Vista Gold Corp.

Description

Vista Gold Corp. is a U.S.- and Canadian-listed gold developer whose sole material property is the 100%-owned Mt Todd Gold Project, located approximately 56 km northwest of Katherine in Australia's Northern Territory. The 2025 Feasibility Study defines a scalable 15,000 tpd starter operation averaging approximately 153,000 oz/year in years 1–15 and 146,000 oz/year over a 30-year mine life, with 88.5% recovery, US$425M initial capex and US$1,449/oz AISC during years 1–15.

The investment case is large, permitted gold scale with established access and infrastructure, long mine life and substantial expansion and exploration optionality. At US$2,500/oz gold, the 2025 FS reported approximately US$1.1B after-tax NPV5 and a 27.8% IRR.

On 20 September 2026, Artemis Gold agreed to acquire Vista for 0.0966 Artemis shares per Vista share. Closing is targeted for January 2027, subject to shareholder, court, FIRB, Northern Territory and exchange approvals. Artemis intends to re-optimize Mt Todd toward the already permitted 50,000 tpd scale following completion of Blackwater EP2.

List of Projects:

Project 1: Mt Todd Gold Project, Northern Territory, Australia — Gold, Copper, Tin, Tungsten
100%-owned flagship project. The Batman open pit and existing heap-leach pad underpin approximately 5.190 Moz P&P reserves at 0.94 g/t Au. Resources exclusive of reserves total approximately 3.931 Moz M&I and 1.433 Moz inferred across Batman and Quigleys. The 2025 FS supports a 15,000 tpd starter operation, while key approvals also cover a 50,000 tpd scale. The broader 1,300 km² tenement package contains gold together with copper, tin and tungsten occurrences.

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