<SEC-DOCUMENT>0000912282-19-000108.txt : 20190913
<SEC-HEADER>0000912282-19-000108.hdr.sgml : 20190913
<ACCEPTANCE-DATETIME>20190913130703
ACCESSION NUMBER:		0000912282-19-000108
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190910
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190913
DATE AS OF CHANGE:		20190913

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09025
		FILM NUMBER:		191092127

	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>8-K
<SEQUENCE>1
<FILENAME>vista8k_091219.htm
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    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-weight: bold;">UNITED STATES</font><br>
      <font style="font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font><br>
      <font style="font-weight: bold;">WASHINGTON, D.C. 20549</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">_________________</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">FORM 8-K</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; margin-bottom: 12pt;">Pursuant to Section 13 or 15(d) of the<br>
      Securities Exchange Act of 1934</div>
    <div style="text-align: center; font-weight: bold;">Date of Report: September 10, 2019</div>
    <div style="text-align: center;">(Date of earliest event reported)</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">VISTA GOLD CORP.</font><br>
      <font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-weight: bold;">British Columbia, Canada</font><br>
      (State or Other Jurisdiction of Incorporation)</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z0010bf75f956410cb3129fd16a4f4e47">

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            <div style="text-align: center;"><font style="font-weight: bold;">1-9025</font><br>
              (Commission File Number)</div>
          </td>
          <td style="width: 50.01%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-weight: bold;">Not Applicable</font><br>
              (IRS Employer Identification No.)</div>
          </td>
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    <div style="text-align: center; font-weight: bold;"><br>
      7961 SHAFFER PARKWAY, SUITE 5, LITTLETON, COLORADO 80127</div>
    <div style="text-align: center;">(Address of Principal Executive Offices and Zip Code)</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="margin-bottom: 12pt;">Registrant&#8217;s telephone number, including area code:&#160;&#160; <font style="font-weight: bold;">(720) 981-1185</font></div>
    <div style="margin-bottom: 12pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
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            <div>&#160;</div>
          </td>
          <td style="width: 94.46%; vertical-align: top;">
            <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>
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            <div style="font-size: 14pt;">&#9633;</div>
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            <div>&#160;</div>
          </td>
          <td style="width: 94.46%; vertical-align: top;">
            <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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            <div style="font-size: 14pt;">&#9633;</div>
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          <td style="width: 0.58%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 94.46%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
        </tr>
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          <td style="width: 4.96%; vertical-align: top;">
            <div style="font-size: 14pt;">&#9633;</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 94.46%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter). Emerging growth company &#9633;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 5.25pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
      provided pursuant to Section 13(a) of the Exchange Act. &#9633;</div>
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    <div style="text-align: justify; font-weight: bold;">Item 7.01&#160;&#160;Regulation FD</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On September 10, 2019, the Registrant issued a press release that announced an updated preliminary feasibility study for the Mt Todd Gold Project.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">A copy of the press release is attached to this report as Exhibit&#160;99.1. In accordance with General Instruction B.2 of Form&#160;8-K, the information set forth herein and in the press release is deemed to be &#8220;furnished&#8221; and
      shall not be deemed to be &#8220;filed&#8221; for purposes of the Securities Exchange Act of 1934, as amended and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the
      Exchange Act, except as shall be expressly set forth by specific reference in such filing.&#160; The information set forth in Item 7.01 of this report shall not be deemed an admission as to the materiality of any information in this report on Form&#160;8-K
      that is required to be disclosed solely to satisfy the requirements of Regulation FD.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Item 9.01&#160; Exhibits</div>
    <div><br>
    </div>
    <div style="text-align: justify;">99.1<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Press Release dated September 10, 2019*</div>
    <div><br>
    </div>
    <div style="text-align: justify;">*The Exhibit relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In accordance with the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</div>
    <div><br>
    </div>
    <div><br>
    </div>
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            <div><font style="font-weight: bold;">VISTA GOLD CORP.</font><br>
              (Registrant)</div>
            <div> <br>
            </div>
            <div> <br>
            </div>
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            <div style="text-align: justify;">Dated:&#160;September 13,&#160; 2019</div>
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          <td style="width: 50.2%; vertical-align: top;">
            <div>By: <u>s/Frederick H. Earnest &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</u> </div>
            <div>Frederick H. Earnest</div>
            <div style="text-align: justify;">Chief Executive Officer</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>PRESS RELEASE DATED SEPTEMBER 10, 2019
<TEXT>
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  <div style="font-weight: bold; text-align: right;">EXHIBIT 99.1<br>
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  <div><font style="font-weight: bold;"> </font><br>
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                <div>&#160;<img src="image00002.jpg"></div>
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                <div>&#160;
                  <div style="text-align: left;">7961 Shaffer Parkway</div>
                  <div style="text-align: left;">Suite 5</div>
                  <div style="text-align: left;">Littleton, CO&#160; 80127</div>
                  <div style="text-align: left;">Phone:&#160; 720-981-1185</div>
                </div>
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                <div>&#160;
                  <div style="text-align: left;"> <br>
                  </div>
                  <div style="text-align: left;"> <br>
                  </div>
                  <div style="text-align: left;">Trading Symbol: <font style="font-weight: bold;"> VGZ</font></div>
                  <div style="text-align: left; font-weight: bold;">NYSE American and Toronto Stock Exchanges</div>
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    <div style="text-indent: 52.6pt; margin-left: 396pt;"> <br>
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    <div style="font-size: 24pt; font-weight: bold; text-align: center;">_______________ NEWS ______________</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Vista Gold Announces Updated Preliminary Feasibility Study for the Mt Todd Gold Project</div>
    <div style="text-align: center; font-weight: bold;">with Increased After-Tax NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub> of $823 Million and IRR of 23.4%</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 10pt;"><font style="font-weight: bold;">Denver, Colorado, September 10, 2019 - </font>Vista Gold Corp. (&#8220;Vista&#8221; or the &#8220;Company&#8221;) (NYSE American and TSX: VGZ) today announced the positive results of an
      updated preliminary feasibility study (the &#8220;PFS&#8221;) for its Mt Todd gold project (&#8220;Mt Todd&#8221; or the &#8220;Project&#8221;) in Northern Territory, Australia.&#160; The PFS is based on the results of metallurgical optimization test work, a redesign of the fine grinding
      circuit, construction and ramp-up schedule changes and a comprehensive review of all aspects of the Project, including an independent benchmarking study of key PFS parameters. The process improvements have resulted in improved projected gold recovery
      and increased estimated gold production at Mt Todd. All dollar amounts stated herein are in United States currency and are expressed as $ unless specified otherwise. References to A$ are to Australian dollars.</div>
