<SEC-DOCUMENT>0001144204-17-060681.txt : 20171122
<SEC-HEADER>0001144204-17-060681.hdr.sgml : 20171122
<ACCEPTANCE-DATETIME>20171122162700
ACCESSION NUMBER:		0001144204-17-060681
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171122
DATE AS OF CHANGE:		20171122

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:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-218979
		FILM NUMBER:		171220208

	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>424B2
<SEQUENCE>1
<FILENAME>tv480137_424b2.htm
<DESCRIPTION>424B2
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<P STYLE="margin: 0">&nbsp;</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 STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Prospectus Supplement</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>to Prospectus dated July 5, 2017</B></P></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>Filed Pursuant to Rule 424(b)(2)</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>Registration No. 333-218979</B></P></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Up to $10,000,000</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="g115341mmi001.jpg" STYLE="height: 60px; width: 130px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VISTA GOLD CORP.</B></P>




<P STYLE="margin: 0"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Vista Gold Corp.
(which we refer to herein as &ldquo;Vista,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; or &ldquo;us&rdquo;) has entered
into an At The Market Offering Agreement with H.C. Wainwright &amp; Co., LLC (&ldquo;H.C. Wainwright&rdquo;), or the offering agreement,
relating to our common shares, no par value, offered by this prospectus supplement. In accordance with the terms of the offering
agreement, we may offer and sell our common shares having an aggregate offering price of up to $10,000,000 from time to time through
H.C. Wainwright, acting as agent. Sales of our common stock, if any, under this prospectus supplement may be made in sales deemed
to be &ldquo;at-the-market&rdquo; equity offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, or
the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Our common shares are
trade on the NYSE American (which we refer to as &ldquo;NYSE American&rdquo;) and on the Toronto Stock Exchange (which we refer
to as the &ldquo;TSX&rdquo;) under the symbol &ldquo;VGZ&rdquo;. On November 21, 2017, the last reported sales price of the common
shares on the NYSE American was $0.67 per common share and on the TSX was C$0.86 per common share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">H.C. Wainwright will act as sales agent
and use commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations
to sell on our behalf all of the common shares requested to be sold by us, on mutually agreed terms between H.C. Wainwright and
us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement. H.C. Wainwright will be entitled
to a placement fee equal to 2% of the gross sales price of the shares sold. In connection with the sale of our common shares on
our behalf, H.C. Wainwright will be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the Securities Act and the
compensation of H.C. Wainwright will be deemed to be underwriting commissions or discounts.</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; text-indent: 0in"><B>Investing in the common
shares involves a high degree of risk. Before buying any common shares, you should read the discussion of material risks of investing
in our common shares in the &ldquo;Risk Factors&rdquo; section beginning on page S-10 of this prospectus supplement and on page
4 of the accompanying base prospectus and in the documents incorporated by reference herein and therein.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Neither the SEC nor
any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this
prospectus supplement or the accompanying base prospectus. Any representation to the contrary is a criminal offense. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>H.C. Wainwright &amp; Co.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.75pt 0pt 2.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.75pt 0pt 2.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.75pt 0pt 2.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.75pt 0pt 2.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.75pt 0pt 2.1pt; text-align: center"><B>The date of this prospectus
supplement is November 22, 2017</B></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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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

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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#about">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="width: 10%; text-align: right">S-1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#cautionary">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right">S-2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#prospectus">PROSPECTUS SUPPLEMENT SUMMARY</A></TD>
    <TD STYLE="text-align: right">S-6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#riskfactors">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right">S-10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#useofproceeds">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right">S-12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#dividendpolicy">DIVIDEND POLICY</A></TD>
    <TD STYLE="text-align: right">S-12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#description">DESCRIPTION OF SECURITIES DISTRIBUTED</A></TD>
    <TD STYLE="text-align: right">S-12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#marketforcommonshares">MARKET FOR COMMON SHARES</A></TD>
    <TD STYLE="text-align: right">S-13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#planofdistribution">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right">S-13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#certain">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS FOR U.S.&nbsp;RESIDENTS</A></TD>
    <TD STYLE="text-align: right">S-14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#material">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right">S-15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#documents">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right">S-22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#auditor">AUDITORS, TRANSFER AGENT AND REGISTRAR</A></TD>
    <TD STYLE="text-align: right">S-24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#experts">EXPERTS</A></TD>
    <TD STYLE="text-align: right">S-24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#legalmatters">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right">S-24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#wheretofind">WHERE TO FIND ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right">S-25</TD></TR>
</TABLE>
<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>BASE PROSPECTUS</B></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></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">
    <TD STYLE="width: 90%; text-align: left; text-transform: uppercase"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></td>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom">i</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><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; vertical-align: bottom">ii</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_003">CURRENCY</A></td>
    <TD STYLE="text-align: right; vertical-align: bottom">ii</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_004">METRIC CONVERSION TABLE</A></td>
    <TD STYLE="text-align: right; vertical-align: bottom">ii</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_005">NOTE REGARDING FORWARD-LOOKING
    STATEMENTS</A></td>
    <TD STYLE="text-align: right; vertical-align: bottom">iii</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_006">SUMMARY</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">1</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_007">RISK FACTORS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">4</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_008">DOCUMENTS INCORPORATED BY REFERENCE</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">10</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_009">USE OF PROCEEDS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">11</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_010">MARKET FOR COMMON SHARES AND WARRANTS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">11</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_011">CERTAIN INCOME TAX CONSIDERATIONS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">13</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_012">DESCRIPTION OF COMMON SHARES</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">13</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_013">DESCRIPTION OF WARRANTS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">13</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_014">DESCRIPTION OF SUBSCRIPTION RECEIPTS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">15</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_015">DESCRIPTION OF UNITS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">18</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_016">PLAN OF DISTRIBUTION</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">19</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_017">AUDITORS, TRANSFER AGENT AND REGISTRAR</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">21</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_018">EXPERTS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">21</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_019">LEGAL MATTERS</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">21</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-transform: uppercase"><A HREF="#a_020">WHERE YOU CAN FIND MORE INFORMATION</A></td>
    <TD STYLE="text-align: right; text-transform: uppercase; vertical-align: bottom">21</td></tr>
</table>
<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 0.5in 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify"></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"><A NAME="about"></A>ABOUT THIS PROSPECTUS SUPPLEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify; text-indent: -0.7pt">This prospectus
is part of a registration statement that we have filed with the Securities and Exchange Commission, (the &ldquo;SEC&rdquo;), utilizing
a &ldquo;shelf&rdquo; registration process. Under this process, we may, from time to time, offer our common shares having an aggregate
offering price of up to $10,000,000, under this prospectus supplement at prices and on terms to be determined by market conditions
at the time of offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">We provide information to you
about this offering of our common shares in two separate documents that are bound together: (1) this prospectus supplement, which
describes the specific details regarding this offering; and (2) the accompanying base prospectus, which provides general information,
some of which may not apply to this offering. Generally, when we refer to this &ldquo;prospectus,&rdquo; we are referring to both
documents combined. If information in this prospectus supplement is inconsistent with the accompanying base prospectus, you should
rely on this prospectus supplement. However, if any statement in one of these documents is inconsistent with a statement in another
document having a later date, for example, a document incorporated by reference in this prospectus, the statement in the document
having the later date modifies or supersedes the earlier statement as our business, financial condition, results of operations
and prospects may have changed since the earlier dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">You should rely only on the
information contained in, or incorporated by reference into, this prospectus and in any free writing prospectus that we may authorize
for use in connection with this offering. We have not, and H.C. Wainwright has not, authorized any other person to provide you
with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are
not, and H.C. Wainwright is not, making an offer to sell or soliciting an offer to buy our securities in any jurisdiction in which
an offer or solicitation is not authorized or in which the person making that offer or solicitation is not qualified to do so or
to anyone to whom it is unlawful to make an offer or solicitation. You should assume that the information appearing in this prospectus,
the documents incorporated by reference into this prospectus, and in any free writing prospectus that we may authorize for use
in connection with this offering, is accurate only as of the date of those respective documents. Our business, financial condition,
results of operations and prospects may have changed since those dates. You should read this prospectus, the documents incorporated
by reference into this prospectus, and any free writing prospectus that we may authorize for use in connection with this offering,
in their entirety before making an investment decision. You should also read and consider the information in the documents to which
we have referred you in the sections of this prospectus entitled &ldquo;Where You Can Find Additional Information&rdquo; and &ldquo;Documents
Incorporated By Reference.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">We further note that the representations,
warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference
herein were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating
risk among the parties to such agreement, and should not be deemed to be a representation, warranty or covenant to you. Moreover,
such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties
and covenants should not be relied on as accurately representing the current state of our affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify; text-indent: -0.7pt">We are offering
to sell common shares only in jurisdictions where offers and sales are permitted and in a manner which constitutes an &ldquo;at
the market&rdquo; offering within the meaning of applicable federal regulations. The distribution of this prospectus and the offering
of the common shares in certain jurisdictions may be restricted by law. Persons outside the United States who come into possession
of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the common shares and
the distribution of this prospectus outside the United States. This prospectus does not constitute, and may not be used in connection
with, an offer to sell, or a solicitation of an offer to buy, any securities offered by this prospectus by any person in any jurisdiction
in which it is unlawful for such person to make such an offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify; text-indent: -0.7pt">This prospectus
and the information incorporated by reference herein and therein include trademarks, service marks and trade names owned by us
or other companies. All trademarks, service marks and trade names included or incorporated by reference into this prospectus are
the property of their respective owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify; text-indent: -0.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify; text-indent: -0.7pt">Unless stated
otherwise or the context otherwise requires, references in this prospectus supplement and the accompanying base prospectus to &ldquo;the
Company,&rdquo; &ldquo;Vista,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo; includes Vista Gold Corp. and each
of our subsidiaries through which we conduct our business.</P>

