VISTA GOLD CORP

With gold prices near record highs and its smaller, cheaper Mt Todd plan now feasible, Vista raised about US$39 million in a share offering - one of its largest raises yet - to help fund construction.

material agreement

In a major strategy shift, Vista cut Mt Todd down to a much smaller 15,000-tonne-per-day starter project, slashing initial capital costs 59% to $425 million while still targeting strong returns - a deliberate move to make the long-stalled project financeable for near-term construction rather than waiting for a larger build.

resource reserve update

An updated feasibility study showed Mt Todd's value held up despite rising construction costs (initial capital up $138 million) and the new Wheaton royalty, with after-tax NPV actually improving slightly to $1.13 billion.

resource reserve update

Vista received the second, $7 million installment of the Wheaton royalty financing after granting Wheaton a security interest (a mortgage) over its Mt Todd mineral rights.

debt financing

Vista sold Wheaton Precious Metals a 1% royalty on Mt Todd's future gold revenue for US$20 million, its first streaming-style financing and a way to fund the project without more share dilution or straight debt.

material agreement

Vista's first full feasibility study (rather than a preliminary one) for Mt Todd lifted reserves 19% to nearly 7 million ounces and outlined a 16-year mine, with an after-tax NPV of $1.5 billion at $1,800 gold.

resource reserve update

Vista raised about US$13.5 million in a share and warrant offering at US$1.10 per unit to keep advancing Mt Todd.

material agreement

Vista renegotiated its founding 2006 land agreement with the Jawoyn Association, the traditional owners at Mt Todd: instead of an option to become a 10% joint-venture partner in the mine, the Jawoyn now get a straightforward royalty on revenue, simplifying Vista's path to developing the project while adding new commitments on training, employment and contracting for the Jawoyn people.

material agreement

Filed the NI 43-101 technical report behind the September 2019 preliminary feasibility study for Mt Todd - a 50,000 tonne-a-day open pit with 91.9% life-of-mine gold recovery, a US$823 million net present value and a 23.4% return at US$1,350 gold. Vista said it would not take on the debt and dilution of building the mine alone and was looking for a development partner.

resource reserve update

An updated feasibility study lifted Mt Todd's projected after-tax value to $823 million (up from $679 million in 2018) on improved gold recovery, while reserves held steady at 5.85 million ounces.

resource reserve update

An updated feasibility study confirmed Mt Todd's economics held up well even after redesigning the plant around ore sorting - reserves basically unchanged at 5.85 million ounces but stronger cash flow and a $679 million after-tax NPV at $1,300 gold.

resource reserve update

Further metallurgical testing showed Vista's ore-sorting and grinding redesign would boost Mt Todd's gold recovery to about 86%, and the company guided to an updated feasibility study in early 2018.

resource reserve update

Vista set up a US$10 million at-the-market share sale facility with H.C. Wainwright, giving it a flexible way to raise cash gradually rather than through one-off placements.

material agreement

Vista optioned Guadalupe de los Reyes to Minera Alamos, which can now earn 100% of the Mexican project for US$6 million plus royalties - a bigger deal than the 2014 Cangold option it replaces.

material agreement

Test-sorting of ore samples confirmed Vista could cheaply reject 8-10% of Mt Todd's waste rock before grinding, and the company began updating its feasibility study to incorporate the technology.

resource reserve update

After an 18-month quiet stretch during the gold downturn, Vista raised about US$15 million in a bought-deal unit offering to keep funding Mt Todd.

material agreement

The sale closed, cutting Vista's Midas Gold stake to about 5.5% and leaving Mt Todd as its only real remaining strategic focus alongside a shrinking portfolio of non-core interests.

asset acquisition disposition

Vista arranged to sell another 8 million Midas Gold shares for up to Cdn$3.68 million, which would shrink its Midas stake from 11.2% to about 5.5% as gold prices stayed weak.

material agreement

RPG Structured Finance renegotiated the Los Cardones debt deal a third time, cutting the amount it ultimately owes Vista from US$6 million to US$3 million in exchange for removing its right to walk away from the payment - Vista taking a discount for certainty.

material agreement

Vista optioned its non-core Guadalupe de los Reyes gold-silver project in Mexico to junior miner Cangold, which can earn up to 100% by paying up to US$8 million over several years, shedding another asset outside its Mt Todd focus.

material agreement

The Midas share sale closed for Cdn$12.8 million; Vista used most of the proceeds to pay down its Sprott Resource Lending term loan to about US$1.7 million, leaving Vista holding a 12.4% stake in Midas Gold.

