We are initiating coverage on Vista Gold Corp. with a BUY rating and a target price of C$4.00/sh representing 251% upside from the current share price. Vista Gold is advancing Australia’s largest undeveloped gold asset, the Mt Todd Project (100% owned) towards production. Central to our investment thesis is that we believe, Vista Gold has de-risked the technical issues at Mt Todd that derailed previous operators. Mt Todd has received most of its major environmental permits and is on the verge getting its last major permit, readying it for construction. With the technical challenges behind Mt Todd, we view Vista Gold as a leveraged gold developer which should outperform in a rising gold price environment and as the company achieves key development milestones on the path to production.