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement, the accompanying
base prospectus and the documents incorporated herein and therein by reference contain &ldquo;forward-looking-statements&rdquo;
within the meaning of the Private Securities Litigation Reform Act of 1995 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 prospectus supplement, the accompanying base prospectus and the documents incorporated herein and therein by
reference, 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our belief that selective screening and rejecting sub-economic material could improve gold recoveries and lower process operating costs at Mt Todd;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our expectation that we will complete additional feasibility level metallurgical studies by the end of 2017;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our expectation that we will update the July 2014 Preliminary Feasibility Study integrating possible flow sheet changes following completion of the additional metallurgical studies;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our expectation that we will complete the first draft of the mine management plan by the end of 2017;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our plans and available funding to continue to identify and study potential Mt Todd optimizations, project improvements and efficiencies;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the feasibility of Mt Todd;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our belief that our existing working capital, coupled with potential future sources of non-dilutive financing will be sufficient to cover our fixed costs (those cash expenditures necessary to ensure that we preserve our property rights and meet all of our safety, regulatory and environmental responsibilities) and project activities for several years</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our expectation that we will be able to fund Mt Todd to the point of a development decision;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our expectation that R&amp;D grants from the Australian Government will not be a material source of near term funding;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our ability to provide sufficient additional information required to complete the Environmental Protection and Biodiversity Conservation Act 1999 authorization;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">estimates of future operating and financial performance;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">potential funding requirements and sources of capital, including near-term sources of additional cash;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our expectation that the Company will continue to incur losses and will not pay dividends for the foreseeable future;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the timing, performance and results of feasibility studies;&nbsp;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our potential entry into agreements to find, lease, purchase, option or sell mineral interests;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">plans for evaluation and advancement of Mt Todd;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our expectation of Mt Todd&rsquo;s impact, including environmental and economic impacts;</FONT></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 0pt 0.5in; text-align: justify; text-indent: -0.25in"></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 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our belief that we maintain reasonable amounts of insurance;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">estimates of mineral reserves and mineral resources;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our intention to improve the value of our gold projects;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">potential changes in regulations or taxation initiatives; and</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our expectation that we will continue to be a passive foreign investment company (&ldquo;PFIC&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to raise additional capital or raise funds from the sale of non-core assets on favorable terms, if at all;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">fluctuations in the price of gold;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">pre-feasibility and feasibility study results and preliminary assessment results and the accuracy of estimates and assumptions on which they are based;&nbsp;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">technical and operational feasibility and the economic viability of deposits;&nbsp;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to obtain, renew or maintain the necessary authorizations and permits for Mt Todd, including its development plans and operating activities;&nbsp;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the timing and results of a feasibility study on Mt Todd;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">delays in commencement of construction at Mt Todd;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">increased costs that affect our operations or our financial condition;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our reliance on third parties to fulfill their obligations under agreements with us;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">whether projects not managed by us will comply with our standards or meet our&nbsp;objectives;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">a shortage of skilled labor, equipment and supplies;</FONT></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 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

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<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR>
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<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the lack of cash dividend payments by us;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the success of future joint ventures, partnerships and other arrangements relating to our properties;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">industry consolidation which could result in the acquisition of a control position in the Company for less than fair value;</FONT></TD></TR>
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<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">perception of potential environmental impact of Mt Todd;</FONT></TD></TR>
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<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">known and unknown environmental and reclamation liabilities, including reclamation requirements at Mt Todd;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our history of losses from operations;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">future water supply issues at Mt Todd;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">litigation or other legal claims;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">environmental lawsuits;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">lack of adequate insurance to cover potential liabilities;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to attract, retain and hire key personnel;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">volatility in our stock price;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">inherent hazards of mining exploration, development and operating activities;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">changes in environmental regulations to which our exploration and development operations are&nbsp;subject;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">changes in climate change regulations could result in increased operating costs;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">intense competition in the mining industry;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">potential challenges to the title to our mineral properties;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">evolving corporate governance and public disclosure regulations;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">tax initiatives on domestic and international levels;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">fluctuation in foreign currency values;</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">potential review of our Australian R&amp;D grants; and</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">our likely status as a PFIC for U.S. federal tax purposes.</FONT></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 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

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<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 supplement and on page 4 of the
accompanying base 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. We qualify all forward-looking statements by these cautionary statements.</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: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>The following summary
highlights certain information contained elsewhere in this prospectus supplement, the accompanying base prospectus, any free writing
prospectus and the documents incorporated by reference herein and in the accompanying base prospectus. This summary does not contain
all the information you will need in making your investment decision. You should carefully read this entire prospectus supplement,
the accompanying base prospectus, any free writing prospectus that we have been authorized to use and the documents incorporated
by reference herein and in the accompanying base prospectus. You should pay special attention to the information under </I>&ldquo;<I>Risk
Factors</I>&rdquo; <I>beginning on page S-9 of this prospectus supplement and page 4 of the accompanying base prospectus.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 any 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 updating
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">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" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Executive Office</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 49%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Registered and Records Office</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Suite&nbsp;5&nbsp;-&nbsp;7961 Shaffer Parkway</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1200 Waterfront Centre &ndash; 200 Burrard Street</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Littleton, Colorado, USA 80127</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Vancouver, British Columbia, Canada V7X 1T2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Telephone: (720)&nbsp;981-1185</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Telephone: (604)&nbsp;687-5744</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Facsimile: (720)&nbsp;981-1186</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Facsimile: (604)&nbsp;687-1415</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