    <div style="margin-bottom: 10pt;">Highlights of the PFS for a 50,000 tonne per day (&#8220;tpd&#8221;) project include:</div>
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              <div style="text-align: justify;">After-tax NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub> of $823 million and IRR of 23.4% at a $1,350 per ounce gold price and a $0.70=A$1.00 exchange rate (the &#8220;Base Case&#8221;);</div>
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              <div style="text-align: justify;">After-tax NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub> of $1.15 billion and IRR of 30.3% at current prices and exchange rates ($1,500 per ounce gold and $0.685=A$1.00 exchange rate);</div>
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              <div style="text-align: justify;">Unchanged proven and probable mineral reserves estimated to be 5.85 million ounces of gold (221.0 million tonnes at 0.82 grams of gold per tonne (&#8220;g Au/t&#8221;)) at a cut-off grade of 0.40 g Au/t<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>;</div>
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              <div style="text-align: justify;">Improved estimated annual production of 413,400 ounces of gold per year over the life of the Project, including estimated average annual production of 495,100 ounces of gold per year during the first five
                years of commercial operations;</div>
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              <div style="text-align: justify;">Life of mine projected average cash costs of $645 per ounce, including projected average cash costs of $575 per ounce during the first five years of commercial operations (life of mine average all-in
                sustaining cost (&#8220;AISC&#8221;) of $746 per ounce, including average AISC of $688 per ounce during the first five years of commercial operations);</div>
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              <div style="text-align: justify;">A projected 13-year mine life; and</div>
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              <div style="margin-left: 18pt;">&#8226;</div>
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              <div style="text-align: justify;">Estimated initial capital requirements of $826 million.</div>
              <div style="text-align: justify;"> <br>
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    <div style="text-align: justify; margin-left: 35.45pt; margin-bottom: 12pt; font-size: 8pt;"> (1)&#160; &#160;&#160; See <font style="font-style: italic;">&#8220;Cautionary Note to United States Investors&#8221;</font> below.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Vista&#8217;s President and CEO, Frederick H. Earnest, commented, &#8220;We believe the PFS has substantially de-risked Mt Todd. &#160; The metallurgical programs and process area design changes completed by Vista
      over the past months have confirmed our belief that Mt Todd can achieve excellent anticipated gold recoveries within an attractive operating cost profile. This work, combined with an independent review of capital and operating costs and development
      schedules, underpin our confidence that Mt Todd will become a major Australian gold producing project and provide a solid foundation to further advance the Project.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Mr. Earnest continued, &#8220;Vista&#8217;s management believes the PFS reflects significant value creation through Vista&#8217;s optimization and development work.&#160; We believe project economics are strong at
      assumed long-term gold prices and </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
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    <div style="text-align: justify; margin-bottom: 10pt;">quite compelling at today&#8217;s market conditions. However, we do not believe Vista should develop Mt Todd on its own.&#160; The PFS gives us a solid basis for conversations with prospective development
      partners who we believe will recognize the value of Mt Todd and provide appropriate reward for Vista shareholders. To preserve the value of Mt Todd, we are prepared to hold the project until a time when the value of the Project appropriately rewards
      shareholders.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 10pt;">The PFS was authored by Tetra Tech Inc. (&#8220;Tetra Tech&#8221;) with Mine Development Associates, Resource Development Inc., Proteus EPCM Engineers (a Tetra Tech Company, &#8220;Tetra Tech Proteus&#8221;), JDS Energy
      &amp; Mining, Inc., and POWER Engineers, Inc.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Vista&#8217;s senior management team is attending<font style="font-weight: bold;">&#160;</font>the Precious Metals Summit from September 10 to 13, 2019 in Beaver Creek, CO and the Denver Gold Forum from
      September 16 to18, 2019 in Denver, CO, and will be available to discuss these results at both conferences. A conference call and webcast to discuss highlights of the PFS will be held Thursday, September 19, 2019 at 2:00 p.m. MDT.<font style="font-weight: bold;">&#160; </font>Call-in details are located at the end of this release.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Rex Bryan, Ph.D., Amy Hudson, Ph.D., April Hussey, P.E., Chris Johns, P.Eng., Guy Roemer, P.E., Vicki Scharnhorst, P.E., Erik Spiller and Keith Thompson on behalf of Tetra Tech, Thomas Dyer on
      behalf of Mine Development Associates, Dr. Deepak Malhotra on behalf of Resource Development Inc., Zvon Ponos on behalf of Tetra Tech Proteus, Jessica Monasterio, P.E. on behalf of JDS Energy &amp; Mining, Inc., each an independent Qualified Person
      as defined by Canadian National Instrument 43-101 &#8211; <font style="font-style: italic;">Standards of Disclosure of Mineral Projects</font> (&#8220;NI 43-101&#8221;), prepared or supervised the preparation of the information that forms the basis for the scientific
      and technical information disclosed herein and have reviewed this press release and consented to its release.&#160; Dr. Deepak Malhotra has verified the metallurgical testing program and data in respect of the process improvements.&#160; For additional
      information on data verification, quality assurance and control, key assumptions and other matters relating to the Project, see Vista&#8217;s Annual Report Form 10-K as filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml on February 25,
      2019.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Overview</div>
    <div style="text-align: justify; margin-bottom: 10pt;">An overview of the PFS is presented in the table below.</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z0851a41cde49417f8ae18a76d141368f">

        <tr>
          <td style="width: 47.82%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">50,000 tpd Base Case</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Years 1-5</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Life of Mine<br>
              (13 years)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.82%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15.21%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Annual</div>
            <div style="text-align: center;">Average</div>
          </td>
          <td style="width: 10.87%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Total</div>
          </td>
          <td style="width: 14.74%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Annual</div>
            <div style="text-align: center;">Average</div>
          </td>
          <td style="width: 11.34%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.82%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Average Plant Feed Grade (g Au/t)</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">0.96</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">0.82</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.82%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Payable Gold (000&#8217;s ozs)</div>
          </td>
          <td style="width: 15.21%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">495</div>
          </td>
          <td style="width: 10.87%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2,476</div>
          </td>
          <td style="width: 14.74%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">413</div>
          </td>
