<SEC-DOCUMENT>0001104659-21-090615.txt : 20210709
<SEC-HEADER>0001104659-21-090615.hdr.sgml : 20210709
<ACCEPTANCE-DATETIME>20210709152633
ACCESSION NUMBER:		0001104659-21-090615
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20210709
DATE AS OF CHANGE:		20210709

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-239139
		FILM NUMBER:		211082725

	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>424B5
<SEQUENCE>1
<FILENAME>tm2121479d7_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Prospectus
    Supplement<BR>
    to Prospectus dated June 24, 2020</B></FONT></TD>
    <TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: right; text-indent: 0in"><B>Filed
                           Pursuant to Rule 424(b)(5)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: right; text-indent: 28.1pt"><B>Registration
    Nos. 333-239139 and 333-257746</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: right; text-indent: 28.1pt">&nbsp;</P></TD></TR>
  </TABLE>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #FF4040">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: 0in"><IMG SRC="tm2121479d4_424b5image001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: 0in"><B>VISTA GOLD CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>12,272,730 Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Underwriters&rsquo; Warrants to purchase 348,682
Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: 0in">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We
                                            are offering 12,272,730 units (&ldquo;<B>Units</B>&rdquo;) at a price of $1.10 per Unit (the
                                            &ldquo;<B>Offering Price</B>&rdquo;). Each Unit consists of one of our common shares (each,
                                            an &ldquo;<B>Offered Share</B>&rdquo; and collectively, the &ldquo;<B>Offered Shares</B>&rdquo;)
                                            and one-half of one common share purchase warrant. Each whole common share purchase warrant
                                            (a &ldquo;<B>Warrant</B>&rdquo;) entitles the holder to purchase one of our common shares
                                            (each, a &ldquo;<B>Warrant Share</B>&rdquo; and, collectively, the &ldquo;<B>Warrant Shares</B>&rdquo;)
                                            at an exercise price of $1.25 per Warrant Share until the date that is 36 months following
                                            the closing of this offering (the &ldquo;<B>Offering</B>&rdquo;). This prospectus supplement
                                            registers the Units, the Offered Shares, the Warrants and the Warrant Shares. The Units are
                                            being offered pursuant to an amended and restated underwriting agreement dated July 7, 2021
                                            (the &ldquo;<B>Underwriting Agreement</B>&rdquo;), as more fully described under the section
                                            entitled &ldquo;Underwriting&rdquo; on page S-18 of this prospectus supplement, among us
                                            and H.C. Wainwright &amp; Co., LLC (the &ldquo;<B>Representative</B>&rdquo;), acting as the
                                            representative of the underwriters and sole book-running manager, and the other underwriters
                                            signatory thereto (collectively with the Representative, the &ldquo;<B>Underwriters</B>&rdquo;).
                                            The Units will separate into Offered Shares and Warrants at the closing of the Offering and
                                            the Offered Shares and Warrants will be issued separately at the closing of the Offering.</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: center; text-indent: 0in">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The
                                            Offering is being underwritten on a firm commitment basis. While the Underwriters intend
                                            to offer the Offered Shares and Warrants at the price set forth on the cover of this prospectus
                                            supplement, the Underwriters may offer the Offered Shares from time to time to purchasers
                                            directly or through agents or through brokers in brokerage transactions on the NYSE American
                                            LLC (the &ldquo;<B>NYSE American</B>&rdquo;), or to dealers in negotiated transactions or
                                            in a combination of such other methods of sale, or otherwise, at a fixed price or prices,
                                            which may be changed, or at market prices prevailing at the time of sale, at prices related
                                            to such prevailing market prices or at negotiated prices.</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: left; text-indent: 0in">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our
                                            common shares are listed on the NYSE American and the Toronto Stock Exchange (the &ldquo;<B>TSX</B>&rdquo;),
                                            in each case under the symbol &ldquo;VGZ&rdquo;. The closing price of our common shares on
                                            July 7, 2021 on the NYSE American was $1.20 and on the TSX was Cdn$1.48. We intend to apply
                                            to the NYSE American and TSX for the listing of the Offered Shares, the Warrant Shares, the
                                            Additional Warrant Shares (as defined herein) and the Underwriter Warrant Shares (as defined
                                            herein). Listing of the Offered Shares, the Warrant Shares, the Additional Warrant Shares
                                            and the Underwriter Warrant Shares will be subject to us fulfilling all the listing requirements
                                            of each of the NYSE American and TSX, respectively. We do not intend to apply to the NYSE
                                            American or TSX for the listing of the Warrants, the Additional Warrants (as defined herein)
                                            or the Underwriters&rsquo; Warrants (as defined herein). <B>There is no market through which
                                            the Warrants may be sold and purchasers may not be able to resell the Warrants purchased
                                            under this prospectus supplement and the accompanying base prospectus. This may affect the
                                            pricing of the Warrants in the secondary market, the transparency and availability of trading
                                            prices, the liquidity of the securities and the extent of issuer regulation. See &ldquo;Risk
                                            Factors&rdquo; beginning on page S-9 of this prospectus supplement.</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Investing in the Units involves
risks that are described in the &#8220;Risk Factors&#8221; section beginning on page S-9 of this prospectus supplement and on page 4
of the accompanying base prospectus and in the documents incorporated by reference herein and therein.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">   <TR STYLE="vertical-align: bottom">     <TD STYLE="padding-bottom: 1pt; padding-left: 12pt; text-align: center">&nbsp;</TD>     <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>     <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>     <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Per
                                            Unit</B></FONT></TD>     <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>     <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>     <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>     <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>     <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>   <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">     <TD STYLE="width: 74%"><FONT STYLE="font-size: 10pt">Public
                                            offering price<SUP>(1)</SUP></FONT></TD>     <TD STYLE="width: 1%">&nbsp;</TD>     <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>     <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1.10</FONT></TD>     <TD STYLE="width: 1%">&nbsp;</TD>     <TD STYLE="width: 1%">&nbsp;</TD>     <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>     <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">13,500,003.00</FONT></TD>     <TD STYLE="width: 1%">&nbsp;</TD></TR>   <TR STYLE="vertical-align: bottom; background-color: White">     <TD><FONT STYLE="font-size: 10pt">Underwriting
                                            discounts and commissions<SUP>(2)</SUP></FONT></TD>     <TD>&nbsp;</TD>     <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>     <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.066</FONT></TD>     <TD>&nbsp;</TD>     <TD>&nbsp;</TD>     <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>     <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">810,000.18</FONT></TD>     <TD>&nbsp;</TD></TR>   <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">     <TD><FONT STYLE="font-size: 10pt">Proceeds
                                            to us, before expenses, to us</FONT></TD>     <TD>&nbsp;</TD>     <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>     <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.034</FONT></TD>     <TD>&nbsp;</TD>     <TD>&nbsp;</TD>     <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>     <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12,690,002.82</FONT></TD>     <TD>&nbsp;</TD></TR>   </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;
                                            The public offering price and underwriting discounts and commissions correspond to (i) a
                                            public offering price per Offered Share of $1.0999 (the &ldquo;<B>Share Offering Price</B>&rdquo;)
                                            and (ii) a public offering price per </FONT>one half of one Warrant of $0.0001 (each whole
                                            Warrant having an offering price of $0.0002, the &ldquo;<B>Warrant Offering Price</B>&rdquo;).</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) With respect to a certain investor only,
the discounts and commissions shall be 3% of the gross proceeds sold to such investor. See &#8220;Underwriting&#8221; for additional
disclosure regarding underwriting compensation.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We
                                            have granted the Underwriters an option (the &ldquo;<B>Option</B>&rdquo;), exercisable in
                                            whole at any time or in part from time to time within thirty (30) days after the date of
                                            the Underwriting Agreement, to purchase up to an additional 1,840,908 Units (the &ldquo;<B>Additional
                                            Units</B>&rdquo;) at the Offering Price,
                                            each comprised of one common share (an &ldquo;<B>Additional Offered Share</B>&rdquo;) and
                                            one-half of one Warrant (each whole additional Warrant, an &ldquo;<B>Additional Warrant</B>&rdquo;
                                            and the common shares issuable thereunder, the &ldquo;<B>Additional Warrant Shares</B>&rdquo;),
                                            provided that the Option may be exercised for Additional Units at the Offering Price and/or
                                            Additional Offered Shares at the Share Offering Price and/or Additional Warrants at the Warrant
                                            Offering Price in any combination thereof, so long as the aggregate number of Additional
                                            Offered Shares and Additional Warrants does not exceed 1,840,908 Additional Offered Shares
                                            and 920,454 Additional Warrants. This prospectus supplement also registers the grant of the
                                            Option, the distribution of the Additional Units, the Additional Offered Shares and Additional
                                            Warrants to be issued upon exercise of the Option and the distribution of the Additional
                                            Warrant Shares. See &ldquo;Underwriting&rdquo; on page S-18 of this prospectus supplement.
                                            Unless the context otherwise requires, all references to the &ldquo;Offering&rdquo; in this
                                            prospectus supplement shall include the Option and references to &ldquo;Units&rdquo; shall
                                            include &ldquo;Additional Units&rdquo;, references to &ldquo;Offered Shares&rdquo; shall
                                            include &ldquo;Additional Offered Shares&rdquo;, references to &ldquo;Warrants&rdquo; shall
                                            include &ldquo;Additional Warrants&rdquo; and references to &ldquo;Warrant Shares&rdquo;
                                            shall include the &ldquo;Additional Warrant Shares&rdquo;, as applicable.</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters expect to deliver the Units
on or about July 12, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Neither the United States
Securities and Exchange Commission (the &#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of these securities
or determined if this prospectus supplement or the accompanying base prospectus is truthful or complete. Any representation to the contrary
is a criminal offense. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><I>Sole Book-Running Manager</I></B></P>

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

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt"><B>H.C.
Wainwright &amp; Co.</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 50%; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Co-Manager</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt">Co-Manager</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Haywood Securities Inc.</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Roth Capital Partners</FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>The date of this prospectus
supplement is July 7, 2021</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 90%"><A HREF="#n_001">ABOUT THIS PROSPECTS SUPPLEMENT</A></TD>
  <TD STYLE="text-align: right; width: 10%; vertical-align: bottom">S-1</TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_002"><FONT STYLE="font-weight: normal">SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">S-<FONT STYLE="font-weight: normal">2</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_003"><FONT STYLE="font-weight: normal">PROSPECTUS SUPPLEMENT SUMMARY</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">S-<FONT STYLE="font-weight: normal">6</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_004"><FONT STYLE="font-weight: normal">RISK FACTORS</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">S-<FONT STYLE="font-weight: normal">9</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_005"><FONT STYLE="font-weight: normal">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-12</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_006"><FONT STYLE="font-weight: normal">PRESENTATION OF FINANCIAL INFORMATION AND EXCHANGE RATE DATA</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-13</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_007"><FONT STYLE="font-weight: normal">CONSOLIDATED CAPITALIZATION</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-14</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_008"><FONT STYLE="font-weight: normal">USE OF PROCEEDS</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-15</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_009"><FONT STYLE="font-weight: normal">DILUTION</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-15</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_010"><FONT STYLE="font-weight: normal">DIVIDEND POLICY</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-16</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_011"><FONT STYLE="font-weight: normal">DESCRIPTION OF THE SECURITIES <FONT STYLE="text-transform: uppercase">DISTRIBUTED</FONT></FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-16</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_012"><FONT STYLE="font-weight: normal">UNDERWRITING</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-18</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_013"><FONT STYLE="font-weight: normal">MARKET FOR COMMON SHARES</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-22</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_014"><FONT STYLE="font-weight: normal">PRIOR SALES</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-23</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#n_015"><FONT STYLE="font-weight: normal">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-24</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#pr_001"><FONT STYLE="font-weight: normal">MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-weight: normal">S-33</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#pr_002"><FONT STYLE="font-weight: normal">LEGAL MATTERS</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">S-<FONT STYLE="font-weight: normal">37</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#pr_003"><FONT STYLE="font-weight: normal">EXPERTS</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">S-<FONT STYLE="font-weight: normal">37</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD><A HREF="#pr_004"><FONT STYLE="font-weight: normal">WHERE TO FIND ADDITIONAL INFORMATION</FONT></A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">S-<FONT STYLE="font-weight: normal">37</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="height: 1pt"><TD STYLE="text-indent: 0; vertical-align: top; width: 90%; margin: 0pt; padding: 0"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-size: 1pt">&#8203;</FONT></p></div></div></td><TD STYLE="text-indent: 0; vertical-align: top; width: 10%; margin: 0pt; padding: 0"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-size: 1pt">&#8203;</FONT></p></div></div></td></tr><TR><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p></td><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">Page</p></td></tr><TR><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#ABOUT_THIS_PROSPECTUS"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">ABOUT
                                            THIS PROSPECTUS</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">i</p></td></tr><TR><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Cautionary_Note"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">CAUTIONARY
                                            NOTE TO U.S. INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
                                            AND PROVEN AND PROBABLE RESERVES</FONT></A></p></td><TD STYLE="text-align: right; text-indent: 0; vertical-align: bottom; margin: 0pt; padding: 0"><P STYLE="font: 10pt Times New Roman; margin: 0pt">ii</p></td></tr><TR><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#CURRENCY_328954"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">CURRENCY</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">ii</p></td></tr><TR><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Forward_Looking_Statements"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">NOTE
                                            REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></p></td><TD STYLE="text-align: right; text-indent: 0; vertical-align: bottom; margin: 0pt; padding: 0"><P STYLE="font: 10pt Times New Roman; margin: 0pt">iii</p></td></tr><TR><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#SUMMARY"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">SUMMARY</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">1</p></td></tr><TR><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Risk_Factors"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">RISK
                                            FACTORS</FONT></A></p></td><TD STYLE="text-align: right; text-indent: 0; vertical-align: bottom; margin: 0pt; padding: 0"><P STYLE="font: 10pt Times New Roman; margin: 0pt">4</p></td></tr><TR><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Docs_Incorp_by_Ref"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DOCUMENTS
                                            INCORPORATED BY REFERENCE</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">13</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Use_of_Proceeds"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">USE
                                            OF PROCEEDS</FONT></A></p></td><TD STYLE="text-align: right; text-indent: 0; vertical-align: bottom; margin: 0pt; padding: 0"><P STYLE="font: 10pt Times New Roman; margin: 0pt">14</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Market_for_Shares"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">MARKET
                                            FOR COMMON SHARES</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">14</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Income_Tax_Considerations"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">CERTAIN
                                            INCOME TAX CONSIDERATIONS</FONT></A></p></td><TD STYLE="text-align: right; text-indent: 0; vertical-align: bottom; margin: 0pt; padding: 0"><P STYLE="font: 10pt Times New Roman; margin: 0pt">14</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Description_Common_Shares"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DESCRIPTION
                                            OF COMMON SHARES</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">14</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Description_Warrants"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DESCRIPTION
                                            OF WARRANTS</FONT></A></p></td><TD STYLE="text-align: right; text-indent: 0; vertical-align: bottom; margin: 0pt; padding: 0"><P STYLE="font: 10pt Times New Roman; margin: 0pt">14</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Description_Subscription_Receipts"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DESCRIPTION
                                            OF SUBSCRIPTION RECEIPTS</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">16</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Description_Units"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DESCRIPTION
                                            OF UNITS</FONT></A></p></td><TD STYLE="text-align: right; text-indent: 0; vertical-align: bottom; margin: 0pt; padding: 0"><P STYLE="font: 10pt Times New Roman; margin: 0pt">19</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Plan_of_Distribution"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">PLAN
                                            OF DISTRIBUTION</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">20</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Auditors_TA_Registrar"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">AUDITORS,
                                            TRANSFER AGENT AND REGISTRAR</FONT></A></p></td><TD STYLE="text-align: right; text-indent: 0; vertical-align: bottom; margin: 0pt; padding: 0"><P STYLE="font: 10pt Times New Roman; margin: 0pt">22</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Experts"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">EXPERTS</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">22</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="text-indent: 0; vertical-align: top; margin: 0pt; padding: 0"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Legal_Matters"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">LEGAL
                                            MATTERS</FONT></A></p></td><TD STYLE="text-align: right; text-indent: 0; vertical-align: bottom; margin: 0pt; padding: 0"><P STYLE="font: 10pt Times New Roman; margin: 0pt">22</p></td></tr><TR STYLE="height: 3.5pt"><TD STYLE="margin: 0pt; text-indent: 0; padding: 0; vertical-align: top"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#More_Information"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">WHERE
                                            YOU CAN FIND MORE INFORMATION</FONT></A></p></td><TD STYLE="text-align: right; margin: 0pt; padding: 0; text-indent: 0; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman; margin: 0pt">22</p></td></tr></table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_001"></A>ABOUT THIS PROSPECTS
SUPPLEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This document is in two parts. The first part
is this prospectus supplement, which describes the specific terms of this offering of Units and also adds to and updates information
contained in the accompanying base prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying
base prospectus. The second part is the accompanying base prospectus, which gives more general information about securities we may offer
from time to time, some of which may not be applicable to this offering. To the extent there is a conflict between information contained
in this prospectus supplement and information contained in the accompanying base prospectus or any document incorporated by reference
herein or therein or the information in each free writing prospectus, if any, the information in this prospectus supplement shall control
and you should rely on the information contained in this prospectus supplement. However, if any statement in one of these documents is
inconsistent with a statement in another document having a later date&#8212;for example, a document incorporated by reference into this
prospectus supplement or the accompanying base prospectus&#8212;the statement in the document having the later date modifies or supersedes
the earlier statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement relates to registration
statements on Form S-3 that we filed with the SEC utilizing a shelf registration process. Under this shelf registration process, we may,
from time to time, offer and sell any of the securities or any combination of the securities described in the accompanying base prospectus
in one or more offerings. You should read this prospectus supplement, the accompanying base prospectus, the documents incorporated by
reference herein and therein and each free writing prospectus, if any. We have also filed this prospectus supplement and the accompanying
base prospectus with the securities regulatory authorities in each of the Canadian provinces of British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador (which Canadian-filed prospectus supplement
and accompanying base prospectus we refer to as the &#8220;<B>Canadian Prospectus</B>&#8221;). The securities qualified under the Canadian
Prospectus may be offered and sold in each of the Canadian provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova
Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador, subject to any applicable securities&nbsp;laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
in or incorporated by reference into this prospectus supplement and the accompanying base prospectus and each free writing prospectus,
if any, related to this offering. We have not, and the Underwriters have not, authorized any other person to provide you with additional
or different information. If anyone provides you with additional or different information, you should not rely on it. You should assume
that the information appearing in this prospectus supplement, the accompanying base prospectus, any free writing prospectus and the documents
incorporated by reference into this prospectus supplement and the accompanying base prospectus and each free writing prospectus, if any,
is accurate only as of the respective dates of such documents regardless of the time of delivery of such documents or of any sale of
securities hereunder. Our business, financial condition, results of operations and prospects may have changed since those dates. It is
important for you to read and consider all information contained in this prospectus supplement and the accompanying base prospectus,
including the documents incorporated by reference herein and therein, in making your investment decision. You should also read and consider
the information in the documents to which we have referred you under the captions &#8220;Where To Find Additional Information&#8221;
and &#8220;Documents Incorporated by Reference&#8221; in this prospectus supplement and under the sections entitled, &#8220;Where You
Can Find More Information&#8221; and &#8220;Documents Incorporated by Reference&#8221; in the accompanying base prospectus, and any additional
information you may need to make your investment decision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and the Underwriters are offering to sell,
and are seeking offers to buy, the Units only in jurisdictions where such offers and sales are permitted. The distribution of this prospectus
supplement and the accompanying base prospectus and the offering of the Units in certain jurisdictions or to certain persons within such
jurisdictions may be restricted by law. Persons outside the United States and Canada who come into possession of this prospectus supplement
and the accompanying base prospectus must inform themselves about and observe any restrictions relating to the offering of the Units
and the distribution of this prospectus supplement and the accompanying base prospectus outside the United States and Canada. This prospectus
supplement and the accompanying base prospectus do not constitute, and may not be used in connection with, an offer to sell, or a solicitation
of an offer to buy, any securities offered by this prospectus supplement and the accompanying base prospectus by any person in any jurisdiction
in which it is unlawful for such person to make such an offer or solicitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless stated otherwise or the context otherwise
requires, references in this prospectus supplement and the accompanying base prospectus to &#8220;the Company,&#8221; &#8220;Vista,&#8221;
 &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221; includes Vista Gold Corp. and each of our subsidiaries through which we conduct
our business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The industry and market data and other statistical
information contained in the documents we incorporate by reference are based on management&#8217;s own estimates, independent publications,
government publications, reports by market research firms or other published independent sources, and, in each case, are believed by
management to be reasonable estimates. Although we believe these sources are reliable, we have not independently verified the information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospective investors should be aware that the
acquisition of the Offered Shares, the Warrants and the Warrant Shares described herein may have tax consequences in the United&nbsp;States
and Canada. Such consequences for investors who are resident in, or citizens of, the United&nbsp;States and Canada may not be described
fully herein. Investors should read the tax discussion in this prospectus supplement under the captions &#8220;Material United&nbsp;States
Federal Income Tax Considerations&#8221; and &#8220;Material Canadian Federal Income Tax Considerations,&#8221; and should consult their
own tax advisor with respect to their own particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The enforcement by investors of civil liabilities
under U.S.&nbsp;federal securities laws may be affected adversely by the fact that the Company is incorporated or organized under the
laws of British Columbia, Canada, that some or all of our officers and directors may be residents of a country other than the United
States, that some or all of the Underwriters or experts named in the registration statement, this prospectus supplement and the accompanying
base prospectus may be residents of a country other than the United States, and that all or a substantial portion of the assets of the
Company and said persons may be located outside the United&nbsp;States.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_002"></A>SPECIAL NOTE REGARDING
FORWARD-LOOKING INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus supplement and the accompanying base prospectus, any free writing prospectus and the documents incorporated by reference herein
and therein contain &#8220;forward-looking statements&#8221; within the meaning of the United&nbsp;States <I>Private Securities Litigation
Reform Act of 1995</I> and &#8220;forward-looking information&#8221; under Canadian securities laws, that are intended to be covered
by the safe harbor created by such legislation. All statements, other than statements of historical facts, included in this prospectus
supplement, the accompanying base prospectus and the documents incorporated by reference herein and therein and filed with the SEC and
with securities commissions and other similar authorities in Canada </FONT>and in press releases and public statements by our officers
or representatives <FONT STYLE="font-family: Times New Roman, Times, Serif">that address activities, events or developments that the
Company expects or anticipates will or may occur in the future are forward-looking statements and forward-looking information, including,
but not limited to, such things as those listed&nbsp;below:</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">the timing and closing of the Offering;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">the satisfaction of the conditions of closing of the Offering, including the receipt, in a timely manner,
  of regulatory and other required approvals;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">the use of proceeds of the Offering;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">the aggregate amount of the total proceeds we will receive pursuant to the Offering;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our belief that our focus on evaluation, acquisition,
  exploration and advancement of gold exploration and potential development projects may lead to gold production or value-adding strategic
  transactions;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our belief that our efforts in water treatment
  and management, environmental and social programs have created a strong social license in respect of the Project;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            plans and available funding to continue to improve Mt Todd&#8217;s near-term development
                                            potential;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates
                                            of future operating and financial performance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            belief that recent drilling of several targets confirms our understanding of the continuity
                                            of gold mineralization and indicates district-scale potential for resource growth;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            belief that our existing working capital at March 31, 2021, together with other potential
                                            future sources of nondilutive financing, will be sufficient to fully fund our currently planned
                                            corporate expenses and Project holding costs for at least 12 months;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            belief that if sources of non-dilutive financing cannot be realized within the timeframe
                                            needed and in sufficient amounts, the Company will raise additional capital through equity
                                            issuances or other means;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            belief that the Company&#8217;s viability beyond 12 months is dependent upon our ability
                                            to maintain a low expenditure profile, realize value from non-dilutive assets, and, when
                                            necessary, issue additional equity or find other means of financing to secure sufficient
                                            funding;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">our belief that the remaining 0.5 GL of water will be pumped
  from the pit in due course, requiring only four to six weeks to complete;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            belief that our existing working capital, together with potential future sources of non-dilutive
                                            financing will be sufficient to fully fund our currently planned corporate expenses and project
                                            holding costs, which we expect to be generally consistent with 2020, and discretionary programs
                                            for more than 12 months;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            potential monetization of our non-core assets, including our mill equipment which is for
                                            sale, and certain royalty interests;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential
                                            funding requirements and sources of capital, including near-term sources of additional cash;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            belief that we are in compliance in all material respects with applicable laws and regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            expectation that we will continue to be a passive foreign investment company (&#8220;<B>PFIC</B>&#8221;)
                                            for U.S. Federal tax purposes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            potential that we may grant options and/or other stock-based awards to our directors, officers,
                                            employees and consultants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            expectation that we will receive any future payments for cancellation of the remaining net
                                            smelter return royalties on the Awak Mas project in Indonesia;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            potential that future expenditures may be required for compliance with various laws and regulations
                                            governing the protection of the environment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            expectation that due to COVID-19 we may incur ongoing costs while certain corporate objectives,
                                            including efforts to seek a strategic development partner, are extended, which may ultimately
                                            have a material adverse impact on the Company&#8217;s financial condition and results of
                                            operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            belief that our prospects have been enhanced by a generally upward trend in the gold price;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            belief that the duration of global travel restrictions and the pace and extent of economic
                                            recovery could affect the Company&#8217;s ability to raise additional working capital on
                                            reasonable terms, or at all, and are likely to continue to extend the time required to accomplish
                                            strategic initiatives; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">our belief that extended delays related to COVID-19 will affect the Company&#8217;s liquidity and capital
  resources and may ultimately have a material adverse effect on the Company&#8217;s short-term and long-term financial position and
  results of operations.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements and forward-looking
information have been based upon the Company&#8217;s current business and operating plans, as approved by the Company&#8217;s Board of
Directors (the &#8220;<B>Board</B>&#8221;); the business&#8217; cash and other funding requirements and timing and sources thereof; results
of pre-feasibility and feasibility studies, mineral resource and reserve estimates, preliminary economic assessments and exploration
activities; advancements of the Company&#8217;s required permitting processes; current market conditions and project development plans.
The words &#8220;estimate&#8221;, &#8220;plan&#8221;, &#8220;anticipate&#8221;, &#8220;contemplate&#8221;, &#8220;scheduled&#8221;, &#8220;expect&#8221;,
 &#8220;intend&#8221;, &#8220;believe&#8221;, &#8220;will&#8221;, &#8220;may&#8221;, &#8220;would&#8221; and similar expressions are intended
to identify forward-looking statements and forward-looking information. These forward-looking statements and forward-looking information
involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results, performance or achievements
to be materially different from actual results, performance or achievements. The factors which may cause these differences include risks
such as:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the use of proceeds from the Offering will
  be utilized as expected; </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we will list the Offered Shares and Warrant
  Shares on the TSX, NYSE American or any other securities exchange;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">pre-feasibility
                                            and feasibility study results, timing and the accuracy of estimates and assumptions on which
                                            they are based;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">resource
                                            and reserve estimate results, the accuracy of such estimates and the accuracy of sampling
                                            and subsequent assays and geologic interpretations on which they are based;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">technical
                                            and operational feasibility and the economic viability of deposits;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to obtain, renew or maintain the necessary authorizations and permits for Mt Todd,
                                            including its development plans and operating activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">market
                                            conditions supporting a decision to develop Mt Todd;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">delays
                                            in commencement of construction at Mt Todd;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increased
                                            costs that affect our operations or our financial condition;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            reliance on third parties to fulfill their obligations under agreements with us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether
                                            projects not managed by us will comply with our standards or meet our objectives;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether
                                            our acquisition, exploration and development activities, as well as the realization of the
                                            market value of our assets, will be commercially successful and whether any transactions
                                            we enter into will maximize the realization of the market value of our assets;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            success of future joint ventures, partnerships and other arrangements relating to our properties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">perception
                                            of the potential environmental impact of Mt Todd;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">known
                                            and unknown environmental and reclamation liabilities, including reclamation requirements
                                            at Mt Todd;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential
                                            challenges to the title to our mineral properties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">future
                                            water supply issues at Mt Todd;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to secure and maintain natural gas supply contracts to sustain the operation of our
                                            planned electrical power generation facility;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">litigation
                                            or other legal claims;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">environmental lawsuits;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fluctuations
                                            in the price of gold;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">lack
                                            of adequate insurance to cover potential liabilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            lack of cash dividend payments by us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            history of losses from operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to attract, retain and hire key personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility
                                            in our stock price and gold equities generally;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to obtain a development partner for Mt Todd on favorable terms, if at all;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            ability to raise additional capital or raise funds from the sale of non-core assets on favorable
                                            terms, if at all;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">industry
                                            consolidation which could result in the acquisition of a control position in the Company
                                            for less than fair value;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">evolving
                                            corporate governance and public disclosure regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">intense
                                            competition in the mining industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax
                                            initiatives on domestic and international levels;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential
                                            changes in regulations of taxation initiatives;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fluctuation
                                            in foreign currency values;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            likely status as a PFIC for U.S. federal tax purposes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">delays, potential losses and inability to maintain sufficient working capital due to business interruptions
  or global economic slowdowns caused by the COVID-19 pandemic;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">inherent
                                            hazards of mining exploration, development and operating activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            shortage of skilled labor, equipment and supplies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            accuracy of calculations of mineral reserves, mineral resources and mineralized material
                                            and fluctuations therein based on metal prices, and inherent vulnerability of the ore and
                                            recoverability of metal in the mining process;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                            in environmental regulations to which our exploration and development operations are subject;
                                            and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 17.85pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify">changes in climate change regulations could result in increased operating costs.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a more detailed discussion of such risks
and other important factors that could cause actual results to differ materially from those in such forward-looking statements and forward-looking
information, please see &#8220;<I>Risk Factors</I>&#8221; beginning of page S-9 of this prospectus supplement and on page 4 of the accompanying
base prospectus and, to the extent applicable, the &#8220;Risk Factors&#8221; section in our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q as filed with the SEC and Canadian securities regulatory authorities. Although we have attempted to identify important
factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information,
there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurances that the statements
or information will prove to be accurate as actual results and future events could differ materially from those anticipated in the statements
and information. Except as required by law, we assume no obligation to publicly update any forward-looking statements and forward-looking
information, whether as a result of new information, future events or&nbsp;otherwise. Investors should review our subsequent reports
filed with the SEC and Canadian securities authorities on Forms 10-K, 10-Q and 8-K and any amendments thereto. We qualify all forward-looking
statements and forward-looking information by these cautionary statements.</P>

