<SEC-DOCUMENT>0001144204-17-036450.txt : 20170711
<SEC-HEADER>0001144204-17-036450.hdr.sgml : 20170711
<ACCEPTANCE-DATETIME>20170711165456
ACCESSION NUMBER:		0001144204-17-036450
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170711
DATE AS OF CHANGE:		20170711

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISTA GOLD CORP
		CENTRAL INDEX KEY:			0000783324
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218979
		FILM NUMBER:		17960427

	BUSINESS ADDRESS:	
		STREET 1:		7961 SHAFFER PKWY, SUITE 5
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		720-981-1185

	MAIL ADDRESS:	
		STREET 1:		7961 SHAFFER PKWY, SUITE 5
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES INC
		DATE OF NAME CHANGE:	19950602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRANGES EXPLORATION LTD
		DATE OF NAME CHANGE:	19890619
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>v470612_424b3.htm
<DESCRIPTION>424B3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-218979&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo_s3.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VISTA GOLD CORP.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 12pt"><b>$100,000,000</b></font><b>
        </b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Common Shares </b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Warrants</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subscription Receipts</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Units</B></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vista Gold Corp. (the &ldquo;Company&rdquo;)
may offer and sell, from time to time, up to $100,000,000 aggregate initial offering price of common shares in the capital of the
Company, without par value (which we refer to herein as &ldquo;Common Shares&rdquo;), warrants to purchase Common Shares (which
we refer to herein as &ldquo;Warrants<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>), subscription receipts
for Common Shares, Warrants or any combination thereof (which we refer to herein as &ldquo;Subscription Receipts&rdquo;), or any
combination thereof (which we refer to herein as &ldquo;Units&rdquo;) (collectively, the Common Shares, Warrants, Subscription
Receipts, and Units are referred to herein as the &ldquo;Securities&rdquo;) in one or more transactions under this base prospectus
(which we refer to herein as the &ldquo;Prospectus&rdquo;). This Prospectus also covers (i)&nbsp;Common Shares that may be issued
upon exercise of warrants and (ii)&nbsp;such indeterminate amount of securities as may be issued in exchange for, or upon conversion
of, as the case may be, the securities registered hereunder, including, in each case, an indeterminate number of Common Shares
that may be issued pursuant to anti-dilution or adjustment provisions in Warrants or Subscription Receipts issuable hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus provides you with a general
description of the Securities that the Company may offer. Each time the Company offers Securities, it will provide you with a prospectus
supplement (which we refer to herein as the &ldquo;Prospectus Supplement&rdquo;) that describes specific information about the
particular Securities being offered and may add, update or change information contained in this Prospectus. You should read both
this Prospectus and the Prospectus Supplement, together with any additional information which is incorporated by reference into
this Prospectus. <B>This Prospectus may not be used to offer or sell securities without the Prospectus Supplement which includes
a description of the method and terms of that offering.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may sell the Securities on
a continuous or delayed basis to or through underwriters, dealers or agents or directly to purchasers. The Prospectus Supplement,
which the Company will provide to you each time it offers Securities, will set forth the names of any underwriters, dealers or
agents involved in the sale of the Securities, and any applicable fee, commission or discount arrangements with them. For additional
information on the methods of sale, you should refer to the section entitled &ldquo;Plan of Distribution&rdquo; in this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares are traded on the NYSE
MKT (which we refer to as &ldquo;NYSE MKT&rdquo;) and on the Toronto Stock Exchange (which we refer to as the &ldquo;TSX&rdquo;)
under the symbol &ldquo;VGZ&rdquo;. On July 5, 2017, the last reported sale price of the Common Shares on the NYSE MKT was $0.87
per Common Share and on the TSX was C$1.10 per Common Share. <B>There is currently no market through which the Securities, other
than the Common Shares, may be sold and purchasers may not be able to resell the Securities purchased under this Prospectus. This
may affect the pricing of the Securities, other than the Common Shares, in the secondary market, the transparency and availability
of trading prices, the liquidity of these Securities and the extent of issuer regulation.</B> See &ldquo;Risk Factors&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in the Securities involves
risks. See &ldquo;Risk Factors&rdquo; on page 4. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>These Securities have not been approved
or disapproved by the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) or any state securities commission nor has the
SEC or any state securities commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary
is a criminal offense. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 80%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; padding-top: 4pt; padding-bottom: 4pt; border: Black 1pt solid"><B>THE DATE OF
    THIS PROSPECTUS IS JULY 5, 2017</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 90%; text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></td>
    <TD STYLE="width: 10%; text-align: right; font-weight: bold; vertical-align: bottom">i</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_002">CAUTIONARY NOTE TO U.S. INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES AND PROVEN AND PROBABLE RESERVES</A></td>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: bottom">ii</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_003">CURRENCY</A></td>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: bottom">ii</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_004">METRIC CONVERSION TABLE</A></td>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: bottom">ii</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_005">NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></td>
    <TD STYLE="text-align: right; font-weight: bold; vertical-align: bottom">iii</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_006">SUMMARY</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">1</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_007">RISK FACTORS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">4</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_008">DOCUMENTS INCORPORATED BY REFERENCE</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">10</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_009">USE OF PROCEEDS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">11</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_010">MARKET FOR COMMON SHARES AND WARRANTS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">11</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_011">CERTAIN INCOME TAX CONSIDERATIONS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">13</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_012">DESCRIPTION OF COMMON SHARES</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">13</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_013">DESCRIPTION OF WARRANTS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">13</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_014">DESCRIPTION OF SUBSCRIPTION RECEIPTS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">15</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_015">DESCRIPTION OF UNITS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">18</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_016">PLAN OF DISTRIBUTION</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">19</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_017">AUDITORS, TRANSFER AGENT AND REGISTRAR</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">21</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_018">EXPERTS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">21</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_019">LEGAL MATTERS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">21</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold">&nbsp;</td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-transform: uppercase; font-weight: bold"><A HREF="#a_020">WHERE YOU CAN FIND MORE INFORMATION</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; font-weight: bold; vertical-align: bottom">21</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>ABOUT THIS
PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus is a part of a registration
statement that the Company filed with the SEC utilizing a &ldquo;shelf&rdquo; registration process. Under this shelf registration
process, the Company may sell any combination of the Securities described in this Prospectus in one or more offerings up to a total
dollar amount of initial aggregate offering price of $100,000,000. This Prospectus provides you with a general description of the
Securities that we may offer. The specific terms of the Securities in respect of which this Prospectus is being delivered will
be set forth in a Prospectus Supplement and may include, where applicable: (i)&nbsp;in the case of Common Shares, the number of
Common Shares offered, the offering price and any other specific terms of the offering; (ii) in the case of Warrants, the designation,
number and terms of the Common Shares purchasable upon exercise of the Warrants, any procedures that will result in the adjustment
of those numbers, the exercise price, dates and periods of exercise, and the currency or the currency unit in which the exercise
price must be paid and any other specific terms; (iii) in the case of Subscription Receipts, the designation, number and terms
of the Common Shares or Warrants receivable upon satisfaction of certain release conditions, any procedures that will result in
the adjustment of those numbers, any additional payments to be made to holders of Subscription Receipts upon satisfaction of the
release conditions, the terms of the release conditions, terms governing the escrow of all or a portion of the gross proceeds from
the sale of the Subscription Receipts, terms for the refund of all or a portion of the purchase price for Subscription Receipts
in the event the release conditions are not met and any other specific terms; and (iv) in the case of Units, the designation, number
and terms of the Common Shares, Warrants, or Subscription Receipts comprising the Units. A Prospectus Supplement may include specific
variable terms pertaining to the Securities that are not within the alternatives and parameters set forth in this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any offering of the
Securities (unless otherwise specified in a Prospectus Supplement), the underwriters or agents may over-allot or effect transactions
which stabilize or maintain the market price of the Securities offered at a higher level than that which might exist in the open
market. Such transactions, if commenced, may be interrupted or discontinued at any time. See &ldquo;Plan of Distribution&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please carefully read both this Prospectus
and any Prospectus Supplement together with the documents incorporated herein by reference under &ldquo;Documents Incorporated
by Reference&rdquo; and the additional information described below under &ldquo;Where You Can Find More Information&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Owning securities may subject you to
tax consequences both in Canada and the United States. This Prospectus or any applicable Prospectus Supplement may not describe
these tax consequences fully. You should read the tax discussion in any Prospectus Supplement with respect to a particular offering
and consult your own tax advisor with respect to your own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References in this Prospectus to &ldquo;$&rdquo;
are to United States dollars. Canadian dollars are indicated by the symbol &ldquo;C$&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information
contained in this Prospectus. The Company has not authorized anyone to provide you with information different from that contained
in this Prospectus. The distribution or possession of this Prospectus in or from certain jurisdictions may be restricted by law.