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

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<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"><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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In late 2016, we completed preliminary
process area optimization studies that indicated that selectively screening and rejecting sub-economic, coarse crusher product
prior to grinding could be expected to produce higher gold recoveries and lower process area operating costs. These results warranted
additional metallurgical test work. Accordingly, in December 2016, we initiated a drill program to generate approximately 20 tonnes
of PQ (3.75 inch diameter) core from the Batman deposit, which was completed in January 2017. The core comprised four 5-tonne bulk
samples of ore representing different parts of the deposit. The samples were crushed and screened at 5/8&quot; (16 mm) at an HPGR
test facility. Crushing was completed in late June 2017 and approximately 18% of each HPGR-crushed sample was retained as plus
5/8&quot; material (&ldquo;coarse fraction&rdquo;). The coarse fraction was then subjected to two-step automated sorting tests
designed to separate the gold-bearing sulfide minerals and quartz veining from non-gold bearing waste material which were completed
in early July 2017.</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">Following the sorting tests, the fine fraction
from the HPGR crushing test (minus 5/8&quot; material) together with the sorted coarse fraction were shipped to a laboratory where
grind-size and leach recovery optimization and tailings characterization studies were completed. The results of these tests are
expected to provide the design criteria to grind the ore finer for enhanced leaching and gold recovery.</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">Sorting the non-gold bearing waste material
from the gold bearing material, after the HPGR and prior to the grinding circuit, would enable us to reduce the overall material
going to the grinding and leaching circuits, improve the grinding circuit head-grade and reduce operating costs. We believe these
design changes can be implemented without materially changing the project&rsquo;s capital requirements.</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 expects to be able to announce
the final results of the test work by the end of 2017. Based on the results of the crushing and sorting tests, we have commenced
the studies needed to update our previously published PFS. The PFS update is expected to include design changes incorporating an
automated sorting circuit, two-stage grinding, current gold price and current foreign exchange rates.</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 also plan to complete a first draft
of the MMP by the end of 2017. The MMP is essentially the plan of operations, and is one of the final remaining major permits.</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 May 2017, the Company executed an extension
of its Mt Todd agreement with the Northern Territory of Australia. The agreement extends through December 31, 2023 and includes
the option for an additional 3-year extension. Under the ongoing terms of the agreement, the Company holds the exclusive right
to develop the Mt Todd gold project and commits to the appropriate care and management of the site. Vista Gold, at its sole option,
may elect to proceed with the development of the project by giving notice to the NT Government, which in turn will result in the
transfer of NT-owned assets at Mt Todd and all pre-existing environmental liability for the Mt Todd project from the NT to the
Company. Prior to providing notice of its intention to mine, the Company retains no environmental liability for the condition of
the site prior to its involvement in 2006.</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>Guadalupe de los Reyes</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">On October 24, 2017, we, together with
our wholly-owned subsidiaries Minera Gold Stake Holdings Corp., Granges Inc. and Minera Gold Stake, S.A. de C.V. (&ldquo;MGS&rdquo;),
entered into an agreement (the &ldquo;Option Agreement&rdquo;) to option our interest in the Guadalupe de los Reyes gold and silver
project in Sinaloa, Mexico (the &ldquo;GdlR Project&rdquo;) to Minera Alamos Inc. and its subsidiary Minera Alamos de Sonora S.A.
de C.V. (&ldquo;Minera Alamos&rdquo;). &nbsp;The Option Agreement provides Minera Alamos, with an exclusive right and option right
to earn a 100% interest in the GdlR project by (i) making payments totaling $6,000,000 comprised of a payment of $1,500,000 made
at the execution of the Option Agreement (&ldquo;Option Grant Date&rdquo;), two successive payments of $1,500,000 each to be made
at the one-year and two-year anniversaries of the Option Grant Date; and a final $1,500,000 payment to be made before the four-year
anniversary of the Option Grant Date; (ii) maintaining the concessions comprising the GdlR Project in good standing; (iii) fulfilling
all of the obligations of MGS to the Ejido La Tasajera (the &ldquo;Ejido&rdquo;) as set out in the temporary occupation contract
between MGS and the Ejido; (iv) granting us a capped NSR royalty on production from open pit mining (the &ldquo;Open Pit NSR&rdquo;)
at rates that range from 1% (at gold prices of $1400/oz or less) to a maximum of 2% (at gold prices above $1600/oz) up to an aggregate
of $2,000,000 in royalty payments; (v) granting us a perpetual NSR royalty on production from underground mining (the &ldquo;Underground
NSR&rdquo;) at rates that range from 1% (at gold prices of $1400/oz or less) to a maximum of 2% (at gold prices above $1600/oz);
and (vi) granting us the right to assume a 49% non-carried interest in an underground project if Minera Alamos decides to develop
an underground mine at the GdlR Project (the &ldquo;Back-in Right&rdquo;).</P>

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

</DIV>

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

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<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">Subject to Minera Alamos timely making
all the option payments, and fulfilling its other obligations with respect to the Option Agreement, we will transfer 100% of the
ownership of the GdlR Project to Minera Alamos and the Open-Pit NSR and Underground NSR will be granted to us.</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 Minera Alamos discovers, and decides
to develop, an underground mine at the GdlR Project and we exercise the Back-in Right, we and Minera Alamos have agreed to form
a joint venture to develop and operate the underground mine.&nbsp;&nbsp;If the joint venture is formed, the Underground NSR will
terminate.</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>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>

<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>

</DIV>

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

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<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: center"><B><A NAME="offering"></A>The Offering</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; font-size: 10pt; text-align: justify"><B>Issuer:</B></TD>
    <TD STYLE="width: 68%; font-size: 10pt; text-align: justify">Vista Gold Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Offering:</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Common shares having an aggregate offering price of up to $10,000,000.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Common Shares
Outstanding </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>After this Offering:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Up to 14,925,373 common shares, assuming a sales price of $0.67 per share, which was the closing price of our common shares on the NYSE American on November 21, 2017.&nbsp;&nbsp;The actual number of shares issued will vary depending on the sales price under this offering.*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Manner of Offering:</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">An &ldquo;at-the-market&rdquo; offering of common shares that may be made from time to time through our sales agent, H.C. Wainwright &amp; Co., LLC. See &ldquo;Plan of Distribution&rdquo; on page S-13.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Use of Proceeds:&#9;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We intend to use the net proceeds primarily for general corporate purposes, which may include operating expenses, working capital to continue to explore and optimize the Mt. Todd gold project, future acquisitions, general capital expenditures and satisfaction of any debt obligations. </FONT>See the section entitled &ldquo;Use of Proceeds&rdquo; in this prospectus supplement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Risk Factors:</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Investing in the common shares involves risks that are described in the &ldquo;Risk Factors&rdquo; section beginning on page S-10 of this prospectus supplement and on page 4 of the accompanying base prospectus and, to the extent applicable, the &ldquo;Risk Factors&rdquo; sections of our annual report on Form 10-K and our quarterly reports on Form 10-Q, and any amendments thereto, as filed with the SEC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Tax Considerations:</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Purchasing the common shares may have material adverse tax consequences in the United States and Canada. This prospectus supplement and the accompanying base prospectus may not describe these consequences fully. Investors should read the tax discussion in this prospectus supplement under the section entitled &ldquo;Material U.S. Federal Income Tax Consequences.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><B>Listing Symbol:</B></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Our Common Shares are listed for trading on the NYSE American and the TSX, in each case under the symbol &ldquo;VGZ.&rdquo; &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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* The number of common shares outstanding
after this offering is based on approximately 99,412,007 common shares outstanding as of November 21, 2017, and a total offering
of an aggregate of 14,925,373 common shares at a public offering price of $0.67 per share, which was the last reported sale price
of our common shares on the NYSE American on November 21, 2017, and excludes as of November 21, 2017, 1,344,500 common shares
issuable upon the exercise of stock options outstanding at a weighted average exercise price of $0.74 per share, 1,567,907 common
shares are underlying outstanding restricted stock units subject to future vesting conditions, 7,028,794 additional common shares
reserved for issuance under our stock option plan and our Long-Term Incentive Plan, and 6,514,625 common shares issuable upon
exercise of outstanding common share purchase warrants with an exercise price of $1.92 per share.</P>

