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 an initial 15,000 tons per day plant, reducing CapEx from over $1 billion to $425 million, with flexibility for future expansion.

• Current focus is on pre-development optimizations, metallurgical and geotechnical studies, and building an Australian-based project development team.

• All work is aimed at commencing detailed engineering and design in 2027, with ongoing permit modifications to align with the new project scale.

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

Financials and capital structure

• Recently completed a $44.85 million public offering, 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.

• Project economics at a $2,500/oz gold price show an after-tax NPV5 of $1.1 billion and IRR of 28%; at $3,300/oz, NPV5 rises to $2.2 billion and IRR to 45%.

• 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

• Permit modifications are underway to reflect the reduced scale and updated pit design, with key environmental and mining licenses expected to be converted or amended by mid-next year.

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

• Federal authorizations and ecological studies are ongoing to comply with legislative changes.