The Northern Miner July 2026 Read More

Extracted Document Text

This is the EGM normalized Markdown text available for this source. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# The Northern Miner July 2026 Read More

Source: https://vistagold.com/images/Media/Articles/2026/NorthernMiner_Vista_Gold_reprint_Jun_2026_11x17.pdf
Fetched: 2026-09-16T01:53:05.543+00:00
Source artifact: a2808407-58e7-4daa-ad95-c0238354cd6d
Normalizer input: text

## Content

# The Northern Miner July 2026 Read More
AUTHORIZED REPRINT
JULY 2026 / GLOBAL MINING NEWS • SINCE 1915
SPONSORED Q&A
Vista Gold advances $425M Mt Todd reset
BY NORTHERN MINER STAFF
V
ista Gold (TSX, NYSE-A: VGZ) is building
momentum towards a build decision for
its Mt Todd gold project in Australia’s
Northern Territory. After technical and economic
studies, the company downsized the project, raised
fresh cash and started permit changes.
The Northern Miner’s video host, Devan
Murugan, spoke with CEO Fred Earnest about
the smaller mine plan, permitting and whether a FRED EARNEST,
partner could still emerge. CEO, VISTA GOLD
Devan Murugan: When we last spoke,
Mt Todd was largely a feasibility story.
Is it now an execution story?
Above: Vista Gold’s Mt Todd site in Australia’s
Fred Earnest: It’s definitely an execution Northern Territory. VISTA GOLD
story now. Everything that we’re doing Left: The location of Mt Todd in Australia’s
is aimed toward that ultimate goal of Northern Territory. VISTA GOLD
executing on the development strategy for
Mt Todd.
DM: What work is happening now at
DM: The new study moved to a smaller, Mt Todd?
15,000-tonne-per-day operation.
What did that unlock? FE: This is the third leg of PPE, and that’s
engineering.
FE: One of the biggest changes is the cost. Early this year, we finished drilling to
The capital cost has decreased from just a obtain core for a metallurgical testing
little over US$1 billion in 2024 to US$425 program. That program is in progress
million estimated last August. With that and we expect it to be finished at the end
smaller initial capital cost, the project of September. It is an optimization study.
becomes much more financeable. We aren’t changing the flow sheet, but we
The smaller scale also makes the are looking to refine our sizing and decide
project simpler to construct. We’re not whether we’re going to grind to 35 microns,
dealing with the same size of equipment. 40 microns or maybe 50 microns. That
Bringing contract mining into the mix information will be used to size the mills.
and accepting changes like a fly-in, fly-out We also have a drill on site as part of the
workforce have resulted in a project that “To advance the project, get the geotechnical investigation. We’re hoping
is, maybe the best way to describe it, more
Australian. It’s certainly easier to finance
financing we need and make the we’ll be able to stand the west pit wall back
up to something close to what it was in the
and easier to build and get into operation. decisions that will affect how previous studies. There are about 70 million
efficiently we’re able to build the tonnes of waste at play that we’re hoping to
remove from the current mine plan.
DM: You have more than $50 million project, people are the key.” There’s project execution planning
in the treasury. What should investors going on. There’s engineering in support
watch over the next 12 months?
— FRED EARNEST, CEO, VISTA GOLD of permitting. And in addition to
optimization, we’re starting some front-
FE: There are really three things we’re end engineering and design so we’re
working on right now. We’ve been using in a better position to start detailed
the acronym PPE, and it’s not personal engineering and design in a year.
protection equipment. It’s permitting,
people and engineering. DM: Why is now the time to build that DM: You have talked in the past about
We’ve already submitted several permit Australian team? potential joint ventures. Are you seeing DM: What should investors be focused
modification applications. We believe more interest now that Mt Todd has a on next?
permitting will advance in steps and stages FE: At the end of the day, we can do a lot clearer path?
with different authorizations over the next of engineering and a lot of permitting, but FE: Certainly permitting. We expect to
12 months. I think we’ll see probably all people are the most important part of any FE: We’re not out seeking a joint venture have one of the first authorizations in
but one of the major permit authorizations operation. partner or a transaction. Right now, our the next month or two. That’ll be a first
come in, and that last permit authorization To advance the project, get the priority is to build the project. key step, and then there will be other
is expected sometime in the middle of 2027. financing we need and make the decisions We’re being true to what we’ve said modification authorizations through the
On the people side, we’ve already hired a that will affect how efficiently we’re able to in the past. If along this journey an remainder of the year.
number of key people this year. We have a build the project, people are the key. This opportunity presents itself that represents Obviously, investors should watch for
search underway for a managing director, is absolutely the right time to be adding better value and less risk for shareholders, an announcement about the managing
and I’m very excited with the progress. people to our team. it will be seriously considered by the director. We hope that person has the name
We’ve always said we would not manage Once we have the managing director board. recognition that will excite the market and
the development of Mt Todd from Denver. on board, who will lead our organization But right now, our focus is to build the help investors understand that we are very
We’re building a team in Australia. in Australia, we will begin a more serious team and advance the project, ultimately serious about financing and building
If we get the person we ultimately recruiting effort. This team we’re building to make a definitive investment decision Mt Todd on a standalone basis. TNM
want, it’ll be someone the industry and should be the managing director’s team. and build it.
investment community in Australia I want him or her to have the final say on Sometimes along that path, we see —This sponsored article is PROMOTED
will recognize as someone who’s built, key people such as the project director, other companies show up that decide CONTENT paid for by Vista Gold and produced
developed and delivered construction construction manager, head of finance we’re serious about it, and things happen. in co-operation with The Northern Miner. Visit
projects and built new mines in Australia. and other positions that will follow. We’ll see if that happens. https://www.vistagold.com for more information.