<SEC-DOCUMENT>0000912282-19-000116.txt : 20191008
<SEC-HEADER>0000912282-19-000116.hdr.sgml : 20191008
<ACCEPTANCE-DATETIME>20191008171740
ACCESSION NUMBER:		0000912282-19-000116
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191007
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191008
DATE AS OF CHANGE:		20191008

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:		191143302

	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_100819.htm
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    <div style="text-align: center;"><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; font-size: 12pt;">_________________</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"> <br>
    </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: October 7, 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="zd9cfe38024444c199e5a9f83eb32863b">

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          <td style="width: 49.99%; vertical-align: top;">
            <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>
        </tr>

    </table>
    <div style="text-align: center; font-weight: bold;"><br>
      <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>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z1057b74c4270450bab0a900f4bb48708">

        <tr>
          <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>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>
        </tr>
        <tr>
          <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>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
          </td>
        </tr>
        <tr>
          <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 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
        </tr>
        <tr>
          <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>
        </tr>

    </table>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </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="z6138689de5f342589eef2f5db2e0e8c0">

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          <td style="width: 33.33%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Title of each class</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Trading Symbol(s)</div>
          </td>
          <td style="width: 33.34%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Common Shares</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center;">VGZ</div>
          </td>
          <td style="width: 33.34%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">NYSE American</div>
          </td>
        </tr>

    </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).<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>Emerging growth company &#9744;</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. &#9744;</div>
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    </div>
    <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 October 7, 2019, the Registrant issued a press release that announced the filing of its 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 October 7, 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>
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          <td style="width: 49.77%; vertical-align: top;">&#160;</td>
          <td style="width: 50.23%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 49.77%; vertical-align: top;">&#160;</td>
          <td style="width: 50.23%; vertical-align: top;">
            <div><font style="font-weight: bold;">VISTA GOLD CORP.</font><br>
              (Registrant)</div>
            <div> <br>
            </div>
            <div> <br>
            </div>
          </td>
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        <tr>
          <td style="width: 49.77%; vertical-align: top;">
            <div style="text-align: justify;">Dated:&#160;October 8,&#160; 2019</div>
          </td>
          <td style="width: 50.23%; 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;&#160;</u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; </div>
            <div>Frederick H. Earnest</div>
            <div style="text-align: justify;">Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
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    <div> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX<br>
    </div>
    <div> <font style="font-weight: bold;"><br>
      </font></div>
    <div> <br>
      <div style="text-align: justify;">
        <table cellspacing="0" cellpadding="0" border="0" id="za3d1fe59713047ce9cdb4d8d66bc0a9e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 25%;"><font style="font-weight: bold;">Exhibit No.</font><br>
              </td>
              <td style="width: 75%;">
                <div><font style="font-weight: bold;">Description</font> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 25%;">99.1<br>
              </td>
              <td style="width: 75%;">Press Release dated October 7, 2019*</td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify;"> <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>
    <font style="font-weight: bold;"> </font> </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>PRESS RELEASE DATED OCTOBER 7, 2019
<TEXT>
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  <div style="font-weight: bold; text-align: right;">EXHIBIT 99.1<br>
  </div>
  <div><font style="font-weight: bold;"> </font><br>
  </div>
  <div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="z9943d5cdd79945f1a45b2feb17e089e8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