This Prospectus is not an offer to sell these Securities and is not soliciting an offer to buy these Securities in any jurisdiction
where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person
to whom it is not permitted to make such offer or sale. The information contained in this Prospectus is accurate only as of the
date of this Prospectus, regardless of the time of delivery of this Prospectus or of any sale of the Securities. The Company&rsquo;s
business, financial condition, results of operations and prospects may have changed since that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Prospectus and in any Prospectus
Supplement, unless the context otherwise requires, references to &ldquo;Vista&rdquo;, &ldquo;Vista Gold&rdquo; and the &ldquo;Company&rdquo;
refer to Vista Gold Corp., either alone or together with its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>CAUTIONARY
NOTE TO U.S.&nbsp;INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES AND PROVEN AND PROBABLE RESERVES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms &ldquo;mineral reserve&rdquo;,
&ldquo;proven mineral reserve&rdquo; and &ldquo;probable mineral reserve&rdquo; are Canadian mining terms defined in Canadian National
Instrument&nbsp;43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I> (&ldquo;NI&nbsp;43-101&rdquo;) and the Canadian
Institute of Mining, Metallurgy and Petroleum (the&nbsp;&ldquo;CIM&rdquo;) &ndash; <I>CIM Definition Standards on Mineral Resources
and Mineral Reserves</I>, adopted by the CIM Council, as amended (the &ldquo;CIM Definition Standards&rdquo;). These definitions
differ from the definitions in the United&nbsp;States Securities and Exchange Commission (&ldquo;SEC&rdquo;) Industry Guide 7 (&ldquo;SEC&nbsp;Industry
Guide 7&rdquo;) under the United States Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Under SEC Industry
Guide 7&nbsp;standards, a &ldquo;final&rdquo; or &ldquo;bankable&rdquo; feasibility study is required to report reserves, the three-year
historical average metal price is used in any reserve or cash flow analysis to designate reserves, and the primary environmental
analysis or report must be filed with the appropriate governmental authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the terms &ldquo;mineral resource&rdquo;,
&ldquo;measured mineral resource&rdquo;, &ldquo;indicated mineral resource&rdquo; and &ldquo;inferred mineral resource&rdquo; are
defined in and required to be disclosed by NI&nbsp;43-101; however, these terms are not defined terms under SEC Industry Guide
7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned
not to assume that all or any part of a mineral deposit in these categories will ever be converted into reserves. &ldquo;Inferred
mineral resources&rdquo; have a great amount of uncertainty as to their existence, and great uncertainty as to their economic,
technical and legal feasibility. It cannot be assumed that all, or any part, of an inferred mineral resource will ever be upgraded
to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists
or is economically, technically or legally mineable. Disclosure of &ldquo;contained ounces&rdquo; in a resource is permitted disclosure
under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute &ldquo;reserves&rdquo;
by SEC standards as in place tonnage and grade without reference to unit&nbsp;measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, information contained in this
Prospectus and the documents incorporated by reference herein contain descriptions of our mineral deposits that may not be comparable
to similar information made public by U.S.&nbsp;companies subject to the reporting and disclosure requirements under the United&nbsp;States
federal securities laws and the rules and regulations thereunder.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The term &ldquo;mineralized material&rdquo;
as used in this annual report on Form 10-K, although permissible under SEC Industry Guide 7, does not indicate &ldquo;reserves&rdquo;
by SEC Industry Guide 7 standards.&nbsp;&nbsp;We cannot be certain that any part of the mineralized material will ever be confirmed
or converted into SEC Industry Guide 7 compliant &ldquo;reserves&rdquo;.&nbsp;&nbsp;Investors are cautioned not to assume that
all or any part of the mineralized material will ever be confirmed or converted into reserves or that mineralized material can
be economically or legally extracted.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>CURRENCY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References to C$ refer to Canadian currency,
A$ to Australian currency and $ to United States currency. <B>All dollars amounts are expressed in thousands of dollars except
references to per ounce and per share amounts.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_004"></A>METRIC CONVERSION
TABLE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">To&nbsp;Convert&nbsp;Imperial&nbsp;Measurement&nbsp;Units</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">To&nbsp;Metric&nbsp;Measurement&nbsp;Units</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Multiply&nbsp;by</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: justify">Acres</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: justify">Hectares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">0.4047</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Feet</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Meters</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3048</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Miles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Kilometers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Tons (short)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Tonnes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Gallons</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Liters</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.785</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Ounces (troy)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Grams</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.103</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Ounces (troy) per ton (short)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Grams per tonne</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.286</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A>NOTE REGARDING
FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus, including all exhibits
hereto and any documents that are incorporated by reference as set forth under &ldquo;Documents Incorporated by Reference&rdquo;,
contains &ldquo;forward-looking statements&rdquo; within the meaning of the <I>Private Securities Litigation Reform Act of 1995</I>
and forward-looking information under Canadian securities laws that are intended to be covered by the safe harbor created by such
legislation. All statements, other than statements of historical facts, included in this Prospectus, our other filings with the
SEC and Canadian securities commissions and in press releases and public statements by our officers or representatives that address
activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements
and forward-looking information, including, but not limited to, such things as those listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our belief that selective screening and rejecting sub-economic material could improve gold recoveries
and lower process operating costs at Mt Todd;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectation that we will complete additional feasibility level metallurgical studies by the
end of the third quarter of 2017;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectation that we will update the July 2014 Preliminary Feasibility Study integrating possible
flow sheet changes following completion of the additional metallurgical studies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectation that we will complete the first draft of the mine management plan by the end of
the third quarter of 2017;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our plans and available funding to continue to identify and study potential Mt Todd optimizations,
project improvements and efficiencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the feasibility of Mt Todd;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to sustain fixed costs (those cash expenditures necessary to ensure that we preserve
our property rights and meet all of our safety, regulatory and environmental responsibilities) at $1,400 to $1,600 per quarter
for several years;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectation that we will be able to fund Mt Todd to the point of a development decision;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the potential monetization of our non-core assets, including our mill equipment which is for sale,
the Guadalupe de los Reyes gold project, and our Midas Gold Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectation that 2017 R&amp;D grants from the Government of Australia, if any, will not be
material;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to provide sufficient additional information required to complete the Environmental
Protection and Biodiversity Conservation Act 1999 authorization;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates of future operating and financial performance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential funding requirements and sources of capital, including near-term sources of additional
cash;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectation that the Company will continue to incur losses and will not pay dividends for the
foreseeable future;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the timing, performance and results of feasibility studies;&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our potential entry into agreements to find, lease, purchase, option or sell mineral interests;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">plans for evaluation and advancement of Mt Todd;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectation of Mt Todd&rsquo;s impact, including environmental and economic impacts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">plans and estimates concerning potential project exploration and development, including the use
of high pressure grinding roll crushers and access to a water supply, as well as the ability to obtain all required permits;&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our belief that we are in compliance in all material respects with applicable mining, health, safety
and environmental statutes and regulations in all of the jurisdictions in which we operate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our belief that we maintain reasonable amounts of insurance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates of mineral reserves and mineral resources;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our intention to seek partners to advance the Guadalupe de los Reyes project;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our intention to improve the value of our gold projects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential changes in regulations or taxation initiatives; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectation that we will continue to be a passive foreign investment company (&ldquo;PFIC&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements and forward-looking
information have been based upon our current business and operating plans, as approved by the Company&rsquo;s Board of Directors
(the &ldquo;Board&rdquo;); our cash and other funding requirements and timing and sources thereof; results of pre-feasibility and
feasibility studies, mineral resource and reserve estimates, preliminary economic assessments and exploration activities; advancements
of the Company&rsquo;s required permitting processes; current market conditions and project development plans. The words &ldquo;estimate,&rdquo;
&ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;believe,&rdquo; &ldquo;will,&rdquo;
&ldquo;may&rdquo; and similar expressions are intended to identify forward-looking statements and forward-looking information.
These statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results,
performance or achievements to be materially different from any results, performance or achievements expressed or implied by such
forward-looking statements and forward-looking information. These factors include risks such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to raise additional capital or raise funds from the sale of non-core assets on favorable
terms, if at all;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">pre-feasibility and feasibility study results and preliminary assessment results and the accuracy
of estimates and assumptions on which they are based;&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">resource and reserve estimate results, the accuracy of such estimates and the accuracy of sampling
and subsequent assays and geologic interpretations on which they are&nbsp;based;&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">technical and operational feasibility and the economic viability of deposits;&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to obtain, renew or maintain the necessary authorizations and permits for Mt Todd,
including its development plans and operating activities;&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the timing and results of a feasibility study on Mt Todd;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">delays in commencement of construction at Mt Todd;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increased costs that affect our operations or our financial condition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our reliance on third parties to fulfill their obligations under agreements with us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether projects not managed by us will comply with our standards or meet our&nbsp;objectives;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a shortage of skilled labor, equipment and supplies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether our acquisition, exploration and development activities, as well as the realization of
the market value of our assets, will be commercially successful and whether any transactions we enter into will maximize the realization
of the market value of our assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the lack of cash dividend payments by us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the success of future joint ventures, partnerships and other arrangements relating to our properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">industry consolidation which could result in the acquisition of a control position in the Company
for less than fair value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">perception of potential environmental impact of Mt Todd;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">known and unknown environmental and reclamation liabilities, including reclamation requirements
at Mt Todd;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our history of losses from operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">future water supply issues at Mt Todd;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">litigation or other legal claims;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">environmental lawsuits;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">lack of adequate insurance to cover potential liabilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to attract, retain and hire key personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fluctuations in the price of gold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility in our stock price;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">inherent hazards of mining exploration, development and operating activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the accuracy of calculations of mineral reserves, mineral resources and mineralized material fluctuations
therein based on metal prices, and inherent vulnerability of the ore and recoverability of metal in the mining&nbsp;process;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in environmental regulations to which our exploration and development operations are&nbsp;subject;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in climate change regulations could result in increased operating costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">intense competition in the mining industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential challenges to the title to our mineral properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">evolving corporate governance and public disclosure regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax initiatives on domestic and international levels;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fluctuation in foreign currency values;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential review of our Australian R&amp;D grants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our likely status as a PFIC for U.S. federal tax purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a more detailed discussion of such
risks and other important factors that could cause actual results to differ materially from those in such forward-looking statements
and forward-looking information, please see &ldquo;Risk Factors&rdquo; below in this Prospectus. Although we have attempted to
identify important factors that could cause actual results to differ materially from those described in forward-looking statements
and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that these statements will prove to be accurate as actual results and future events could differ materially
from those anticipated in the statements. Except as required by law, we assume no obligation to publicly update any forward-looking
statements and forward-looking information, whether as a result of new information, future events or&nbsp;otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_006"></A>SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Overview of the Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vista Gold Corp. and its subsidiaries are
engaged in the gold mining industry. We are focused on the evaluation, acquisition, exploration and advancement of gold exploration
and potential development projects, which may lead to gold production or value adding strategic transactions such as earn-in right
agreements, option agreements, leases to third parties, joint venture arrangements with other mining companies, or outright sales
of assets for cash and/or other consideration. We look for opportunities to improve the value of our gold projects through exploration
drilling and/or technical studies focused on optimizing previous engineering work.&nbsp;We do not currently generate cash flows
from mining operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s flagship asset is its
100% owned Mt Todd gold project (&ldquo;Mt Todd&rdquo;) in the Northern Territory (&ldquo;NT&rdquo;) Australia, where we are seeking
approval of our final environmental authorization and evaluating potential material process improvements in anticipation of commencing
an update of our July 2014 Preliminary Feasibility Study (&ldquo;PFS&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ultimately, a development decision at Mt
Todd will depend on several factors, principally a sustainable acceptable gold price, a favorable outlook for the AUD:USD exchange
rate, completion of a positive feasibility study and the availability of financing. With 60%-70% of the project capital and operating
costs denominated in Australian dollars, the current AUD:USD exchange rate has a material favorable impact on the project economics,
substantially mitigating the effects of the lower current USD gold price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As one of the largest undeveloped gold
projects in Australia, we believe Mt Todd is a highly strategic gold project with several potential paths to production. Our strong
working capital position provides us flexibility and the assurance that we can continue to fund further optimization studies at
Mt Todd, and to select a development strategy that we believe will have the best potential to maximize value for our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vista Gold Corp. was originally incorporated
on November&nbsp;28, 1983 under the name &ldquo;Granges Exploration&nbsp;Ltd.&rdquo; It amalgamated with Pecos Resources Ltd. during
June 1985 and continued as Granges Exploration Ltd. In June 1989, Granges Exploration Ltd. changed its name to Granges Inc. Granges
Inc. amalgamated with Hycroft Resources &amp; Development Corporation during May 1995 and continued as Granges Inc. Effective November
1996, Da Capo Resources Ltd. and Granges, Inc. amalgamated under the name &ldquo;Vista Gold Corp.&rdquo; and, effective December
1997, Vista Gold continued from British Columbia to the Yukon Territory, Canada under the <I>Business Corporations Act </I>(Yukon
Territory). On June 11, 2013, Vista Gold continued from the Yukon Territory, Canada to the Province of British Columbia, Canada
under the <I>Business Corporations Act </I>(British Columbia). The current addresses, telephone and facsimile numbers of our offices
are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 50%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Executive Office</b></font></td>
    <TD NOWRAP STYLE="width: 2%; padding-bottom: 1pt; text-align: center">&nbsp;</td>
    <td nowrap style="width: 48%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Registered and Records Office</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">Suite&nbsp;5&nbsp;-&nbsp;7961 Shaffer Parkway</td>
    <td nowrap style="text-align: center">&nbsp;</td>
    <td nowrap style="text-align: center">1200 Waterfront Centre &ndash; 200 Burrard Street</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">Littleton, Colorado, USA 80127</td>
    <td nowrap style="text-align: center">&nbsp;</td>
    <td nowrap style="text-align: center">Vancouver, British Columbia, Canada V7X 1T2</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">Telephone: (720)&nbsp;981-1185</td>
    <td nowrap style="text-align: center">&nbsp;</td>
    <td nowrap style="text-align: center">Telephone: (604)&nbsp;687-5744</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">Facsimile: (720)&nbsp;981-1186</td>
    <td nowrap style="text-align: center">&nbsp;</td>
    <td nowrap style="text-align: center">Facsimile: (604)&nbsp;687-1415</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mt Todd Gold Project</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In late 2016, we completed preliminary
Mt Todd process area optimization studies that indicated that selective screening, rejecting sub-economic, coarse crusher product
prior to grinding and two-stage grinding, could be expected to produce higher gold recoveries and lower process area operating
costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Corporate</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016, the Company received a total of
$1,295 Research &amp; Development (&ldquo;R&amp;D&rdquo;) Tax Incentive refunds, net of costs to prepare and file. These amounts
were paid under the Australian Government&rsquo;s R&amp;D Tax Incentive Program, a program designed to encourage industry to engage
in R&amp;D activities that benefit Australia; and relate to costs we incurred during the 2014 and 2015 fiscal years for qualifying
R&amp;D programs. This R&amp;D Tax Incentive program is a self-assessment process, and as such, the Australian Government has the
right to review the qualifying programs and expenditures for a period of four years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During August 2016, we closed a public
offering of 12,362,500 units (the &ldquo;Units&rdquo;), which included 1,612,500 Units issued pursuant to the full exercise of
the underwriters&rsquo; over-allotment option, for net proceeds of approximately $15,883 (the &ldquo;2016 Offering&rdquo;). Each
Unit consisted of one common share in the capital of the Company (&ldquo;Common Share&rdquo;) and one-half of one Common Share
purchase warrant (each full warrant, a &ldquo;2016 Warrant&rdquo;). A total of 6,514,625 2016 Warrants were issued, including 333,375
broker warrants issued to the underwriters. Each 2016 Warrant entitles the holder thereof to purchase one Common Share at a price
of $1.92 per Common Share (subject to adjustment in certain circumstances) and is exercisable for a period of 36 months from the
closing of the 2016 Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>The Securities Offered under this Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may offer the Common Shares,
Warrants, Subscription Receipts or Units with a total value of up to $100,000,000 from time to time under this Prospectus, together
with any applicable Prospectus Supplement, at prices and on terms to be determined by market conditions at the time of offering.
