Gold and tin were first discovered in the Mt Todd area in 1889, with most early mining activity taking place between 1902 and 1914. Regional exploration shifted focus to tungsten in 1913 and later to uranium during the 1950s, before returning to gold exploration in the 1970s. The Batman deposit was discovered by the Billiton–Zapopan Joint Venture in May 1988, leading to the commencement of commercial production in 1993. Pegasus Gold first invested in the Mt Todd Gold Project in 1992 and became the sole owner and operator from 1995 until mid-1997. The project was briefly operated by a joint venture between Multiplex Resources and General Gold Resources from 1999 to 2000. Operations ceased in July 2000, and following the project’s receivership, most of the equipment was sold and removed from the site.

Vista acquired the Mt Todd Gold Project in 2006 and has since invested more than US$110 million to advance its development. This investment reflects Vista’s commitment to responsible environmental stewardship, extensive drilling, and comprehensive metallurgical testing. Through these efforts, the project’s gold resource has tripled to 9.1 million ounces, supported by over 60,000 meters of core drilling. Extensive metallurgical optimization has refined the process flow sheet, resulting in an estimated life-of-mine gold recovery rate of 88.5%.The Mt Todd Gold Project offers strategic optionality, with development options as either a large-scale or mid-scale operation. A feasibility study completed in 2022, with key project costs updated in 2024, confirmed robust economics for a 50,000-tonne-per-day (nominally 17.5 million tonnes per annum) operation.

In July 2025, Vista completed a new Mt Todd feasibility study for an alternative-scale operation (the “2025 FS”). The study outlined proven and probable reserves of 5.2 million ounces of gold, contained within 171.9 million tonnes of ore grading an average of 0.94 g Au/t at a 0.50 g Au/t cut-off grade. The 2025 FS demonstrated robust project economics for a 15,000-tonne-per-day (approximately 5.3 million tonnes per year) operation. Initial capital costs are estimated at $425 million, representing a 59% reduction compared to the previous feasibility study. The results also highlight strong and consistent gold production, with average annual output of 153,000 ounces during the first 15 years of operation and 146,000 ounces over the 30-year mine life.