tlrs_ex1016.htm

EXHIBIT 10.16
  
 NORMANDY GOLD LTD 
 (ACN 650 899 844) 
 (PURCHASER)
  
 and
  
 TIMBERLINE RESOURCES CORPORATION 
 (VENDOR)
  
 	MEMORANDUM OF AGREEMENT

  
 	 
	1
	

	 

 	  

	 TA B L E OF C O N TE N TS


  
 	 1
	 DEFINITIONS
	  
	 1
	  

	  
	  
	  
	  
	  

	  
	 1.1
	 Interpretation
	  
	 2
	  

	  
	  
	  
	  
	  
	  

	 2.
	 ACCESS TO SEVEN TROUGHS PROJECT INFORMATION
	  
	 3
	  

	  
	  
	  
	  
	  

	 3.
	 FORMAL AGREEMENT
	  
	 3
	  

	  
	  
	  
	  
	  

	 4.
	 EXCLUSIVITY PERIOD
	  
	 3
	  

	  
	  
	  
	  
	  

	 5.
	 CONDITIONS PRECEDENT
	  
	 4
	  

	  
	  
	  
	  
	  

	  
	 5.1
	 Conditions
	  
	 4
	  

	  
	 5.2
	 Satisfaction or waiver
	  
	 4
	  

	  
	  
	  
	  
	  
	  

	 6.
	 KEY TRANSACTION CRITERIA
	  
	 5
	  

	  
	  
	  
	  
	  

	  
	 6.1
	 Commercial Terms
	  
	 5
	  

	  
	 6.2
	 Transition Period
	  
	 5
	  

	  
	 6.3
	 Initial Payment 
	  
	 6
	  

	  
	 6.4
	 Representations and warranties
	  
	  6
	  

	  
	  
	  
	  
	  
	  

	 7.
	 ADVERSE TAX OR DUTY FINDING
	  
	 6
	  

	  
	  
	  
	  
	  

	 8.
	 NO ANNOUNCEMENTS
	  
	 6
	  

	  
	  
	  
	  
	  

	 9.
	 GOVERNING LAW
	  
	 6
	  

	  
	  
	  
	  
	  

	 10.
	 COSTS
	  
	 6
	  

	  
	  
	  
	  
	  

	 11.
	 GST
	  
	 6
	  

	  
	  
	  
	  
	  

	 12.
	 COMPLIANCE WITH LAWS
	  
	 7
	  

	  
	  
	  
	  
	  

	 13.
	 LEGAL STATUS AND EFFECT OF THIS MOA
	  
	 7
	  

	  
	  
	  
	  
	  

	 SCHEDULE 1 – COMMERCIAL TERMS
	  
	 9
	  

	  
	  
	  
	  
	  

	 SCHEDULE 2 – SEVEN TROUGHS PROJECT
	  
	 21
	  

	  
	  
	  
	  
	  

	 SCHEDULE 3 – WARRANTIES
	  
	 30
	  


  
 	 
	2
	

	 

  
 THIS AGREEMENT is made the   day of  2022 
   
 	 BETWEEN 


   
 Normandy Gold Ltd (ACN 650 899 844) of 954 Wellington Street, West Perth, Western Australia, 6005 (Purchaser);
  
 AND
  
 Timberline Resources Corporation (TLRS) of 101 E. Lakeside Ave., Coeur d’Alene, ID 83814 USA (Vendor).
  
 	R E C I TA L S

  
 	 A. 
	The Purchaser is a company registered in Australia that is seeking to list on the ASX.
	  
	  

	 B.
	 Subject to satisfaction of the Conditions, the Vendor and the Purchaser (or its nominee) agree to implement and conclude a transaction through which the Vendor grants to the Purchaser (or its nominee) the sole and exclusive right to earn up to an undivided 75% interest in the Seven Troughs Project, located in Pershing County, Nevada, USA (the Proposed Transaction).
	  
	  

	 C.
	 The purpose of this MOA is to set out the key terms of the Proposed Transaction which shall apply and confirm certain clauses which shall be binding upon the Parties until the Formal Agreement is executed.

   
 IT IS AGREED as follows:
  
 		

 	 1.
	 DEFINITIONS

	  
	  

	  
	 ASIC means the Australian Securities & Investments Commission; 
  
 ASX means the securities exchange operated by ASX Limited; 
  
 ASX Listing Rules means the listing rules of the ASX;
  
 Commercial Terms means the document entitled “Draft Term Sheet – Seven Troughs Gold Project Earn-in Joint Venture” attached to and forming part of this MOA as Schedule 1;
  
 Competing Proposal means a proposal by a Third Party to directly or indirectly acquire or become the holder of or otherwise have an economic interest in (whether by purchase of assets, tender, offer or otherwise) any of the assets the subject of the Proposed Transaction;
  
 Conditions means the conditions in clause 5.1; 
  
 Corporations Act means the Corporations Act 2001 (Cth);
  
 Exclusivity Period means the period commencing on the date of this MOA and ending on the date that is 12 months from the date of this MOA;
  
 Formal Agreement means the sale and purchase agreement intended to be entered into between the Purchaser (or its nominee) and the Vendor as referred to in clause 3;


   
 	 
