Brooge Energy Ltd. Announces Positive Feasibility Study for Proposed Phase III Facility

]

High utilization of third-party storage terminals in Fujairah along with upcoming infrastructure investments in the region indicate sustainable storage demand

NEW YORK, July 28, 2021 (GLOBE NEWSWIRE) – Brooge Energy Ltd. (“Brooge Energy” or the “Company”) (NASDAQ: BROG), a midstream oil storage and service provider strategically located outside the Strait of Hormuz, in the Port of Fujairah in the United Arab Emirates, today released the results of the feasibility study commissioned for Brooge Energy’s Phase III oil storage facility and refinery. The feasibility study supports the financial viability of the Company’s Phase III expansion plan, highlighting upcoming infrastructure investments in the region as a key driver of sustainable storage demand and rising domestic and export demand for refined products as a key driver of refinery demand.

The Phase III expansion project is for a 2.5 million cbm oil storage facility1, a modular 25,000 barrel per day (“bpd”) refinery, and a larger 180,000 bpd conventional refinery. The successful build out of Brooge Energy’s Phase III facility would position the Company as the largest independent oil storage facility in Fujairah, with capacity to store Clean Petroleum Products; Middle Distillates; High and Low Sulphur Fuel oil as well as crude oil. The Phase III expected construction period is two years, with the Company anticipating it will be operational within 2023.

Competitive advantages:

Technology: Brooge Energy’s terminals are designed to deliver superior ancillary services (blending, heating, transfer) to clients, reduce operational cost to clients, and increase safety. IMO 2020 (low sulphur rule) compliant

Brooge Energy’s terminals are designed to deliver superior ancillary services (blending, heating, transfer) to clients, reduce operational cost to clients, and increase safety. Strategic Location: Located on a prime location in Fujairah, the second largest bunker hub in the world.

Located on a prime location in Fujairah, the second largest bunker hub in the world. Modular refinery will be focused on LSFO production which has a shortage in supply.

Nicolaas L. Paardenkooper, CEO of Brooge Energy and BPGIC, said, “The feasibility study defines a project with robust economics and reinforces the strength of our business strategy, highlighting that the oil market is expected to continue to be the most important energy source going forward, with the Middle East region continuing to be the leading producer and exporter of crude over the medium to long term. The midstream sector will remain integral to its proper functioning. Our strategic positioning in Fujairah, where the high utilization of third-party storage terminals along with upcoming infrastructure investments, is expected to drive sustainable and growing demand for our storage solutions. To leverage this opportunity as much as possible, we are building out our technologically-advanced terminals that are able to deliver high margins. We also plan to build out a modular and a conventional refinery, including the capability to comply with the new IMO 2020 low sulphur rule, at a time when the UAE is adding to its oil production capacity which we anticipate will drive demand for refinery services for both the domestic and export market. With the completion of this study, we are now looking forward to potentially starting construction for Phase III as early as the second half of 2021.”

About Brooge Energy Limited

Brooge Energy conducts all of its business and operations through its wholly owned subsidiaries, Brooge Petroleum and Gas Investment Company FZE (“BPGIC”) and Brooge Petroleum and Gas Investment Company Phase III FZE (“BPGIC III”), Fujairah Free Zone Entities. Brooge Energy is a midstream oil storage and service provider strategically located outside the Strait of Hormuz adjacent to the Port of Fujairah in the United Arab Emirates. Its oil storage business differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low oil losses. For more information please visit at www.broogeenergy.com

Forward-Looking Statements

This press release contains statements, including all information relating to matters that are not historical facts, that constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including risks described in public reports filed by Brooge Energy with the SEC, including under the caption “Risk Factors” in Brooge Energy’s Annual Report on Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on April 5, 2021, as amended by Amendment No. 1 to the Annual Report on Form 20-F/A filed with the SEC on April 6, 2021. Other risks to the viability of the refinery include macro risks such as the crude oil price, product crack spread, tighter environmental regulations, credit / counterparty risk, interest rate risk and demand risk, as well as operational risks including fire hazard risk and hazardous waste risk and a potential risk of low returns from the conventional refinery. Other risks to the viability of the storage facility include macro risks, such as geopolitical risks, backwardation in the futures market, the risk of declining oil prices, and initial investment costs, as well as operational risks including risks associated with the storage and handling of petroleum products, soil and groundwater contamination, atmospheric emissions and fire risk. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Brooge Energy does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact

KCSA Strategic Communications

Valter Pinto / Elizabeth Barker

+1 212-896-1254 or +1 212-896-1203

BROG@kcsa.com

1 The total land capacity for Phase III has the potential to host up to 3.5 million cbm of storage capacity.

Vista Gold Corp. Announces Second Quarter Financial Results and Corporate Update

]

DENVER, July 28, 2021 (GLOBE NEWSWIRE) – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended June 30, 2021, which were highlighted by the approval of the Mining Management Plan, the last major permit required for the development of Vista’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”), and reported cash and cash equivalents of $6.3 million.