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

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

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

<DIV STYLE="border: Black 1pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_003"></A>PROSPECTUS SUPPLEMENT
SUMMARY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify"><I>The following is a summary of the principal
features of this offering and is not intended to be complete. It should be read together with the more detailed information and financial
data and statements contained elsewhere in this prospectus supplement, the accompanying base prospectus, any free writing prospectus
filed by us and the documents incorporated by reference herein and therein, including the information under &#8220;Risk Factors</I>&#8217;&#8217;
<I>beginning on page S-9 of this prospectus supplement and page 4 of the accompanying base prospectus</I>. <I>Unless otherwise indicated,
the information in this prospectus supplement assumes that the Underwriters will not exercise their Option to purchase additional Units.
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify"><B>Business of the Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">Vista Gold Corp. and its subsidiaries operate
in the gold mining industry. We are focused on the evaluation, acquisition, exploration and advancement of gold exploration and potential
development projects which may lead to gold production or value adding strategic transactions such as earn-in right agreements, option
agreements, leases to third parties, joint venture arrangements with other mining companies, or outright sales of assets for cash and/or
other consideration. We look for opportunities to improve the value of our gold projects through exploration drilling and/or technical
studies focused on optimizing previous engineering work.&nbsp;We do not currently generate cash flows from mining operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">The Company&#8217;s flagship asset is its
100% owned Mt Todd gold project (&#8220;<B>Mt Todd</B>&#8221; or the &#8220;<B>Project</B>&#8221;) in Northern Territory Australia. We
have invested substantial amounts to evaluate, engineer, permit and de-risk the Project. We believe these efforts have added to the underlying
value of the Project and demonstrate strong development potential. In January 2018, the Company announced positive results of an updated
preliminary feasibility study for Mt Todd (the &#8220;<B>2018 PFS</B>&#8221;). In 2018 and 2019, we continued additional metallurgical
testing that demonstrated improved gold recovery compared to the 2018 PFS. These test results, other findings and the outcome of an independent
benchmarking study were incorporated into an updated preliminary feasibility study, which was issued in October 2019 (the &#8220;<B>2019
PFS</B>&#8221;). The 2019 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 economics of fine grinding and the resulting improved gold recoveries,
and the selection of FLSmidth&#8217;s VXP mill as the preferred fine grinding mill. On October 5, 2020, the Company filed an amended
NI 43-101 technical report for the 2019 PFS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify"><B>Recent Developments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">On June 14, 2021, we announced the approval
of our Mining Management Plan (&#8220;<B>MMP</B>&#8221;) by the Northern Territory Government for the Mt Todd gold project. The MMP is
similar to a mine operating permit in North America and is the final major authorization required for the development of the Mt Todd
mine. The receipt of this approval marks the achievement of a significant de-risking milestone that has been our focus for the last three
years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify"><B>Corporate Information</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">Vista Gold Corp. was originally incorporated
on November&nbsp;28, 1983 under the name &#8220;Granges Exploration&nbsp;Ltd.&#8221; It amalgamated with Pecos Resources Ltd. during
June 1985 and continued as Granges Exploration Ltd.&nbsp;&nbsp;In June 1989, Granges Exploration Ltd. changed its name to Granges Inc.&nbsp;&nbsp;Granges
Inc. amalgamated with Hycroft Resources &amp; Development Corporation during May 1995 and continued as Granges Inc. Effective November
1996, Da Capo Resources Ltd. and Granges Inc. amalgamated under the name &#8220;Vista Gold Corp.&#8221; and, effective December 1997,
Vista continued from British Columbia to the Yukon Territory, Canada under the <I>Business Corporations Act </I>(Yukon Territory).&nbsp;&nbsp;On
June 11, 2013, Vista Gold continued from the Yukon Territory, Canada to British Columbia, Canada under the <I>Business Corporations Act
</I>(British Columbia). The current addresses, telephone and facsimile numbers of our offices are:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Executive Office</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Registered and Records Office</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Suite&nbsp;5&nbsp;-&nbsp;7961 Shaffer Parkway</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1200 Waterfront Centre &#8211; 200 Burrard Street</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Littleton, Colorado, USA 80127</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Vancouver, British Columbia, Canada V7X 1T2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Telephone: (720)&nbsp;981-1185</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Telephone: (604)&nbsp;687-5744</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Facsimile: (720)&nbsp;981-1186</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Facsimile: (604)&nbsp;687-1415</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

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

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

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

<DIV STYLE="border: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt; text-align: justify"><I>The following is a brief summary of certain
terms of this offering and is not intended to be complete. It does not contain all of the information that will be important to a holder
of the Units. For a more complete description of our Units, see the section entitled &#8220;Description of the Securities Distributed&#8221;
in this prospectus supplement.</I></P>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 31%; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 69%; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vista Gold Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offering:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12,272,730 Units</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Unit consists of one Offered Share and one-half
    of one Warrant. Each whole Warrant will entitle the holder to purchase a Warrant Share at a price of $1.25&nbsp;per Warrant Share at any
    time following the closing of the offering until the date that is 36 months after the closing of this Offering.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$13,500,003</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price to the Public:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.10&nbsp;per Unit</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Option:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have granted the Underwriters an Option, exercisable in whole at any time or in part from time to time within thirty (30) days after the date of the Underwriting Agreement, to purchase up to 1,840,908 Additional Units, each comprised of one Additional Offered Share and one-half of one Additional Warrant, at the Offering Price. The Option may be exercised by the Underwriters in respect of Additional Units at the Offering Price, and/or Additional Offered Shares at the Share Offering Price and/or Additional Warrants at the Warrant Offering Price in any combination thereof so long as the aggregate number of Additional Offered Shares and Additional Warrants that may be issued under the Option does not exceed 1,840,908 Additional Offered Shares and 920,454 Additional Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common Shares Outstanding<SUP>(1)</SUP>:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to the offering: 104,909,837 common shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After the offering: 117,182,567 common shares <SUP>(2)(3)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriters Commission:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: justify; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have agreed to pay the Underwriters&rsquo;s discounts and commissions equal to $0.066 for each Unit sold pursuant to this Offering (other than certain Units that are subject to an agreed upon president&rsquo;s list for which the fee will be $0.033 per Unit). See the section entitled &ldquo;Underwriting&rdquo; in this prospectus supplement. In addition, we have agreed to issue Underwriters&rsquo; Warrants to purchase up to 348,682 common shares to the Underwriters (Underwriters&rsquo; Warrants to purchase up to 403,909 common shares assuming exercise of the Option in full), including any Additional Unit Shares issued upon any exercise of the Option. Each Underwriters&rsquo; Warrant entitles its holder to purchase one common share (each, a &ldquo;<B>Underwriter Warrant Share</B>&rdquo;) on the same terms as the Warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds:&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; text-align: justify; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The net proceeds from the sale of the Units in this offering are estimated to be approximately $12.6 million (approximately $14.5&nbsp;million if the Option is exercised in full), after deducting the underwriting discounts and commissions and the Underwriters&rsquo; estimated offering expenses.&nbsp;&nbsp;We intend to advance programs at Mt Todd by further refining technical aspects of the project, enhancing economic returns, and supporting the Company&rsquo;s objective of securing a development partner. These programs may include additional drilling and technical reports supported by engineering/design work and other technical studies. Remaining proceeds will be used for working capital requirements and/or for other general corporate purposes, which include ongoing regulatory, legal and accounting expenses, management and administrative expenses, and other corporate initiatives.&nbsp;&nbsp;See the section entitled &ldquo;Use of Proceeds&rdquo; on page S-15 in this prospectus supplement.</FONT></TD></TR>
  </TABLE>

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

</DIV>

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

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

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

<DIV STYLE="border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Risk
    Factors:</B></FONT></TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Investing
    in the Units involves risks that are described in the &#8220;Risk Factors&#8221; section beginning on page S-9 of this prospectus
    supplement and the &#8220;Risk Factors&#8221; section on page 4 of the accompanying base prospectus and, to the extent applicable,
    the &#8220;Risk Factors&#8221; sections of our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q as filed with the
    SEC and Canadian securities authorities.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tax
    Considerations:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Purchasing
    our securities may have tax consequences in the United States and Canada. This prospectus supplement and the accompanying base prospectus
    may not describe these consequences fully. Investors should read the tax discussion in this prospectus supplement and consult with
    their tax advisor. See the sections entitled &#8220;Material United States Federal Income Tax Considerations&#8221; and &#8220;Material
    Canadian Federal Income Tax Considerations&#8221; in this prospectus supplement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Listing
    Symbol:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our
                                            common shares are listed for trading on the NYSE American and the TSX, in each case under
                                            the symbol &#8220;VGZ.&#8221;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no market through which the Warrants
    may be sold and purchasers may not be able to resell the Warrants purchased under this prospectus supplement and the accompanying
    base prospectus.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">Notes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">These
                                            figures do not include options outstanding to purchase up to 1,367,000 common shares at a
                                            weighted average exercise price of US$0.71 per share (1,333,667 of which were exercisable
                                            as of March&nbsp;31, 2021), 2,724,338 common shares underlying unvested restricted stock
                                            units with a weighted average grant date fair value of US$0.50 per share, and 930,000 common
                                            shares underlying deferred share units with a weighted average grant-date fair value of US$0.68
                                            per share.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">To the extent any such options or warrants
are exercised, new options are issued under our equity incentive plans, or we otherwise issue additional common shares or securities
exercisable for or convertible into common shares, there will be future dilution to new investors. As of the date of this prospectus
supplement, there are 6,164,978 common shares available for issuance under our equity incentive plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></P>  <TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 98%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">   <TR STYLE="vertical-align: top">     <TD STYLE="width: 0">&nbsp;</TD>     <TD STYLE="width: 0.25in; padding-bottom: 8pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>     <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Does
                                            not include up to 6,136,365 Warrant Shares issuable upon exercise of the Warrants issued
                                            pursuant to this offering.&nbsp;&nbsp;Assuming the exercise of all of the Warrants, the aggregate
                                            common&nbsp;shares outstanding would be 123,318,932. Also does not assume the exercise of
                                            the Option. Assuming the exercise of the Option in full for Additional Offered Shares and
                                            Additional Warrants, the aggregate common shares outstanding would be 119,023,475 and assuming
                                            the exercise of all the Warrants and Additional Warrants, would be 126,080,294. </FONT></TD></TR>   <TR STYLE="vertical-align: top">     <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>     <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>     <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD></TR>   <TR STYLE="vertical-align: top">     <TD STYLE="padding-bottom: 8pt">&nbsp;</TD>     <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>     <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Also does not include up to </FONT>348,682
Underwriter Warrant Shares issuable upon exercise of the Underwriters&rsquo; Warrants issued pursuant to this offering plus up to an additional
55,227 Underwriter Warrant Shares issuable upon exercise of the Underwriters&rsquo; Warrants to be granted to the Underwriters in connection
with the exercise of the Option in full. Assuming the exercise of the Option in full for Additional Offered Shares and Additional Warrants
and full exercise of all Warrants, Additional Warrants and the Underwriters&rsquo; Warrants, the aggregate common shares outstanding would
be 126,484,203.</TD></TR>   </TABLE> </div><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_004"></A>RISK FACTORS</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a short description of the risks
and uncertainties which are more fully described under the section entitled &#8220;Risk Factors&#8221; beginning on page 15 of our most
recent annual report on Form 10-K, which is incorporated herein by reference:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                            cannot be assured that our Mt Todd gold project is feasible or that a feasibility study will
                                            accurately forecast operating results.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                            Mt Todd gold project requires substantial capital investment and we may be unable to raise
                                            sufficient capital on favorable terms or at all.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If
                                            we decide to construct the mine at our Mt Todd gold project, we will be assuming certain
                                            reclamation obligations resulting in a material financial obligation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                            may not be able to get the required permits to begin construction at our Mt Todd gold project
                                            in a timely manner or at all.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">There
                                            may be other delays in the construction of our Mt Todd gold project.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Increased
                                            costs could impede our ability to become profitable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                            cannot be assured that we will have an adequate water supply at our Mt Todd gold project.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                            rely on third parties to fulfil their obligations under agreements.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                            exploration and development operations are subject to evolving environmental regulations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                            could be subject to environmental lawsuits.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                            may have material undisclosed environmental liabilities of which we are not aware.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">There
                                            may be challenges to our title to mineral properties.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Opposition
                                            to Mt Todd could have a material adverse effect.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                            exploration and development activities, strategic transactions, or any acquisition activities
                                            may not be commercially successful and could fail to lead to gold production or fail to add
                                            value.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                            have a history of losses, and we do not expect to generate earnings from operations or pay
                                            dividends in the near term.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A
                                            substantial or extended decline in gold prices would have a material adverse effect on the
                                            value of our assets and on our ability to raise capital and could result in lower than estimated
                                            economic returns.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Industry
                                            consolidation could result in the acquisition of a control position in the Company for less
                                            than fair value.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                            may be unable to raise additional capital on favorable terms, or at all.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                            face intense competition in the mining industry.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            occurrence of events for which we are not insured may affect our cash flow and overall profitability.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Currency
                                            fluctuations may adversely affect our costs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            Company is likely a &#8220;passive foreign investment company,&#8221; which will likely have
                                            adverse U.S. federal income tax consequences for U.S. shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Certain
                                            directors and officers may serve as directors and officers of other companies in the natural
                                            resources sector.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Direct
                                            and indirect consequences of the COVID-19 pandemic may have material adverse consequences.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                            share price may be volatile and your investment in our Common Shares could suffer a decline
                                            in value.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Calculations
                                            of mineral reserves and mineral resources are estimates only and subject to uncertainty.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Estimated
                                            mineral reserves and mineral resources may be materially affected by other factors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Feasibility
                                            studies are estimates only and subject to uncertainty.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mining
                                            companies are increasingly required to consider and provide benefits to the communities and
                                            countries in which they operate, and are subject to extensive environmental, health and safety
                                            laws and regulations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mining
                                            exploration, development and operating activities are inherently hazardous.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Regulations
                                            and pending legislation involving climate change could result in increased operating costs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Pending
                                            initiatives involving taxation could result in increased tax and operating costs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Newly
                                            adopted rules regarding mining property disclosure by companies reporting with the SEC may
                                            result in increased operating and legal costs.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            Company may experience cybersecurity threats.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                            Company is subject to anti-bribery and anti-corruption laws.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                            business is subject to evolving corporate governance and public disclosure regulations that
                                            have increased both our compliance costs and the risk of noncompliance.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Price volatility of common shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of the common shares has in
the past been, and may in the future be, subject to large fluctuations which may result in losses for investors. The market price of
common shares may increase or decrease in response to a number of events and factors, including: our operating performance and the performance
of competitors and other similar entities; the public&#8217;s reaction to our press releases, other public announcements and filings
with the various securities regulatory authorities; changes in earnings estimates or recommendations by research analysts who track our
securities; the operating and share price performance of other entities that investors may deem comparable; changes in general economic
and/or political conditions; the arrival or departure of key personnel; acquisitions, strategic alliances or joint ventures involving
us or our competitors; and the number of Units sold on any one day or in the aggregate pursuant to the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the market price of the common shares
is affected by many variables not directly related to our success and not within our control, including other developments that affect
the equity markets generally, the breadth of the public market for the common shares, and the attractiveness of alternative investments.
These variables may adversely affect the prices of the common shares regardless of our operating performance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Discretion to use capital resources other
than as specified in the prospectus supplement.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company currently intends to use the net
proceeds of the Offering and our working capital, together with future cash flows from operations and borrowings, if required, to accomplish
the business objectives set out under the heading &#8220;<I>Use of Proceeds</I>&#8221; in this prospectus supplement. However, our Board
and/or management will have discretion in the actual application of our capital resources and may elect to allocate proceeds differently
from that described under the heading &#8220;<I>Use of Proceeds</I>&#8221; if they believe it would be in our best interests to do so.
Shareholders may not agree with the manner in which our Board and/or management choose to allocate and spend our capital resources. The
failure by our Board and/or management to apply our capital resources effectively could have a material adverse effect on the development
of our projects and our business, financial condition, results of operations or cash flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There may be limited liquidity for the
Warrants.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no market through which the Warrants
may be sold, and we do not intend to apply to list the Warrants on the TSX or NYSE American. It is not possible to predict the price
at which the Warrants will trade in the secondary market or whether such market will be liquid or illiquid. To the extent Warrants are
exercised, the number of Warrants outstanding will decrease, resulting in diminished liquidity for such remaining outstanding Warrants.
A decrease in the liquidity of the Warrants may cause, in turn, an increase in the volatility associated with the price of the Warrants.
To the extent that the Warrants become illiquid, an investor may have to exercise such Warrants to realise value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Positive return not guaranteed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A positive return on an investment in the Units
is not guaranteed. There is no guarantee that an investment in the Units will earn any positive return in the short term or long term.
An investment in the Units involves a high degree of risk and should be undertaken only by investors whose financial resources are sufficient
to enable them to assume such risks and who have no need for immediate liquidity in their investment. An investment in the Units is appropriate
only for investors who have the capacity to absorb a loss of some or all of their investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investors will have no rights as a shareholder with respect
to their Warrants until they exercise their Warrants and acquire our common shares, except as set forth in the Warrants.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until you acquire common shares upon exercise
of your Warrants, you will have no rights with respect to the Common Shares underlying such Warrants, except as set forth in the Warrants.
Upon exercise of your Warrants, you will be entitled to exercise the rights of a shareholder only as to matters for which the record
date occurs after the exercise date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our constating documents allow us to issue an
unlimited number of common shares for such consideration and on such terms and conditions as shall be established by the board of directors,
in many cases, without the approval of shareholders. We may issue common shares in offerings from treasury (including through the sale
of securities convertible into or exchangeable for common shares) and on the exercise of stock options or other securities exercisable
for common shares. We cannot predict the size of future issuances of common shares or the effect that future issuances and sales of common
shares will have on the market price of the common shares. Issuances of a substantial number of additional common shares, or the perception
that such issuances could occur, may adversely affect prevailing market prices for the common shares. With any additional issuance of
common shares, investors will suffer dilution to their voting power and we may experience dilution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You will experience immediate and substantial
dilution in the net tangible book value per common share you purchase.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the public offering price per Offered Share
in this offering is substantially higher than the net tangible book value per share of our outstanding common shares outstanding prior
to this Offering, you will suffer dilution in the book value of the Offered Shares you purchase in this Offering. The exercise of outstanding
stock options and warrants may result in further dilution of your investment. After giving effect to the sale of 12,272,730 Units pursuant
to this Offering, and after deducting commissions and estimated offering expenses, our as adjusted pro forma net tangible book value as
of March 31, 2021 would have been approximately $26.2 million or approximately $0.22 per share. This represents an immediate increase
in pro forma net tangible book value of approximately $0.09 per share to our existing shareholders and immediate dilution in as adjusted
pro forma net tangible book value of approximately $0.88 per share to purchasers of Units in this Offering. See the section titled
 &ldquo;Dilution&rdquo; for a more detailed discussion of the dilution you will incur if you purchase Units in this Offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sales by existing shareholders can reduce
share prices.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of a substantial number of Common Shares
in the public market could occur at any time. These sales, or the market perception that the holders of a large number of Common Shares
intend to sell Common Shares, could reduce the market price of the Common Shares. If this occurs and continues, it could impair the Company&#8217;s
ability to raise additional capital through the sale of securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="n_005"></A>DOCUMENTS INCORPORATED
BY REFERENCE</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information has been incorporated by reference
in this prospectus supplement from documents filed with the SEC and with securities commissions or similar authorities in each of the
provinces and territories of Canada.</B> The following documents filed with the SEC and with the securities commissions or similar authorities
in Canada, are also specifically incorporated by reference into, and form an integral part of the accompanying base prospectus, as supplemented
by this prospectus supplement (excluding, unless otherwise provided therein or herein, information furnished pursuant to Item 2.02 and
Item 7.01 of any Current Report on Form 8-K):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/783324/000078332421000005/vgz-20201231x10k.htm" STYLE="-sec-extract: exhibit">
                                            Annual Report on Form 10-K of the Company, for the year ended December 31, 2020</A> (the
                                            &#8220;<B>Annual Report</B>&#8221;), which report contains the audited consolidated financial
                                            statements of the Company and the notes thereto as at December&nbsp;31, 2020 and 2019 and
                                            for the years ended December 31, 2020 and 2019, together with the auditors&#8217; report
                                            thereon and the related management&#8217;s discussion and analysis of financial condition
                                            and results of operations for the years ended December 31, 2020 and 2019, as filed with the
                                            SEC on February 26, 2021;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/783324/000078332421000011/vgz-20210331x10q.htm" STYLE="-sec-extract: exhibit">Quarterly
                                            Report on Form 10-Q of the Company, for the quarter ended March 31, 2021</A>, which report
                                            contains the unaudited consolidated financial statements of the Company and the notes thereto
                                            as at March 31, 2021 and for the quarters ended March 31, 2021 and 2020 and the related management&#8217;s
                                            discussion and analysis of financial condition and results of operations for the quarters
                                            ended March 31, 2021 and 2020, as filed with the SEC on April 30, 2021;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the <A HREF="http://www.sec.gov/Archives/edgar/data/783324/000155837021003198/tmb-20210429xdef14a.htm" STYLE="-sec-extract: exhibit">Company&#8217;s
                                            Proxy Statement on Schedule 14A, dated March 18, 2021</A>, in connection with the Company&#8217;s
                                            April 29, 2021 annual general and special meeting of shareholders, including the information
                                            specifically incorporated by reference into the Annual Report, as filed with the SEC on March
                                            18, 2021;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">our Current Reports on Form 8-K as filed
                                            with the SEC on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/783324/000110465921057779/tm2114674d1_8k.htm" STYLE="-sec-extract: exhibit">April
                                            29, 2021</A> and <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/783324/000110465921080878/tm2119699d1_8k.htm" STYLE="-sec-extract: exhibit">June
                                            15, 2021</A>;</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any documents of the types referred to in the
preceding paragraph (excluding confidential material change reports) or of any other type required to be incorporated by reference into
a short form prospectus pursuant to National Instrument 44-101 <I>Short Form Prospectus Distributions</I> that are filed by us with a
securities commission or similar authority in Canada after the date of this prospectus supplement and prior to the termination of the
offering under any prospectus supplement, shall be deemed to be incorporated by reference into this prospectus supplement.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_006"></A>PRESENTATION OF FINANCIAL
INFORMATION AND EXCHANGE RATE DATA</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References in this prospectus supplement to &#8220;$&#8221;
are to United States dollars. Canadian dollars are indicated by the symbol &#8220;Cdn$&#8221;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company presents its consolidated financial
statements in United States dollars. Except as otherwise indicated, all financial statements and financial data contained in, or incorporated
by reference into, this Prospectus have been prepared in accordance with U.S. generally accepted accounting principles, which differ
in certain significant respects from International Financial Reporting Standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth, for each period
indicated, the exchange rates of the Canadian dollar to the U.S. dollar for the end of each period indicated and the high, low and average
(based on the exchange rate on the last day of each month during such period) exchange rates for each of such periods (such rates, which
are expressed in Canadian dollars are based on the rate of exchange published by the Bank of Canada for conversion of U.S. dollars into
Canadian dollars).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year Ended December
    31</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>2021<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)
    </SUP></FONT></B>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>2020</B>
    &nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>2019</B>
    &nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>2018</B>
    &nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">High</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 10pt; text-align: right"><P STYLE="text-align: right; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cdn$</FONT>1.2828</P></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.4496</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.3600</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.3642</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Low</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><P STYLE="text-align: right; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cdn$</FONT>1.2040</P></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.2718</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.2988</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.2288</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Average</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><P STYLE="text-align: right; margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cdn$</FONT>1.2468</P></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.3415</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.3269</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.2957</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">End of Period</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><P STYLE="text-align: right; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Cdn$1.2475</P></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.2732</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.2988</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.3642</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">(1) Through July 7, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 7, 2021, the rate of exchange posted
by the Bank of Canada for conversion of U.S. dollars into Canadian dollars was US$1.00 = Cdn$1.2475.</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_007"></A>CONSOLIDATED CAPITALIZATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since March 31, 2021, the date of the Company&#8217;s
most recently filed unaudited condensed consolidated financial statements for the period ended March 31, 2021 (the &#8220;<B>Interim
Financial Statements</B>&#8221;), there have been no material changes to our share or debt capital, on a consolidated basis, except as
set out under the heading &#8220;<I>Prior Sales</I>&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            following table sets forth our cash and cash equivalents and consolidated capitalization
                                            as at March&nbsp;31, 2021 on an actual basis, as adjusted to give effect to the issuance
                                            of an additional 518,444 common shares upon vesting of restricted stock units of the Company
                                            and a related reduction in cash of approximately $</FONT>202,000 to cover tax withholding
                                            obligations related thereto and an additional 392,470 common shares issued under the
                                            Company&rsquo;s at-the-market offering for net proceeds of approximately $436,000 subsequent
                                            to March 31, 2021, and as adjusted to give effect to the Offering after deducting the Underwriters&rsquo;
                                            Fee and the Underwriters&rsquo; estimated expenses of the Offering payable by us (assuming
                                            no exercise of the Option) and the application of the net proceeds from the Offering as described
                                            under the heading &ldquo;<I>Use of Proceeds</I>.&rdquo;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table should be read in conjunction with
our audited annual consolidated financial statements for the year ended December&nbsp;31, 2020, our Interim Financial Statements, including
the notes thereto, and the management&#8217;s discussion and analysis thereof, incorporated in each case by reference in this prospectus
supplement and the accompanying base prospectus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; vertical-align: bottom"><B>As
at March 31, 2021<SUP>(1)</SUP></B> &nbsp;</TD>
<TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As at March 31, 2021, after giving
effect to the issuance of additional common shares subsequent to March 31, 2021</TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>As
at March 31, 2021 after giving effect to the issuance of the Units<SUP>(1) (2)(3)</SUP></B></FONT></TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>As
at March 31, 2021 after giving effect to the issuance of the Units and assuming exercise of the Option in full<SUP>(1) (2)(3)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="11" STYLE="font-size: 10pt; text-align: center">(in $ thousands, except for share amounts)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 31%; font-size: 10pt; text-align: left">Cash, cash equivalents</TD>
<TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD>
<TD STYLE="width: 15%; font-size: 10pt; text-align: right">7,153</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt">$</TD>
<TD STYLE="width: 15%; font-size: 10pt; text-align: right">7,387</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt">$</TD>
<TD STYLE="width: 15%; font-size: 10pt; text-align: right">19,977</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt">$</TD>
<TD STYLE="width: 15%; font-size: 10pt; text-align: right">21,881</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Outstanding share capital (unlimited authorized)</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">$</TD>
<TD STYLE="font-size: 10pt; text-align: right">&nbsp;&nbsp;461,162 &nbsp; (103,998,923 common shares) &nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="text-align: left; font-size: 10pt; vertical-align: top">$</TD>
<TD STYLE="text-align: center; font-size: 10pt">461,396 (104,909,837 common shares)</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">$</TD>
<TD STYLE="text-align: center; font-size: 10pt">473,986 (117,182,567 common shares)</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">$</TD>
<TD STYLE="text-align: center; font-size: 10pt">475,890 (119,023,475 common shares)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left">Accumulated deficit</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD>
<TD STYLE="font-size: 10pt; text-align: right">(447,749</TD>
<TD STYLE="font-size: 10pt; text-align: left">)</TD>
<TD STYLE="font-size: 10pt">$</TD>
<TD STYLE="font-size: 10pt; text-align: right">(447,749</TD>
<TD>)</TD>
<TD STYLE="font-size: 10pt">$</TD>
<TD STYLE="font-size: 10pt; text-align: right">(447,749</TD>
<TD>)</TD>
<TD STYLE="font-size: 10pt">$</TD>
<TD STYLE="font-size: 10pt; text-align: right">(447,749)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left">Total shareholder&rsquo;s equity</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD>
<TD STYLE="font-size: 10pt; text-align: right">13,413</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt">$</TD>
<TD STYLE="text-align: right; font-size: 10pt">13,647</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">$</TD>
<TD STYLE="text-align: right; font-size: 10pt">26,237&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">$</TD>
<TD STYLE="font-size: 10pt; text-align: right">28,141</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt">(1)</TD><TD STYLE="text-align: justify">These figures do not include options outstanding
                                            to purchase up to 1,367,000 common shares at a weighted average exercise price of US$0.71
                                            per share (1,333,667 of which were exercisable as of March&nbsp;31, 2021), 2,724,338 common
                                            shares underlying unvested restricted stock units with a weighted average grant date fair
                                            value of $0.50 per share, and 930,000 common shares underlying deferred share units with
                                            a weighted average grant-date fair value of $0.68 per share.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt">(2)</TD><TD STYLE="text-align: justify">Does not assume the exercise of the Warrants.
                                            If the Warrants (including Additional Warrants issued pursuant to the exercise of the Option)
                                            are exercised in full, cash and cash equivalents, outstanding share capital, accumulated
                                            deficit during the exploration stage and total shareholder&#8217;s equity would be $30,702,
                                            $484,711, $(447,749) and $36,962, respectively.</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 24pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These figures do not include up to</FONT> <FONT STYLE="font-size: 10pt">348,682&nbsp;Underwriters&rsquo; Warrants to be issued to the Underwriters (403,909 Underwriters&rsquo; Warrants assuming exercise of the Option in full), each exercisable to purchase one Warrant Share at a price of $1.25 for a period of 36 months from the Closing Date.</FONT></TD></TR>
  </TABLE>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_008"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net proceeds to be received by the Company
under the Offering are estimated to be approximately $12.6 million&nbsp;(up to approximately $14.5 million if the Option is exercised
in full for Additional Units), after deducting the underwriting discounts and commissions and deducting the Underwriters&rsquo; estimated
expenses in connection with the Offering of approximately $910,000. The above calculations assume that no Units are sold to investors
on the President&rsquo;s List. See &ldquo;Underwriting&rdquo;.</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to advance
programs at Mt Todd by further refining technical aspects of the project, enhancing economic returns, and supporting the
Company&rsquo;s objective of securing a development partner<FONT STYLE="font-size: 10pt"><U>. We intend</U></FONT> to allocate the
net proceeds from the Offering (including any funds received from exercise of the Option) to fund the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 98%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; font-size: 10pt; font-weight: bold; text-align: center">Description of Use of Proceeds</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; font-weight: bold; text-align: right">Amount
                                            of Proceeds (assuming no exercise of the Option)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; font-weight: bold; text-align: right">Amount
                                            of Proceeds (assuming full exercise of the Option)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Drilling</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.5 million</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.0
                                            million</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Technical report supported by engineering/design work and other technical studies</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.5
                                            million</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.5
                                            million</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Working Capital &amp; General Corporate Purposes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.6
                                            million</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.0
                                            million</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Net Proceeds of the Offering</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.6
                                            million</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.5
                                            million</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE><BR STYLE="clear: both"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until such time as the net proceeds of the Offering
are used as described above, we intend to invest the net proceeds primarily in short-term U.S. and/or Australian government treasury
bills and/or notes, Federal Deposit Insurance Corporation insured certificates of deposit or other substantially similar secure deposits.
Interest earned will be retained by us and used in the same manner as net proceeds from the sale of the Units. Remaining proceeds will
be used for working capital requirements and/or for other general corporate purposes, which include ongoing regulatory, legal and accounting
expenses, management and administrative expenses, and other corporate initiatives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we advance our business plan, we may, from
time to time, issue additional common shares or other securities through other offerings of securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending on opportunities, economic conditions
and the results of the activities described above we may use a portion of the use of proceeds allocated above to invest in property acquisitions
or complete other corporate activities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to allocate the net proceeds
from the Offering to advance programs at Mt Todd. These programs include, but are not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">&bull;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Identifying opportunities through drilling to expand the
    mineral resources within areas adjacent to the currently defined Batman deposit within the next 12 months;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: left">&bull;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Enhancing economic returns estimated for Mt Todd through
    the support of a refined technical report to be completed during the quarter ending March 31, 2022; and</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: left">&bull;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Securing a development partner for Mt Todd, within the
    next 12 months, subject to delays that may result due to the Covid-19 pandemic and other conditions outside our control.</TD></TR>
  </TABLE>


