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LOCKUP AGREEMENT

             This AGREEMENT (the "Agreement") is made as of the 21 day of March,
2014, by Andrew McKinnon ("Holder"), maintaining an address at c/o Ironwood Gold
Corp., Box 730-411-Brink Street, Ashcroft BC, V0K 1A0, facsimile: (250)
453–0088, in connection with his ownership of shares of Ironwood Gold Corp., a
Nevada corporation (the "Company").

             Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Securities Purchase Agreement.

             NOW, THEREFORE, for good and valuable consideration, the
sufficiency and receipt of which consideration are hereby acknowledged, Holder
agrees as follows:

             1.              Background.

                          a.              Holder is the direct or indirect
beneficial owner of the amount of shares of the Common Stock and Common Stock
Equivalents as set forth on the signature page hereto and which hereafter may be
acquired by Holder (“Restricted Securities”). “Common Stock Equivalents” means
any securities of the Company or the Subsidiaries which would entitle the holder
thereof to acquire at any time Common Stock, including, without limitation, any
debt, preferred stock, right, option, warrant or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles
the holder thereof to receive, Common Stock.

                          b.              Holder acknowledges that the Company
has entered into or will enter into at or about the date hereof agreements (each
a “Securities Purchase Agreement”) with purchasers (“Purchasers”) to the
Company’s Notes and Warrants. Holder understands that, as a condition to
proceeding with the sale of the Securities pursuant to the Securities Purchase
Agreement, the Purchasers have required, and the Company has agreed to obtain on
behalf of the Purchasers, an agreement from the Holder to refrain from selling
any Restricted Securities from the date of the Securities Purchase Agreement
until the sooner of (i) nine months after the Effective Date, or (ii) no
Underlying Shares are issuable or outstanding (the “Restriction Period”).

             2.              Sale Restriction.

                          a.              Holder hereby agrees that during the
Restriction Period, the Holder will not sell, transfer or otherwise dispose of
any shares of Restricted Securities or other rights to purchase shares of Common
Stock or any other security of the Company which Holder owns or has a right to
acquire as of the date hereof or during the Restriction Period, other than in
connection with an offer made to all stockholders of the Company in connection
with merger, consolidation or similar transaction involving the Company or as
permitted pursuant to Section 2(c) of this Agreement. Holder further agrees that
the Company is authorized to and the Company agrees to place "stop orders" on
its books to prevent any transfer of shares of Common Stock, Common Stock
Equivalents or other securities of the Company held by or issuable to the Holder
in violation of this Agreement. The Company agrees not to allow to occur any
transaction inconsistent with this Agreement.

                          b.              Any subsequent issuance to and/or
acquisition by Holder of Common Stock or options or instruments convertible into
Common Stock, including but not limited to the Common Stock and Common Stock
Equivalents set forth and described in that certain EXCHANGE AGREEMENT dated
March 21, 2014 during the Restriction Period will be subject to the provisions
of this Agreement.

                          c.              Notwithstanding anything contained
herein to the contrary, the Holder may transfer, sell or otherwise dispose of
any shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock: (1) to any member of the immediate family of the
undersigned; (2) to any trust for the direct or indirect benefit of the
undersigned or any one or more members of the immediate family of the
undersigned; (3) to any corporation, partnership, limited liability company or
other entity all of the beneficial ownership interests of which are held by the
undersigned or one or more immediate family members of the undersigned; (4) by
will, other testamentary document or intestate succession to the legal
representative, heir, beneficiary or a member of the immediate family of the
undersigned, (5) to the Company; [or] (6) in open market sales at a per share
price equal or greater to 200% of the Conversion Price in effect on the trade
date of such sale; provided that, prior to completing any transfer described in
clauses (1) through (5), the proposed transferee shall execute and deliver to
the Company an agreement reasonably satisfactory to the Company pursuant to
which such transferee will agree to receive and hold such shares of Common Stock
(or securities convertible into or exchangeable or exercisable for Common Stock)
subject to the provisions of this Agreement. As used in this paragraph, the term
“immediate family member” means any child, parent, father, mother, brother or
sister of the undersigned, whether such relationship is by blood, marriage or
adoption. For the avoidance of doubt, nothing contained herein shall restrict
the ability of the undersigned to purchase shares of Common Stock on the open
market or to exercise any option to purchase shares of Common Stock granted
under any benefit plan of the Company.