Drilling Photo

https://www.globenewswire.com/NewsRoom/AttachmentNg/1a1c5cce-32ab-49ab-8da7-cef446df85c3

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “During the second quarter we achieved a number of significant milestones for Vista and our shareholders. Most important was the approval of the Mt Todd Mining Management Plan. Vista now holds all major operating and environmental permits for the development of Mt Todd. Our ongoing exploration drilling program to identify areas where infill drilling would have the greatest potential to add resource ounces close to our Batman deposit continues to produce positive results. We received the final $1.0 million payment from Prime Mining Corp. and the approval of other permits related to the Mt Todd project.”

“Recently, we announced the start of engineering to complete a definitive feasibility study for Mt Todd in the first quarter of 2022. This study, which will include more detailed engineering and design, cost inputs, and economic analysis, is expected to increase the reserves and mine life of the project. The results of the study, together with the results of our ongoing district-scale exploration program, are expected to further demonstrate the significant upside potential of the Project and strengthen our position with potential development partners.”

Second Quarter Highlights and Important Recent Developments

Received approval of the Mt Todd Mining Management Plan;

Commenced a definitive feasibility study for Mt Todd;

Received final $1.0 million payment from Prime Mining Corp. for the Guadalupe de los Reyes project;

Ended 2Q 2021 with cash and cash equivalents of $6.3 million;

Completed a $13.5 million bought deal public offering in July 2021;

Reported positive results from ongoing exploration activities;

Expanded the current exploration drill program to include an additional 3,000 meters of drilling;

Received Aboriginal Areas Protection Authority Certificate; and

Received approval of the Mt Todd Surface Water Extraction License.

Summary of Q2 2021 Financial Results

On June 30, 2021, cash and cash equivalents totaled $6.3 million. We benefited during the quarter from receipt of the final $1.0 million related to Guadalupe de los Reyes and continued control over our base expenditures. This allowed us to commit additional funds to our ongoing drilling program.

Vista reported a net loss of $0.8 million or $0.01 per share for the three months ended June 30, 2021, compared to a gain of $1.9 million or $0.01 per share reported for the three months ended June 30, 2020. The loss for the current quarter was in line with management’s expectations.

All dollar amounts in this press release are in U.S. dollars.

Definitive Feasibility Study

Management recently commenced a definitive feasibility study for Mt Todd and expects to complete the report during Q1 2022. Most of the engineering work for Mt Todd has previously been completed to feasibility study standards and Vista is now completing the remaining feasibility engineering in the process plant (piping, electrical, and instrumentation), updating project designs to be consistent with the recently approved Mining Management Plan, and completing an economic evaluation using a gold price more reflective of the current market price, which is expected to increase gold reserves and extend the mine life. We are exploring several trade-off opportunities (e.g., contract power generation, contract mining, and autonomous truck haulage), and we expect to incorporate recommendations from our 2019 preliminary feasibility study and update minor parts of the Mt Todd mine design to be consistent with the Mining Management Plan.

Recent Drilling Results

Vista continued exploration drilling at Mt Todd during the quarter ended June 30, 2021. The drilling program has focused on identifying areas with the greatest potential for future resource growth along strike from the Batman deposit approximately 1.9 Km north to the Golf-Tollis/Penguin targets. To date, Vista has completed 16 of 18 planned holes (5,466 of the planned 6,000 meters). Each of the holes completed has intersected mineralization consistent with our geologic model. The most recent drill hole (VB21-011) intersected mineralization that is both thicker and of higher grade than observed in previous drill holes in the current program. Of approximately 399 meters drilled in VB21-011, a total of 200 meters intersected mineralization with average grade of 0.63 g Au/t, including 9.9 meters @ 2.08 g Au/t, 14.3 meters @1.42 g Au/t, 10.2 meters @ 1.74 g Au/t, 26.7 meters @ 0.98 g Au/t, and 14.0 meters @1.22 g Au/t. (For complete results of this hole and hole VB21-010, please refer to our press release dated July 15, 2021.)

Figure 1 below is an aerial view of the drill locations for the holes in the current program. The image is looking south, with the Batman pit located in the upper-right corner of the image. VB21-12 is in-progress and is being co-funded by the Northern Territory’s Geophysics and Drilling Collaborations (“GDC”) program. The GDC program is funded by the Resourcing the Territory initiative and aims to increase the intensity of exploration drilling and geophysics in underexplored areas of the Northern Territory. Vista was one of 15 companies receiving an award under the current round of GDC funding.