	3
	

	 

  
 	  
	 GST means a tax levied on the value of services in Australia in accordance with the A New Tax System (Goods and Services Tax) Act 1999 (Cth);
  
 Material Adverse Change means in respect of a Party any one or more events, occurrences or matters which individually or when aggregated with all such events, occurrences or matters has or would be likely to have a material adverse effect on the business properties, financial condition, results, operations of the Party and its subsidiaries taken as a whole, but does not include:
	  


   
 	  
	 (a)
	 an event, occurrence or matter required to be undertaken or procured pursuant to this MOA or the Formal Agreement;

	  
	  
	  

	  
	 (b)
	 any change (excluding changes to taxation laws or policies) in accounting standards, laws, regulations or policy;

	  
	  
	  

	  
	 (c)
	 general economic financial, currency exchange, securities or commodity market conditions;

	  
	  
	  

	  
	 (d)
	 any event that affects the other Party in a substantially consistent and proportionate manner as the above events;

	  
	  
	  


   
 	  
	 MOA means this document, as varied from time to time;
  
 Party means a party to this MOA;
  
 Proposed Transaction has the meaning set out in paragraph B under the section headed “Recitals” to this MOA and incorporates the Commercial Terms;
  
 Purchaser Warranties means the warranties given by the Purchaser as set out in Part 2 of Schedule 3;
  
 ROFR Period means the right of first refusal period of the Purchaser for a period of 45 days following receipt of the Sell Offer to accept the Sell Offer in full;
  
 Seven Troughs Project means the Seven Troughs Gold Project in Pershing County, Nevada, United States of America, comprising the 64 patented claims and 238 unpatented mining claims detailed in Schedule 2;
  
 Third Party means a party or person who is not a party to this MOA;
  
 USA means the United States of America; and
  
 Vendor Warranties means the warranties given by the Vendor as set out in Part 1 of Schedule 3 to this MOA.


  
 	 1.1 
	 Interpretation

	  
	  

	  
	 In the interpretation of this MOA, unless there is something in the subject or context inconsistent therewith:


  
 	  
	 (a)
	 words importing the singular include the plural and vice versa;

	  
	  
	  

	  
	 (b)
	 headings used in this MOA are for convenience only and shall not be used in the interpretation or construction of this MOA;


   
 	 
	4
	

	 

  
 	  
	 (c)
	 references to the clauses, sub-clauses, paragraphs and schedules are references to clauses, sub-clauses, paragraphs and schedule respectively to or of this MOA;

	  
	  
	  

	  
	 (d)
	 a reference to any Statute or any Act of any Parliament or to any section or provision thereof shall be read as a reference to that Statute, Act, section or provision as amended or substituted and includes all regulations and orders made thereunder;

	  
	  
	  

	  
	 (e) 
	 references to currency means US dollars (USD) unless stated otherwise;

	  
	  
	  

	  
	 (f)
	 references to time are to local time in Nevada; and

	  
	  
	  

	  
	 (g)
	 “including” and similar expressions are not words of limitation.


 	 2.
	 ACCESS TO SEVEN TROUGHS PROJECT INFORMATION


  
 	  
	 (a)
	 During the Exclusivity Period the Vendor shall provide the Purchaser and its advisors with reasonable access to records and information in relation to the Seven Troughs Project. Any site visits by the Purchaser or its representatives or other access to the Seven Troughs Project during the Exclusivity Period or otherwise will be at the sole risk of the Purchaser and the Purchaser indemnifies the Vendor from any and all claims, damages or other liabilities resulting therefrom.

	  
	  
	  

	  
	 (b)
	 the Vendor agrees to be available as reasonably required to answer the Purchaser’s questions in relation to the records and information provided by the Vendor in relation to the Seven Troughs Project.


  
 	 3.
	 FORMAL AGREEMENT


  
 	  
	 (a)
	 During the Exclusivity Period, the Parties will negotiate in good faith a Formal Agreement and any related documentation. The Parties agree to use reasonable efforts to be in a position to execute the Formal Agreement by the conclusion of the Exclusivity Period (or such later date as may be agreed).

	  
	  
	  

	  
	 (b)
	 The Formal Agreement will:


  
 	  
	 (i)
	 replace this MOA;

	  
	  
	  

	  
	 (ii)
	 set out the detailed terms and conditions which will apply to the Proposed Transaction;

	  
	  
	  

	  
	 (iii)
	 reflect and (in accordance with clause 13) be consistent with the Commercial Terms, as well as the provisions set out in this MOA, particularly clause 6; and

	  
	  
	  

	  
	 (iv)
	 set out other matters which may be identified as the Parties seek to implement the Proposed Transaction in accordance with the Indicative Timetable.


  
 	 4.
	 EXCLUSIVITY PERIOD

	  
	  

	  
	 Subject to the provisions below, during the Exclusivity Period the Vendor must:


  
 	  
	 (a)
	 not solicit, seek or invite any Competing Proposal;


   
 	 
	5
	

	 

  
 	  
	 (b)
	 not engage in any negotiations with regard to a Competing Proposal, but may discuss on the basis of non-confidential information contingency or other plans that do not compete with the Proposed Transaction; and

	  
	  
	  

	  
	 (c)
	 not provide any information to a person which might be expected to lead to a Competing Proposal.