          <td style="width: 11.34%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">5,305</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.82%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Gold Recovery</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">92.3%</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">91.9%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.82%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Cash Costs ($/oz)</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$575</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$645</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.82%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>AISC ($/oz)</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$688</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$746</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.82%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Strip Ratio (waste:ore)</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2.65</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2.52</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 73.91%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Initial Capital (millions)</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$826</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 73.91%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>After-tax Payback (production years)</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">2.9</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 73.91%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>After-tax NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub> (millions)</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$823</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 73.91%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>IRR (after-tax)</div>
          </td>
          <td colspan="2" style="width: 26.09%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">23.4%</div>
          </td>
        </tr>

    </table>
    <div style="margin: 0px 48.6pt 10pt 40pt; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: italic; text-align: justify;">Note: Economics presented using $1,350/oz gold and a flat $0.70 : A$1.00 exchange rate and assumes
      deferral of certain territory tax obligations as well as realization of equipment salvage values at the end of the mine life.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-weight: bold;">Sensitivity Analysis</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 10pt;">The following table provides additional details of the Project&#8217;s after-tax economics at variable gold prices and exchange rate assumptions.</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z8c1af1b8e8a442cc88c7ccad5071ed8e">

        <tr>
          <td rowspan="3" style="width: 14.54%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Foreign</div>
            <div style="text-align: center; font-weight: bold;">Exchange</div>
            <div style="text-align: center; font-weight: bold;">($/A$)</div>
          </td>
          <td colspan="10" style="width: 85.46%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Gold Price</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 16.8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">$1,200</div>
          </td>
          <td colspan="2" style="width: 16.09%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">$1,300</div>
          </td>
          <td colspan="2" style="width: 17.46%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">$1,350</div>
          </td>
          <td colspan="2" style="width: 17.47%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">$1,400</div>
          </td>
          <td colspan="2" style="width: 17.63%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">$1,500</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9.56%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">IRR</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub></div>
          </td>
          <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">IRR</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub></div>
          </td>
          <td style="width: 8.1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">IRR</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub></div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">IRR</div>
          </td>
          <td style="width: 10.95%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub></div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">IRR</div>
          </td>
          <td style="width: 11.11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub></div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">0.60</div>
          </td>
          <td style="width: 9.56%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">21.7%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$686</div>
          </td>
          <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">26.4%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$895</div>
          </td>
          <td style="width: 8.1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">28.6%</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$994</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">30.8%</div>
          </td>
          <td style="width: 10.95%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.05pt;">$1,093</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">35.0%</div>
          </td>
          <td style="width: 11.11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.85pt;">$1,297</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">0.65</div>
          </td>
          <td style="width: 9.56%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">19.2%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$603</div>
          </td>
          <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">23.7%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$807</div>
          </td>
          <td style="width: 8.1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">25.9%</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$911</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">28.0%</div>
          </td>
          <td style="width: 10.95%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.05pt;">$1,011</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">32.2%</div>
          </td>
          <td style="width: 11.11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.85pt;">$1,209</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.54%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">0.70</div>
          </td>
          <td style="width: 9.56%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">16.8%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$521</div>
          </td>
          <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">21.2%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$718</div>
          </td>
          <td style="width: 8.1%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">23.4%</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$823</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">25.5%</div>
          </td>
          <td style="width: 10.95%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.05pt;">$927</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">29.6%</div>
          </td>
          <td style="width: 11.11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.85pt;">$1,126</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">0.75</div>
          </td>
          <td style="width: 9.56%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">14.6%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$436</div>
          </td>
          <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">18.9%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$634</div>
          </td>
          <td style="width: 8.1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">20.9%</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$733</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">23.1%</div>
          </td>
          <td style="width: 10.95%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.05pt;">$839</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">27.1%</div>
          </td>
          <td style="width: 11.11%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.85pt;">$1,043</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">0.80</div>
          </td>
          <td style="width: 9.56%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">12.5%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$351</div>
          </td>
          <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">16.7%</div>
          </td>
          <td style="width: 7.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$553</div>
          </td>
          <td style="width: 8.1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">18.7%</div>
          </td>
          <td style="width: 9.36%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$650</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">20.7%</div>
          </td>
          <td style="width: 10.95%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.05pt;">$749</div>
          </td>
          <td style="width: 6.52%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">24.7%</div>
          </td>
          <td style="width: 11.11%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 7.85pt;">$954</div>
          </td>
        </tr>

    </table>
    <div style="margin: 0px 0px 10pt; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: italic; text-align: center;">Note: Changes in foreign exchange rates are only applied to operating costs and not applied to either initial or
      sustaining capital costs.</div>
    <div style="text-align: justify; margin-bottom: 6pt; font-weight: bold;">Capital Costs</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Key capital expenditures for initial and sustaining capital requirements are identified in the following table.</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z910ee5480f0d4c52b8efa29663666150">

