Exhibit 10.2


 


INVESTOR AGREEMENT


 


THIS AGREEMENT made as of the 21st day of December, 2017


 


BETWEEN: 


 


CANADIAN ZINC CORPORATION, a corporation organized
and existing under the laws of British Columbia


 


(hereinafter referred to as the “Company”)


 


AND: 


 


RESOURCE CAPITAL FUND VI L.P.


 


(hereinafter referred to as the “Investor”)


 


WHEREAS the Investor holds 51,630,000 common shares of
the Company, representing approximately 19.4% of its issued and outstanding shares.


 


AND WHEREAS the Investor has agreed
to establish a U.S. $10,000,000 senior secured bridge credit facility pursuant to a credit agreement dated on or about the date
of this Agreement between the Company as borrower and the Investor as lender (the “Credit Agreement”).


 


AND WHEREAS the Investor has requested
the exclusive right, in priority to any other potential financiers, to propose a preferential offer of financing in respect of
the construction and development of the Project and the Company has agreed to grant the Investor certain rights in respect of potential
financings of the Company and certain oversight rights in respect of the management and affairs of the Company, on the terms and
conditions herein set forth.


 


NOW THEREFORE THIS AGREEMENT WITNESSES that for good
and valuable consideration, the receipt and sufficiency of which are acknowledged by each of the parties, the parties agree as
follows:


 


		1.	Definitions and Interpretation 



 


In this Agreement, unless there is something in the
subject matter or context inconsistent therewith:


 


“Affiliate”
has the meaning given thereto in the Securities Act;


 


“Applicable Law”
means, at any time, with respect to any Person, property, transaction, event or other matter, as applicable, all laws, rules, statutes,
regulations, treaties, orders, judgments and decrees, and all official requests, directives, rules, guidelines, orders, policies,
practices and other requirements of any Governmental Authority relating or applicable at such time to such Person, property, transaction,
event or other matter, and also includes any interpretation thereof by any Person having jurisdiction over it or charged with its
administration or interpretation;


 


“Board”
means the board of directors of the Company, as duly appointed from time to time;


 


“Business Day” means any day other
than Saturday, Sunday or a statutory holiday when banks are not open in Denver, Colorado or Vancouver, British Columbia;


 




     


     


    

 


“Director” means a director
of the Company for the time being and reference to action by the Directors means action by the directors as a board or action by
a committee of the Board as a committee;


 


“Equity Financing” means any proposed issuance
of Equity Securities, directly or indirectly, for cash or cash equivalents, by the Company after the date of this Agreement;


 


“Equity Securities”
means, with respect to the Company, any and all shares, interests, participations, rights in, or other equivalents (however designated
and whether voting and non-voting) of, the Company’s capital, whether outstanding on the date hereof or issued after the
date hereof, including any rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing;


 


“Exchange”
means the Toronto Stock Exchange and each successor thereto;


 


“Governmental Authority”
means each national, state, provincial, county, municipal or other such governmental or public authority, including their authorized
administrative bodies, courts, tribunals, commissions and agents, which have legal jurisdiction over a Person or a matter relevant
to this Agreement;


 


“Investor’s Percentage”
means the percentage calculated by multiplying 100 by a fraction, the numerator of which is the total amount of the outstanding
common shares of the Company held by the Investor, its Affiliates and its Related Parties, and the denominator of which is the
total outstanding common shares of the Company;


 


“Person” means any individual,
partnership, limited partnership, joint venture, syndicate, sole proprietorship, or corporation with or without share capital,
body corporate, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, government
or Governmental Authority or entity, however designated or constituted;


 


“Project” means the Prairie Creek advanced-staged
zinc-lead-silver mine of the Company located in the Northwest Territories of Canada;


 


“Project Financing” means indebtedness or
other financing in respect of the construction, development or improvement of the Project;


 


“Related Party” means,
with respect to the Investor, any fund or Person that is a direct or indirect investor in the Investor or its Affiliates, any Person
that is managed by the same investment advisor(s) as the Investor or its Affiliates, any trust of which the Investor or any of
its Affiliates is a trustee, any partnership of which the Investor or any of its Affiliates is a partner and any trust, fund or
other entity which is managed by, or is under the control of, the Investor or any of its Affiliates;


 


“Securities Act”
means the Securities Act (British Columbia); and


 


“Subsidiary” has the meaning attributed to
such term in the Business Corporations Act (British Columbia).