  
 	 5. 
	 CONDITIONS PRECEDENT

	  
	  

	 5.1 
	 Conditions

	  
	  

	  
	 The Proposed Transaction will be subject to the following conditions precedent and other conditions precedent which may be identified as a result of the negotiation of the Formal Agreement:


   
  
 	  
	 (a)
	 the Purchaser completing technical, financial and legal due diligence on the Seven Troughs Project, to its satisfaction;

	  
	  
	  

	  
	 (b)
	 no Material Adverse Change occurring in relation to the Seven Troughs Project;

	  
	  
	  

	  
	 (c)
	 the Vendor Warranties being and remaining true and correct;

	  
	  
	  

	  
	 (d)
	 the Purchaser Warranties being and remaining true and correct;

	  
	  
	  

	  
	 (e)
	 conditional approval being obtained from the ASX to admit the securities of the Purchaser to trading on the official list of the ASX (after the Purchaser complies with Chapters 1 and 2 of the ASX Listing Rules) and those conditions being to the reasonable satisfaction of the Purchaser;

	  
	  
	  

	  
	 (f)
	 no government agency has taken any action to prevent the Proposed Transaction taking effect; and

	  
	  
	  

	  
	 (g)
	 all necessary approvals being obtained from the ASX or as required under Australian or USA law to implement and otherwise support the Proposed Transaction.


   
 	 5.2 
	 Satisfaction or waiver


  
 	  
	 (a)
	 Both Parties must use reasonable efforts to cause the Conditions to be met in a timely manner and otherwise in accordance with the terms of this MOA.

	  
	  
	  

	  
	 (b)
	 The Conditions in clauses 5.1(a), 5.1(c), 5.1(e) and 5.1(f) can only be waived by the Purchaser, at its absolute discretion. The Condition in clause 5.1(d) can only be waived by the Vendor, at its absolute discretion. The other Conditions are for the benefit of both Parties and may only be waived in writing by both Parties in their absolute discretion.

	  
	  
	  

	  
	 (c)
	 Each Party agrees to promptly inform the other Party of all material matters and information that comes into the possession of the first mentioned Party in relation to the status of the Conditions and progress towards satisfaction of the Conditions.

	  
	  
	  

	  
	 (d)
	 If the Conditions have not been satisfied or waived by the end of the Exclusivity Period, or such other date agreed by the Parties, either Party may terminate this MOA by notice in writing to the other Party in which case this MOA will be at an end and the Parties will be released from their obligations under this MOA, other than in respect of any breaches that occurred prior to termination (which shall survive termination).

	  
	  
	  

	  
	 (e) 
	 Each Party agrees if the Conditions are not satisfied, the Initial Payment of USD50,000 will not be refunded.


   
 	 
	6
	

	 

  
 	 6. 
	 KEY TRANSACTION CRITERIA

	  
	  

	 6.1 
	 Commercial Terms

	  
	  

	  
	 The Parties agree that the Formal Agreement will have terms and conditions that comply with and implement the key terms set out in the Commercial Terms in addition to such terms that are customary for transactions of a similar nature in Nevada, United States of America.
  
 For the avoidance of doubt, if a decision to mine is made and the Vendor does not either:


  
 	  
	 (a)
	 elect to fund pro rata all future exploration and development expenditures; or

	  
	  
	  

	  
	 (b)
	 have its interest be diluted through the course of the Purchaser’s investment in accordance with the Commercial Terms;

	  
	  
	  

		 and the Vendor wishes to sell all or any part of its interest in the Seven Troughs Project (Selling Interest), the Vendor must first provide written notice to the Purchaser offering to sell the Selling Interest to the Purchaser (Sell Offer):


  
  
 	  
	 (c) 
	 the Purchaser will have the right for a period of 45 days following receipt of the Sell Offer (ROFR Period) to accept the Sell Offer in full

	  
	  
	  
	  

	  
	  
	 (i)
	 To accept the Sell Offer, the Purchaser must give written notice of acceptance to the Vendor during the ROFR Period.

	  
	  
	  
	  

	  
	 (d)
	 If the Purchaser does not accept the Sell Offer within the ROFR Period, the Vendor is free to convey the Selling Interest, the subject of the Sell Offer, to a third party, who is approved by the Purchaser (with such approval not to be unreasonably withheld), on terms no less favourable than the Sell Offer and free of any ongoing rights of the Purchaser.


  
 	 6.2 
	 Transition Period

	  
	  

	  
	 Immediately upon signing of this MOA and before execution of the Formal Agreement (the Transition Period), the Vendor shall continue to maintain the Seven Troughs Project in the ordinary and regular course of business and make reasonable efforts to preserve any business organisation and commercial relationships in relation to the Seven Troughs Project, unless otherwise agreed by the Parties.


  
 	 6.3 
	 Initial Payment

	  
	  

	  
	 For the avoidance of doubt, the initial payment of USD50,000 agreed in the Commercial Terms is non-refundable and must be paid by the Purchaser to the Vendor, by way of electronic transfer, immediately upon the signing of this MOA (Initial Payment).