This Prospectus provides you with a general description of the Securities the Company may offer. Each time the Company offers Securities,
it will provide a Prospectus Supplement that will describe the specific amounts, prices and other important terms of the Securities,
including, to the extent applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">designation or classification;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">aggregate offering price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">original issue discount, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">rates and times of payment of dividends, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">redemption, conversion or exchange terms, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">conversion or exchange prices, if any, and, if applicable, any provisions for changes to or adjustments
in the conversion or exchange prices and in the securities or other property receivable upon conversion or exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictive covenants, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">voting or other rights, if any; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">important United States and Canadian federal income tax considerations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Prospectus Supplement may also add, update
or change information contained in this Prospectus or in documents the Company has incorporated by reference. However, no Prospectus
Supplement will offer a security that is not described in this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may sell the Securities on
a continuous or delayed basis to or through underwriters, dealers or agents or directly to purchasers. The Prospectus Supplement,
which the Company will provide each time it offers Securities, will set forth the names of any underwriters, dealers or agents
involved in the sale of the Securities, and any applicable fee, commission or discount arrangements with them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may offer Common Shares. The
Company may issue Common Shares independently or together with Warrants or Subscription Receipts, and the Common Shares may be
attached to or separate from such securities. Holders of Common Shares are entitled to one vote per Common Share on all matters
that require shareholder approval. Holders of Common Shares are entitled to dividends when and if declared by the Board. The Common
Shares are described in greater detail in this Prospectus under &ldquo;Description of Common Shares&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may offer Warrants for the
purchase of Common Shares, in one or more series, from time to time. The Company may issue Warrants independently or together with
Common Shares or Subscription Receipts, and the Warrants may be attached to or separate from such securities. Warrants to be issued
under this Prospectus may or may not be listed on the TSX or on any other securities exchange. The Prospectus Supplement regarding
any Warrant to be issued under this Prospectus will provide disclosure regarding whether the Warrants to be issued under such Prospectus
Supplement will be listed or are listed on a securities exchange and will be filed in Canada on the System for Electronic Document
Analysis and Retrieval (&ldquo;SEDAR&rdquo;) and in the United States with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrants will be evidenced by warrant
certificates and may be issued under one or more warrant indentures, which are contracts between the Company and a warrant trustee
for the holders of the Warrants. In this Prospectus, the Company has summarized certain general features of the Warrants under
&ldquo;Description of Warrants.&rdquo; The Company urges you, however, to read any Prospectus Supplement related to the series
of Warrants being offered, as well as the complete warrant indentures and warrant certificates that contain the terms of the Warrants.
Specific warrant indentures will contain additional important terms and provisions and will be filed in the United States on Form
8-K with the SEC and will be filed in Canada on SEDAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscription Receipts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Subscription Receipts,
which will entitle holders to receive upon satisfaction of certain release conditions and for no additional consideration, Common
Shares, Warrants or any combination thereof. Subscription Receipts will be issued pursuant to one or more subscription receipt
agreements, each to be entered into between the Company and an escrow agent, which will establish the terms and conditions of the
Subscription Receipts. Each escrow agent will be a financial institution organized under the laws of Canada or a province thereof
and authorized to carry on business as a trustee. A copy of the form of subscription receipt agreement will be filed in the United
States on Form 8-K with the SEC and will be filed in Canada on SEDAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Prospectus, the Company has summarized
certain general features of the Subscription Receipts under &ldquo;Description of Subscription Receipts&rdquo;. The Company urges
you, however, to read any Prospectus Supplement related to Subscription Receipts being offered, as well as the complete subscription
receipt agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may offer Units consisting
of Common Shares, Warrants and/or Subscription Receipts to purchase any of such securities in one or more series. This Prospectus
contains a summary of certain general features of the Units under &ldquo;Description of Units.&rdquo; The Company urges you, however,
to read any Prospectus Supplement related to the series of Units being offered. The Company may evidence each series of units by
unit certificates that the Company will issue under a separate unit agreement with a unit agent. The Company will file in the United
States on Form 8-K with the SEC and will file in Canada on SEDAR the unit agreements that describe the terms of the series of Units
the Company is offering before the issuance of the related series of Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS PROSPECTUS MAY NOT BE USED TO OFFER
OR SELL ANY SECURITIES UNLESS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in the Securities involves
a high degree of risk. Prospective investors in a particular offering of Securities should carefully consider the following risks
as well as the other information contained in this Prospectus, any applicable Prospectus Supplement, and the documents incorporated
by reference herein before investing in the Securities. If any of the following risks actually occurs, the Company&rsquo;s business
could be materially harmed. The risks and uncertainties described below are not the only ones the Company faces. Additional risks
and uncertainties, including those of which the Company is currently unaware or that the Company deems immaterial, may also adversely
affect the Company&rsquo;s business.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Operating Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We cannot be assured that Mt Todd
is feasible or that a feasibility study will accurately forecast operating results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mt Todd is our principal asset. Our future
profitability depends largely on the economic feasibility of the project. Before arranging financing for Mt Todd, we will have
to complete a feasibility study. There can be no assurance that the results of the feasibility study will be positive or that such
study will be completed when expected. If the Mt Todd feasibility study is favorable, and if the project can be financed, there
is no assurance that actual production rates, revenues, capital and operating costs at Mt Todd will not vary unfavorably from the
estimates and assumptions included in the feasibility study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mt Todd requires substantial capital
investment and we may be unable to raise sufficient capital on favorable terms or at all. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The construction and operation of Mt Todd
will require significant capital. Our ability to raise sufficient capital will depend on several factors, including a favorable
feasibility study, acquisition of the requisite permits, macroeconomic conditions, and future gold prices. Uncontrollable factors
such as lower gold prices, unanticipated operating or permitting challenges, perception of environmental impact, illiquidity in
the debt markets or equity markets, could impede our ability to finance Mt Todd on acceptable terms, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we decide to construct the mine
at Mt Todd, we will be assuming certain reclamation obligations resulting in a material financial obligation. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Mt Todd site was not reclaimed when
the original mine closed. Although we are not currently responsible for the reclamation of these historical disturbances, we will
accept full responsibility for them if and when we make a decision to finance and construct the mine and we provide 30 days&rsquo;
notice to NT Government of our intention to take over and assume the management, operation and rehabilitation of Mt Todd. At that
time, we will be required to provide a bond in a form and amount satisfactory to the NT Government (in whose jurisdiction Mt Todd
is located) that would cover the prospective expense of the reclamation of the property. In addition, the regulatory authorities
may increase reclamation and bonding requirements from time to time. The satisfaction of these bonding requirements and continuing
or future reclamation obligations will require a significant amount of capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to get the required
permits to begin construction at Mt Todd in a timely manner or at all. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any delay in acquiring the requisite permits,
or failure to receive required governmental approvals could delay or prevent the start of construction of Mt Todd. If we are unable
to acquire permits to mine the property, then the project cannot be developed and operated; in addition the property will have
no reserves under SEC&nbsp;Industry Guide 7 and NI 43-101, which would result in an impairment of the carrying value of the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There may be other delays in the
construction of Mt Todd.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delays in commencement of construction
could result from factors such as availability and performance of engineering and construction contractors, suppliers and consultants;
availability of required equipment; and availability of capital. Any delay in the performance of any one or more of the contractors,
suppliers, consultants or other persons on which we depend, or lack of availability of required equipment, or delay or failure
to receive required governmental approvals, or financing could delay or prevent commencement of construction at Mt Todd. There
can be no assurance of whether or when construction at Mt Todd will start or that the necessary personnel, equipment or supplies
will be available to the Company if and when construction is started.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Increased costs could impede our
ability to become profitable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs at any particular mining location
frequently are subject to variation due to a number of factors, such as changing ore grade, changing metallurgy, and revisions
to mine plans in response to the physical shape and location of the ore body.&nbsp; In addition, costs are affected by the price
of commodities, fuel, electricity, operating supplies and labor.&nbsp;These costs are at times subject to volatile price movements,
including increases that could make future production at Mt Todd less profitable or uneconomic. This could have a material adverse
effect on our financial condition, cash flows and results of operations.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We cannot be assured that we will
have an adequate water supply at Mt Todd.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Water at Mt Todd is expected to be provided
from a fresh water reservoir which is fed by seasonal rains. Insufficient rainfall, or drought-like conditions in the area feeding
the reservoir could limit or extinguish this water supply, and sufficient water resources may not be available leading to operations
stopping until the water supply is replenished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We could be subject to litigation
or other legal claims.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our assets or our business activities may
be subject to disputes that may result in litigation or other legal claims. We may be required to respond to or defend against
these claims which will divert resources away from our principal business. There can be no assurance that our defense of such claims
would be successful, and we may be required to make material settlements. This could have a material adverse effect on our financial
condition and cash flows, results of operations, and corporate reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We rely on third parties to fulfill
their obligations under agreements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business strategy includes entering
into agreements with third-parties (&ldquo;Partners&rdquo;) which may earn the right to obtain a majority interest in certain of
our projects, in part by managing the respective project. Whether or not we hold a majority interest in a respective project, our
Partner(s) may: (i) have economic or business interests or goals that are inconsistent with or opposed to ours; (ii) exercise veto
rights to block actions that we believe to be in the best interests of the project; (iii) take action contrary to our policies
or objectives; or (iv) as a result of financial or other difficulties, be unable or unwilling to fulfill their obligations under
the respective joint venture, option, earn-in right or other agreement(s), such as contributing capital for the expansion or maintenance
of projects. Any one or a combination of these could result in liabilities for us and/or could adversely affect the value of the
related project(s) and, by association, damage our reputation and consequently our ability to acquire or advance other projects
and/or attract future Partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our exploration and development interests
are subject to evolving environmental regulations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our property and royalty interests are
subject to environmental regulation. Environmental legislation is becoming more restrictive in some countries or jurisdictions
in a manner that will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent
environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors
and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect our interests.
