Northern Territory, Australia
Vista’s 100% owned Mt Todd gold project1 is positioned to be one of Australia’s largest and lowest cost new gold producers. Located in Northern Territory, Australia (approximately 250 kilometers southeast of Darwin), Mt Todd contains more than 7.8 million ounces gold resources (measured and indicated categories) with significant deposit and district exploration expansion potential.
Since acquiring the project in 2006 and completing a preliminary feasibility study in 2013, Vista has obtained approvals of the Northern Territory environmental impact statement and the federal environmental authorization and completed metallurgical testing/process area optimizations to reduce capital/operating costs and improve gold production. The results of these improvements at the current gold price and foreign exchange rate are reflected in the updated preliminary feasibility study announced in September 2019.
Mt Todd is a “brownfield development” project with significant existing infrastructure including paved access from the major transportation corridor, a natural gas pipeline to site for future power generation, medium-tension power lines for present power needs, a fresh water reservoir, tailings impoundment facility, and readily available labor and technical personnel. These factors, coupled with the considerable amount of feasibility-level engineering already completed, provide an outstanding platform from which to launch the completion of a final feasibility study and position the project for expedited development.
Given the scale, attractive location and anticipated production/cost profile of the project, the Company is evaluating strategic alternatives to develop the project with the goals of improving shareholder value and minimizing future shareholder dilution.
1 We must offer the Jawoyn Aboriginal Association Corporation or JAAC (the freehold owners of the surface land) the opportunity to establish a joint venture with Vista holding 90% and the JAAC holding a 10% participating interest in the Mt Todd gold project. In addition, the JAAC will be entitled to an annual cash payment, or payment in kind, equal to 1% of the value of the annual gold production from the current Mining Licenses, and a 1% NSR on other metals, subject to a minimum payment of A$50,000 per year.