Document:

Exhibit 10.15

		
			Exhibit 10.15
		

		
			DEBT TRANSFER AGREEMENT
		

		
			THIS AGREEMENT is made as of October 16, 2013
		

		
			BETWEEN:
		

		
			Vista Gold Corp., a  company existing under the laws of British Columbia, Canada
		

		
			(“Vista”)
		

		
			AND:
		

		
			RPG Structured Finance S.à r.l., a  company existing under the laws of Luxembourg
		

		
			(the “Purchaser”)
		

		
			WHEREAS:
		

			
	
			
				 A.
			

			
	
			
			Invecture Group, S.A. de C.V. (“Invecture”), Vista, Desarrollos Zapal Holdings Corp. (“DZHC”), Granges Inc. and Desarrollos Zapal, S.A. de C.V. (“DZ México”) are parties to an earn-in right agreement dated February 7, 2012, as amended by written agreement dated February 21, 2012 (collectively, the “Earn-in Right Agreement”) pursuant to which, among other things, Invecture holds the right for a period of two years (subject to extension in certain circumstance) to acquire 62.5% of the outstanding shares of DZ México; 

			
	
			
				 B.
			

			
	
			
			On October 6, 2013, Vista and Invecture entered into a binding terms of agreement that sets forth the terms and conditions of a transaction involving, among other things, the termination of the Earn-in Right Agreement and the acquisition of all of the outstanding shares of DZ México by Invecture and the acquisition by Invecture or a third party of the debt owed by DZ México to Vista for an aggregate purchase price of US$13 million (US$7 million of which is to be paid on the date hereof and US$6 million (the “Second Payment”) of which is due on January 30, 2014) (which Second Payment will not be made if this Agreement is terminated pursuant to Section 5.1 hereof);

			
	
			
				 C.
			

			
	
			
			Invecture, DZHC, Granges Inc. and Frontera Cobre del Mayo México, S.A. de C.V. are parties to a share purchase agreement dated as of the date hereof providing for the sale by DZHC and Granges Inc. to Invecture and Frontera Cobre del Mayo México, S.A. de C.V. of the shares held by DZHC and Granges Inc. in the capital of DZ México, Servicios Industriales MPA, S.A. de C.V. and Servicios Administrativos MPA, S.A. de C.V.;

			
	
			
				 D.
			

			
	
			
			Invecture, Vista, Granges, DZHC and DZ México are parties to a termination agreement dated as of the date hereof that provides for the termination of the Earn-in Right Agreement;

			
	
			
				 E.
			

			
	
			
			As of the date hereof, DZ México is indebted to Vista in the amount of US$20,090,528.43, which debt is non-interest bearing (the “Debt”); and

			
	
			
				 F.
			

			
	
			
			The Purchaser wishes to acquire from Vista and Vista wishes to sell to the Purchaser the Debt in accordance with the terms of this Agreement.

		
			NOW THEREFORE, in consideration of the mutual premises and the respective covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties agree as follows:
		

		 

		

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				ARTICLE 1
			
INTERPRETATION

		
			Definitions
		

		
			In this Agreement, the following words, phrases and expressions will have the following meanings:
		

		
			“Authorizations” means any order, permit, approval, waiver, licence or similar authorization of any Governmental Entity having jurisdiction over the Vista, DZ México or the Purchaser;
		

		
			“Arm’s Length” has the meaning ascribed to such term in the Income Tax Act (Canada) and the regulations thereunder;
		

		
			“Business Day” means any day, other than a Saturday, a Sunday or a statutory or civic holiday in México City, México or Vancouver, British Columbia, Canada;
		

		
			“Effective Date” means the date this Agreement is made as indicated on the first page of this Agreement;
		

		
			“Governmental Entity” means: (a) any multinational, federal, provincial, territorial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau, agency or entity, domestic or foreign, including, without limitation, in Canada or in the United States; (b) any stock exchange, including the Toronto Stock Exchange; (c) any subdivision, agent, commission, board or authority of any of the foregoing; or (d) any quasi-governmental or private body, including any tribunal, commission, regulatory agency or self-regulatory organization, exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing;
		

		
			“Indemnifying Party” has the meaning ascribed thereto in Section 5.3;
		

		
			“Initial Debt Amount” means the portion of the Debt equal to US$10,807,265.39, being the amount equal to (a) the percentage of the Purchase Price paid on the date hereof by Invecture to Vista multiplied by (b) amount of the Debt; 
		

		
			“Initial Payment Amount” means US$6,985,000;
		

		
			“Insolvency Proceeding”  means the occurrence of any of the following events under applicable Laws:
		

		
			if a Person files an assignment in bankruptcy or a petition or other process for the bankruptcy of such Person is filed or instituted and remains un-dismissed or un-stayed for a period of 45 days or any of the relief sought in such proceeding (including the entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar official for it or any substantial part of its property) shall occur;
		

		
			if the corporate existence of a Person is terminated, whether by winding-up, surrender of charter or otherwise;
		

		
			if a Person ceases to carry on its business or makes or completes any sale of all or substantially all of its assets;
		

		
			if any court proceeding is filed by or against a Person under any Law or otherwise having as a purpose the extension of time for payment, composition or compromise of its liabilities or other reorganization or arrangement respecting its liabilities or if it gives notice of its intention to make or file any such petition including an application to any 
		

