Vista Gold (VGZ) Mining Forum Europe 2026 summary

Project overview and strategy

• Mt. Todd is one of Australia's largest undeveloped gold projects, with 10.6 million ounces in total resources and 9.1 million ounces measured and indicated.

• The project is being right-sized to start at 15,000 tons per day, down from 50,000, to reduce initial CapEx and allow for future expansion.

• Current focus is on pre-development optimizations, metallurgical and geotechnical studies, and project execution planning to enable detailed engineering by 2027.

• An Australian-based project development team is being established, with key hires already in place in Perth and the Northern Territory.

• The company remains open to joint ventures or other transactions that reward shareholders appropriately.

Financials and capital structure

• A public offering in March raised $44.85 million at $2.50 per share, resulting in approximately $55.5 million in cash and no debt.

• Nearly 145 million shares are issued and outstanding, with a significant institutional shareholder base.

• The project’s after-tax NPV5 is $1.1 billion at a $2,500/oz gold price, rising to $2.2 billion at $3,300/oz, with IRRs of 28% and 45% respectively.

• All-in sustaining costs are estimated at $1,450–$1,500/oz, placing the project in the middle range among Australian gold producers.

Project development and permitting

• Modifications to existing permits are underway to reflect the new 15,000 tpd plan and recent drilling programs.

• Conversion of the mining license to a full environmental mining license is expected by the end of this or early next quarter.

• Federal authorization and ecological studies are ongoing, with completion targeted for mid-next year.

• Additional Aboriginal Areas Protection Authority certificates are being sought to expand operational areas.