![Vista Gold receives final $10m payment from Wheaton Precious Metals](https://resourcesreview.com.au/wp-content/uploads/2024/06/Screenshot-2024-06-24-142619-1000x667-1-1.jpg)
Vista Gold Corp. has announced the receipt of the final $10 million instalment from Wheaton Precious Metals Corp. as part of their $20 million royalty agreement for the Mt Todd gold project in Australia’s Northern Territory.
The payment, received by Vista’s wholly-owned subsidiary Vista Gold Australia Pty. Ltd., marks the completion of the royalty transaction initially announced in December 2023.
This final instalment follows the satisfaction of several conditions, including the commencement of a designated drilling program at Mt Todd.
The $20 million royalty agreement grants Wheaton a 1 per cent royalty on gross revenue from the sale or disposition of minerals from the Mt Todd project, subject to certain adjustments.
Vista plans to use the funds to advance the Mt Todd project and for general corporate purposes.
Mt Todd is considered one of the largest undeveloped gold projects in Australia, with the potential to become one of the country’s top five gold producers.
The project benefits from its location in a favourable mining jurisdiction and has already secured all major environmental and operating permits necessary for development.
This royalty agreement with Wheaton Precious Metals provides Vista with significant funding to demonstrate a development strategy for Mt Todd that requires lower initial capital investment while maintaining high returns through staged development.
The completion of this transaction represents a major milestone for Vista Gold Corp. and underscores the potential of the Mt Todd project.
It also highlights the confidence of major players like Wheaton Precious Metals in the project’s viability and future prospects.