 




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		2.	Headings 



 


The division of this Agreement
into articles, sections, subsections and paragraphs, the provision of a table of contents and the insertion of headings are for
convenience of reference only and shall not affect the construction or interpretation of this Agreement.


 


		3.	Representations and Warranties of the Company 



 


The Company hereby represents and warrants to the
Investor as of the date hereof that:


 


		(a)	Power and Capacity: it has full power and capacity to enter into this Agreement and to do
all acts and things and execute and deliver all documents as are required hereunder to be done, observed, performed or executed
and delivered by it in accordance with the terms hereof, and it has taken all necessary corporate action to duly authorize the
creation, execution, delivery and performance of this Agreement and to observe and perform the provisions of this Agreement in
accordance with the provisions hereof;



 


		(b)	Enforceability: this Agreement will create valid and legally binding obligations of the Company, enforceable against
the Company in accordance with its terms;



 


		(c)	Due Performance: the entry into and the performance of its obligations under this Agreement is in its best interests
and for a proper purpose; and



 


		(d)	Non-Conflict: none of the execution and delivery of this Agreement, the compliance by the
Company with the provisions of this Agreement or the consummation of the transactions contemplated herein, does or will:



 


		(i)	require the consent, approval, authorization, order or agreement of, or registration or qualification
with, any Governmental Authority, court, stock exchange, securities regulatory authority or other Person;



 


		(ii)	conflict with or result in any breach or violation of any of the provisions of, or constitute a
default under, any indenture, mortgage, deed of trust, lease or other agreement or instrument to which the Company is a party or
by which it or any of the properties or assets thereof is bound; or



 


		(iii)	conflict with or result in any breach or violation of any provisions of, or constitute a default
under the articles or by-laws of the Company or any resolution passed by the directors (or any committee thereof) or shareholders
of the Company, or any statute or any judgment, decree, order, rule, policy or regulation of any court, Governmental Authority,
any arbitrator, stock exchange or securities regulatory authority applicable to the Company or any of the properties or assets
thereof.



 


		4.	Exclusivity



 


The Company hereby agrees
to grant the Investor the exclusive right, in priority to any party other than the Investor (or its Affiliates), for a period
of ninety (90) days from the date of this Agreement, to propose, negotiate and enter into an agreement in respect of Project
Financing with the Borrower and further agrees not to solicit, negotiate or enter into any agreement, arrangement or
understanding in respect of any Project Financing with any party other than the Investor (or its Affiliates) during such
ninety (90) day period, provided that the Company may discuss Project Financing during such period with prospective creditors
who comprise established commercial lenders considering the provision of indebtedness to the Company in respect of the
construction, development or improvement of the Project.


 




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		5.	Participation by the Investor in Equity Financing



 


Subject to compliance with Applicable
Law, including, if required, the approval of the Exchange, from and after the date of this Agreement and for so long as the Investor’s
Percentage is at least 10%, the Investor shall have the following rights in respect of any Equity Financing:


 


		(a)	the right, but not the obligation, to participate, on a pro rata basis, in such Equity Financing
to the extent required to allow the Investor to maintain the same Investor’s Percentage that it possessed immediately prior
to the announcement of such Equity Financing such that the Investor does not suffer any equity dilution (the “Participation
Right”); and



 


		(b)	the right, but not the obligation, to subscribe for any Equity Securities issued in connection
with such Equity Financing not taken up by other investors or subscribers to enable the Investor to increase its equity ownership
percentage in the Company (the “Top-up Right”).



