Artemis Gold Inc. and Vista Gold Corp. announce they entered into a definitive agreement on September 20, 2026 whereby Artemis Gold will acquire all of the issued and outstanding shares of Vista Gold, owner of the Mt Todd gold project in Northern Territory, Australia, pursuant to a court-approved plan of arrangement.
Artemis Gold currently holds 4.95% of the shares outstanding of Vista Gold.
The Exchange Ratio implies consideration of US$2.83 per Vista Gold common share, a total transaction value of approximately US$427 million on a 100% basis.
Artemis Gold CEO Dale Andres commented: "Delivery of Blackwater Phase 1A and EP2 expansions continue to be our priority focus. This transaction presents an attractive opportunity to add a high-quality development asset that, when combined with our ongoing and future growth opportunities for Blackwater, provides a pathway to achieving one million ounces of gold production per year.
"Mt Todd is a unique, advanced stage project in a mining-friendly jurisdiction that fits nicely as an extension to our growth strategy and proven engineering and mine building capabilities. As with Blackwater, this is a multi-million ounce gold deposit that can be built at scale leveraging our financial strength and project development and management teams. We look forward to working with the Vista Gold shareholders and Mt Todd stakeholders to make this vision a reality."
Vista Gold CEO Fred Earnest stated: "We believe the combination with Artemis Gold is the best way to maximize value delivery for our shareholders, both immediately and in the longer term. This transaction allows our shareholders to realize an immediate premium to market, participate in the expansion opportunities in progress at Blackwater and enhance longer term value through the development of Mt Todd at a larger scale than Vista could undertake on its own. This is an exciting and transformational opportunity to unlock the significant underlying value of Mt Todd as part of a growing, experienced, high-quality intermediate gold producer."