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



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_009"></A>DILUTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you purchase Offered Shares in this Offering,
you will experience dilution to the extent of the difference between the price per Offered Share you pay in this Offering and the net
tangible book value per share of our common shares immediately after this offering. Our net tangible book value as of March 31, 2021
was approximately $13.4 million, or approximately $0.13 per share. Net tangible book value per share represents our total tangible assets,
less total liabilities as of March 31, 2021 divided by the number of common shares outstanding as of March 31, 2021. As adjusted to give
effect to the issuance of an additional 518,444 common shares upon vesting of restricted stock units of the Company and a related reduction
in cash of approximately $202,000 to cover tax withholding obligations related thereto and the issuance of an additional 392,470 common
shares issued under the Company's at-the-market offering for net proceeds of approximately $436,000, in each case subsequent to March
31, 2021, the pro forma net tangible book value was approximately approximately $13.6 million, or approximately $0.13 per share.<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After giving further effect to the sale by us
of an aggregate of $13,500,003 of our Units in this Offering at a price of $1.10&nbsp;per Unit, and after deducting the estimated fees
and commissions and estimated offering expenses payable by us (estimated at approximately $910,000), assuming no exercise of the Warrants
or Underwriters&rsquo; Warrants (as defined below), our as adjusted pro forma net tangible book value as of March 31, 2021 would have
been approximately $26.2 million or approximately $0.22 per share. This represents an immediate increase in net tangible book value of
approximately $0.09 per share to existing shareholders and an immediate&nbsp;dilution&nbsp;of approximately $0.88 per share to new investors.
The following table illustrates this per share&nbsp;dilution: &nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%"><FONT STYLE="font-size: 10pt">Public offering price per Unit</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%">1.10</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Pro forma net tangible book value per share as of March 31, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.13</FONT></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Increase in net tangible book value per share attributable to new investors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">As adjusted pro forma net tangible book value per share as of March 31, 2021, after giving effect
    to this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">0.22</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Dilution&nbsp;per share to new investors in the offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">0.88</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the underwriters exercise their option to purchase
Additional Shares and Additional Warrants in full, our as adjusted pro&nbsp;forma net tangible book value per share after this offering
would be $0.24 per share, the increase in net tangible book value to existing stockholders would be $0.11 per share and the dilution to
investors purchasing&nbsp;shares in this offering at the public offering price would be $0.86 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of common shares to be outstanding
immediately after this offering is based on 103,998,923 common shares outstanding as of March 31, 2021, as adjusted to reflect the issuance
of 518,444 common shares upon the vesting of restricted stock units and 392,470 common shares under the Company&#8217;s at-the-market
offering, subsequent to March 31, 2021, and excludes: options outstanding to purchase up to 1,367,000 common shares at a weighted average
exercise price of $0.71 per share (1,333,667 of which were exercisable as of March&nbsp;31, 2021), 2,724,338 common shares underlying
unvested restricted stock units with a weighted average grant date fair value of $0.50 per share, and 930,000 common shares underlying
deferred share units with a weighted average grant-date fair value of $0.68 per share. The above does not include up to 6,136,365 Warrant
Shares issuable upon exercise of the Warrants issued pursuant to this Offering and does not include up to 348,682 Underwriter Warrant
Shares (as defined below) issuable upon exercise of the Underwriters&rsquo; Warrants.</P>  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_010"></A>DIVIDEND POLICY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5pt; text-align: justify">We have never declared or paid any
cash dividends on our common shares. We intend to retain our earnings, if any, to finance the growth and development of our business
and do not expect to pay cash dividends or to make any other distributions in the near future. Our board of directors will review this
policy from time to time having regard to our financing requirements, financial condition and other factors considered to be relevant.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_011"></A>DESCRIPTION OF THE SECURITIES
<FONT STYLE="text-transform: uppercase">DISTRIBUTED</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering consists of 12,272,730 Units of
the Company, each Unit consisting of one Offered Share and <FONT STYLE="color: #231F20">one&#45;half of one</FONT> Warrant. Each whole
Warrant entitles the holder thereof to purchase one Warrant Share at a price of $1.25 per Warrant Share. The Units will be issued at
the Offering Price of $1.10 per Unit. The Offered Shares and the Warrants comprising the Units will separate immediately upon closing
of the Offering and will be issued separately.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offered Shares and the Warrant Shares will
have all of the characteristics, rights and restrictions of the common shares. We are authorized to issue an unlimited number of common
shares, no par value per share, of which 104,909,837 are issued and outstanding as at the date of this prospectus supplement. Holders
of common shares are entitled to one vote per common share at all meetings of shareholders, to receive dividends as and when declared
by our directors and to receive a <I>pro rata </I>share of our assets of the Company available for distribution to the shareholders in
the event of the liquidation, dissolution or winding-up of the Company. There are no pre-emptive, conversion or redemption rights attached
to the common shares.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a brief summary of certain terms
and conditions of the Warrants and is subject in all respects to the provisions contained in the Warrants. The Warrants will be issued
in certificated form to the investors in this Offering. You should review the form of Warrant, which we will file with the SEC on Form
8-K, for a complete description of the terms and conditions applicable to the Warrants. The following brief summary of the material terms
and provisions of the Warrants offered pursuant to this prospectus is subject to, and qualified in its entirety by, the form of Warrant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrants will be exercisable at any time
prior to 5:00 p.m. (New York Time) on that date which is 36 months after the closing of the Offering, after which time the Warrants will
expire and become null and void. The exercise price for the Warrants is payable in United States dollars. The Warrants will be exercisable,
at the option of the holder, in whole or in part by delivering to us a duly executed exercise notice and by payment in full in immediately
available funds for the number of Warrant Shares purchased upon such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a registration statement registering the issuance
of the Warrant Shares underlying the Warrants under the Securities Act is not effective or the prospectus contained therein is not available
for the issuance of such shares, the holder may, in its sole discretion, elect to exercise the Warrant through a cashless exercise, in
which case the holder would receive upon such exercise the net number of Warrant Shares determined according to the formula set forth
in the Warrant, which is determined in part by the market value of the common shares as determined in the formula. No fractional Warrant
Shares will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will round down to the next whole
share and pay the holder a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise
price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise price per whole Warrant Share
purchasable upon exercise of the warrants is $1.25 per Warrant Share. The exercise price is subject to appropriate adjustment in
the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events
affecting our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be required to provide certain buy-in
rights to a holder if we fail to deliver the Warrant Shares by two trading days after the delivery to the Company of the notice of exercise,
provided that we receive the aggregate exercise price (other than in connection with a cashless exercise). The buy-in rights apply if
after the trading day after the date on which the holder satisfies all of the requirements for exercise, the holder purchases (in an
open market transaction or otherwise) common shares to deliver in satisfaction of a sale by the holder of the Warrant Shares that the
holder anticipated receiving from the Company upon exercise of the Warrant. In this event, we will pay an amount pursuant to the formula
set forth in the Warrant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to limited exceptions, a holder of Warrants
will not have the right to exercise any portion of its Warrants if the holder (together with such holder&#8217;s affiliates, and any
persons acting as a group together with such holder or any of such holder&#8217;s affiliates) would beneficially own a number of common
shares in excess of 4.99% (or, at the election of the investor, 9.99%) of the common shares then outstanding after giving effect to such
exercise (the &#8220;<B>Beneficial Ownership Limitation</B>&#8221;); provided, however, that, upon notice to us, the holder may increase
or decrease the Beneficial Ownership Limitation, provided that in no event shall the Beneficial Ownership Limitation exceed 9.99% and
any increase in the Beneficial Ownership Limitation will not be effective until 61 days following notice of such increase from the holder
to us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of a Fundamental Transaction (as
defined in the Warrants), the holder will have the right to receive, for each underlying Warrant Shares that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the holder, the number of common
shares of the surviving corporation, and/or any additional consideration receivable as a result of such Fundamental Transaction by a
holder of the number of common shares for which the Warrant is exercisable immediately prior to such fundamental transaction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, at any time while the warrants are outstanding,
we issue rights, options or&nbsp;warrants to&nbsp;all holders of our common stock entitling them&nbsp;to purchase&nbsp;our common stock,
warrants, securities or other property, then the holders of the warrants will be entitled to acquire those rights, options and warrants
on the basis of the number of shares of common stock acquirable upon complete exercise of the warrants (without regard to any limitations
on exercise thereof, including without limitation, the beneficial ownership limitation).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, at any time while the warrants are outstanding,
we make a dividend or distribution of assets or rights to acquire assets to all holders of our common stock, the holders of the warrants
will be entitled to participate in the dividend or distribution of assets or rights to acquire assets on the basis of the number of shares
of common stock acquirable upon complete exercise of the warrants (without regard to any limitations on exercise thereof, including without
limitation, the beneficial ownership limitation).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also covenant in the Warrant that, during
the period in which the Warrants are exercisable, we will give notice to holders of Warrants of certain stated events, including events
that would result in an adjustment to the exercise price for the Warrants or the number of Warrant Shares issuable upon exercise of the
Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No Trading Market</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no established trading market for the
Warrants and we do not intend to list the warrants on any securities exchange or nationally recognized trading system.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise provided in the Warrants
or by virtue of such holder&#8217;s ownership of our common shares, the holder of a Warrant will not have the rights or privileges of
a holder of our common shares, including any voting rights, until the holder exercises the Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Underwriters&#8217; Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to issue the Underwriters&#8217;
Warrants to the Underwriters. Each Underwriters&#8217; Warrant shall entitle the holder thereof to purchase one Underwriter Warrant Share
for a price of $1.25 per Underwriter Warrant Share at any time on or before the date which is thirty six (36) months after the Closing Date.
The Underwriters&#8217; Warrants will have the same terms as the Warrants, except as required by FINRA, and the Underwriter Warrant Shares
issuable upon exercise of the Underwriters&#8217; Warrants are identical to the Warrant Shares issued pursuant to the Offering. The material
terms and provisions of the Warrants are summarized herein, which summary is subject to and qualified in its entirety by the form of
the Underwriters&#8217; Warrant, which we will file with the SEC on a Form 8-K.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_012"></A>UNDERWRITING</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Underwriting Agreement, the Company
has agreed to issue and sell, and the Underwriters have severally agreed to purchase, subject to compliance with all necessary legal
requirements and the terms and conditions contained in the Underwriting Agreement, a total of 12,272,730 Units at the Offering Price
of $1.10 per Unit on the closing of the Offering. In consideration for their services in connection with the Offering, the Underwriters
will be paid the Underwriters&#8217; Fee equal to 6% of the gross proceeds of the Offering ($0.066 per Unit, for an aggregate Underwriters&#8217;
Fee payable by the Company of approximately $810,000, exclusive of any exercise of the Option), other than certain Units that are subject
to the President&#8217;s List for which the Underwriters&#8217; Fee will be 3% of gross proceeds of such certain Units. H.C. Wainwright
 &amp; Co., LLC will be acting as the Representative and sole book-running manager in respect of the Offering. The Offering Price will
be determined by arm&#8217;s length negotiation between the Company and the Representative on its own behalf and on behalf of the other
Underwriters. Subject to the terms and conditions of the Underwriting Agreement, the Company has agreed to sell to the Underwriters,
and each Underwriter has, severally and not jointly, agreed to purchase, at the Offering Price less the Underwriters&#8217; Fee set forth
on the cover page of this prospectus supplement, the number of Units listed next to its name in the following table:<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>