		 

		

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		court to stay or suspend any proceedings of creditors pending the making or filing of any such court proceeding; or
		

		
			if any receiver, administrator or manager, receiver-manager or interim receiver of the property, assets or undertaking of a Person or a substantial part thereof is appointed pursuant to the terms of any trust deed, trust indenture, debenture or similar instrument or by or under any judgment or order of any court;
		

		
			“Laws” means any applicable law, statute, ordinance, decree, requirement, order, treaty, proclamation, convention, rule or regulation (or interpretation of any of the foregoing) of any Governmental Entity, any agreement with any Governmental Entity, and the terms of any governmental Authorization;
		

		
			“Person” includes an individual, a corporation, a partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated or not; 
		

		
			“Purchase Price” means US$12,985,000;  
		

		
			“Subsequent Debt Amount” means the portion of the Debt equal to US$9,283,263.04, being the amount equal to (a) the percentage of the Purchase Price to be paid on the Subsequent Payment Date by Invecture to Vista multiplied by (b) the amount of the Debt; 
		

		
			“Subsequent Payment Amount” means US$6,000,000; and
		

		
			“Subsequent Payment Date” means January 30, 2014, or such other date as the parties may mutually agree to in writing.
		

		
			Singular; Plural, etc.
		

		
			In this Agreement, words importing the singular number include the plural and vice versa and words importing gender include the masculine, feminine and neutral genders.
		

		
			Headings, etc.
		

		
			The division of this Agreement into Articles, Sections and Schedules and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement and, unless otherwise stated, all references in this Agreement or in the Schedules hereto to Articles, Sections and Schedules refer to Articles, Sections and Schedules of and to this Agreement or of the Schedules in which such reference is made, as applicable.
		

		
			Incorporation of Schedules
		

		
			The Schedules attached hereto form an integral part of this Agreement.
		

			
	
			
				ARTICLE 2
			
ACQUiSITION OF THE DEBT

		
			Initial Debt Amount
		

		
			On the Effective Date:
		

		
			Vista hereby sells, assigns, transfers, conveys and sets over to the Purchaser, and the Purchaser hereby purchases and acquires from Vista that portion of the Debt equal to the Initial Debt Amount; and
		

		
			
		

		 

		

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		the Purchaser shall wire to Vista funds in the amount of the Initial Payment Amount in accordance with the instructions set forth in Schedule “A”.
		

		
			Subsequent Debt Amount
		

		
			Subject to this Agreement not having been terminated in accordance with Section 5.1 hereof, on the Subsequent Payment Date:
		

		
			Vista shall sell, assign, transfer, convey and set over to the Purchaser, and the Purchaser hereby agrees to purchase and acquire from Vista that portion of the Debt equal to the Subsequent Debt Amount; and
		

		
			the Purchaser shall wire to Vista funds in the amount of the Subsequent Payment Amount in accordance with the instructions set forth in Schedule “A”.
		

			
	
			
				ARTICLE 3
			
REPRESENTATIONS AND WARRANTIES

		
			Representations and Warranties of Vista
		

		
			Vista represents and warrants to the Purchaser (and acknowledges that the Purchaser is relying on these representations and warranties) that as of the Effective Date:
		

		
			it is a corporation duly incorporated and in good standing in its jurisdiction of incorporation and is qualified to do business and is in good standing in those jurisdictions necessary in order to carry out the purposes of this Agreement;
		

		
			it has the capacity to enter into and perform its obligations under this Agreement and all transactions contemplated herein, and all corporate and other actions required to authorize it to enter into and perform this Agreement have been properly taken;
		

		
			the execution and delivery of this Agreement will not conflict with, violate or result in the breach of its constating documents nor of any agreement to which it is subject;
		

		
			this Agreement has been duly approved and delivered by it and is valid and binding upon it in accordance with its terms except that;
		

		
			enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights generally;
		

		
			equitable remedies, including remedies of specific performance and injunctive relief, are available only in the discretion of the applicable court;
		

		
			a court is not required to treat as conclusive, final or binding those certificate and determinations which this Agreement states are to be so treated;
		

		
			a court may stay proceedings before them by virtue of equitable or statutory powers; and
		

		
			rights of indemnity and contribution hereunder may be limited under Law;
		

		

		

		 

		

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		the Debt represents all of the debt that DZ México owes to Vista;  
		

		
			the Debt is owing and payable by DZ México to Vista and pursuant to this Agreement Vista is assigning the Debt to the Purchaser free and clear of all encumbrances;
		

		
			it is not in default in the observance or performance of any term or obligation to be performed by it in connection with the Debt, and no event has occurred that with notice or lapse of time or both would constitute such a default;
		

		
			there has not been any court proceeding filed, or any proceeding commenced with respect to Vista or any of its assets under any Laws relating to an Insolvency Proceeding and no assignment has been made for the benefit of its creditors, nor has it authorized, or is it contemplating any action with respect to, nor is it aware of any possible filing in respect of, any Insolvency Proceeding in respect of itself or its subsidiaries; and
		

		
			it is dealing with the Purchaser at Arm’s Length.
		