  
 	 
	7
	

	 

  
 	 6.4 
	 Representations and warranties


  
 	  
	 (a)
	 The Vendor will make and provide the Vendor Warranties.

	  
	  
	  

	  
	 (b)
	 The Purchaser will make and provide the Purchaser Warranties.

	  
	  
	  

	  
	 The warranties referred to above shall be given at the date of this MOA. The Vendor and Purchaser agree further customary warranties may be identified as a result of the negotiation of the Formal Agreement.


  
 	 7.
	 ADVERSE TAX OR DUTY FINDING

	  
	  

	  
	 The Parties agree that if either discovers prior to signing the Formal Agreement a material adverse tax, stamp or transfer duty consequence due to the structuring of the Proposed Transaction, the Parties will negotiate in good faith variations to this MOA and the Proposed Transaction to reduce or eliminate such adverse consequences, provided that no Party shall be obliged to agree to such variations if the result will put them in a worse economic position as compared to if the variations were not made.


  
 	 8.
	 NO ANNOUNCEMENTS

	  
	  

	  
	 Neither Party may make an announcement relating to the Proposed Transaction unless the announcement or publication:


  
 	  
	 (a)
	 is required by this MOA;

	  
	  
	  

	  
	 (b)
	 has the prior approval of the other Party; or

	  
	  
	  

	  
	 (c)
	 is required to be made by any applicable law or the listing rules applicable to the Party (or its ultimate parent company).


  
 	 9. 
	 GOVERNING LAW

	  
	  

	  
	 This MOA is governed by the laws of the State of Nevada and the federal laws of the United States of America applicable therein and the Parties submit to the non- exclusive jurisdiction of the Courts in the State of Nevada for any proceedings arising out of this MOA.


  
 	 10.
	 COSTS

	  
	  

	  
	 Each party shall bear their own legal costs and expenses of negotiating, preparing and executing this MOA and the Formal Agreement and any other instrument executed under those documents.


  
 	 11.
	 GST


  
 	  
	 (a)
	 Any amount referred to in this MOA and the Formal Agreement which is relevant in determining a payment to be made by one of the Parties to the other is exclusive of any GST unless indicated otherwise.

	  
	  
	  

	  
	 (b)
	 If GST is imposed on a supply made under or in connection with this MOA and the Formal Agreement, the consideration for the supply is increased by the rate at which the GST is imposed. The additional consideration is, subject to the supplier issuing a tax invoice to the recipient, payable at the same time and in the same manner as the consideration to which it relates.


  
 	 
	8
	

	 

  
 	 12.
	 COMPLIANCE WITH LAWS


  
 	  
	 (a)
	 The Parties must comply with all relevant laws in relation to the Proposed Transaction.

	  
	  
	  

	  
	 (b)
	 Where the provisions in this MOA are inconsistent with any provisions in the Corporations Act, policy requirement of ASIC, the provisions of the ASX Listings Rules or USA laws then the relevant provision shall be deemed to be amended to comply with the relevant requirement.


  
 	 13.
	 LEGAL STATUS AND EFFECT OF THIS MOA

	  
	  

	  
	 This MOA is intended to be legally binding on the Parties.


  
 	 
	9
	

	 

  
 EXECUTED by the Parties as an Agreement.
  
 	 EXECUTED by NORMANDY GOLD LTD ACN 650 899 844
 in accordance with section 127 of the
 Corporations Act 2001 (Cth):
  
	 )
 )
 )
 )


   
 	 
	  
	 

	 Signature of director
	  
	 Signature of director/company secretary*


   
 	 Oliver Kreuzer
	  
	 Cameron O’Brien

	 Name of director
	  
	 Name of director/company secretary*


   
 *please delete as applicable
  
 	 EXECUTED by TIMBERLINE RESOURCES
 CORPORATION in accordance with its constituent documents and place of incorporation:
	 )
 )
 )


   
 	  
	  
	  

	 Signature of director
	  
	 Signature of director/company secretary*


   
 	 Patrick Highsmith
	  
	 Leigh Freeman

	 Name of director
	  
	 Name of director/company secretary*


   
 *please delete as applicable
  
 	 
	10
	

	 

  
  
 	SC H ED U L E 1 – COMMERCI A L T ER M S

  
 
 	 
	11
	

	 

  
  
 
  
 	 
	12
	

	 

  
 
  
 	 
	13
	

	 

  
 
  
 	 
	14
	

	 

  
 
  
 	 
	15
	

	 

  
 
  
  
 	 
	16
	

	 

  
 
  
 	 
	17
	

	 

  
 
  
 	 
	18
	

	 

  
 
  
 	 
	19
	

	 

  
 
  
 	 
	20
	

	 

  
 
  
  
 	 
	21
	

	 

  
 
  
  
 	 
	22
	

	 

  
 	 SC H ED U L E 2 – SEVEN T R OU G H S P R OJ E C T
	

  
 The Seven Troughs Project, Pershing County, Nevada, USA, comprising the following 64 patented claims and 238 unpatented mining claims.
  
