Artemis Gold to acquire Vista Gold in US$427M all-share deal

Artemis Gold is set to acquire Vista Gold in a deal worth around US$427 million, as announced on Monday. Vista Gold shareholders will receive 0.0966 of Artemis Gold's shares for each Vista Gold share, implying a value of US$2.83 per share and representing a 29% premium to the 20-day average price of Vista Gold's stock. The transaction would see Vista Gold's Mt Todd gold project in Northern Territory, Australia, with 9.1 million ounces of Measured and Indicated Mineral Resources, joining Artemis Gold.

No cash is involved in the deal, and the combined company would be owned 95% by Artemis Gold and 5% by Vista Gold shareholders post-transaction. The acquisition is expected to enable Artemis Gold to focus on its Blackwater Phase 1A and EP2 expansion projects, with Mt Todd construction advancing post-EP2 completion. The deal requires a 66 2/3% vote from Vista Gold shareholders, approval from Australia’s foreign investment review board, and Northern Territory Ministerial Consent.

Artemis Gold's Board of Directors has approved the transaction with a recommendation for shareholders to vote in favor. The deal is set to close in January 2027, pending all approvals.