protection Authority authorization.

我們預期於第四季初向氣候變遷、能源、環境與水資源部（Department of Climate Change Energy, the Environment and Water）提交申請。接下來的活動是透過北領地環保署（Northern Territory EPA）轉介程序，對環境影響評估（EIS）進行修改。我們正在準備轉介文件，並預期在釐清新的原住民區域保護管理局授權後提交。

We are also working on a water treatment and discharge license, known as the Waste Discharge License, to allow us to treat the water accumulated in the Batman pit and discharges as we have in the past. This application has been submitted and approval is expected in the coming months.

我們也在辦理一項水處理與排放許可證，稱為廢水排放許可證（Waste Discharge License），使我們能如過去一樣處理累積於 Batman 礦坑中的水並進行排放。此申請已提交，預期在未來數月內獲得核准。

And finally, an amendment of our environmental mining license previously known as the mining management plan to align this authorization with the plans for the project as described in the 2025 feasibility study. We expect the approval process to run concurrently with the EPA referral process.

最後，是修訂我們的環境採礦許可證（先前稱為採礦管理計畫），使該授權與 2025 年可行性研究所述的專案計畫一致。我們預期核准流程將與 EPA 轉介程序同步進行。

As you will note, there is a lot of activity in this area. Some authorizations are expected in the very near future, others later this year or early next year with the final or last authorization, under the Environmental Protection and Biodiversity Conservation Act expected sometime in the middle or latter part of 2027.

如各位所注意到的，這個領域有相當多的活動。預期在非常近期內會取得部分核准，其他則在今年稍晚或明年初取得；而依《環境保護與生物多樣性保育法》所需的最終或最後一項核准，預計將於 2027 年年中或下半年某個時間取得。

As each of these permits has previously been approved for a larger scale project, we are confident that approvals will be granted, and we are working to manage the approvals process to achieve final results in the most expedient manner possible. Now switching over to technical studies.

由於上述各項許可先前皆已就更大規模的專案獲得核准，我們有信心將會取得核准，並正致力於管理核准流程，以盡可能迅速的方式達成最終結果。現在切換到技術研究。

We are advancing predevelopment optimizations in line with the recommendations presented in the 2025 Mt. Todd feasibility study and are evaluating certain preliminary engineering activities that would transition to front-end engineering design and allow us to accelerate and optimize detailed engineering.

我們正依據 2025 年 Mt. Todd 可行性研究中提出的建議，推進前期開發的最佳化工作，並評估若干初步工程活動，以便銜接至前端工程設計（FEED），並使我們能加速與最佳化詳細工程設計。

We have also commenced project execution planning. Specifically, metallurgical testing is underway at ALS Amtech in Perth, Australia. The core for this testing was recovered from holes drilled for the express purpose of this program. The objectives of the program are to optimize the grind size and gold recoveries and provide data for the sizing and selection of key equipment components in the process plant.

我們也已開始專案執行規劃。具體而言，冶金測試正在澳洲珀斯的 ALS Amtech 進行。本次測試所用岩心取自為本計畫專門鑽探的鑽孔。該計畫的目標是最佳化磨礦粒度與黃金回收率，並提供製程廠關鍵設備組件的尺寸設計與選型所需數據。

A geotechnical review has commenced with drilling and geotechnical mapping in progress in the Batman pit to assess the opportunity to steepen the West pit wall. The outcomes of this work will be used to update our mine plans with the potential to reduce the amount of waste mined and/or convert additional mineral resources to mineral reserves.

岩土工程審查已啟動，目前正在 Batman 礦坑進行鑽探與岩土測繪，以評估加陡西側坑壁坡度的機會。此項工作的成果將用於更新我們的採礦計畫，並有潛力降低剝採廢石量，及／或將更多礦產資源轉換為礦產儲量。

Completing this work along with the permit modifications are important prerequisites to initiating detailed engineering design, which we expect to begin in 2027. The decision to commence detailed engineering and design is expected to mark the start of design, construction, and commissioning, culminating in first gold production.

完成上述工作以及許可變更，是啟動詳細工程設計的重要先決條件；我們預期將於 2027 年開始。啟動詳細工程與設計的決策，預期將標誌著設計、施工與試車的開始，最終達成首次產金。

Now let me talk about what we're doing to build a project development team in Australia. Since the beginning of the year, we have established a greater corporate presence in Australia. To date, we have hired four senior project management team members based in Perth and an Approvals Manager based in Darwin.

接下來我談談我們在澳洲如何建立專案開發團隊。自今年年初以來，我們已在澳洲建立更強的企業據點。截至目前，我們已在珀斯聘用四位資深專案管理團隊成員，並在達爾文聘用一位核准（許可）經理。

We have expanded our executive capacity in the areas of projects, technical services, external relations and social performance, legal and administration and finance. Recruiting is ongoing for an Australian-based Managing Director who will be responsible for the overall delivery of the Mt. Todd project. Later this year, we plan to begin building the broader project development team.

我們已在專案、技術服務、對外關係與社會績效、法務與行政以及財務等領域擴充高階管理能量。目前正持續招募一位常駐澳洲的董事總經理，負責 Mt. Todd 專案的整體交付。今年稍晚，我們計畫開始建立更完整的專案開發團隊。

Now switching over to safety and other social matters. During the quarter, we maintained our strong safety environmental performance. I note that the recently concluded wet season in the Northern Territory was the most severe wet season in 20 years with approximately 50% more rainfall at site than we would normally expect.

