Viva Gold Corp.
Viva Gold Corp. holds a 100% interest in the Tonopah Gold Project, 508 unpatented mineral claims covering roughly 4,092 hectares in the Walker Lane trend of western Nevada. An updated mineral resource estimate and preliminary economic assessment prepared by WSP Canada and Kappes, Cassiday Associates, announced 7 July 2025 and filed with an effective date of 20 August 2025, reports 504,000 ounces of gold at 0.59 g/t and 1.8 million ounces of silver at 2.05 g/t in the Measured and Indicated categories, plus 83,000 ounces of gold and 402,000 ounces of silver Inferred. On a US$2,400 per ounce gold base case the study returns an after-tax NPV at a 5% discount rate of US$111.6 million and an after-tax IRR of 17.6%, over a seven-year mine life with residual leach production in year eight, at cash costs of US$1,164 per ounce and all-in sustaining costs of US$1,269 per ounce. Pre-production capital is estimated at US$219.9 million plus US$22.2 million of working capital. The study's US$3,200 per ounce sensitivity case lifts NPV to US$363.6 million and IRR to 43.4%; that is a sensitivity, not the base case.
Lifecycle Milestones
Not in place: mill, tailings facility.
Jurisdiction (40%)9/10
Nevada: Fraser PPI 2025 is 100.00 of 100 (rank 1 of 68), which maps to 9 on this site's scale. The Tonopah Gold Project is in Nye County, Nevada, USA, about a twenty-minute drive from the town of Tonopah, in the Walker Lane trend -- a Tier-1 jurisdiction with road access, grid proximity and long-established heap-leach permitting precedent. The company is administratively based in Langley, British Columbia.
Infrastructure (40%)5.7/10
No confirmed mill, confirmed road access, confirmed grid power, and no confirmed tailings facility at Tonopah Gold Project, Walker Lane Trend, Nye County, Nevada, USA.
Nearby producing mine (20%)8/10
Round Mountain (Kinross Gold Corporation) is 50 km away -- within regional-platform range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is Dundee Corporation (19.92%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score:5/10
Nearest producing mine: Round Mountain (Kinross Gold Corporation), 50 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:6/10
Stage: Preliminary Economic Assessment
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
United States: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President, Chief Executive Officer and Director of Viva Gold Corp. (appointed May 2017) and a Director of Solitario Resources Corp. 40-year mining industry veteran who has led the development and construction of eight mines globally, including over 12 years in public-company CEO roles. Former President, CEO and Director of Atna Resources Ltd. (TSX-listed) and previously President, CEO and Director of Canyon Resources Corporation (2005-2008); former Principal Mining Engineer and Vice President at NM Rothschild & Sons (2000-2004). B.S. Mine Engineering and M.S. Mineral Economics, both Colorado School of Mines.
Chief Financial Officer of Viva Gold Corp. Chartered Professional Accountant who has served as CFO of various exploration and development stage mining companies. Holds a Bachelor of Business Administration from Trinity Western University and is a registered CPA in the state of Illinois.
Chairman of Viva Gold Corp.; also Chief Executive Officer & Director of Solitario Resources Corp and a director of Adamera Minerals Corp. Currently also President, CEO and Director of Solitario Zinc Corp.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Dundee Corporation, a well-known Canadian resource-sector merchant bank, made a real cash purchase of the company's stock in a December 2025 placement and holds 34,274,518 shares, 19.92% of the company (Viva Gold's own March 2026 information circular, from SEDI). Separately, RAB Capital Holdings has been a net seller on the open market in recent months. A director made one small clean purchase in the same window.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Viva Gold owns 100% of the Tonopah gold project, 508 unpatented claims covering about 4,092 hectares in the Walker Lane trend of Nye County, Nevada. Its resource, effective 13 June 2025, contains 504,000 oz of gold in measured and indicated resources (77,000 oz measured and 427,000 oz indicated) at 0.59 g/t, with 1.8 Moz of silver, plus 83,000 oz of gold inferred. The preliminary economic assessment, with an effective date of 20 August 2025, shows an after-tax NPV5% of US$111.6M and a 17.6% IRR at US$2,400/oz gold, with pre-production capital of US$219.9M, an all-in sustaining cost of US$1,269/oz and a 7-year mine life. A 2026 drill program found a new zone at Midway Hills, where hole TG2617 returned 56.5m at 1.13 g/t gold and 11.3 g/t silver, and a pre-feasibility study is under way, due in the fourth quarter of 2026, funded in part by a C$6.5M placement closed on 9 September 2026.