Artemis Gold adds Australia's Mt Todd project in all-share Vista Gold deal

Artemis Gold said September 21 it will buy Vista Gold outright through a share-for-share deal worth roughly US$427 million, or about C$598.9 million according to Mining Technology’s conversion, folding Vista Gold’s Mt Todd gold project in Australia’s Northern Territory into its portfolio. Under the deal, each Vista Gold share converts to 0.0966 Artemis Gold shares, implying a price of US$2.83 per Vista Gold share, a 29% premium to Vista Gold’s 20-day volume-weighted average price as of September 18. No cash or new debt is involved.

Artemis Gold said Vista Gold shareholders will hold about 5% of the combined company and Artemis Gold shareholders the remaining 95%; Artemis already held a 4.95% stake in Vista Gold going in. Mt Todd carries a measured-and-indicated resource of 9.1 million ounces of gold and an inferred resource of 1.4 million ounces, according to the project’s S-K 1300 technical report summary, reviewed and approved by qualified person Jeff Dang, and holds permits for a 50,000-tonne-per-day processing facility; the project is at the feasibility stage. The deal still needs Vista Gold shareholder approval, court approval under British Columbia’s Business Corporations Act, and Australian foreign-investment clearance, which Artemis Gold expects to close in January 2027.