# NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia.

Source Brief: https://evesgoldminers.com/research/source-briefs/vista-gold-2019-10-07-ni-43-101-technical-report-mt-todd-gold-project-50-000-tpd-e1988ff8
Original source: https://vistagold.com/images/pdf/technical_reports/2019/NI-43-101-Report-Vista-Gold-Mt-Todd-PFS-2019_v16-tls-100719.pdf
Original published: 2019-10-07
EGM generated: 2026-09-04
Company: Vista Gold (VGZ)

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## Extracted Document Text

# NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia.

Source: https://vistagold.com/images/pdf/technical_reports/2019/NI-43-101-Report-Vista-Gold-Mt-Todd-PFS-2019_v16-tls-100719.pdf
Published: 2019-10-07T00:00:00+00:00
Fetched: 2026-05-05T09:40:28.852+00:00
Source artifact: e1988ff8-4ed5-49e3-b93c-def31d22a489
Normalizer input: text

## Content

# NI 43-101 Technical Report Mt Todd Gold Project 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia.
Report to:
7961 Shaffer Parkway, Suite 5 | Littleton, CO 80127
Phone: (720) 981-1185
NI 43-101 Technical Report
Mt Todd Gold Project
50,000 tpd Preliminary Feasibility Study
Northern Territory, Australia
PROJECT NO.: 117-8348001
PREPARED BY: Rex Clair Bryan, Ph.D.
Anthony Clark, P.E.
Thomas L. Dyer, P.E.
Amy L. Hudson, Ph.D., CPG, REM
Chris Johns, M.Sc., P.Eng
Deepak Malhotra, Ph.D.
Zvonimir Ponos, BE, MIEAust, CPeng, NER
Guy Roemer, P.E.
Vicki J. Scharnhorst, P.E., LEED AP
Jessica I. Monasterio, P.E.
Keith Thompson, CPG, PG
350 Indiana Street, Suite 500 | Golden, CO 80401
Phone: 303-217-5700 | Fax: 303-217-5705
Report to:
7961 Shaffer Parkway, Suite 5 | Littleton, CO 80127
Phone: (720) 981-1185
NI 43-101 Technical Report
Mt Todd Gold Project
50,000 tpd Preliminary Feasibility Study
Northern Territory, Australia
PROJECT NO: 117-8348001
EFFECTIVE DATE: September 10, 2019
ISSUE DATE: October 7, 2019
350 Indiana Street, Suite 500 | Golden, CO 80401
Phone: 303-217-5700 | Fax: 303-217-5705
NI 43-101 Technical Report Vista Gold Corp.
50,000 tpd Preliminary Feasibility Study – Northern Territory, Australia Mt Todd Gold Project
FORWARD-LOOKING STATEMENTS
This Technical Report contains forward-looking statements within the meaning of the U.S. Securities Act of
1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information
within the meaning of Canadian securities laws. All statements, other than statements of historical facts,
included in this Technical Report that address activities, events or developments that Vista expects or
anticipates will or may occur in the future, including such things as, the Company’s continued work on the Mt
Todd gold project; that process improvements will result in lower operating costs, reduced power
consumption, increased gold recovery and higher gold production; estimates of mineral reserves and
resources; projected project economics, including anticipated production, average cash costs, before and
after-tax NPV, IRR, capital requirements and expenditures, gold recovery after-tax payback, operating costs,
average tonnes per day milling, mining methods procedures, estimated gold recovery, project design, and life
of mine; that the Project is an advanced stage development project; average annual production overtime;
commencement of commercial production; timing for construction and commissioning; exploration of new
deposits at Mt Todd and the surrounding exploration areas; size of final product through the high pressure
grinding roll crusher; potential costs or savings related to gas price; ability to convert Quigleys estimated
mineral resources to proven or probable mineral reserves; grade of minerals at the Quigleys deposit; ability
to add higher grade feed from the Quigleys deposit to the Project in its mid years; timing for and completion
of the NI 43-101 technical report for the PFS; and other such matters are forward-looking statements and
forward-looking information. The material factors and assumptions used to develop the forward-looking
statements and forward-looking information contained in this Technical Report include the following: the
accuracy of the results of the PFS, mineral resource and reserve estimates, and exploration and assay results;
the terms and conditions of our agreements with contractors and our approved business plan; the anticipated
timing and completion of a feasibility study on the Project and permissions including approval of the MMP;
the potential occurrence of certain threatened species of flora, vegetation, and fauna within the mine site;
the anticipated receipt of required permits; no change in laws that materially impact mining development or
operations of a mining business; the potential occurrence and timing of a production decision; the anticipated
gold production at the Project; the life of any mine at the Project; all economic projections relating to the
Project, including estimated cash cost, NPV, IRR, and initial capital requirements; and Vista’s goal of becoming
a gold producer. When used in this Technical Report, the words “optimistic,” “potential,” “indicate,”
“expect,” “intend,” “plans,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are
intended to identify forward-looking statements and forward-looking information. These statements involve
known and unknown risks, uncertainties and other factors which may cause the actual results, performance
or achievements of Vista to be materially different from any future results, performance or achievements
expressed or implied by such statements. Such factors include, among others, uncertainty of mineral
resource estimates, estimates of results based on such mineral resource estimates; risks relating to cost
increases for capital and operating costs; risks related to the timing and the ability to obtain the necessary
permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the
