Vista Gold Corp 10-Q for FY2021 Q2

Vista Gold Corp (VGZ)

10-Q 2021-07-28 For: 2021-06-30

Added on April 09, 2026

About this 10-Q

Vista Gold Corp filed this 10-Q on July 28, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $753K; compared with net income of $1.9M a year earlier
Diluted EPS: -$0.01; compared with $0.02 a year earlier

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☒		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
☐		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


British Columbia		98-0542444
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7961 Shaffer Parkway, Suite 5
Littleton, Colorado		80127
(Address of Principal Executive Offices)		(Zip Code)


Title of each class:	Trading Symbol	Name of each exchange on which registered:
Common Shares, no par value	VGZ	NYSE American


	Page
PART I – FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	3
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	13
ITEM 4. CONTROLS AND PROCEDURES	25
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS	25
ITEM 1A. RISK FACTORS	26
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	26
ITEM 3. DEFAULTS UPON SENIOR SECURITIES	26
ITEM 4. MINE SAFETY DISCLOSURE	26
ITEM 5. OTHER INFORMATION	27
ITEM 6. EXHIBITS	27
SIGNATURES



	June 30,		December 31,
	2021		2020
Assets:
Current assets:
Cash and cash equivalents	$	6,262	$	7,762
Short-term investments (Note 3)		—		400
Other investments, at fair value (Note 3)		340		293
Other current assets		541		952
Total current assets		7,143		9,407

Non-current assets:
Mineral properties (Note 4)		2,146		2,146
Plant and equipment, net (Note 5)		5,678		5,643
Right-of-use assets		24		34
Total non-current assets		7,848		7,823
Total assets	$	14,991	$	17,230

Liabilities and Shareholders’ Equity:
Current liabilities:
Accounts payable	$	461	$	356
Accrued liabilities and other		963		702
Deferred option gain (Note 4)		248		68
Total current liabilities		1,672		1,126
Non-current liabilities:
Provision for environmental liability (Note 7)		240		240
Other liabilities		21		13
Total non-current liabilities		261		253
Total liabilities		1,933		1,379

Commitments and contingencies (Note 8)

Shareholders’ equity:
Common shares, no par value - unlimited shares authorized; shares outstanding: 2021 - 104,909,837 and 2020 - 103,171,904 (Note 6)		461,560		460,501
Accumulated deficit		(448,502)		(444,650)
Total shareholders’ equity		13,058		15,851
Total liabilities and shareholders’ equity	$	14,991	$	17,230


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Operating income/(expense):
Gain on disposal of mineral property interests, net (Note 4)	$	2,100	$	2,568	$	2,100	$	2,568
Exploration, property evaluation and holding costs		(1,986)		(960)		(3,737)		(1,908)
Corporate administration		(931)		(877)		(2,246)		(2,253)
Depreciation and amortization		(12)		(11)		(23)		(23)
Total operating income/(expense)		(829)		720		(3,906)		(1,616)

Non-operating income:
Gain/(loss) on other investments (Note 3)		77		1,099		47		(30)
Interest income		—		4		1		14
Other income/(expense)		(1)		79		6		34
Total non-operating income		76		1,182		54		18

Income/(loss) before income taxes		(753)		1,902		(3,852)		(1,598)
Net income/(loss)	$	(753)	$	1,902	$	(3,852)	$	(1,598)

Basic:
Weighted average number of shares outstanding		104,565,060		101,372,460		104,041,466		101,035,292
Net income/(loss) per share	$	(0.01)	$	0.01	$	(0.04)	$	(0.02)

Diluted:
Weighted average number of shares outstanding		104,565,060		103,863,384		104,041,466		101,035,292
Net income/(loss) per share	$	(0.01)	$	0.02	$	(0.04)	$	(0.02)


						Total
	Common			Accumulated		Shareholders’
	Shares	Amount		Deficit		Equity
Balances at April 1, 2020	100,698,124	$	458,106	$	(448,570)	$	9,536
Shares issued, net of offering costs (Note 6)	1,031,819		807		—		807
Shares issued (RSUs vested, net of shares withheld) (Note 6)	316,313		(97)		—		(97)
Shares issued (exercise of stock options) (Note 6)	50,000		37		—		37
Stock-based compensation (Note 6)	—		202		—		202
Net income	—		—		1,902		1,902
Balances at June 30, 2020	102,096,256	$	459,055	$	(446,668)	$	12,387

Balances at April 1, 2021	103,998,923	$	461,162	$	(447,749)	$	13,413
Shares issued, net of offering costs (Note 6)	392,470		437				437
Shares issued (RSUs vested, net of shares withheld) (Note 6)	518,444		(202)		—		(202)
Stock-based compensation (Note 6)	—		163		—		163
Net loss	—		—		(753)		(753)
Balances at June 30, 2021	104,909,837	$	461,560	$	(448,502)	$	13,058

						Total
	Common			Accumulated		Shareholders’
	Shares	Amount		Deficit		Equity
Balances at January 1, 2020	100,698,124	$	457,716	$	(445,070)	$	12,646
Shares issued, net of offering costs (Note 6)	1,031,819		807		—		807
Shares issued (RSUs vested, net of shares withheld) (Note 6)	316,313		(97)		—		(97)
Shares issued (exercise of stock options) (Note 6)	50,000		37		—		37
Stock-based compensation (Note 6)	—		592		—		592
Net loss	—		—		(1,598)		(1,598)
Balances at June 30, 2020	102,096,256	$	459,055	$	(446,668)	$	12,387


