Mt Todd Gold Project Feasibility Study: $1.13B NPV, 20.4% IRR
Vista Gold Corp.'s Mt Todd Gold Project in Northern Territory, Australia has a Feasibility Study outlining an after-tax NPV of $1.13B, an after-tax IRR of 20.4%, and initial capital of $1.03B. The mine plan runs 16 years at about 395 koz Au per year.
Vista Gold Corp.'s Mt Todd Gold Project has reported Feasibility Study results for the gold project in Northern Territory, Australia. The study headlines an after-tax net present value of $1.13B at a 5% discount rate. It reflects Vista Gold Corp.'s (VGZ) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.13B using a 5% discount rate. After-tax IRR is 20.4%. Initial capital expenditure is estimated at $1.03B. The study models a payback period of 4 years. Economics are based on US$1,800/oz gold; US$0.69:AUD1.00 exchange rate.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 16 years. Average annual production is approximately 395 koz Au. Average head grade is 0.77 g/t Au.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Vista Gold Corp.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven & Probable | 280.4 Mt | 0.77 g Au/t | 6.98 Moz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Indicated | 10,816 kt | 1.76 g/t Au | 613 koz Au |
| Measured & Indicated | 10,816 kt | 1.76 g/t Au | 613 koz Au |
| Inferred | 61,323 kt | 0.72 g/t Au | 1,421 koz Au |
| Measured | 594 kt | 1.15 g/t Au | 22 koz Au |
| Indicated | 7,301 kt | 1.11 g/t Au | 260 koz Au |
| Measured & Indicated | 7,895 kt | 1.11 g/t Au | 282 koz Au |
| Inferred | 3,981 kt | 1.46 g/t Au | 187 koz Au |
Our Analysis
- IRR after-tax
- 20.4%
higher than 6% of 98 projects we track
- NPV after-tax
- $1.13B
higher than 84% of 124 projects we track
- Initial capex
- $1.03B
91% of NPV
costlier than 95% of 121 projects we track
- Payback
- 4yrs
slower than 96% of 75 projects we track
- Mine life
- 16yrs
- Discount rate
- 5%
- Study price assumption
- US$1,800/oz gold; US$0.69:AUD1.00 exchange rate
- Spot gold today
- $4,139.10/oz
The project sits in an unremarkable middle of the pack, and that is the first thing an investor should register. A 20.4% after-tax IRR ranks in the bottom quartile of the 98 gold projects we track, while the $1.13B NPV ranks in the top quartile of the 124 we track. That split is the classic signature of a long-life, lower-margin asset: the NPV is large because the 16-year mine life stretches the cash flows, not because the returns are exceptional. The 4-year payback is also middling. Against a practical financing hurdle, the IRR clears the ~15% threshold for project finance, but it sits right at the 20%+ level that lenders typically demand from a junior with no other assets in the portfolio. This is financeable, not compelling.
The feasibility study is the most bankable estimate this company will produce, so the numbers carry real weight. But the jurisdiction does the heavy lifting on how they should be read. Northern Territory, Australia is a mining-friendly, low-risk jurisdiction, which means the study's assumptions deserve more credence than they would in a higher-risk setting. That is a genuine quality signal, and it partially offsets the modest returns. The $1.03B initial capex is 91% of NPV, which is moderately capital-intensive and ranks in the bottom quartile of the 121 projects we track. For a company whose only tracked project is this one, that is the binding constraint: funding a build larger than the equity base will require significant dilution or debt, and the market's skepticism on that path is a real risk.
The study's US$1,800/oz gold price sits far below today's spot of $4,139.10/oz, so the returns are conservatively stated on the commodity side, though the exchange rate assumption is what it is. The 5% discount rate is at the low end of convention and flatters the headline NPV, so the $1.13B should be read as an upper-bound figure. The single question that decides this project: can a one-asset junior finance a $1.03B build without destroying shareholder value in the process?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.