 Patented Claims:
  
 	 Claim Count
	 Survey No
	 Patent No
	 Claim Name

	 1
	 3069
	 32957
	 Lookout No. 1

	 2
	 3069
	 32957
	 Lookout No. 2

	 3
	 3069
	 32957
	 Lookout No. 4

	 4
	 3215
	 46619
	 Rough Lock Fraction

	 5
	 3379
	 119765
	 Outlook No. 3

	 6
	 3379
	 119765
	 Lookout Fraction

	 7
	 3379
	 119765
	 Porphry Dike Fraction

	 8
	 3441
	 221095
	 Destroyer No. 1

	 9
	 3441
	 221095
	 Fairview

	 10
	 3441
	 221095
	 Fairview No. 1

	 11
	 3441
	 221095
	 Fairview No. 2

	 12
	 3441
	 221095
	 Fairview No. 3

	 13
	 3441
	 221095
	 Fairview Fraction

	 14
	 3441
	 221095
	 Wedge Fraction

	 15
	 3441
	 221095
	 Tonopah

	 16
	 3441
	 221095
	 End Line Fraction

	 17
	 3441
	 221095
	 Oversight

	 18
	 3452
	 221904
	 Idwal

	 19
	 3452
	 221904
	 Cymo

	 20
	 3452
	 221904
	 L. Lewellyn

	 21
	 3452
	 221904
	 Idris

	 22
	 3452
	 221904
	 Tomy

	 23
	 3452
	 221904
	 Ivor

	 24
	 3452
	 221904
	 Arrow

	 25
	 3503
	 213551
	 Grafter Fraction

	 26
	 3552
	 512653
	 Syndicate

	 27
	 3552
	 512653
	 Syndicate Fraction

	 28
	 3552
	 512653
	 Eclipse

	 29
	 3552
	 512653
	 Eclips Fraction

	 30
	 3552
	 512653
	 Eclips Fraction No. 1

	 31
	 3552
	 870845
	 Eclips No. 3

	 32
	 3565
	 153764
	 Nancy No. 2

	 33
	 3566
	 144753
	 Thanksgiving

	 34
	 3566
	 144753
	 Thanksgiving Fraction

	 35
	 3566
	 144753
	 White Cap


  
 	 
	23
	

	 

  
 	 36
	 3566
	 144753
	 White Cap Fraction

	 37
	 3569
	 261839
	 Fine Gold John Cleghorn

	 38
	 3570
	 266590
	 Yellow Dog No. 1

	 39
	 3570
	 266590
	 Yellow Dog No. 2

	 40
	 3570
	 266590
	 Badger No. 1 John Cleghorn

	 41
	 3570
	 266590
	 Badger No. 2 John Cleghorn

	 42
	 3570
	 266590
	 Jack Rabbit Fraction

	 43
	 3677
	 154557
	 High Up

	 44
	 3677
	 154557
	 High Up No. 1

	 45
	 3677
	 154557
	 High Up No. 2

	 46
	 3677
	 154557
	 Dixie Queen

	 47
	 3677
	 154557
	 Dixie Queen Annex

	 48
	 3677
	 154557
	 Martha G.

	 49
	 3772
	 298364
	 Signal Peak No. 1

	 50
	 3772
	 298364
	 Signal Peak No. 2

	 51
	 3772
	 298364
	 Signal Peak Fraction

	 52
	 3772
	 298364
	 Eureka

	 53
	 3772
	 298364
	 Great Dyke No. 2

	 54
	 3772
	 298364
	 Nancy Fraction

	 55
	 3772
	 298364
	 Humboldt

	 56
	 3824
	 279173
	 Lookout No. 3

	 57
	 3824
	 279173
	 Lookout No. 5

	 58
	 3824
	 279173
	 Lookout No. 6

	 59
	 3824
	 279173
	 Townsend Fraction

	 60
	 3824
	 279173
	 Canon Fraction

	 61
	 3824
	 279173
	 Saddle Fraction

	 62
	 4547
	 936719
	 Apex

	 63
	 4547
	 936719
	 Apex No. 1

	 64
	 4547
	 936719
	 Apex Fraction

	 Total Patented Mining Claims
	 64


  
 Unpatented Claims:
  
 	 Claim Count
	 NMC#
	 Claim Name
	 Book
	 Page

	 1
	 72929
	 REX
	 ML4
	 483

	 2
	 72930
	 REX NO. 1
	 ML4
	 484

	 3
	 72931
	 REX NO. 3
	 ML4
	 485

	 4
	 72932
	 REX NO. 4
	 ML4
	 486

	 5
	 72933
	 REX N0. 5
	 ML4
	 486

	 6
	 72934
	 REX NO. 6
	 ML4
	 487

	 7
	 72935
	 RUSTY PICK
	 ML4
	 478


  
 	 
	24
	

	 

