Vista Gold (VGZ) risk factors, FY2024 10-K

Other

1. 01We cannot be assured that the Mt Todd FS has, or future studies will, accurately forecast economic results
2. 02Mt Todd requires substantial capital investment, and we may be unable to raise sufficient capital on favorable terms or at all
3. 03If we decide to construct the mine at Mt Todd, we will assume substantial reclamation obligations resulting in a material financial obligation
4. 04There may be delays in the construction of Mt Todd
5. 05Increased costs could impede our ability to become profitable
6. 06We cannot be assured that we will have an adequate water supply for mining operations at Mt Todd
7. 07We rely on third parties to fulfill their obligations under agreements
8. 08Our exploration and development interests are subject to evolving environmental regulations
9. 09We could be subject to environmental lawsuits
10. 10We may have material undisclosed environmental liabilities of which we are not aware
11. 11There may be challenges to our title to mineral properties and rights of use
12. 12Opposition to Mt Todd could have a material adverse effect
13. 13Our exploration and development activities, strategic transactions, or any acquisition activities may not be commercially successful and could fail to lead to gold production or fail to add value

Financial and Business Risks

1. 14We have a history of losses, and we do not expect to generate earnings from operations or pay dividends in the near term, if at all
2. 15We depend on key personnel, the loss of which could have a material adverse effect on our business
3. 16A substantial or extended decline in gold prices would have a material adverse effect on the value of our assets and on our ability to raise capital and could result in lower than estimated economic returns
4. 17Industry consolidation could result in the acquisition of a control position in the Company for less than fair value
5. 18We expect to need additional financing in connection with the implementation of our business and strategic plans from time to time
6. 19We may be unable to raise additional capital on favorable terms, or at all
7. 20We face intense competition in the mining industry
8. 21The occurrence of events for which we are not insured may affect our cash flow and overall profitability
9. 22Currency fluctuations may adversely affect our costs
10. 23Certain directors and officers may serve as directors and officers of other companies in the natural resources sector

Industry Risks

1. 24Calculations of mineral resources and mineral reserves are estimates only and subject to uncertainty
2. 25Estimated mineral resources and mineral reserves may be materially affected by other factors
3. 26Feasibility studies and other technical studies are estimates only and subject to uncertainty
4. 27Mining companies are increasingly required to consider and provide benefits to the communities, regions, and countries in which they operate, and are subject to extensive environmental, health and safety laws and regulations
5. 28Mining exploration, development and operating activities are inherently hazardous
6. 29Pending or future legislation and regulations or other standards intended to address climate change could result in increased operating costs
7. 30Pending or future initiatives involving taxation could result in increased taxes and operating costs
8. 31Our share price may be volatile and your investment in our Common Shares could suffer a decline in value
9. 32Potential share dilution
10. 33Holders of our Common Shares may not receive dividends

General Risks

1. 34We may experience cybersecurity breaches which may result in information theft, data corruption, operational disruption, disclosure of confidential business information, misdirected wire transfers, reputational harm, or financial loss
2. 35We are subject to anti-bribery and anti-corruption laws
3. 36Our business is subject to evolving corporate governance and public disclosure regulations that have increased both our compliance costs and the risk of noncompliance
4. 37We are or may become subject to data privacy laws, regulations, litigation and directives relating to our processing of personal information