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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Underwriter</U></B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><B><U>Number of Units</U></B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.C. Wainwright
    &amp; Co., LLC</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;9,000,822</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: justify">Haywood Securities Inc.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;1,635,954</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: justify">Roth Capital Partners, LLC&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,635,954</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right"><B>12,272,730</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">While
                                            the Underwriters intend to offer the Offered Shares and Warrants at the price set forth on
                                            the cover of this prospectus supplement, the Underwriters may offer the Offered Shares from
                                            time to time to purchasers directly or through agents or through brokers in brokerage transactions
                                            on the NYSE American, or to dealers in negotiated transactions or in a combination of such
                                            other methods of sale, or otherwise, at a fixed price or prices, which may be changed, or
                                            at market prices prevailing at the time of sale, at prices related to such prevailing market
                                            prices or at negotiated prices. Any securities sold by the Underwriters to securities dealers
                                            will be sold at the public offering price less a selling concession not in excess of $0.032997
                                            </FONT>per Offered Share and $0.000006 per Warrant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Doug Tobler, our chief financial officer, and
Tracy Stevenson, a director of the Company, have agreed to purchase an aggregate of 60,000 Units on the same terms and conditions as the
other investors in the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Underwriting Agreement, we have
granted the Underwriters an Option, exercisable in whole at any time or in part from time to time within thirty (30) days after the date
of the Underwriting Agreement, to purchase up to 1,840,908 Additional Units, each comprised
of one Additional Offered Share and one-half of one Additional Warrant, at the Offering Price. The Option may be exercised by the Underwriters
in respect of Additional Units at the Offering Price and/or Additional Offered Shares at the Share Offering Price and/or Additional Warrants
at the Warrant Offering Price in any combination thereof so long as the aggregate number of Additional Offered Shares and Additional
Warrants that may be issued under the Option does not exceed 1,840,908 Additional Offered Shares and 920,454 Additional Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company has agreed to grant
to the Underwriters warrants (the &#8220;<B>Underwriters&rsquo; Warrants</B>&#8221;) to purchase a number of common shares of the Company
equal to 3% of the number of Units sold pursuant to the Offering, including the number of Additional Offered Shares upon any exercise
of the Option, if any, other than for the Units sold under the President&#8217;s List, for which the Underwriters will receive Underwriters&#8217;
Warrants in an amount equal in number to 1.5% of the Units sold under the President&#8217;s List, which Underwriters&#8217; Warrants
shall be allocated among the Underwriters as set forth in the Underwriting Agreement. Each Underwriters&#8217; Warrant will be exercisable
for one Underwriter Warrant Share on the same terms as the Warrants, except as required by FINRA. See &#8220;<I>Description of the Securities
Distributed &#8211; Underwriters&#8217; Warrants</I>&#8221; for more information regarding the Underwriters&#8217; Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted the Representative a right of
first refusal, for a period of 12 months from the consummation of this offering, to act as sole book-running manager, sole underwriter
or sole placement agent, for any public and private offering or capital-raising transaction of equity or equity-linked securities of the
Company or any subsidiary, subject to an exception.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We shall pay the Representative the cash and warrant
compensation provided above on the gross proceeds provided to us by investors that were contacted by the Representative or introduced
to us by the Representative in any public or private offering or capital-raising transaction within eight months following the expiration
or termination of our engagement of the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement qualifies the distribution
of the Offered Shares, the Warrants, the issuance of the Warrant Shares upon exercise of the Warrants, the Underwriters&#8217; Warrants
and the issuance of the Underwriter Warrant Shares upon exercise of the Underwriters&#8217; Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligations of the Underwriters under the
Underwriting Agreement are several, and not joint, and may be terminated at their discretion upon the occurrence of certain events specified
in the Underwriting Agreement including standard &#8220;material change out&#8221;, &#8220;regulatory out&#8221;, &#8220;disaster out&#8221;
and &#8220;breach out&#8221; rights of termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters are obligated to take up and
pay for all the Units offered by this prospectus supplement (not including the Additional Units, Additional Offered Shares and/or Additional
Warrants issuable upon exercise of the Option) if any are purchased under the Underwriting Agreement, subject to certain exceptions.
Pursuant to the Underwriting Agreement, the Company has agreed to reimburse the Underwriters for their <FONT STYLE="font-family: Times New Roman, Times, Serif">reasonable
expenses </FONT>in connection with the Offering, including legal expenses incurred in connection with the Offering, in an amount not
to exceed $100,000 and the clearing expenses in an amount not to exceed $15,950. We estimate that the total expenses for the Offering,
excluding underwriting discounts and commissions and expense reimbursements payable to the Underwriters under the terms of the Underwriting
Agreement, will be approximately $910,000.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Underwriting Agreement, the Company
has agreed to indemnify the Underwriters and their respective affiliates and their respective directors, officers, employees, shareholders
and agents and each other person, if any, controlling any of the Underwriters or their affiliates and against certain liabilities, including
liabilities under Canadian and U.S. securities legislation, including certain liabilities arising under the Securities Act, in certain
circumstances or to contribute to payments the Underwriters may have to make because of such liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Underwriting Agreement, the Company
shall not issue, negotiate or enter into any agreement to sell or issue, or announce the issue of, any equity securities of the Company
for a period of 90 days from the closing of the Offering, other than: (i) the issuance of the Offered Shares and the Warrant Shares;
(ii) pursuant to the grant of options in the normal course pursuant to our employee stock option plan or issuance of securities pursuant
to the exercise of options of the Company outstanding as of the date of the Underwriting Agreement; (iii) pursuant to the grant of securities
in the normal course pursuant to our long&#45;term incentive plan or issuance of securities pursuant to the vesting of awards pursuant
to our long-term incentive plan outstanding as of the date of the Underwriting Agreement; or (iv) an issuance of options or securities
in connection with a&nbsp;bona fide&nbsp;acquisition by us (other than a direct or indirect acquisition, whether by way of one or more
transactions, of an entity all or substantially all of the assets of which are cash, marketable securities or financial in nature or
an acquisition that is structured primarily to defeat the intent of this provision), provided that such securities and options are issued
as restricted securities (as defined in Rule 144 of the Securities Act) and carry for registration rights until 90 days following the
closing of the Offering. The Representative may, in its sole discretion and without notice, waive the terms of this restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have also agreed to a restriction on the issuance
of any variable priced securities for twelve (12) months following the closing of this offering, except that that we may sell and issue
shares under our at-the-market offering program with the Representative, after the 90 day lock-up period. The Representative may, in
its sole discretion and without notice, waive the terms of this restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a condition precedent to the Underwriters&#8217;
obligation to close the Offering, subject to customary exemptions permitting dispositions to trusts for the direct or indirect benefit
of the director or officer and/or the immediate family of such person, dispositions required for tax withholdings in connection with
the exercise or vesting of any stock options or awards issued under the Company&#8217;s equity incentive compensation plans, or tenders
to a take-over bid or acquisition transaction, all of our directors and senior officers shall be required to execute and deliver written
undertakings agreeing not to sell, transfer, pledge (other than as disclosed to the Underwriters in writing), assign, or otherwise dispose
of any securities of the Company owned, directly or indirectly by such directors or senior officers, until 90 days following the closing
of the Offering, without the prior written consent of the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscriptions
                                            for the Units will be received subject to rejection or allotment in whole or in part and
                                            the right is reserved to close the subscription books at any time without notice. The Closing
                                            Date of the Offering is expected to occur on or about July 12, 2021, or on such other date
                                            as may be agreed upon by the Company and the Representative, but in any event no later than
                                            42 days after the date of this prospectus supplement.</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offered Shares will be issued in &#8220;book-entry
only&#8221; form and represented by a global certificate or certificates, or be represented by uncertificated securities, registered
in the name of CDS or its nominee or, with respect to the Offered Shares only, DTC, as directed by the Underwriters, and will be deposited
with CDS or DTC, as the case may be. Beneficial holders of Offered Shares will receive only a customer confirmation from the Underwriters
or other registered dealer who is a CDS or DTC participant and from or through whom a beneficial interest in the Offered Shares is acquired.
The purchasers under the Offering will be issued Warrants in certificated form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this offering, the Underwriters
may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids in connection with
our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Overallotment transactions involve sales by the
Underwriters of common shares in excess of the number of shares the Underwriters are obligated to purchase. This creates a syndicate
short position which may be either a covered short position or a naked short position. In a covered short position, the number of shares
over-allotted by the Underwriters is not greater than the number of shares that they may purchase in the option to purchase additional
shares. In a naked short position, the number of shares involved is greater than the number of shares in the option to purchase additional
shares. The Underwriters may close out any short position by exercising its option to purchase additional shares and/or purchasing shares
in the open market.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stabilizing transactions permit bids to purchase
common shares so long as the stabilizing bids do not exceed a specified maximum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Syndicate covering transactions involve purchases
of common shares in the open market after the distribution has been completed in order to cover syndicate short positions. Such a naked
short position would be closed out by buying securities in the open market. A naked short position is more likely to be created if the
underwriters are concerned that there could be downward pressure on the price of the securities in the open market after pricing that
could adversely affect investors who purchase in the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Penalty bids permit the Underwriters to reclaim
a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased in a stabilizing
or syndicate covering transaction to cover syndicate short positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this offering, the Underwriters
also may engage in passive market making transactions in our common shares in accordance with Regulation M during a period before the
commencement of offers or sales of shares of our common shares in this offering and extending through the completion of the distribution.
In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for that security. However,
if all independent bids are lowered below the passive market maker&#8217;s bid, that bid must then be lowered when specific purchase
limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise
prevail in the open market and, if commenced, may be discontinued at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement and the accompanying
base prospectus in electronic format may be made available on the websites maintained by one or more of the Underwriters participating
in the Offering. The Underwriters may agree to allocate a number of Units to the Underwriters for sale to their online brokerage account
holders. Internet distributions will be allocated by the representatives to the Underwriters that may make internet distributions on
the same basis as other allocations. Other than the prospectus supplement and the accompanying base prospectus in electronic format,
the information on these websites is not part of this prospectus supplement or the registration statement of which this prospectus supplement
forms a part, has not been approved or endorsed by us or any Underwriter in its capacity as underwriter, and should not be relied upon
by investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the Underwriters and their affiliates
have provided in the past to us and our affiliates, and may provide from time to time in the future, certain commercial banking, financial
advisory, investment banking and other services for us and such affiliates in the ordinary course of their business, for which they have
received and may continue to receive customary fees and commissions. In addition, from time to time, certain of the Underwriters and
their affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their
customers, long or short positions in our debt or equity securities or loans, and may do so in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have applied to the TSX and NYSE American
for the listing of the Offered Shares, the Warrant Shares and the Underwriter Warrant Shares. Listing of the Offered Shares, the Warrant
Shares and the Underwriter Warrant Shares will be subject to us fulfilling all the listing requirements of each of the TSX and NYSE American
respectively. We do not intend to apply to the TSX or the NYSE American for the listing of the Warrants.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_013"></A>MARKET FOR COMMON SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The common shares are listed on the NYSE American
and the TSX in each case under the symbol &#8220;VGZ&#8221;. The majority of the trading of common shares takes place on the NYSE American.
The following table sets out the reported high and low sale prices and volume of sales traded by month for the periods indicated in the
United States on the NYSE American, and in Canada on the TSX.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">NYSE American
    ($)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Month</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>High</B></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Low</B></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Volume</B></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">2020</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; padding-left: 5.4pt">June</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.99</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.80</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10,845,126</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">July</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.82</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,644,002</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">August</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.45</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.08</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,237,775</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">September</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.34</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.03</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,562,589</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">October</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.19</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.94</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,530,688</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">November</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.15</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.91</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,622,992</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">December</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.20</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.93</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,811,256</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">2021</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">January</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.23</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.88</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,386,260</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">February</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.14</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.89</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,807,227</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">March</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.07</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.88</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,609,031</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">April</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.19</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.04</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,066,889</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">May</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.18</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,128,854</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">June</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1.40</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.15</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,750,900</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">July 1-7</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1.27</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.14</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,348,313</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 7, 2021, the last trading day prior to
the date of this prospectus supplement, the closing price of the Common Shares on the NYSE American was $1.20 per common share.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">TSX (C$)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Month</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>High</B></P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Low</B></P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Volume</B></P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">2020</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; padding-left: 5.4pt">June</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.38</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.08</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">362,854</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">July</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.76</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.13</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,354,093</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">August</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.90</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.44</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">710,176</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">September</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.79</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.39</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">427,093</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">October</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.61</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.25</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">313,581</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">November</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.51</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.16</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">354,024</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">December</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.53</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.20</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">468,003</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">2021</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">January</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.55</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">516,068</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">February</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.46</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.13</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">373,949</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">March</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.34</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">265,832</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">April</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.48</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.31</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">211,344</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">May</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.55</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.23</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">348,265</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">June</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.72</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.40</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">390,100</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">July 1-7</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.60</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Cdn$1.43</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">36,005</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 7, 2021, the last trading day prior to
the date of this prospectus supplement, the closing price of the Common Shares on the TSX was Cdn$1.48 per common share.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_014"></A>PRIOR SALES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables sets forth, for the 12-month
period prior to the date of this prospectus supplement, details of the price at which common shares, and securities convertible or exchangeable
into common shares, have been issued by the Company, the number and type of securities issued and the date on which such securities were
issued.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Date
                           of Issue</B></P></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Price
                                            per Security</B></P></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>No.
                                            of Securities</B></P></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Description
                                            of Transaction</B></P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">July 30, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.17</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">13,670</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">vesting of restricted share
    units</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">August 4, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.27</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">65,463</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">vesting of restricted share
    units</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">August 6, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.28</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">122,211</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">August 7, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.37</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">227,789</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">September 14, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.22</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">September 15, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.20</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">September 28, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">20,100</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">September 29, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">14,005</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">September 30, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.09</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">37,684</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">October 1, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">64,698</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">October 2, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2,828</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">November 9, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.11</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">193,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">December 24, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">29,138</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">December 28, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">36,879</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">December 30, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">48,200</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">December 31, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1,048</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">January 4, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">134,735</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">January 5, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.09</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">44,200</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">January 6, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.11</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">81,753</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">January 7, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.15</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">34,072</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">January 8, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.18</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">38,190</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">January 11, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.17</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">51,785</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">March 1, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$0.95</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">421,219</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">vesting of restricted share
    units</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">March 30, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.06</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">58,050</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">March 31, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.05</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">126,821</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">April 5, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.06</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">15,129</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">April 9, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">32,204</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">April 12, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">April 14, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.14</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1,094</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">April 16, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.12</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">14,108</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">April 19, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.13</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">36,374</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">April 20, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.14
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">46,220</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">May 2, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.06</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">518,444</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">vesting of restricted share
    units</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">May 12, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.15</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">19,019</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">May 26, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.11</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">30,512</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">June 1, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.11</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">19,488</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">June 2, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.16</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">150,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">June 3, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.18</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">23,451</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">issued pursuant to ATM Program</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Date
                                            of Issue</B></P></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Price
                                            per Security</B></P></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>No.
                                            of Securities</B></P></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Description
                                            of Transaction</B></P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">February
    23, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.04<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">891,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">RSU
    issuance</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(1)</TD><TD>Represents the closing share price on grant date.</TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Date
                                            of Issue</B></P></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Price
                                            per Security</B></P></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>No.
                                            of Securities</B></P></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Description
                                            of Transaction</B></P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">February
    23, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1.04<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">204,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">DSU
    issuance</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(1)</TD><TD>Represents the closing share price on grant date.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="n_015"></A>MATERIAL UNITED STATES
FEDERAL INCOME TAX CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">The following is a general summary
of certain U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition,
ownership and disposition of Units acquired pursuant to this prospectus supplement<B>,</B> the acquisition, ownership, and disposition
of Offered Shares acquired as part of the Units, the exercise, disposition, and lapse of Warrants acquired as part of the Units, and
the acquisition, ownership, and disposition of Warrant Shares received upon exercise of the Warrants.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">This summary is for general information
purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that
may apply to a U.S. Holder as a result of the acquisition of Units pursuant to this Offering. In addition, this summary does not take
into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences
to such U.S. Holder, including specific tax consequences to a U.S. Holder under an applicable tax treaty. Accordingly, this summary is
not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any particular U.S. Holder.
This summary does not address the U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift,
U.S. state and local, and non-U.S. tax consequences to U.S. Holders of the acquisition, ownership, and disposition of Units, Offered
Shares, Warrants and Warrant Shares. In addition, except as specifically set forth below, this summary does not discuss applicable tax
reporting requirements. Each U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. federal net investment income,
U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition,
ownership and disposition of Units, Offered Shares, Warrants, and Warrant Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">No opinion from legal counsel
or ruling from the Internal Revenue Service (the &#8220;<B>IRS</B>&#8221;) has been requested, or will be obtained, regarding the U.S.
federal income tax considerations applicable to U.S. Holders as discussed in this summary. This summary is not binding on the IRS, and
the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary. In addition,
because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree
with one or more of the positions taken in this summary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Scope of this Summary</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><U>Authorities</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">This summary is based on the
Internal Revenue Code of 1986, as amended (the &#8220;<B>Code</B>&#8221;), Treasury Regulations (whether final, temporary, or proposed)
promulgated under the Code, published rulings of the IRS, published administrative positions of the IRS and U.S. court decisions, that
are in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed
in a material and adverse manner at any time, and any such change could be applied retroactively. This summary does not discuss the potential
effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective
basis.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><U>U.S. Holders</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">For purposes of this summary,
the term &#8220;<B>U.S. Holder</B>&#8221; means a beneficial owner of Units, Offered Shares, Warrants or Warrant Shares acquired pursuant
to this prospectus supplement that is for U.S. federal income tax purposes:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: justify">a citizen or individual resident
                                            of the United States;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: justify">a corporation (or other entity treated
                                            as a corporation for U.S. federal income tax purposes) organized under the laws of the United
                                            States, any state thereof or the District of Columbia;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: justify">an estate whose income is subject
                                            to U.S. federal income taxation regardless of its source; or</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#8226;</TD><TD STYLE="text-align: justify; padding-right: 3.3pt">a trust that
                                            (1) is subject to the primary supervision of a court within the United States and the control
                                            of one or more U.S. persons for all substantial decisions or (2) has a valid election in
                                            effect under applicable Treasury Regulations to be treated as a U.S. person.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><U>U.S. Holders Subject to Special U.S. Federal Income
Tax Rules Not Addressed</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">This summary does not address
the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including
U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred
accounts; (b) are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies;
(c) are brokers or dealers in securities or currencies or U.S. Holders that are traders in securities that elect to apply a mark-to-market
accounting method; (d) have a &#8220;functional currency&#8221; other than the U.S. dollar; (e) own Units, Offered Shares, Warrants or
Warrant Shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other integrated transaction;
(f) acquired Units, Offered Shares, Warrants or Warrant Shares in connection with the exercise of employee stock options or otherwise
as compensation for services; (g) hold Units, Offered Shares, Warrants or Warrant Shares other than as a capital asset within the meaning
of Section 1221 of the Code (generally, property held for investment purposes); (h) are partnerships and other pass-through entities
(and investors in such partnerships and entities); (i) are subject to special tax accounting rules; (j) own, have owned or will own (directly,
indirectly, or by attribution) 10% or more of the total combined voting power or value of our outstanding shares; (k) are U.S. expatriates
or former long-term residents of the U.S.; or (l) are subject to taxing jurisdictions other than, or in addition to, the United States.
U.S. Holders that are subject to special provisions under the Code, including U.S. Holders described immediately above, should consult
their own tax advisors regarding the U.S. federal, U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal
estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of Units,
Offered Shares, Warrants or Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">If an entity or arrangement that
is classified as a partnership for U.S. federal income tax purposes holds Units, Offered Shares, Warrants or Warrant Shares, the U.S.
federal income tax consequences to such entity or arrangement and the owners of such entity or arrangement generally will depend on the
activities of such entity or arrangement and the status of such owners. This summary does not address the tax consequences to any such
entity or arrangement or owner. Owners of entities or arrangements that are classified as partnerships for U.S. federal income tax purposes
should consult their own tax advisor regarding the U.S. federal income tax consequences arising from and relating to the acquisition,
ownership, and disposition of Units, Offered Shares, Warrants and Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5in 0pt 0; color: #231F20"><B>U.S. Federal Income Tax Consequences
of the Acquisition of Units</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">For U.S. federal income tax purposes,
the acquisition by a U.S. Holder of a Unit will be treated as the acquisition of one Offered Share and one-half of a Warrant. The purchase
price for each Unit will be allocated between these two components in proportion to their relative fair market values at the time the
Unit is purchased by the U.S. Holder. This allocation of the purchase price for each Unit will establish a U.S. Holder&#8217;s initial
tax basis for U.S. federal income tax purposes in the Offered Share and one-half of a Warrant that comprise each Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">For this purpose, we will allocate
$1.07 of the purchase price for the Unit to the Offered Share and $0.03 of the purchase price for each Unit to the one-half of a Warrant.
However, the IRS will not be bound by such allocation of the purchase price for the Units, and therefore, the IRS or a U.S. court may
not respect the allocation set forth above. Each U.S. Holder should consult its own tax advisor regarding the allocation of the purchase
price for the Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.5in 0pt 0; text-align: justify; color: #231F20"><B>Passive Foreign
Investment Company Rules</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">If we are considered a &#8220;passive
foreign investment company&#8221; within the meaning of Section 1297 of the Code (a &#8220;<B>PFIC</B>&#8221;) at any time during a U.S.
Holder&#8217;s holding period, the following sections will generally describe the potentially adverse U.S. federal income tax consequences
to U.S. Holders of the acquisition, ownership, and disposition of Units, Offered Shares, Warrants or Warrant Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">We believe that we were classified
as a PFIC for the tax year ended December 31, 2020. Based on current business plans and financial expectations, we anticipate that we
may be a PFIC for the current tax year and future tax years. No opinion of legal counsel or ruling from the IRS concerning our status
as a PFIC has been obtained or is currently planned to be requested. The determination of whether any corporation was, or will be, a
PFIC for a tax year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations.
In addition, whether any corporation will be a PFIC for any tax year depends on the assets and income of such corporation over the course
of each such tax year and, as a result, our PFIC status for the current year and future years cannot be predicted with certainty as of
the date of this document. Accordingly, there can be no assurance that the IRS will not challenge any PFIC determination made by us (or
by one of our subsidiaries). Each U.S. Holder should consult its own tax advisor regarding our status as a PFIC and the PFIC status of
each or our non-U.S. subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">In any year in which we are classified
as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations and/or
other IRS guidance may require. In addition to penalties, a failure to satisfy such reporting requirements may result in an extension
of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements
of filing such information returns under these rules, including the requirement to file an IRS Form 8621.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">We generally will be a PFIC for
any tax year in which (a) 75% or more of our gross income for such tax year is passive income (the &#8220;<B>PFIC income test</B>&#8221;)
or (b) 50% or more of the value of our assets either produce passive income or are held for the production of passive income, based on
the quarterly average of the fair market value of such assets (the &#8220;<B>PFIC asset test</B>&#8221;). &#8220;Gross income&#8221;
generally includes sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations
or sources, and &#8220;passive income&#8221; generally includes, for example, dividends, interest, certain rents and royalties, certain
gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising from the
sale of commodities generally are excluded from passive income if substantially all of a foreign corporation&#8217;s commodities are
stock in trade or inventory, depreciable property used in a trade or business, or supplies regularly used or consumed in the ordinary
course of its trade or business, and certain other requirements are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">For purposes of the PFIC income
test and PFIC asset test described above, if we own, directly or indirectly, 25% or more of the total value of the outstanding shares
of another corporation, we will be treated as if we (a) held a proportionate share of the assets of such other corporation and (b) received
directly a proportionate share of the income of such other corporation. In addition, for purposes of the PFIC income test and PFIC asset
test described above, &#8220;passive income&#8221; does not include any interest, dividends, rents, or royalties that are received or
accrued by us from a &#8220;related person&#8221; (as defined in Section 954(d)(3) of the Code), to the extent such items are properly
allocable to the income of such related person that is not passive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">Under certain attribution rules,
if we are a PFIC, U.S. Holders will be deemed to own their proportionate share of any of our subsidiaries which is also a PFIC (a &#8220;<B>Subsidiary
PFIC</B>&#8221;), and will generally be subject to U.S. federal income tax under the &#8220;Default PFIC Rules Under Section 1291 of
the Code&#8221; discussed below on their proportionate share of any (i) distribution on the shares of a Subsidiary PFIC and (ii) disposition
or deemed disposition of shares of a Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC.
Accordingly, U.S. Holders should be aware that they could be subject to tax under the PFIC rules even if no distributions are received
and no redemptions or other dispositions of Units, Offered Shares, Warrants or Warrant Shares are made. In addition, U.S. Holders may
be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition of Units,
Offered Shares, Warrants or Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><U>Default PFIC Rules Under Section
1291 of the Code</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">If we are a PFIC, the U.S. federal
income tax consequences to a U.S. Holder of the purchase of Units and the acquisition, ownership, and disposition of Offered Shares,
Warrants and Warrant Shares will depend on whether such U.S. Holder makes a &#8220;qualified electing fund&#8221; or &#8220;QEF&#8221;
election (a &#8220;<B>QEF Election</B>&#8221;) or makes a mark-to-market election under Section 1296 of the Code (a &#8220;<B>Mark-to-Market
Election</B>&#8221;) with respect to Offered Shares or Warrant Shares. A U.S. Holder that does not make either a QEF Election or a Mark-to-Market
Election (a &#8220;Non-Electing U.S. Holder&#8221;) will be taxable as described below.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Non-Electing U.S. Holder will be subject to
the rules of Section 1291 of the Code with respect to (a) any gain recognized on the sale or other taxable disposition of Offered Shares,
Warrants and Warrant Shares and (b) any excess distribution received on the Offered Shares and Warrant Shares. A distribution generally
will be an &#8220;excess distribution&#8221; to the extent that such distribution (together with all other distributions received in
the current tax year) exceeds 125% of the average distributions received during the three preceding tax years (or during a U.S. Holder&#8217;s
holding period for the Offered Shares and Warrant Shares, if shorter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Section 1291 of the Code, any gain recognized
on the sale or other taxable disposition of Offered Shares, Warrants and Warrant Shares of a PFIC (including an indirect disposition
of shares of a Subsidiary PFIC), and any excess distribution received on such Offered Shares and Warrant Shares (or a distribution by
a Subsidiary PFIC to its shareholder that is deemed to be received by a U.S. Holder) must be ratably allocated to each day in a Non-Electing
U.S. Holder&#8217;s holding period for the Offered Shares or Warrant Shares. The amount of any such gain or excess distribution allocated
to the tax year of disposition or distribution of the excess distribution and to years before the entity became a PFIC, if any, would
be taxed as ordinary income (and not eligible for certain preferential tax rates, as discussed below). The amounts allocated to any other
tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year, and an
interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in each such
year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as &#8220;personal interest,&#8221; which
is not deductible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC for any tax year during which
a Non-Electing U.S. Holder holds Offered Shares, Warrant Shares or Warrants, we will continue to be treated as a PFIC with respect to
such Non-Electing U.S. Holder, regardless of whether we cease to be a PFIC in one or more subsequent tax years. If we cease to be a PFIC,
a Non-Electing U.S. Holder may terminate this deemed PFIC status with respect to Offered Shares and Warrant Shares by electing to recognize
gain (which will be taxed under the rules of Section 1291 of the Code as discussed above) as if such Offered Shares and Warrant Shares
were sold on the last day of the last tax year for which we were a PFIC. No such election, however, may be made with respect to the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under proposed Treasury Regulations, if a U.S.
Holder has an option, warrant, or other right to acquire stock of a PFIC (such as the Warrants), such option, warrant or right is considered
