Vista Gold Corp. has set a target to commence detailed engineering and design for its Mt Todd gold project in early 2027, following the completion of a July 2025 feasibility study that re‑scales the project to a 15,000‑tonne‑per‑day operation with an initial capital cost of $425 million.
The 2025 study also defines a 27‑month design, construction and commissioning schedule, and projects a net present value that rises sharply to more than $2 billion and an internal rate of return above 40 % when gold prices are above $3,600 per ounce – well above the $2,500/oz assumption used in the study.
By moving to detailed engineering, Vista is positioning the project for a potential financing or partnership decision. The company will use the period to secure permit modifications, build an Australian team, and address remaining technical recommendations, thereby reducing regulatory and technical risk before construction begins.
Frederick Earnest, Vista’s President and CEO, said the company’s opportunity to realize an uplift in value by advancing development of Mt Todd has never been greater, underscoring the strategic importance of the milestone.
The high gold price environment provides a tailwind that improves the project’s economics, making it more attractive to lenders and potential joint‑venture partners. Vista is evaluating several strategic pathways, including a joint venture or self‑development, and expects permit approvals to be in place by the end of 2026.
The company’s focus on building a dedicated Australian team and securing the necessary regulatory approvals signals a disciplined approach to execution, aiming to bring the project closer to production while maintaining flexibility in financing options.
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