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              <td style="width: 33.33%;">
                <div>&#160;<img src="image00001.jpg"></div>
              </td>
              <td style="width: 33.33%;">
                <div>&#160;
                  <div>
                    <div>
                      <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>
                  </div>
                </div>
              </td>
              <td style="width: 33.33%;">
                <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>
                </div>
              </td>
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    </div>
    <div style="text-indent: 52.6pt; margin-left: 396pt;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-weight: bold;">_____________ NEWS ____________</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Vista Gold Corp. Files Updated Preliminary Feasibility Study For</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">The Mt Todd Gold Project</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 10pt;"><font style="font-weight: bold;">Denver, Colorado, October 7, 2019 - </font>Vista Gold Corp. (&#8220;Vista&#8221; or the &#8220;Company&#8221;) (NYSE American and TSX: VGZ) today announced that it has completed and filed
      the National Instrument 43-101 &#8211; <font style="font-style: italic;">Standards of Disclosure for Mineral Projects</font> (&#8220;NI 43-101&#8221;) 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 to support the results of its updated preliminary feasibility study announced on September 10, 2019. The PFS successfully confirmed the efficiency of ore sorting across a broad range of head grades, the natural concentration of
      gold in the screen undersize material prior to sorting, the efficiency of fine grinding and the resulting improved gold recoveries, and the selection of FLSmidth&#8217;s VXP mill as the preferred fine grinding mill.</div>
    <div style="text-align: justify; margin-bottom: 10pt;">The PFS provides an assessment of the Project at a gold price of US$1,350 per troy ounce with a foreign exchange rate of US$0.70 per Australian dollar.&#160; The base case for the PFS evaluates a 50,000
      tonne per day (&#8220;tpd&#8221;) owner-operated, open-pit operation with a conventional three-stage crush and two-stage grind comminution circuit followed by a carbon-in-pulp gold recovery circuit.&#160; The results of an alternate case designed to mine and process
      33,000 tpd are also included in the PFS.&#160; Additionally, the PFS incorporates the results of metallurgical optimization 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 consideration of an independent benchmarking study of key PFS parameters.&#160; For further information on the results of the PFS and the Project, see the technical report entitled &#8220;NI 43-101 Technical Report Mt Todd Gold Project
      50,000 tpd Preliminary Feasibility Study Northern Territory, Australia,&#8221; dated October 7, 2019, with an effective date of September 10, 2019, which is available on SEDAR at www.sedar.com, EDGAR at www.sec.gov, as well as on Vista&#8217;s website under &#8220;<font style="font-style: italic;">Mt Todd &#8211; Technical Reports.</font>&#8221;</div>
    <div style="text-align: justify; margin-bottom: 10pt;">Vista&#8217;s President and CEO, Frederick H. Earnest, commented, &#8220;We are pleased with the results of the PFS, which reflect improved average life of mine gold recoveries to 91.9%, net present value at a
      5% discount rate (&#8220;NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub>&#8221;) of $823 million and an internal rate of return (&#8220;IRR&#8221;) of 23.4%, all at a conservative gold price and foreign exchange rate. We believe that Mt Todd has been de-risked through intensive, multi-year studies and
      application of proven technologies. All major environmental approvals have been received. We believe that Mt Todd is an exceptional asset with a NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub> of US$1.15 billion and an IRR of 30.2% at the current gold price and foreign exchange
      rate.&#160; We do not believe that the debt and dilution to build Mt Todd on a stand-alone basis is in the best interest of our shareholders.&#160; Looking ahead, we are focused on identifying prospective development partners that we believe will recognize the
      value of Mt Todd, allowing us to provide what we view as appropriate reward for Vista shareholders. We are focused on creating shareholder value, and if needed we are prepared to preserve the value of Mt Todd until an appropriate strategic
      transaction can be completed that will reward our shareholders.&#8221;</div>
    <div style="text-align: justify; margin-bottom: 10pt;">John Rozelle, Vista&#8217;s Sr. Vice President, a Qualified Person as defined by NI 43-101, has approved the information in this press release.</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </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 Project; projected project economics, including anticipated production, average cash costs, before and after-tax NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub>,
      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 Mt Todd has been de-risked through
      intensive, multi-year studies and application of proven technologies; Vista&#8217;s belief that the debt and dilution to build Mt Todd on a stand-alone basis is not in the best interest of its shareholders; Vista&#8217;s focus on identifying prospective
      development partners that it believes will recognize the value of Mt Todd; Vista&#8217;s intention to preserve the value of Mt Todd until an appropriate strategic transaction can be completed that will reward our shareholders 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; and all economic projections relating to the Project, including estimated cash cost, NPV<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">5%</sub>, IRR, and initial capital requirements.&#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 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 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;"><br>
    </div>
    <div style="text-align: center;">2<br>
    </div>
    <div> <br>
    </div>
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