to be PFIC stock subject to the default rules of Section 1291 of the Code. Under rules described below, the holding period for the Warrant
Shares will begin on the date a U.S. Holder acquires the Units. This will impact the availability of the QEF Election and Mark-to-Market
Election with respect to the Warrant Shares. Thus, a U.S. Holder will have to account for Warrant Shares and Offered Shares under the
PFIC rules and the applicable elections differently.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5in 0pt 0; text-align: justify"><U>QEF Election</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that makes a QEF Election for the
first tax year in which its holding period of its Offered Shares begins generally will not be subject to the rules of Section 1291 of
the Code discussed above with respect to its Offered Shares. However, a U.S. Holder that makes a QEF Election will be subject to U.S.
federal income tax on such U.S. Holder&#8217;s pro rata share of (a) our net capital gain, which will be taxed as long-term capital gain
to such U.S. Holder, and (b) our ordinary earnings, which will be taxed as ordinary income to such U.S. Holder. Generally, &#8220;net
capital gain&#8221; is the excess of (a) net long-term capital gain over (b) net short-term capital loss, and &#8220;ordinary earnings&#8221;
are the excess of (a) &#8220;earnings and profits&#8221; over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject
to U.S. federal income tax on such amounts for each tax year in which we are a PFIC, regardless of whether such amounts are actually
distributed to such U.S. Holder by us. However, for any tax year in which we are a PFIC and has no net income or gain, U.S. Holders that
have made a QEF Election would not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election
has an income inclusion, such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income
tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated
as &#8220;personal interest,&#8221; which is not deductible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that makes a timely QEF Election
generally (a) may receive a tax-free distribution from us to the extent that such distribution represents &#8220;earnings and profits&#8221;
that were previously included in income by the U.S. Holder because of such QEF Election and (b) will adjust such U.S. Holder&#8217;s
tax basis in the Offered Shares to reflect the amount included in income or allowed as a tax-free distribution because of such QEF Election.
In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the sale or other taxable disposition
of Common Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The procedure for making a QEF Election, and
the U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely. A QEF Election
will be treated as &#8220;timely&#8221; for purposes of avoiding the default PFIC rules discussed above if such QEF Election is made
for the first year in the U.S. Holder&#8217;s holding period for the Offered Shares in which we were a PFIC. A U.S. Holder may make a
timely QEF Election by filing the appropriate QEF Election documents at the time such U.S. Holder files a U.S. federal income tax return
for such year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A QEF Election will apply to the tax year for
which such QEF Election is made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents
to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, we cease to be a PFIC, the QEF
Election will remain in effect (although it will not be applicable) during those tax years in which we are not a PFIC. Accordingly, if
we become a PFIC in another subsequent tax year, the QEF Election will be effective and the U.S. Holder will be subject to the QEF rules
described above during any subsequent tax year in which we qualify as a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, under proposed Treasury Regulations,
if a U.S. Holder has an option, warrant or other right to acquire stock of a PFIC (such as the Warrants), such option, warrant or right
is considered to be PFIC stock subject to the default rules of Section 1291 of the Code. However, a U.S. Holder of an option, warrant
or other right to acquire stock of a PFIC may not make a QEF Election that will apply to the option, warrant or other right to acquire
PFIC stock. In addition, under proposed Treasury Regulations, if a U.S. Holder holds an option, warrant or other right to acquire stock
of a PFIC, the holding period with respect to shares of stock of the PFIC acquired upon exercise of such option, warrant or other right
will include the period that the option, warrant or other right was held.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consequently, under the proposed Treasury Regulations,
if a U.S. Holder of Offered Shares makes a QEF Election, such election generally will not be treated as a timely QEF Election with respect
to Warrant Shares and the rules of Section 1291 of the Code discussed above will continue to apply with respect to such U.S. Holder&#8217;s
Warrant Shares. However, a U.S. Holder of Warrant Shares should be eligible to make a timely QEF Election if such U.S. Holder makes a
 &#8220;purging&#8221; or &#8220;deemed sale&#8221; election to recognize gain (which will be taxed under the rules of Section 1291 of
the Code discussed above) as if such Warrant Shares were sold for fair market value. As a result of the &#8220;purging&#8221; or &#8220;deemed
sale&#8221; election, the U.S. Holder will have a new basis and holding period in the Warrant Shares acquired upon the exercise of the
Warrants for purposes of the PFIC rules.. In addition, gain recognized on the sale or other taxable disposition (other than by exercise)
of the Warrants by a U.S. Holder will be subject to the rules of Section 1291 of the Code discussed above. Each U.S. Holder should consult
its own tax advisor regarding the application of the PFIC rules to the Units, Offered Shares, Warrants, and Warrant Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For each tax year that we qualify as a PFIC,
we: (a) intend to make available to U.S. Holders, upon their written request, a PFIC Annual Information Statement as described in Treasury
Regulation Section 1.1295-1(g) (or any successor Treasury Regulation) and (b) upon written request, use commercially reasonable efforts
to provide such additional information that such U.S. Holder is reasonably required to obtain in connection with maintaining such QEF
Election with regard to us. We may elect to provide such information on our website. Each U.S. Holder should consult its own tax advisor
regarding the availability of, and procedure for making, a QEF Election.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder makes a QEF Election by attaching
a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed U.S. federal income tax return. However,
if we do not provide the required information with regard to us or any of our Subsidiary PFICs, U.S. Holders will not be able to make
a QEF Election for such entity and will continue to be subject to the rules of Section 1291 of the Code discussed above that apply to
Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder may make a Mark-to-Market Election
with respect to Offered Shares and Warrant Shares only if the Offered Shares and Warrant Shares are marketable stock. The Offered Shares
and Warrant Shares generally will be &#8220;marketable stock&#8221; if the Offered Shares and Warrant Shares are regularly traded on
(a) a national securities exchange that is registered with the SEC, (b) the national market system established pursuant to Section 11A
of the U.S. Exchange Act or (c) a foreign securities exchange that is regulated or supervised by a governmental authority of the country
in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial disclosure, and other
requirements and the laws of the country in which such foreign exchange is located, together with the rules of such foreign exchange,
ensure that such requirements are actually enforced and (ii) the rules of such foreign exchange ensure active trading of listed stocks.
If such stock is traded on such a qualified exchange or other market, such stock generally will be considered &#8220;regularly traded&#8221;
for any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar
quarter. Provided that the Offered Shares and Warrant Shares are &#8220;regularly traded&#8221; as described in the preceding sentence,
the Offered Shares and Warrant Shares are expected to be marketable stock. We believe that our common shares were &#8220;regularly traded&#8221;
in the second calendar quarter of 2021 and expect that the Offered Shares should be &#8220;regularly traded&#8221; in the third calendar
quarter of 2021. However, there can be no assurance that the Offered Shares will be &#8220;regularly traded&#8221; in subsequent calendar
quarters. U.S. Holders should consult their own tax advisors regarding the marketable stock rules.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that makes a Mark-to-Market Election
with respect to its Offered Shares generally will not be subject to the rules of Section 1291 of the Code discussed above with respect
to such Offered Shares. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S.
Holder&#8217;s holding period for the Offered Shares and such U.S. Holder has not made a timely QEF Election, the rules of Section 1291
of the Code discussed above will apply to certain dispositions of, and distributions on, the Offered Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Mark-to-Market Election made by a U.S. Holder
for the Offered Shares will also apply to such U.S. Holder&#8217;s Warrant Shares. As a result, if a Mark-to-Market Election has been
made by a U.S. Holder with respect to Offered Shares, any Warrant Shares received will automatically be marked-to-market in the year
of exercise. Because, under the proposed Treasury Regulations, a U.S. Holder&#8217;s holding period for Warrant Shares includes the period
during which such U.S. Holder held the Warrants, a U.S. Holder will be treated as making a Mark-to-Market Election with respect to its
Warrant Shares after the beginning of such U.S. Holder&#8217;s holding period for the Warrant Shares unless the Warrant Shares are acquired
in the same tax year as the year in which the U.S. Holder acquired its Units. Consequently, the default rules under Section 1291 described
above generally will apply to the mark-to-market gain realized in the tax year in which Warrant Shares are received. However, the general
mark-to-market rules will apply to subsequent tax years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that makes a Mark-to-Market Election
will include in ordinary income, for each tax year in which we are a PFIC, an amount equal to the excess, if any, of (a) the fair market
value of the Offered Shares and any Warrant Shares, as of the close of such tax year over (b) such U.S. Holder&#8217;s tax basis in the
Offered Shares and any Warrant Shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal
to the excess, if any, of (i) such U.S. Holder&#8217;s adjusted tax basis in the Offered Shares and any Warrant Shares, over (ii) the
fair market value of such Offered Shares and any Warrant Shares (but only to the extent of the net amount of previously included income
as a result of the Mark-to-Market Election for prior tax years).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that makes a Mark-to-Market Election
generally also will adjust such U.S. Holder&#8217;s tax basis in the Offered Shares and Warrant Shares to reflect the amount included
in gross income or allowed as a deduction because of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition
of Offered Shares and Warrant Shares, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss
(not to exceed the excess, if any, of (a) the amount included in ordinary income because of such Mark-to-Market Election for prior tax
years over (b) the amount allowed as a deduction because of such Mark-to-Market Election for prior tax years).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder makes a Mark-to-Market Election
by attaching a completed IRS Form 8621 to a timely filed U.S. federal income tax return. A timely Mark-to-Market Election applies to
the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the Offered Shares and Warrant Shares
cease to be &#8220;marketable stock&#8221; or the IRS consents to revocation of such election. Each U.S. Holder should consult its own
tax advisor regarding the availability of, and procedure for making, a Mark-to-Market Election.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although a U.S. Holder may be eligible to make
a Mark-to-Market Election with respect to the Offered Shares and Warrant Shares, no such election may be made with respect to the stock
of any Subsidiary PFIC that a U.S. Holder is treated as owning because such stock is not marketable. Hence, the Mark-to-Market Election
will not be effective to eliminate the interest charge and other income inclusion rules described above with respect to deemed dispositions
of Subsidiary PFIC stock or distributions from a Subsidiary PFIC to its shareholder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 346.5pt 0pt 0; text-align: justify"><U>Other PFIC Rules</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Section 1291(f) of the Code, the IRS has
issued proposed Treasury Regulations that, subject to certain exceptions, would cause a U.S. Holder that had not made a timely QEF Election
to recognize gain (but not loss) upon certain transfers of Offered Shares and Warrant Shares that would otherwise be tax-deferred (e.g.,
gifts and exchanges pursuant to corporate reorganizations). However, the specific U.S. federal income tax consequences to a U.S. Holder
may vary based on the manner in which Offered Shares, Warrants, or Warrant Shares are transferred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If finalized in their current form, the proposed
Treasury Regulations applicable to PFICs would be effective for transactions occurring on or after April 1, 1992. Because the proposed
Treasury Regulations have not yet been adopted in final form, they are not currently effective, and there is no assurance that they will
be adopted in the form and with the effective date proposed. Nevertheless, the IRS has announced that, in the absence of final Treasury
Regulations, taxpayers may apply reasonable interpretations of the Code provisions applicable to PFICs and that it considers the rules
set forth in the proposed Treasury Regulations to be reasonable interpretations of those Code provisions. The PFIC rules are complex,
and the implementation of certain aspects of the PFIC rules requires the issuance of Treasury Regulations which in many instances have
not been promulgated and which, when promulgated, may have retroactive effect. U.S. Holders should consult their own tax advisors about
the potential applicability of the proposed Treasury Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain additional adverse rules will apply with
respect to a U.S. Holder if we are a PFIC, regardless of whether such U.S. Holder makes a QEF Election. For example under Section 1298(b)(6)
of the Code, a U.S. Holder that uses Offered Shares, Warrants or Warrant Shares as security for a loan will, except as may be provided
in Treasury Regulations, be treated as having made a taxable disposition of such Offered Shares, Warrants or Warrant Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, a U.S. Holder who acquires Offered
Shares, Warrants or Warrant Shares from a decedent will not receive a &#8220;step up&#8221; in tax basis of such Offered Shares, Warrants
or Warrant Shares to fair market value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special rules also apply to the amount of foreign
tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, foreign taxes paid with respect
to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating to distributions
by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with their own tax advisor
regarding the availability of the foreign tax credit with respect to distributions by a PFIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PFIC rules are complex, and each U.S. Holder
should consult its own tax advisor regarding the PFIC rules (including the applicability and advisability of a QEF Election and Mark-to-Market
Election) and how the PFIC rules may affect the U.S. federal income tax consequences of the acquisition, ownership, and disposition of
Offered Shares, Warrants and Warrant Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.3pt 0pt 0; text-align: justify"><B>U.S. Federal Income Tax Consequences
of the Exercise and Disposition of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101.3pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion describes the general
rules applicable to the ownership and disposition of the Warrants but is subject in its entirety to the special rules described above
under the heading &#8220;Passive Foreign Investment Company Rules.&#8221;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder should not recognize gain or loss
on the exercise of a Warrant and related receipt of a Warrant Share (unless cash is received in lieu of the issuance of a fractional
Warrant Share). A U.S. Holder&#8217;s initial tax basis in the Warrant Share received on the exercise of a Warrant should be equal to
the sum of (a) such U.S. Holder&#8217;s tax basis in such Warrant plus (b) the exercise price paid by such U.S. Holder on the exercise
of such Warrant. It is unclear whether a U.S. Holder's holding period for the Warrant Share received on the exercise of a Warrant would
commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant. If we are a PFIC, a U.S. Holder&#8217;s
holding period for the Warrant Share for PFIC purposes will begin on the date on which such U.S. Holder acquired its Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In certain limited circumstances, a U.S. Holder
may be permitted to undertake a cashless exercise of Warrants into Warrant Shares. The U.S. federal income tax treatment of a cashless
exercise of Warrants into Warrant Shares is unclear, and the tax consequences of a cashless exercise could differ from the consequences
upon the exercise of a Warrant described in the preceding paragraph. U.S. Holders should consult their own tax advisors regarding the
U.S. federal income tax consequences of a cashless exercise of Warrants.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder will recognize gain or loss on
the sale or other taxable disposition of a Warrant in an amount equal to the difference, if any, between (a) the amount of cash plus
the fair market value of any property received and (b) such U.S. Holder&#8217;s tax basis in the Warrant sold or otherwise disposed of.
Subject to the PFIC rules discussed above, any such gain or loss generally will be a capital gain or loss, which will be long-term capital
gain or loss if the Warrant is held for more than one year. Deductions for capital losses are subject to complex limitations under the
Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Expiration of Warrants Without Exercise</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the lapse or expiration of a Warrant, a
U.S. Holder will recognize a loss in an amount equal to such U.S. Holder&#8217;s tax basis in the Warrant. Any such loss generally will
be a capital loss and will be long-term capital loss if the Warrants are held for more than one year. Deductions for capital losses are
subject to complex limitations under the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Section 305 of the Code, an adjustment
to the number of Warrant Shares that will be issued on the exercise of the Warrants, or an adjustment to the exercise price of the Warrants,
may be treated as a constructive distribution to a U.S. Holder of the Warrants if, and to the extent that, such adjustment has the effect
of increasing such U.S. Holder&#8217;s proportionate interest in the &#8220;earnings and profits&#8221; or our assets, depending on the
circumstances of such adjustment (for example, if such adjustment is to compensate for a distribution of cash or other property to the
shareholders). Adjustments to the exercise price of Warrants made pursuant to a bona fide reasonable adjustment formula that has the
effect of preventing dilution of the interest of the holders of the Warrants should generally not be considered to result in a constructive
distribution. Any such constructive distribution would be taxable whether or not there is an actual distribution of cash or other property.
(See more detailed discussion of the rules applicable to distributions made by us at &#8220;Distributions on Offered Shares and Warrant
Shares&#8221; below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><B>General
Rules Applicable to U.S. Federal Income Tax Consequences of the Acquisition, Ownership, and Disposition of Offered Shares and Warrant
Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion describes the general
rules applicable to the ownership and disposition of the Offered Shares and Warrant Shares but is subject in its entirety to the special
rules described above under the heading &#8220;Passive Foreign Investment Company Rules.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Distributions on Offered Shares and Warrant
Shares</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #231F20">A U.S. Holder that
receives a distribution, including a constructive distribution, with respect to an Offered Share or Warrant Share </FONT>(as well as
any constructive distribution on a Warrant as described above) <FONT STYLE="color: #231F20">will be required to include the amount of
such distribution in gross income as a dividend (without reduction for any Canadian income tax withheld from such distribution) to the
extent of our current and accumulated &#8220;earnings and profits&#8221;, as computed under U.S. federal income tax principles. A dividend
generally will be taxed to a U.S. Holder at ordinary income tax rates if we are a PFIC for the tax year of such distribution or the preceding
tax year. To the extent that a distribution exceeds our current and accumulated &#8220;earnings and profits&#8221;, such distribution
will be treated first as a tax-free return of capital to the extent of a U.S. Holder&#8217;s tax basis in the Offered Shares or Warrant
Shares and thereafter as gain from the sale or exchange of such Offered Shares or Warrant Shares (see &#8220;Sale or Other Taxable Disposition
of Offered Shares and/or Warrant Shares&#8221; below). However, we may not maintain the calculations of earnings and profits in accordance
with U.S. federal income tax principles, and each U.S. Holder may be required to assume that any distribution by us with respect to the
Offered Shares or Warrant Shares will constitute ordinary dividend income. Dividends received on Offered Shares or Warrant Shares generally
will not be eligible for the &#8220;dividends received deduction&#8221; generally applicable to corporations. </FONT>Subject to applicable
limitations and provided we are eligible for the benefits of the Convention Between Canada and the United States of America with Respect
to Taxes on Income and on Capital, signed September 26, 1980, as amended, or the <FONT STYLE="color: #231F20">Offered Share</FONT>s are
readily tradable on a United States securities market, dividends paid by us to non-corporate U.S. Holders, including individuals, generally
will be eligible for the preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period
and other conditions are satisfied, including that we not be classified as a PFIC in the tax year of distribution or in the preceding
tax year. <FONT STYLE="color: #231F20">The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding
the application of such rules.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Sale or Other Taxable Disposition of Offered
Shares and/or Warrant Shares</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the sale or other taxable disposition of
Offered Shares or Warrant Shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between
(a) the amount of cash plus the fair market value of any property received and (b) such U.S. Holder&#8217;s tax basis in such Offered
Shares or Warrant Shares sold or otherwise disposed of. Gain or loss recognized on such sale or other taxable disposition generally will
be long-term capital gain or loss if, at the time of the sale or other taxable disposition, the Offered Shares or Warrant Shares have
been held for more than one year. Preferential tax rates may apply to long-term capital gain of a U.S. Holder that is an individual,
estate, or trust. There are no preferential tax rates for long-term capital gain of a U.S. Holder that is a corporation. Deductions for
capital losses are subject to significant limitations under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"><B>Additional Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 153.35pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 153.35pt 0pt 0; text-align: justify"><U>Receipt of Foreign Currency</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of any distribution paid to a U.S.
Holder in foreign currency or on the sale, exchange or other taxable disposition of Offered Shares, Warrants or Warrant Shares generally
will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless
of whether such foreign currency is converted into U.S. dollars at that time). If the foreign currency received is not converted into
U.S. dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the
date of receipt. Any U.S. Holder who receives payment in foreign currency and engages in a subsequent conversion or other disposition
of the foreign currency may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally
will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method
of tax accounting. Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving,
owning, and disposing of foreign currency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3in 0pt 0; text-align: justify"><U>Foreign Tax Credit</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the PFIC rules discussed above, a
U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the <FONT STYLE="color: #231F20">Offered
Share</FONT>s or Warrant Shares (or with respect to any constructive dividend on the Warrants) generally will be entitled, at the election
of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S.
Holder&#8217;s U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder&#8217;s
income subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid or accrued
(whether directly or through withholding) by a U.S. Holder during a year. The foreign tax credit rules are complex and involve the application
of rules that depend on a U.S. Holder&#8217;s particular circumstances. Accordingly, each U.S. Holder should consult its own tax advisor
regarding the foreign tax credit rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 85.5pt 0pt 0; text-align: justify"><U>Information Reporting; Backup Withholding
Tax</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under U.S. federal income tax laws certain categories
of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation. For example,
U.S. return disclosure obligations (and related penalties) are imposed on U.S. Holders that hold certain specified foreign financial
assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes not only financial accounts
maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security
issued by a non-U.S. person. U. S. Holders may be subject to these reporting requirements unless their Offered Shares, Warrants, and
Warrant Shares are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns
are substantial. U.S. Holders should consult their own tax advisors regarding the requirements of filing information returns, including
the requirement to file IRS Form 8938.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments made within the U.S., or by a U.S. payor
or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of the Offered Shares, Warrants and
Warrant Shares generally may be subject to information reporting and backup withholding tax, currently at the rate of 24%, if a U.S.
Holder (a) fails to furnish its correct U.S. taxpayer identification number (generally on Form W-9), (b) furnishes an incorrect U.S.
taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject
to backup withholding tax, or (d) fails to certify, under penalty of perjury, that it has furnished its correct U.S. taxpayer identification
number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons,
such as U.S. Holders that are corporations, generally are excluded from these information reporting and backup withholding tax rules.
Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder&#8217;s U.S. federal
income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The discussion of reporting requirements set
forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure
to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax and, under
certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each
U.S. Holder should consult its own tax advisors regarding the information reporting and backup withholding rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE
A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION
OF OFFERED SHARES, WARRANTS AND WARRANT SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE
TO THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pr_001"></A>MATERIAL CANADIAN FEDERAL
INCOME TAX CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following fairly summarizes, as of the date
of this prospectus supplement, the principal Canadian federal income tax considerations under the <I>Income Tax Act</I> (Canada) (the
 &#8220;<B>Tax Act</B>&#8221;) generally applicable to a purchaser who acquires a Unit consisting of one Offered Share and one half of
one Warrant pursuant to the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each term in this summary that is otherwise undefined
and first appears in quotation marks means that term as defined in the Tax Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary applies only to purchasers each
of whom, at all material times for the purposes of the Tax Act,</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">beneficially
                                            owns each Offered Share and Warrant acquired pursuant to the Offering and each Warrant Share
                                            acquired on exercise of a Warrant,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">holds
                                            all Offered Shares, Warrants, and Warrant Shares as capital property,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">deals
                                            at arm&#8217;s length and is not affiliated with the Company, the Underwriters, and each
                                            person to whom the purchaser disposes of an Offered Share, Warrant, or Warrant Share,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is
                                            not a &#8220;financial institution&#8221; for the purpose of the mark-to-market rules in
                                            the Tax Act or a &#8220;specified financial institution&#8221;,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">has
                                            not elected to report its &#8220;Canadian tax results&#8221; in a currency other than Canadian
                                            currency,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is
                                            not a person or partnership an interest in which is a &#8220;tax shelter investment&#8221;,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is
                                            not a corporation resident in Canada that is controlled by a non-resident corporation for
                                            the purposes of the &#8220;foreign affiliate dumping&#8221; rules in section 212.3 of the
                                            Tax Act, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">has
                                            not entered into a &#8220;derivative forward agreement&#8221; in respect of any of the purchaser&#8217;s
                                            Offered Shares, Warrants, or Warrant Shares</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(each such purchaser, a &#8220;<B>Holder</B>&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Holder&#8217;s Offered Shares, Warrant Shares
and Warrants will generally be capital property of the Holder unless the Holder holds them in the course of carrying on a business of
trading or dealing in securities or acquired them in one or more transactions considered to be an adventure or concern in the nature
of trade. A Resident Holder (as defined under the heading &#8220;<I>Holders Resident in Canada</I>&#8221;) whose Offered Shares or Warrant
Shares might not otherwise qualify as capital property may be entitled to elect irrevocably under subsection 39(4) of the Tax Act that
the Resident Holder&#8217;s Offered Shares, Warrant Shares, and every other &#8220;Canadian security&#8221; owned by the Resident Holder
in the taxation year of the election or any subsequent taxation year be deemed to be capital property. Any Resident Holder who is considering
making such an election should consult the Resident Holder&#8217;s tax advisors before doing so. An election under subsection 39(4) of
the Tax Act is not available in respect of Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is based on the current provisions
of the Tax Act and the regulations thereunder (&#8220;<B>Regulations</B>&#8221;) in force as of the date hereof, all specific proposals
to amend the Tax Act or Regulations publicly announced by or on behalf of the Minister of Finance (Canada) to the date hereof, and the
current published administrative policies and assessing practices of the Canada Revenue Agency (the &#8220;<B>CRA</B>&#8221;). It is
assumed that all such amendments will be enacted as currently proposed, and that there will be no other change in any relevant law, administrative
practice, or assessing policy, although no assurance can be given in these respects. This summary does not otherwise take into account
or anticipate any change in law, administrative policy or assessing practice, whether by legislative, regulatory, administrative, governmental
or judicial decision or action, and does not take into account any provincial, territorial or foreign tax laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This summary is of a general nature only and
is not exhaustive of all possible Canadian federal income tax considerations applicable to any particular Holder. It is not intended
to be, and should not be construed as, legal or tax advice to any particular Holder. Accordingly, each Holder should consult their own
tax advisors with respect to the Canadian federal income tax consequences of acquiring, holding and disposing of Offered Shares, Warrants,
and Warrant Shares having regard to the their particular circumstances.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain exceptions that are not discussed
herein, each Holder must, for the purposes of the Tax Act, determine each amount relating to the acquisition, holding or disposition
of an Offered Share, Warrant, or Warrant Share (including dividends, adjusted cost base, and proceeds of disposition) in Canadian currency
based on the relevant rate of exchange quoted by the Bank of Canada at noon on the date the amount first arose, or such other rate of
exchange as is acceptable to the Minister.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Holder who acquires a Unit pursuant to the
Offering will be required to allocate the purchase price paid for the Unit on a reasonable basis to the cost of the Offered Share and
the one-half Warrant that comprise the Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management
                                            of the Company advises that the Company intends for its purposes to allocate US$1.07 of the
                                            subscription price for each Unit to the cost of the Offered Share included in the Unit, and
                                            the remaining US$0.03 to the cost of the one-half Warrant, and believes such allocation to
                                            be reasonable. The Company&rsquo;s allocation, however, is not binding on the CRA or Holders.</P>  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The adjusted cost base to a Holder of an Offered
Share acquired as part of a Unit will be determined by averaging the cost of such Offered Share with the adjusted cost base of all Common
Shares held by the Holder as capital property immediately before such acquisition.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This portion of the summary applies solely to
Holders each of whom at all relevant times is, or is deemed to be, resident solely in Canada for the purposes of the Tax Act (each a
 &#8220;<B>Resident Holder</B>&#8221;).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder who at a particular time acquires
a Warrant Share on the exercise of a Warrant will not thereby realize a capital gain or capital loss, including on the cashless exercise
of a Warrant, as discussed under the heading &#8220;<I>Description of the Securities Distributed &#8211; Warrants</I>&#8221;. The Resident
Holder will acquire the Warrant Share at a cost equal to the Resident Holder&#8217;s adjusted cost base of the Warrant plus the amount
paid by the Resident Holder, if any, on the exercise of the Warrant, and will determine the adjusted cost base of the Warrant Share by
averaging its cost with the Resident Holder&#8217;s adjusted cost base of all other Common Shares (if any) held by the Holder as capital
property immediately before the particular time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder whose unexercised Warrants
expire will generally realize a capital loss equal to the adjusted cost base of the Warrant immediately before the expiry. Any such capital
loss will generally be deductible as described under the heading &#8220;<I>Capital Gains and Capital Losses</I>&#8221;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder who receives or is deemed to
receive a dividend on an Offered Share or Warrant Share in a taxation year will generally be required to include the amount of the dividend
in the Resident Holder&#8217;s income for the taxation year. A Resident Holder who is an individual (other than certain trusts) will
be subject to the dividend gross-up and tax credit rules applicable to taxable dividends received from taxable Canadian corporations
in respect of the dividend including, if applicable, the enhanced dividend gross-up and tax credit rules applicable to &#8220;eligible
dividends&#8221;. There may be limitations on the Company&#8217;s ability to designate dividends and deemed dividends as eligible dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder that is a corporation will
generally be entitled to deduct an amount equal to the dividend in computing its taxable income. The amount of a corporate Resident Holder&#8217;s
dividend that would otherwise be deductible may, in certain circumstances and subject to the detailed rules set out in section 55 of
the Tax Act, be deemed to be a capital gain of the Resident Holder. Any such deemed capital gain would be subject to tax as described
under the heading &#8220;<I>Capital Gains and Capital Losses</I>&#8221;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder that is a &#8220;private corporation&#8221;
or a &#8220;subject corporation&#8221; may be liable under Part IV of the Tax Act to pay a refundable tax on dividends received or deemed
to be received on the Offered Shares or Warrant Shares in a taxation year to the extent that such dividends are deductible in computing
the Resident Holder&#8217;s taxable income for the taxation year. A &quot;subject corporation&quot; is generally a Canadian resident
corporation (other than a private corporation) controlled directly or indirectly by or for the benefit of an individual (other than a
trust) or a related group of individuals (other than trusts).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon a disposition or deemed disposition of an
Offered Share or Warrant Share (other than a disposition to the Company, unless purchased by the Company in the open market in the manner
in which shares would normally be purchased by any member of the public in the open market), or a Warrant (other than on the exercise
of the Warrant), a Resident Holder will generally realize a capital gain (or capital loss) in the taxation year equal to the amount by
which the proceeds of disposition, less reasonable costs of disposition, exceed (or are exceeded by) the Resident Holder&#8217;s adjusted
cost base of the Offered Share, Warrant Share or Warrant, as applicable. The Resident Holder will generally be required to include one
half of any such capital gain (a &#8220;taxable capital gain&#8221;) in its income for the year, and be entitled to deduct one half of
any such capital loss year (an &#8220;allowable capital loss&#8221;) against its taxable capital gains realized in the taxation year
or, to the extent not so deductible, in any of its three preceding taxation years or any subsequent taxation year, subject to the detailed
rules in the Tax Act regarding the deductibility of allowable capital losses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of a capital loss realized on the
disposition or deemed disposition of an Offered Share or Warrant Share by a Resident Holder that is a corporation may, in certain circumstances,
be reduced by the amount of any dividends that it received or is deemed to have received on the Offered Share or Warrant Share to the
extent and in the circumstances set out in the Tax Act. Similar rules may apply where a corporation is a member of a partnership or a
beneficiary of a trust that owns Shares, directly or indirectly, through a partnership or trust. Resident Holders to whom these rules
may be relevant should consult their own tax advisors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder that is a &#8220;Canadian-controlled
private corporation&#8221; throughout a taxation year may be liable to pay an additional refundable tax on its &#8220;aggregate investment
income&#8221; for the year, which is defined to include an amount in respect of taxable capital gains.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder who is an individual (other
than certain trusts) and realizes or is deemed to realize a capital gain on the disposition of an Offered Share or Warrant Share, or
receives or is deemed to receive a taxable dividend on the Resident Holder&#8217;s Offered Shares or Warrant Shares, may thereby be may
be liable for alternative minimum tax under the Tax Act. Resident Holders who are individuals should consult their own tax advisors in
this regard.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders Not Resident in Canada</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This portion of the summary is generally applicable
solely to Holders each of whom, at all relevant times for purposes of the Tax Act, is not and is not deemed to be resident in Canada,
does not use or hold Offered Shares, Warrants, or Warrant Shares in connection with a business carried in Canada, and does not and is
not deemed to carry on an insurance business in Canada (each such Holder, a &#8220;<B>Non-resident Holder</B>&#8221;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Non-resident Holder who is paid or credited
with, or is deemed to be paid or credited with, a dividend on the Non-resident Holder`s Offered Shares or Warrant Shares will generally
be subject to Canadian withholding tax at the rate of 25% of the gross amount of the dividend, or such lower rate as may be available
under an income tax convention, if any, between Canada and the country in which the Non-resident Holder is resident. For example, the
rate under the <I>Canada-United States Income Tax Convention (1980)</I> applicable to a Non-resident Holder who is a resident of the
United States for the purposes of the convention and entitled to its benefits is generally 15%.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Non-resident Holder who disposes of an Offered
Share, Warrant Share, or Warrant generally will not be subject to Canadian federal income tax in respect of any capital gain thereby
realized unless the Offered Share, Warrant Share or Warrant, as applicable, constitutes &#8220;taxable Canadian property&#8221; to the
Non-Resident Holder thereof for purposes of the Tax Act at the time of disposition, and the gain is not exempt from tax pursuant to the
terms of an applicable tax treaty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, provided that the Common Shares are,
at the time of disposition, listed on a &#8220;designated stock exchange&#8221; (which currently includes the TSX), the Offered Shares,
Warrants and Warrant Shares will not constitute taxable Canadian property of a Non-Resident Holder unless, at any time during the 60-month
period immediately preceding the disposition the following two conditions were satisfied concurrently: (i) 25% or more of the issued
shares of any class or series of the capital stock of the Company were owned by one or any combination of (a) the Non-Resident Holder,
(b) persons with whom the Non-Resident Holder did not deal at arm&#8217;s length (for the purposes of the Tax Act), and (c) partnerships
in which the Non-Resident Holder or a person described in (b) holds a membership interest directly or indirectly through one or more
partnerships; and (ii) more than 50% of the fair market value of such shares was derived, directly or indirectly, from one or any combination
of: (a) real or immovable property situated in Canada, (b) &#8220;Canadian resource property&#8221;, (c) &#8220;timber resource property&#8221;
or (d) options in respect of, or interests in any of, the foregoing property, whether or not such property exists. Notwithstanding the
foregoing, the Offered Shares, Warrants and Warrant Shares may also be deemed to be taxable Canadian property to a Non-Resident Holder
under other provisions of the Tax Act. Non-Resident Holders for whom the Offered Shares, Warrants or Warrant Shares are, or may be, taxable
Canadian property should consult their own tax advisors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that an Offered Share, Warrant or
Warrant Share constitutes taxable Canadian property of a Non-Resident Holder and any capital gain that would be realized on the disposition
thereof is not exempt from tax under the Tax Act pursuant to an applicable income tax treaty or convention, the income tax consequences
discussed above under &#8220;<I>Holders Resident in Canada &#8211; Capital Gains and Capital Losses</I>&#8221; will generally apply to
the Non-Resident Holder. Non-Resident Holders should consult their own tax advisor in this regard.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="pr_002"></A>LEGAL MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters relating to the Offered
Shares and Warrants offered pursuant to this prospectus supplement will be passed upon for us by Borden Ladner Gervais LLP, with respect
to Canadian legal matters, and Dorsey &amp; Whitney LLP,&nbsp;with respect&nbsp;to U.S. legal matters, and for the underwriters by Stikeman
Elliott LLP, Toronto, Ontario, with respect to Canadian legal matters, and by Ellenoff Grossman &amp; Schole LLP, New York, New York,
with respect to U.S. legal matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pr_003"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information relating to the Company&#8217;s mineral
properties in this prospectus supplement and the documents incorporated by reference herein has been derived from reports, statements
or opinions prepared or certified by Tetra Tech, Inc., Rex Clair Bryan, Anthony Clark, Thomas L. Dyer, April Hussey, Chris Johns, Deepak
Malhotra, Zvonimir Ponos, David M. Richers, Vicki J. Scharnhorst, Jessica I. Monasterio, Keith Thompson, and John Rozelle, and this information
has been included in reliance on such companies and persons&#8217; expertise. Each of Rex Clair Bryan, Anthony Clark, Thomas L. Dyer,
April Hussey, Chris Johns, Deepak Malhotra, Zvonimir Ponos, David M. Richers, Vicki J. Scharnhorst, Jessica I. Monasterio, Keith Thompson,
and John Rozelle is a qualified person as such term is defined NI 43-101.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of Tetra Tech, Inc., Rex Clair Bryan, Anthony
Clark, Thomas L. Dyer, April Hussey, Chris Johns, Deepak Malhotra, Zvonimir Ponos, David M. Richers, Vicki J. Scharnhorst, Jessica I.
Monasterio, Keith Thompson, and John Rozelle each being companies and persons who have prepared or certified the preparation of reports,
statements or opinions relating to the Company&#8217;s mineral properties, or any director, officer, employee or partner thereof, as
applicable, received or has received a direct or indirect interest in the property of the Company or of any associate or affiliate of
the Company. As at the date hereof, the aforementioned persons, companies and persons at the companies specified above who participated
in the preparation of such reports, statements or opinions, as a group, beneficially own, directly or indirectly, less than 1% of the
Company&#8217;s outstanding securities of any class and less than 1% of the outstanding securities of the Company&#8217;s associates
or affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current auditors of the Company are Plante
 &amp; Moran, PLLC. Plante &amp; Moran, PLLC report that they are independent of the Company in accordance with the Rules of Professional
Conduct of the Institute of Chartered Accountants of British Columbia and in accordance with the applicable rules and regulations of
the SEC. Plante &amp; Moran, PLLC is registered with the Public Company Accounting Oversight Board. The audited consolidated financial
statements of the Company as at December 31, 2020 and 2019 and for the years ended December 31, 2020 and 2019 have been audited by Plante
 &amp; Moran, PLLC and are incorporated by reference herein in reliance on the authority of said firm as experts in auditing and accounting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pr_004"></A>WHERE TO FIND ADDITIONAL
INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. You may read and copy materials we have filed with the SEC at the SEC&#8217;s public
reference room at 100&nbsp;F Street, N.E., Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the
operation of its public reference room. Our SEC filings also are available to the public on the SEC&#8217;s Internet site at <U>www.sec.gov</U>.
In addition, we maintain a website that contains information about us, including our SEC filings, at <U>www.vistagold.com</U>. The information
contained on our website does not constitute a part of this prospectus supplement, the accompanying base prospectus, the Canadian Prospectus
or any other report or documents we file with or furnish to the SEC or with the securities regulatory authorities in Canada.</P>