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             3.              Miscellaneous.

                          a.              At any time, and from time to time,
after the signing of this Agreement, Holder will execute such additional
instruments and take such action as may be reasonably requested by the
Purchasers to carry out the intent and purposes of this Agreement.

                          b.              This Agreement shall be governed by
and construed in accordance with the laws of the State of New York without
regard to principles of conflicts of laws. Any action concerning the
transactions contemplated by this Agreement shall be brought only in the state
courts of New York or in the federal courts located in the state of New York.
The Holder and Company hereby irrevocably waive any objection to jurisdiction
and venue of any action instituted hereunder and shall not assert any defense
based on lack of jurisdiction or venue or based upon forum non conveniens. The
parties executing this Agreement and other agreements referred to herein or
delivered in connection herewith agree to submit to the in personam jurisdiction
of such courts and hereby irrevocably waive trial by jury. The prevailing party
shall be entitled to recover from the other party its reasonable attorney's fees
and costs. In the event that any provision of this Agreement or any other
agreement delivered in connection herewith is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which
may prove invalid or unenforceable under any law shall not affect the validity
or enforceability of any other provision of any agreement. Notices hereunder
shall be given in the same manner as set forth in the Securities Purchase
Agreement. Each party hereby irrevocably waives personal service of process and
consents to process being served in any suit, action or proceeding in connection
with this Agreement or any other Transaction Document by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this
Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by
law. Holder irrevocably appoints the Company its true and lawful agent for
service of process upon whom all processes of law and notices may be served and
given in the manner described above; and such service and notice shall be deemed
valid personal service and notice upon Holder with the same force and validity
as if served upon Holder.

                          c.              The restrictions on transfer described
in this Agreement are in addition to and cumulative with any other restrictions
on transfer otherwise agreed to by the Holder or to which the Holder is subject
to by applicable law.

                          d.              This Agreement shall be binding upon
Holder, its legal representatives, successors and assigns.

                          e.              This Agreement may be signed and
delivered by facsimile or electronically and such facsimile or electronically
signed and delivered Agreement shall be enforceable.

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                          f.              The Holder and Company acknowledge
that this Agreement is being entered into for the benefit of the Purchasers who
are parties to the Securities Purchase Agreement and who are hereby made third
party beneficiaries of this Agreement. This Agreement may be enforced by the
Purchasers and may not be amended without the consent of the requisite amount of
Purchasers in the manner described in the Securities Purchase Agreement, which
consent may be withheld for any reason.

[REST OF THIS PAGE LEFT INTENTIONALLY BLANK]

 

 

 

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                          IN WITNESS WHEREOF, and intending to be legally bound
hereby, Holder has executed this Agreement as of the day and year first above
written.

HOLDER:

 

___________________________________
(Signature of Holder)

 

___________________________________
(Print Name of Holder)

 

Number of Shares of Common Stock directly owned by Holder:
__________________________

Number of Shares of Common Stock Equivalents directly owned by Holder:
________________

Consisting of
___________________________________________________________________

______________________________________________________________________________

Number of Shares of Common Stock beneficially owned by Holder:
_______________________

Presently held as follows:
________________________________________________________

_____________________________________________________________________________

Number of Shares of Common Stock Equivalents beneficially owned by Holder:
_____________

Consisting of
______________________________________________________________________

__________________________________________________________________________________

COMPANY:

IRONWOOD GOLD CORP.

 

By:____________________________________

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