price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista’s
operations of environmental regulations in the countries in which it operates; risks due to legal proceedings;
risks relating to political and economic instability in certain countries in which it operates; as well as those
factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in
Vista’s Annual Report Form 10-K as filed in February 2019 and other documents filed with the U.S. Securities
and Exchange Commission and Canadian securities regulatory authorities. Although Vista has attempted to
identify important factors that could cause actual results to differ materially from those described in forward-
looking statements and forward-looking information, there may be other factors that cause results not to be
as anticipated, estimated or intended. Except as required by law, Vista assumes no obligation to publicly
Tetra Tech October 2019 i
NI 43-101 Technical Report Vista Gold Corp.
50,000 tpd Preliminary Feasibility Study – Northern Territory, Australia Mt Todd Gold Project
update any forward-looking statements or forward-looking information; whether as a result of new
information, future events or otherwise.
Cautionary Note to United States Investors
The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes
to mineral deposits that a company can economically and legally extract or produce. This Technical Report
uses the terms “Proven reserves” and “Probable reserves”. Reserve estimates contained in this Technical
Report are made pursuant to NI 43-101 standards in Canada and do not represent reserves under the
standards of the SEC’s Industry Guide 7 and may not constitute reserves under the SEC’s newly adopted
disclosure rules to modernize mineral property disclosure requirements, which became effective February
25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31,
2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study
is required to report reserves, the three-year historical average price is used in any reserve or cash flow
analysis to designate reserves and all necessary permits and government approvals must be filed with the
appropriate governmental authority. Additionally, this Technical Report uses the terms “Measured
resources”, “Indicated resources”, and “Measured & Indicated resources”. We advise U.S. investors that
while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not
recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration
statements filed with the SEC. Mineral resources described in this Technical Report have a great amount of
uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report
mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and
grade, without reference to unit measures. The term “contained gold ounces” used in this Technical Report
is not permitted under the rules of the SEC. “Inferred resources” have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that
any or all part of an Inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned
not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC
Industry Guide 7 reserves.
NOTE
All references to the term “ore” contained in this Technical Report refer to mineral reserves, not mineral
resources.
Tetra Tech October 2019 ii
NI 43-101 Technical Report Vista Gold Corp.
50,000 tpd Preliminary Feasibility Study – Northern Territory, Australia Mt Todd Gold Project
TABLE OF CONTENTS
1.0 SUMMARY ....................................................................................................................................................... 1
1.1 Introduction .................................................................................................................................................... 1
1.2 Location ........................................................................................................................................................... 2
1.3 Property Description ....................................................................................................................................... 2
1.4 Geology and Mineralization ............................................................................................................................ 7
1.5 Mineral Resource Estimate ............................................................................................................................. 7
1.6 Mineral Reserve Estimates .............................................................................................................................. 9
1.6.1 Heap Leach Reserve Estimate .......................................................................................................... 10
1.7 Mining Methods ............................................................................................................................................ 11
1.8 Metallurgy ..................................................................................................................................................... 13
1.9 Mineral Processing ........................................................................................................................................ 15
1.10 Project Infrastructure .................................................................................................................................. 15
1.11 Market Studies and Contracts ..................................................................................................................... 16
1.11.1 Markets .......................................................................................................................................... 16
1.11.2 Contracts ........................................................................................................................................ 16
1.12 Social and Environmental Aspects ...........................

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