        <tr>
          <td style="width: 50.15%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Capital Expenditures (000s)<br>
              50,000 tpd Base Case</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Initial Capital</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Sustaining Capital</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Mining</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$121,239</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$406,347</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Process Plant</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$366,693</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 5.3pt;">$17,027</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Project Services</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$109,204</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 5.3pt;">$72,448</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Project Infrastructure</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 3.05pt;">$26,220</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 27.8pt;">$0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Site Establishment &amp; Early Works</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 3.05pt;">$17,537</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 27.8pt;">$0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Management, Engineering, EPCM Services</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 3.05pt;">$82,058</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 27.8pt;">$0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Preproduction Costs</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 3.05pt;">$16,121</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 23.3pt; margin-left: 5.3pt;">$0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div>Contingency</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 3.05pt;">$86,641</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-width: 2px 2px 4px; border-style: solid solid double; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 5.3pt;">$40,354</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Sub-Total</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$825,712</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$536,176</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div>Asset Sale and Salvage</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 25.55pt;">$0</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-width: 2px 2px 4px; border-style: solid solid double; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 5.3pt;">($139,631)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div>Total Capital</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$825,712</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$396,545<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Total Capital Per Payable ounce gold</div>
          </td>
          <td style="width: 24.92%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 16.55pt;">$156</div>
          </td>
          <td style="width: 24.93%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 23.3pt;">$75<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>

    </table>
    <div style="margin: 0px 61.9pt 0px 36pt; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: italic; text-align: justify;">Notes: may not add due to rounding.</div>
    <div style="margin: 0px 61.9pt 0px 36pt; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: italic; text-align: justify;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> Net of asset sales.<br>
    </div>
  </div>
  <div><font style="font-weight: bold;"> <br>
      Operating Costs<br>
    </font></div>
  <font style="font-weight: bold;"> <br>
  </font>
  <div style="margin: 0px 0px 6pt;"><font style="font-weight: bold;"></font>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="z2feac140fcb74b8fbf1935276590ebc7">

        <tr>
          <td style="width: 45.85%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-weight: bold;">Operating Cost</div>
            <div style="text-align: justify; font-weight: bold;">50,000 tpd Base Case</div>
          </td>
          <td colspan="2" style="width: 27.14%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">First 5 Years</div>
          </td>
          <td colspan="2" style="width: 27.01%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Life of Mine Cost</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Per tonne</div>
            <div style="text-align: center;">processed</div>
          </td>
          <td style="width: 13.6%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Per ounce</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Per tonne</div>
            <div style="text-align: center;">processed</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Per ounce</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Mining</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$6.51</div>
          </td>
          <td style="width: 13.6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$233.60</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$6.02</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$250.90</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Processing</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$7.82</div>
          </td>
          <td style="width: 13.6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$280.78</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$7.88</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$328.48</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Site General and Administrative</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$1.07</div>
          </td>
          <td style="width: 13.6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 2.3pt;">&#160;$38.57</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$1.11</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 0.8pt;">&#160;&#160;$46.43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Jawoyn Royalty</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$0.38</div>
          </td>
          <td style="width: 13.6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 2.3pt;">&#160;$13.50</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 1.55pt;">$0.32</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 0.8pt;">&#160;&#160;$13.50</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Water Treatment</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$0.07</div>
          </td>
          <td style="width: 13.6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 2.3pt;">&#160;&#160;&#160;$2.35</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 1.55pt;">$0.08</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 0.8pt;">&#160;&#160;&#160;&#160;$3.53</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Tailings Management</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$0.08</div>
          </td>
          <td style="width: 13.6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 2.3pt;">&#160;&#160;&#160;$2.71</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 1.55pt;">$0.07</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 0.8pt;">&#160;&#160;&#160;&#160;$3.07</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Refining Costs</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$0.09</div>
          </td>
          <td style="width: 13.6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 2.3pt;">&#160;&#160;&#160;$3.20</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 1.55pt;">$0.08</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 0.8pt;">&#160;&#160;&#160;&#160;$3.22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: justify;">Power Credit</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center;">$0.00</div>
          </td>
          <td style="width: 13.6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 2.3pt;">&#160;&#160;&#160;$0.00</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center;">$-0.10</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-width: 2px 2px 4px; border-style: solid solid double; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 0.8pt;">&#160;&#160;$-3.99</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;">Total Cash Costs</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$16.01</div>
          </td>
          <td style="width: 13.6%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 2.3pt;">$574.71</div>
          </td>
          <td style="width: 13.47%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">$15.48</div>
          </td>
          <td style="width: 13.54%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">$645.14</div>
          </td>
        </tr>

    </table>
    <div style="margin: 0px 0px 10pt 36pt; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: italic; text-align: justify;">Note: Jawoyn Royalty and refinery costs calculated at $1,350 per ounce gold.&#160; May not add due to
      rounding.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Mining and Production</div>