 


If the Company intends or proposes to, or enters into
documentation purporting to issue or authorize an Equity Financing, then in each case:


 


		(i)	Notice of Financing: the Company shall first provide written notice of such Equity Financing
to the Investor, as soon as possible, but in any event on or prior to the earlier of 10 Business Days prior to the expected completion
date of such Equity Financing, and the date on which the Company files a preliminary prospectus or other offering document in connection
with such Equity Financing, including a detailed summary of the material terms and conditions of such Equity Financing, together
with any other information that the Investor may thereafter reasonably request in respect of the same;



 


		(ii)	Election Right of Investor: if the Investor wishes to exercise its Participation Right or
Top-up Right, as the case may be, the Investor must provide the Company with written notice that it is exercising its Participation
Right or its Top-up Right, as the case may be, before the earlier of (A) five (5) Business Days after the date of receipt by the
Investor of notice of such Equity Financing from the Company pursuant to paragraph (i) above, and (B) 48 hours after public announcement
of such Equity Financing if such Equity Financing is a “bought deal” public offering (or 24 hours in the event that
the Investor elects to exercise its Top-up Right and such exercise would require shareholder approval under Applicable Law); failing
which, the Investor shall be deemed to have elected not to exercise its rights under this paragraph 5;



 


		(iii)	Flow-Through Shares: to the extent that such Equity Financing involves the issuance of common
shares in the Company that will be issued as “flow-through shares” (as defined in subsection 66(15) of the Income
Tax Act (Canada)), at a price per share that reflects a premium associated with a flow-through designation, and the Investor
elects to participate in such offering, the Company agrees to negotiate in good faith the price at which such flow-through shares
will be issued to the Investor, taking into consideration that any benefits received by a purchaser of flow-through shares will
not be received by the Investor;



 




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		(iv)	Completion of Equity Financing: if the Investor notifies the Company of its election to
exercise its Participation Right or Top-up Right pursuant to paragraph (ii) above, the Company shall use all commercially reasonable
efforts, including, but not limited to, promptly making all required filings with the Exchange or any other applicable securities
regulator, commission or authority and paying all fees in connection therewith, to obtain any Exchange or regulatory approvals
required in respect of the issuance of Equity Securities to the Investor in respect of such Equity Financing and, subject to Applicable
Law, the Company and the Investor shall proceed to complete the purchase and sale of the Equity Securities that are the subject
of such Equity Financing, which completion may take place concurrently with and subject to the closing of the issuance of other
Equity Securities forming part of the same Equity Financing, provided that the issue price offered to the Investor shall, subject
to Applicable Law, be equivalent to the issue price under the Equity Financing. In the case of an Equity Financing that is a “bought
deal” public offering, the Equity Securities that the Investor elects to purchase shall be issued to the Investor by the
Company in a concurrent private placement with the Investor on the same terms as such wider Equity Financing, subject to Applicable
Law;



 


		(v)	Prospectus Offering: without limitation to any of the rights of the Investors under paragraphs
(i) to (iv) above, the Company shall use commercially reasonable efforts to include the Investor’s pro rata entitlement in
any such Equity Financing that is a prospectus offering, provided that if the Investor’s pro rata share is not included in
such prospectus offering, the Company shall ensure that the Investor is provided with the opportunity to subscribe for such Equity
Securities on a private placement basis as soon as reasonably possible thereafter, and in no case later than fifteen (15) Business
Days after the closing of the prospectus offering on terms no less favourable as those provided to investors under such Equity
Financing. Notwithstanding the foregoing, any Equity Securities subscribed for by the Investor in the case of a public offering
that is a “bought deal” shall be issued on a private placement basis on terms no less favourable as those provided
to investors under such Equity Financing;



 


		(vi)	Shareholder Approval: if the Company is required by the Exchange or otherwise to seek shareholder
approval for the issuance of Equity Securities to the Investor under such Equity Financing, then the Company may complete that
portion of such Equity Financing that the Exchange will then permit without shareholder approval, provided that the Investor subscribes
for and is issued at that time the lesser of:



 


		(A)	a pro rata portion of the maximum number of Equity Securities that the Investor wishes to purchase
as part of such Equity Financing based on the size of the issuance that the Company is entitled to complete without obtaining shareholder
approval; and



 


		(B)	the maximum number of Equity Securities that the Exchange will permit the Company to issue to the
Investor as part of such Equity Financing without obtaining shareholder approval,



 