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

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

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

<div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="margin-top:30pt;min-height:15.1pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>PROSPECTUS</B></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:1pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><A NAME="_MON_1214687267"></A><A NAME="_MON_1214838733"></A><A NAME="_MON_1220265950"></A><A NAME="_MON_1220270633"></A><A NAME="_MON_1220273235"></A><A NAME="_MON_1222541905"></A><A NAME="_MON_1299503404"></A><A NAME="_MON_1385985891"></A><A NAME="_MON_1385987107"></A><A NAME="_MON_1173679314"></A><IMG SRC="tmb-20200624x424b5001.jpg" ALT="Graphic" STYLE="display: inline-block; height: 60pt; left: 0%; padding-bottom: 0pt; position: relative; top: 0pt; width: 83.25pt"></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><IMG SRC="tmb-20200624x424b5002.jpg" ALT="Graphic" STYLE="display: inline-block; height: 1pt; width: 1pt"></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><FONT STYLE="font-size: 18pt"><B>VISTA
                                            GOLD CORP.</B></FONT></p><p style="border-bottom-style:none;font-family:'Times New Roman';font-size:10pt;text-align:center;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt 124pt 0pt 122pt;padding:1pt 11pt 0pt 4pt;"><FONT STYLE="font-size: 14pt"><B>$25,000,000</B></FONT><B><BR>Common
                                            Shares<BR>Warrants</B></p><p style="border-bottom-style:none;border-top-style:none;font-family:'Times New Roman';font-size:10pt;text-align:center;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;margin:0pt 124pt 0pt 122pt;padding:0pt 11pt 0pt 4pt;"><B>Subscription
                                            Receipts</B></p><p style="border-top-style:none;font-family:'Times New Roman';font-size:10pt;text-align:center;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;margin:0pt 124pt 0pt 122pt;padding:0pt 11pt 1pt 4pt;"><B>Units</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Vista
                                            Gold Corp. (the &#8220;Company&#8221;) may offer and sell, from time to time, up to $25,000,000
                                            aggregate initial offering price of <A NAME="OLE_LINK7"></A>common shares in the capital
                                            of the Company, without par value (which we refer to herein as &#8220;Common Shares&#8221;),
                                            warrants to purchase Common Shares (which we refer to herein as &#8220;Warrants<FONT STYLE="font-family: Times">&#8221;</FONT>),
                                            subscription receipts for Common Shares, Warrants or any combination thereof (which we refer
                                            to herein as &#8220;Subscription Receipts&#8221;), or any combination thereof (which we refer
                                            to herein as &#8220;Units&#8221;) (collectively, the Common Shares, Warrants, Subscription
                                            Receipts, and Units are referred to herein as the &#8220;Securities&#8221;) in one or more
                                            transactions under this base prospectus (which we refer to herein as the &#8220;Prospectus&#8221;).
                                            &#160;This Prospectus also covers (i)&#160;Common Shares that may be issued upon exercise
                                            of warrants and (ii)&#160;such indeterminate amount of securities as may be issued in exchange
                                            for, or upon conversion of, as the case may be, the securities registered hereunder, including,
                                            in each case, an indeterminate number of Common Shares that may be issued pursuant to anti-dilution
                                            or adjustment provisions in Warrants or Subscription Receipts issuable hereunder. &#160;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">This
                                            Prospectus provides you with a general description of the Securities that the Company may
                                            offer. Each time the Company offers Securities, it will provide you with a prospectus supplement
                                            (which we refer to herein as the &#8220;Prospectus Supplement&#8221;) that describes specific
                                            information about the particular Securities being offered and may add, update or change information
                                            contained in this Prospectus. You should read both this Prospectus and the Prospectus Supplement,
                                            together with any additional information which is incorporated by reference into this Prospectus.
                                            &#160;<B>This Prospectus may not be used to offer or sell securities without the Prospectus
                                            Supplement which includes a description of the method and terms of that offering.</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company may sell the Securities on a continuous or delayed basis to or through underwriters,
                                            dealers or agents or directly to purchasers. The Prospectus Supplement, which the Company
                                            will provide to you each time it offers Securities, will set forth the names of any underwriters,
                                            dealers or agents involved in the sale of the Securities, and any applicable fee, commission
                                            or discount arrangements with them. &#160;For additional information on the methods of sale,
                                            you should refer to the section entitled &#8220;Plan of Distribution&#8221; in this Prospectus.
                                            &#160;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Common Shares are traded on the NYSE MKT (which we refer to as &#8220;NYSE MKT&#8221;) and
                                            on the Toronto Stock Exchange (which we refer to as the &#8220;TSX&#8221;) under the symbol
                                            &#8220;VGZ&#8221;. On June 23<FONT STYLE="letter-spacing: -0.25pt">, 2020</FONT>, the last
                                            reported sale price of the Common Shares on the NYSE MKT was $0.95 per Common Share and on
                                            the TSX was C$1.30 per Common Share. <B>There is currently no market through which the Securities,
                                            other than the Common Shares, may be sold and purchasers may not be able to resell the Securities
                                            purchased under this Prospectus. &#160;This may affect the pricing of the Securities, other
                                            than the Common Shares, in the secondary market, the transparency and availability of trading
                                            prices, the liquidity of these Securities and the extent of issuer regulation.</B> &#160;See
                                            &#8220;Risk Factors&#8221;.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>Investing
                                            in the Securities involves risks. &#160;See &#8220;Risk Factors&#8221; on page 4. </B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>These
                                            Securities have not been approved or disapproved by the U.S. Securities and Exchange Commission
                                            (&#8220;SEC&#8221;) or any state securities commission nor has the SEC or any state securities
                                            commission passed upon the accuracy or adequacy of this Prospectus. &#160; Any representation
                                            to the contrary is a criminal offense. </B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt 68pt 0pt 68pt;padding:1pt 4pt 1pt 4pt;"><B>THE
                                            DATE OF THIS PROSPECTUS IS JUNE 24, 2020</B></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>TABLE
                                            OF CONTENTS</B></p><p style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;">&#8203;</p><div style="margin-left:-5.65pt;" align="left"><TABLE STYLE="border-collapse: collapse; font-size: 16pt; width: 100%"><TR STYLE="height: 1pt"><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-size: 1pt">&#8203;</FONT></p></div></div></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-size: 1pt">&#8203;</FONT></p></div></div></td></tr><tr><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">Page</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#ABOUT_THIS_PROSPECTUS"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">ABOUT
                                            THIS PROSPECTUS</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">i</p></td></tr><tr><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Cautionary_Note"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">CAUTIONARY
                                            NOTE TO U.S. INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
                                            AND PROVEN AND PROBABLE RESERVES</FONT></A></p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">ii</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#CURRENCY_328954"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">CURRENCY</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">ii</p></td></tr><tr><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Forward_Looking_Statements"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">NOTE
                                            REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">iii</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#SUMMARY"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">SUMMARY</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">1</p></td></tr><tr><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Risk_Factors"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">RISK
                                            FACTORS</FONT></A></p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">4</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Docs_Incorp_by_Ref"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DOCUMENTS
                                            INCORPORATED BY REFERENCE</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">13</p></td></tr><tr style="height:3.5pt;"><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Use_of_Proceeds"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">USE
                                            OF PROCEEDS</FONT></A></p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">14</p></td></tr><tr style="height:3.5pt;"><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Market_for_Shares"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">MARKET
                                            FOR COMMON SHARES</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">14</p></td></tr><tr style="height:3.5pt;"><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Income_Tax_Considerations"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">CERTAIN
                                            INCOME TAX CONSIDERATIONS</FONT></A></p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">14</p></td></tr><tr style="height:3.5pt;"><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Description_Common_Shares"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DESCRIPTION
                                            OF COMMON SHARES</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">14</p></td></tr><tr style="height:3.5pt;"><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Description_Warrants"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DESCRIPTION
                                            OF WARRANTS</FONT></A></p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">14</p></td></tr><tr style="height:3.5pt;"><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Description_Subscription_Receipts"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DESCRIPTION
                                            OF SUBSCRIPTION RECEIPTS</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">16</p></td></tr><tr style="height:3.5pt;"><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Description_Units"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">DESCRIPTION
                                            OF UNITS</FONT></A></p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">19</p></td></tr><tr style="height:3.5pt;"><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Plan_of_Distribution"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">PLAN
                                            OF DISTRIBUTION</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">20</p></td></tr><tr style="height:3.5pt;"><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Auditors_TA_Registrar"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">AUDITORS,
                                            TRANSFER AGENT AND REGISTRAR</FONT></A></p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">22</p></td></tr><tr style="height:3.5pt;"><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Experts"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">EXPERTS</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">22</p></td></tr><tr style="height:3.5pt;"><td style="vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#Legal_Matters"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">LEGAL
                                            MATTERS</FONT></A></p></td><td style="vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">22</p></td></tr><tr style="height:3.5pt;"><td style="background-color:#cceeff;vertical-align:top;width:87.6%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A HREF="#More_Information"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">WHERE
                                            YOU CAN FIND MORE INFORMATION</FONT></A></p></td><td style="background-color:#cceeff;vertical-align:top;width:12.39%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;">22</p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">&#8203;</p><p style="display:none;font-weight:bold;line-height:0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 0pt">&#8203;</FONT></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc483580031"></A><A NAME="_Toc42715730"></A><A NAME="_Toc170126442"></A><A NAME="A006"></A><A NAME="ABOUT_THIS_PROSPECTUS"></A>ABOUT
                                            THIS PROSPECTUS</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 7.2pt 0pt 0pt;">This
                                            Prospectus is a part of a registration statement that the Company filed with the SEC utilizing
                                            a &#8220;shelf&#8221; registration process. &#160;Under this shelf registration process,
                                            the Company may sell any combination of the Securities described in this Prospectus in one
                                            or more offerings up to a total dollar amount of initial aggregate offering price of $25,000,000.
                                            This Prospectus provides you with a general description of the Securities that we may offer.
                                            The specific terms of the Securities in respect of which this Prospectus is being delivered
                                            will be set forth in a Prospectus Supplement and may include, where applicable: (i)&#160;in
                                            the case of Common Shares, the number of Common Shares offered, the offering price and any
                                            other specific terms of the offering; (ii) in the case of Warrants, the designation, number
                                            and terms of the Common Shares purchasable upon exercise of the Warrants, any procedures
                                            that will result in the adjustment of those numbers, the exercise price, dates and periods
                                            of exercise, and the currency or the currency unit in which the exercise price must be paid
                                            and any other specific terms; (iii) in the case of Subscription Receipts, the designation,
                                            number and terms of the Common Shares or Warrants receivable upon satisfaction of certain
                                            release conditions, any procedures that will result in the adjustment of those numbers, any
                                            additional payments to be made to holders of Subscription Receipts upon satisfaction of the
                                            release conditions, the terms of the release conditions, terms governing the escrow of all
                                            or a portion of the gross proceeds from the sale of the Subscription Receipts, terms for
                                            the refund of all or a portion of the purchase price for Subscription Receipts in the event
                                            the release conditions are not met and any other specific terms; and (iv) in the case of
                                            Units, the designation, number and terms of the Common Shares, Warrants, or Subscription
                                            Receipts comprising the Units. &#160;A Prospectus Supplement may include specific variable
                                            terms pertaining to the Securities that are not within the alternatives and parameters set
                                            forth in this Prospectus.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">In
                                            connection with any offering of the Securities (unless otherwise specified in a Prospectus
                                            Supplement), the underwriters or agents may over-allot or effect transactions which stabilize
                                            or maintain the market price of the Securities offered at a higher level than that which
                                            might exist in the open market. &#160;Such transactions, if commenced, may be interrupted
                                            or discontinued at any time. &#160;See &#8220;Plan of Distribution&#8221;.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Please
                                            carefully read both this Prospectus and any Prospectus Supplement together with the documents
                                            incorporated herein by reference under &#8220;Documents Incorporated by Reference&#8221;
                                            and the additional information described below under &#8220;Where You Can Find More Information&#8221;.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>Owning
                                            securities may subject you to tax consequences both in Canada and the United States. &#160;This
                                            Prospectus or any applicable Prospectus Supplement may not describe these tax consequences
                                            fully. &#160;You should read the tax discussion in any Prospectus Supplement with respect
                                            to a particular offering and consult your own tax advisor with respect to your own particular
                                            circumstances.</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">References
                                            in this Prospectus to &#8220;$&#8221; are to United States dollars. Canadian dollars are
                                            indicated by the symbol &#8220;C$&#8221;.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">You
                                            should rely only on the information contained in this Prospectus. &#160;The Company has not
                                            authorized anyone to provide you with information different from that contained in this Prospectus.
                                            &#160;The distribution or possession of this Prospectus in or from certain jurisdictions
                                            may be restricted by law. &#160;This Prospectus is not an offer to sell these Securities
                                            and is not soliciting an offer to buy these Securities in any jurisdiction where the offer
                                            or sale is not permitted or where the person making the offer or sale is not qualified to
                                            do so or to any person to whom it is not permitted to make such offer or sale. &#160;The
                                            information contained in this Prospectus is accurate only as of the date of this Prospectus,
                                            regardless of the time of delivery of this Prospectus or of any sale of the Securities. &#160;The
                                            Company&#8217;s business, financial condition, results of operations and prospects may have
                                            changed since that date.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">In
                                            this Prospectus and in any Prospectus Supplement, unless the context otherwise requires,
                                            references to &#8220;Vista&#8221;, &#8220;Vista Gold&#8221; and the &#8220;Company&#8221;
                                            refer to Vista Gold Corp., either alone or together with its subsidiaries.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><FONT STYLE="font-family: Times New Roman Bold; text-transform: uppercase"><B>&#8203;</B></FONT></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">i</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc483580032"></A><A NAME="_Toc42715731"></A>CAUTIONARY
                                            NOTE TO U.S.&#160;<A NAME="Cautionary_Note"></A>INVESTORS REGARDING ESTIMATES OF MEASURED,
                                            INDICATED AND INFERRED RESOURCES AND PROVEN AND PROBABLE RESERVES</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            terms &#8220;mineral reserve&#8221;, &#8220;proven mineral reserve&#8221; and &#8220;probable
                                            mineral reserve&#8221; are terms defined in Canadian National Instrument&#160;43-101 &#8211;
                                            <I>Standards of Disclosure for Mineral Projects</I> (&#8220;NI&#160;43-101&#8221;) and the
                                            Canadian Institute of Mining, Metallurgy and Petroleum (the&#160;&#8220;CIM&#8221;) &#8211;
                                            <I>CIM Definition Standards on Mineral Resources and Mineral Reserves</I>, adopted by the
                                            CIM Council, as amended (the &#8220;CIM Definition Standards&#8221;). These definitions differ
                                            from the definitions in the United&#160;States Securities and Exchange Commission (&#8220;SEC&#8221;)
                                            Industry Guide 7 (&#8220;SEC&#160;Industry Guide 7&#8221;) under the United States Securities
                                            Act of 1933, as amended (the &#8220;Securities Act&#8221;). Under SEC Industry Guide 7&#160;standards,
                                            a &#8220;final&#8221; or &#8220;bankable&#8221; feasibility study is required to report reserves,
                                            the three-year historical average metal price is used in any reserve or cash flow analysis
                                            to designate reserves, and the primary environmental analysis or report must be filed with
                                            the appropriate governmental authority.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">In
                                            addition, the terms &#8220;mineral resource&#8221;, &#8220;measured mineral resource&#8221;,
                                            &#8220;indicated mineral resource&#8221; and &#8220;inferred mineral resource&#8221; are
                                            defined in and required to be disclosed by NI&#160;43-101; however, these terms are not defined
                                            terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and
                                            registration statements filed with the SEC. Investors are cautioned not to assume that all
                                            or any part of a mineral deposit in these categories will ever be converted into reserves
                                            under SEC Industry Guide 7. &#8220;Inferred mineral resources&#8221; have a great amount
                                            of uncertainty as to their existence, and great uncertainty as to their economic, technical
                                            and legal feasibility. It cannot be assumed that all, or any part, of an inferred mineral
                                            resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred
                                            mineral resources may not form the basis of feasibility or preliminary feasibility studies,
                                            except in rare cases. Investors are cautioned not to assume that all or any part of an inferred
                                            mineral resource exists or is economically, technically or legally mineable. Disclosure of
                                            &#8220;contained ounces&#8221; in a resource is permitted disclosure under Canadian regulations;
                                            however, the SEC normally only permits issuers to report mineralization that does not constitute
                                            &#8220;reserves&#8221; by SEC standards as in place tonnage and grade without reference to
                                            unit&#160;measures.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Accordingly,                                            information contained in this Prospectus and the documents incorporated by reference herein
                                            contain descriptions of our mineral deposits that may not be comparable to similar information
                                            made public by other&#160;companies subject to the reporting and disclosure requirements
                                            under the United&#160;States federal securities laws and the rules and regulations thereunder.<B>&#160;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            term &#8220;mineralized material&#8221; as used in this annual report on Form 10-K, although
                                            permissible under SEC Industry Guide 7, does not indicate &#8220;reserves&#8221; by SEC Industry
                                            Guide 7 standards.&#160;&#160;We cannot be certain and investors are cautioned not to assume
                                            that all or any part of the mineralized material will ever be confirmed or converted into
                                            SEC Industry Guide 7 compliant &#8220;reserves&#8221; or that can be economically or legally
                                            extracted.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure
                                            requirements for issuers whose securities are registered with the SEC. These amendments became
                                            effective February 25, 2019 (the &#8220;SEC Modernization Rules&#8221;) and, following a
                                            two-year transition period, the SEC Modernization Rules will replace the historical property
                                            disclosure requirements for mining registrants that are included in SEC Industry Guide 7.
                                            The Company is not required to provide disclosure on its mineral properties under the SEC
                                            Modernization Rules until its fiscal year beginning January 1, 2021. Under the SEC Modernization
                                            Rules, the definitions of &#8220;proven mineral reserves&#8221; and &#8220;probable mineral
                                            reserves&#8221; have been amended to be substantially similar to the corresponding CIM Definition
                                            Standards and the SEC has added definitions to recognize &#8220;measured mineral resources&#8221;,
                                            &#8220;indicated mineral resources&#8221; and &#8220;inferred mineral resources&#8221; which
                                            are also substantially similar to the corresponding CIM Definition Standards; however there
                                            are differences in the definitions and standards under the SEC Modernization Rules and the
                                            CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization
                                            Rules there is no assurance that the Company&#8217;s mineral reserve and mineral resource
                                            estimates will be the same as those reported under CIM Definition Standards as contained
                                            in the technical report or that the economics for the Mt Todd project estimated in the technical
                                            report will be the same as those estimated in any technical report prepared by the Company
                                            under the SEC Modernization Rules in the future.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><A NAME="_Toc483580033"></A><FONT STYLE="font-family: Times New Roman Bold; text-transform: uppercase"><B>&#8203;</B></FONT></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715732"></A><A NAME="CURRENCY_328954"></A>CURRENCY</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">References
                                            to C$ refer to Canadian currency and $ to United States currency.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">&#8203;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">ii</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715733"></A><A NAME="NOTEREGARDINGFORWARDLOOKINGSTATEMENTS_30"></A><A NAME="Forward_Looking_Statements"></A>NOTE
                                            REGARDING FORWARD-LOOKING STATEMENTS</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">This
                                            Prospectus, including all exhibits hereto and any documents that are incorporated by reference
                                            as set forth under &#8220;Documents Incorporated by Reference&#8221;, contains &#8220;forward-looking
                                            statements&#8221; within the meaning of the <I>Private Securities Litigation Reform Act of
                                            1995</I> and forward-looking information under Canadian securities laws that are intended
                                            to be covered by the safe harbor created by such legislation. All statements, other than
                                            statements of historical facts, included in this Prospectus, our other filings with the SEC
                                            and Canadian securities commissions and in press releases and public statements by our officers
                                            or representatives that address activities, events or developments that we expect or anticipate
                                            will or may occur in the future are forward-looking statements and forward-looking information,
                                            including, but not limited to, such things as those listed below:</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>Operations</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>&#8203;</B></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000; letter-spacing: -0.1pt">our
                                            belief that the results of the 2019 PFS (as defined below) demonstrate a technically sound
                                            project with robust economics at current gold prices;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that our efforts to evaluate, engineer, permit and de-risk the Project have added
                                            to the underlying value of <FONT STYLE="letter-spacing: -0.1pt">the Project and demonstrate
                                            strong development potential;</FONT></FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000; letter-spacing: -0.1pt">our
                                            belief that process improvements reflected in the 2019 PFS will result in reduced operating
                                            costs, increased gold recovery, and higher gold production realized at Mt Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000; letter-spacing: -0.1pt">our
                                            plans and available funding to continue to identify and study potential Mt Todd optimizations,
                                            project improvements and efficiencies; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            feasibility of Mt Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that selectively rejecting sub-economic material will lower process operating costs
                                            at Mt Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that fine grinding will improve gold recoveries and favorably impact project economics;</FONT></td></tr></table><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">estimates
                                            of future operating and financial performance; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            plans to advance work at Mt Todd to take advantage of our strategic position;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            expectation of Mt Todd&#8217;s impact, including environmental and economic impacts; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            expectation that the 2018 Mt Todd Mine Management Plan will be approved by the Northern Territory
                                            Department of Primary Industries and Resources;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">that
                                            prospective development partners will recognize the value of Mt Todd and provide appropriate
                                            reward for Vista shareholders;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">plans
                                            and estimates concerning potential Mt Todd development, including access to an adequate supply
                                            of water, the availability of natural gas on acceptable terms, as well as the ability to
                                            obtain all required permits;&#160;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">dewatering
                                            of the pit will not present any major issues when resuming operations in the Batman pit;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">estimates
                                            of mineral reserves and mineral resources at Mt Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">estimated
                                            operating costs, gold recovery and increased estimated gold production at Mt Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            intention to improve the value of our gold projects; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            potential that development projects may lead to gold production or value-adding strategic
                                            transactions; and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            results of feasibility studies;&#160;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that we are in compliance in all material respects with applicable mining, health,
                                            safety and environmental statutes and regulations in all of the jurisdictions in which we
                                            operate and that our operations are conducted in material compliance with applicable laws
                                            and regulations;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            estimates with respect to historical mine production at Mt Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            expectation that plus 5/8&#8221; HPGR crusher product at Mt Todd is harder than the minus
                                            5/8&#8221; crushed product and that the hardness of ore in the Batman deposit is relatively
                                            constant; </FONT></td></tr></table></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">iii</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="border-width: 0pt; font: 10pt Times New Roman; border-collapse: collapse; margin-bottom: 6pt; margin-top: 0pt; table-layout: fixed; text-align: justify; width: 100%"><TR><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            expectation that use of HPGR crushers at Mt Todd will produce a product that can be ground
                                            more efficiently and reduce energy requirements as compared to a SAG mill design;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            expectation that ore sorting will improve mill feed grade at Mt Todd by approximately 8%,
                                            resulting in run-of-mine average mill feed grade of 0.91 g Au/t compared to the Batman pit
                                            reserve grade of 0.84 g Au/t, and that total costs for grinding, leaching and tailings handling
                                            will be lower than previously estimated;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            expectation that reclamation of the heap leach pad at Mt Todd will include disposal of pad
                                            liner and regrading of the area occupied by the heap leach pad only as the material on the
                                            existing heap leach pad will be processed through the mill at the end of mine life; and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            expectation that existing infrastructure at Mt Todd will reduce initial capital expenditure
                                            and significantly reduce capital risk related to infrastructure construction;</FONT></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 36pt;"><FONT STYLE="margin-top: 5pt; margin-bottom: 5pt; margin-left: 0pt">&#8203;</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>Business
                                            and Industry</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>&#8203;</B></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that our existing working capital, together with potential future sources of non-dilutive
                                            financing will be sufficient to fully fund our currently planned activities for more than
                                            12 months;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that we are in a position to actively pursue strategic alternatives that provide the
                                            best opportunity to maximize value for the Company; &#160;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that the At-the-Market program will provide additional financing flexibility at a
                                            low cost;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            potential monetization of our non-core assets, including our mill equipment which is for
                                            sale, certain royalty interests and our Midas Gold Shares;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">potential
                                            funding requirements and sources of capital, including near-term sources of additional cash;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            expectation that the Company will continue to incur losses and will not pay dividends for
                                            the foreseeable future;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            potential entry into agreements to find, lease, purchase, option or sell mineral interests;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that we are in compliance in all material respects with applicable laws and regulations;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that we maintain reasonable amounts of insurance; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            expectations related to potential changes in regulations or taxation initiatives; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            expectation that we will continue to be a PFIC for U. S. Federal tax purposes;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            expected impact of the adoption of new accounting standards on our financial statements;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            potential that we may grant options and/or other stock-based awards to our directors, officers,
                                            employees and consultants;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">Pursuant
                                            to the Los Reyes Option Agreement (defined in Item 2: Properties &#8211; Guadalupe de los
                                            Reyes Gold/Silver Project, Sinaloa, Mexico), our belief that:</FONT></td></tr></table><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">Prime
                                            Mining and Minera Alamos will have no legal interest in Los Reyes if the option agreement
                                            terminates; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief we will receive any future payments and that we will be granted a net smelter return
                                            royalty pursuant to the terms of the Los Reyes option agreement; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">if
                                            we exercise the Back-in Right, we will enter into a joint venture agreement on acceptable
                                            terms, if at all; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">we
                                            will receive any future royalty cancelation payments;</FONT></td></tr></table><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that we will receive any future payments for cancellation of the net smelter return
                                            royalties on the Awak Mas project in Indonesia; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">preliminary
                                            estimates of the reclamation and other related costs associated with certain mining claims
                                            in British Columbia; </FONT></td></tr></table></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">iv</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="border-width: 0pt; font: 10pt Times New Roman; border-collapse: collapse; margin-bottom: 6pt; margin-top: 0pt; table-layout: fixed; text-align: justify; width: 100%"><TR><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            potential that future expenditures may be required for compliance with various laws and regulations
                                            governing the protection of the environment; and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            belief that the COVID-19 pandemic may have a material adverse impact on the Company&#8217;s
                                            financial condition and results of operations.</FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:12pt;margin:0pt 0pt 0pt 36pt;"><FONT STYLE="font-size: 10pt; margin-left: 0pt">&#8203;</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Forward-looking
                                            statements and forward-looking information have been based upon our current business and
                                            operating plans, as approved by the Company&#8217;s Board of Directors (the &#8220;Board&#8221;);
                                            our cash and other funding requirements and timing and sources thereof; results of pre-feasibility
                                            and feasibility studies, mineral resource and reserve estimates, preliminary economic assessments
                                            and exploration activities; advancements of the Company&#8217;s required permitting processes;
                                            current market conditions and project development plans. The words &#8220;estimate,&#8221;
                                            &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221;
                                            &#8220;believe,&#8221; &#8220;will,&#8221; &#8220;may&#8221; and similar expressions are
                                            intended to identify forward-looking statements and forward-looking information. These statements
                                            involve known and unknown risks, uncertainties, assumptions and other factors which may cause
                                            our actual results, performance or achievements to be materially different from any results,
                                            performance or achievements expressed or implied by such forward-looking statements and forward-looking
                                            information. These factors include risks such as:</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>Operating
                                            Risks</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">preliminary
                                            feasibility and feasibility study results, timing and the accuracy of estimates and assumptions
                                            on which they are based;&#160;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">resource
                                            and reserve estimate results, the accuracy of such estimates and the accuracy of sampling
                                            and subsequent assays and geologic interpretations on which they are&#160;based;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">technical
                                            and operational feasibility and the economic viability of deposits;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            ability to raise sufficient capital on favorable terms or at all to meet the substantial
                                            capital investment at Mt. Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            ability to obtain, renew or maintain the necessary authorizations and permits for Mt Todd,
                                            including its development plans and operating activities;&#160;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            timing and results of a feasibility study on Mt Todd; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">market
                                            conditions supporting a decision to develop Mt Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">delays
                                            in commencement of construction at Mt Todd; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">increased
                                            costs that affect our operations or our financial condition; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            reliance on third parties to fulfill their obligations under agreements with us; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">whether
                                            projects not managed by us will comply with our standards or meet our&#160;objectives; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">whether
                                            our acquisition, exploration and development activities, as well as the realization of the
                                            market value of our assets, will be commercially successful and whether any transactions
                                            we enter into will maximize the realization of the market value of our assets; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            success of future joint ventures, partnerships and other arrangements relating to our properties;
                                            </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">perception
                                            of the potential environmental impact of Mt Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">known
                                            and unknown environmental and reclamation liabilities, including reclamation requirements
                                            at Mt Todd; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">potential
                                            challenges to the title to our mineral properties;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">opposition
                                            to Mt Todd could have a material adverse effect;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">future
                                            water supply issues at Mt Todd; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            ability to secure and maintain natural gas supply contracts to sustain the operation of our
                                            planned electrical power generation facility;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">litigation
                                            or other legal claims; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">environmental
                                            lawsuits;</FONT></td></tr></table><div style="margin-top:6pt;"></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">v</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>Financial
                                            and Business Risks</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>&#8203;</B></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">fluctuations
                                            in the price of gold;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">lack
                                            of adequate insurance to cover potential liabilities; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            lack of cash dividend payments by us; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            history of losses from operations; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            ability to attract, retain and hire key personnel;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">volatility
                                            in our stock price and gold equities generally; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            ability to obtain a development partner for Mt Todd on favorable terms, if at all;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            ability to raise additional capital or raise funds from the sale of non-core assets on favorable
                                            terms, if at all;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">general
                                            economic conditions may have material adverse consequences;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">industry
                                            consolidation which could result in the acquisition of a control position in the Company
                                            for less than fair value;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">evolving
                                            corporate governance and public disclosure regulations;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">intense
                                            competition in the mining industry; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">tax
                                            initiatives on domestic and international levels; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">potential
                                            changes in regulations of taxation initiatives;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">fluctuation
                                            in foreign currency values; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">potential
                                            adverse findings by the Australian Government upon review of our Australian research and
                                            development grants; and </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">our
                                            likely status as a PFIC for U.S. federal tax purposes; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">Vista
                                            may experience cybersecurity threats; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">Vista
                                            is subject to anti-bribery and anti-corruption laws; and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">Certain
                                            directors and officers serve as directors and officers of other companies in the natural
                                            resources sector. </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">delays,
                                            potential losses and inability to maintain sufficient working capital due to business interruptions
                                            or global economic slowdowns caused by the COVID-19 pandemic;</FONT></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>Industry
                                            Risks</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>&#8203;</B></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">inherent
                                            hazards of mining exploration, development and operating activities; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">a
                                            shortage of skilled labor, equipment and supplies; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            accuracy of calculations of mineral reserves, mineral resources and mineralized material
                                            and fluctuations therein based on metal prices, and inherent vulnerability of the ore and
                                            recoverability of metal in the mining&#160;process;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">changes
                                            in environmental regulations to which our exploration and development operations are&#160;subject;
                                            and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">changes
                                            in climate change regulations could result in increased operating costs.</FONT></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><FONT STYLE="margin-top: 5pt; margin-bottom: 5pt; margin-left: 0pt">&#8203;</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">For
                                            a more detailed discussion of such risks and other important factors that could cause actual
                                            results to differ materially from those in such forward-looking statements and forward-looking
                                            information, please see &#8220;Risk Factors&#8221; below in this Prospectus. Although we
                                            have attempted to identify important factors that could cause actual results to differ materially
                                            from those described in forward-looking statements and forward-looking information, there
                                            may be other factors that cause results not to be as anticipated, estimated or intended.
                                            There can be no assurance that these statements will prove to be accurate as actual results
                                            and future events could differ materially from those anticipated in the statements. Except
                                            as required by law, we assume no obligation to publicly update any</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">vi</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">forward-looking
                                            statements and forward-looking information, whether as a result of new information, future
                                            events or&#160;otherwise.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="display:none;line-height:0pt;text-align:center;margin:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 0pt">&#8203;</FONT></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">vii</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715734"></A><A NAME="_Toc314664919"></A><A NAME="SUMMARY"></A>SUMMARY</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><B>Overview
                                            of the Company</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A NAME="_Toc314664920"></A>Vista
                                            Gold Corp. and its subsidiaries (collectively, &#8220;Vista,&#8221; the &#8220;Company,&#8221;
                                            &#8220;we,&#8221; &#8220;our,&#8221; or &#8220;us&#8221;) operate in the gold mining industry.
                                            We are focused on the evaluation, acquisition, exploration and advancement of gold exploration
                                            and potential development projects that may lead to gold production or value adding strategic
                                            transactions such as earn-in right agreements, option agreements, leases to third parties,
                                            joint venture arrangements with other mining companies, or outright sales of assets for cash
                                            and/or other consideration. We look for opportunities to improve the value of our gold projects
                                            through exploration drilling and/or technical studies focused on optimizing previous engineering
                                            work.&#160;We do not currently generate cash flows from mining operations.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company&#8217;s flagship asset is its 100% owned Mt Todd gold project (&#8220;Mt Todd&#8221;
                                            or the &#8220;Project&#8221;) in Northern Territory (&#8220;NT&#8221;) Australia. Mt Todd
                                            is the largest undeveloped gold project in Australia. We have invested substantial amounts
                                            to evaluate, engineer, permit and de-risk the Project. We believe these efforts have added
                                            to the underlying value of the Project and demonstrate strong development potential. In January
                                            2018, the Company announced positive results of an updated preliminary feasibility study
                                            for Mt Todd (the &#8220;2018 PFS&#8221;). In 2018 and 2019, we continued additional metallurgical
                                            testing that demonstrated improved gold recovery compared to the 2018 PFS. These test results,
                                            other findings and the outcome of an independent benchmarking study were incorporated into
                                            an updated preliminary feasibility study, which was issued in October 2019 (the &#8220;2019
                                            PFS&#8221;). The 2019 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 economics of fine grinding and the resulting improved gold recoveries,
                                            and the selection of FLSmidth&#8217;s VXP mill as the preferred fine grinding mill.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Vista
                                            was originally incorporated on November&#160;28, 1983 under the name &#8220;Granges Exploration&#160;Ltd.&#8221;
                                            It amalgamated with Pecos Resources Ltd. during June 1985 and continued as Granges Exploration
                                            Ltd. In June 1989, Granges Exploration Ltd. changed its name to Granges Inc. Granges Inc.
                                            amalgamated with Hycroft Resources &amp; Development Corporation during May 1995 and continued
                                            as Granges Inc. Effective November 1996, Da Capo Resources Ltd. and Granges, Inc. amalgamated
                                            under the name &#8220;Vista Gold Corp.&#8221; and, effective December 1997, Vista continued
                                            from British Columbia to the Yukon Territory, Canada under the <I>Business Corporations Act
                                            </I>(Yukon Territory). On June 11, 2013, Vista continued from the Yukon Territory, Canada
                                            to the Province of British Columbia, Canada under the <I>Business Corporations Act </I>(British
                                            Columbia). The current addresses, telephone and facsimile numbers of our offices are:</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><div align="left"><TABLE STYLE="border-collapse: collapse; font-size: 16pt; padding-left: 0pt; padding-right: 0pt; width: 100%"><TR STYLE="height: 1pt"><td style="vertical-align:bottom;width:48.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-size: 1pt">&#8203;</FONT></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-size: 1pt">&#8203;</FONT></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:48.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-size: 1pt">&#8203;</FONT></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:48.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><B>Executive
                                            Office</B></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:48.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><B>Registered
                                            and Records Office</B></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:48.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">7961
                                            Shaffer Parkway, Suite 5</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:48.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">1200
                                            Waterfront Centre &#8211; 200 Burrard Street</p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:48.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Littleton,
                                            Colorado, USA 80127</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:48.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Vancouver,
                                            British Columbia, Canada V7X 1T2</p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:48.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Telephone:
                                            (720)&#160;981-1185</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:48.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Telephone:
                                            (604)&#160;687-5744</p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:48.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Facsimile:
                                            (720)&#160;981-1186</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:48.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Facsimile:
                                            (604)&#160;687-1415</p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>Recent
                                            Developments</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><I>&#8203;</I></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">In
                                            May 2020, the Company received $2,400,000 from PT Masmindo Dwi Area (&#8220;PT Masmindo&#8221;)
                                            to exercise its option to cancel 50% of the Awak Mas net smelter return (&#8220;NSR&#8221;)
                                            royalty. The Company still holds the remaining 50% of the NSR royalty which may be cancelled
                                            if PT Masmindo makes a final $2,500,000 payment by April 30, 2021.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><B>The
                                            Securities Offered under this Prospectus</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company may offer the Common Shares, Warrants, Subscription Receipts or Units with a total
                                            value of up to $25,000,000 from time to time under this Prospectus, together with any applicable
                                            Prospectus Supplement, at prices and on terms to be determined by market conditions at the
                                            time of offering. &#160;This Prospectus provides you with a general description of the Securities
                                            the Company may offer. &#160;Each time the Company offers Securities, it will provide a Prospectus
                                            Supplement that will describe the specific amounts, prices and other important terms of the
                                            Securities, including, to the extent applicable:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">designation
                                            or classification;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">aggregate
                                            offering price;</FONT></td></tr></table></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">1</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="border-width: 0pt; font: 10pt Times New Roman; border-collapse: collapse; margin-bottom: 0pt; margin-top: 0pt; table-layout: fixed; text-align: justify; width: 100%"><TR><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">original
                                            issue discount, if any;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">rates
                                            and times of payment of dividends, if any;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">redemption,
                                            conversion or exchange terms, if any;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">conversion
                                            or exchange prices, if any, and, if applicable, any provisions for changes to or adjustments
                                            in the conversion or exchange prices and in the securities or other property receivable upon
                                            conversion or exchange;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">restrictive
                                            covenants, if any;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">voting
                                            or other rights, if any; and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">important                                            United States and Canadian federal income tax considerations.</FONT></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">A
                                            Prospectus Supplement may also add, update or change information contained in this Prospectus
                                            or in documents the Company has incorporated by reference. &#160;However, no Prospectus Supplement
                                            will offer a security that is not described in this Prospectus.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company may sell the Securities on a continuous or delayed basis to or through underwriters,
                                            dealers or agents or directly to purchasers. The Prospectus Supplement, which the Company
                                            will provide each time it offers Securities, will set forth the names of any underwriters,
                                            dealers or agents involved in the sale of the Securities, and any applicable fee, commission
                                            or discount arrangements with them.</p><p style="font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:10pt 0pt 0pt 0pt;">Common
                                            Shares</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company may offer Common Shares. &#160;The Company may issue Common Shares independently
                                            or together with Warrants or Subscription Receipts, and the Common Shares may be attached
                                            to or separate from such securities. Holders of Common Shares are entitled to one vote per
                                            Common Share on all matters that require shareholder approval. &#160;Holders of Common Shares
                                            are entitled to dividends when and if declared by the Board. &#160;The Common Shares are
                                            described in greater detail in this Prospectus under &#8220;Description of Common Shares&#8221;.</p><p style="font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:10pt 0pt 0pt 0pt;">Warrants</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company may offer Warrants for the purchase of Common Shares, in one or more series, from
                                            time to time. &#160;The Company may issue Warrants independently or together with Common
                                            Shares or Subscription Receipts, and the Warrants may be attached to or separate from such
                                            securities. &#160;Warrants to be issued under this Prospectus may or may not be listed on
                                            the TSX or on any other securities exchange. &#160;The Prospectus Supplement regarding any
                                            Warrant to be issued under this Prospectus will provide disclosure regarding whether the
                                            Warrants to be issued under such Prospectus Supplement will be listed or are listed on a
                                            securities exchange and will be filed in Canada on the System for Electronic Document Analysis
                                            and Retrieval (&#8220;SEDAR&#8221;) and in the United States with the SEC.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Warrants will be evidenced by warrant certificates and may be issued under one or more warrant
                                            indentures, which are contracts between the Company and a warrant trustee for the holders
                                            of the Warrants. &#160;In this Prospectus, the Company has summarized certain general features
                                            of the Warrants under &#8220;Description of Warrants.&#8221; &#160;The Company urges you,
                                            however, to read any Prospectus Supplement related to the series of Warrants being offered,
                                            as well as the complete warrant indentures and warrant certificates that contain the terms
                                            of the Warrants. &#160;Specific warrant indentures will contain additional important terms
                                            and provisions and will be filed in the United States on Form 8-K with the SEC and will be
                                            filed in Canada on SEDAR.</p><p style="font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:10pt 0pt 0pt 0pt;">Subscription
                                            Receipts</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company may issue Subscription Receipts, which will entitle holders to receive upon satisfaction
                                            of certain release conditions and for no additional consideration, Common Shares, Warrants
                                            or any combination thereof. &#160;Subscription Receipts will be issued pursuant to one or
                                            more subscription receipt agreements, each to be entered into between the Company and an
                                            escrow agent, which will establish the terms and conditions of the Subscription Receipts.
