Vista Gold Corp. (NYSE American and TSX: VGZ) has announced significant achievements in 2024, marking a successful year for the company’s Mt Todd gold project in Australia’s Northern Territory.
The company has made substantial progress in positioning Mt Todd as a top-tier gold development project while maintaining financial discipline.
A key highlight of 2024 was the completion of a comprehensive drilling program, which concluded in December.
The program, consisting of 34 holes totalling 6,776 metres, yielded promising results, particularly in the northern section of the Batman deposit and the South Cross Lode.
Vista expects these findings to positively impact the overall gold inventory at Mt Todd.
In a strategic move, Vista launched a new feasibility study in December 2024, aiming to optimise the project’s economics.
The study targets an increased reserve grade of 1 gram gold per tonne, a 60 per cent reduction in initial capital expenditure to $400 million, and an average annual gold production between 150,000 to 200,000 ounces from a 15,000 tonnes per day ore throughput.
This revised approach represents a significant shift in the project’s value potential.
Frederick H. Earnest, President and CEO of Vista, commented on the company’s achievements, stating: “We directed our focus to the drilling program that we committed to as part of our 2023 royalty transaction and evaluating alternative development strategies for Mt Todd.
“Notably, we assessed opportunities to greatly reduce the initial capital requirement, raise the gold grade for material mined and processed, and retain a meaningful annual gold production level.”
The company also maintained its commitment to safety and environmental stewardship, achieving zero lost-time incidents at Mt Todd and surpassing 1,150 days without a workplace incident.
Vista continued its engagement with local stakeholders, including the Jawoyn Association Aboriginal Corporation, focusing on transparency and strong working relationships.
Financially, Vista benefited from its 2023 royalty transaction, which provided $20 million in funding by mid-2024.
Additionally, changes to the Northern Territory royalty structure, effective July 1, 2024, are expected to reduce the Mt Todd NT royalty payable by nearly 50 per cent.
As Vista moves forward with its new feasibility study, expected to be completed by mid-2025, the company remains focused on efficiently positioning Mt Todd for development while exercising the discipline necessary to maximise value for its shareholders.