  
 	 8
	 72936
	 RUSTY PICK NO. 1
	 ML4
	 479

	 9
	 72937
	 RUSTY PICK NO. 2
	 ML4
	 480

	 10
	 72938
	 RUSTY PICK NO. 3
	 ML4
	 480

	 11
	 72939
	 RUSTY PICK NO. 4
	 ML4
	 481

	 12
	 72940
	 RUSTY PICK NO.5
	 ML4
	 482

	 13
	 72941
	 RUSTY PICK NO. 6
	 ML4
	 482

	 14
	 72942
	 BUM
	 ML2
	 341

	 15
	 72943
	 GOLD CUP
	 ML2
	 235

	 16
	 72944
	 GOLD CUP #I
	 ML2
	 235

	 17
	 72945
	 GOLD CUP #2
	 ML2
	 236

	 18
	 72946
	 GOLD CUP #3
	 ML2
	 237

	 19
	 72947
	 RIPSNORTER
	 ML2
	 340

	 20
	 72948
	 LINK NO. 5
	 ML2
	 341

	 21
	 72949
	 TUNNEL NO.2
	 ML2
	 312

	 22
	 72950
	 TUNNEL NO.3
	 ML2
	 313

	 23
	 72951
	 TUNNEL NO.5
	 ML2
	 313

	 24
	 72952
	 TUNNEL NO.7
	 ML2
	 361

	 25
	 72953
	 TUNNEL N0.9
	 ML3
	 350

	 26
	 72954
	 TUNNEL NO. 11
	 ML3
	 351

	 27
	 72955
	 TUNNEL NO. 13
	 ML3
	 351

	 28
	 72956
	 TUNNEL NO. 14
	 ML3
	 352

	 29
	 72957
	 TUNNEL N0. 15
	 ML2
	 314

	 30
	 72958
	 TUNNEL N0.16
	 ML3
	 353

	 31
	 72959
	 TUNNEL N0. 17
	 ML2
	 315

	 32
	 72960
	 TUNNEL NO. 18
	 ML2
	 315

	 33
	 72961
	 TUNNEL NO. 19
	 ML2
	 316

	 34
	 72962
	 TUNNEL NO. 20
	 ML2
	 317

	 35
	 72963
	 TUNNEL NO. 21
	 ML2
	 317

	 36
	 72964
	 TUNNEL NO. 22
	 ML2
	 318

	 37
	 72965
	 TUNNEL NO. 23
	 ML2
	 319

	 38
	 72966
	 TUNNEL NO. 24
	 ML2
	 319

	 39
	 72967
	 SUNRISE NO. 1
	 ML2
	 342

	 40
	 72968
	 SUNRISE NO. 2
	 ML2
	 343

	 41
	 72969
	 DESERT GOLD
	 ML4
	 26

	 42
	 72970
	 KEYSTONE
	 Q
	 42 (H)

	 43
	 72971
	 GOLD PRINCE
	 p
	 598 (H)

	 44
	 72972
	 GOLD PRINCE NO. 2
	 ML2
	 144

	 45
	 72973
	 GOLD PRINCE NO. 3
	 ML2
	 145

	 46
	 72974
	 GOLD PRINCE #4
	 ML3
	 298

	 47
	 72975
	 GOLD PRINCE NO. 5
	 ML3
	 330

	 48
	 72976
	 FORD
	 ML4
	 535


  
 	 
	25
	

	 

  
 	 49
	 72977
	 FORD NO. I
	 ML4
	 536

	 50
	 72978
	 FORD NO. 2
	 ML4
	 536

	 51
	 72979
	 FORD NO. 3
	 ML4.
	 537

	 52
	 72980
	 FORD N0. 4
	 ML4
	 538

	 53
	 72981
	 FORD N0. 5
	 ML4
	 538

	 54
	 72982
	 FORD N0. 6
	 ML4
	 539

	 55
	 72983
	 FORD NO. 7
	 ML4
	 540

	 56
	 72984
	 FORD NO. 8
	 ML4
	 540

	 57
	 72985
	 FORD N0. 9
	 ML4
	 541

	 58
	 72986
	 FORD N0. 10
	 ML4
	 542

	 59
	 72987
	 CLIMAX
	 ML4
	 488

	 60
	 72988
	 CLIMAX N0. 1
	 ML4
	 488

	 61
	 72989
	 CLIMAX N0. 2
	 ML4
	 489

	 62
	 72990
	 CLIMAXN0. 3
	 ML4
	 490

	 63
	 72991
	 CLIMAX N0. 4
	 ML4
	 490

	 64
	 72992
	 SURVEY
	 ML3
	 244

	 65
	 72993
	 SURVEY NO. I
	 ML3
	 245

	 66
	 72994
	 SURVEY N0. 2
	 ML3
	 245

	 67
	 72995
	 SURVEY NO. 3
	 ML3
	 246

	 68
	 72996
	 SURVEY N0. 4
	 ML3
	 247

	 69
	 72997
	 SURVEY NO.5
	 ML3
	 247

	 70
	 72998
	 SURVEY N0. 6
	 ML3
	 248

	 71
	 72999
	 SURVEY NO. 7
	 ML3
	 248

	 72
	 73000
	 SURVEY NO.8
	 ML4
	 478

	 73
	 73001
	 YELLOW LEG NO. I
	 I
	 595 (H)

	 74
	 73002
	 YELLOW LEG NO. 2
	 I
	 596 (H)