		
			Representations and Warranties of the Purchaser
		

		
			The Purchaser represents and warrants to Vista (and acknowledges that Vista is relying on these representations and warranties) that as of the Effective Date:
		

		
			it is a corporation duly incorporated and in good standing in its jurisdiction of incorporation and it is qualified to do business and is in good standing in those jurisdictions necessary in order to carry out the purposes of this Agreement;
		

		
			it has the capacity to enter into and perform its obligations under this Agreement and all transactions contemplated herein, and that all corporate and other actions required to authorize it to enter into and perform this Agreement have been properly taken;
		

		
			the execution and delivery of this Agreement will not conflict with, violate or result in the breach of its constating documents nor of any agreement to which the Purchaser is subject;
		

		
			this Agreement has been duly approved and delivered by it and is valid and binding upon it in accordance with its terms except that;
		

		
			enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights generally;
		

		
			equitable remedies, including remedies of specific performance and injunctive relief, are available only in the discretion of the applicable court;
		

		
			a court is not required to treat as conclusive, final or binding those certificate and determinations which this Agreement states are to be so treated;
		

		
			a court may stay proceedings before them by virtue of equitable or statutory powers; and
		

		

		

		 

		

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		rights of indemnity and contribution hereunder may be limited under Law; and
		

		
			it is dealing with Vista at Arm’s Length.
		

			
	
			
				ARTICLE 4
			
COVENANTS

		
			Covenants of Vista
		

		
			Vista hereby covenants and agrees:
		

		
			not to sell, transfer, gift, assign, or otherwise dispose of any right or interest in the Debt, other than to the Purchaser in accordance with the terms of this Agreement; 
		

		
			to use commercially reasonable efforts and take all actions reasonably requested by the Purchaser to effect the transactions contemplated by this Agreement; 
		

		
			to not, subject to Laws, take any action (including entering into any contract, agreement or understanding), refrain from taking any action, or permit any action to be taken or not taken, inconsistent with this Agreement in any material respect or which would reasonably be expected to significantly impede the consummation of the transactions contemplated herein; 
		

		
			during the period commencing on the Effective Date and ending on the Subsequent Payment Date, to immediately advise the Purchaser in writing if any of its representations and warranties in this Agreement no longer remain true and correct, for any reason other than the operation of this Agreement, as if such representations and warranties had been made on and as of such date; and
		

		
			during the period commencing on the Effective Date and ending on the Subsequent Payment Date, not to commence any Insolvency Proceeding, make any assignment for the benefit of its creditors, nor authorize or announce any action with respect to any Insolvency Proceeding.
		

		
			Covenants of the Purchaser
		

		
			The Purchaser hereby covenants and agrees: 
		

		
			to not, subject to Laws, take any action (including entering into any contract, agreement or understanding), refrain from taking any action, or permit any action to be taken or not taken, inconsistent with this Agreement in any material respect or which would reasonably be expected to significantly impede the consummation of the transactions contemplated herein; 
		

		
			during the period commencing on the Effective Date and ending on the Subsequent Payment Date, to immediately advise Vista in writing if any of its representations and warranties in this Agreement no longer remain true and correct, for any reason other than the operation of this Agreement, as if such representations and warranties had been made on and as of such date; and
		

		
			during the period commencing on the Effective Date and ending on the Subsequent Payment Date, not to commence any Insolvency Proceeding, make any assignment for 
		

		 

		

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		the benefit of its creditors, nor authorize or announce any action with respect to any Insolvency Proceeding.
		

			
	
			
				ARTICLE 5
			
GENERAL

		
			Termination
		

		
			This Agreement shall terminate and be of no further force or effect upon:  
		

		
			the termination of this Agreement by the Purchaser in writing in its sole discretion on or prior to January 30, 2014; or
		

		
			the mutual written agreement of the parties.
		

		
			Effect of Termination
		

		
			In the event that this Agreement is terminated in accordance with Section 5.1(a) hereof:
		

		
			the Purchaser shall have no obligation under this Agreement to pay the Subsequent Debt Amount to Vista; 
		

		
			the Purchaser shall transfer the Initial Debt Amount back to Vista free and clear of all encumbrances;  
		

		
			Vista shall retain the Initial Payment Amount; and
		

		
			the rights and obligations of the Purchaser and Vista under this Agreement shall be terminated with immediate effect and all interests, rights, obligations and/or liabilities created under this Agreement shall be extinguished.
		

		
			Indemnification
		

		
			Each party (an “Indemnifying Party”) will indemnify and save harmless each other party from and against all actions, suits, claims, proceedings, litigation or investigation whatsoever and any damages, losses (other than loss of profit), costs, fines, penalties, liabilities or expenses, including legal fees on a solicitor-and-own-client basis, disbursements and all costs incurred in investigation or pursuing any of the foregoing or any proceeding related thereto, made or brought against such other party or which such other party suffers or incurs, directly or indirectly, as a result of or in connection with any breach of any representation, warranty, covenant or agreement of this Agreement by the Indemnifying Party.
		

		
			Time of the Essence
		

		
			Any date, time or period referred to in this Agreement shall be of the essence, except to the extent to which the parties agree in writing to vary any date, time or period, in which event the varied date, time or period shall be of the essence.
		

		
			Waiver; Amendment
		

		
			Each party hereto agrees and confirms that any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by all of the parties or in the case of a waiver, by the party against whom the waiver is to be effective and no 
		

		 

		

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		failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise.
		

