UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE |
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For the quarterly period ended September 30, 2004 |
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OR |
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TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE |
Commission File Number 1-9025
VISTA GOLD CORP.
(Exact name of registrant as specified in its charter)
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Continued under the laws of the Yukon Territory, Canada |
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None |
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(State or other jurisdiction of incorporation or organization) |
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(IRS Employer Identification No.) |
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7961 Shaffer Parkway |
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80127 |
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(Address of principal executive offices) |
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(Zip Code) |
(720) 981-1185
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act)
Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
17,924,007
Common Shares, without par value, outstanding at November 9, 2004
VISTA GOLD CORP.
(An Exploration Stage Enterprise)
FORM 10-Q
For the Quarter Ended September 30, 2004
INDEX
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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In this Report, unless otherwise indicated, all dollar amounts are expressed in United States dollars.
2
PART I – FINANCIAL INFORMATION
CONSOLIDATED BALANCE SHEETS - UNAUDITED
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(U.S. dollars in thousands) |
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September 30, 2004 |
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December 31, 2003 |
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Assets: |
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Cash and cash equivalents |
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$ |
8,101 |
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$ |
5,520 |
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Marketable securities |
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45 |
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31 |
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Accounts receivable - Note 12 |
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480 |
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642 |
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Supplies inventory, prepaids and other |
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318 |
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292 |
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Current assets |
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8,944 |
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6,485 |
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Restricted cash - Note 3 |
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5,075 |
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1,684 |
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Mineral properties - Note 4 |
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17,778 |
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16,598 |
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Plant and equipment - Note 5 |
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1,399 |
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1,513 |
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19,177 |
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18,111 |
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Total assets |
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$ |
33,196 |
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$ |
26,280 |
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Liabilities and Shareholders’ Equity: |
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Accounts payable |
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$ |
156 |
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26 |
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Accrued liabilities and other |
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209 |
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382 |
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Current liabilities |
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365 |
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408 |
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Accrued reclamation and closure costs - Note 9 |
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4,182 |
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4,169 |
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Total liabilities |
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4,547 |
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4,577 |
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Capital stock, no par value: - Note 6 |
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Preferred - unlimited shares authorized; no shares outstanding |
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Common - unlimited shares authorized; shares outstanding: |
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2004 - 17,814,407 and 2003 - 14,561,832 |
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149,219 |
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138,458 |
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Warrants - Note 7 |
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206 |
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456 |
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Options - Note 8 |
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1,008 |
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41 |
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Contributed surplus |
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36 |
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13 |
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Deficit |
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(121,820 |
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(117,265 |
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Total shareholders’ equity |
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28,649 |
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21,703 |
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Total liabilities and shareholders’ equity |
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$ |
33,196 |
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26,280 |
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Commitments and contingencies - Note 9
Subsequent events - Note 13
The accompanying notes are an integral part of these consolidated financial statements.
3
VISTA GOLD CORP. (An Exploration Stage Enterprise)
CONSOLIDATED STATEMENTS OF LOSS - UNAUDITED
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Three
Months Ended |
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Nine
Months Ended |
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Cumulative |
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(U.S. dollars in thousands, except share data) |
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2004 |
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2003 |
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2004 |
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2003 |
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Stage |
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Costs and expenses: |
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Exploration, property evaluation and holding costs |
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$ |
501 |
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$ |
196 |
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$ |
1,450 |
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$ |
796 |
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$ |
3,082 |
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Corporate administration and investor relations |
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373 |
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383 |
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1,702 |
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1,246 |
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4,560 |
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Depreciation, depletion and amortization |
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53 |
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5 |
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157 |
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32 |
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443 |
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Provision for reclamation and closure costs |
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— |
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— |
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— |
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— |
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1,048 |
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Interest expense/(income) |
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(4 |
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— |
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(26 |
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— |
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(12 |
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(Gain)/loss on disposal of assets |
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— |
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— |
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(8 |
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— |
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(91 |
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Other expense/(income) |
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3 |
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(11 |
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