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and the Company shall call and
hold a meeting of its shareholders to consider the subscription and issuance of the balance of the Equity Securities in such Equity
Financing as soon as reasonably practicable and in any event within sixty (60) days after the date that the Company is advised
that it will require shareholder approval. In connection with such meeting of shareholders (or any adjournment or postponement
thereof), unless inconsistent with the fiduciary duties of the Board, management of the Company shall recommend in writing that
shareholders vote in favour of such equity issuance to the Investor and shall vote their common shares in the Company in respect
of which management is granted a discretionary proxy in favour of such equity issuance to the Investor. If shareholder approval
for such issuance is obtained, the Company will issue to the Investor the remaining Equity Securities in such Equity Financing
on the Business Day following receipt of such shareholder approval. If, however, shareholder approval for the issuance of Equity
Securities in such Equity Financing is not obtained at such meeting, the Company shall not issue any such Equity Securities to
the Investor; and


 


		(vii)	Continuing Right of the Company: if the Investor elects or is deemed to have elected not
to exercise its Participation Right or Top-up Right in respect of such Equity Financing then the Company may, at any time within
forty-five (45) days of such election (or deemed election), complete such Equity Financing on substantially the same terms and
conditions as initially indicated to the Investor by the Company.



 


For greater certainty and notwithstanding
anything to the contrary contained in this Agreement, the participation rights of the Investor under this paragraph 5 or otherwise
will not apply to the issuance by the Company of Equity Securities (A) pursuant to the Company’s stock option plan or other
compensation plans for employees, consultants, officers or directors of the Company and its Affiliates (including the issuance
of options, restricted stock, restricted share units, restricted stock units, performance share units, deferred share units and
any securities issued on exercise, vesting or settlement thereof), (B) in respect of securities issued or made issuable in connection
with bona fide acquisitions by the Company, (C) the conversion or exchange of any Equity Securities of the Company into common
shares of the Company, or the exercise of any warrants or other rights to acquire common shares of the Company, or (D) in respect
of securities issued or made issuable pursuant to or in connection with a rights offering or similar transaction, in all cases
subject to the terms of the Credit Agreement.


 


		6.	Participation by the Investor in Debt or Royalty Financing



 


Without limiting the rights of
the Investor under paragraph 4 above, if, at any time while any obligations are outstanding or remains available under the Credit
Agreement or while the Investor’s Percentage is at least 10%, the Company intends or proposes to issue any convertible debt
securities, or enters into documentation purporting to create, incur or assume any Indebtedness (as defined in the Credit Agreement
or, if the Credit Agreement is of no force and effect, as imported into this Agreement from the Credit Agreement with the same
meaning as set out in the Credit Agreement immediately prior to its termination), including in respect of any Project Financing,
or establish, sell, or create any royalty, metal stream or similar arrangement (in each case, other than Permitted Indebtedness
(as defined in the Credit Agreement or, if the Credit Agreement is of no force and effect, as imported into this Agreement from
the Credit Agreement with the same meaning as set out in the Credit Agreement immediately prior to its termination)) to any Person
other than the Investor (any such transaction, a “Debt or Royalty Financing”), then in each case:


 


		(a)	Notice of Financing: the Company shall promptly provide written notice of such Debt or Royalty
Financing, as the case may be, to the Investor, including a detailed summary of the material terms and conditions of such Debt
or Royalty Financing, together with any other information that the Investor may thereafter reasonably request in respect of the
same;



 




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		(b)	Election Right of Investor: within twenty (20) Business Days of receipt of the notice of
the Company contemplated in paragraph (a) above, the Investor may notify the Company that it has elected to participate in such
Debt or Royalty Financing, up to an amount equal to the Investor’s Percentage in respect of such Debt or Royalty Financing
on a pro rata basis, at its sole discretion, and thereafter the Company and the Investor will (and, if applicable, the Company
will cause any other applicable Persons to) take steps to promptly complete such Debt or Royalty Financing on terms and conditions
acceptable to the Investor but which substantially match the terms of the Debt or Royalty Financing proposed to be entered into
by the Company with the other Person, if applicable; failing which, the Investor shall be deemed to have elected not to exercise
its rights under this paragraph 6; and



 


		(c)	Continuing Right of the Company: if the Investor does not elect (or is deemed to have not
elected) to exercise its right of participation pursuant to paragraph (b) above then the Company may, at any time within sixty
(60) days of such election (or such deemed election at the end of the above twenty (20) Business Day period), take steps to complete
such Debt or Royalty Financing on substantially the same terms and conditions as initially indicated to the Investor.