    <div style="text-align: justify; margin-bottom: 10pt;">The mine plan contemplates that 221.0 million tonnes of ore containing an estimated 5.85 million ounces of gold at an average grade of 0.82 g Au/t to be processed over the 13-year operating life of
      the Project.&#160; Total recovered gold is expected to be 5.3 million ounces.&#160; Average annual gold production over the life of the Project is expected to be 413,400 ounces, averaging 495,100 ounces during the first five years of commercial operations,
      with 608,600 ounces produced in the first year of commercial operation. Commercial production is anticipated to begin after two years of construction and six months of commissioning and ramp-up.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">The table below highlights the PFS production schedule.</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left;" id="z626ad39ce66648a7aaac3c7f2ec5d5ae">

        <tr>
          <td style="width: 8.27%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Years</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ore Mined</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(kt)</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waste Mined</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(kt)</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Strip</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ratio</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(W:O)</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Milled Ore</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(kt)</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Milled</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Grade</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(g/t)</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Contained</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ounces</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(kozs)</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mill</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Production</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(kozs)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">-1</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 5.3pt; font-family: 'Times New Roman', Times, serif;">2,859</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 3.05pt; text-align: center;">&#160;8,802</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">3.08</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">-</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">-</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">-</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">1</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">16,138</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">10,498</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.65</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">12,461</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">1.17</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">469</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">430</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">2</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">15,613</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">47,536</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">3.04</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,750</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.85</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">482</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">438</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">3</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">24,495</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">32,880</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">1.34</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,799</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">1.04</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">593</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">541</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">4</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">15,586</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">76,531</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">4.91</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,750</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.70</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">399</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">360</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">5</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">29,852</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">58,085</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">1.95</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,750</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">1.10</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">629</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">574</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">6</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 5.3pt; font-family: 'Times New Roman', Times, serif;">8,984</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">87,011</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">9.69</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,750</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.78</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">446</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">404</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">7</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 5.3pt; font-family: 'Times New Roman', Times, serif;">7,178</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">68,218</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">9.50</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,799</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.52</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">298</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">264</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">8</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">13,482</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">56,598</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">4.20</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,750</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.61</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">297</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">266</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">9</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">18,750</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">42,935</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">2.29</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,750</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.70</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">397</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">358</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">10</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">28,653</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">29,747</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">1.04</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,750</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.93</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">528</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">481</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">11</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">25,970</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 3.05pt; font-family: 'Times New Roman', Times, serif;">4,148</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.16</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,799</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">1.18</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">674</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">618</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">12</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 9.8pt; font-family: 'Times New Roman', Times, serif;">127</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; margin-left: 16.55pt; font-family: 'Times New Roman', Times, serif;">0</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">17,750</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.65</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">371</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">334</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">13</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 18.3pt; font-family: 'Times New Roman', Times, serif;">-</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: 16.55pt; font-family: 'Times New Roman', Times, serif;">-</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">15,805</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">0.52</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">265</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-width: 2px 2px 4px; border-style: solid solid double; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">237</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">207,687</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">522,990</div>
