 Let's go over to our man is the Fred Ernest Fred folks is the president and CEO of Vista Gold Vista Gold is an international Gold mining exploration company. They do business in Mexico as well as the Northern Territory in our Australia We do happen to own Vista Gold I happen to own it, but we also own it inside the gold report Fred Ernest welcome back to TFNN Tom Tommy. Good morning. Happy New Year. Good morning. We're kicking it off, right? We had our man Mr. Kevin Hinks on from TD Ameritrade. We have you we have the Presentation up Fred if you can if we can actually start. I mean, I know you've done a lot of work on Mount Todd You know we get the presentation up here if you can kind of walk us through Where we are at Mount Todd Yeah, absolutely. Thanks for having me on this morning 2019 was a great year for us with regards to the Mount Todd project We we completed An extensive metallurgical testing program that had been something that we'd been working on for 18 months The results of that is that we we improved gold recoveries from 86.4 percent to 91.9 percent It's a huge jump in recovery. That's the result of you know continued work on ore sorting Additional test work on fine grinding During the year, you know from our previous study. We saw an improvement in the foreign exchange rate Gold price everybody knows what's happened with gold price and and the long and the short of it is is that this allowed us to You don't report a significant improvement in the project economics You know At the end of the day, you know, we we continue to enjoy a very strong correlation to the gold price And with where the project is at we're now focused on on finding a partner to help us advance the project Uh, you know Mount Todd, uh, you know, if you if you look at the uh the presentation I'm gonna kind of skip through some of the corporate stuff but talking about Mount Todd if you look at Slide eight in the presentation You see a picture of what the project looks like. This is a project that was operated in the 1990s Okay, some some uh, you see You see the old pit the plant site The the tailing storage facility the freshwater storage reservoir. Yes, you know, this this is a site that We enjoy great infrastructure. There's been a significant investment made here And because of that we enjoy the benefits of things like paved roads to the site power line natural gas pipeline Which is really important for us in in the project because Power is in in the northern territory is expensive about 30 31 cents a kilowatt hour We can generate our own power with natural gas for uh somewhere in the range of eight to nine cents a kilowatt hour tremendous savings for us Freshwater storage reservoir All of these things are Allow us to move the project forward without the risks associated with developing infrastructure And so uh, so this is a site that uh That you know has had a had tremendous work done on it Just to kind of put things in perspective if you look at the next slide slide nine um This kind of paints the picture of of where our our results from the the pfs that was published in in September fallout Mount Todd as it's designed today will be the fifth largest gold producer in australia That's amazing. It'll have lowest quartile costs You know I just want to give the folks a little background fred, you know, because they you know, it's so intriguing to me that you know, we Been in the gold market for a long period of time. I have the gold report for 20 20 years now, right? And when I when I met, um, you know, the folks at vista folks, okay I met jock literally like 20 years ago and then mike And here's my question which is so you know, we've seen I've seen plenty of other companies They dilute their shares and so it's so intriguing. I mean that you guys have been able to still have cash Not dilute your shares So talk to me a little bit about that because you know, we get million calls in here all the time A lot of calls, you know, I'm saying that it's really hard to basically get done what you've done Without diluting the shareholder Well, tom, you know, we're we're engineers. We're operators We understand the value of you know, where to make investments and where not to make investments and and Along the road, we've been able to very efficiently and effectively advance the project. Yes on the money raising side You know, we've been able to accomplish all that we've done without going to the market very often You know, we have just over a hundred million shares issued now standing Right. So we have raised some money from time to time But when we raise it, we try and raise it in the best circumstances And then we shepherd that money. We we consider ourselves to be steward of that money and we spend it very wisely We were You know, you mentioned jock mcgregor jock started the company on a path to become An acquirer of assets and and to build a portfolio. That's right. I remember that's when that's That's when goals of 252 and 300. That's right And during during that jock started us on a path where the resources of the company grew from 2.1 million ounces to 18.3 million ounces Okay, and then you'll recall in 2007 we spun out all the all of the nevada assets into allied nevada Yeah, and that resulted in in a in a in cash coming into the company We subsequently sold our share in allied nevada And you know, so that was cashed into the company in a non-dilutive sense. Yes, we subsequently helped create mitis gold corp And we originally were a 35 shareholder. We sold part of our interest in in mitis And we used that money to help fund our activities. We still own over 7 million shares in in mitis And and then one of the things that we did that was a little creative is that We uh, when we took on mount Todd There was an acid rock drainage problem at the site and we recognized this going in and we applied No, just just practice and and and experience that we had in similar situations and developed a set of protocols that have allowed us to Turn this site from something that was a problem for the community into something that's now the The poster child for the northern territory government's environmental protection agency on how to deal with acid rock drainage And along the way we made a significant investment But we were able to get some tax credits under Under the concept of research and development the australian government Has programs to foster rnd And what we did was was so different than what anybody else has done and so so efficient That we were able to recover a significant amount of money Effectively fund our operations for over a year and a half with the rebates that we got from from the federal government And so that was that was another step along the path. We've monetized other assets You know, we sold the uh, guadalupe de los reyes project. We're optioned it out We're expecting one more option payment from that We sold the par donor san marios project We recently announced that we'd monetize the royalty that we had on the awaq mas project in indonesia We continued to look for ways to monetize assets and achieve real value Fair value for the assets in a way that I mean we we raised money in 2012 And we raised money again in 2016 that just that just talks to the question that you asked that you know You don't go to the market very often. It's it's so impressive and folks you can go to Vistagold.com you can see the presentation great presentation Fred it's always is a pleasure. Of course, uh, love the education. Uh, look forward to having you on again Thanks guys