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

</DIV>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Investing in the common
shares involves a high degree of risk. Prospective investors should carefully consider the following risks, as well as the other
information contained in this prospectus supplement, the accompanying base prospectus, any free writing prospectus and the documents
incorporated by reference herein and therein before investing in the common shares. If any of the following risks actually occurs,
our business could be harmed. The risks and uncertainties described below are not the only ones faced by us. Additional risks and
uncertainties, including those of which we are currently unaware or that are currently deemed immaterial, may also adversely affect
our business, financial condition, cash flows, prospects and the price of our common shares.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a short description of
the risks and uncertainties which are more fully described under the section entitled &ldquo;Risk Factors&rdquo; on page 4 of the
accompanying base prospectus. Investors should read the full description of the following risks as described in the accompanying
base prospectus before making any investment decision.</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>Summary of Risk Factors</B></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We cannot be assured that our Mt Todd gold project is feasible or that a feasibility study will
accurately forecast operating results.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our Mt Todd gold project requires substantial capital investment and we may be unable to raise
sufficient capital on favorable terms or at all.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If we decide to construct the mine at our Mt Todd gold project, we will be assuming certain reclamation
obligations resulting in a material financial obligation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We may not be able to get the required permits to begin construction at our Mt Todd gold project
in a timely manner or at all.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">There may be other delays in the construction of our Mt Todd gold project.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Increased costs could impede our ability to become profitable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We cannot be assured that we will have an adequate water supply at our Mt Todd gold project.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We could be subject to litigation or other legal claims.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We rely on third parties to fulfil their obligations under agreements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our exploration and development operations are subject to evolving environmental regulations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We could be subject to environmental lawsuits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We may have material undisclosed environmental liabilities of which we are not aware.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">There may be challenges to our title to mineral properties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Industry consolidation could result in the acquisition of a control position in the Company for
less than fair value.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We have a history of losses, and we do not expect to generate earnings from operations or pay dividends
in the near term.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We may be unable to raise additional capital on favorable terms, if at all.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We cannot be certain that any of our exploration and development activities or any acquisition
activities will be commercially successful.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our business is subject to evolving corporate governance and public disclosure regulations that
have increased both our compliance costs and the risk of noncompliance.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We face intense competition in the mining industry.</TD></TR></TABLE>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The occurrence of events for which we are not insured may affect our cash flow and overall profitability.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our stock price may be volatile and your investment in our common stock could suffer a decline
in value.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Currency fluctuations may adversely affect our costs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our R&amp;D Grants are subject to review.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Calculations of mineral reserves and mineral resources are estimates only and subject to uncertainty.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Feasibility and other studies are estimates only and subject to uncertainty.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mining exploration, development and operating activities are inherently hazardous.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Regulations and pending legislation involving climate change could result in increased operating
costs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Pending initiatives involving taxation could result in increased tax and operating costs.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Risk Factors related to this Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><B><I>A substantial number of
shares may be sold in the market following this offering, which may depress the market price for our common shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">Sales of additional common shares
in the public market pursuant to this offering could cause the market price of our common shares to decline. Although, there can
be no assurance that all $10,000,000 worth of shares being offered under this prospectus supplement will be sold or the price at
which any such shares might be sold, assuming that an aggregate of 14,925,373 common shares are sold during the term of the offering
agreement with H.C. Wainwright, for example, at a price of $0.67 per share which was the last reported sale price of our common
shares on the NYSE American on November 21, 2017, we will have outstanding an aggregate of 114,337,380 common shares, assuming
no exercise of outstanding stock options, no vesting of outstanding restricted stock units and no exercise of outstanding common
share purchase warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">A substantial majority of the
outstanding common shares and all of the shares sold in this offering upon issuance will be freely tradable without restriction
or further registration under the Securities Act, unless these shares are owned or purchased by &ldquo;affiliates&rdquo; as that
term is defined in Rule 144 under the Securities Act. In addition, we have also registered all of the shares of common stock that
we may issue under our outstanding employee stock option plan and Long-Term Incentive Plan. As of November 21, 2017, 1,344,500
common shares were issuable upon the exercise of outstanding stock options at a weighted average exercise price of $0.74 per share,
1,567,907 common shares are underlying outstanding restricted stock units subject to future vesting conditions, 7,028,794 common
shares were reserved for issuance under our stock option plan and Long-Term Incentive Plan, and 6,514,625 common shares were issuable
upon exercise of outstanding common share purchase warrants at an exercise price of $1.92 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><B><I>Management will have broad
discretion as to the use of proceeds from this offering and we may use the net proceeds in ways with which you may disagree.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">We intend to use the net proceeds
of this offering for general corporate purposes, which may include operating expenses, working capital to continue explore and
optimize our Mt. Todd gold project, general capital expenditures and satisfaction of debt obligations. Our management will have
broad discretion in the application of the net proceeds from this offering and could spend the proceeds in ways that do not improve
our results of operations or enhance the value of our common shares. Accordingly, you will be relying on the judgment of our management
with regard to the use of net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether
the proceeds are being used appropriately. Our failure to apply these funds effectively could have a material adverse effect on
our business and cause the price of our common shares to decline.</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>

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<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 1.8pt 0pt 0; text-align: justify"><B><I>You may experience future
dilution as a result of this offering, future equity offerings or other equity issuances.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">We cannot assure you that we
will not need to raise substantial capital in addition to the amounts we may raise in this offering. In order to raise such capital,
we may in the future offer and issue additional common shares or other securities convertible into or exchangeable for our common
shares. We cannot assure you that we will be able to sell shares or other securities in any other offering at a price per share
that is equal to or greater than the price per share paid by investors in this offering from time to time, and investors purchasing
shares or other securities in the future could have rights superior to existing shareholders. The price per share at which we sell
additional common shares or other securities convertible into or exchangeable for our common shares in future transactions may
be higher or lower than the price per share in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><B><I>We do not anticipate paying
dividends on our common shares in the foreseeable future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">We currently plan to invest
all available funds, including the proceeds from this offering, and future earnings, if any, in the development and growth of our
business. We currently do not anticipate paying any cash dividends on our common shares in the foreseeable future. As a result,
a rise in the market price of our common shares, which is uncertain and unpredictable, will be your sole source of potential gain
in the foreseeable future and you should not rely on an investment in our common shares for dividend income.</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"><A NAME="useofproceeds"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">The amount of proceeds from
this offering will depend upon the number of common shares sold and the market price at which they are sold. There can be no assurance
that we will be able to sell any shares under or fully utilize the offering agreement with H.C. Wainwright.</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 0.75pt 0pt 0; text-align: justify">The net proceeds from the sale
of common shares offered by this prospectus supplement will be used for general corporate purposes, which may include operating
expenses, working capital to continue to explore and optimize our Mt. Todd gold project, future acquisitions, general capital expenditures
and satisfaction of debt obligations. We will have significant discretion in the use of any net proceeds. The net proceeds may
be invested temporarily in interest-bearing accounts and short-term interest-bearing securities until they are used for their stated
purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Depending on opportunities,
economic conditions and the results of the activities described above we may use a portion of the proceeds allocated above to invest
in property acquisitions or complete other corporate activities designed to achieve our corporate goals. Estimated costs and the
scope of activities cannot be determined at this time.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="dividendpolicy"></A>DIVIDEND POLICY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have never declared
or paid any cash dividends on our common shares. We intend to retain our earnings, if any, to finance the growth and development
of our business and do not expect to pay cash dividends or to make any other distributions in the near future. Our board of directors
will review this policy from time to time having regard to our financing requirements, financial condition and other factors considered
to be relevant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="description"></A>DESCRIPTION OF SECURITIES DISTRIBUTED</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares </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 common shares will have all of the
characteristics, rights and restrictions of our common shares. We are authorized to issue an unlimited number of common shares,
without par value, of which 99,412,007 are issued and outstanding as at the date of this prospectus supplement. Holders of common
shares are entitled to one vote per common share at all meetings of shareholders, to receive dividends as and when declared by
our directors and to receive a pro rata share of our assets 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: 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"></P>