          </td>
          <td style="width: 9.69%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.52</div>
          </td>
          <td style="width: 15.21%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">221,041</div>
          </td>
          <td style="width: 9.95%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">0.82</div>
          </td>
          <td style="width: 12.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5,848</div>
          </td>
          <td style="width: 13.55%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5,305</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 40.5pt; margin-bottom: 10pt; font-size: 8pt; font-style: italic;">Note: May not add due to rounding.&#160; Total milled ore includes material from the heap leach pad that is planned to be processed at the end of
      the mine life.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Project Mineral Resources and Reserves</div>
    <div style="text-align: justify; margin-bottom: 10pt;">The table below presents the estimated mineral resources and reserves for the Project.&#160; The effective date of the Batman and Quigleys deposits mineral resource estimates is January 24, 2018.&#160; The
      effective date of the heap leach mineral resource estimate is July 9, 2014.</div>
    <table cellspacing="0" cellpadding="5" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z635bd8bcf64b4509833654f0abe292a1">

        <tr>
          <td colspan="13" style="width: 100%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: justify; font-size: 8pt; font-weight: bold;">Mt. Todd Gold Project Mineral Reserves &#8211; 50,000 tpd, 0.40 g Au/t cut-off and $1,250 per ounce gold</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="3" style="width: 22.36%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Batman Deposit</div>
          </td>
          <td colspan="3" style="width: 21.44%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Heap Leach Pad</div>
          </td>
          <td colspan="3" style="width: 21.44%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Quigleys Deposit</div>
          </td>
          <td colspan="3" style="width: 21.46%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); font-size: 8pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Tonnes</div>
            <div style="text-align: center; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); font-size: 8pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Grade</div>
            <div style="text-align: center; font-weight: bold;">(g/t)</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Contained</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Ounces</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); font-size: 8pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Tonnes</div>
            <div style="text-align: center; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); font-size: 8pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Grade</div>
            <div style="text-align: center; font-weight: bold;">(g/t)</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Contained</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Ounces</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); font-size: 8pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Tonnes</div>
            <div style="text-align: center; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); font-size: 8pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Grade</div>
            <div style="text-align: center; font-weight: bold;">(g/t)</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Contained</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Ounces</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); font-size: 8pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Tonnes</div>
            <div style="text-align: center; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); font-size: 8pt;">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Grade</div>
            <div style="text-align: center; font-weight: bold;">(g/t)</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Contained</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Ounces</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">(000s)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Proven</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">72,672</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.88</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">2,057</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">72,672</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.88</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">2,057</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Probable</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">135,015</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.82</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">3,559</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">13,354</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.54</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">232</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">148,369</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.79</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">3,791</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Proven &amp; Probable</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">207,687</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">0.84</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">5,616</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">13,354</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">0.54</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">232</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">-</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">221,041</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">0.82</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: rgb(217, 217, 217); border-width: 2px; border-style: solid; border-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">5,848</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <table cellspacing="0" cellpadding="5" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z03bdb3021dd04ad28b424b01a55aae5e">

        <tr>
          <td colspan="13" style="width: 100%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: justify; font-size: 8pt; font-weight: bold;">Mt. Todd Gold Project Mineral Resources</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div>
          </td>
          <td colspan="3" style="width: 22.36%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Batman Deposit</div>
          </td>
          <td colspan="3" style="width: 21.44%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Heap Leach Pad</div>
          </td>
          <td colspan="3" style="width: 21.44%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Quigleys Deposit</div>
          </td>
          <td colspan="3" style="width: 21.46%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; background-color: rgb(191, 191, 191); font-size: 8pt; border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Tonnes</div>
            <div style="text-align: center; font-weight: bold;"> (000s)</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(191, 191, 191); font-size: 8pt; border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Grade</div>
            <div style="text-align: center; font-weight: bold;">(g/t)</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Contained</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Ounces</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(191, 191, 191); font-size: 8pt; border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Tonnes</div>
            <div style="text-align: center; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(191, 191, 191); font-size: 8pt; border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Grade</div>
            <div style="text-align: center; font-weight: bold;">(g/t)</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Contained</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Ounces</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(191, 191, 191); font-size: 8pt; border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Tonnes</div>
            <div style="text-align: center; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(191, 191, 191); font-size: 8pt; border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Grade</div>
            <div style="text-align: center; font-weight: bold;">(g/t)</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Contained</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Ounces</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(191, 191, 191); font-size: 8pt; border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Tonnes</div>
            <div style="text-align: center; font-weight: bold;">(000s)</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(191, 191, 191); font-size: 8pt; border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Grade</div>