Currently, our property and royalty interests are subject to government environmental regulations in Australia, Indonesia, Mexico
and the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We could be subject to environmental
lawsuits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neighboring landowners and other third
parties could file claims based on environmental statutes and common law for personal injury and property damage allegedly caused
by the release of hazardous substances or other waste material into the environment on or around our properties. There can be no
assurance that our defense of such claims would be successful. This could have a material adverse effect on our business prospects,
financial condition, results of operation, and corporate reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may have material undisclosed
environmental liabilities of which we are not aware </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vista has been engaged in gold exploration
since 1983.&nbsp; Since inception the Company has been involved in a large number of exploration projects in many different jurisdictions.&nbsp;
There may be environmental liabilities associated with disturbances at any of these projects for which the Company may be identified
as a probable responsible party, regardless of its level of involvement in creating the related disturbance. &nbsp;We may not be
aware of such claims against the Company until regulators provide notice thereof. Consequently, we may have material undisclosed
environmental responsibilities which could negatively affect our results of operations, cash flows and corporate reputation. &nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There may be challenges to our title
to mineral properties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There may be challenges to our title to
our mineral properties. If there are title defects with respect to any of our properties, we may be required to compensate other
persons or perhaps reduce our interest in the affected property. Also, in any such case, the investigation and resolution of title
issues could divert Company resources from our core strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Financial and Business Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A substantial or extended decline
in gold prices would have a material adverse effect on the value of our assets, on our ability to raise capital and could result
in lower than estimated economic returns. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of our assets, our ability to
raise capital and our future economic returns are substantially dependent on the price of gold. The gold price fluctuates on a
daily basis and is affected by numerous factors beyond our control. Factors tending to influence gold prices include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">gold sales or leasing by governments and central banks or changes in their monetary policy, including
gold inventory management and reallocation of reserves;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">speculative short positions taken by significant investors or traders in gold;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the relative strength of the U.S. dollar;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations of the future rate of inflation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">interest rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes to economic activity in the United States, China, India and other industrialized or developing
countries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">geopolitical conflicts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in jewelry, investment or industrial demand;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in supply from production, disinvestment and scrap; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">forward sales by producers in hedging or similar transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">A substantial
or extended decline in the gold price could:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">negatively impact our ability to raise capital on favorable terms, or at all;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">jeopardize the development of Mt Todd;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce our existing estimated mineral resources and reserves by removing ores from these estimates
that could not be economically processed at the lower gold price;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the potential for future revenues from gold projects in which we have an interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce funds available to operate our business; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the market value of our assets, including our investment in Midas Gold Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Industry consolidation could result
in the acquisition of a control position in the Company for less than fair value. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidation within the industry is a
growing trend. As a result of the broad market and industry factors including the price of gold, we believe the current market
value of our common stock does not reflect the fair value of the Company&rsquo;s assets. These conditions could result in the acquisition
of a control position, or attempted acquisition of a control position in the Company at what we believe to be less than fair value.
This could result in substantial costs to us and divert our management&rsquo;s attention and resources. A completed acquisition
could result in realized losses of shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have a history of losses, and
we do not expect to generate earnings from operations or pay dividends in the near term.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an exploration stage enterprise.
As such, we devote our efforts to exploration, analysis and, if warranted, development of our projects. We do not currently produce
gold and do not currently generate operating earnings from gold production. We finance our business activities principally by issuing
equity and/or debt, and selling non-core assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have incurred losses in all periods
since 1998, except for the year ended December 31, 2011, during which we recorded non-cash net gains, and the year ended December
31, 2015 during which we recorded gains related to R&amp;D Refunds. We expect to continue to incur losses for the foreseeable future.
We have no history of paying cash dividends and we do not expect to be able to pay cash dividends or to make any similar distribution
in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be unable to raise additional
capital on favorable terms, if at all.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our exploration and, if warranted, development
activities and the construction and start-up of any mining operation require substantial amounts of capital. In order to develop
Mt Todd, and/or to acquire attractive gold projects, we will have to raise additional funds from the sale of non-core assets and
/ or external sources. There can be no assurance that we will be successful in selling non-core assets or that additional financing
will be available at all or on acceptable terms. If we cannot raise sufficient additional financing, we may have to substantially
reduce or cease operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our exploration and development activities
or any acquisition activities may not be commercially successful</I>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantial expenditures are required to
acquire gold properties, to establish mineral reserves through drilling and analysis, to develop metallurgical processes to extract
metal from the ore and to develop the mining and processing facilities and infrastructure at any site chosen for mining. We cannot
be assured that any mineral reserves or mineral resources acquired, established or discovered will be in sufficient quantities
to justify commercial operations or that the funds invested in them will ever be recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business is subject to evolving
corporate governance and public disclosure regulations that have increased both our compliance costs and the risk of noncompliance.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to changing rules and regulations
promulgated by a number of governmental and self-regulated organizations, including the British Columbia Securities Commission,
the SEC, the TSX, the NYSE MKT, and the Financial Accounting Standards Board. These rules and regulations continue to evolve in
scope and complexity and many new requirements have been created in response to laws enacted by the United States Congress, making
compliance increasingly more difficult and uncertain, which could have an adverse effect on reputation and our stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We face intense competition in the
mining industry.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mining industry is intensely competitive
in all of its phases. Some of our competitors are much larger, established mining companies with greater financial and technical
resources than ours. We compete with other mining companies for attractive mining claims, for capital, for equipment and supplies,
for outside services and for qualified managerial and technical employees. If we are unable to raise sufficient capital, we will
be unable to execute exploration and development programs or such programs may be reduced in scope. Competition for equipment and
supplies could result in shortage of necessary supplies and/or increased costs. Competition for outside services could result in
increased costs, reduced quality of service and/or delays in completing services. If we cannot successfully retain or attract qualified
employees, our ability to advance the development of Mt Todd, to attract necessary financing, to meet all of our environmental
and regulatory responsibilities, or to take opportunities to improve our business, could be negatively affected. This could have
a material adverse effect on our results of operations, cash flows, financial condition and corporate reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The occurrence of events for which
we are not insured may affect our cash flow and overall profitability. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We maintain insurance policies that mitigate
certain risks related to our operations. This insurance is maintained in amounts that we believe to be reasonable based on the
circumstances surrounding each identified risk. However, we may elect not to have insurance for certain risks because of the high
premiums associated with insuring those risks or for various other reasons; in other cases, insurance may not be available for
certain risks. We do not insure against political risk. Occurrence of events for which we are not insured could result in significant
losses that could materially adversely affect our financial condition and our ability to fund our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Our
stock price may be volatile and your investment in our common stock could suffer a decline in value</I></B></FONT><B><I>. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Broad market and industry factors may adversely
affect the price of our common stock, regardless of our actual operating performance. Factors that could cause fluctuation in the
price of our common stock may include, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in financial estimates by us or
by any securities analysts who might cover our stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">stock market price and volume fluctuations
of other publicly traded companies and, in particular, those that are in the mining industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">speculation about our business in the
press or the investment community;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">conditions or trends in our industry or
the economy generally;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in the prices of gold;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">announcements by us or our competitors
of significant acquisitions, strategic partnerships or divestitures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">additions or departures of key personnel;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">sales of our common stock, including sales
by our directors, officers or significant stockholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the past, securities class action litigation
has often been instituted against companies following periods of volatility in their stock price. This type of litigation could
result in substantial costs to us and divert our management&rsquo;s attention and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Currency fluctuations may adversely
affect our costs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have material property interests in
Australia. Most costs in Australia are incurred in the local currency. The appreciation of the Australian dollar against the U.S.
