Vista Gold Corp. (NYSE American:VGZ) (TSX: VGZ) announced receipt of $2.5 million from PT Masmindo Dwi Area to exercise its option to cancel the remaining 50% of the Awak Mas net smelter return royalty.
As announced on May 5, 2020 (see news release), PT Masmindo retained the right to pay Vista $2.5 million to exercise its option to cancel the remaining 50% of the Awak Mas NSR royalty, which included a 1.0% NSR royalty on the first 1,250,000 ounces of gold produced and 1.25% NSR royalty on the next 1,250,000 ounces of gold produced. With this $2.5 million payment, Vista has no remaining royalty interest in the Awak Mas project.
Frederick H. Earnest, President and Chief Executive Officer, commented, “We are pleased to have received the final option payment from PT Masmindo and successfully completed the monetization of another non-core asset. This $2.5 million strengthens our balance sheet as we advance our activities to seek a strategic partner for development of Mt Todd.”
About Vista Gold Corp.
Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.
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