現在切換到安全與其他社會面議題。本季度我們維持了強勁的安全與環境績效。我也要指出，北領地剛結束的雨季是 20 年來最嚴峻的一次，現場降雨量約比我們通常預期高出 50%。

Some of you may have seen or read reports of widespread flooding in the Northern Territory and Western Australia. Despite these challenging conditions, our site personnel delivered exceptional performance, effectively implemented our water management activities in accordance with our protocols and maintained operational control throughout these events.

各位當中有些人可能看過或讀過北領地與西澳洲大範圍洪災的報導。儘管條件艱困，我們的現場人員仍展現卓越表現，依照我們的作業規程有效執行水管理工作，並在整個事件期間維持營運控制。

Their diligence and commitment ensured that our activities were conducted both safely and effectively. I'm pleased to report that aside from an abnormally high accumulation of water in the ponds on site, we experienced only minor damage to roads on site and no other losses.

他們的勤勉與投入確保我們的活動能安全且有效地進行。我很高興報告，除現場池塘出現異常高的積水外，我們僅有道路的輕微損壞，沒有其他損失。

Looking ahead, we believe the key to unlocking the value of Mt Todd is found in the work we are doing to secure the final authorizations and establish the basis for an efficient start to detail engineering design. With this in mind, Mt Todd holds tremendous intrinsic value and represents an exceptional investment opportunity at conservative long-term gold prices.

展望未來，我們認為釋放 Mt Todd 價值的關鍵，在於我們目前為取得最終核准並建立高效率啟動詳細工程設計之基礎所做的工作。基於此，Mt Todd 具備巨大的內在價值，並在保守的長期金價假設下，代表一項極具吸引力的投資機會。

With an all-in sustaining cost of approximately $1,500 per ounce and a very conservative gold price of $3,300 per ounce, the Mt. Todd gold project will generate USD300 million of free cash flow annually. At the same gold price, the feasibility study, net asset value per share is $14.89, nearly 7x our current share price.

在全維持成本（AISC）約每盎司 1,500 美元、以及非常保守的金價每盎司 3,300 美元的假設下，Mt. Todd 黃金專案每年將產生 3 億美元的自由現金流。在相同金價下，可行性研究所估算的每股淨資產價值為 14.89 美元，接近我們目前股價的 7 倍。

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.

在今日金價更高且投資人興趣日增的情況下，Mt Todd 已定位為黃金產業中最具吸引力的開發階段專案之一。其強勁的專案經濟性、有利的司法管轄區、許可進度與既有基礎設施，使其非常適合在短期內推進開發。我們有信心，現在正是推進 Mt Todd 的合適市場環境。

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

總結而言，Vista 致力於以最高的採礦與 ESG 標準合規開發 Mt Todd 專案，並正勤勉地朝此目標努力。如需更多關於 Vista Gold 與 Mt Todd 專案的資訊，請參閱我們的公司簡報，可於我們網站 www.vistagold.com 取得。

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

我們相信 Vista Gold 代表一項極佳的投資機會，而目前的價格也提供了建立部位或增加 Vista Gold 持股的絕佳時機。以上為我們的正式發言，接下來我們將回應本次電話會議與會者的提問。

(Operator Instructions)

(接線員指示)

We have no questions. I will now hand the call back to Fred Earnest for the closing remarks.

目前沒有問題。我現在把電話交回給 Fred Earnest 進行結語。

Thank you, Jenny, and thank you to all of you who have taking the time this morning, at the start of your day to listen to our first quarter results and corporate update conference call. As I noted, with the completion of the financing in the first quarter, we now have the strength of balance sheet that will allow us to be able to move forward with all of the activities to advance Mt. Todd.

謝謝你，Jenny，也謝謝各位今天早上在一天開始之際撥冗收聽我們第一季業績與公司更新電話會議。如我所提到的，隨著第一季完成融資，我們現在擁有更強健的資產負債表，得以推進所有促進 Mt. Todd 前進的各項活動。

We have the resources to be able to obtain the final project authorizations. We're building a project development team and very happy with the people that have already joined our team in Australia, and we look forward to the addition of others as the year progresses. I'm very pleased with the work that's being undertaken to advance the engineering studies.

我們具備取得專案最終核准所需的資源。我們正在建立專案開發團隊，對於已加入我們澳洲團隊的人才感到非常滿意，也期待隨著今年進展再加入更多成員。我對目前推進工程研究所進行的工作感到非常欣慰。

And we look forward to being able to announce the results of those studies as they -- as things progress. We've seen a lot of volatility in the gold price since the first of the year. We believe long term that the gold price will continue to rise. We're not surprised by the volatility and the conditions that we see throughout the world. And with the financing completed, we're now in a position to establish a strong basis and continue to grow the value of the company for our shareholders.

我們也期待能在研究結果出爐、隨著進度推進時對外公布。自年初以來，我們看到金價出現很大的波動。我們相信長期而言金價將持續上升。對於波動以及我們在全球所見到的情勢，我們並不感到意外。隨著融資完成，我們現在已具備建立穩固基礎的條件，並持續為股東提升公司的價值。

We're excited for those of you who have already joined us in this journey,. and we invite others to come along as we seek to create greater value for all shareholders. As always, if there are others who have additional questions, we invite you to reach out to the company. We'll be happy to spend the time and discuss the questions that you have. And until then, we wish all of you a very pleasant day, and thank you for joining us this morning.

我們很高興已經加入這段旅程的各位，並邀請其他人一同加入，讓我們為所有股東創造更大的價值。一如往常，若還有其他人有進一步問題，歡迎與公司聯繫。我們很樂意撥出時間與各位討論您的問題。在此之前，祝各位有個愉快的一天，也感謝各位今天早上參與。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may now disconnect your lines.

謝謝。各位女士先生，本次電話會議到此結束。感謝各位參與。您現在可以掛斷電話。