dollar effectively increases our cost of doing business in Australia. This could have the effect of increasing the amount of capital
required to continue to explore and develop Mt Todd, and/or reducing the pace at which it is developed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Australian Research and development
(&ldquo;R&amp;D&rdquo;) grants are subject to review </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Australian R&amp;D tax incentive program,
under which we have received certain grants related to qualifying R&amp;D programs and expenditures, is a self-assessment process,
and as such, the Australian Government has the right to review our qualifying programs and related expenditures for a period of
four years. If such a review were to occur, and as a result of the review and failure of a related appeal a qualified program and
related expenditures were disqualified, some or all of the respective R&amp;D grant could be recalled with penalties and interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company is likely a &ldquo;passive
foreign investment company,&rdquo; which will likely have adverse U.S. federal income tax consequences for U.S. shareholders. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. shareholders of our common shares
should be aware that the Company believes it was classified as a PFIC during the taxable year ended December 31, 2016, and based
on current business plans and financial projections, management believes there is a significant likelihood that the Company will
be a PFIC during the current taxable year. If the Company is a PFIC for any year during a U.S. shareholder&rsquo;s holding period,
then such U.S. shareholder generally will be required to treat any gain realized upon a disposition of Common Shares, or any so-called
&ldquo;excess distribution&rdquo; received on their Common Shares, as ordinary income, and to pay an interest charge on a portion
of such gain or distributions, unless the shareholder makes a timely and effective &ldquo;qualified electing fund&rdquo; (&ldquo;QEF
Election&rdquo;) or a &ldquo;mark-to-market&rdquo; election with respect to the Common Shares. A U.S. shareholder who makes a QEF
Election generally must report on a current basis its share of the net capital gain and ordinary earnings for any year in which
the Company is PFIC, whether or not the Company distributes any amounts to its shareholders. U.S. shareholders should be aware
that there can be no assurance that the Company will satisfy record keeping requirements that apply to a QEF Election, or that
the Company will supply U.S. shareholders with information that such U.S. shareholders require to report under the QEF Election
rules, in event that the Company is a PFIC and a U.S. shareholder wishes to make a QEF Election. Thus, U.S. shareholders may not
be able to make a QEF Election with respect to their Common Shares. A U.S. shareholder who makes the mark-to-market election generally
must include as ordinary income each year the excess of the fair market value of the Common Shares over the taxpayer&rsquo;s basis
therein. This paragraph is qualified in its entirety by the discussion below in &ldquo;Item 5. Market for Registrant&rsquo;s Common
Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities - &ldquo;Certain U.S. Federal Income Tax Considerations.&rdquo;
Each U.S. shareholder should consult his or her own tax advisor regarding the U.S. federal, U.S. state and local, and foreign tax
consequences of the PFIC rules and the acquisition, ownership, and disposition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Industry Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Calculations of mineral reserves
and mineral resources are estimates only and subject to uncertainty.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimating of mineral reserves and
mineral resources is an imprecise process and the accuracy of such estimates is a function of the quantity and quality of available
data, the assumptions used and judgments made in interpreting engineering and geological information and estimating future capital
and operating costs. There is significant uncertainty in any reserve or resource estimate, and the economic results of mining an
ore deposit may differ materially from the estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Feasibility studies are estimates
only and subject to uncertainty. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Feasibility studies are used to determine
the economic viability of an ore deposit, as are pre-feasibility studies and preliminary economic assessments. Feasibility studies
are the most detailed studies and reflect a higher level of confidence in the estimated production rates, and capital and operating
costs. Generally accepted levels of confidence are plus or minus 15% for feasibility studies, plus or minus 25-30% for pre-feasibility
studies and plus or minus 35-40% for preliminary economic assessments. These levels reflect the levels of confidence that exist
at the time the study is completed. Subsequent changes to metal prices, foreign exchange rates (if applicable), reclamation requirements,
operating and capital costs may differ materially from these estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mining companies are increasingly
required to consider and provide benefits to the communities and countries in which they operate, and are subject to extensive
environmental, health and safety laws and regulations. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of public concern about the
real or perceived detrimental effects of economic globalization and global climate impacts, businesses in general and the mining
industry in particular, face increasing public scrutiny of their activities. These businesses are under pressure to demonstrate
that as they seek to generate satisfactory returns on investment to shareholders, other stakeholders, including employees, governments,
indigenous peoples, communities surrounding operations and the countries in which they operate, benefit and will continue to benefit
from their commercial activities. The potential consequences of these pressures include reputational damage, legal suits, increased
costs, increased social investment obligations, difficulty in acquiring permits, and increased taxes and royalties payable to governments
and communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mining exploration, development and
operating activities are inherently hazardous. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mineral exploration involves many risks
that even a combination of experience, knowledge and careful evaluation may not be able to overcome. Operations in which we have
direct or indirect interests will be subject to all the hazards and risks normally incidental to exploration, development and production
of gold and other metals, any of which could result in work stoppages, damage to property, physical harm and possible environmental
damage. The nature of these risks is such that liabilities might exceed any liability insurance policy limits. It is also possible
that the liabilities and hazards might not be insurable, or, we could elect not to be insured against such liabilities due to high
premium costs or other reasons, in which event, we could incur significant costs that could have a material adverse effect on our
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regulations and pending legislation
involving climate change could result in increased operating costs. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gold production is energy intensive, resulting
in a significant carbon footprint. A number of governments and/or governmental bodies have introduced or are contemplating regulatory
changes in response to various climate change interest groups and the potential impact of climate change. This type of legislation
and possible future legislation and increased regulation regarding climate change could impose significant costs related to increased
energy requirements, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Pending initiatives involving taxation
could result in increased tax and operating costs. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is growing attention from the media
and the public on perceived international tax avoidance techniques which could result in escalating rates of poverty, inequality
and unemployment in host countries. Initiatives like the Base Erosion and Profit Shifting project being led by the Organization
for Economic Cooperation and Development aim to reform the system of international taxation to minimize international tax avoidance
techniques. This initiative and possible future initiatives could result in increased tax expense and related compliance costs
for future international mining operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_008"></A>DOCUMENTS
INCORPORATED BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows the Company to &ldquo;incorporate
by reference&rdquo; information it files with the SEC.&nbsp;&nbsp;This means that the Company can disclose important information
to you by referring you to those documents. Any information the Company references in this manner is considered part of this Prospectus.&nbsp;&nbsp;Information
the Company files with the SEC after the date of this Prospectus will automatically update and, to the extent inconsistent, supersede
the information contained in this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents which have been
filed by the Company with securities commissions or similar authorities in Canada and with the SEC, are specifically incorporated
by reference into, and form an integral part of, this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the Annual Report on Form 10-K of the Company, for the year ended December 31, 2016, which report
contains the audited consolidated financial statements of the Company and the notes thereto as at December&nbsp;31, 2016 and 2015
and for the years ended December 31, 2016, 2015 and 2014, together with the auditors&rsquo; report thereon and the related management&rsquo;s
discussion and analysis of financial condition and results of operations for the years ended December 31, 2016 and 2015, as filed
with the SEC on February 22, 2017;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">the Company&rsquo;s Proxy Statement on Schedule 14A, dated March 17, 2017, in connection with the
Company&rsquo;s April 27, 2017 annual general meeting of shareholders, including the information specifically incorporated by reference
into our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the SEC on March 17, 2017;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the Quarterly Report on Form 10-Q of the Company, for the quarter ended March 31, 2017, which report
contains the unaudited consolidated financial statements of the Company and the notes thereto as at March&nbsp;31, 2017 and for
the quarter ended March 31, 2017 and 2016 and the related management&rsquo;s discussion and analysis of financial condition and
results of operations for the quarter ended March 31, 2017 and 2016, as filed with the SEC on April 28, 2017;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the Company&rsquo;s Current Report on Form 8-K as filed on May 3, 2017;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">the description of the Company&rsquo;s common stock contained in its registration statement on
Form 8-A filed on January 4, 1988, including any amendment or report filed for purposes of updating such description; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">all other documents filed by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act (excluding, unless otherwise provided therein or herein, information furnished pursuant to Item 2.02 and Item 7.01 on any Current
Report on Form 8-K), after the date of this Prospectus but before the end of the offering of the securities made by this Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also hereby specifically incorporate by
reference all filings filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial
registration statement on Form S-3 to which this Prospectus relates and prior to effectiveness of such registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may obtain copies of any of these documents
by contacting us at the address and telephone number indicated below or by contacting the SEC as described below. You may request
a copy of these documents, and any exhibits that have specifically been incorporated by reference as an exhibit in this prospectus
supplement, at no cost, by writing or telephoning to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vista Gold Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">7961 Shaffer Parkway, Suite&nbsp;5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Littleton, Colorado 80127</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attention: John F. Engele, Chief Financial
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(720)&nbsp;981-1185</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_009"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated in the applicable
Prospectus Supplement, the net proceeds from the sale of the Securities will be used by the Company for development of existing
or acquired mineral properties and may also be used for acquisitions, working capital requirements, to repay indebtedness outstanding
from time to time or for other general corporate purposes. The Company may, from time to time, issue Common Shares or other securities
otherwise than through the offering of Securities pursuant to this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>MARKET FOR
COMMON SHARES AND WARRANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The common shares of Vista Gold are listed
on the NYSE MKT. The following table sets out the reported high and low sale prices on the NYSE MKT for the periods indicated as
reported by the&nbsp;exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NYSE&nbsp;&nbsp;MKT</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: justify; padding-left: 24pt">1st quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">0.45</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">0.28</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 24pt">2nd quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 24pt">3rd quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.24</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 24pt">4th quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 24pt">1st quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.27</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 24pt">2nd quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.44</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 24pt">3rd quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.05</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 24pt">4th quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.80</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1<sup>st</sup> quarter</font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2<sup>nd</sup> quarter (through July 5, 2017)</font></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.81</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 5, 2017, the last reported sale
price of the common shares of Vista Gold on the NYSE MKT was $0.87, there were 98,196,308 Common Shares issued and outstanding,
and we had approximately 290 registered shareholders of record.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never paid cash dividends. The
declaration and payment of future dividends, if any, will be determined by our Board and will depend on our earnings, financial
condition, future cash requirements and other relevant factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange Controls</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no governmental laws, decrees
or regulations in Canada that restrict the export or import of capital, including foreign exchange controls, or that affect the
remittance of dividends, interest or other payments to non-resident holders of the securities of Vista, other than Canadian withholding
tax. See &ldquo;Certain Canadian Federal Income Tax Considerations for U.S.&nbsp;Residents&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Canadian Federal Income Tax
Considerations for U.S.&nbsp;Residents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summarizes certain Canadian
federal income tax consequences generally applicable under the <I>Income Tax&nbsp;Act</I> (Canada) and the regulations enacted
thereunder (collectively, the &ldquo;Canadian Tax&nbsp;Act&rdquo;) and the <I>Canada-United&nbsp;States Income Tax Convention (1980)</I>
(the&nbsp;&ldquo;Convention&rdquo;) to the holding and disposition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comment is restricted to holders of Common
Shares each of whom, at all material times for the purposes of the Canadian Tax&nbsp;Act and the Convention, (i)&nbsp;is resident
solely in the United&nbsp;States, (ii) is entitled to the benefits of the Convention, (iii)&nbsp; holds all Common Shares as capital
property, (iii) holds no Common Shares that are &ldquo;taxable Canadian property&rdquo; (as defined in the Canadian Tax Act) of
the holder, (iv)&nbsp;deals at arm&rsquo;s length with and is not affiliated with Vista Gold, (v)&nbsp;does not and is not deemed
to use or hold any Common Shares in a business carried on in Canada, and (vi) is not an insurer that carries on business in Canada
and&nbsp;elsewhere (each such holder, a &ldquo;U.S.&nbsp;Resident Holder&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S.-resident entities that are
fiscally transparent for United&nbsp;States federal income tax purposes (including limited liability companies) may not in all
circumstances be regarded by&nbsp;the Canada Revenue Agency (the &ldquo;CRA&rdquo;) as entitled to the benefits of the Convention.