	 75
	 73003
	 MOUNTAIN WELL
	 ML3
	 354

	 76
	 73004
	 CARLO FRACTION
	 ML4
	 594

	 77
	 19860
	 CR-5
	 90
	 48

	 78
	 19861
	 CR-6
	 90
	 50

	 79
	 19862
	 CR-7
	 90
	 52

	 80
	 73005
	 LEMON MIST
	 76
	 545

	 81
	 73006
	 LEMON MIST NO. 1
	 76
	 546

	 82
	 73007
	 LEMON MIST NO. 2
	 76
	 547

	 83
	 73008
	 LEMON MIST NO. 3
	 76
	 548

	 84
	 73009
	 LEMON MIST NO. 4
	 76
	 549

	 85
	 73010
	 LEMON MIST NO. 5
	 76
	 550

	 86
	 456453
	 MICRO-I
	 201
	 233

	 87
	 456454
	 MICR0-2
	 201
	 233

	 88
	 470526
	 PDM-1
	 208
	 235

	 89
	 470527
	 PDM-2
	 208
	 236


  
 	 
	26
	

	 

  
 	 90
	 470528
	 PDM-3
	 208
	 237

	 91
	 470529
	 PDM-4
	 208
	 238

	 92
	 470530
	 PDM-5
	 208
	 239

	 93
	 470531
	 PDM-6
	 208
	 240

	 94
	 470532
	 PDM-7
	 208
	 242

	 95
	 470533
	 PDM-8
	 208
	 243

	 96
	 470534
	 PDM-9
	 208
	 244

	 97
	 470535
	 PDM-10
	 208
	 246

	 98
	 470536
	 PDM-11
	 208
	 248

	 99
	 470537
	 PDM-12
	 208
	 250

	 100
	 470538
	 PDM-13
	 208
	 252

	 101
	 470539
	 PDM-14
	 208
	 254

	 102
	 470540
	 PDM-15
	 208
	 255

	 103
	 470541
	 PDM-16
	 208
	 256

	 104
	 470542
	 PDM-17
	 208
	 257

	 105
	 470633
	 MICR0-93
	 208
	 346

	 106
	 470634
	 MICR0-94
	 208
	 347

	 107
	 470635
	 MICR0-95
	 208
	 348

	 108
	 639698
	 CLIMAX B
	 261
	 624

	 109
	 639699
	 CLIMAX 2B
	 261
	 625

	 110
	 639700
	 STF 1
	 261
	 626

	 111
	 639701
	 STF 2
	 261
	 627

	 112
	 639702
	 STF 3
	 261
	 628

	 113
	 639703
	 STF 4
	 261
	 629

	 114
	 639704
	 STF 5
	 261
	 630

	 115
	 639705
	 STF6
	 261
	 631

	 116
	 639706
	 STF7
	 261
	 632

	 117
	 639707
	 STF 8
	 261
	 633

	 118
	 639708
	 STF 9
	 261
	 634

	 119
	 639709
	 STF 10
	 261
	 635

	 120
	 639710
	 STF 11
	 261
	 636

	 121
	 639711
	 STF 12
	 261
	 637

	 122
	 740070
	 JMR-10
	 303
	 605

	 123
	 740071
	 JMR-11
	 303
	 606

	 124
	 740072
	 JMR-12
	 303
	 607

	 125
	 740073
	 JMR-13
	 303
	 608

	 126
	 740074
	 JMR-14
	 303
	 609

	 127
	 740075
	 JMR-15
	 303
	 610

	 128
	 740076
	 JMR-16
	 303
	 611

	 129
	 740077
	 JMR-17
	 303
	 612

	 130
	 740078
	 JMR-18
	 303
	 613


  
 	 
	27
	

	 

  
 	 131
	 740079
	 JMR-19
	 303
	 614

	 132
	 740080
	 JMR-20
	 303
	 615

	 133
	 740081
	 JMR-21
	 303
	 616

	 134
	 740082
	 JMR-22
	 303
	 617

	 135
	 740083
	 JMR-23
	 303
	 618

	 136
	 740084
	 JMR-24
	 303
	 619

	 137
	 740085
	 JMR-25
	 303
	 620

	 138
	 740086
	 JMR-26
	 303
	 621

	 139
	 740087
	 JMR-27
	 303
	 622

	 140
	 740088
	 JMR-28
	 303
	 623

	 141
	 740089
	 JMR-29
	 303
	 624

	 142
	 740090
	 JMR-30
	 303
	 625

	 143
	 740091
	 JMR-31
	 303
	 626

	 144
	 740092
	 JMR-32
	 303
	 627

	 145
	 740093
	 JMR-33
	 303
	 628

	 146
	 740094
	 JMR-34
	 303
	 629

	 147
	 740095
	 JMR-35
	 303
	 630

	 148
	 740096
	 JMR-36
	 303
	 631

	 149
	 740097
	 JMR-37
	 303
	 632

	 150
	 740098
	 JMR-38
	 303
	 633

	 151
	 740099
	 JMR-39
	 303
	 634

	 152
	 741327
	 JMR-40
	 304
	 663

	 153
	 741328
	 JMR-41
	 304
	 664

	 154
	 741329
	 JMR-42
	 304
	 665

	 155
	 741330
	 JMR-43
	 304
	 666

	 156
	 741331
	 JMR-44
	 304
	 667

	 157
	 741332
	 JMR-45
	 304
	 668

	 158
	 741333
	 JMR-46
	 304
	 669

	 159
	 741334
	 JMR-47
	 304
	 670

	 160
	 741335
	 JMR-48
	 304
	 671

	 161
	 741336
	 JMR-49
	 304
	 672

	 162
	 741337
	 JMR-50
	 304
	 673

	 163
	 741338
	 JMR-51
	 304
	 674

	 164
	 741339
	 JMR-52
	 304
	 675

	 165
	 741340
	 JMR-53
	 304
	 676

	 166
	 741341
	 JMR-54
	 304
	 677

	 167
	 741342
	 JMR-55
	 304
	 678

	 168
	 750190
	 WAGON 1
	 309
	 209

	 169
	 750191
	 WAGON 2
	 309
	 210

	 170
	 750195
	 WAGON 6
	 309
	 214

	 171
	 750196
	 WAGON 7
	 309
	 215


  
 	 