 


		7.	No Consent or Waiver 



 


For the avoidance of doubt, in
no way shall the determination by the Investor of any offer or right of participation in any Debt or Royalty Financing, or the
Investor’s rejection or acceptance of the same, constitute a consent by the Investor to the entry into such financing by
the Company under or in connection with the Credit Agreement (or any successor agreement thereto or any other financing arrangement
involving the Investor and the Company), which consent shall, if required under the Credit Agreement (or any successor agreement
thereto or any other financing arrangement involving the Investor and the Company), require a separate process between the Company
and the Investor pursuant to the terms thereof, including in respect of any subordination, postponement, priority or inter-creditor
terms that may be required with any other Person.


 


		8.	Corporate Oversight by the Investor 



 


The Company covenants with the Investor as follows:


 


		(a)	Board Nomination: the Company agrees that, for so long as the Investor’s Percentage
is at least 10%, the Investor may, at any time and from time to time, at its sole discretion, nominate a Director to the Board
(“Investor’s Nominee”) and upon the Investor exercising such nomination right by way of written notice
to the Company, provided that such Investor’s Nominee is eligible under Applicable Law to serve as a Director and consents
in writing to serve as a Director, the Company (including its then-current Directors and officers) shall take all such actions
and steps to promptly appoint the Investor’s Nominee to the Board, including convening a meeting of the shareholders or directors
of the Company, as the case may be, in order to so effect such nomination and appointment. The parties acknowledge that appointees
to the Company’s Board (including the Investor’s Nominee) must be ratified annually by a shareholder vote at the Company’s
annual general meeting of shareholders, and the Company agrees that its management shall recommend in writing that shareholders
vote in favour of the Investor’s Nominee and that its management shall vote their common shares in the Company (and their
common shares in the Company in respect of which they are granted a discretionary proxy) in favour of the Investor’s Nominee
in each annual general meeting or special meeting at which directors are proposed to be elected during which the Investor’s
Percentage is at least 10%;



 




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		(b)	Technical Committee: the Company shall, within sixty (60) days of the date of this Agreement,
establish a project technical committee consisting of five (5) members, comprising Directors and other individuals and including
at least one appointee of the Investor, subject to a committee charter that is acceptable to the Company and the Investor, whose
role will be to monitor, at the cost and expense of the Company, permitting, environmental and social matters in respect of the
Project as well as review the technical and operational development of the Project and its construction (including pursuant to
site visits to the Project from time to time and upon appropriate access to management and management information of the Company,
as required), which committee will report to the Board and will provide updated, written reports to the Board in respect of the
technical and operational development of the Project and its construction, which reports shall be delivered by such technical committee
to the Board no less than once per month, unless otherwise agreed by the Company and the Investor;



 


		(c)	Other Committees: the Company shall, within sixty (60) days of the date of this Agreement,
establish both a compensation committee and a nomination committee, each consisting of five (5) members, comprising Directors and
including the Investor’s Nominee and each subject to a committee charter that is acceptable to the Company and the Investor;



 


		(d)	Observer Rights: in addition to the Director nomination rights of the Investor set out in
paragraph (a) above, the Company agrees that, for so long as the Investor’s Percentage is at least 10%, the Investor may,
from time to time, at its sole discretion, nominate one or more observers to sit in on the general Board meetings of the Company
and on any meetings of any technical, social, financial and other committees established by the Board, and such observer(s) shall
receive all information and committee documentation provided to the other members of each such committees, provided that if any
such observation or disclosure of information or documentation creates a conflict of interest, in the reasonable opinion of the
Company or the Investor, then such observer(s) may be excluded from any such meetings or such information or documentation may
be withheld from such observer(s), as the case may be. To the extent reasonably considered necessary by the Company, any such observer(s)
designated by the Investor shall enter into a confidentiality agreement (in form and substance acceptable to the Company and the
Investor, each acting reasonably) and agree to be bound by the Company’s disclosure and insider trading policies; and



 


		(e)	Board Information: without limiting or impairing (and in addition to) any other rights of
the Investor under this paragraph 8 generally, the Company shall ensure that all information, materials and documentation provided
to the Board are concurrently provided to the Investor, provided that the Investor shall hold all such information, including,
but not limited to, all of the Company’s technical data, work plans and programs, permitting, environmental and social information,
and results of the Company’s operations, in the strictest confidence and shall protect and safeguard the confidential and
proprietary nature thereof by exercising the same degree of care that the Investor exercises over its own confidential information.