Figure 1 - Aerial view of the drill locations for the holes in the current program

https://www.globenewswire.com/NewsRoom/AttachmentNg/b7fc8bbb-d2f7-412e-b782-ac85dc8689b2

Mr. Earnest commented, “We are extremely pleased with our drilling results to date and believe there is opportunity for significant resource growth and an extended life at Mt Todd. Given the success of the current drill program, Vista recently announced additional holes for a third phase of drilling totaling approximately 3,000 meters.”

Management Conference Call

Management’s quarterly conference call to review financial results for the quarter ended June 30, 2021 and to discuss corporate and project activities is scheduled on Friday, July 30, 2021 at 10:00 am MDT (12:00 pm EDT).

Participant Toll Free: (844) 898-8648

Participant International: (647) 689-4225

Conference ID: 7260176

This call will also be archived and available at www.vistagold.com after July 30, 2021. Audio replay will be available for 21 days by calling toll-free in North America (855) 859-2056 or (404) 537-3406.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to ir@vistagold.com.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief in us completing the remaining feasibility engineering in the process plant (piping, electrical, and instrumentation), updating project designs to be consistent with the recently approved Mining Management Plan, and completing an economic evaluation using a gold price more reflective of the current market price, which is expected to increase gold reserves and extend the mine life by incorporating a greater portion of the currently defined measured and indicated resources into the mine plan; our belief that we have been very successful in de-risking Mt Todd and expect that our current programs will further validate the Mt Todd design and economics, increase reserves and mine life, and demonstrate district-scale potential within the Company’s mining licenses; our expectation to complete the feasibility study during Q1 2022; our belief that the engineering work for Mt Todd has previously been completed to feasibility study standards; our expectation that we will incorporate recommendations from the 2019 prefeasibility study and update minor parts of the Mt Todd mine design to be consistent with the Mining Management Plan; and our belief that Mt Todd is the largest undeveloped gold project in Australia are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company’s expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission 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. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

Excelr8 launches study into running Hyundai engines in BTCC for 2022

]

Excelr8 is teaming up with Swindon Powertrain, the existing supplier of the BTCC TOCA customer engine, to undertake a research and development project into Hyundai power, with the support of lead driver Tom Ingram’s backer Hansford Sensors.

The move could mean Swindon remaining represented in the BTCC after all – shortly before the delayed start of the 2020 season, top World Rally Championship team M-Sport was named as the new supplier of the TOCA engine, beginning in 2022.

Ironically, a few months later Laser Tools Racing Infiniti Q50 star Ash Sutton went on to become the first driver to claim an overall BTCC title with the TOCA/Swindon powerplant.

Prior to the start of the current NGTC ruleset in 2010, Swindon already had a storied history in the BTCC, including building the engines with which John Cleland and Vauxhall won the 1995 crown at the height of the Super Touring era.

An Excelr8 statement said: “Key to the final decision over whether to use the engine will be investigations into the potential gains that could be available for the Hyundai, with current regulations meaning anyone using the stock TOCA engine, as presently fitted to the car, is subject to the same performance tuning opportunities.

“Further work will explore the way in which a bespoke unit could allow the team to better manage the balance between performance and reliability over the course of a full 30-race season, and on how it could provide greater opportunity to integrate the new Cosworth hybrid system being introduced by the BTCC for 2022 into the Hyundai package.”

The project appears to tie in with efforts on the part of Excelr8 to form an official relationship with Hyundai UK.

“The BTCC as a series is one that is constantly evolving and if we want to maintain the progress that we have made so far, we need to look at what we can do to ensure that we continue to challenge at the front of the grid,” said team owner Justina Williams.

Tom Ingram, Excelr8 Trade Price Cars Hyundai i30 Fastback N Performance Photo by: JEP / Motorsport Images

“This R&D project is an opportunity to explore the way in which we can continue to grow as a team, and can also maximise our chances of success on track in the new hybrid era.

“We are lucky to have a very talented group of engineers within our team to work on this R&D project and in Swindon Powertrain, we have a partner that has a proven record of success when it comes to developing engines that are capable of fighting for race wins and championship titles.

“There is a lot of hard work ahead in the coming months as we fully evaluate the options that are available to us, and ultimately we will only push ahead with a full engine programme if we know that it is the right decision for everyone involved.”

Swindon chief Raphael Caille added: “The development of high-performance powertrains is our speciality, and our engineering team is hard at work making the most of the opportunity to work on this new engine for the Hyundai.

“We look forward to delivering everything that the team is looking for from the R&D project in the coming months.”

A Swindon-tuned engine could mean Excelr8 joins BMW teams West Surrey Racing and Ciceley Motorsport and Honda squad Team Dynamics (all of which have engines built by Neil Brown) plus the Motorbase/MB Motorsport Fords (Mountune) in using bespoke powerplants in the BTCC.

Ingram, who has used Swindon engines throughout his BTCC career, lies second in the overall and independents’ standings, with Excelr8 on top in the independent teams’ and runner-up in the overall teams’ charts.