Monitor the Vista Gold shareholder vote expected in December 2026 and the receipt of key regulatory approvals (FIRB, NT Ministerial Consent) as the primary catalysts for deal completion. The transaction is structured as a stock-for-stock exchange, so relative performance of Artemis Gold shares will directly impact the value received by Vista shareholders.
Price Chart
Executive Summary
Vista Gold Corp. entered into a definitive arrangement agreement with Artemis Gold Inc. on September 20, 2026, whereby Artemis Gold will acquire all outstanding Vista Gold shares via a court-approved plan of arrangement. Vista Gold shareholders will receive 0.0966 Artemis Gold shares per Vista share, implying a total transaction value of approximately US$427 million and a 29% premium to the 20-day VWAP. The transaction is expected to close in January 2027, subject to shareholder, court, and regulatory approvals.
Key Financial Metrics
Key Facts
- Vista Gold shareholders will receive 0.0966 common shares of Artemis Gold for each Vista Gold common share.
- The implied total transaction value is approximately US$427 million on a 100% basis.
- The Exchange Ratio implies consideration of US$2.83 per Vista Gold common share.
- The consideration represents a premium of 29% based on the 20-day volume-weighted average prices as at September 18, 2026.
- Upon completion, existing Artemis Gold and Vista Gold shareholders will own approximately 95% and 5% of the pro forma company, respectively.
- The termination fee payable by Vista Gold under certain circumstances is US$18,148,536.
- The transaction is expected to close in January 2027, subject to shareholder, court, and regulatory approvals including FIRB and NT Ministerial Consent.
- Vista Gold had US$50 million of cash and cash equivalents and no debt as of June 30, 2026.
- Artemis Gold currently holds 4.95% of Vista Gold's outstanding shares.
- The boards of directors of both companies have unanimously approved the transaction.
Financial Impact
Total implied transaction equity value of approximately US$427 million. Consideration of US$2.83 per Vista share represents a 29% premium to 20-day VWAP.
Risk Factors
- Failure to obtain required shareholder approval (66 2/3% of votes cast).
- Failure to obtain regulatory approvals including FIRB and Northern Territory Ministerial Consent.
- Exercise of dissent rights by holders of more than 7.5% of outstanding common shares could block the transaction.
- A superior proposal could emerge, triggering a termination fee of US$18.1 million.
- The transaction may not close by the Outside Date of April 15, 2027.
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-109364 |
| Document: tm2625813d1_ex99-1.htm | 0001104659-26-109364 |
| Document: tm2625813d1_ex10-1.htm | 0001104659-26-109364 |
| Document: tm2625813d1_ex99-2.htm | 0001104659-26-109364 |
| Document: tm2625813d1_8k.htm | 0001104659-26-109364 |
| Document: 0001104659-26-109364-index-headers.html | 0001104659-26-109364 |
| Document: 0001104659-26-109364-index.html | 0001104659-26-109364 |
| Document: 0001104659-26-109364.txt | 0001104659-26-109364 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | PREM14A | $2.72 $2.77 | ▲ +1.84% | ▲ +1.31% | $2.59 (−4.96%) |
Sep 21, 2026 5w ago | DEFA14A | $2.82 $2.74 | ▼ −2.84% | ▼ −2.12% | $2.59 (−8.33%) |
Sep 21, 2026 5w ago | DEFA14A | $2.82 $2.74 | ▼ −2.84% | ▼ −2.12% | $2.59 (−8.33%) |
Sep 21, 2026 5w ago | 8-K | $2.82 $2.74 | ▼ −2.84% | ▼ −2.12% | $2.59 (−8.33%) |
Jul 29, 2026 12w ago | 8-K | $1.78 $1.72 | ▼ −3.37% | ▼ −4.08% | $2.59 (+45.22%) |
Apr 30, 2026 25w ago | 8-K | $2.05 $2.10 | ▲ +2.44% | ▲ +2.78% | $2.59 (+26.10%) |
Apr 28, 2026 25w ago | 8-K | $2.04 $2.16 | ▲ +5.88% | ▲ +4.86% | $2.59 (+26.72%) |
Mar 17, 2026 31w ago | DEFA14A | $2.08 $1.97 | ▼ −5.29% | ▼ −3.89% | $2.59 (+24.28%) |
Mar 11, 2026 32w ago | 8-K | $2.06 $2.07 | ▲ +0.49% | ▲ +1.08% | $2.59 (+25.49%) |
Feb 25, 2026 34w ago | 8-K | $2.90 $2.80 | ▼ −3.45% | ▼ −3.00% | $2.59 (−10.86%) |
US Market Status
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