                                            &#160;Each escrow agent will be a financial institution organized under the laws of Canada
                                            or a province thereof and authorized to carry on business as a trustee. &#160;A copy of the
                                            form of subscription receipt agreement will be filed in the United States on Form 8-K with
                                            the SEC and will be filed in Canada on SEDAR.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In
                                            the Prospectus, the Company has summarized certain general features of the Subscription Receipts
                                            under &#8220;Description of Subscription Receipts&#8221;. The Company urges you, however,
                                            to read any Prospectus Supplement related to Subscription Receipts being offered, as well
                                            as the complete subscription receipt agreement.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">2</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt;">Units</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company may offer Units consisting of Common Shares, Warrants and/or Subscription Receipts
                                            to purchase any of such securities in one or more series. &#160;This Prospectus contains
                                            a summary of certain general features of the Units under &#8220;Description of Units.&#8221;
                                            &#160;The Company urges you, however, to read any Prospectus Supplement related to the series
                                            of Units being offered. &#160;The Company may evidence each series of units by unit certificates
                                            that the Company will issue under a separate unit agreement with a unit agent. &#160;The
                                            Company will file in the United States on Form 8-K with the SEC and will file in Canada on
                                            SEDAR the unit agreements that describe the terms of the series of Units the Company is offering
                                            before the issuance of the related series of Units.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><B>THIS
                                            PROSPECTUS MAY NOT BE USED TO OFFER OR SELL ANY SECURITIES UNLESS ACCOMPANIED BY A PROSPECTUS
                                            SUPPLEMENT.</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><FONT STYLE="font-family: Times New Roman Bold; text-transform: uppercase"><B>&#8203;</B></FONT></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">3</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715735"></A><A NAME="Risk_Factors"></A>RISK
                                            FACTORS</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><I>Investing
                                            in the Securities involves a high degree of risk. &#160;Prospective investors in a particular
                                            offering of Securities should carefully consider the following risks as well as the other
                                            information contained in this Prospectus, any applicable Prospectus Supplement, and the documents
                                            incorporated by reference herein before investing in the Securities. &#160;If any of the
                                            following risks actually occurs, the Company&#8217;s business could be materially harmed.
                                            &#160;The risks and uncertainties described below are not the only ones the Company faces.
                                            &#160;Additional risks and uncertainties, including those of which the Company is currently
                                            unaware or that the Company deems immaterial, may also adversely affect the Company&#8217;s
                                            business.</I></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>Operating
                                            Risks</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            cannot be assured that Mt Todd is feasible or that a feasibility study will accurately forecast
                                            economic results.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Mt
                                            Todd is our principal asset. Our future profitability depends largely on the economic feasibility
                                            of the Project. Before arranging financing for Mt Todd, we will have to complete a feasibility
                                            study. The results of our feasibility study may not be as favorable as the results of our
                                            prefeasibility studies. There can be no assurance that the mining and comminution processes
                                            including ore sorting, gold production rates, revenue, capital and operating costs including
                                            taxes and royalties will not vary unfavorably from the estimates and assumptions included
                                            in such feasibility study.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Mt
                                            Todd requires substantial capital investment and we may be unable to raise sufficient capital
                                            on favorable terms or at all. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            construction and operation of Mt Todd will require significant capital. Our ability to raise
                                            sufficient capital and/or secure a development partner on satisfactory terms, if at all,
                                            will depend on several factors, including a favorable feasibility study, acquisition of the
                                            requisite permits, macroeconomic conditions, and future gold prices. Uncontrollable factors
                                            or other factors such as lower gold prices, unanticipated operating or permitting challenges,
                                            perception of environmental impact or, illiquidity in the debt markets or equity markets,
                                            could impede our ability to finance Mt Todd on acceptable terms, or at all.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>If
                                            we decide to construct the mine at Mt Todd, we will be assuming certain reclamation obligations
                                            resulting in a material financial obligation. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Mt Todd site was not reclaimed when the original mine closed. Although we are not currently
                                            responsible for the reclamation of these historical disturbances, we will accept full responsibility
                                            for them if and when we make a decision to finance and construct the mine and provide notice
                                            to the NT Government of our intention to take over and assume the management, operation and
                                            rehabilitation of Mt Todd. At such time, we will be required to provide a bond or other surety
                                            in a form and amount satisfactory to the NT Government (in whose jurisdiction Mt Todd is
                                            located) that would cover the prospective expense to reclaim the property. In addition, the
                                            regulatory authorities may increase reclamation and bonding requirements from time to time.
                                            The satisfaction of these bonding requirements and continuing or future reclamation obligations
                                            will require a significant amount of capital.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            may not be able to get the required permits to begin construction at Mt Todd in a timely
                                            manner or at all. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Any
                                            delay in acquiring the requisite permits, or failure to receive required governmental approvals
                                            could delay or prevent the start of construction of Mt Todd. If we are unable to acquire
                                            permits to mine the property, then the Project cannot be developed and operated. In addition,
                                            the property would have no reserves under SEC&#160;Industry Guide 7 and NI 43-101, which
                                            could result in an impairment of the carrying value of the Project.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>There
                                            may be other delays in the construction of Mt Todd.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Delays
                                            in commencing construction could result from factors such as availability and performance
                                            of engineering and construction contractors, suppliers, consultants, and employees; availability
                                            of required equipment; and availability of capital. Any delay in performance by any one or
                                            more of the contractors, suppliers, consultants, employees or other persons on which we depend,
                                            or lack of availability of required equipment, or delay or failure to receive required governmental
                                            approvals, or financing could delay or prevent commencement of construction at Mt Todd. There
                                            can be no assurance of whether or when construction at Mt Todd will start or that the necessary
                                            personnel, equipment or supplies will be available to the Company if and when construction
                                            is started.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">4</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Increased
                                            costs could impede our ability to become profitable.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Capital
                                            and operating costs at mining operations are subject to variation due to a number of factors,
                                            such as changing ore grade, changing metallurgy, and revisions to mine plans in response
                                            to changing commodity prices, additional drilling results and updated geologic interpretations.
                                            In addition, costs are affected by the cost of capital, tax and royalty regimes, trade tariffs,
                                            the global cost of mining and processing equipment, commodity prices, foreign exchange rates,
                                            fuel, electricity, operating supplies and appropriately skilled labor. These costs are at
                                            times subject to volatile price movements, including increases that could make future development
                                            and production at Mt Todd less profitable or uneconomic. This could have a material adverse
                                            effect on our business prospects, results of operations, cash flows and financial condition.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            cannot be assured that we will have an adequate water supply for mining operations at Mt
                                            Todd.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Water
                                            at Mt Todd is expected to be provided from a fresh water reservoir that is fed by seasonal
                                            rains. Insufficient rainfall, or drought-like conditions in the area feeding the reservoir
                                            could limit or extinguish this water supply. Sufficient water resources may not be available,
                                            resulting in curtailment or stoppage of operations until the water supply is replenished.
                                            This could have a material adverse effect on our business prospects, results of operations,
                                            cash flows and financial condition.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            could be subject to litigation, allegations or other legal claims.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Our
                                            assets or our business activities may be subject to disputes that may result in litigation
                                            or other legal claims. We may be subject to allegations through press, social media, the
                                            courts or other mediums that may or may not be founded. We may be required to respond to
                                            or defend against these claims and/or allegations, which will divert resources away from
                                            our principal business. There can be no assurance that our defense of such claims and/or
                                            allegations would be successful, and we may be required to make material settlements. This
                                            could have a material adverse effect on our business prospects, results of operations, cash
                                            flows, financial condition and corporate reputation.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            rely on third parties to fulfill their obligations under agreements.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Our
                                            business strategy includes entering into agreements with third-parties (&#8220;Partners&#8221;),
                                            who may earn the right to obtain an interest in certain of our projects, in part by managing
                                            the respective project. Whether or not we hold a majority interest in a respective project,
                                            our Partner(s) may: (i) have economic or business interests or goals that are inconsistent
                                            with or opposed to ours; (ii) exercise veto rights to block actions that we believe to be
                                            in the best interests of the project; (iii) take action contrary to our policies or objectives;
                                            or (iv) as a result of financial or other reasons, be unable or unwilling to fulfill their
                                            obligations under the respective joint venture, option, earn-in right or other agreement(s),
                                            such as contributing capital for the expansion or maintenance of projects. Any one or a combination
                                            of these could result in liabilities for us and/or could adversely affect the value of the
                                            related project(s) and, by association, damage our reputation and consequently our ability
                                            to acquire or advance other projects and/or attract future Partners.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Our
                                            exploration and development interests are subject to evolving environmental regulations.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Our
                                            property and royalty interests are subject to environmental regulations. Environmental legislation
                                            is becoming more restrictive in some jurisdictions, with stricter standards and enforcement,
                                            increased fines and penalties for non-compliance, more stringent environmental assessments
                                            of proposed projects, and a heightened degree of responsibility for companies and their officers,
                                            directors and employees. There is no assurance that future changes in environmental regulation,
                                            if any, will not adversely affect our interests. Currently, our property and royalty interests
                                            are subject to government environmental regulations in Australia, Indonesia, Mexico and the
                                            U.S.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            could be subject to environmental lawsuits.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Neighboring
                                            landowners and other third parties could file claims based on environmental statutes and
                                            common law for personal injury and property damage allegedly caused by environmental nuisance,
                                            the release of hazardous substances or other waste material into the environment on or around
                                            our properties. There can be no assurance that our defense of such claims would be successful.
                                            This could have a material adverse effect on our business prospects, financial condition,
                                            results of operation, and corporate reputation.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">5</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            may have material undisclosed environmental liabilities of which we are not aware. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Vista
                                            has been engaged in gold exploration since 1983. Since inception the Company has been involved
                                            in numerous exploration projects in many jurisdictions. There may be environmental liabilities
                                            associated with disturbances at any of these projects for which the Company may be identified
                                            as a potentially responsible party, regardless of its level of involvement in creating the
                                            related disturbance. We may not be aware of such claims against the Company until regulators
                                            provide notice thereof. Consequently, we may have material undisclosed environmental responsibilities
                                            which could negatively affect our business prospects, financial condition and cash flows,
                                            results of operations, and corporate reputation.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>There
                                            may be challenges to our title to mineral properties.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">There
                                            may be challenges to our title to our mineral properties. If there are title defects with
                                            respect to any of our properties, we may be required to compensate other persons or reduce
                                            or lose our interest in the affected property. Also, in any such case, the investigation
                                            and resolution of title issues could divert Company resources from our core strategies.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Opposition
                                            to Mt Todd could have a material adverse effect.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">There
                                            is generally an increasing level of public concern relating to extractive industries. Opposition
                                            to extractive industries, or our development and operating plans at Mt Todd specifically,
                                            could have adverse effects on our reputation and support from other stakeholders. As a result,
                                            we may be unable to attract a partner, secure adequate financing or complete other activities
                                            necessary to continue our planned activities. Any resulting delays or an inability to develop
                                            and operate Mt Todd as planned could have a material adverse effect on our business prospects,
                                            results of operations, cash flows, financial condition and corporate reputation.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Our
                                            exploration and development activities, strategic transactions, or any acquisition activities
                                            may not be commercially successful and could fail to lead to gold production or fail to add
                                            value</I>.</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Substantial
                                            expenditures are required to acquire gold properties, establish mineral reserves through
                                            drilling and analysis, develop metallurgical processes to extract metal from the ore and
                                            develop the mining and processing facilities and infrastructure at any site chosen for mining.
                                            We cannot be assured that any mineral reserves or mineral resources acquired, discovered
                                            or established will be in sufficient quantities or at sufficient grades to justify commercial
                                            operations, attract a strategic partner or strategic transaction, or that the funds invested
                                            in them will ever be recovered.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>Financial
                                            and Business Risks</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>A
                                            substantial or extended decline in gold prices would have a material adverse effect on the
                                            value of our assets, on our ability to raise capital and could result in lower than estimated
                                            economic returns. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            value of our assets, our ability to raise capital and our future economic returns are substantially
                                            dependent on the price of gold. The gold price fluctuates continually and is affected by
                                            numerous factors beyond our control. Factors tending to influence gold prices include:</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">gold
                                            sales or leasing by governments and central banks or changes in their monetary policy, including
                                            gold inventory management and reallocation of reserves; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">speculative
                                            short or long positions on futures markets;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            relative strength of the U.S. dollar;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">expectations
                                            of the future rate of inflation;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">interest
                                            rates;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">changes
                                            to economic conditions in the United States, China, India and other industrialized or developing
                                            countries;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">geopolitical
                                            conflicts;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">changes
                                            in jewelry, investment or industrial demand;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">changes
                                            in supply from production, disinvestment and scrap; and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">forward
                                            sales by producers in hedging or similar transactions.</FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt;">&#8203;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">6</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt;">A
                                            substantial or extended decline in the gold price could:</p><p style="font-family:'Times New Roman';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt;">&#8203;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">negatively
                                            impact our ability to raise capital on favorable terms, or at all;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">jeopardize
                                            the development of Mt Todd;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">reduce
                                            our existing estimated mineral resources and reserves by removing material from these estimates
                                            that could not be economically processed at lower gold prices; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">reduce
                                            the potential for future revenues from gold projects in which we have an interest; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">reduce
                                            funds available to operate our business; and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">reduce
                                            the market value of our assets, including our investment in Midas Gold Shares.</FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>General
                                            economic conditions may have material adverse consequences.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">General
                                            economic conditions and financial market turmoil may arise from many sources. These conditions
                                            could potentially impact the natural resource sector and Vista. This could include contraction
                                            in credit markets resulting in widening of credit risk, imposition of trade tariffs among
                                            various countries, devaluations, high volatility in global equity, commodity, foreign exchange
                                            and gold markets, and a lack of market liquidity. These and other factors could have a material
                                            adverse effect on our business prospects, results of operations, cash flows and financial
                                            condition.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Industry
                                            consolidation could result in the acquisition of a control position in the Company for less
                                            than fair value. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Consolidation
                                            within the industry is a growing trend. As a result of the broad range of market and industry
                                            factors including the price of gold, we believe the current market value of the common shares
                                            in the capital of the Company (the &#8220;Common Shares&#8221;) does not reflect the fair
                                            value of the Company&#8217;s assets. These conditions could result in the acquisition of
                                            a control position, or attempted acquisition of a control position in the Company at what
                                            we believe to be less than fair value. This could result in substantial costs to us and divert
                                            our management&#8217;s attention and resources. A completed acquisition could result in realized
                                            losses of shareholder value.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            have a history of losses, and we do not expect to generate earnings from operations or pay
                                            dividends in the near term, if at all.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">We
                                            are an exploration stage enterprise. As such, we devote our efforts to exploration, analysis
                                            and, if warranted, development of our projects. We do not currently produce gold and do not
                                            currently generate operating earnings from gold production. We finance our business activities
                                            principally by issuing equity and selling non-core assets.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">We
                                            have incurred losses in all periods since 1998, except for the year ended December 31, 2011,
                                            during which we recorded non-cash net gains, and the year ended December 31, 2015 during
                                            which we recorded gains related to research and development (&#8220;R&amp;D&#8221;) refunds.
                                            We expect to continue to incur losses. We have no history of paying cash dividends and we
                                            do not expect to be able to pay cash dividends or to make any similar distribution in the
                                            foreseeable future, if at all.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            may be unable to raise additional capital on favorable terms, or at all.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Our
                                            exploration and, if warranted, development activities and the construction and start-up of
                                            any mining operation require substantial amounts of capital. In order to develop Mt Todd,
                                            acquire attractive gold projects, and/or continue our business, we will have to secure a
                                            development partner or otherwise source sufficient equity and debt capital, raise additional
                                            funds from the sale of non-core assets and / or seek additional sources of capital from other
                                            external sources. There can be no assurance that we will be successful in raising additional
                                            capital on acceptable terms. If we cannot raise sufficient additional capital, we may be
                                            required to substantially reduce or cease operations, any of which may affect our ability
                                            to continue as a going concern.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Our
                                            business is subject to evolving corporate governance and public disclosure regulations that
                                            have increased both our compliance costs and the risk of noncompliance.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">We
                                            are subject to changing rules and regulations promulgated by a number of governmental and
                                            self-regulated organizations, including the British Columbia Securities Commission, the SEC,
                                            the Toronto Stock Exchange (the &#8220;TSX&#8221;), the NYSE American, and the Financial
                                            Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity
                                            and many new requirements have been created in response to laws enacted by the United States
                                            Congress, making compliance increasingly more difficult and uncertain, which could have an
                                            adverse effect on reputation and our stock price.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">7</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>We
                                            face intense competition in the mining industry.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            mining industry is intensely competitive in all of its phases. Some of our competitors are
                                            much larger, established companies with greater financial and technical resources than ours.
                                            We compete with other companies for attractive mining properties, for capital, for equipment
                                            and supplies, for outside services and for qualified managerial and technical employees.
                                            Access to financing, equipment, supplies, skilled labor and other resources may also be affected
                                            by competition from non-mining related commercial sectors. If we are unable to raise sufficient
                                            capital, we will be unable to execute exploration and development programs or such programs
                                            may be reduced in scope. Competition for equipment and supplies could result in shortage
                                            of necessary supplies and/or increased costs. Competition for outside services could result
                                            in increased costs, reduced quality of service and/or delays in completing services. If we
                                            cannot successfully retain or attract qualified employees, our ability to advance the development
                                            of Mt Todd, to attract necessary financing, to meet all of our environmental and regulatory
                                            responsibilities, or to take opportunities to improve our business, could be negatively affected.
                                            This could have a material adverse effect on our business prospects, results of operations,
                                            cash flows and financial condition.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>The
                                            occurrence of events for which we are not insured may affect our cash flow and overall profitability.
                                            </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">We
                                            maintain insurance policies that mitigate certain risks related to our operations. This insurance
                                            is maintained in amounts that we believe to be reasonable based on the circumstances surrounding
                                            each identified risk. However, we may elect to limit or not have insurance for certain risks
                                            because of the high premiums associated with insuring those risks or for various other reasons.
                                            In other cases, insurance may not be available for certain risks. We do not insure against
                                            political risk. Occurrence of events for which we are not insured adequately, or at all,
                                            could result in significant losses that could materially adversely affect our financial condition
                                            and our ability to fund our business.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-family: inherit"><B><I>Our
                                            share price may be volatile and your investment in our Common Shares could suffer a decline
                                            in value</I></B></FONT><B><I>. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Broad
                                            market and industry factors may adversely affect the price of our Common Shares, regardless
                                            of our actual operating performance. Factors that could cause fluctuation in the price of
                                            our Common Shares may include, among other things:</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: inherit; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">changes
                                            in financial estimates by us or by any securities analysts who might cover our stock market
                                            performance;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: inherit; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">stock
                                            market price and volume fluctuations of other publicly traded companies and, in particular,
                                            those that are in the mining industry;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: inherit; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">speculation
                                            about our business in the press or the investment community;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: inherit; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">conditions
                                            or trends in our industry or the economy generally;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: inherit; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">changes
                                            in the prices of gold;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: inherit; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">announcements
                                            by us or our competitors of significant acquisitions, strategic partnerships or divestitures;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: inherit; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">additions
                                            or departures of key personnel; and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: inherit; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">sales
                                            of our </FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">Common
                                            Shares</FONT><FONT STYLE="font-family: inherit; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">,
                                            including sales by our directors, officers or significant stockholders.</FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-family: inherit">&#8203;</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-family: inherit">In
                                            the past, securities class action litigation has often been instituted against companies
                                            following periods of volatility in their stock price. This type of litigation could result
                                            in substantial costs to us and divert our management&#8217;s attention and resources.</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Currency
                                            fluctuations may adversely affect our costs.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">We
                                            have material property interests in Australia. Most costs in Australia are incurred in the
                                            local currency. The appreciation of the Australian dollar, if any, against the U.S. dollar
                                            effectively increases our cost of doing business in Australia. This could have the effect
                                            of increasing the amount of capital required to continue to explore and develop Mt Todd,
                                            and/or reducing the pace at which it is developed.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">8</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Our
                                            Australian R&amp;D grants are subject to review. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Australian R&amp;D tax incentive program, under which we have received certain grants related
                                            to qualifying R&amp;D programs and expenditures, is a self-assessment process, and as such,
                                            the Australian Government has the right to review our qualifying programs and related expenditures.
                                            If such a review were to occur, and as a result of the review and failure of a related appeal
                                            a qualified program and related expenditures were disqualified, the respective R&amp;D grant
                                            could be recalled with penalties and interest.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>The
                                            Company is likely a &#8220;passive foreign investment company,&#8221; which will likely have
                                            adverse U.S. federal income tax consequences for U.S. shareholders. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">U.S.
                                            shareholders of our Common Shares should be aware that the Company believes it was classified
                                            as a PFIC up to and including the taxable year ended December 31, 2019, and based on current
                                            business plans and financial projections, management believes there is a significant likelihood
                                            that the Company will be a PFIC during the current taxable year. If the Company is a PFIC
                                            for any year during a U.S. shareholder&#8217;s holding period, then such U.S. shareholder
                                            generally will be required to treat any gain realized upon a disposition of Common Shares,
                                            or any so-called &#8220;excess distribution&#8221; received on their Common Shares, as ordinary
                                            income, and to pay an interest charge on a portion of such gain or distributions, unless
                                            the shareholder makes a timely and effective &#8220;qualified electing fund&#8221; (&#8220;QEF
                                            Election&#8221;) or a &#8220;mark-to-market&#8221; election with respect to the Common Shares.
                                            A U.S. shareholder who makes a QEF Election generally must report on a current basis its
                                            share of the net capital gain and ordinary earnings for any year in which the Company is
                                            PFIC, whether or not the Company distributes any amounts to its shareholders. U.S. shareholders
                                            should be aware that there can be no assurance that the Company will satisfy record keeping
                                            requirements that apply to a QEF Election, or that the Company will supply U.S. shareholders
                                            with information that such U.S. shareholders require to report under the QEF Election rules,
                                            in event that the Company is a PFIC and a U.S. shareholder wishes to make a QEF Election.
                                            Thus, U.S. shareholders may not be able to make a QEF Election with respect to their Common
                                            Shares. A U.S. shareholder who makes the mark-to-market election generally must include as
                                            ordinary income each year the excess of the fair market value of the Common Shares over the
                                            taxpayer&#8217;s basis therein. This paragraph is qualified in its entirety by the discussion
                                            below in &#8220;Item 5. Market for Registrant&#8217;s Common Equity, Related Stockholder
                                            Matters and Issuer Purchases of Equity Securities - &#8220;Certain U.S. Federal Income Tax
                                            Considerations for U.S. Residents.&#8221; Each U.S. shareholder should consult his or her
                                            own tax advisor regarding the U.S. federal, U.S. state and local, and foreign tax consequences
                                            of the PFIC rules and the acquisition, ownership, and disposition of Common Shares.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>The
                                            Company may experience cybersecurity threats.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Vista
                                            relies on secure and adequate operations of information technology systems in the conduct
                                            of its operations. Access to and security of the information technology systems are critical
                                            to Vista&#8217;s operations. To Vista&#8217;s knowledge, it has not experienced any material
                                            losses relating to disruptions to its information technology systems. Vista has implemented
                                            ongoing policies, controls and practices to manage and safeguard Vista and its stakeholders
                                            from internal and external cybersecurity threats and to comply with changing legal requirements
                                            and industry practice. Given that cyber risks cannot be fully mitigated and the evolving
                                            nature of these threats, Vista cannot assure that its information technology systems are
                                            fully protected from cybercrime or that the systems will not be inadvertently compromised,
                                            or without failures or defects. Potential disruptions to Vista&#8217;s information technology
                                            systems, including, without limitation, security breaches, power loss, theft, computer viruses,
                                            cyber-attacks, natural disasters, and noncompliance by third party service providers and
                                            inadequate levels of cybersecurity expertise and safeguards of third party information technology
                                            service providers, may adversely affect the operations of Vista as well as present significant
                                            costs and risks including, without limitation, loss or disclosure of confidential, proprietary,
                                            personal or sensitive information and third party data, material adverse effect on its financial
                                            performance, compliance with its contractual obligations, compliance with applicable laws,
                                            damaged reputation, remediation costs, potential litigation, regulatory enforcement proceedings
                                            and heightened regulatory scrutiny.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>The
                                            Company is subject to anti-bribery and anti-corruption laws.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Vista&#8217;s
                                            operations are governed by, and involve interactions with, many levels of government in numerous
                                            countries. Vista is required to comply with anti-corruption and anti-bribery laws in the
                                            countries in which we conduct our business. In recent years, there has been a general increase
                                            in both the frequency of enforcement and the severity of penalties under such laws, resulting
                                            in greater scrutiny and punishment to companies convicted of violating anti-corruption and
                                            anti-bribery laws. Furthermore, a company may be found liable for violations by not only
                                            its employees, but also by its contractors and third-party agents. Although we have adopted
                                            internal control policies to mitigate such risks, there can be no assurance that our internal
                                            control policies and procedures always</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">9</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">will
                                            protect us from recklessness, fraudulent behavior, dishonesty or other inappropriate acts
                                            committed by our affiliates, employees or agents and such measures may not always be effective
                                            in ensuring that we, our employees, contractors or third-party agents will comply strictly
                                            with such laws. If we find ourselves subject to an enforcement action or are found to be
                                            in violation of such laws, this could lead to civil and criminal fines and penalties, litigation,
                                            and loss of operating licenses or permits, resulting in a material adverse effect on our
                                            reputation and results of operations.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Certain
                                            directors and officers may serve as directors and officers of other companies in the natural
                                            resources sector.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">While
                                            there are no known existing or potential conflicts of interest between Vista and any of its
                                            directors or officers, certain of the directors and officers may serve as directors and officers
                                            of other natural resource companies and therefore it is possible that a conflict may arise
                                            between their duties as a director or officer of Vista and their duties as a director or
                                            officer of such other companies. The directors and officers of Vista are aware of the existence
                                            of laws governing accountability of directors and officers for corporate opportunity and
                                            disclosure of conflicts of interest. Should any director or officer breach the duties imposed
                                            upon them by applicable laws, such actions or inactions could have a material adverse effect
                                            on our business prospects, results of operations, cash flows, financial condition and corporate
                                            reputation.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><B>Industry
                                            Risks</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Calculations
                                            of mineral reserves and mineral resources are estimates only and subject to uncertainty.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            estimating of mineral reserves and mineral resources is an imprecise process and the accuracy
                                            of such estimates is a function of the quantity and quality of available data, the assumptions
                                            used and judgments made in interpreting engineering and geological information and estimating
                                            future capital and operating costs. There is significant uncertainty in any reserve or resource
                                            estimate, and the economic results of mining a mineral deposit may differ materially from
                                            the estimates as additional data are developed or interpretations change.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Estimated
                                            mineral reserves and mineral resources may be materially affected by other factors.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">In
                                            addition to uncertainties inherent in estimating mineral reserves and mineral resources,
                                            other factors may adversely affect estimated mineral reserves and mineral resources. Such
                                            factors may include but are not limited to metallurgical, environmental, permitting, legal,
                                            title, taxation, socio-economic, marketing, political, gold prices, and capital and operating
                                            costs. Any of these or other adverse factors may reduce or eliminate estimated mineral reserves
                                            and mineral resources and could have a material adverse effect on our business prospects,
                                            results of operations, cash flows, financial condition and corporate reputation.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Feasibility
                                            studies are estimates only and subject to uncertainty. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Feasibility
                                            studies are used to determine the economic viability of an ore deposit, as are preliminary
                                            feasibility studies and preliminary economic assessments. Feasibility studies are the most
                                            detailed studies and reflect a higher level of confidence in the estimated production rates,
                                            and capital and operating costs. Generally accepted levels of confidence are plus or minus
                                            15% for feasibility studies, plus or minus 25-30% for preliminary feasibility studies and
                                            plus or minus 35-40% for preliminary economic assessments. These thresholds reflect the levels
                                            of confidence that exist at the time the study is completed. Subsequent changes to metal
                                            prices, foreign exchange rates (if applicable), reclamation requirements, operating and capital
                                            costs may cause actual results of economic viability to differ materially from these estimates.
                                            Results of subsequent Mt. Todd prefeasibility or final feasibility studies may be less favorable
                                            than the current study.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Mining
                                            companies are increasingly required to consider and provide benefits to the communities and
                                            countries in which they operate, and are subject to extensive environmental, health and safety
                                            laws and regulations. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">As
                                            a result of public concern about the real or perceived detrimental effects of economic globalization
                                            and global climate impacts, businesses in general and the mining industry in particular,
                                            face increasing public scrutiny of their activities. These businesses are under pressure
                                            to demonstrate that as they seek to generate satisfactory returns on investment to shareholders,
                                            other stakeholders, including employees, governments, indigenous peoples, communities surrounding
                                            operations and the countries in which they operate, benefit and will continue to benefit
                                            from their commercial activities. The potential consequences of these pressures include reputational
                                            damage, legal suits, increased costs, increased social investment obligations, difficulty
                                            in acquiring permits, and increased taxes and royalties payable to governments and communities.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">10</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times"><B><I>Mining
                                            exploration, development and operating activities are inherently hazardous. </I></B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times; margin-top: 5pt; margin-bottom: 5pt">&#8203;</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times">Mineral
                                            exploration involves many risks that even a combination of experience, knowledge and careful
                                            evaluation may not be able to overcome. Operations in which we have direct or indirect interests
                                            will be subject to all the hazards and risks normally incidental to exploration, development
                                            and production of gold and other metals, any of which could result in work stoppages, damage
                                            to property, physical harm and possible environmental damage. The nature of these risks is
                                            such that liabilities might exceed any liability insurance policy limits. It is also possible
                                            that the liabilities and hazards might not be insurable, or, we could elect not to be insured
                                            against such liabilities due to high premium costs or other reasons, in which event, we could
                                            incur significant costs that could have a material adverse effect on our business prospects,
                                            results of operations, cash flows, financial condition and corporate reputation.</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times; margin-top: 5pt; margin-bottom: 5pt">&#8203;</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Regulations
                                            and pending legislation involving climate change could result in increased operating costs.
                                            </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Gold
                                            production is energy intensive, resulting in a significant carbon footprint. A number of
                                            governments and/or governmental bodies have introduced or are contemplating regulatory changes
                                            in response to various climate change interest groups and the potential impact of climate
                                            change. This type of legislation and possible future legislation and increased regulation
                                            regarding climate change could impose significant costs related to increased energy requirements,
                                            capital equipment, environmental monitoring and reporting and other costs to comply with
                                            such regulations.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><B><I>Pending
                                            initiatives involving taxation could result in increased tax and operating costs. </I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">There
                                            is growing attention from the media and the public on perceived international tax avoidance
                                            techniques which could result in escalating rates of poverty, inequality and unemployment
                                            in host countries. Initiatives like the Base Erosion and Profit Shifting project being led
                                            by the Organization for Economic Cooperation and Development aim to reform the system of
                                            international taxation to minimize international tax avoidance techniques. This initiative
                                            and possible future initiatives could result in increased tax expense and related compliance
                                            costs for Mt Todd or other future mining operations.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Newly
                                            adopted rules regarding mining property disclosure by companies reporting with the SEC may
                                            result in increased operating and legal costs.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">On
                                            October 31, 2018, the SEC adopted new rules to modernize mining property disclosure in reports
                                            filed with the SEC in order to harmonize SEC disclosure requirements with international standards.
                                            These rules are not effective until the Company&#8217;s first full fiscal year beginning
                                            on or after January 1, 2021. The Company currently reports mineral resources and reserves
                                            in compliance with NI 43-101. Because the Company files its reports with the SEC on U.S.
                                            domestic forms, under the new rules, the Company will be required to comply with the new
                                            SEC mining property disclosure requirements and not make disclosure in accordance with NI
                                            43-101 in the reports it files with the SEC. It is not clear at this time if the Company
                                            will be required to prepare separate technical reports under the two reporting regimes or
                                            may rely on one technical report prepared in accordance with both reporting standards. Further,
                                            while the Company currently utilized its reports as filed with the SEC in meeting its reporting
                                            obligations in Canada, if its future reports have mining property disclosure that is not
                                            NI 43-101 compliant, the Company may have to prepare separate reports or a supplemental NI
                                            43-101 mining property report. All these changes to the Company&#8217;s reporting requirements
                                            could result in increased compliance costs.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>&#8203;</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B><I>Direct
                                            and indirect consequences of the COVID-19 pandemic may have material adverse consequences.</I></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            COVID-19 pandemic is having a material adverse effect on the global economy, which has impacted
                                            the natural resource sector and Vista. Vista has experienced a decline in value of its other
                                            investments and is incurring ongoing costs while certain corporate objectives are delayed.
                                            If a significant portion of our workforce becomes unable to work or travel to our operations
                                            due to illness or state or federal government restrictions (including travel restrictions
                                            and &#8220;shelter-in-place&#8221; and similar orders), we may be forced to reduce or suspend
                                            activities at Mt. Todd or our offices, which could limit currently ongoing activities. Illnesses
                                            or government restrictions, including the closure of national borders, related to COVID-19
                                            also may disrupt the supply of raw goods, equipment, supplies and services upon which our
                                            operations rely. These conditions will require working capital not previously anticipated,
                                            which may adversely affect our liquidity and ability to source additional working capital
                                            on reasonable terms. Extended delays will continue to affect our liquidity and capital resources
                                            and may ultimately have a material adverse effect on both short-term and long-term financial
                                            position and results of operations. To the extent the COVID-19 pandemic adversely affects
                                            our business and financial results, it may also have the effect of heightening many of the
                                            other</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">11</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">risks
                                            described in this &#8220;Risk Factors&#8221; section and those set forth under the caption
                                            &#8220;Risk Factors&#8221; in Item 1A of Part I of our Annual Report on Form 10-K for the
                                            year ended December 31, 2019, such as those relating to our operations and financial condition.
                                            Because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic,
                                            it is not currently possible to estimate the impact of the pandemic on our business. However,
                                            these effects could have a material impact on our operations, and we will continue to monitor
                                            the COVID-19 situation closely.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><FONT STYLE="font-family: Times New Roman Bold; text-transform: uppercase"><B>&#8203;</B></FONT></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">12</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715736"></A></B>DOCUMENTS
                                            INCORPORATED BY REFERENCE<B><A NAME="Docs_Incorp_by_Ref"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            SEC allows the Company to &#8220;incorporate by reference&#8221; information it files with
                                            the SEC.&#160;&#160;This means that the Company can disclose important information to you
                                            by referring you to those documents. &#160;Any information the Company references in this
                                            manner is considered part of this Prospectus.&#160;&#160;Information the Company files with
                                            the SEC after the date of this Prospectus will automatically update and, to the extent inconsistent,
                                            supersede the information contained in this Prospectus. &#160;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            following documents which have been filed by the Company with securities commissions or similar
                                            authorities in Canada and with the SEC, are specifically incorporated by reference into,
                                            and form an integral part of, this Prospectus.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(a)</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/783324/000078332420000009/vgz-20191231x10k.htm"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">Annual
                                            Report on Form 10-K of the Company, for the year ended December 31, 2019</FONT></A><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">,
                                            which report contains the audited consolidated financial statements of the Company and the
                                            notes thereto as at December&#160;31, 2019 and 2018 and for the years ended December 31,
                                            2019 and 2018, together with the auditors&#8217; report thereon and the related management&#8217;s
                                            discussion and analysis of financial condition and results of operations for the years ended
                                            December 31, 2019 and 2018, as filed with the SEC on February 27, 2020;</FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 54pt;"><FONT STYLE="font-size: 10pt; margin-left: 0pt">&#8203;</FONT></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(b)</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/783324/000078332420000014/vgz-20200430xdef14a.htm"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">Proxy
                                            Statement on Schedule 14A of the Company, dated March 21, 2020</FONT></A><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">,
                                            in connection with the Company&#8217;s April 30, 2020 annual general meeting of shareholders,
                                            to the extent such information is specifically incorporated by reference into Part III of
                                            our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as filed with
                                            the SEC on February 27, 2020;</FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><FONT STYLE="font-size: 10pt; margin-left: 0pt">&#8203;</FONT></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(c)</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/783324/000078332420000020/vgz-20200331x10q.htm"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">Quarterly
                                            Report on Form 10-Q of the Company, for the quarter ended March 31, 2020</FONT></A><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">,
                                            which report contains the unaudited consolidated financial statements of the Company and
                                            the notes thereto as at March&#160;31, 2020 and for the quarters ended March 31, 2020 and
                                            2019 and the related management&#8217;s discussion and analysis of financial condition and
                                            results of operations for the quarters ended March 31, 2020 and 2019, as filed with the SEC
                                            on May 4, 2020; </FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 54pt;"><FONT STYLE="font-size: 10pt; margin-left: 0pt">&#8203;</FONT></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(d)</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            Current Reports on Form 8-K of the Company as filed on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/783324/000110465920043761/tm2015181-1_8k.htm"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">April
                                            6, 2020</FONT></A> <FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">and
                                            </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/783324/000110465920056025/tm2018423d2_8k.htm"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal">May
                                            4, 2020</FONT></A><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">;
                                            </FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(e)</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            description of the Company&#8217;s Common Shares contained in its registration statement
                                            on Form 8-A filed on January 4, 1988, including any amendment or report filed for purposes
