Vista Gold Corp. (NYSE American: VGZ) priced a $39.0 million public offering of 15,600,000 common shares at $2.50 per share, with the transaction expected to close on March 9 2026. The offering follows the company’s earlier announcement of a $30.0 million at‑the‑market program, which was suspended on February 26 after raising $4.6 million.
The net proceeds will be directed toward advancing the Mt. Todd gold project in Australia’s Northern Territory, covering drilling, engineering, permitting, and other development activities, while also supporting general corporate purposes. The financing aligns with the 2025 feasibility study, which cut the initial capital‑expenditure requirement by 59 % to $425 million and projected a 27.8 % internal rate of return and an after‑tax NPV of $1.1 billion at a gold price of $2,500 per ounce.
Management highlighted the strategic value of the offering, noting that “our opportunity to realize an uplift in value by advancing development of Mt Todd has never been greater. The 2025 FS outlines an excellent case for development and is further supported by continuing strength in the gold price.” The company also emphasized its focus on de‑risking the project and positioning for a potential joint venture or acquisition in the near future.
Analysts responded positively to the pricing, raising their price targets on February 25. Heiko Ihle of H.C. Wainwright lifted the target to $5 from $3, while another analyst increased it to $3 from $2.75, citing the updated price deck and the favorable economics of the Mt. Todd project.
The offering strengthens Vista Gold’s debt‑free balance sheet and provides the capital needed to accelerate the project’s development timeline, potentially shortening the path to production and enhancing shareholder value.
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