asset acquisition disposition

Vista arranged to sell 16 million of its Midas Gold Corp shares for up to Cdn$12.8 million, which would cut its Midas stake from 24.9% to about 12.4%.

material agreement

The Los Cardones sale closed: Invecture took the project company outright and RPG Structured Finance bought the associated intercompany debt, together paying Vista US$13 million and ending the 2012 earn-in arrangement with Invecture.

asset acquisition disposition

Vista agreed to sell its Los Cardones gold project in Mexico (the former Concordia earn-in ground) to Invecture Group for US$13 million, using roughly half the proceeds to pay down its Sprott Resource Lending term loan, as it shed non-core assets to preserve cash for Mt Todd and its Midas Gold stake.

material agreement

Vista extended the Sprott loan's maturity to March 2015 - paying for the extension in stock - but had to sweeten the deal for the lender by pledging its entire stake in Midas Gold Corp. as first-priority collateral and adding a subsidiary guarantee, a sign credit terms were tightening.

capital raising announcement

A new preliminary feasibility study raised Mt Todd's reserves 44% to 5.9 million ounces of gold and laid out two development options - a bigger 50,000-tonne-per-day project or a smaller, higher-grade 33,000-tonne-per-day alternative.

resource reserve update

Vista entered a new C$10 million credit facility with Sprott Resource Lending Partnership at 8% interest, maturing March 2014, to help fund continued development of Mt Todd and Guadalupe de los Reyes plus general working capital.

capital raising announcement

Vista raised roughly US$10 million in a public offering of shares and warrants at US$2.75 per unit, its fourth equity raise since 2010 to keep Mt Todd and its other projects funded.

material agreement

Vista settled on a two-phase build for Mt Todd - a smaller 30,000-tonne-per-day first stage expandable to 45,000 tonnes per day - to cut initial capital costs, and rescheduled its feasibility work into a preliminary study due Q1 2013 followed by a full feasibility study in Q2.

resource reserve update

An updated resource estimate grew the Batman deposit at Mt Todd to just over 7 million ounces of gold measured and indicated, up 17% from a year earlier and 37% above the original 2011 feasibility study.

resource reserve update

That private placement closed, raising the full $15 million.

capital raising announcement

Vista enlarged the planned Mt Todd plant to 40,000-45,000 tonnes per day to capture its growing resource, pushing the feasibility study back again to late 2012 or early 2013.

resource reserve update

Encouraged by continued high-grade drill results at depth, Vista decided to study an even larger Mt Todd operation and began building a project team in Australia to develop it.

resource reserve update

Vista brought in Mexican company Invecture Group to earn up to 60% of its Concordia gold project in Baja California Sur for an initial US$2 million payment, easing the cost of holding onto its secondary Mexican assets.

material agreement

New drilling pushed the Batman deposit's estimated gold resource to nearly 6 million ounces measured and indicated, up 17% from a year earlier, as Vista worked toward a bigger definitive feasibility study.

resource reserve update

Vista let its Indonesian joint-venture partner, Pan Asia Resources, earn up to a further 20% of the Awak Mas gold project on top of the 60% it was already earning, in exchange for more cash, shares and drilling.

farm in farm out agreement

Vista raised about C$29.7 million in a bought-deal share offering, on top of the special-warrant financing from six months earlier, to keep funding Mt Todd and its Mexican and Indonesian projects.

material agreement

Vista closed the combination of its Yellow Pine (Idaho) holdings with Midas Gold's adjoining Stibnite-district claims, forming a new company, Midas Gold Corp.; a concurrent C$15.3 million private placement (Vista put in an extra C$3.5 million) left Vista holding about 37% of the new company.

capital raising announcement

Vista's Idaho gold ground was combined with Midas Gold's adjoining Hangar Flats and West End deposits to create a new project, Golden Meadows, with nearly 6 million combined ounces; Vista will hold about 35% of the resulting Midas Gold Corp once the deal closes.

resource reserve update

A new feasibility study more than doubled Mt Todd's estimated reserves to 4.1 million ounces of gold and outlined a bigger 30,000-tonne-per-day mine, a major step up from the August 2010 study.

resource reserve update

The private placement closed, raising $33.7 million; proceeds were earmarked to repurchase $23 million of 10% senior secured convertible notes coming due in March 2011, advance Mt Todd, and fund general corporate needs.

capital raising announcement

Vista arranged to raise roughly US$30 million through a private placement of special warrants, capital it needed to keep advancing Mt Todd and its Mexican gold projects.

material agreement

A preliminary feasibility study put Vista's first-ever reserve estimate for the Batman deposit at Mt Todd at 2 million ounces of gold, backing a proposed 18,500-tonne-per-day mine with an 8.9-year life.

resource reserve update