		
			Notices
		

		
			Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a party shall be in writing and may be given by delivering same in person or sending same by overnight courier addressed to the party to which the notice is to be given at its address for service herein with a copy to be sent to the party by e-mail on or before the next day. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day, if not, the next succeeding Business Day) unless actually received after 4:30 p.m. (local time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.
		

		
			The address for service for each of the parties hereto shall be as follows:
		

		
			If to Vista:
		

		
			Vista Gold Corp.
		

		
			7961 Shaffer Parkway
		

		
			Suite 5
		

		
			Littleton, CO, USA
		

		
			80127
		

		
			 
		

		
			Attention:Frederick Earnest and Jack Engele
		

		
			Email: fhearnest@vistagold.com and jengele@vistagold.com 
		

		
			with a copy (which shall not itself constitute notice) to:
		

		
			Borden Ladner Gervais LLP
		

		
			1200 Waterfront Centre
		

		
			200 Burrard Street, P.O. Box 48600
		

		
			Vancouver, BC, Canada V7X 1L3
		

		
			 
		

		
			Attention:Melanie Bradley
		

		
			Email: mebradley@blg.com 
		

		
			if to the Purchaser:
		

		
			 
		

		
			RPG Structured Finance S.à r.l. 
		

		
			Boulevard de la Foire, 11/13
L-1528 Luxembourg
Grand-Duchy of Luxembourg
		

		
			Attention:Matthijs Bogers
		

		
			Email: M.Bogers@amicorp.com
		

		
			 
		

		

		

		 

		

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		with a copy (which shall not constitute notice) to:
		

		
			Invecture Group, S.A. de C.V.
Montes Urales 750 Piso 3
CP11000 México, D.F.
		

		
			Attn:John Detmold and Jose Luis Ramos
E-mail:jdetmold@invecture.com and jose.l.ramos@invecture.com
		

		
			and to:
		

		
			 
		

		
			Blake, Cassels & Graydon LLP
		

		
			Suite 2600, 595 Burrard Street
		

		
			Bentall 3, P.O. Box 49314
		

		
			Vancouver, BC, Canada V7X 1L3
		

		
			 
		

		
			Attention:Bob Wooder
		

		
			Email:bob.wooder@blakes.com 
		

		
			Severability
		

		
			If, in any jurisdiction, any provision of this Agreement or its application to any party or circumstance is restricted, prohibited or unenforceable, such provision shall, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Agreement and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the terms of this Agreement remain as originally contemplated to the fullest extent possible.
		

		
			Successors and Assigns
		

		
			The provisions of this Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective successors, permitted assigns and legal personal representatives, provided that no party may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement without the prior written consent of the other party hereto, except that the Purchaser may assign, delegate or otherwise transfer any of its rights, interests or obligations under this Agreement.
		

		
			Expenses 
		

		
			Each party shall pay all costs and expenses (including the fees and disbursements of legal counsel and other advisers) it incurs in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated by this Agreement.
		

		
			Further Assurances
		

		
			The parties hereto shall, with reasonable diligence, do all things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Agreement, and each party shall provide such further documents or instruments required by the other party as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its provisions.
		

		

		

		 

		

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		Governing Law
		

		
			This Agreement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of Ontario and the federal laws of Canada applicable therein, and shall be construed and treated in all respects as an Ontario contract. Each of the parties hereby irrevocably attorns to the exclusive jurisdiction of the Courts of the Province of Ontario sitting in the City of Toronto in respect of all matters arising under and in relation to this Agreement.
		

		
			Execution and Delivery
		

		
			This Agreement may be executed by the parties in counterparts and may be executed and delivered by facsimile or any other electronic means and all such counterparts, facsimiles or electronic copies shall together constitute one and the same agreement.
		

		
			[Remainder of Page Intentionally Left Blank.]
		

		

		

		 

		

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		IN WITNESS OF WHICH the parties have executed this Agreement as of the date first written above.
		

			
					
						 

					
					
						 

					
					
						VISTA GOLD CORP.

					
						 

					
						 

					
						 

				
	
					
						By:

					
					
						/s/ Frederick H. Earnest

				
	
					
						 

					
					
						Name: Frederick H. Earnest

				
	
					
						 

					
						 

					
						 

					
					
						Title: President and Chief Executive Officer

					
						 

					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						RPG Structured Finance S.à r.l.

					
						 

					
						 

					
						 

				
	
					
						By:

					
					
						/s/ Matthijs Bogers

				
	
					
						 

					
					
						Name: Matthijs Bogers

				
	
					
						 

					
						 

					
						 

					
					
						Title:   Manager

					
						 

					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

		 

		

			11Exhibit 10.16

		

			Exhibit 10.16

		

		
			Termination Agreement
		

		
			THIS AGREEMENT made as of the 16th day of October, 2013,
		

		
			AMONG:
		

		
			Invecture Group, S.A. de C.V., a corporation existing under the laws of Mexico (“Invecture”)
		

		
			AND:
		

		
			Desarrollos Zapal Holdings Corp., a corporation existing under the laws of the Province of British Columbia (“DZHC”)
		

		
			AND:
		

		
			Granges Inc., a corporation existing under the laws of the Province of British Columbia (“Granges”)
		

		
			AND:
		

		
			Desarrollos Zapal, S.A. de C.V., a corporation existing under the laws of Mexico (“DZ Mexico”)
		

		
			AND:
		