Balances at January 1, 2021	103,171,904	$	460,501	$	(444,650)	$	15,851
Shares issued, net of offering costs (Note 6)	798,270		871		—		871
Shares issued (RSUs vested, net of shares withheld) (Note 6)	939,663		(396)		—		(396)
Stock-based compensation (Note 6)	—		584		—		584
Net loss	—		—		(3,852)		(3,852)
Balances at June 30, 2021	104,909,837	$	461,560	$	(448,502)	$	13,058


	At June 30, 2021		At December 31, 2020
Mt Todd, Australia	$	2,146	$	2,146


	June 30, 2021						December 31, 2020
			Accumulated						Accumulated
	Cost		Depreciation		Net		Cost		Depreciation		Net
Mt Todd, Australia	$	5,364	$	5,186	$	178	$	5,306	$	5,163	$	143
Corporate, United States		333		333		—		333		333		—
Used mill equipment, Canada		5,500		—		5,500		5,500		—		5,500
	$	11,197	$	5,519	$	5,678	$	11,139	$	5,496	$	5,643


		Weighted Average
	Number	Grant-Date Fair
	of RSUs	Value Per RSU
Unvested - December 31, 2019	1,491,301	$	0.51
Granted	1,609,000		0.41
Cancelled/forfeited	(237,853)		0.60
Vested, net of shares withheld	(395,446)		0.63
Unvested - December 31, 2020	2,467,002	$	0.42
Granted	891,000		0.76
Cancelled/forfeited	(389,333)		0.48
Vested, net of shares withheld	(939,663)		0.46
Unvested - June 30, 2021	2,029,006	$	0.54



			Weighted Average
	Number of		Grant-Date Fair
	DSUs		Value per DSU
Unvested - December 31, 2019	366,000	$	0.57
Granted	360,000		0.58
Outstanding - December 31, 2020	726,000	$	0.57
Granted	204,000		1.04
Outstanding - June 30, 2021	930,000	$	0.68


				Weighted Average
		Weighted Average		Remaining	Aggregate
	Number of	Exercise Price		Contractual Term	Intrinsic
	Options	Per Option		(Years)	Value
Outstanding - December 31, 2019	1,437,000	$	0.73	3.49	$	35
Granted	50,000		0.51
Exercised	(50,000)		0.75			9
Cancelled/Forfeited	(70,000)		1.02			—
Outstanding - December 31, 2020	1,367,000	$	0.71	2.63	$	507
Outstanding - June 30, 2021	1,367,000	$	0.71	2.14	$	712

Exercisable - June 30, 2021	1,367,000	$	0.71	2.14	$	712


				Weighted
		Weighted		Average
		Average		Remaining
		Grant-Date		Amortization
	Number of	Fair Value		Period
	Options	Per Option		(Years)
Unvested - December 31, 2019	514,004	$	0.40	0.61
Granted	50,000		0.20
Vested	(530,671)		0.38
Unvested - December 31, 2020	33,333	$	0.31	0.25
Vested	(33,333)		0.31
Unvested - June 30, 2021	—	$	—	—


	Fair Value at June 30, 2021
	Total		Level 1		Level 3
Other investments	$	340	$	340	$	—


	Fair Value at December 31, 2020
	Total		Level 1		Level 3
Other investments	$	293	$	293	$	—


	At June 30, 2021		At December 31, 2020
Current Assets	$	7,143	$	9,407
Offset by accounts payable and accrued liabilities	$	(1,424)	$	(1,058)


Exhibit Number		Description
3.01		Certificate of Continuation, previously filed as Exhibit 3.1 to the Corporation’s Form 8-K filed with the Commission on June 12, 2013 and incorporated by reference herein (File No. 1-9025)
3.02		Notice of Articles, previously filed as Exhibit 3.2 to the Corporation’s Form 8-K filed with the Commission on June 12, 2013 and incorporated herein by reference (File No. 1-9025)
3.03		Articles, previously filed as Exhibit 3.3 to the Corporation’s Form 8-K filed with the Commission on June 12, 2013 and incorporated herein by reference (File No. 1-9025)
4.01		Form of Warrants previously filed as Exhibit 4.1 to the Corporation’s Form 8-K filed with the Commission on July 12, 2021 and incorporated by reference herein (File No. 1-9025)
4.02		Form of Underwriters Warrants previously filed as Exhibit 4.2 to the Corporation’s Form 8-K filed with the Commission on July 12, 2021 and incorporated by reference herein (File No. 1-9025)
31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS⁽¹⁾		XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH⁽¹⁾		XBRL Taxonomy Extension – Schema
101.CAL⁽¹⁾		XBRL Taxonomy Extension – Calculations
101.DEF⁽¹⁾		XBRL Taxonomy Extension – Definitions
101.LAB⁽¹⁾		XBRL Taxonomy Extension – Labels
101.PRE⁽¹⁾		XBRL Taxonomy Extension – Presentations
104		Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.


	VISTA GOLD CORP. (Registrant)

Dated: July 28, 2021	By:	/s/ Frederick H. Earnest
		Frederick H. Earnest,
		Chief Executive Officer

Dated: July 28, 2021	By:	/s/ Douglas L. Tobler
		Douglas L. Tobler
		Chief Financial Officer