                                            of updating such description; and</FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 54pt;"><FONT STYLE="font-size: 10pt; margin-left: 0pt">&#8203;</FONT></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(f)</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">all
                                            other documents filed by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the
                                            Exchange Act (excluding, unless otherwise provided therein or herein, information furnished
                                            pursuant to Item 2.02 and Item 7.01 on any Current Report on Form 8-K), after the date of
                                            this Prospectus but before the end of the offering of the securities made by this Prospectus.</FONT></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">We
                                            also hereby specifically incorporate by reference all filings filed by us pursuant to Sections
                                            13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial registration
                                            statement on Form S-3 to which this Prospectus relates and prior to effectiveness of such
                                            registration statement.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">You
                                            may obtain copies of any of these documents by contacting us at the address and telephone
                                            number indicated below or by contacting the SEC as described below. You may request a copy
                                            of these documents, and any exhibits that have specifically been incorporated by reference
                                            as an exhibit in this prospectus supplement, at no cost, by writing or telephoning to:</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Vista
                                            Gold Corp.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">7961
                                            Shaffer Parkway, Suite&#160;5</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Littleton,
                                            Colorado 80127</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Attention:
                                            Douglas L. Tobler, Chief Financial Officer</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">(720)&#160;981-1185</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc225660098"></A><A NAME="_Toc170126440"></A><A NAME="_Toc225660102"></A></B>&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><A NAME="_Ref70482930"></A><A NAME="_Ref70499610"></A><A NAME="_Ref70570009"></A><A NAME="_Ref70739271"></A><A NAME="_Ref70740441"></A><A NAME="_Toc141071727"></A><A NAME="_Toc167306516"></A><A NAME="_Toc225660105"></A><FONT STYLE="font-family: Times New Roman Bold; text-transform: uppercase"><B>&#8203;</B></FONT></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">13</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715737"></A></B>USE
                                            OF PROCEEDS<B><A NAME="Use_of_Proceeds"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Unless
                                            otherwise indicated in the applicable Prospectus Supplement, the net proceeds from the sale
                                            of the Securities will be used by the Company for development of existing or acquired mineral
                                            properties and may also be used for acquisitions, working capital requirements, to repay
                                            indebtedness outstanding from time to time or for other general corporate purposes. &#160;The
                                            Company may, from time to time, issue Common Shares or other securities otherwise than through
                                            the offering of Securities pursuant to this Prospectus. &#160;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc314664929"></A><A NAME="_Toc42715738"></A></B>MARKET
                                            FOR COMMON SHARES<B><A NAME="Market_for_Shares"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A NAME="_Toc443098863"></A><A NAME="_Toc314664930"></A>The
                                            Common Shares of Vista Gold are listed on the NYSE American under the trading symbol &#8220;VGZ&#8221;.
                                            On June 23, 2020, the last reported sale price of the Common Shares of Vista on the NYSE
                                            American was $0.95, there were 102,096,256 Common Shares issued and outstanding, and we had
                                            approximately 243 registered shareholders of record.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc314664931"></A><A NAME="_Toc42715739"></A></B>CERTAIN
                                            INCOME TAX CONSIDERATIONS<B><A NAME="Income_Tax_Considerations"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            applicable Prospectus Supplement will describe certain Canadian federal income tax consequences
                                            to investors described therein of acquiring Securities including, in the case of investors
                                            who are not residents of Canada for purposes of the <I>Income Tax Act</I> (Canada), whether
                                            payment of any amount in respect of a security will be subject to Canadian non-resident withholding
                                            tax.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            applicable Prospectus Supplement will also describe certain U.S. federal income tax consequences
                                            of the acquisition, ownership and disposition of Securities by an initial investor who is
                                            a U.S. person (within the meaning of the U.S. Internal Revenue Code), if applicable, including,
                                            to the extent applicable, any such consequences relating to Securities payable in a currency
                                            other than the U.S. dollar, issued at an original issue discount for U.S. federal income
                                            tax purposes or containing early redemption provisions or other special terms.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="toc92949_13"></A><A NAME="_Toc314664932"></A><A NAME="_Toc42715740"></A><A NAME="_Toc196288601"></A><A NAME="pod"></A></B>DESCRIPTION
                                            OF COMMON SHARES<B><A NAME="Description_Common_Shares"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company is authorized to issue an unlimited number of Common Shares, without par value, of
                                            which 102,096,256 are issued and outstanding as at the date of this Prospectus. &#160;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Under
                                            our Stock Option Plan (the &#8220;Plan&#8221;), our Long-Term Equity Incentive Plan (the
                                            &#8220;LTIP&#8221;) and our Deferred Share Unit Plan (the &#8220;DSU Plan&#8221;), we may
                                            grant options, RSUs or restricted stock awards, and/or DSUs to our directors, officers, employees
                                            and consultants.&#160;&#160;The combined maximum number of our Common Shares that may be
                                            reserved for issuance under the Plan, the LTIP and the DSU Plan is a variable number equal
                                            to 10% of the issued and outstanding Common Shares on a non-diluted basis.&#160;Options,
                                            RSUs and DSUs under the Plan, LTIP and DSU Plan, respectively, are granted from time to time
                                            at the discretion of the Board, with vesting periods and other terms as determined by the
                                            Board. &#160;There are options outstanding to purchase up to 1,367,000 Common Shares at prices
                                            ranging from $0.51 to $0.77. There are 2,572,969 restricted stock units and 726,000 deferred
                                            share units outstanding. &#160;Upon the vesting conditions being met a holder of restricted
                                            stock units or deferred share units is entitled to receive one Common Share for each restricted
                                            stock unit held.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company may issue Common Shares independently or together with Warrants or Subscription Receipts,
                                            and the Common Shares may be attached to or separately from such securities.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Holders
                                            of Common Shares are entitled to receive notice of and to attend any meetings of shareholders
                                            of the Company and at any meetings of shareholders to one vote for each Common Share held,
                                            to receive dividends as and when declared by the directors of the Company and to receive
                                            a <I>pro rata</I> share of the assets of the Company available for distribution to the shareholders
                                            in the event of the liquidation, dissolution or winding-up of the Company. &#160;There are
                                            no pre-emptive, conversion or redemption rights attached to the Common Shares.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc314664933"></A><A NAME="_Toc42715741"></A></B>DESCRIPTION
                                            OF WARRANTS<B><A NAME="Description_Warrants"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            following description, together with the additional information the Company may include in
                                            any applicable Prospectus Supplements, summarizes the material terms and provisions of the
                                            Warrants that the Company may offer under this Prospectus, which will consist of Warrants
                                            to purchase Common Shares and may be issued in one or more series. &#160;Warrants may be
                                            offered independently or together with Common Shares or Subscription Receipts offered by
                                            any Prospectus Supplement, and may be attached to or separate from those Securities. &#160;While
                                            the terms the Company has summarized below will apply generally to any Warrants that it may
                                            offer under this Prospectus, the</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">14</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Company
                                            will describe the particular terms of any series of Warrants that it may offer in more detail
                                            in the applicable Prospectus Supplement. &#160;The terms of any Warrants offered under a
                                            Prospectus Supplement may differ from the terms described below.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>General</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Warrants
                                            will be issued under and governed by the terms of one or more warrant indentures (each a
                                            &#8220;Warrant Indenture&#8221;) between the Company and a warrant trustee (the &#8220;Warrant
                                            Trustee&#8221;) that the Company will name in the relevant Prospectus Supplement. &#160;Each
                                            Warrant Trustee will be a financial institution organized under the laws of Canada or any
                                            province thereof and authorized to carry on business as a trustee.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">This
                                            summary of some of the provisions of the Warrants is not complete. &#160;The statements made
                                            in this Prospectus relating to any Warrant Indenture and Warrants to be issued under this
                                            Prospectus are summaries of certain anticipated provisions thereof and do not purport to
                                            be complete and are subject to, and are qualified in their entirety by reference to, all
                                            provisions of the applicable Warrant Indenture. &#160;Prospective investors should refer
                                            to the Warrant Indenture relating to the specific Warrants being offered for the complete
                                            terms of the Warrants. The Company urges you to read the applicable Prospectus Supplement
                                            related to the applicable Warrants that the Company sells under this Prospectus, as well
                                            as the complete Warrant Indenture and Warrant Certificate. &#160;In the United States, the
                                            Company will file as exhibits to the registration statement of which this Prospectus is a
                                            part, or will incorporate by reference from a current report on Form&#160;8-K that the Company
                                            files with the SEC, any Warrant Indenture describing the terms and conditions of Warrants
                                            the Company is offering before the issuance of such&#160;Warrants. In Canada, the Company
                                            will file on SEDAR a copy of any Warrant Indenture after the Company has entered into it.</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;text-indent:36pt;margin:0pt;"><FONT STYLE="font-family: Times New Roman">&#8203;</FONT></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>Warrants</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            particular terms of each issue of Warrants will be described in the applicable Prospectus
                                            Supplement. This description will include, where applicable:</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">&#8203;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            designation and aggregate number of Warrants; </FONT></td></tr></table><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            price at which the Warrants will be offered; </FONT></td></tr></table><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            currency or currencies in which the Warrants will be offered; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            date on which the right to exercise the Warrants will commence and the date on which the
                                            right will expire; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            number of Common Shares that may be purchased upon exercise of each Warrant and the price
                                            at which and currency or currencies in which the Common Shares may be purchased upon exercise
                                            of each Warrant; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            designation and terms of any Securities with which the Warrants will be offered, if any,
                                            and the number of the Warrants that will be offered with each Security; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            date or dates, if any, on or after which the Warrants and the other Securities with which
                                            the Warrants will be offered will be transferable separately; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">whether
                                            the Warrants will be subject to redemption and, if so, the terms of such redemption provisions;
                                            </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">whether
                                            the Company will issue the Warrants as global securities and, if so, the identity of the
                                            depositary of the global securities;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">whether
                                            the Warrants will be listed on any exchange;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">material
                                            United States and Canadian federal income tax consequences of owning the Warrants; and </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">any
                                            other material terms or conditions of the Warrants. </FONT></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>Rights
                                            of Holders Prior to Exercise</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><B>Prior
                                            to the exercise of their Warrants, holders of Warrants will not have any of the rights of
                                            holders of the Common Shares issuable upon exercise of the Warrants. </B></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">15</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman">&#8203;</FONT></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>Exercise
                                            of Warrants</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Each
                                            Warrant will entitle the holder to purchase the Common Shares that the Company specifies
                                            in the applicable Prospectus Supplement at the exercise price that the Company describes
                                            therein. &#160;Unless the Company otherwise specifies in the applicable Prospectus Supplement,
                                            holders of the Warrants may exercise the Warrants at any time up to the specified time on
                                            the expiration date that the Company sets forth in the applicable Prospectus Supplement.
                                            &#160;After the close of business on the expiration date, unexercised warrants will become
                                            void.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Holders
                                            of the Warrants may exercise the Warrants by delivering the Warrant Certificate representing
                                            the Warrants to be exercised together with specified information, and paying the required
                                            amount to the Warrant Trustee in immediately available funds, as provided in the applicable
                                            Prospectus Supplement. &#160;The Company will set forth on the Warrant Certificate and in
                                            the applicable Prospectus Supplement the information that the holder of the Warrant will
                                            be required to deliver to the Warrant Trustee.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Upon
                                            receipt of the required payment and the Warrant Certificate properly completed and duly executed
                                            at the corporate trust office of the Warrant Trustee or any other office indicated in the
                                            applicable Prospectus Supplement, the Company will issue and deliver the Common Shares purchasable
                                            upon such exercise. &#160;If fewer than all of the Warrants represented by the Warrant Certificate
                                            are exercised, then the Company will issue a new Warrant Certificate for the remaining amount
                                            of Warrants. &#160;If the Company so indicates in the applicable Prospectus Supplement, holders
                                            of the Warrants may surrender securities as all or part of the exercise price for Warrants.</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;text-indent:36pt;margin:0pt;"><FONT STYLE="font-family: Times New Roman">&#8203;</FONT></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>Anti-Dilution</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Warrant Indenture will specify that upon the subdivision, consolidation, reclassification
                                            or other material change of the Common Shares or any other reorganization, amalgamation,
                                            merger or sale of all or substantially all of the Company&#8217;s assets, the Warrants will
                                            thereafter evidence the right of the holder to receive the securities, property or cash deliverable
                                            in exchange for, or on the conversion of, or in respect of, the Common Shares to which the
                                            holder of a Common Share would have been entitled immediately after such event. &#160;Similarly,
                                            any distribution to all or substantially all of the holders of Common Shares of rights, options,
                                            warrants, evidences of indebtedness or assets will result in an adjustment in the number
                                            of Common Shares to be issued to holders of Warrants.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>Global
                                            Securities</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company may issue Warrants in whole or in part in the form of one or more global securities,
                                            which will be registered in the name of and be deposited with a depositary, or its nominee,
                                            each of which will be identified in the applicable Prospectus Supplement. &#160;The global
                                            securities may be in temporary or permanent form. The applicable Prospectus Supplement will
                                            describe the terms of any depositary arrangement and the rights and limitations of owners
                                            of beneficial interests in any global security. The applicable Prospectus Supplement will
                                            describe the exchange, registration and transfer rights relating to any global security.</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>Modifications</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Warrant Indenture will provide for modifications and alterations to the Warrants issued thereunder
                                            by way of a resolution of holders of Warrants at a meeting of such holders or a consent in
                                            writing from such holders. &#160;The number of holders of Warrants required to pass such
                                            a resolution or execute such a written consent will be specified in the Warrant Indenture.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company may amend any Warrant Indenture and the Warrants, without the consent of the holders
                                            of the Warrants, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent
                                            provision, or in any other manner that will not materially and adversely affect the interests
                                            of holders of outstanding Warrants.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc314664934"></A><A NAME="_Toc42715742"></A></B>DESCRIPTION
                                            OF SUBSCRIPTION RECEIPTS<B><A NAME="Description_Subscription_Receipts"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company may issue Subscription Receipts, which will entitle holders to receive upon satisfaction
                                            of certain release conditions and for no additional consideration, Common Shares, Warrants
                                            or a combination thereof. &#160;Subscription Receipts will be issued pursuant to one or more
                                            subscription receipt agreements (each, a &#8220;Subscription Receipt Agreement&#8221;), each
                                            to be entered into between the Company and an escrow agent (the &#8220;Escrow Agent&#8221;),
                                            which will establish the terms and conditions of the Subscription Receipts. &#160;Each Escrow
                                            Agent will be a financial institution organized under the laws of Canada or a province thereof
                                            and authorized to carry on business as a trustee. &#160;In the United States, the Company
                                            will file as exhibits to the registration statement of which this Prospectus is a part,</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">16</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">or
                                            will incorporate by reference from a current report on Form&#160;8-K that the Company files
                                            with the SEC, any Subscription Receipt Agreement describing the terms and conditions of Subscription
                                            Receipts the Company is offering before the issuance of such Subscription Receipts. &#160;In
                                            Canada, the Company will file on SEDAR a copy of any Subscription Receipt Agreement after
                                            the Company has entered into it.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            following description sets forth certain general terms and provisions of Subscription Receipts
                                            and is not intended to be complete. &#160;The statements made in this Prospectus relating
                                            to any Subscription Receipt Agreement and Subscription Receipts to be issued thereunder are
                                            summaries of certain anticipated provisions thereof and are subject to, and are qualified
                                            in their entirety by reference to, all provisions of the applicable Subscription Receipt
                                            Agreement and the Prospectus Supplement describing such Subscription Receipt Agreement. The
                                            Company urges you to read the applicable Prospectus Supplement related to the particular
                                            Subscription Receipts that the Company &#160;sells under this Prospectus, as well as the
                                            complete Subscription Receipt Agreement.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Prospectus Supplement relating to any Subscription Receipts the Company offers will describe
                                            the Subscription Receipts and include specific terms relating to their offering. &#160;All
                                            such terms will comply with the requirements of the TSX and NSYE MKT relating to Subscription
                                            Receipts. &#160;If underwriters or agents are used in the sale of Subscription Receipts,
                                            one or more of such underwriters or agents may also be parties to the Subscription Receipt
                                            Agreement governing the Subscription Receipts sold to or through such underwriters or agents.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">General</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Prospectus Supplement and the Subscription Receipt Agreement for any Subscription Receipts
                                            the Company offers will describe the specific terms of the Subscription Receipts and may
                                            include, but are not limited to, any of the following:</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            designation and aggregate number of Subscription Receipts offered; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            price at which the Subscription Receipts will be offered;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            currency or currencies in which the Subscription Receipts will be offered;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            designation, number and terms of the Common Shares, Warrants or combination thereof to be
                                            received by holders of Subscription Receipts upon satisfaction of the release conditions,
                                            and the procedures that will result in the adjustment of those numbers; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            conditions (the &#8220;Release Conditions&#8221;) that must be met in order for holders of
                                            Subscription Receipts to receive for no additional consideration Common Shares, Warrants
                                            or a combination thereof;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            procedures for the issuance and delivery of Common Shares, Warrants or a combination thereof
                                            to holders of Subscription Receipts upon satisfaction of the Release Conditions;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">whether
                                            any payments will be made to holders of Subscription Receipts upon delivery of the Common
                                            Shares, Warrants or a combination thereof upon satisfaction of the Release Conditions (</FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-weight: normal; color: #000000"><I>e.g.</I><FONT STYLE="font-style: normal">,
                                            an amount equal to dividends declared on Common Shares by the Company to holders of record
                                            during the period from the date of issuance of the Subscription Receipts to the date of issuance
                                            of any Common Shares pursuant to the terms of the Subscription Receipt Agreement);</FONT></FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            terms and conditions under which the Escrow Agent will hold all or a portion of the gross
                                            proceeds from the sale of Subscription Receipts, together with interest and income earned
                                            thereon (collectively, the &#8220;Escrowed Funds&#8221;), pending satisfaction of the Release
                                            Conditions;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            terms and conditions pursuant to which the Escrow Agent will hold Common Shares, Warrants
                                            or a combination thereof pending satisfaction of the Release Conditions;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            terms and conditions under which the Escrow Agent will release all or a portion of the Escrowed
                                            Funds to the Company upon satisfaction of the Release Conditions;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">if
                                            the Subscription Receipts are sold to or through underwriters or agents, the terms and conditions
                                            under which the Escrow Agent will release a portion of the Escrowed Funds to such underwriters
                                            or agents in payment of all or a portion of their fees or commission in connection with the
                                            sale of the Subscription Receipts;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">procedures
                                            for the refund by the Escrow Agent to holders of Subscription Receipts of all or a portion
                                            of the subscription price for their Subscription Receipts, plus any </FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-weight: normal; color: #000000"><I>pro
                                            rata</I> <FONT STYLE="font-style: normal">entitlement to interest earned or income generated
                                            on such amount, if the Release Conditions are not satisfied;</FONT></FONT></td></tr></table></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">17</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="border-width: 0pt; font: 10pt Times New Roman; border-collapse: collapse; margin-bottom: 6pt; margin-top: 0pt; table-layout: fixed; text-align: justify; width: 100%"><TR><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">any
                                            contractual right of rescission to be granted to initial purchasers of Subscription Receipts
                                            in the event this Prospectus, the Prospectus Supplement under which Subscription Receipts
                                            are issued or any amendment hereto or thereto contains a misrepresentation;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">any
                                            entitlement of the Company to purchase the Subscription Receipts in the open market by private
                                            agreement or otherwise;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">whether
                                            the Company will issue the Subscription Receipts as global securities and, if so, the identity
                                            of the depositary for the global securities;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">whether
                                            the Company will issue the Subscription Receipts as bearer securities, registered securities
                                            or both;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">provisions
                                            as to modification, amendment or variation of the Subscription Receipt Agreement or any rights
                                            or terms attaching to the Subscription Receipts;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            identity of the Escrow Agent;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">whether
                                            the Subscription Receipts will be listed on any exchange; </FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">material
                                            United States and Canadian federal tax consequences of owning the Subscription Receipts;
                                            and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">any
                                            other terms of the Subscription Receipts.</FONT></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>The
                                            holders of Subscription Receipts will not be shareholders of the Company. &#160;Holders of
                                            Subscription Receipts are entitled only to receive Common Shares, Warrants or a combination
                                            thereof on exchange of their Subscription Receipts, plus any cash payments provided for under
                                            the Subscription Receipt Agreement, if the Release Conditions are satisfied. &#160;If the
                                            Release Conditions are not satisfied, the holders of Subscription Receipts shall be entitled
                                            to a refund of all or a portion of the subscription price therefor and all or a portion of
                                            the <I>pro rata</I> share of interest earned or income generated thereon, as provided in
                                            the Subscription Receipt Agreement.</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">Escrow</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Escrowed Funds will be held in escrow by the Escrow Agent, and such Escrowed Funds will be
                                            released to the Company (and, if the Subscription Receipts are sold to or through underwriters
                                            or agents, a portion of the Escrowed Funds may be released to such underwriters or agents
                                            in payment of all or a portion of their fees in connection with the sale of the Subscription
                                            Receipts) at the time and under the terms specified by the Subscription Receipt Agreement.
                                            &#160;If the Release Conditions are not satisfied, holders of Subscription Receipts will
                                            receive a refund of all or a portion of the subscription price for their Subscription Receipts
                                            plus their <I>pro rata</I> entitlement to interest earned or income generated on such amount,
                                            in accordance with the terms of the Subscription Receipt Agreement. &#160;Common Shares or
                                            Warrants may be held in escrow by the Escrow Agent, and will be released to the holders of
                                            Subscription Receipts following satisfaction of the Release Conditions at the time and under
                                            the terms specified in the Subscription Receipt Agreement.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">Anti-Dilution</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Subscription Receipt Agreement will specify that upon the subdivision, consolidation, reclassification
                                            or other material change of the Common Shares or Warrants or any other reorganization, amalgamation,
                                            merger or sale of all or substantially all of the Company&#8217;s assets, the Subscription
                                            Receipts will thereafter evidence the right of the holder to receive the securities, property
                                            or cash deliverable in exchange for, or on the conversion of, or in respect of, the Common
                                            Shares or Warrants to which the holder of a Common Share or Warrant would have been entitled
                                            immediately after such event. &#160;Similarly, any distribution to all or substantially all
                                            of the holders of Common Shares of rights, options, warrants, evidences of indebtedness or
                                            assets will result in an adjustment in the number of Common Shares to be issued to holders
                                            of Subscription Receipts whose Subscription Receipts entitle the holders thereof to receive
                                            Common Shares. &#160;Alternatively, such securities, evidences of indebtedness or assets
                                            may, at the option of the Company, be issued to the Escrow Agent and delivered to holders
                                            of Subscription Receipts on exercise thereof. &#160;The Subscription Receipt Agreement will
                                            also provide that if other actions of the Company affect the Common Shares or Warrants, which,
                                            in the reasonable opinion of the directors of the Company, would materially affect the rights
                                            of the holders of Subscription Receipts and/or the rights attached to the Subscription Receipts,
                                            the number of Common Shares or Warrants which are to be received pursuant to the Subscription
                                            Receipts shall be adjusted in such manner, if any, and at such time as the directors of the
                                            Company may in their discretion reasonably determine to be equitable to the holders of Subscription
                                            Receipts in such circumstances.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">18</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">Rescission</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Subscription Receipt Agreement will also provide that any misrepresentation in this Prospectus,
                                            the Prospectus Supplement under which the Subscription Receipts are offered, or any amendment
                                            thereto, will entitle each initial purchaser of Subscription Receipts to a contractual right
                                            of rescission following the issuance of the Common Shares or Warrants to such purchaser entitling
                                            such purchaser to receive the amount paid for the Subscription Receipts upon surrender of
                                            the Common Shares or Warrants, provided that such remedy for rescission is exercised in the
                                            time stipulated in the Subscription Receipt Agreement. &#160;This right of rescission does
                                            not extend to holders of Subscription Receipts who acquire such Subscription Receipts from
                                            an initial purchaser, on the open market or otherwise, or to initial purchasers who acquire
                                            Subscription Receipts in the United States.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><B>&#8203;</B></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">Global
                                            Securities</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company may issue Subscription Receipts in whole or in part in the form of one or more global
                                            securities, which will be registered in the name of and be deposited with a depositary, or
                                            its nominee, each of which will be identified in the applicable Prospectus Supplement. &#160;The
                                            global securities may be in temporary or permanent form. The applicable Prospectus Supplement
                                            will describe the terms of any depositary arrangement and the rights and limitations of owners
                                            of beneficial interests in any global security. The applicable Prospectus Supplement also
                                            will describe the exchange, registration and transfer rights relating to any global security.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">Modifications</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Subscription Receipt Agreement will provide for modifications and alterations to the Subscription
                                            Receipts issued thereunder by way of a resolution of holders of Subscription Receipts at
                                            a meeting of such holders or a consent in writing from such holders. &#160;The number of
                                            holders of Subscriptions Receipts required to pass such a resolution or execute such a written
                                            consent will be specified in the Subscription Receipt Agreement.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company may amend the Subscription Receipt Agreement, without the consent of the holders
                                            of the Subscription Receipts, to cure any ambiguity, to cure, correct or supplement any defective
                                            or inconsistent provision, or in any other manner that will not materially and adversely
                                            affect the interests of holders of outstanding Subscription Receipts.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc225767398"></A><A NAME="_Toc314664935"></A><A NAME="_Toc42715743"></A><A NAME="Description_Units"></A>DESCRIPTION
                                            OF UNITS</B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            following description, together with the additional information the Company may include in
                                            any applicable Prospectus Supplements, summarizes the material terms and provisions of the
                                            Units that the Company may offer under this Prospectus. &#160;While the terms the Company
                                            has summarized below will apply generally to any Units that the Company may offer under this
                                            Prospectus, the Company will describe the particular terms of any series of Units in more
                                            detail in the applicable Prospectus Supplement. &#160;The terms of any Units offered under
                                            a Prospectus Supplement may differ from the terms described below.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company will enter into a form of unit agreement (&#8220;Unit Agreement&#8221;) between the
                                            Company and a unit agent (&#8220;Unit Agent&#8221;) that describes the terms and conditions
                                            of the series of Units the Company is offering, and any supplemental agreements, before the
                                            issuance of the related series of Units. &#160;In the United States, the Company will file
                                            as exhibits to the registration statement of which this Prospectus is a part, or will incorporate
                                            by reference from a current report on Form&#160;8-K that the Company files with the SEC and
                                            in Canada, will file on SEDAR, the form of Unit Agreement that describes the terms and conditions
                                            of the series of Units the Company is offering, and any supplemental agreements, before the
                                            issuance of the related series of Units.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            following summary of material terms and provisions of the Units are subject to, and qualified
                                            in their entirety by reference to, all the provisions of the Unit Agreement and any supplemental
                                            agreements applicable to a particular series of Units. &#160;The Company urges you to read
                                            the applicable Prospectus Supplements related to the particular series of Units that the
                                            Company sells under this Prospectus, as well as the complete Unit Agreement and any supplemental
                                            agreements that contain the terms of the Units.</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>General</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company may issue units comprising two or more of Common Shares, Warrants and Subscription
                                            Receipts in any combination. &#160;Each Unit will be issued so that the holder of the Unit
                                            is also the holder of each security included in the Unit. &#160;Thus, the holder of a Unit
                                            will have the rights and obligations of a holder of each included security. &#160;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">19</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Unit Agreement under which a Unit is issued may provide that the Securities included in the
                                            Unit may not be held or transferred separately, at any time or at any time before a specified
                                            date.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company will describe in the applicable Prospectus Supplement the terms of the series of
                                            Units, including:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">the
                                            designation and terms of the Units and of the securities comprising the Units, including
                                            whether and under what circumstances those securities may be held or transferred separately;</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">any
                                            provisions of the governing Unit Agreement that differ from those described below; and</FONT></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:24pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:24pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; color: #000000">any
                                            provisions for the issuance, payment, settlement, transfer or exchange of the Units or of
                                            the securities comprising the Units.</FONT></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            provisions described in this section, as well as those described under &#8220;Description
                                            of Common Shares&#8221;, &#8220;Description of Warrants&#8221; and &#8220;Description of
                                            Subscription Receipts&#8221; will apply to each Unit and to any Common Share, Warrant or
                                            Subscription Receipt included in each Unit, respectively.</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>Issuance
                                            in Series</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company may issue Units in such amounts and in numerous distinct series as the Company determines.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><FONT STYLE="font-family: Times New Roman"><B>Enforceability
                                            of Rights by Holders of Units</B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Arial';font-size:10pt;letter-spacing:-0.1pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><FONT STYLE="font-family: Times New Roman; letter-spacing: 0pt">Each
                                            Unit Agent will act solely as the Company&#8217;s agent under the applicable Unit Agreement
                                            and will not assume any obligation or relationship of agency or trust with any holder of
                                            any Unit. &#160;A single bank or trust company may act as Unit Agent for more than one series
                                            of Units. &#160;A Unit Agent will have no duty or responsibility in case of any default by
                                            the Company under the applicable Unit Agreement or Unit, including any duty or responsibility
                                            to initiate any proceedings at law or otherwise, or to make any demand upon the Company.
                                            &#160;Any holder of a Unit may, without the consent of the related Unit Agent or the holder
                                            of any other Unit, enforce by appropriate legal action its rights as holder under any security
                                            included in the Unit.</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company, the Unit Agents and any of their agents may treat the registered holder of any Unit
                                            Certificate as an absolute owner of the Units evidenced by that certificate for any purpose
                                            and as the person entitled to exercise the rights attaching to the Units so requested, despite
                                            any notice to the contrary.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc314664936"></A><A NAME="_Toc42715744"></A><A NAME="_Toc443098862"></A></B>PLAN
                                            OF DISTRIBUTION<B><A NAME="Plan_of_Distribution"></A></B></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">General</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company may offer and sell the Securities on a continuous or delayed basis, separately or
                                            together: (a) to one or more underwriters or dealers; (b) through one or more agents; or
                                            (c) directly to one or more other purchasers. The Securities offered pursuant to any Prospectus
                                            Supplement may be sold from time to time in one or more transactions at: (i) a fixed price
                                            or prices, which may be changed from time to time; (ii) market prices prevailing at the time
                                            of sale; (iii) prices related to such prevailing market prices; or (iv) other negotiated
                                            prices. &#160;The Company may only offer and sell the Securities pursuant to a Prospectus
                                            Supplement during the 36-month period that this Prospectus, including any amendments hereto,
                                            remains effective. &#160;The Prospectus Supplement for any of the Securities being offered
                                            thereby will set forth the terms of the offering of such Securities, including the type of
                                            Security being offered, the name or names of any underwriters, dealers or agents, the purchase
                                            price of such Securities, the proceeds to the Company from such sale, any underwriting commissions
                                            or discounts and other items constituting underwriters&#8217; compensation and any discounts
                                            or concessions allowed or re-allowed or paid to dealers. &#160;Only underwriters so named
                                            in the Prospectus Supplement are deemed to be underwriters in connection with the Securities
                                            offered thereby.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">By
                                            Underwriters</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">If
                                            underwriters are used in the sale, the Securities will be acquired by the underwriters for
                                            their own account and may be resold from time to time in one or more transactions, including
                                            negotiated transactions, at a fixed public offering price or at varying prices determined
                                            at the time of sale. &#160;Unless otherwise set forth in the Prospectus Supplement relating
                                            thereto, the obligations of underwriters to purchase the Securities will be subject to certain
                                            conditions, but the underwriters will be obligated to purchase all of the Securities offered
                                            by the Prospectus Supplement if any of such Securities are purchased. &#160;The Company may
                                            agree to pay the underwriters a fee or</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">20</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">commission
                                            for various services relating to the offering of any Securities. &#160;Any such fee or commission
                                            will be paid out of the proceeds of the offering or the general corporate funds of the Company.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><FONT STYLE="font-family: Times New Roman Bold"><B>&#8203;</B></FONT></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">By
                                            Dealers</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">If
                                            dealers are used, and if so specified in the applicable Prospectus Supplement, the Company
                                            will sell such Securities to the dealers as principals. &#160;The dealers may then resell
                                            such Securities to the public at varying prices to be determined by such dealers at the time
                                            of resale. &#160;Any public offering price and any discounts or concessions allowed or re-allowed
                                            or paid to dealers may be changed from time to time.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">By
                                            Agents</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Securities may also be sold through agents designated by the Company. &#160;Any agent involved
                                            will be named, and any fees or commissions payable by the Company to such agent will be set
                                            forth, in the applicable Prospectus Supplement. &#160;Any such fees or commissions will be
                                            paid out of the proceeds of the offering or the general corporate funds of the Company. &#160;Unless
                                            otherwise indicated in the Prospectus Supplement, any agent will be acting on a best efforts
                                            basis for the period of its appointment.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">Direct
                                            Sales</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Securities
                                            may also be sold directly by the Company at such prices and upon such terms as agreed to
                                            by the Company and the purchaser. &#160;In this case, no underwriters, dealers or agents
                                            would be involved in the offering.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;">General
                                            Information</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Underwriters,
                                            dealers and agents that participate in the distribution of the Securities offered by this
                                            Prospectus may be deemed underwriters under the U.S. Securities Act, and any discounts or
                                            commissions they receive from us and any profit on their resale of the securities may be
                                            treated as underwriting discounts and commissions under the U.S. Securities Act.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">With
                                            respect to the sale of Securities under this Prospectus and any Prospectus Supplement, the
                                            maximum commission or discount to be received by any member of the Financial Industry Regulatory
                                            Authority,&#160;Inc. or independent broker or dealer will not be greater than eight&#160;percent&#160;(8%).</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Underwriters,
                                            dealers or agents who participate in the distribution of Securities may be entitled under
                                            agreements to be entered into with the Company to indemnification by the Company against
                                            certain liabilities, including liabilities under Canadian provincial and territorial and
                                            United States securities legislation, or to contribution with respect to payments which such
                                            underwriters, dealers or agents may be required to make in respect thereof. &#160;Such underwriters,
                                            dealers or agents may be customers of, engage in transactions with, or perform services for,
                                            the Company in the ordinary course of business.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            Company may enter into derivative transactions with third parties, or sell securities not
                                            covered by this Prospectus to third parties in privately negotiated transactions. If the
                                            applicable Prospectus Supplement indicates, in connection with those derivatives, the third
                                            parties may sell securities covered by this Prospectus and the applicable Prospectus Supplement,
                                            including in short sale transactions. If so, the third parties may use securities pledged
                                            by us or borrowed from us or others to settle those sales or to close out any related open
                                            borrowings of stock, and may use securities received from us in settlement of those derivatives
                                            to close out any related open borrowings of stock. The third parties in such sale transactions
                                            will be identified in the applicable Prospectus Supplement.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">One
                                            or more firms, referred to as &#8220;remarketing firms,&#8221; may also offer or sell the
                                            Securities, if the Prospectus Supplement so indicates, in connection with a remarketing arrangement
                                            upon their purchase. Remarketing firms will act as principals for their own accounts or as
                                            agents for us. These remarketing firms will offer or sell the Securities in accordance with
                                            the terms of the Securities. The Prospectus Supplement will identify any remarketing firm
                                            and the terms of its agreement, if any, with us and will describe the remarketing firm&#8217;s
                                            compensation. Remarketing firms may be deemed to be underwriters in connection with the Securities
                                            they remarket.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><A NAME="_Toc443098873"></A><A NAME="_Toc314664937"></A>In
                                            connection with any offering of Securities (unless otherwise specified in the Prospectus
                                            Supplement), underwriters may over-allot or effect transactions which stabilize or maintain
                                            the market price of the Securities offered at a level above that which might otherwise prevail
                                            in the open market. &#160;Such transactions may be commenced, interrupted or discontinued
                                            at any time.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">21</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715745"></A></B>AUDITORS,
                                            TRANSFER AGENT AND REGISTRAR<B><A NAME="Auditors_TA_Registrar"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            auditors of the Company are Plante &amp; Moran, PLLC, (&#8220;Plante Moran&#8221;), of Denver,
                                            Colorado, an Independent Registered Public Accounting Firm.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            transfer agent and registrar for the Common Shares is Computershare Investor Services Inc.
                                            at the principal offices in Vancouver and Toronto.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><A NAME="_Toc314664938"></A><FONT STYLE="font-family: Times New Roman Bold; text-transform: uppercase"><B>&#8203;</B></FONT></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715746"></A></B>EXPERTS<B><A NAME="Experts"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;"><A NAME="_Toc314664939"></A>Information
                                            relating to the Company&#8217;s mineral properties in this Prospectus and the documents incorporated
                                            by reference herein has been derived from reports, statements or opinions prepared or certified
                                            by Tetra Tech, Inc., &#160;Rex Clair Bryan, Anthony Clark, Thomas L. Dyer, Amy L. Hudson,
                                            Chris Johns, Deepak Malhotra, Zvonimir Ponos, Guy Roemer, Vicki Scharnhorst, Jessica I. Monasterio,
                                            Keith Thompson, and John Rozelle, and this information has been included in reliance on such
                                            companies and persons&#8217; expertise. &#160;Each of Tetra Tech, Inc., &#160;Rex Clair Bryan,
                                            Anthony Clark, Thomas L. Dyer, Amy L. Hudson, Chris Johns, Deepak Malhotra, Zvonimir Ponos,
                                            Guy Roemer, Vicki Scharnhorst, Jessica I. Monasterio, Keith Thompson, and John Rozelle is
                                            a qualified person as such term is defined NI 43-101.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">None
                                            of Tetra Tech, Inc., &#160;Rex Clair Bryan, Anthony Clark, Thomas L. Dyer, Amy L. Hudson,
                                            Chris Johns, Deepak Malhotra, Zvonimir Ponos, Guy Roemer, Vicki Scharnhorst, Jessica I. Monasterio,
                                            Keith Thompson, and John Rozelle each being companies and persons who have prepared or certified
                                            the preparation of reports, statements or opinions relating to the Company&#8217;s mineral
                                            properties, or any director, officer, employee or partner thereof, as applicable, received
                                            or has received a direct or indirect interest in the property of the Company or of any associate
                                            or affiliate of the Company. &#160;As at the date hereof, the aforementioned persons, companies
                                            and persons at the companies specified above who participated in the preparation of such
                                            reports, statements or opinions, as a group, beneficially own, directly or indirectly, less
                                            than 1% of the Company&#8217;s outstanding Common Shares.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The
                                            current auditors of the Company are Plante Moran, of Denver, Colorado. &#160;Plante Moran
                                            report that they are independent of the Company in accordance with the Rules of Professional
                                            Conduct of the Institute of Chartered Accountants of British Columbia and in accordance with
                                            the applicable rules and regulations of the SEC. &#160;Plante Moran is registered with the
                                            Public Company Accounting Oversight Board. The audited consolidated financial statements
                                            of the Company as at December 31, 2019 and 2018 and for the years ended December 31, 2019
                                            and 2018 have been audited by Plante Moran and are incorporated by reference herein in reliance
                                            on the authority of said firm as experts in auditing and accounting.</p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715747"></A></B>LEGAL
                                            MATTERS<B><A NAME="Legal_Matters"></A></B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">Certain
                                            legal matters related to the Securities offered by this Prospectus will be passed upon on
                                            the Company&#8217;s behalf by Borden Ladner Gervais LLP, with respect to matters of Canadian
                                            law, and Dorsey &amp; Whitney LLP, with respect to matters of United States law. &#160;</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><FONT STYLE="font-family: Times New Roman Bold; text-transform: uppercase"><B>&#8203;</B></FONT></p><p style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;text-align:center;text-transform:uppercase;margin:0pt;"><B><A NAME="_Toc42715748"></A><A NAME="More_Information"></A>WHERE
                                            YOU CAN FIND MORE INFORMATION </B></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">The
                                            Company files annual, quarterly and current reports, proxy statements and other information
                                            with the SEC. &#160;Our SEC filings are available to the public over the Internet at the
                                            SEC&#8217;s web site at http://www.sec.gov.</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#8203;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">This
                                            Prospectus is part of a registration statement and, as permitted by SEC rules, does not contain
                                            all of the information included in the registration statement.&#160;&#160;Whenever a reference
                                            is made in this Prospectus to any of our contracts or other documents, the reference may
                                            not be complete and, for a copy of the contract or document, you should refer to the exhibits
                                            that are part of the registration statement.&#160;&#160;You may call the SEC at 1-800-SEC-0330
                                            for more information on the public reference rooms and their copy charges.&#160;&#160; You
                                            may also read and copy any document we file with the SEC at the SEC&#8217;s public reference
                                            rooms at:</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">100
                                            F Street, N.E.<BR>Room 1580<BR>Washington, D.C. 20549</p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><FONT STYLE="font-size: 12pt">&#8203;</FONT></p><p style="display:none;font-family:'Times New Roman Bold';font-size:12pt;font-weight:bold;line-height:0pt;text-align:center;margin:0pt 0pt 36pt 0pt;"><FONT STYLE="font-size: 0pt; margin-bottom: 12pt">&#8203;</FONT></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:7.9pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">22</p></div></div></div><hr
style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"></div></div><p style="font-family:'Times New Roman Bold';font-size:12pt;font-weight:bold;padding-bottom:1pt;padding-top:1pt;text-align:center;border-bottom:1.5pt solid #000000;border-top:1.5pt solid #000000;margin:0pt 0pt 36pt 0pt;"><FONT STYLE="font-size: 16pt"><B></B></FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><FONT STYLE="font-size: 16pt">&#8203;</FONT></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2121479d4_424b5spl5img001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12,272,730 Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Underwriters&rsquo; Warrants to purchase 348,682
Common Shares</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 35%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>P R O S P E C T U S S
U P P L E M E N T</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 35%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 16pt"><B>H.C.
Wainwright &amp; Co.</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 50%; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Co-Manager</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt">Co-Manager</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Haywood Securities Inc.</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Roth Capital Partners</FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>July 7</B><B>, 2021</B></P>

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

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

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