 




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		9.	Further Assurances 



 


The Company shall (and shall
ensure that its Subsidiaries shall) from time to time, as may be reasonably required by the Investor, execute and deliver such
further and other documents and do all matters and things which are necessary to carry out the intention and provisions of this
Agreement.


 


		10.	Events of Default



 


To the extent that the Credit
Agreement then remains in force and effect, the Company acknowledges and agrees that a breach of any of the terms of this Agreement
shall constitute an Event of Default under (and as defined in) the Credit Agreement, entitling the Investor to all of its rights
and remedies thereafter pursuant to the terms of the Credit Agreement. Without limiting the foregoing sentence, upon any breach
by the Company of any of its obligations under this Agreement, the Investor may enforce all rights and remedies then available
to it under Applicable Law.


 


		11.	Notice to the Company



 


Any notice to the Company under
the provisions of this Agreement shall be valid and effective if delivered personally, by courier or by email to or, if given by
registered mail, postage prepaid, addressed to, the Company at:


 


Suite 1710, 650 West Georgia Street


PO Box 11644


Vancouver, British Columbia


Canada V6B 4N9


Fax: 604 688 2043


 


and shall be deemed to have been
given on the date of personal delivery, when sent by email or when sent by facsimile transmission if so delivered or sent prior
to 5:00 pm (Vancouver time) on a Business Day and otherwise on the next Business Day, or on the fifth (5th) Business
Day after such letter has been mailed, as the case may be. The Company may from time to time notify the Investor of a change in
address which thereafter, until changed by further notice, shall be the address of the Company for all purposes of this Agreement.


 


		12.	Notice to the Investor



 


Any notice to the Investor under
the provisions of this Agreement shall be valid and effective if delivered personally, by courier or by facsimile transmission
to or, if given by registered mail, postage prepaid, addressed to the Investor at its principal office at:


 


1400 Sixteenth Street, Suite 200


Denver, Colorado


80202 United States of America


Fax: 720 946 1450


 




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and shall be deemed to have been given on the date of
delivery personally or by facsimile transmission if so delivered prior to 5:00 p.m. (Denver time) on a Business Day and otherwise
on the next Business Day or on the fifth (5th) Business Day after such letter has been mailed, as the case may be. The
Investor may from time to time notify the Company of a change in address which thereafter, until changed by further notice, shall
be the address of the Investor for all purposes of this Agreement.


 


		13.	Waiver of Right to Counsel



 


Each of the parties hereto acknowledges, agrees and
declares that it:


 


		(a)	has had the assistance of legal counsel in preparing, negotiating and entering into this Agreement;



 


		(b)	has made its own, separate and independent decisions as to how and when to avail itself of such legal assistance; and



 


		(c)	understands the nature and effect of this Agreement and that it has no obligation to execute this
Agreement and hereby acknowledges and declares that it does so freely and voluntarily,



 


and hereby waives all claims,
demands, losses, actions, causes of action, costs, charges, expenses, damages and liabilities whatsoever arising in connection
with such party’s decision to engage or not to engage the assistance of its legal counsel at any time in preparing, negotiating
or entering into this Agreement.


 


		14.	Amendments and Waivers



 


No amendment to any provision
of this Agreement shall be effective unless it is in writing and has been signed by the Investor and the Company, and no waiver
of any provision of this Agreement, or consent to any departure by the Company therefrom, shall be effective unless it is in writing
and has been signed by the Investor. Any such amendment, waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given.


 


		15.	No Waiver; Remedies Cumulative



 


No failure on the part of the
Investor to exercise, and no delay in exercising, any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege.


 


		16.	Termination



 


This Agreement shall continue in full force and effect
until the later of:


 


		(a)	the date of the discharge in full of all obligations owing to the Investor under the Credit Agreement; and



 


		(b)	the first date on which the Investor’s Percentage is less than 10%.