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<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"><A NAME="marketforcommonshares"></A>MARKET FOR COMMON SHARES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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">The common shares of Vista Gold are listed
on the NYSE American. The following table sets out the reported high and low sale prices on the NYSE American 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NYSE&nbsp;&nbsp;American</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: justify; padding-left: 24pt">1st quarter</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">0.45</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">0.28</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 24pt">2nd quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.40</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.30</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 24pt">3rd quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.33</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.24</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 24pt">4th quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.37</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.26</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 24pt">1st quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.60</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.27</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 24pt">2nd quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.09</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.44</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 24pt">3rd quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.05</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.87</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 24pt">4th quarter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.14</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.80</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">1<SUP>st</SUP> quarter</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.24</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">2<SUP>nd</SUP> quarter </FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.81</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">3<SUP>rd</SUP> quarter </FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.70</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 22.5pt"><FONT STYLE="font-size: 10pt">4<SUP>th</SUP> quarter (through November 21, 2017)</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.83</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.67</TD><TD STYLE="font-size: 10pt; 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 November 21, 2017, the last reported
sale price of the common shares of Vista Gold on the NYSE American was $0.67.</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="planofdistribution"></A>PLAN OF DISTRIBUTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have entered
into an offering agreement with H.C. Wainwright, under which we may issue and sell our common shares having an aggregate gross
sales price of up to $10,000,000 from time to time through H.C. Wainwright acting as a sales agent. Such agreement provides that
sales of our common shares, if any, under this prospectus supplement may be made in sales deemed to be &ldquo;at-the-market&rdquo;
equity offerings as defined in Rule 415(a)(4) promulgated under the Securities Act. The offering agreement has been filed as an
exhibit to a Current Report on Form 8-K and incorporated by reference as an exhibit to our registration statement on Form S-3 of
which this prospectus forms a part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">H.C. Wainwright will offer the
common shares subject to the terms and conditions of the offering agreement on a daily basis or as otherwise agreed upon by us
and H.C. Wainwright on any day that: (i) is a trading day for the NYSE American; (ii) we have instructed H.C. Wainwright by telephone
to make such sales; and (iii) we have satisfied the conditions under Section 6 of the offering agreement. We will designate the
maximum number of common shares to be sold through H.C. Wainwright on a daily basis. Subject to the terms and conditions of the
offering agreement, H.C. Wainwright will use its commercially reasonable efforts to sell on our behalf all of the common shares
so designated or determined. We or H.C. Wainwright may suspend the offering of common shares being made through H.C. Wainwright
under the offering agreement upon proper notice to the other party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">We will pay H.C. Wainwright
commissions, in cash, for its services in acting as agent in the sale of our common shares. H.C. Wainwright will be entitled to
a placement fee of 2% of the gross sales price of the shares sold. Because there is no minimum offering amount required as a condition
to close this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at
this time. We have also agreed to reimburse H.C. Wainwright for certain specified expenses, including the fees and disbursements
of its legal counsel in an amount not to exceed $50,000, as provided in the offering agreement. We estimate that the total expenses
for the offering, excluding compensation and reimbursements payable to H.C. Wainwright under the terms of the offering agreement,
will be approximately $50,000.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">Settlement for sales of common
shares will occur at 10:00 a.m. (New York City time), or at some other time that is agreed upon by us and H.C. Wainwright in connection
with a particular transaction, on the second business day following delivery of the shares issued, in return for payment of the
net proceeds to us. Sales of our common shares as contemplated in this prospectus will be settled through the facilities of The
Depository Trust Company or by such other means as we and H.C. Wainwright may agree upon. There is no arrangement for funds to
be received in an escrow, trust or similar arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">H.C. Wainwright will use its
commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell
on our behalf all of the common shares requested to be sold by us, subject to the conditions set forth in the offering agreement.
In connection with the sale of the common shares on our behalf, H.C. Wainwright will be deemed to be an &ldquo;underwriter&rdquo;
within the meaning of the Securities Act and the compensation of H.C. Wainwright will be deemed to be underwriting commissions
or discounts. We have agreed to provide indemnification and contribution to H.C. Wainwright against certain civil liabilities,
including liabilities under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">The offering of our common shares
pursuant to the offering agreement will terminate upon the earlier of (i) the issuance and sale of all of the common shares subject
to the offering agreement, (ii) August 31, 2020, and (iii) the termination of the offering agreement as permitted therein. We may
terminate the offering agreement at any time upon 5 days&rsquo; prior notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">H.C. Wainwright and its affiliates
may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates,
for which services they may in the future receive customary fees, although we have no current agreements to do so. To the extent
required by Regulation M, H.C. Wainwright will not engage in any market making activities involving our common shares while the
offering is ongoing under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">The TSX has conditionally approved
the listing of the common shares offered by this prospectus supplement. Listing is subject to us fulfilling all of the requirements
of the TSX. The NYSE American has authorized, upon official notice of issuance, the listing of the common shares offered hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: justify">This prospectus in electronic
format may be made available on a website maintained by H.C. Wainwright and H.C. Wainwright may distribute this prospectus electronically.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="certain"></A>CERTAIN CANADIAN FEDERAL INCOME TAX
CONSIDERATIONS FOR U.S.&nbsp;RESIDENTS</P>

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

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<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</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">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: 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"><A NAME="material"></A>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a general summary
of certain U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the
acquisition, ownership, and disposition of common shares received pursuant to this 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: justify">This summary is for general information
purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations
that may apply to a U.S. Holder as a result of the acquisition of common shares pursuant to this prospectus supplement. In addition,
this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the
U.S. federal income tax consequences to such U.S. Holder. Accordingly, this summary is not intended to be, and should not be construed
as, legal or U.S. federal income tax advice with respect to any particular U.S. Holder. In addition, except as specifically set
forth below, this summary does not discuss applicable tax reporting requirements. Each U.S. Holder should consult its own tax advisor
regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S.
tax consequences relating to 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>

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

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<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">No ruling from the Internal Revenue Service
(the &ldquo;<B>IRS</B>&rdquo;) has been requested, or will be obtained, regarding the U.S. federal income tax considerations applicable
to U.S. Holders as discussed in this summary. This summary is not binding on the IRS, and the IRS is not precluded from taking
a position that is different from, and contrary to, the positions taken in this summary. In addition, because the authorities on
which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more
of the positions taken in this summary.</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>Scope of this Summary</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"><U>Authorities</U></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 summary is based on the Internal Revenue
Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), Treasury Regulations (whether final, temporary, or proposed) promulgated
under the Code, published rulings of the IRS, published administrative positions of the IRS, U.S. court decisions and the United
States-Canada tax convention (&ldquo;<B><U>U.S. Treaty</U></B>&rdquo;), that are in effect and available as of the date of this
document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time,
and any such change could be applied on a retroactive basis or prospective basis which could affect the U.S. federal income tax
considerations described in this summary. This summary does not discuss the potential effects, whether adverse or beneficial, of
any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.</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"><U>U.S. Holders</U></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">For purposes of this summary, the term
&ldquo;U.S. Holder&rdquo; means a beneficial owner of common shares acquired pursuant to this prospectus supplement that is for
U.S. federal income tax purposes:</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 34px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a citizen or individual resident of the United States;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 34px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 34px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an estate whose income is subject to U.S. federal income taxation regardless of its source; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 34px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>U.S. Holders Subject to Special U.S. Federal Income
Tax Rules Not Addressed</U></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 summary does not address the U.S.
federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including U.S.
Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred
accounts; (b) are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment
companies; (c) are brokers or dealers in securities or currencies or U.S. Holders that are traders in securities that elect to
apply a mark-to-market accounting method; (d) have a &ldquo;functional currency&rdquo; other than the U.S. dollar; (e) own common
shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement involving more
than one position; (f) acquired common shares in connection with the exercise of employee stock options or otherwise as compensation
for services; (g) hold common shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property
held for investment purposes); (h) are partnerships and other pass-through entities (and investors in such partnerships and entities);
or (i) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power of
our outstanding shares. This summary also does not address the U.S. federal income tax considerations applicable to U.S. Holders
who are (a) U.S. expatriates or former long-term residents of the U.S., (b) persons that have been, are, or will be a resident
or deemed to be a resident in Canada for purposes of the Income Tax Act (Canada); (c) persons that use or hold, will use or hold,
or that are or will be deemed to use or hold common shares in connection with carrying on a business in Canada; (d) persons whose
common shares constitute &ldquo;taxable Canadian property&rdquo; under the Income Tax Act (Canada); or (e) persons that have a
permanent establishment in Canada for the purposes of the U.S. Treaty. U.S. Holders that are subject to special provisions under
the Code, including U.S. Holders described immediately above, should consult their own tax advisor regarding the U.S. federal,
U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to
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>