		
			Vista Gold Corp., a corporation existing under the laws of the Province of British Columbia  (“Vista” and together with DZHC, Granges and DZ Mexico, the “Vista Parties”)
		

		
			Witnesses that Whereas:
		

		
			A.Invecture and the Vista Parties are parties to an earn-in right agreement dated February 7, 2012, as amended by written agreement dated February 21, 2012 (collectively, the “Earn-in Right Agreement”) pursuant to which, among other things, Invecture holds the right for a period of two years (subject to extension in certain circumstance) to acquire 62.5% of the outstanding shares of DZ Mexico;
		

		
			B.On October 6, 2013, Vista and Invecture entered into a binding terms of agreement (the “Terms of Agreement”) that sets forth the terms and conditions of a transaction involving, among other things, the termination of the Earn-in Right Agreement and the acquisition of all of the outstanding shares of DZ Mexico by Invecture and the acquisition by Invecture or a third party of the debt owed by DZ Mexico to Vista for an aggregate purchase price of US$13 million (US$7 million of which was paid on the date hereof and US$6 million (the “Second Payment”) of which is due on January 30, 2014) (which Second Payment will not be made if the Debt Transfer Agreement (defined below) is terminated pursuant to Section 5.1 thereof);
		

		
			C.On the date hereof, Vista and  RPG Structured Finance S.à r.l. entered into a debt transfer agreement (the “Debt Transfer Agreement”) pursuant to which Vista’s debt receivable from DZ Mexico will be transferred from Vista to RPG Structured Finance S.à r.l.;
		

		

		

		 

		

			VAN01: 3324367: v6

		

 

		D.Section 10.1(e) of the Earn-in Right Agreement provides that the Earn-in Right Agreement may be terminated by mutual written agreement of the parties thereto; and
		

		
			E.Invecture and the Vista Parties wish to terminate the Earn-in Right Agreement and to document their rights and obligations during the Interim Period (defined below).
		

		
			NOW THEREFORE in consideration of the respective covenants and agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each Party, the Parties agree as follows:
		

			
	
			
				Article 1
			
interpretation

			
	
			
				 Section 1.1
			Definitions

		
			In this Agreement, the following terms have the following meanings:
		

			
	
			
				 (a)
			

			
	
			
			“Affiliate” means any Person related to another Person in such a way that either one of such Persons directly or indirectly Controls, is Controlled by, or is under common Control with, the other and includes a partnership over which a Person exercises Control and a joint venture in which a Person holds at least a 50% voting and equity interest;

			
	
			
				 (b)
			

			
	
			
			“Authorizations” means any order, permit, approval, waiver, licence or similar authorization of any Governmental Authority having jurisdiction over DZ Mexico,  Invecture or the Properties, including those necessary for carrying out exploration, appraisal of discovered deposits and production of mineral products therefrom with respect to the Mineral Rights, and any bond, deposit or other security required by any order, permit, approval, waiver, licence or similar authorization;

			
	
			
				 (c)
			

			
	
			
			“Control” means, when used with respect to an entity, the ability, directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity through: (i) the legal or beneficial ownership of voting securities or membership interests; (ii) the right to appoint managers, directors or corporate management; (iii) contract; (iv) an agreement; (v) a voting trust; or (vi) otherwise; and, when used with respect to a natural person, means the actual or legal ability to control the actions of another, through family relationship, agency, contract or otherwise.  “Control” used as a noun means an interest which gives the holder the ability to exercise any of the foregoing powers;

			
	
			
				 (d)
			

			
	
			
			“Encumbrance” means any mortgage, deed of trust, security interest, pledges, lien, royalty, overriding royalty interest, preferential purchase right, or other encumbrance or burden of any nature whether imposed by contract or operation of Law;

			
	
			
				 (e)
			

			
	
			
			“Entity” includes any corporation, company, partnership, joint venture, trust, society, firm, or other enterprise, association, organization, or entity of any nature recognized under the Laws of any jurisdiction;

			
	
			
				 (f)
			

			
	
			
			“Governmental Authority” means any federal, state or local government or authority, quasi government authority, fiscal or judicial body, government or self-regulatory organization, commission, board, tribunal, organization, or any regulatory, administrative 
		

		 

		

			VAN01: 3324367: v6

		

		

			2

		

 

			or other agency, or any political or other subdivision, department, or branch of any of the foregoing;

			
	
			
				 (g)
			

			
	
			
			“Interim Period” means the period of time from the date hereof to the earlier of: (i) the date Vista receives the Second Payment; and (ii) the date Invecture terminates the Debt Transfer Agreement pursuant to Section 5.1 thereof;

			
	
			
				 (h)
			

			
	
			
			“Laws” means any applicable law, statute, ordinance, decree, requirement, order, treaty, proclamation, convention, rule or regulation (or interpretation of any of the foregoing) of any Governmental Authority, any agreement (including any development agreement) with any Governmental Authority, and the terms of any governmental Authorization;

			
	
			
				 (i)
			

			
	
			
			“Maintenance Costs” means the costs and expenses to obtain the Required Mining Authorizations and to undertake DZ Mexico’s operations to the standards established in this Agreement, including all necessary expenditures for rentals, taxes, requirements, reports, and other legal obligations and related professional fees that must be paid or otherwise complied with in order to maintain the Properties in good standing;

			
	
