Artemis Gold (TSX-V:ARTG) is acquiring Vista Gold (TSX:VGZ) in an all-share deal valued at US$427 million ($600 million), expanding its gold portfolio beyond Canada and into Australia.
Under the agreement, Artemis will acquire the remaining 95.05% of Vista it does not already own by issuing 0.0966 of an Artemis share for each Vista share.
The exchange ratio values Vista at US$2.83 per share, or US$427 million on a 100% basis, representing a 29% premium based on the companies’ 20-day volume-weighted average share prices as of 18 September.
Vista shareholders are expected to vote on the transaction in December.
Subject to shareholder, court, and other required approvals, the companies expect the deal to close in January 2027.
Australian growth option
The transaction adds Vista’s flagship Mt Todd Gold Project in Australia’s Northern Territory to Artemis’ portfolio.
Mt Todd is a feasibility-stage project with multiple permits already in place for construction. Artemis says the acquisition provides a pathway towards its goal of becoming a million-ounce-a-year gold producer.
According to company estimates, the deposit hosts 9.1 million ounces of measured and indicated gold resources and 1.4 million ounces of inferred resources, surrounded by 1,300 km² of contiguous exploration licences.
“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,” Artemis Gold CEO Dale Andres says.
“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.”
Blackwater remains priority
Artemis currently operates the Blackwater Mine in central British Columbia, Canada, which achieved commercial production in May 2025 and is undergoing multiple phases of expansion.
The company says the Phase 1A and Expansion Phase 2 (EP2) developments at Blackwater remain its priority and principal value driver.
Once fully ramped up, Blackwater is expected to produce around 500,000 ounces of gold annually. This year, the mine is forecast to produce between 265,000–290,000 ounces.
According to Artemis, the development of Mt Todd is expected to advance following the completion of EP2 at Blackwater, which is currently scheduled for mid-2028.
Write to Jackson Chen at Mining.com.au
Image: Vista Gold
