 school to i'm a mister fred earnes fred is the president and c e all of this the gold this the gold trades on the uxxx stock exchange and the american a symbol the gz uh... vista is uh... building one of the uh... biggest uh... well they're building shareholder value in one of the australian's largest in most advanced undeveloped gold projects i happen to own this the gold fred earnes welcome back to tfn and well good afternoon thanks for having me absolutely so uh... you know this market fred has been something else but it looks like uh... that we finally have some relief with the dollar going lower i mean it is just that the dollar hasn't just been traction commodities the dollar seems to be traction just about everything so we'll see where that whole thing shakes out but tell us uh... you know you came out with the financial results last night so tell us where we are with the vista gold these days yet on uh... thanks for thanks for asking you know we yet we announced last night that uh... we ended the second quarter with eleven point one million dollars in cash we reminded people that uh... we finished an announced results of uh... our exploration program in june and and one of the key takeaways from that program was that we identified identified four targets that combined we think have the potential to you with with future exploration to generate another one point eight to three point five million ounces of resource for the project obviously that extends the life of the project and we and we provided a very brief update on the process that uh... we've engaged uh... cibc capital markets to manage the process is moving forward and uh... we look forward to uh... sometime later this year being able to make an announcement as uh... as the what uh... what the process is generated but for the time being we're satisfied with the work that uh... cibc is doing and uh... things are moving forward and there is no doubt with the dollar being so high this has been a probably a tough time to do anything right uh... let me ask you this friend you know we're in australia so the bottom line is that what is the correlation between the australian dollar in the u.s. dollar and the implications to mount odd how does that work well certainly that the mount pod project is uh... is dependent on foreign exchange rate you know when when we look at uh... when we look at the project we look at the gold price and we look at foreign exchange rate and most those are there are two biggest factors is sixty five seventy percent of our capital costs will be in uh... denominated in australian dollars and and and about seventy percent of the operating costs as well so so those things are very important as now you know recently the uh... the australian dollar has displayed weakness compared to the u.s. dollar and that's very favorable to the to the project uh... that helps us out a lot longer term we we expect that the australian dollar will strengthen a little bit but their economy is behaving much the same way our economy is and so it's is very interesting dynamic to watch and there's no doubt now when we talk the price of you know we know that building a month very expensive right and the price uh... do you have a figure yet that you they speculated on what the all-in cost price would be like per ounce uh... is that we have that far ahead of that question like two far ahead no no i we estimate that are all in sustaining cost is going to be about eight hundred and sixty dollars an ounce plus or minus a little bit and so that's that's an amazing price right i mean that that's the reality that that is a very inexpensive price i know new month when they just come out with their numbers uh... the bottom line is that uh... they were eleven twenty eight i think they went up to twelve twenty uh... you know for some of their expenses there uh... and certainly and certainly time in all fairness you know that our numbers are based on uh... numbers at the end of last year and we're gonna be subject to some of the same inflationary increases that the producers are seeing today but when you know our our eight hundred sixty was well below the top five major producers at the time we estimated the cost so while new months costs have gone up i expect our surrogate have gone up but we're still below i think we're below the top five uh... no doubt for their average cost right and that the aspect of it at this point uh... cbic so what we'll look at it for cbic to basically either find a partnership for you which have explained to the tfn audience a few different times that would come in uh... get some equity maybe in order to build a whole mind and all some other type of transaction that would be able to make this uh... gold move forward absolutely you know we we have indicated that we're very open-minded with regards to what that transaction looks like whether that's a uh... whether that's a joint venture partnership or a transaction at uh... at the project level or even the corporate level that what we're focused on is is a transaction that creates a value uh... immediately and and also provides the opportunity for improved value down the road for business shareholders and you know it's amazing folks okay this is something that doesn't happen in the gold market can you explain a little in what i want specifically where i'm going with this right is this okay is that you have uh... uh... a hundred eighteen million shares outstanding right now and that is very unusual in the gold market and specifically what i mean and i've known you guys a long time i mean i'd i'd you know i'd i'd go back now my god this time deal fred is something else isn't it i don't even want to say it i you know but basically i go back twelve fifteen years or something you know it's amazing and it's so cool that you haven't diluted the stock so can you talk to the audience a little bit about that because a lot of them know because a lot of them are in the commodity market but it's amazing that you haven't gone that route in the business you know it's uh... maintaining a tight capital share structures one of the keys to the leverage to the gold price that we enjoyed we uh... you know we we were shareholders yes just like many of your listeners uh... and and we manage the company not as not as a hired management team but as but as participants and owners and uh... we run a pretty lean ship we have a small staff we all wear a lot of hats and i'm very proud of the fact that you know we've kept our capital share structure pretty tight you know that we only have a hundred eighteen million shares issued an outstanding uh... when many of our many of our peers double or triple that number because they've raised a lot of money you know we've we've had the advantage of being able to monetize some non-core assets yes we do all we do a lot to keep our our corporate expenses down you know to manage that the project in in in a very efficient managers for site management expenses and uh... and you know that the technical studies that that we undertake i think that we're as efficient or more efficient than almost anybody else in this industry when it comes to you know generating technical quality technical reports for the dollar well uh... from experience i absolutely agree like eight thousand percent and you know anyone that's in has been in the market for a while particularly the gold segment uh... for some reason and you can see you know mark bristol from uh... barric he was always hounding out that they just destroy value it and you have not destroyed value for so many years and work so hard it's it's just phenomenal well listen i appreciate the update uh... look forward to having you on again and folks it shades on the uh... and why s e and the american symbol v g z check it out come to our website check it out and as fred just said i was talking there's no dilution okay it's a mine it's a huge mine okay do some homework on it okay because the bottom line you know this is a great crew that has been going forward for a long period of time and has an amazing track record fred thank you so much you have a great one safe one and look forward to having you on again thank you very much time thank you