Key Highlights

  • Vista Gold Corp.’s (“company”, “Vista”) updated Preliminary Feasibility Study (“PFS”) on its 100% owned Mt Todd project, which used a $1,350 per oz gold price, showed an After Tax Net Present Value (“AT-NPV”) at 5% of $823 million, with an After Tax Internal Rate of Return (“AT-IRR”) of 23.4%.
  • For a large project, we believe Mt Todd has a relatively high IRR, and short payback period, due to lower initial CAPEX ($826 million) and operating cost ($645 per oz).
  • Mt Todd is positioned to be the fifth largest annual gold producer in Australia, and among the lowest-cost producers.
  • Since 2006, the project has had two Preliminary Economic Assessments, and five PFSs completed. We consider Vista to be a good acquisition target for both large and mid-tier producers.
  • Management, board members, and institutions own 33% of the outstanding shares.
  • At the end of Q2-2019, the company had cash and working capital of $6.32 million and $9.56 million, respectively.

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