<SEC-DOCUMENT>0001104659-23-056163.txt : 20230505
<SEC-HEADER>0001104659-23-056163.hdr.sgml : 20230505
<ACCEPTANCE-DATETIME>20230504183516
ACCESSION NUMBER:		0001104659-23-056163
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230505
DATE AS OF CHANGE:		20230504

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:	333-261225
		FILM NUMBER:		23890579

	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>tm2314783d1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)<BR>
Registration No.&nbsp;333-261225</B></P>

<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"><B>PROSPECTUS SUPPLEMENT<BR>
(To Prospectus dated&nbsp;December 3, 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; text-align: center"><IMG SRC="tm2314783d1_424b5img002.jpg" ALT="" STYLE="height: 91px; width: 195px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$8,808,752<BR>
Common Shares</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 (this &ldquo;Supplement&rdquo;)
updates and amends certain information contained in the prospectus supplement, dated December 10, 2021 (the &ldquo;Prospectus Supplement&rdquo;),
to the prospectus dated December 3, 2021 (the &ldquo;Prospectus&rdquo; and, together with the Prospectus Supplement, the &ldquo;December
2021 Prospectus&rdquo;), relating to the offer and sale of our common shares having an aggregate offering price of up to $10,000,000 from
time to time through H.C. Wainwright &amp; Co., LLC, or Wainwright, as sales agent, in &ldquo;at the market&rdquo; equity offerings (as
defined in Rule 415 promulgated under the Securities Act of 1933, as amended) pursuant to At The Market Offering Agreement (the &ldquo;Agreement&rdquo;),
dated November 22, 2017, as amended, that we entered into with Wainwright. Subsequently, we have sold common shares having an aggregate
offering price of $1,191,248, leaving $8,808,752 of aggregate offering price under the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Supplement should be read in conjunction
with the December 2021 Prospectus, and is qualified by reference to the December 2021 Prospectus, except to the extent that the information
presented herein supersedes the information contained in the December 2021 Prospectus.&nbsp;&nbsp;This Supplement is not complete without,
and may only be delivered or used in connection with, the December 2021 Prospectus, including any amendments or supplements thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 common shares are listed on the NYSE American
under the symbol &ldquo;VGZ&rdquo; On May 3, 2023, the closing sale price of our common shares on the NYSE American was $0.75&nbsp;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">We are filing this Supplement to update and amend
the December 2021 Prospectus to disclose that our registration statement on Form S-3 (File No. 333-261225) and related Prospectus and
the December 2021 Prospectus are subject to the provisions of General Instruction I.B.6 of Form S-3, which provides that the Company may
not sell securities in a public primary offering with a value exceeding one-third of its public float in any 12-month period unless its
public float subsequently rises to $75.0 million or more.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 of May 4, 2023, the aggregate market value
of our outstanding common shares held by non-affiliates was $72,947,753 based on&nbsp;120,918,494&nbsp;common shares outstanding, of which&nbsp;97,263,670&nbsp;shares
are held by non-affiliates, and a per share price of $0.75,&nbsp;based on the&nbsp;closing&nbsp;price of our common stock as&nbsp;quoted
on the NYSE American on May 3, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the 12 calendar months prior to and including
the date of&nbsp;this Supplement, we have sold $645,121&nbsp;of securities pursuant to General Instruction I.B.6. of Form S-3. We may
currently offer and sell shares of our common stock having an aggregate offering price of up to $23,670,796, including the $8,808,752
offered hereunder,&nbsp;from time to time under General Instruction I.B.6.&nbsp;of Form S-3.&nbsp;&nbsp;If our public float increases
such that we may offer and sell more than $23,670,796&nbsp;under General Instruction I.B.6.&nbsp;of Form S-3, we will file another prospectus
supplement prior&nbsp;to making sales in excess of $23,670,796.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities involves significant
risks. Please read the information contained in or incorporated by reference under the heading &quot;Risk Factors&quot; in the Prospectus
and in the Prospectus Supplement, and under similar headings in other documents incorporated by reference into this Supplement .</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>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this Supplement, the Prospectus Supplement
or the Prospectus is truthful or complete.&nbsp;&nbsp;Any representation to the contrary is a criminal offense.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></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: center"><B>H.C. Wainwright &amp; Co.</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"><B>Prospectus Supplement dated&nbsp;May 4, 2023.</B></P>

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



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

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