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

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<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 an entity or arrangement that is classified
as a partnership for U.S. federal income tax purposes holds common shares, the U.S. federal income tax consequences to such entity
or arrangement and the owners of such entity or arrangement generally will depend on the activities of such entity or arrangement
and the status of such owners. This summary does not address the tax consequences to any such entity or arrangement or owner. Owners
of entities or arrangements that are classified as partnerships for U.S. federal income tax purposes should consult their own tax
advisor regarding the U.S. federal income tax consequences arising from and relating to 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Tax Consequences Not Addressed</U></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 summary does not address the U.S.
federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences to U.S. Holders
of the acquisition, ownership, and disposition of common shares. Each U.S. Holder should consult its own tax advisor regarding
the U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences of 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Passive Foreign Investment Company Rules</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">The following sections generally describe
the U.S. federal income tax consequences to U.S. Holders of the acquisition, ownership, and disposition of common shares if we
are considered a PFIC at any time during a U.S. Holder&rsquo;s holding period for the 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">We believe that we were classified as a
PFIC for the tax year ended December 31, 2016, and, based on current business plans and financial expectations, we believe that
we may be a PFIC for the current and future taxable years. No opinion of legal counsel or ruling from the IRS concerning our status
as a PFIC has been obtained or is currently planned to be requested. The determination of whether any corporation was, or will
be, a PFIC for a tax year requires the application of complex U.S. federal income tax rules, which are subject to differing interpretations.
Whether any corporation will be a PFIC for any tax year depends on the assets and income of such corporation over the course of
such tax year and, as a result, our PFIC status for the current year and future years cannot be predicted with certainty as of
the date of this document. Accordingly, there can be no assurance that the IRS will not challenge any PFIC determination made by
us (or by one of our subsidiaries). Each U.S. Holder should consult its own tax advisor regarding our status as a PFIC and the
PFIC status of each of our non-U.S. subsidiaries.</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 generally will be a PFIC for any tax
year in which (a) 75% or more of our gross income for such tax year is passive income (the &ldquo;<B>PFIC income test</B>&rdquo;)
or (b) 50% or more of the value of our assets either produce passive income or are held for the production of passive income, based
on the quarterly average of the fair market value of such assets (the &ldquo;<B>PFIC asset test</B>&rdquo;). &ldquo;Gross income&rdquo;
generally includes sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations
or sources, and &ldquo;passive income&rdquo; generally includes, for example, dividends, interest, certain rents and royalties,
certain gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising
from the sale of commodities generally are excluded from passive income if substantially all of a foreign corporation&rsquo;s commodities
are stock in trade or inventory, depreciable property used in a trade or business, or supplies regularly used or consumed in the
ordinary course of its trade or business, and certain other requirements are satisfied.</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">For purposes of the PFIC income test and
PFIC asset test described above, if we own, directly or indirectly, 25% or more of the total value of the outstanding shares of
another corporation, it will be treated as if we (a) held a proportionate share of the assets of such other corporation and (b)
received directly a proportionate share of the income of such other corporation.</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>

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<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 certain attribution rules, if we
are a PFIC, U.S. Holders will be deemed to own their proportionate share of any subsidiary that is also a PFIC (a &ldquo;<B>Subsidiary
PFIC</B>&rdquo;), and will generally be subject to U.S. federal income tax, as discussed in the section below titled &ldquo;Default
PFIC Rules Under Section 1291 of the Code,&rdquo; on their proportionate share of any (i) distribution on the shares of a Subsidiary
PFIC and (ii) disposition or deemed disposition of shares of a Subsidiary PFIC, in each case, as if such U.S. Holders directly
held the shares of such Subsidiary PFIC. In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain
realized on the stock of a Subsidiary PFIC on the sale or disposition of common shares. Accordingly, U.S. Holders should be aware
that they could be subject to tax under the PFIC rules even if no distributions are received and no redemptions or other dispositions
of common shares are made.</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"><U>Default PFIC Rules Under Section 1291
of the Code</U></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 we are a PFIC, the U.S. federal income
tax consequences to a U.S. Holder of the ownership and disposition of common shares will depend on whether such U.S. Holder makes
a &ldquo;qualified electing fund&rdquo; or &ldquo;<B>QEF</B>&rdquo; election (a &ldquo;<B>QEF Election</B>&rdquo;) or makes a mark-to-market
election under Section 1296 of the Code (a &ldquo;<B>Mark-to-Market Election</B>&rdquo;) with respect to common shares. A U.S.
Holder that does not make either a QEF Election or a Mark-to-Market Election (a &ldquo;<B>Non-Electing U.S. Holder</B>&rdquo;)
will be taxable as described below. Under proposed Treasury Regulations that are prospectively effective until finalized, if a
U.S. holder has an option, warrant, or other right to acquire stock of a PFIC, such option, warrant or right is considered to a
PFIC stock subject to the default rules of Section 1291 of the Code. Under the proposed Treasury Regulations, a U.S. Holder&rsquo;s
holding period for the common shares began on the date the U.S. Holder acquired the warrant. This will impact the availability
of the QEF Election and Mark-to-Market Election with respect 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Non-Electing U.S. Holder will be subject
to the rules of Section 1291 of the Code with respect to (a) any gain recognized on the sale or other taxable disposition of common
shares and (b) any excess distribution received on the common shares. A distribution generally will be an &ldquo;excess distribution&rdquo;
to the extent that such distribution (together with all other distributions received in the current tax year) exceeds 125% of the
average distributions received during the three preceding tax years (or during a U.S. Holder&rsquo;s holding period for the common
shares, if shorter).</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 Section 1291 of the Code, any gain
recognized on the sale or other taxable disposition of common shares of a PFIC (including an indirect disposition of shares of
a Subsidiary PFIC), and any excess distribution received on such common shares (or a distribution by a Subsidiary PFIC to its shareholder
that is deemed to be received by a U.S. Holder in respect of the U.S. Holder&rsquo;s common shares) must be ratably allocated to
each day in a Non-Electing U.S. Holder&rsquo;s holding period for the common shares. The amount of any such gain or excess distribution
allocated to the tax year of disposition or distribution of the excess distribution and to years before the entity became a PFIC,
if any, would be taxed as ordinary income (and not eligible for certain preferential tax rates, as discussed below). The amounts
allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income
in each such year, and an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability
had been due in each such year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as &ldquo;personal
interest,&rdquo; which is not deductible.</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 we are a PFIC for any tax year during
which a Non-Electing U.S. Holder holds common shares, we will continue to be treated as a PFIC with respect to such Non-Electing
U.S. Holder, regardless of whether we cease to be a PFIC in one or more subsequent tax years. If we cease to be a PFIC, a Non-Electing
U.S. Holder may terminate this deemed PFIC status with respect to common shares by electing to recognize gain (which will be taxed
under the rules of Section 1291 of the Code as discussed above) as if such common shares were sold on the last day of the last
tax year for which we are a PFIC.</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 any year in which we are classified
as a PFIC, a U.S. Holder of common shares will be required to file an annual report with the IRS containing such information as
Treasury Regulations and/or other IRS guidance may require. In addition to penalties, a failure to satisfy such reporting requirements
may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax
advisors regarding the requirements of filing such information returns under these rules, including the requirement to file an
IRS Form 8621 annually.</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"><U>QEF Election</U></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 discussed above, under proposed Treasury
Regulations, if a U.S. holder has an option, warrant or other right to acquire stock of a PFIC, such option, warrant or right is
considered to be PFIC stock subject to the default rules of Section 1291 of the Code. However, a U.S. Holder of an option, warrant
or other right to acquire stock of a PFIC may not make a QEF Election that will apply to the option, warrant or other right to
acquire PFIC stock.</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>

