Artemis Acquires Vista Gold for $427M to Secure Mt Todd Asset

Artemis Gold has agreed to acquire Vista Gold for $427 million in an all-share transaction that adds the Mt Todd gold project in Australia’s Northern Territory to its portfolio. The deal, reported by The Northern Miner, allows Artemis to secure a large-scale development asset without assuming new debt or issuing cash.

Vista shareholders will receive 0.0966 Artemis shares for every Vista share they own. This exchange ratio represents a 29% premium over the 20-day volume-weighted average price through September 18. Upon completion, Artemis will hold full ownership of Mt Todd, a permitted project that can be developed after expansions at its existing Blackwater mine in British Columbia.

Mt Todd resource and valuation metrics

Located 290 km southeast of Darwin, Mt Todd holds 340.4 million measured and indicated tonnes grading 0.83 grams of gold per tonne, containing 9.1 million ounces of metal. An additional 57.1 million inferred tonnes grade 0.78 grams per tonne, adding 1.4 million ounces. The project has existing approvals for a processing plant designed to treat 50,000 tonnes per day.

A 2025 feasibility study values the asset at an after-tax net present value of $1.1 billion, assuming a 5% discount rate and a gold price of $2,500 per ounce. The study projects a 28% internal rate of return and a 2.7-year payback period. Artemis plans to review and optimize the existing development plan rather than immediately committing to construction.

Strategic sequencing and production targets

Artemis intends to sequence capital between Mt Todd and its Blackwater mine, which entered commercial production in May 2025. Blackwater is on pace to produce 265,000 to 290,000 ounces of gold this year. The company is evaluating a stage 2 expansion for Blackwater that would lift annual output to more than 500,000 ounces, a priority ahead of Mt Todd construction.

The acquisition also grants Artemis access to a district-scale exploration position covering more than 1,300 square kilometers of contiguous licenses around Mt Todd. These licenses cover known gold, copper, tin, and tungsten occurrences along a 25-kilometer trend with limited modern exploration. The deal is expected to close in January, subject to shareholder, court, and regulatory approvals in Australia.