            <div style="text-align: center; font-weight: bold;">(g/t)</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: rgb(191, 191, 191); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Contained</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Ounces</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">(000s)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Measured</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">77,725</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.88</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">2,191</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">457</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">1.27</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">19</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">78,182</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.88</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">2,210</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Indicated</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">200,112</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.80</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">5,169</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">13,354</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.54</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">232</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">5,743</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">1.12</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">207</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">219,209</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.80</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">5,608</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Measured &amp; Indicated</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">277,837</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">0.82</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">7,360</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">13,354</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">0.54</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">232</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">6,200</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">1.13</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">225</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">297,391</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">0.82</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-right: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">7,818</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.3%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;">Inferred</div>
          </td>
          <td style="width: 7.45%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">61,323</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.72</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">1,421</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">-</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">1,600</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.84</div>
          </td>
          <td style="width: 8.57%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;&#160;43</div>
          </td>
          <td style="width: 6.53%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">62,923</div>
          </td>
          <td style="width: 6.33%; vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(255, 255, 255); border-left: 2px solid rgb(255, 255, 255); border-bottom: 2px solid rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">0.72</div>
          </td>
          <td style="width: 8.59%; vertical-align: middle; background-color: rgb(255, 255, 255); border-width: 2px; border-style: solid; border-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">1,464</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 10pt; font-size: 8pt; font-style: italic;">Note: Measured &amp; indicated mineral resources include proven and probable mineral reserves.&#160; Batman and Quigleys mineral resources are quoted at a 0.40g Au/t
      cut-off grade.&#160; Heap Leach mineral resources are the average grade of the heap, no cut-off grade applied.&#160; Economic analysis conducted only on proven and probable mineral reserves.&#160; Rex Bryan of Tetra Tech is the Qualified Person responsible for the
      geologic mineral resource estimates.&#160; Thomas Dyer of Mine Development Associates is the Qualified Person responsible for developing mineral reserves for the Batman deposit.&#160; Dr. Deepak Malhotra of Resource Development Inc. is the Qualified Person
      responsible for the metallurgical data and program, and for developing mineral reserves for the heap leach.&#160; See &#8220;Cautionary Note to United States Investors&#8221; below.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Project Description</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Gold mineralization in the Batman Deposit at the Project occurs in sheeted veins within silicified greywackes/shales/siltstones.&#160; The Batman deposit strikes north-northeast and dips steeply to the
      east.&#160; Higher grade zones of the deposit plunge to the south.&#160; The core zone is approximately 200-250 meters wide and 1.5 kilometers long, with several hanging wall structures providing additional width to the deposit.&#160; Mineralization is open at
      depth as well as along strike, although the intensity of mineralization weakens to the north and south along strike.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">The Project is designed to be a conventional, owner-operated, open-pit mining operation that will utilize large-scale mining equipment in a drill/blast/load/haul operation.&#160; Ore is planned to be
      processed in a comminution circuit consisting of a gyratory crusher, two cone crushers, two high pressure grinding roll crushers, and primary grinding by two ball mills and secondary grinding by 10 FLSmidth VXP mills.&#160; Vista plans to recover gold in
      a conventional carbon-in-pulp recovery circuit.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Metallurgy, Processing and Infrastructure</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Vista has completed extensive metallurgic test work that was announced in press releases dated August 2, 2018, January 9, 2019, April 8, 2019, May 29, 2019, and August 13, 2019.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Vista&#8217;s recent metallurgic test programs confirmed: (1) the efficiency of ore sorting across a broad range of head grades and the natural concentration of gold in the screen undersize material
      prior to sorting; (2) the efficiency of fine grinding and improved gold leach recoveries at an 80% passing grind size of 40 microns; and (3) the selection of FLSmidth VXP mill as the preferred fine-grinding mill.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Benchmarking</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Vista retained GR Engineering Services of Perth, Australia to undertake a benchmarking study to assess the appropriateness of capital and operating cost estimates, construction and ramp-up
      schedules, owner&#8217;s costs and key components of the Project, such as power supply.&#160; Vista has given thorough consideration to this study, resulting in important changes to the costs and schedule of the Project.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 10pt;"><font style="font-weight: bold;">Opportunities for Adding Value</font></div>
    <div style="text-align: justify; margin-bottom: 10pt;">In addition to the mineral reserves at the Batman Deposit, we estimate measured and indicated resources of 1.7 million ounces gold (70.2 million tonnes at 0.77 g Au/t) and inferred resources of 1.4
      million ounces gold (61.3 million tonnes at 0.72 g Au/t). A portion of the inferred resources are contained within the existing pit design and are currently included in the mine plan as waste material. Additional resources are predominantly at depth
      and lateral along strike. Potential to convert part of the mineral resources to reserves represents an opportunity to improve existing LOM economics and extend mine life.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">The Company also has known mineral resources at the Quigleys Deposit, which is close to the planned processing plant. The estimated grade of the Quigleys Deposit is higher than the estimated
      average grade of the Batman Deposit and could provide a source of higher-grade feed in the mid years of the Project when higher stripping is encountered and the average grade of feed to the plant is expected to decrease. Additional drilling and
      metallurgical testing are required to develop mine plans and ultimately convert part of the Quigleys resource to proven or probable reserves.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Growth through exploration represents additional opportunity to add value at Mt Todd. Both the Batman Deposit and Quigleys Deposit remain open. In addition, Vista controls over 1,100 sq. km of
      contiguous exploration licenses at the southeast end of the Pine Creek Mining District. Various gold targets have been identified through early-stage, grass roots exploration programs along the Cullen-Australis and Batman-Driffield structural