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<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">Consequently, under the proposed Treasury
Regulations, if a U.S. Holder of common shares makes a QEF Election, such election generally will not be treated as a timely QEF
Election with respect to common shares and the rules of Section 1291 of the Code discussed above will continue to apply with respect
to such U.S. Holder&rsquo;s common shares. However, a U.S. Holder of common shares should be eligible to make a timely QEF Election
if such U.S. Holder elects in the tax year in which such common shares are received to recognize gain (which will be taxed under
the rules of Section 1291 of the Code discussed above) as if such common shares were sold for fair market value on the date such
U.S. Holder acquired them. Each U.S. Holder should consult its own tax advisor regarding the application of the PFIC rules 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders should be aware that there
can be no assurances that we will satisfy the record keeping requirements that apply to a QEF, or that we will supply U.S. Holders
with a PFIC Annual Information Statement or other information that such U.S. Holders are required to report under the QEF rules,
in the event that we are a PFIC. Thus, U.S. Holders may not be able to make a QEF Election with respect to their common shares.
Each U.S. Holder should consult its own tax advisors regarding the availability of, and procedure for making, a QEF Election.</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"><U>Mark-to-Market Election</U></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">A U.S. Holder may make a Mark-to-Market
Election with respect to common shares only if the common shares are marketable stock. The common shares generally will be &ldquo;marketable
stock&rdquo; if the common shares are regularly traded on (a) a national securities exchange that is registered with the Securities
and Exchange Commission, (b) the national market system established pursuant to Section 11A of the U.S. Exchange Act or (c) a foreign
securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located,
provided that (i) such foreign exchange has trading volume, listing, financial disclosure, and other requirements and the laws
of the country in which such foreign exchange is located, together with the rules of such foreign exchange, ensure that such requirements
are actually enforced and (ii) the rules of such foreign exchange ensure active trading of listed stocks. If such stock is traded
on such a qualified exchange or other market, such stock generally will be considered &ldquo;regularly traded&rdquo; for any calendar
year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter.
Provided that the common shares are &ldquo;regularly traded&rdquo; as described in the preceding sentence, the common shares are
expected to be marketable stock. U.S. Holders should consult their own tax advisors regarding the marketable stock rules.</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">Any Mark-to-Market Election made by a U.S.
Holder for the common shares will also apply to such U.S. Holder&rsquo;s common shares. As a result, if a Mark-to-Market Election
has been made by a U.S. Holder with respect to common shares, any common shares received will automatically be marked-to-market
in the year they were acquired. Consequently, the default rules under Section 1291 described above generally will apply to the
mark-to-market gain realized in the tax year in which common shares are received. However, the general mark-to-market rules will
apply to subsequent tax years.</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">A U.S. Holder that makes a Mark-to-Market
Election with respect to its common shares generally will not be subject to the rules of Section 1291 of the Code discussed above
with respect to such common shares. However, if a U.S. Holder does not make a Mark-to-Market Election and such U.S. Holder has
not made a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and
distributions on, the 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">A U.S. Holder that makes a Mark-to-Market
Election will include in ordinary income, for each tax year in which the we are a PFIC, an amount equal to the excess, if any,
of (a) the fair market value of the common shares, as of the close of such tax year over (b) such U.S. Holder&rsquo;s adjusted
tax basis in the Offered Shares and any common shares. A U.S. Holder that makes a Mark-to-Market Election will recognize an ordinary
loss in an amount equal to the excess, if any, of (i) such U.S. Holder&rsquo;s adjusted tax basis in the common shares, over (ii)
the fair market value of such common shares (but only to the extent of the net amount of previously included income as a result
of the Mark-to-Market Election for prior tax years).</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">A U.S. Holder that makes a Mark-to-Market
Election generally also will adjust such U.S. Holder&rsquo;s tax basis in the common shares to reflect the amount included in gross
income or allowed as a loss because of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition of common
shares in any taxable year in which we are a PFIC, any gain from the sale or other taxable disposition would be treated as ordinary
income and any loss from such sale or other taxable disposition would be treated first as ordinary loss (to the extent of any net
mark-to-market gains previously included in income) and thereafter as capital loss.</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>

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<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 U.S. Holder makes a Mark-to-Market Election
by attaching a completed IRS Form 8621 to a timely filed U.S. federal income tax return. A timely Mark-to-Market Election applies
to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the common shares cease to
be &ldquo;marketable stock&rdquo; or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax
advisor regarding the availability of, and procedure for making, a Mark-to-Market Election.</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">Although a U.S. Holder may be eligible
to make a Mark-to-Market Election with respect to the common shares, no such election may be made with respect to the stock of
any Subsidiary PFIC that a U.S. Holder is treated as owning because such stock is not marketable. Hence, the Mark-to-Market Election
will not be effective to eliminate the interest charge and other income inclusion rules described above with respect to deemed
dispositions of Subsidiary PFIC stock or distributions from a Subsidiary PFIC to its shareholder.</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 PFIC rules are complex, and each U.S.
Holder should consult its own tax advisor regarding the PFIC rules (including the applicability and advisability of a QEF Election
and Mark-to-Market Election) and how the PFIC rules may affect the U.S. federal income tax consequences of the acquisition, ownership,
and disposition of common shares.</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>U.S. Federal Income Tax Consequences
of the Acquisition, Ownership, and Disposition of Common Shares</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 discussion is subject in
its entirety to the rules described above under the heading &ldquo;Passive Foreign Investment Company Rules.&rdquo;</P>

<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"><U>Distributions on Common Shares</U></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">A U.S. Holder that receives a distribution,
including a constructive distribution, with respect to common shares will be required to include the amount of such distribution
in gross income as a dividend (without reduction for any Canadian income tax withheld from such distribution) to the extent of
our current or accumulated &ldquo;earnings and profits&rdquo;, as computed for U.S. federal income tax purposes. A dividend generally
will be taxed to a U.S. Holder at ordinary income tax rates. To the extent that a distribution exceeds our current and accumulated
&ldquo;earnings and profits,&rdquo; such distribution will be treated first as a tax-free return of capital to the extent of a
U.S. Holder&rsquo;s tax basis in the common shares and thereafter as gain from the sale or exchange of such common shares (see
&ldquo;Sale or Other Taxable Disposition of Common Shares&rdquo; below). However, we may not maintain the calculations of earnings
and profits in accordance with U.S. federal income tax principles, and each U.S. Holder may be required to assume that any distribution
by us with respect to the common shares will constitute a dividend. Dividends received on common shares generally will not be eligible
for the &ldquo;dividends received deduction.&rdquo; Subject to applicable limitations and provided we are eligible for the benefits
of the U.S. Treaty or the common shares are readily tradable on a United States securities market, dividends paid by us to non-corporate
U.S. Holders, including individuals, generally will be eligible for the preferential tax rates applicable to long-term capital
gains for dividends, provided certain holding period and other conditions are satisfied, including that we are not classified as
a PFIC in the tax year of distribution or in the preceding tax year. As discussed above, under the heading &ldquo;Passive Foreign
Investment Company Rules,&rdquo; we believe that we were classified as a PFIC for the tax year ended December 31, 2016, and, based
on current business plans and financial expectations, we believe that we may be a PFIC for the current and future taxable years.</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 dividend rules are complex, and each
U.S. Holder should consult its own tax advisor regarding the application of such rules.</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"><U>Sale or Other Taxable Disposition of
Common Shares</U></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 the sale or other taxable disposition
of common shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between (a)
the amount of cash plus the fair market value of any property received and (b) such U.S. Holder&rsquo;s adjusted tax basis in such
common shares sold or otherwise disposed of. Gain or loss recognized on such sale or other disposition generally will be long-term
capital gain or loss if, at the time of the sale or other disposition, the common shares have been held for more than one year.</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">Subject to the PFIC rules discussed above,
preferential tax rates may apply to long-term capital gain of a U.S. Holder that is an individual, estate, or trust. There are
no preferential tax rates for long-term capital gain of a U.S. Holder that is a corporation. Deductions for capital losses are
subject to significant limitations under the Code.</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>