 




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		17.	Binding Effect; Assignment; Syndication



 


This Agreement shall become effective
when it shall have been executed by the parties hereto and thereafter shall be binding upon, inure to the benefit of and be enforceable
by the parties hereto and their respective successors and assigns. The Company shall not have the right to assign its rights and
obligations hereunder or any interest herein without the prior written consent of the Investor, which may be withheld in the Investor’s
sole discretion. The Investor shall not have the right to sell, assign or transfer all or any portion of the Investor’s interests,
rights and obligations hereunder or any interest herein without the prior written consent of the Company, save that the Investor
may sell, assign or transfer all or any portion of its interests, rights and obligations hereunder at any time to any Affiliate
or Related Party of the Investor, upon notice to, but without the consent of, the Company; the Company shall, from time to time
upon request of the Investor, enter into such amendments to this Agreement and execute and deliver such other documents as shall
be necessary to effect any such assignment and the Company acknowledges and agrees that the Investor is authorized to disclose
to any permitted assignee or prospective permitted assignee hereunder any and all financial and other information concerning the
Company and its assets and any other transactions contemplated herein, whether received by the Investor or derivative thereof,
in connection with this Agreement, so long as the recipient thereof agrees not to disclose any confidential, non-public information
to any person other than its employees, accountants, legal counsel or other representatives, unless required by Applicable Law.


 


		18.	Governing Law



 


This Agreement shall be governed
by, construed and enforced in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable
therein and shall be treated in all respects as a British Columbia contract. The Company hereby irrevocably attorns to the non-exclusive
jurisdiction of the Courts of the Province of British Columbia in the City of Vancouver and hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying
of venue of any suit, action or proceeding arising out of or relating to this Agreement in any Court of the Province of British
Columbia.


 


		19.	Enurement



 


This Agreement shall be binding upon and shall enure
to the benefit of the Company and the Investor and their respective permitted successors and assigns.


 


		20.	Entire Agreement



 


This Agreement reflect the entire
agreement between the parties hereto with respect to the matters set forth herein and therein and supersede any prior agreements,
commitments, drafts, communication, discussions and understandings, oral or written, with respect thereto, including but not limited
to any term sheet entered into between any of the parties thereto.


 


		21.	Severability



 


Whenever possible, each provision
of this Agreement shall be interpreted in such manner as to be effective and valid under all Applicable Laws. If, however, any
provision of this Agreement shall be prohibited by or invalid under any such law in any jurisdiction, it shall, as to such jurisdiction,
be deemed modified to conform to the minimum requirements of such law, or, if for any reason it is not deemed so modified, it shall
be ineffective and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions of this
Agreement, or the validity or effectiveness of such provision in any other jurisdiction.


 


		22.	Counterparts and facsimile



 


This Agreement may be executed in counterparts and
by electronic transmission of an authorized signature and each such counterpart shall be deemed to form part of one and the same
document.


 


[remainder of page intentionally left blank]


 




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IN WITNESS WHEREOF the parties hereto have
executed this Agreement under the hands of their proper officers duly authorized in that behalf.


 


The Investor


 


RESOURCE CAPITAL FUND VI L.P.


By RESOURCE CAPITAL ASSOCIATES
VI L.P.,


its General Partner,


By RCA VI GP Ltd., CHP


its General Partner


 


	By:	/s/ Catherine J. Boggs	 
	 	Name: Catherine J. Boggs	 
	 	Title: General Counsel	 


 


The Company


 


CANADIAN ZINC CORPORATION


 


	Per:	 	 
	 	Authorized Signatory	 


 


[signature page to the Investor Agreement]


 




    	 	12	 



     


    

 


IN WITNESS WHEREOF the parties hereto have
executed this Agreement under the hands of their proper officers duly authorized in that behalf.


 


The Investor


 


RESOURCE CAPITAL FUND VI L.P.


By RESOURCE CAPITAL ASSOCIATES
VI L.P., 


its General Partner, 


By RESOURCE CAPITAL ASSOCIATES
VI L.P.,


its General Partner


 


	By:		 
	 	Name: Catherine J. Boggs 	 
	 	Title: General Counsel	 


 


The Company


 


CANADIAN ZINC CORPORATION


 


	Per:	 	 
	 	Authorized: Signatory	 


 


[signature page to the Investor Agreement]


 








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