Members of or holders of an interest in such an entity that holds Common Shares should consult their own tax advisers regarding
the extent, if any, to which the CRA will extend the benefits of the Convention to the entity in respect of its Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, a holder&rsquo;s Common Shares
will be considered to be capital property of the holder provided that the holder is not a trader or dealer in securities, did not
acquire, hold or dispose of the Common Shares in one or more transactions considered to be an adventure or concern in the nature
of trade (<I>i.e</I>.&nbsp;speculation), and does not hold the Common Shares as inventory in the course of carrying on a business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, a holder&rsquo;s Common Shares
will not constitute &ldquo;taxable Canadian property&rdquo; of the holder at a particular time at which the Common Shares are listed
on a &ldquo;designated stock exchange&rdquo; (which currently includes the TSX) unless both of the following conditions are true:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">the holder or any one or more persons with whom the holder does not deal at arm&rsquo;s length
owned, alone or in any combination, 25% or more of the issued shares of any class of the capital stock of Vista Gold at any time
in the 60 months preceding the particular time; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">more than 50% of the fair market value of the Common Shares was derived directly or indirectly
from, or from any combination of, real or immovable property situated in Canada, &ldquo;Canadian resource properties&rdquo; (as
defined in the Canadian Tax Act), &ldquo;timber resource properties&rdquo; (as so defined), or options or interests therein, at
any time in the 60 months preceding the particular time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is based on the current provisions
of the Canadian Tax&nbsp;Act and the Convention in effect on the date hereof, all specific proposals to amend the Canadian Tax&nbsp;Act
and Convention publicly announced by or on behalf of the Minister of Finance (Canada) on or before the date hereof, and the current
published administrative and assessing policies of the CRA. It is assumed that all such amendments will be enacted as currently
proposed, and that there will be no other material change to any applicable law or administrative or assessing practice, although
no assurance can be given in these respects. Except as otherwise expressly provided, this summary does not take into account any
provincial, territorial or foreign tax considerations, which may differ materially from those set out herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This summary is of a general nature
only, is not exhaustive of all possible Canadian federal income tax considerations, and is not intended to be and should not be
construed as legal or tax advice to any particular U.S. Resident Holder. U.S. Resident Holders are urged to consult their own tax
advisers for advice with respect to their particular circumstances. The discussion below is qualified accordingly.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>A U.S. Resident Holder who disposes
or is deemed to dispose of one or more Common Shares generally should not thereby incur any liability for Canadian federal income
tax in respect of any capital gain arising as a consequence of the disposition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>A U.S. Resident Holder to whom Vista
Gold pays or is deemed to pay a dividend on the holder&rsquo;s Common Shares will be subject to Canadian withholding tax, and Vista
Gold will be required to withhold the tax from the dividend and remit it to the CRA for the holder&rsquo;s account. The rate of
withholding tax under the Canadian Tax Act is 25% of the gross amount of the dividend, but should generally be reduced under the
Convention to 15% (or, if the U.S. Resident Holder owns at least 10% of the voting stock of Vista Gold, 5%) of the gross amount
of the dividend.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain United States Federal Income
Tax Considerations for U.S.&nbsp;Residents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There may be material tax consequences
to U.S. Residents in relation to an acquisition or disposition of Common Shares or other securities of the Company. U.S. Residents
should consult their own legal, accounting and tax advisors regarding such tax consequences under United States, state, local or
foreign tax law regarding the acquisition or disposition of our Common Shares or other securities, in particular, the tax consequences
of the Company likely being a &ldquo;passive foreign investment company&rdquo; (commonly known as a &ldquo;PFIC&rdquo;) within
the meaning of Section 1297 of the United States <I>Internal Revenue Code. </I>See Risk Factors - The Company is likely a &ldquo;passive
foreign investment company&rdquo;, above, which will likely have adverse U.S. federal income tax consequences for U.S. shareholders&rdquo;
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unregistered Sales of Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_011"></A>CERTAIN
INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable Prospectus Supplement will
describe certain Canadian federal income tax consequences to investors described therein of acquiring Securities including, in
the case of investors who are not residents of Canada for purposes of the <I>Income Tax Act</I> (Canada), whether payment of any
amount in respect of a security will be subject to Canadian non-resident withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable Prospectus Supplement will
also describe certain U.S. federal income tax consequences of the acquisition, ownership and disposition of Securities by an initial
investor who is a U.S. person (within the meaning of the U.S. Internal Revenue Code), if applicable, including, to the extent applicable,
any such consequences relating to Securities payable in a currency other than the U.S. dollar, issued at an original issue discount
for U.S. federal income tax purposes or containing early redemption provisions or other special terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>DESCRIPTION
OF COMMON SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is authorized to issue an unlimited
number of Common Shares, without par value, of which 98,196,308 are issued and outstanding as at the date of this Prospectus. There
are 6,514,625 Warrants to acquire 6,514,625 Common Shares, which expire on August 8, 2019. The Warrants were issued on August 8,
2016 and each Warrant can be exercised to acquire one Common Share at a purchase price $1.92 until the expiry of the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our Stock Option Plan (the &ldquo;Plan&rdquo;)
and our Long-Term Equity Incentive Plan (the &ldquo;LTIP&rdquo;), we may grant options and/or RSUs or restricted stock awards to
our directors, officers, employees and consultants.&nbsp;&nbsp;The combined maximum number of our Common Shares that may be reserved
for issuance under the Plan and the LTIP is a variable number equal to 10% of the issued and outstanding Common Shares on a non-diluted
basis.&nbsp;Options and RSUs under the Plan and LTIP, respectively, are granted from time to time at the discretion of the Board,
with vesting periods and other terms as determined by the Board. There are options outstanding to purchase up to 1,544,500 Common
Shares at prices ranging from $0.36 to $3.14. There are 2,411,387 restricted stock units outstanding. Upon the vesting conditions
being met a holder of restricted stock units is entitled to receive one Common Share for each restricted stock unit held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Common Shares independently
or together with Warrants or Subscription Receipts, and the Common Shares may be attached to or separately from such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Common Shares are entitled to
receive notice of and to attend any meetings of shareholders of the Company and at any meetings of shareholders to one vote for
each Common Share held, to receive dividends as and when declared by the directors of the Company and to receive a <I>pro rata</I>
share of the assets of the Company available for distribution to the shareholders in the event of the liquidation, dissolution
or winding-up of the Company. There are no pre-emptive, conversion or redemption rights attached to the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>DESCRIPTION
OF WARRANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description, together with
the additional information the Company may include in any applicable Prospectus Supplements, summarizes the material terms and
provisions of the Warrants that the Company may offer under this Prospectus, which will consist of Warrants to purchase Common
Shares and may be issued in one or more series. Warrants may be offered independently or together with Common Shares or Subscription
Receipts offered by any Prospectus Supplement, and may be attached to or separate from those Securities. While the terms the Company
has summarized below will apply generally to any Warrants that it may offer under this Prospectus, the Company will describe the
particular terms of any series of Warrants that it may offer in more detail in the applicable Prospectus Supplement. The terms
of any Warrants offered under a Prospectus Supplement may differ from the terms described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants will be issued under and governed
by the terms of one or more warrant indentures (each a &ldquo;Warrant Indenture&rdquo;) between the Company and a warrant trustee
(the &ldquo;Warrant Trustee&rdquo;) that the Company will name in the relevant Prospectus Supplement. Each Warrant Trustee will
be a financial institution organized under the laws of Canada or any province thereof and authorized to carry on business as a
trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary of some of the provisions
of the Warrants is not complete. The statements made in this Prospectus relating to any Warrant Indenture and Warrants to be issued
under this Prospectus are summaries of certain anticipated provisions thereof and do not purport to be complete and are subject
to, and are qualified in their entirety by reference to, all provisions of the applicable Warrant Indenture. Prospective investors
should refer to the Warrant Indenture relating to the specific Warrants being offered for the complete terms of the Warrants. The
Company urges you to read the applicable Prospectus Supplement related to the applicable Warrants that the Company sells under
this Prospectus, as well as the complete Warrant Indenture and Warrant Certificate. In the United States, the Company will file
as exhibits to the registration statement of which this Prospectus is a part, or will incorporate by reference from a current report
on Form&nbsp;8-K that the Company files with the SEC, any Warrant Indenture describing the terms and conditions of Warrants the
Company is offering before the issuance of such&nbsp;Warrants. In Canada, the Company will file on SEDAR a copy of any Warrant
Indenture after the Company has entered into it.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms of each issue of Warrants
will be described in the applicable Prospectus Supplement. This description will include, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of Warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the Warrants will be offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies in which the Warrants will be offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise the Warrants will commence and the date on which the right
will expire;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of Common Shares that may be purchased upon exercise of each Warrant and the price at
which and currency or currencies in which the Common Shares may be purchased upon exercise of each Warrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of any Securities with which the Warrants will be offered, if any, and
the number of the Warrants that will be offered with each Security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates, if any, on or after which the Warrants and the other Securities with which the
Warrants will be offered will be transferable separately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Warrants will be subject to redemption and, if so, the terms of such redemption provisions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue the Warrants as global securities and, if so, the identity of the
depositary of the global securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Warrants will be listed on any exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material United States and Canadian federal income tax consequences of owning the Warrants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the Warrants.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rights of Holders Prior to Exercise</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prior to the exercise of their Warrants,
holders of Warrants will not have any of the rights of holders of the Common Shares issuable upon exercise of the Warrants. </B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exercise of Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Warrant will entitle the holder to
purchase the Common Shares that the Company specifies in the applicable Prospectus Supplement at the exercise price that the Company
describes therein. Unless the Company otherwise specifies in the applicable Prospectus Supplement, holders of the Warrants may
exercise the Warrants at any time up to the specified time on the expiration date that the Company sets forth in the applicable
Prospectus Supplement. After the close of business on the expiration date, unexercised warrants will become void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of the Warrants may exercise the
Warrants by delivering the Warrant Certificate representing the Warrants to be exercised together with specified information, and
paying the required amount to the Warrant Trustee in immediately available funds, as provided in the applicable Prospectus Supplement.