			
				 (j)
			

			
	
			
			“Mineral Rights” means the mining concessions, licences and permits in respect of the Properties and other rights in respect of the Properties;

			
	
			
				 (k)
			

			
	
			
			“Parties” means Invecture, Vista, DZHC, Granges and DZ Mexico, and “Party” means any one of the Parties as the context requires;

			
	
			
				 (l)
			

			
	
			
			“Person” means any individual, Entity, or Governmental Authority;

			
	
			
				 (m)
			

			
	
			
			“Properties” means the mining concessions, claims, interests and all related Mineral Rights of DZ Mexico, related surface and access rights, Authorizations and options for any such rights or interests, as set out in Appendix 1 hereto, and includes any renewal thereof and any other form of successor or substitute title therefore and any addition thereto, and also includes any other mineral properties, claims, interest or surface and easement rights acquired by DZ Mexico after the date hereof;

			
	
			
				 (n)
			

			
	
			
			“Required Mining Authorizations” means the authorization of environmental impact study – Autorización de Manifiesto de Impacto Ambiental and the authorization of change of forest land use permit – Autorización de Cambio de Uso de Suelo en Terrenos Forestales; and

			
	
			
				 (o)
			

			
	
			
			“Technical Data” means engineering studies and working papers, consultants reports and working papers, pre feasibility reports, feasibility reports, mine plans, surface and underground maps, assays, samples, cores, analyses, geologic and geophysical maps, engineering maps, photographs, drill logs, exploration reports, environmental studies, correspondence with Governmental Authorities, reserve studies and reports, metallurgical studies and reports and all other information and data existing in printed or electronic form concerning the condition, geology, mineral potential, physical characteristics, mineability or other technical matters related to the Properties.

			
	
			
				 Section 1.2
			Certain Additional Rules of Interpretation 

		
			This Agreement is the result of negotiations among the Parties, and the terms and provisions hereof shall be construed in accordance with their usual and customary meanings.  The captions or headings of 
		

		 

		

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		sections or subsections of this Agreement are for purposes of reference only and shall not limit or define the meaning of any provision of this Agreement.  The Parties hereby waive the application of any rule of law which otherwise would be applicable in connection with the construction of this Agreement, including any rule that ambiguous or conflicting terms or provisions should be construed against the Party who (or whose attorney) prepared the executed agreement or any earlier draft of the same.  The singular of any term includes the plural, and vice versa, and the use of words importing gender includes all genders.  If this Agreement is drawn up in both the English language and another language, the English language version shall govern to the extent of any divergence between the two.
		

			
	
			
				 Section 1.3
			Governing Law and Dispute Resolution

		
			This Agreement shall be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein, without reference to its principles of conflicts or choice of laws.
		

		
			Any dispute arising from, connected with, or relating to this Agreement, the subject matter of this Agreement or any other matter will be resolved by the courts of Province of Ontario sitting in the City of Toronto, and the Parties hereby irrevocably submit and attorn to the original and exclusive jurisdiction of the courts of Province of Ontario sitting in the City of Toronto for those purposes.
		

			
	
			
				 Section 1.4
			Severability

		
			Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable Laws.  The validity of remaining sections, provisions, terms and parts of this Agreement shall not be affected by a court, administrative board, or other proceeding of competent jurisdiction deciding that a provision, term or part of this Agreement is illegal, unenforceable, in conflict with any Laws or contrary to public policy.
		

			
	
			
				Article 2
			
Termination AND RELEASE    

			
	
			
				 Section 2.1
			Termination

		
			Subject to Section 2.2, Invecture and the Vista Parties hereby confirm and agree that the Earn-in Right Agreement is hereby terminated with immediate effect and the Earn-in Right Agreement shall hereafter in all respects be ineffective and all interests, rights, obligations and/or liabilities created under the Earn-in Right Agreement shall be extinguished.
		

			
	
			
				 Section 2.2
			Survival of Earn-In Right Agreement Provisions

		
			The rights and obligations of the Parties set out in the Earn-in Right Agreement which were in effect prior to the date hereof, shall survive the termination of the Earn-in Right Agreement to the full extent necessary for their enforcement and the protection of the Party in whose favour they run.
		

		 

		

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				Article 3
			
representations and warranties

			
	
			
				 Section 3.1
			Representations and Warranties of Invecture

		
			Invecture represents and warrants to each of the Vista Parties that as of the date hereof:
		

			
	
			
				 (a)
			

			
	
			
			it is a corporation duly incorporated and in good standing in its jurisdiction of incorporation and it is qualified to do business and is in good standing in those jurisdictions necessary in order to carry out the purposes of this Agreement;

			
	
			
				 (b)
			

			
	
			
			it has the capacity to enter into and perform its obligations under this Agreement and all transactions contemplated herein, and that all corporate and other actions required to authorize it to enter into and perform this Agreement have been properly taken;

			
	
			
				 (c)
			

			
	
			
			the execution and delivery of this Agreement will not conflict with, violate or result in the breach of its constating documents nor of any agreement to which Invecture is subject;

			
	
			
				 (d)
			

			
	
			
			this Agreement has been duly approved and delivered by it and is valid and binding upon it in accordance with its terms; and

			
	
			
				 (e)
			

			
	
			
			other than as disclosed to Vista, it has complied in all material respects with its obligations under the Earn-in Right Agreement.