      corridors, the latter of which is the host to the Batman Deposit. To-date, Vista&#8217;s exploration efforts have primarily focused on the Batman Deposit.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">The PFS uses a natural gas price derived from east coast gas pricing.&#160; The Company believes that there would be a significant opportunity to achieve a lower gas price upon commitment to a long-term
      gas delivery contract. This belief is in part based on local expectations of significantly increased gas reserves in the Beetaloo Basin south of the Mt Todd project. The Company is also considering additional optimization of the power plant.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Conference Call Details</div>
    <div style="text-align: justify; margin-bottom: 10pt;">A conference call and webcast to discuss highlights of the PFS will be held Thursday, September 19, 2019 at 2:00 p.m. MDT.</div>
    <div style="text-indent: 36pt;">Toll-free in North America: 844-898-8648<br>
      <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>International: 647-689-4225</div>
    <div style="text-indent: 36pt;">Confirmation Code:&#160; 2416449</div>
    <div style="margin-left: 36pt; margin-bottom: 10pt;">This call will also be web-cast and can be accessed at the following web location:</div>
    <div style="margin-left: 36pt; margin-bottom: 10pt;"><u>http://event.on24.com/r.htm?e=2087023&amp;s=1&amp;k=D1D1D87054C6B0E6EBDA948F2FB3BC32</u></div>
    <div style="margin-left: 36pt; margin-bottom: 10pt;">This call will be archived and available at <u>www.vistagold.com</u> after September 19, 2019.&#160; Audio replay will be available for 14 days by calling toll-free in North America: 855-859-2056.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">Detailed Report</div>
    <div style="text-align: justify; margin-bottom: 10pt;">An NI 43-101 compliant technical report will be filed on SEDAR and EDGAR within 45 days of the date hereof and will be available on our website at that time.&#160; As part of the sensitivity analysis of
      the Project, Vista intends to complete and present the results of an alternate 33,000 tpd project as part of the technical report.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 10pt; font-weight: bold;">About Vista Gold Corp.</div>
    <div style="text-align: justify;">The Company is a well-funded gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia.&#160; Mt Todd is the largest known undeveloped gold project in Australia.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 10pt;">For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.</div>
    <div style="text-align: justify;">For more information about our projects, including technical studies and mineral resource estimates, please visit our website at <u>www.vistagold.com</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Forward Looking Statements</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of
      1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Vista
      expects or anticipates will or may occur in the future, including such things as, the Company&#8217;s continued work on the Mt Todd gold project; that process improvements will result in lower operating costs, reduced power consumption, increased gold
      recovery and higher gold production; estimates of mineral reserves and resources; projected project economics, including anticipated production, average cash costs, before and after-tax NPV, IRR, capital requirements and expenditures, gold recovery
      after-tax payback, operating costs, average tonne per day milling, mining methods procedures, estimated gold recovery, project design, and life of mine; that the Project is an advanced stage development project; average annual production overtime;
      commencement of commercial production; timing for construction and commissioning; exploration of new deposits at Mt Todd and the surrounding exploration areas; size of final product through the high pressure grinding roll crusher; potential costs or
      savings related to gas price; ability to convert Quigleys estimated mineral resources to proven or probable mineral reserves; grade of minerals at the Quigleys deposit; ability to add higher grade feed from the Quigleys deposit to the Project in its
      mid years; timing for and completion of the NI 43-101 technical report for the PFS; and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking
      statements and forward-looking information contained in this press release include the following: the accuracy of the results of the PFS, mineral resource and reserve estimates, and exploration and assay results; the terms and conditions of our
      agreements with contractors and our approved business plan; the anticipated timing and completion of a feasibility study on the Project; the anticipated receipt of required permits; no change in laws that materially impact mining development or
      operations of a mining business; the potential occurrence and timing of a production decision; the anticipated gold production at the Project; the life of any mine at the Project; all economic projections relating to the Project, including estimated
      cash cost, NPV, IRR, and initial capital requirements; and Vista&#8217;s goal of becoming a gold producer.&#160; When used in this press release, the words &#8220;optimistic,&#8221; &#8220;potential,&#8221; &#8220;indicate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plans,&#8221; &#8220;hopes,&#8221; &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;will,&#8221;
      &#8220;if,&#8221; &#8220;anticipate,&#8221; and similar expressions are intended to identify forward-looking statements and forward-looking information.&#160; These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results,
      performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements.&#160; Such factors include, among others, uncertainty of mineral resource estimates, estimates of
      results based on such mineral resource estimates; risks relating to cost increases for capital and operating costs;&#160; risks related to the timing and the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or
      supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista&#8217;s operations of environmental regulations in the countries in which it operates; risks due to
      legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings &#8220;Note Regarding Forward-Looking Statements&#8221; and &#8220;Risk Factors&#8221; in Vista&#8217;s Annual
      Report Form 10-K as filed in February 2019 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities.&#160; Although Vista has 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.&#160; Except as required by law, Vista assumes
      no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Cautionary Note to United States Investors</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">The United States Securities and Exchange Commission (&#8220;SEC&#8221;) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically
      and legally extract or produce. This press release uses the terms &#8220;Proven reserves&#8221; and &#8220;Probable reserves&#8221;.&#160; Reserve estimates contained in this press release are made pursuant to NI 43-101 standards in Canada and do not represent reserves under the
      standards of the SEC&#8217;s Industry Guide 7&#160; and may not constitute reserves under the SEC&#8217;s newly adopted disclosure rules to modernize mineral property disclosure requirements, which became effective February 25, 2019 and will be applicable to the
      Company in its annual report for the fiscal year ending December 31, 2021.&#160; Under the currently applicable SEC Industry Guide 7 standards, a &#8220;final&#8221; or &#8220;bankable&#8221; feasibility study is required to report reserves, the three-year historical average
      price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority.&#160; Additionally, this press release uses the terms &#8220;Measured
      resources&#8221;, &#8220;Indicated resources&#8221;, and &#8220;Measured &amp; Indicated resources&#8221;.&#160; We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7
      and normally are not permitted to be used in reports and registration statements filed with the SEC.&#160; Mineral resources described in this press release have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally
      only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant &#8220;reserves&#8221; as in-place tonnage and grade, without reference to unit </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">measures. The term &#8220;contained gold ounces&#8221; used in this press release is not permitted under the rules of the SEC.&#160; &#8220;Inferred resources&#8221; have a great amount
      of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.&#160; It cannot be assumed that any or all part of an Inferred resource will ever be upgraded to a higher category. <font style="font-weight: bold;">U.S.
        Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.</font></div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 8pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