The Company will set forth on the Warrant Certificate and in the applicable Prospectus Supplement the information that the holder
of the Warrant will be required to deliver to the Warrant Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon receipt of the required payment and
the Warrant Certificate properly completed and duly executed at the corporate trust office of the Warrant Trustee or any other
office indicated in the applicable Prospectus Supplement, the Company will issue and deliver the Common Shares purchasable upon
such exercise. If fewer than all of the Warrants represented by the Warrant Certificate are exercised, then the Company will issue
a new Warrant Certificate for the remaining amount of Warrants. If the Company so indicates in the applicable Prospectus Supplement,
holders of the Warrants may surrender securities as all or part of the exercise price for Warrants.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anti-Dilution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant Indenture will specify that
upon the subdivision, consolidation, reclassification or other material change of the Common Shares or any other reorganization,
amalgamation, merger or sale of all or substantially all of the Company&rsquo;s assets, the Warrants will thereafter evidence the
right of the holder to receive the securities, property or cash deliverable in exchange for, or on the conversion of, or in respect
of, the Common Shares to which the holder of a Common Share would have been entitled immediately after such event. Similarly, any
distribution to all or substantially all of the holders of Common Shares of rights, options, warrants, evidences of indebtedness
or assets will result in an adjustment in the number of Common Shares to be issued to holders of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Global Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Warrants in whole
or in part in the form of one or more global securities, which will be registered in the name of and be deposited with a depositary,
or its nominee, each of which will be identified in the applicable Prospectus Supplement. The global securities may be in temporary
or permanent form. The applicable Prospectus Supplement will describe the terms of any depositary arrangement and the rights and
limitations of owners of beneficial interests in any global security. The applicable Prospectus Supplement will describe the exchange,
registration and transfer rights relating to any global security.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Modifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant Indenture will provide for
modifications and alterations to the Warrants issued thereunder by way of a resolution of holders of Warrants at a meeting of such
holders or a consent in writing from such holders. The number of holders of Warrants required to pass such a resolution or execute
such a written consent will be specified in the Warrant Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may amend any Warrant Indenture
and the Warrants, without the consent of the holders of the Warrants, to cure any ambiguity, to cure, correct or supplement any
defective or inconsistent provision, or in any other manner that will not materially and adversely affect the interests of holders
of outstanding Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>DESCRIPTION
OF SUBSCRIPTION RECEIPTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Subscription Receipts,
which will entitle holders to receive upon satisfaction of certain release conditions and for no additional consideration, Common
Shares, Warrants or a combination thereof. Subscription Receipts will be issued pursuant to one or more subscription receipt agreements
(each, a &ldquo;Subscription Receipt Agreement&rdquo;), each to be entered into between the Company and an escrow agent (the &ldquo;Escrow
Agent&rdquo;), which will establish the terms and conditions of the Subscription Receipts. Each Escrow Agent will be a financial
institution organized under the laws of Canada or a province thereof and authorized to carry on business as a trustee. In the United
States, the Company will file as exhibits to the registration statement of which this Prospectus is a part, or will incorporate
by reference from a current report on Form&nbsp;8-K that the Company files with the SEC, any Subscription Receipt Agreement describing
the terms and conditions of Subscription Receipts the Company is offering before the issuance of such Subscription Receipts. In
Canada, the Company will file on SEDAR a copy of any Subscription Receipt Agreement after the Company has entered into it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description sets forth certain
general terms and provisions of Subscription Receipts and is not intended to be complete. The statements made in this Prospectus
relating to any Subscription Receipt Agreement and Subscription Receipts to be issued thereunder are summaries of certain anticipated
provisions thereof and are subject to, and are qualified in their entirety by reference to, all provisions of the applicable Subscription
Receipt Agreement and the Prospectus Supplement describing such Subscription Receipt Agreement. The Company urges you to read the
applicable Prospectus Supplement related to the particular Subscription Receipts that the Company sells under this Prospectus,
as well as the complete Subscription Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Prospectus Supplement relating to any
Subscription Receipts the Company offers will describe the Subscription Receipts and include specific terms relating to their offering.
All such terms will comply with the requirements of the TSX and NSYE MKT relating to Subscription Receipts. If underwriters or
agents are used in the sale of Subscription Receipts, one or more of such underwriters or agents may also be parties to the Subscription
Receipt Agreement governing the Subscription Receipts sold to or through such underwriters or agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Prospectus Supplement and the Subscription
Receipt Agreement for any Subscription Receipts the Company offers will describe the specific terms of the Subscription Receipts
and may include, but are not limited to, any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of Subscription Receipts offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the Subscription Receipts will be offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies in which the Subscription Receipts will be offered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation, number and terms of the Common Shares, Warrants or combination thereof to be received
by holders of Subscription Receipts upon satisfaction of the release conditions, and the procedures that will result in the adjustment
of those numbers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the conditions (the &ldquo;Release Conditions&rdquo;) that must be met in order for holders of
Subscription Receipts to receive for no additional consideration Common Shares, Warrants or a combination thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the procedures for the issuance and delivery of Common Shares, Warrants or a combination thereof
to holders of Subscription Receipts upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether any payments will be made to holders of Subscription Receipts upon delivery of the Common
Shares, Warrants or a combination thereof upon satisfaction of the Release Conditions (<I>e.g.</I>, an amount equal to dividends
declared on Common Shares by the Company to holders of record during the period from the date of issuance of the Subscription Receipts
to the date of issuance of any Common Shares pursuant to the terms of the Subscription Receipt Agreement);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will hold all or a portion of the gross proceeds
from the sale of Subscription Receipts, together with interest and income earned thereon (collectively, the &ldquo;Escrowed Funds&rdquo;),
pending satisfaction of the Release Conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions pursuant to which the Escrow Agent will hold Common Shares, Warrants or
a combination thereof pending satisfaction of the Release Conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will release all or a portion of the Escrowed
Funds to the Company upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the Subscription Receipts are sold to or through underwriters or agents, the terms and conditions
under which the Escrow Agent will release a portion of the Escrowed Funds to such underwriters or agents in payment of all or a
portion of their fees or commission in connection with the sale of the Subscription Receipts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">procedures for the refund by the Escrow Agent to holders of Subscription Receipts of all or a portion
of the subscription price for their Subscription Receipts, plus any <I>pro rata</I> entitlement to interest earned or income generated
on such amount, if the Release Conditions are not satisfied;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any contractual right of rescission to be granted to initial purchasers of Subscription Receipts
in the event this Prospectus, the Prospectus Supplement under which Subscription Receipts are issued or any amendment hereto or
thereto contains a misrepresentation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any entitlement of the Company to purchase the Subscription Receipts in the open market by private
agreement or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue the Subscription Receipts as global securities and, if so, the identity
of the depositary for the global securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue the Subscription Receipts as bearer securities, registered securities
or both;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provisions as to modification, amendment or variation of the Subscription Receipt Agreement or
any rights or terms attaching to the Subscription Receipts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the identity of the Escrow Agent;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Subscription Receipts will be listed on any exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material United States and Canadian federal tax consequences of owning the Subscription Receipts;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other terms of the Subscription Receipts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The holders of Subscription Receipts
will not be shareholders of the Company. Holders of Subscription Receipts are entitled only to receive Common Shares, Warrants
or a combination thereof on exchange of their Subscription Receipts, plus any cash payments provided for under the Subscription
Receipt Agreement, if the Release Conditions are satisfied. If the Release Conditions are not satisfied, the holders of Subscription
Receipts shall be entitled to a refund of all or a portion of the subscription price therefor and all or a portion of the <I>pro
rata</I> share of interest earned or income generated thereon, as provided in the Subscription Receipt Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Escrow</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Escrowed Funds will be held in escrow
by the Escrow Agent, and such Escrowed Funds will be released to the Company (and, if the Subscription Receipts are sold to or
through underwriters or agents, a portion of the Escrowed Funds may be released to such underwriters or agents in payment of all
or a portion of their fees in connection with the sale of the Subscription Receipts) at the time and under the terms specified
by the Subscription Receipt Agreement. If the Release Conditions are not satisfied, holders of Subscription Receipts will receive
a refund of all or a portion of the subscription price for their Subscription Receipts plus their <I>pro rata</I> entitlement to
interest earned or income generated on such amount, in accordance with the terms of the Subscription Receipt Agreement. Common
Shares or Warrants may be held in escrow by the Escrow Agent, and will be released to the holders of Subscription Receipts following
satisfaction of the Release Conditions at the time and under the terms specified in the Subscription Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anti-Dilution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will
specify that upon the subdivision, consolidation, reclassification or other material change of the Common Shares or Warrants or
any other reorganization, amalgamation, merger or sale of all or substantially all of the Company&rsquo;s assets, the Subscription
Receipts will thereafter evidence the right of the holder to receive the securities, property or cash deliverable in exchange for,
or on the conversion of, or in respect of, the Common Shares or Warrants to which the holder of a Common Share or Warrant would
have been entitled immediately after such event. Similarly, any distribution to all or substantially all of the holders of Common
Shares of rights, options, warrants, evidences of indebtedness or assets will result in an adjustment in the number of Common Shares
to be issued to holders of Subscription Receipts whose Subscription Receipts entitle the holders thereof to receive Common Shares.
