Business
Vista Gold Provides Update on Strategic Process
DENVER--(BUSINESS WIRE)--Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced the following update regarding the Company’s p
About this update from Vista Gold Corp
[{"type":"text","content":"DENVER--(BUSINESS WIRE)--Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced the following update regarding the Company’s process to seek a partner or other form of transaction to maximize shareholder value from the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”). The Company has advanced its strategic process for Mt Todd over the past year and, more formally, since announcing the appointment of CIBC Capital Markets (“CIBC”) as the Company’s strategic advisor in March 2022. During this period, a number of interested parties have engaged in reviews of the Company’s data, carried out independent testing and analyses, and completed site visits. We continue to engage in constructive discussions with a number of groups identified through the strategic process and to pursue additional interest from others. Frederick H. Earnest, President and CEO of Vista Gold, commented, “Our process has generated interest from a broad range of prospective parties, including high-quality gold producers of varying scale. These groups conducted extensive due diligence on Mt Todd. Based on the feedback received, we are pleased that the technical merits of the Project have stood up to the rigorous scrutiny of those who have evaluated Mt Todd. Additionally, engagement with other parties during the process is providing insights into alternative development and operating strategies which we continue to evaluate. “Volatile and uncertain political, economic and equity market conditions during recent months (including inflationary pressures that have significantly impacted capital and operating costs across our industry, supply chain issues, higher interest rates, and lower gold prices) have resulted in a number of interested parties adopting a more cautious near term business strategy as they manage the impacts of these conditions. We believe the completion of an acceptable transaction may be dependent on improvement and stability in the economy and capital markets. “We continue to work with CIBC to monitor market conditions, advance discussions with those parties who have already made significant investments in evaluating Mt Todd, and engage with other parties as identified. We are confident in the technical merits of Mt Todd and remain focused on creating shareholder value through an appropriate tra...