			
	
			
				 Section 3.2
			Representations and Warranties of the Vista Parties

		
			Each of the Vista Parties represent and warrant to Invecture that as of the date hereof:
		

			
	
			
				 (a)
			

			
	
			
			it is a corporation duly incorporated and in good standing in its jurisdiction of incorporation and it is qualified to do business and is in good standing in those jurisdictions necessary in order to carry out the purposes of this Agreement;

			
	
			
				 (b)
			

			
	
			
			it has the capacity to enter into and perform its obligations under this Agreement and all transactions contemplated herein, and that all corporate and other actions required to authorize it to enter into and perform this Agreement have been properly taken;

			
	
			
				 (c)
			

			
	
			
			the execution and delivery of this Agreement will not conflict with, violate or result in the breach of its constating documents nor of any agreement to which it is subject; 

			
	
			
				 (d)
			

			
	
			
			this Agreement has been duly approved and delivered by it and is valid and binding upon it in accordance with its terms; and

			
	
			
				 (e)
			

			
	
			
			it has complied in all material respects with its obligations under the Earn-in Right Agreement.

		 

		

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				Article 4
			
conduct of invecture during the interim period

			
	
			
				 Section 4.1
			Covenants of Invecture during the Interim Period

		
			During the Interim Period, Invecture shall:
		

			
	
			
				 (a)
			

			
	
			
			direct, manage and fund and as appropriate, conduct the program of work on the Properties set out in Section 4.2;

			
	
			
				 (b)
			

			
	
			
			fund all Maintenance Costs and take all steps and proceedings to maintain the Properties in good standing;

			
	
			
				 (c)
			

			
	
			
			immediately notify the Vista Parties if:

			
	
			
				 (i)
			

			
	
			
			any representation or warranty contained in Section 3.1 is not true and correct in any material respect during the Interim Period; or

			
	
			
				 (ii)
			

			
	
			
			any covenant of Invecture pursuant to this Agreement has not been complied with in any material respect;

			
	
			
				 (d)
			

			
	
			
			not, by any action or inaction cause any Encumbrance to be placed upon or against the Properties or any part thereof;

			
	
			
				 (e)
			

			
	
			
			cause DZ Mexico to conduct all of its operations in a good and workmanlike manner in accordance with generally accepted mining industry practice and in compliance with all applicable Laws in Mexico and in accordance with the terms and provisions of mining concessions, leases, licenses, permits, contracts and other agreements pertaining to the Properties, its assets and its operations and in accordance with the care and skill normally expected of someone conducting and managing exploration, development and mining activities in Mexico;

			
	
			
				 (f)
			

			
	
			
			ensure that its employees, contractors and authorized agents and its Affiliates’ employees, contractors and authorized agents enter the Properties at Invecture’s sole risk;

			
	
			
				 (g)
			

			
	
			
			keep and maintain all required accounting and financial records for DZ Mexico pursuant to International Financial Reporting Standards and in accordance with customary cost accounting practices in the mining industry; and

			
	
			
				 (h)
			

			
	
			
			maintain insurance, naming DZ Mexico, which adequately covers all risks reasonably and prudently foreseeable in the operation and conduct of the operations which, having regard to the nature of such risks, the relative cost of obtaining insurance and the availability of such insurance, it is prudent to seek insurance rather than provide for self-insurance.

			
	
			
				 Section 4.2
			Project Management Program and Funding of DZ Mexico

		
			During the Interim Period, Invecture shall be responsible to fund 100% of the Maintenance Costs and all other costs and expenses related to the Properties.  Invecture shall during the Interim Period continue to carry out a project management program on the Properties for the benefit of DZ Mexico, which program will at a minimum include:
		

		 

		

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				 (a)
			

			
	
			
			using commercially reasonable efforts to direct and assist DZ Mexico with obtaining the Required Mining Authorizations;

			
	
			
				 (b)
			

			
	
			
			maintaining and defending DZ Mexico’s  assets, including its mining concessions, other interests in land and permits;

			
	
			
				 (c)
			

			
	
			
			maintaining all of DZ Mexico’s Technical Data to the same standard of workmanship to which it was maintained by DZ Mexico on the effective date of the Earn-In Right Agreement (it being understood that Invecture takes no responsibility for the drill core);

			
	
			
				 (d)
			

			
	
			
			maintaining DZ Mexico’s community program; and

			
	
			
				 (e)
			

			
	
			
			maintaining active public and government relation programs.

		
			The program management work program shall be conducted by Invecture in a good and workmanlike manner in accordance with generally accepted mining industry practice and in compliance with all applicable Laws in Mexico and in accordance with the terms and provisions of mining concessions, leases, licenses, permits, contracts and other agreements pertaining to the Properties, its assets and its operations and in accordance with the care and skill normally expected of someone conducting and managing exploration, development and mining activities in Mexico.
		

		
			The Parties acknowledge that beyond the Maintenance Costs and the costs and expenses associated with the work program set out in this Section 4.2 (including all costs and expenses associated with obtaining the Required Mining Authorizations), the level of economic activity of DZ Mexico and hence Invecture’s funding obligation is within the sole discretion of Invecture during the Interim Period. Notwithstanding the foregoing, during the Interim Period the prior written consent of Vista is required to create, assume or incur debt of DZ Mexico exceeding in aggregate US$25,000 or its equivalent in Mexican currency.
		

