History
Vista Gold spent fifteen years growing the Mt Todd gold project in Australia, funded mostly by share sales, before shrinking the plan in 2025 and raising about US$39 million in 2026.
2010-2011: Mt Todd takes shape
The record held here begins in mid-2010, when Vista Gold was working to advance its Mt Todd gold project in Australia's Northern Territory, along with projects in Mexico, Indonesia and Idaho. In August 2010 a preliminary feasibility study estimated Mt Todd's reserves at 2 million ounces of gold. In October Vista closed a US$33.7 million private placement of special warrants, up from an initial target of about US$30 million. Part of the money was earmarked to repurchase US$23 million of 10% convertible notes due in March 2011.
In January 2011 a new feasibility study more than doubled reserves to 4.1 million ounces and outlined a 30,000-tonne-per-day mine. In April Vista closed a combination of its Idaho holdings with Midas Gold's neighbouring claims, forming Midas Gold Corp., in which it held about 37%. It also agreed to sell shares in a bought-deal offering for gross proceeds of C$29.7 million. In June it let its Indonesian partner, Pan Asia Resources, earn a further 20% of the Awak Mas project.
2012-2013: Bigger plans, tighter money
Drilling kept expanding Mt Todd. In February 2012 Vista brought in Invecture Group to earn up to 60% of its Concordia project in Mexico. The company then pursued ever larger plant sizes. By September 2012 the resource had passed 7 million ounces measured and indicated. In October it chose a two-phase build, starting at 30,000 tonnes per day and expandable to 45,000. Funding came from a US$15 million placement that closed in July 2012, and a roughly US$10 million offering at US$2.75 per unit in December. Shares on issue rose from about 71.5 million at the end of 2011 to 81.6 million at the end of 2012.
In April 2013 Vista took out a C$10 million, 8% loan from Sprott Resource Lending Partnership. A May 2013 study lifted reserves 44% to 5.9 million ounces. In September Vista extended the loan to March 2015, paying for the extension in stock and pledging its whole Midas Gold stake as collateral, a sign credit terms were tightening. In October it sold the Los Cardones project (the former Concordia ground) for US$13 million, using about half to pay down the loan.
2014-2015: Shedding the extras
Vista focused on Mt Todd by selling other assets. In February 2014 it sold 16 million Midas Gold shares for Cdn$12.8 million, cutting its stake from 24.9% to 12.4%, and used about US$5.0 million to repay debt. In April it optioned Guadalupe de los Reyes in Mexico to Cangold for up to US$8 million. In February 2015 the Los Cardones buyer's final payment was cut from US$6 million to US$3 million in return for certainty. In March 2015 Vista sold another 8 million Midas shares, leaving about 5.5%, with Mt Todd as its only real strategic focus.
2016-2020: Redesign and a search for a partner
After an 18-month quiet stretch, Vista raised about US$15 million in August 2016, and shares on issue rose from 82.9 million to 97.8 million by year end. In 2017 testing showed it could cheaply reject 8-10% of Mt Todd's waste rock before grinding. Guadalupe de los Reyes was re-optioned to Minera Alamos for US$6 million plus royalties, and a US$10 million at-the-market facility with H.C. Wainwright was set up, letting it sell shares gradually. A January 2018 study kept reserves at 5.85 million ounces with a US$679 million after-tax value at $1,300 gold. A September 2019 study lifted that to US$823 million, and Vista said it would not take on the debt and dilution of building alone and sought a development partner. In December 2020 it converted the Jawoyn traditional owners' option on a 10% joint-venture interest into a royalty on revenue, with training and employment commitments.
2021-2024: Full feasibility and a royalty
In July 2021 Vista raised about US$13.5 million at US$1.10 per unit. In February 2022 its first full feasibility study lifted reserves 19% to nearly 7 million ounces, outlining a 16-year mine with a US$1.5 billion after-tax value at $1,800 gold. In December 2023 Vista sold Wheaton Precious Metals a 1% royalty on Mt Todd's future gold revenue for US$20 million, its first financing that was neither shares nor straight debt. In February 2024 it received the second US$7 million instalment after giving Wheaton a mortgage over its Mt Todd mineral rights. A March 2024 update showed initial capital up US$138 million but after-tax value of US$1.13 billion.
2025-2026: A smaller start
In July 2025 Vista cut Mt Todd to a 15,000-tonne-per-day starter project, reducing initial capital 59% to US$425 million to make it financeable. On 2 March 2026, in a strong gold price environment, it agreed to raise about US$39 million in a share offering led by CIBC World Markets to fund exploration and development at Mt Todd and general corporate purposes. Shares on issue stood at about 146 million, and Mt Todd remained its flagship project.
Written from the 43 story beats below (2010 to 2 Mar 2026), which come from the company's own announcements and filings.