Artemis Gold has signed a definitive agreement to acquire Vista Gold in an all-share transaction valued at approximately $427m (C$598.9m).
The deal will give Artemis ownership of Vista’s Mt Todd gold project in Australia’s Northern Territory.
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The transaction is structured as a court-approved plan of arrangement under the Business Corporations Act (British Columbia).
Under the agreement, shareholders of Vista Gold will receive 0.0966 Artemis Gold common shares for each share held.
This exchange ratio equates to $2.83 per Vista Gold share and represents a 29% premium over the 20-day volume-weighted average prices of both companies’ shares as of 18 September 2026.
Following the close of the transaction, Vista Gold shareholders are expected to hold approximately 5% of the combined company, with Artemis Gold shareholders holding 95%. Artemis Gold currently owns 4.95% of Vista Gold.
No cash payment or new debt is involved in the proposed transaction.
Existing Artemis Gold priorities including the Blackwater Phase 1A and EP2 expansions in British Columbia (BC), Canada, will not be affected.
Artemis Gold CEO Dale Andres said: “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.”
The Mt Todd project is a feasibility-stage gold asset with 9.1 million ounces (moz) of measured and indicated mineral resources and 1.4moz of inferred resources.
The site, located around 290km south-east of Darwin, has received permits for a 50,000-tonnes-per-day processing facility.
Completion of the acquisition remains subject to multiple conditions including approvals from Vista Gold shareholders, the Supreme Court of BC, relevant regulators and Australia’s foreign investment review board.
Advisory companies BMO Capital Markets and CIBC Capital Markets served as financial advisers to Artemis Gold and Vista Gold, respectively.
If all necessary approvals are secured, the transaction is expected to close in January 2027.
Artemis Gold is set to provide an update on the Mt Todd work plan upon completion of the deal.