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<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>Additional Tax Considerations</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"><U>Receipt of Foreign Currency</U></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 amount of any distribution paid to
a U.S. Holder in foreign currency or on the sale, exchange or other taxable disposition of common shares generally will be equal
to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether
such foreign currency is converted into U.S. dollars at that time). If the foreign currency received is not converted into U.S.
dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the
date of receipt. Any U.S. Holder who receives payment in foreign currency and engages in a subsequent conversion or other disposition
of the foreign currency may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and
generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the
accrual method of tax accounting. Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax
consequences of receiving, owning, and disposing of foreign 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"><U>Foreign Tax Credit</U></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">Subject to the PFIC rules discussed above,
a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the common
shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian
income tax paid. Generally, a credit will reduce a U.S. Holder&rsquo;s U.S. federal income tax liability on a dollar-for-dollar
basis, whereas a deduction will reduce a U.S. Holder&rsquo;s income subject to U.S. federal income tax. This election is made on
a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during a
year.</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">Complex limitations apply to the foreign
tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Holder&rsquo;s U.S.
federal income tax liability that such U.S. Holder&rsquo;s &ldquo;foreign source&rdquo; taxable income bears to such U.S. Holder&rsquo;s
worldwide taxable income. In applying this limitation, a U.S. Holder&rsquo;s various items of income and deduction must be classified,
under complex rules, as either &ldquo;foreign source&rdquo; or &ldquo;U.S. source.&rdquo; Generally, dividends paid by a foreign
corporation (including constructive dividends) should be treated as foreign source for this purpose, and gains recognized on the
sale of stock of a foreign corporation by a U.S. Holder should be treated as U.S. source for this purpose, except as otherwise
provided in an applicable income tax treaty, and if an election is properly made under the Code. However, the amount of a distribution
with respect to the common shares that is treated as a &ldquo;dividend&rdquo; may be lower for U.S. federal income tax purposes
than it is for Canadian federal income tax purposes, resulting in a reduced foreign tax credit allowance to a U.S. Holder. In addition,
this limitation is calculated separately with respect to specific categories of income. The foreign tax credit rules are complex,
and each U.S. Holder should consult its own tax advisor regarding the foreign tax credit rules.</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"><U>Additional Tax on Passive Income</U></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 U.S. Holders that are individuals,
estates or trusts (other than trusts that are exempt from tax) will be subject to a 3.8% tax on all or a portion of their &ldquo;net
investment income,&rdquo; which includes dividends on the common shares, and net gains from the disposition of the common shares.
Further, excess distributions treated as dividends, gains treated as excess distributions, and mark-to-market inclusions and deductions
under the PFIC rules discussed above are all included in the calculation of net investment income.</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">U.S. Holders that are individuals or estates
or trusts subject to this tax should consult their own tax advisors regarding the applicability of this tax to any of their income
or gains in respect of the 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"><U>Information Reporting; Backup Withholding
Tax</U></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 U.S. federal income tax law certain
categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation.
For example, U.S. return disclosure obligations (and related penalties) are imposed on U.S. Holders that hold certain specified
foreign financial assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes
not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial
institution, any stock or security issued by a non-U.S. person. U. S. Holders may be subject to these reporting requirements unless
their common shares are held in an account at certain financial institutions. Penalties for failure to file certain of these information
returns are substantial. U.S. Holders should consult their own tax advisors regarding the requirements of filing information returns,
including the requirement to file IRS Form 8938.</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>

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<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">Payments made within the United States,
or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of the common
shares generally may be subject to information reporting and backup withholding tax, at the rate of 28%, if a U.S. Holder (a) fails
to furnish its correct U.S. taxpayer identification number (generally on Form W-9), (b) furnishes an incorrect U.S. taxpayer identification
number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding
tax, or (d) fails to certify, under penalty of perjury, that it has furnished its correct U.S. taxpayer identification number and
that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons, such
as U.S. Holders that are corporations, generally are excluded from these information reporting and backup withholding tax rules.
Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder&rsquo;s U.S.
federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely
manner.</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 discussion of reporting requirements
set forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder.
A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess
a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting
requirement. Each U.S. Holder should consult its own tax advisors regarding the information reporting and backup withholding rules.</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>THE ABOVE SUMMARY IS NOT INTENDED TO
CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP,
AND DISPOSITION OF COMMON SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO
THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.</B></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"><A NAME="documents"></A>DOCUMENTS INCORPORATED BY REFERENCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement is deemed, as
of the date hereof, to be incorporated by reference into the accompanying base prospectus solely for the purpose of offering the
common shares. Other documents are also incorporated, or are deemed to be incorporated, by reference into the accompanying base
prospectus, and reference should be made to the accompanying base prospectus for full particulars thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 us with the SEC, are also specifically incorporated by reference into, and form an integral part of the accompanying base
prospectus, as supplemented by this prospectus supplement (excluding, unless otherwise provided therein or herein, information
furnished pursuant to Item 2.02 and Item 7.01 of any Current Report on Form 8-K):</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Quarterly Report on Form 10-Q
of the Company, for the quarter ended June 30, 2017, which report contains the unaudited consolidated financial statements of
the Company and the notes thereto as at June 30, 2017 and for the quarter ended June 30, 2017 and 2016 and the related management&rsquo;s
discussion and analysis of financial condition and results of operations for the quarter ended June 30, 2017 and 2016, as filed
with the SEC on August 4, 2017;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Quarterly Report on Form 10-Q of the Company, for the quarter ended September 30, 2017, which report contains the unaudited consolidated financial statements of the Company and the notes thereto as at September 30, 2017 and for the quarter ended September 30, 2017 and 2016 and the related management&rsquo;s discussion and analysis of financial condition and results of operations for the quarter ended September 30, 2017 and 2016, as filed with the SEC on October 25, 2017;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Company&rsquo;s Current Reports on Form 8-K as filed on May 3, 2017 and October 27, 2017;</FONT></TD></TR>
</TABLE>
<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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 supplement but before the end of the offering of the securities made by this prospectus supplement.</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">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: justify">&nbsp;</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: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Any statement contained
in the accompanying base prospectus or in a document incorporated or deemed to be incorporated by reference herein or therein shall
be deemed to be modified or superseded for the purposes of this prospectus supplement to the extent that a statement contained
in this prospectus supplement, any free writing prospectus (unless otherwise specifically indicated therein) or in any other subsequently
filed document which also is or is deemed to be incorporated by reference in this prospectus supplement modifies or supersedes
that statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include
any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement
is not to be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation,
an untrue statement of material fact or an omission to state a material fact that is required to be stated or is necessary to make
a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not
constitute a part of this prospectus supplement, except as so modified or superseded.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">You should rely only
on the information provided or incorporated by reference in this prospectus supplement, the accompanying base prospectus and any
free writing prospectus. You should not assume that the information in this prospectus supplement, the accompanying base prospectus,
any free writing prospectus or any document incorporated herein or therein, is accurate as of any date other than the date on the
front cover of the applicable document.</P>

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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 supplement 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. H.C. Wainwright is being
represented in connection with this offering in the United States by Ellenoff Grossman &amp; Schole LLP and in Canada by Stikeman
Elliott LLP.</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">No expert or counsel named in this prospectus
as having prepared or having certified any part of this prospectus or having given an opinion upon the validity of the securities
being registered or upon other legal matters in connection with the registration or offering of the common shares was employed
on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect,
in the registrant or any of its parents or subsidiaries. Nor was any such person connected with the registrant or any of its parent
or subsidiaries as a promoter, managing or principal underwriter, voting trustee, director, officer or employee.</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>

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<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: center"><A NAME="wheretofind"></A>WHERE TO FIND ADDITIONAL INFORMATION</P>

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

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

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



<P STYLE="margin: 0">&nbsp;</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>


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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>


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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: 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>

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<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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    <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>

<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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<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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    <!-- 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">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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<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>
    <!-- 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: 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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    <!-- 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: 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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    <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"><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: 56; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Up to $10,000,000 </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>November 22, 2017</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>H.C. Wainwright &amp; Co.</B></P>



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



<P STYLE="margin: 0"></P>

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