Viva Gold Commences Technical Study at its Tonopah Gold Project in Nevada
Nevada Developer Transitions to Feasibility Stage Amid Search for Economic Optimization
The most recent news release (February 18, 2026) announces the official commencement of a comprehensive Technical Study for the 100%-owned Tonopah Gold Project in Nevada. The study is designed to reach a Pre-Feasibility Study (PFS) level, with certain segments aimed at Feasibility Study (FS) standards. Key appointments include Kappes Cassiday & Associates as the lead consultant. The study aims to establish the project's first Proven and Probable mineral reserves and refine mine design, costs, and permitting roadmaps. Completion is expected within eight to nine months (late 2026). This follows the February 11 news regarding a land position increase and the January 14 announcement of work programs to advance the project.
This news is materially positive as it marks the transition from a speculative Preliminary Economic Assessment (PEA) to a formal engineering stage required for a construction decision and project financing. - Execution of Strategy: The company is deploying the CAD$4.18 million raised in December 2025 exactly as promised. - De-risking: Establishing "Proven and Probable" reserves is a critical requirement for institutional investment and debt financing. - Addressing Weakness: The July 2025 PEA showed a relatively low after-tax IRR of 17.6% at $2,400 gold. This technical study is the primary vehicle for "refining" those economics to improve the IRR and reduce the high USD$219.9M initial CAPEX. - Jurisdiction Advantage: Operating in Nevada provides a clear permitting path, which management expects will lead to a market re-rating once the project enters the formal permitting queue.
Viva Gold Corp. is focused on the Tonopah Gold Project, located on the Walker Lane Trend in Nevada. - Flagship Project: Tonopah is a near-surface, well-oxidized epithermal gold system. - 2025 PEA Stats: 7-year mine life, 404k oz gold production, $1,269/oz AISC. - Current Status: Moving from PEA to PFS/FS. - Advantage: Excellent infrastructure with paved highway access and nearby power. 87% of the resource is already in the M&I category, suggesting high confidence for reserve conversion.