What’s Going on with Vista Gold Corp.?
Vista Gold Corp. (VGZ), headquartered in Littleton, Colorado, has just announced that Prime Mining Corp. has paid the gold mining firm $1 million, which was the final installment in an agreement between the two companies regarding the gold and silver Guadalupe de los Reyes project that Prime Mining is running in Mexico. Before market open today, VGZ shares declined to $1.31 per share, which is a 1.50% decrease.
What Does This Mean for VGZ?
Under the agreement, Prime Mining was required to pay Vista Gold $2.1 million “in lieu of Vista being granted certain royalties and back-in rights relating to the Guadalupe de los Reyes” gold and silver project in Mexico. Prime Mining paid Vista Gold $1.1 million in January 2021. This latest payment of $1 million closes Prime Mining’s financial obligation to Vista Gold, which no longer has any claim on royalties and back-in rights stemming from the Guadalupe de los Reyes project.
“We are pleased to receive this final payment and successfully complete this agreement with Prime Mining,” Vista Gold CEO Frederick H. Earnest noted in today’s press release.
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Vista Gold Corp is a gold mining company. It is engaged in evaluation, acquisition, exploration, and advancement of gold exploration and potential development projects. The company’s project includes Mt Todd gold project and Guadalupe de los Reyes gold or silver project. Its flagship project, Mt Todd gold project is located approximately 56 kilometers by road northwest of Katherine, Australia and approximately 290 kilometers southeast of Darwin.