			
	
			
				 Section 4.3
			Maintenance of Goodwill

		
			In addition to any other obligations set out in this Article 4, Invecture shall, during the Interim Period, use its commercially reasonable efforts to maintain and protect the reputation of DZ Mexico and shall conduct itself and DZ Mexico’s operations with a view to enhancing the public image of DZ Mexico. Invecture shall ensure that the directors and officers of DZ Mexico during the Interim Period are of good reputation and qualified mining professionals.  Nothing in this Section 4.3 shall require that Invecture agree to fund any material new financial initiative or require DZ Mexico to assume any material new obligation. 
		

			
	
			
				 Section 4.4
			Compliance with Policy on International Business Conduct

		
			The Parties acknowledge that applicable Mexican laws, the Canadian Corruption of Foreign Public Officials Act and/or the U.S. Foreign Corrupt Practices Act, as amended (the “Acts”) apply to Invecture, Vista and its Affiliates, as the case may be, and agree that during the Interim Period Invecture shall cause DZ Mexico to comply with all provisions of the Acts (whether or not technically or jurisdictionally applicable) and if requested by one or more of the Vista Parties (acting reasonably), Invecture shall provide the Vista Parties with reasonable assurance of compliance with the Acts.
		

		 

		

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				Article 5
			
Indemnification

		
			Each Party (an “Indemnifying Party”) will indemnify and save harmless each other Party from and against all actions, suits, claims, proceedings, litigation or investigation whatsoever and any damages, losses (other than loss of profit), costs, fines, penalties, liabilities or expenses, including legal fees on a solicitor-and-own-client basis, disbursements and all costs incurred in investigation or pursuing any of the foregoing or any proceeding related thereto, made or brought against such other Party or which such other Party suffers or incurs, directly or indirectly, as a result of or in connection with any breach of any representation, warranty, covenant or agreement of this Agreement by the Indemnifying Party.
		

			
	
			
				Article 6
			
General provisions

			
	
			
				 Section 6.1
			Assignment and Enurement

		
			This Agreement shall bind and enure to the benefit of the Parties and their respective successors and permitted assigns. A Party may not assign its rights or obligations hereunder without the prior written consent of the other Parties, such consent to be promptly considered and not unreasonably withheld.
		

			
	
			
				 Section 6.2
			Waiver

		
			Except as otherwise provided in this Agreement, failure on the part of any Party to exercise any right hereunder or to insist upon strict compliance by the other Parties with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such right, term, covenant or condition, or limit the Party’s right thereafter to enforce any provision or exercise any right, power or remedy.  No provision of this Agreement shall be construed to be a waiver by either Party of any rights or remedies such Party may have against any other Parties for failure to comply with the provisions of this Agreement and, except as expressly provided in this Agreement, no remedy or right herein conferred is intended to be exclusive of any other remedy or right, but every such remedy or right shall be cumulative and shall be in addition to every other remedy or right herein conferred or hereafter existing at law or in equity.
		

			
	
			
				 Section 6.3
			Amendments

		
			This Agreement may not be amended or modified except by a written instrument signed by all of the Parties.  No Party shall be bound by any modification or amendment of this Agreement or waiver of any provision hereof unless such modification, amendment or waiver is set forth in a written instrument signed by each of the Parties.
		

			
	
			
				 Section 6.4
			Further Assurances

		
			Each Party shall take from time to time upon request of the other Parties, for no additional consideration, such actions and shall execute and acknowledge in form required by Laws for recording or registering with the proper Person and shall deliver to the requesting Party such notices, deeds or other instruments incorporating, referring to, or carrying out the provisions of this Agreement as the requesting Party may reasonably deem necessary in order to preserve or protect its interests under this Agreement or such additional instruments as may be reasonably necessary or convenient to implement and carry out the intent and purpose of this Agreement.
		

		 

		

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				 Section 6.5
			Survival of Terms and Conditions

		
			The provisions of this Agreement shall survive its termination to the full extent necessary for their enforcement and the protection of the Party in whose favour they run.
		

			
	
			
				 Section 6.6
			Counterparts and Facsimile

		
			This Agreement may be executed and delivered in any number of counterparts, which may be executed and delivered by facsimile transmission or electronically in PDF or similar secure format, and it will not be necessary that the signatures of all Parties be contained on any counterpart.  Each counterpart will be deemed an original and all counterparts together will constitute one and the same document.
		

		
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		IN WITNESS WHEREOF the parties have executed this Agreement as of the day and year first above written.
		

			
					
						INVECTURE GROUP, S.A. DE C.V.

				
	
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

				
	
					
						 

					
					
						Title:

				

		
			 
		

			
					
						DESARROLLOS ZAPAL HOLDINGS CORP.

				
	
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

				
	
					
						 

					
					
						Title:

				

		
			 
		

			
					
						DESARROLLOS ZAPAL, S.A. DE C.V.

				
	
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

				
	
					
						 

					
					
						Title:

				

		
			 
		

			
					
						GRANGES INC.

				
	
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

				
	
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

				

		
			 
		

			
					
						VISTA GOLD CORP.

				
	
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

				
	
					
						 

					
					
						Title:

				

		
			 
		

		

		

		 

		

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		APPENDIX 1
		

		
			(See Attached)
		

		 

		

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