Alternatively, such securities, evidences of indebtedness or assets may, at the option of the Company, be issued to the Escrow
Agent and delivered to holders of Subscription Receipts on exercise thereof. The Subscription Receipt Agreement will also provide
that if other actions of the Company affect the Common Shares or Warrants, which, in the reasonable opinion of the directors of
the Company, would materially affect the rights of the holders of Subscription Receipts and/or the rights attached to the Subscription
Receipts, the number of Common Shares or Warrants which are to be received pursuant to the Subscription Receipts shall be adjusted
in such manner, if any, and at such time as the directors of the Company may in their discretion reasonably determine to be equitable
to the holders of Subscription Receipts in such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rescission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will
also provide that any misrepresentation in this Prospectus, the Prospectus Supplement under which the Subscription Receipts are
offered, or any amendment thereto, will entitle each initial purchaser of Subscription Receipts to a contractual right of rescission
following the issuance of the Common Shares or Warrants to such purchaser entitling such purchaser to receive the amount paid for
the Subscription Receipts upon surrender of the Common Shares or Warrants, provided that such remedy for rescission is exercised
in the time stipulated in the Subscription Receipt Agreement. This right of rescission does not extend to holders of Subscription
Receipts who acquire such Subscription Receipts from an initial purchaser, on the open market or otherwise, or to initial purchasers
who acquire Subscription Receipts in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Global Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Subscription Receipts
in whole or in part in the form of one or more global securities, which will be registered in the name of and be deposited with
a depositary, or its nominee, each of which will be identified in the applicable Prospectus Supplement. The global securities may
be in temporary or permanent form. The applicable Prospectus Supplement will describe the terms of any depositary arrangement and
the rights and limitations of owners of beneficial interests in any global security. The applicable Prospectus Supplement also
will describe the exchange, registration and transfer rights relating to any global security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Modifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will
provide for modifications and alterations to the Subscription Receipts issued thereunder by way of a resolution of holders of Subscription
Receipts at a meeting of such holders or a consent in writing from such holders. The number of holders of Subscriptions Receipts
required to pass such a resolution or execute such a written consent will be specified in the Subscription Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may amend the Subscription
Receipt Agreement, without the consent of the holders of the Subscription Receipts, to cure any ambiguity, to cure, correct or
supplement any defective or inconsistent provision, or in any other manner that will not materially and adversely affect the interests
of holders of outstanding Subscription Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_015"></A>DESCRIPTION
OF UNITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description, together with
the additional information the Company may include in any applicable Prospectus Supplements, summarizes the material terms and
provisions of the Units that the Company may offer under this Prospectus. While the terms the Company has summarized below will
apply generally to any Units that the Company may offer under this Prospectus, the Company will describe the particular terms of
any series of Units in more detail in the applicable Prospectus Supplement. The terms of any Units offered under a Prospectus Supplement
may differ from the terms described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will enter into a form of unit
agreement (&ldquo;Unit Agreement&rdquo;) between the Company and a unit agent (&ldquo;Unit Agent&rdquo;) that describes the terms
and conditions of the series of Units the Company is offering, and any supplemental agreements, before the issuance of the related
series of Units. In the United States, the Company will file as exhibits to the registration statement of which this Prospectus
is a part, or will incorporate by reference from a current report on Form&nbsp;8-K that the Company files with the SEC and in Canada,
will file on SEDAR, the form of Unit Agreement that describes the terms and conditions of the series of Units the Company is offering,
and any supplemental agreements, before the issuance of the related series of Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summary of material terms
and provisions of the Units are subject to, and qualified in their entirety by reference to, all the provisions of the Unit Agreement
and any supplemental agreements applicable to a particular series of Units. The Company urges you to read the applicable Prospectus
Supplements related to the particular series of Units that the Company sells under this Prospectus, as well as the complete Unit
Agreement and any supplemental agreements that contain the terms of the Units.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue units comprising
two or more of Common Shares, Warrants and Subscription Receipts in any combination. Each Unit will be issued so that the holder
of the Unit is also the holder of each security included in the Unit. Thus, the holder of a Unit will have the rights and obligations
of a holder of each included security. The Unit Agreement under which a Unit is issued may provide that the Securities included
in the Unit may not be held or transferred separately, at any time or at any time before a specified date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will describe in the applicable
Prospectus Supplement the terms of the series of Units, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of the Units and of the securities comprising the Units, including whether
and under what circumstances those securities may be held or transferred separately;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any provisions of the governing Unit Agreement that differ from those described below; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any provisions for the issuance, payment, settlement, transfer or exchange of the Units or of the
securities comprising the Units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provisions described in this section,
as well as those described under &ldquo;Description of Common Shares&rdquo;, &ldquo;Description of Warrants&rdquo; and &ldquo;Description
of Subscription Receipts&rdquo; will apply to each Unit and to any Common Share, Warrant or Subscription Receipt included in each
Unit, respectively.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issuance in Series</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue Units in such amounts
and in numerous distinct series as the Company determines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Enforceability of Rights by Holders
of Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Unit Agent will act solely as the
Company&rsquo;s agent under the applicable Unit Agreement and will not assume any obligation or relationship of agency or trust
with any holder of any Unit. A single bank or trust company may act as Unit Agent for more than one series of Units. A Unit Agent
will have no duty or responsibility in case of any default by the Company under the applicable Unit Agreement or Unit, including
any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon the Company. Any holder
of a Unit may, without the consent of the related Unit Agent or the holder of any other Unit, enforce by appropriate legal action
its rights as holder under any security included in the Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, the Unit Agents and any of
their agents may treat the registered holder of any Unit Certificate as an absolute owner of the Units evidenced by that certificate
for any purpose and as the person entitled to exercise the rights attaching to the Units so requested, despite any notice to the
contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_016"></A>PLAN OF
DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may offer and sell the Securities
on a continuous or delayed basis, separately or together: (a) to one or more underwriters or dealers; (b) through one or more agents;
or (c) directly to one or more other purchasers. The Securities offered pursuant to any Prospectus Supplement may be sold from
time to time in one or more transactions at: (i) a fixed price or prices, which may be changed from time to time; (ii) market prices
prevailing at the time of sale; (iii) prices related to such prevailing market prices; or (iv) other negotiated prices. The Company
may only offer and sell the Securities pursuant to a Prospectus Supplement during the 36-month period that this Prospectus, including
any amendments hereto, remains effective. The Prospectus Supplement for any of the Securities being offered thereby will set forth
the terms of the offering of such Securities, including the type of Security being offered, the name or names of any underwriters,
dealers or agents, the purchase price of such Securities, the proceeds to the Company from such sale, any underwriting commissions
or discounts and other items constituting underwriters&rsquo; compensation and any discounts or concessions allowed or re-allowed
or paid to dealers. Only underwriters so named in the Prospectus Supplement are deemed to be underwriters in connection with the
Securities offered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If underwriters are used in the sale, the
Securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions,
including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. Unless
otherwise set forth in the Prospectus Supplement relating thereto, the obligations of underwriters to purchase the Securities will
be subject to certain conditions, but the underwriters will be obligated to purchase all of the Securities offered by the Prospectus
Supplement if any of such Securities are purchased. The Company may agree to pay the underwriters a fee or commission for various
services relating to the offering of any Securities. Any such fee or commission will be paid out of the proceeds of the offering
or the general corporate funds of the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Dealers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If dealers are used, and if so specified
in the applicable Prospectus Supplement, the Company will sell such Securities to the dealers as principals. The dealers may then
resell such Securities to the public at varying prices to be determined by such dealers at the time of resale. Any public offering
price and any discounts or concessions allowed or re-allowed or paid to dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Agents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities may also be sold through
agents designated by the Company. Any agent involved will be named, and any fees or commissions payable by the Company to such
agent will be set forth, in the applicable Prospectus Supplement. Any such fees or commissions will be paid out of the proceeds
of the offering or the general corporate funds of the Company. Unless otherwise indicated in the Prospectus Supplement, any agent
will be acting on a best efforts basis for the period of its appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Direct Sales</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities may also be sold directly by
the Company at such prices and upon such terms as agreed to by the Company and the purchaser. In this case, no underwriters, dealers
or agents would be involved in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriters, dealers and agents that participate
in the distribution of the Securities offered by this Prospectus may be deemed underwriters under the U.S. Securities Act, and
any discounts or commissions they receive from us and any profit on their resale of the securities may be treated as underwriting
discounts and commissions under the U.S. Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the sale of Securities
under this Prospectus and any Prospectus Supplement, the maximum commission or discount to be received by any member of the Financial
Industry Regulatory Authority,&nbsp;Inc. or independent broker or dealer will not be greater than eight&nbsp;percent&nbsp;(8%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriters, dealers or agents who participate
in the distribution of Securities may be entitled under agreements to be entered into with the Company to indemnification by the
Company against certain liabilities, including liabilities under Canadian provincial and territorial and United States securities
legislation, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in
respect thereof. Such underwriters, dealers or agents may be customers of, engage in transactions with, or perform services for,
the Company in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may enter into derivative transactions
with third parties, or sell securities not covered by this Prospectus to third parties in privately negotiated transactions. If
the applicable Prospectus Supplement indicates, in connection with those derivatives, the third parties may sell securities covered
by this Prospectus and the applicable Prospectus Supplement, including in short sale transactions. If so, the third parties may
use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of
stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock.
The third parties in such sale transactions will be identified in the applicable Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One or more firms, referred to as &ldquo;remarketing
firms,&rdquo; may also offer or sell the Securities, if the Prospectus Supplement so indicates, in connection with a remarketing
arrangement upon their purchase. Remarketing firms will act as principals for their own accounts or as agents for us. These remarketing
firms will offer or sell the Securities in accordance with the terms of the Securities. The Prospectus Supplement will identify
any remarketing firm and the terms of its agreement, if any, with us and will describe the remarketing firm&rsquo;s compensation.
Remarketing firms may be deemed to be underwriters in connection with the Securities they remarket.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any offering of Securities
(unless otherwise specified in the Prospectus Supplement), underwriters may over-allot or effect transactions which stabilize or
maintain the market price of the Securities offered at a level above that which might otherwise prevail in the open market. Such
transactions may be commenced, interrupted or discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_017"></A>AUDITORS,
TRANSFER AGENT AND REGISTRAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The auditors of the Company are EKS&amp;H
LLLP, (&ldquo;EKS&amp;H&rdquo;), of Denver, Colorado, an Independent Registered Public Accounting Firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for the
Common Shares is Computershare Investor Services Inc. at the principal offices in Vancouver and Toronto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_018"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information relating to the Company&rsquo;s
mineral properties in this Prospectus and the documents incorporated by reference herein has been derived from reports, statements
or opinions prepared or certified by Tetra Tech, Inc., Rex Bryan, Thomas Dyer, Jackie Blumberg, Deepak Malhotra, Benjamin Johnson,
Nick Michael, David Richers, Keith Thompson, Lachlan Walker, Anthony Clark, and John Rozelle, and this information has been included
in reliance on such companies and persons&rsquo; expertise. Each of Rex Bryan, Thomas Dyer, Jackie Blumberg, Deepak Malhotra, Benjamin
Johnson, Nick Michael, David Richers, Keith Thompson, Lachlan Walker, Anthony Clark, and John Rozelle is a qualified person as
such term is defined NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of Tetra Tech, Inc., Rex Bryan, Thomas
Dyer, Jackie Blumberg, Deepak Malhotra, Benjamin Johnson, Nick Michael, David Richers, Keith Thompson, Lachlan Walker, Anthony
Clark, and John Rozelle, each being companies and persons who have prepared or certified the preparation of reports, statements
or opinions relating to the Company&rsquo;s mineral properties, or any director, officer, employee or partner thereof, as applicable,
received or has received a direct or indirect interest in the property of the Company or of any associate or affiliate of the Company.
As at the date hereof, the aforementioned persons, companies and persons at the companies specified above who participated in the
preparation of such reports, statements or opinions, as a group, beneficially own, directly or indirectly, less than 1% of the
Company&rsquo;s outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current auditors of the Company are
EKS&amp;H, of Denver, Colorado. EKS&amp;H, Denver, report that they are independent of the Company in accordance with the Rules
of Professional Conduct of the Institute of Chartered Accountants of British Columbia and in accordance with the applicable rules
and regulations of the SEC. EKS&amp;H is registered with the Public Company Accounting Oversight Board. The audited consolidated
financial statements of the Company as at December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015, and 2014
have been audited by EKS&amp;H, Denver, and are incorporated by reference herein in reliance on the authority of said firm as experts
in auditing and accounting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_019"></A>LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters related to the Securities
offered by this Prospectus will be passed upon on the Company&rsquo;s behalf by Borden Ladner Gervais LLP, with respect to matters
of Canadian law, and Dorsey &amp; Whitney LLP, with respect to matters of United States law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_020"></A>WHERE YOU
CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company files annual, quarterly and
current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet
at the SEC&rsquo;s web site at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus is part of a registration
statement and, as permitted by SEC rules, does not contain all of the information included in the registration statement.&nbsp;&nbsp;Whenever
a reference is made in this Prospectus to any of our contracts or other documents, the reference may not be complete and, for a
copy of the contract or document, you should refer to the exhibits that are part of the registration statement.&nbsp;&nbsp;You
may call the SEC at 1-800-SEC-0330 for more information on the public reference rooms and their copy charges.&nbsp;&nbsp; You may
also read and copy any document we file with the SEC at the SEC&rsquo;s public reference rooms at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">100 F Street, N.E.<BR>
Room 1580<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 5.4pt 0; text-align: center; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 12pt">PROSPECTUS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo_s3.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VISTA GOLD CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>$100,000,000
        </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Common
        Shares </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>Warrants
        </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Subscription
        Receipts </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Units</B></FONT></P></td></tr>
</table>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">July 5, 2017</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