	28
	

	 

  
 	 172
	 750197
	 WAGON 8
	 309
	 216

	 173
	 750202
	 WAGON 13
	 309
	 221

	 174
	 750203
	 WAGON 14
	 309
	 222

	 175
	 750204
	 WAGON 15
	 309
	 223

	 176
	 750205
	 WAGON 16
	 309
	 224

	 177
	 750210
	 WAGON 23
	 309
	 229

	 178
	 750211
	 WAGON 24
	 309
	 230

	 179
	 750212
	 WAGON 25
	 309
	 231

	 180
	 750213
	 WAGON 26
	 309
	 232

	 181
	 750214
	 WAGON 27
	 309
	 233

	 182
	 750219
	 WAGON 32
	 309
	 238

	 183
	 750220
	 WAGON 33
	 309
	 239

	 184
	 750221
	 WAGON 34
	 309
	 240

	 185
	 750226
	 WAGON 39
	 309
	 245

	 186
	 750227
	 WAGON 40
	 309
	 246

	 187
	 750228
	 WAGON 41
	 309
	 247

	 188
	 750229
	 WAGON 42
	 309
	 248

	 189
	 750230
	 WAGON 43
	 309
	 249

	 190
	 750231
	 WAGON 44
	 309
	 250

	 191
	 750232
	 WAGON 45
	 309
	 251

	 192
	 750233
	 WAGON 46
	 309
	 252

	 193
	 750234
	 WAGON 47
	 309
	 253

	 194
	 750235
	 WAGON 48
	 309
	 254

	 195
	 750236
	 WAGON 49
	 309
	 255

	 196
	 750242
	 WAGON 55
	 309
	 261

	 197
	 750243
	 WAGON 56
	 309
	 262

	 198
	 750244
	 WAGON 57
	 309
	 263

	 199
	 750245
	 WAGON 58
	 309
	 264

	 200
	 750246
	 WAGON 59
	 309
	 265

	 201
	 750247
	 WAGON 60
	 309
	 266

	 202
	 750248
	 WAGON 61
	 309
	 267

	 203
	 750249
	 WAGON 62
	 309
	 268

	 204
	 750250
	 WAGON 63
	 309
	 269

	 205
	 750251
	 WAGON 64
	 309
	 270

	 206
	 750252
	 WAGON 65
	 309
	 271

	 207
	 750253
	 WAGON 66
	 309
	 272

	 208
	 750254
	 WAGON 67
	 309
	 273

	 209
	 750255
	 WAGON 68
	 309
	 274

	 210
	 750276
	 WAGON 89
	 309
	 295

	 211
	 750277
	 WAGON 90
	 309
	 296

	 212
	 769073
	 STP 1
	 316
	 480


  
 	 
	29
	

	 

  
 	 213
	 769074
	 STP2
	 316
	 481

	 214
	 769075
	 STP3
	 316
	 482

	 215
	 798923
	 JMR 71
	 337
	 512

	 216
	 798924
	 JMR 72
	 337
	 513

	 217
	 798925
	 JMR 73
	 337
	 514

	 218
	 798926
	 JMR 74
	 337
	 515

	 219
	 798927
	 JMR 75
	 337
	 516

	 220
	 798928
	 JMR 76
	 337
	 517

	 221
	 798929
	 JMR 77
	 337
	 518

	 222
	 798930
	 JMR 78
	 337
	 519

	 223
	 798931
	 JMR 79
	 337
	 520

	 224
	 798932
	 JMR 80
	 337
	 521

	 225
	 798933
	 JMR 81
	 337
	 522

	 226
	 798934
	 JMR 82
	 337
	 523

	 227
	 798939
	 JMR 87
	 337
	 528

	 228
	 802551
	 NM 214
	 340
	 698

	 229
	 804348
	 JMR 83R
	 342
	 353

	 230
	 804349
	 JMR 84R
	 342
	 354

	 231
	 804350
	 JMR 85R
	 342
	 355

	 232
	 804351
	 JMR 86R
	 342
	 356

	 233
	 805443
	 NM 264
	 343
	 687

	 234
	 809724
	 WAGON 9R
	 347
	 417

	 235
	 809725
	 NM 265
	 347
	 419

	 236
	 809726
	 NM 266
	 347
	 420

	 237
	 809727
	 NM 267
	 347
	 422

	 238
	 809728
	 NM 268
	 347
	 424

	 Total Lode Mining Claims
	 238


  
 	 
	30
	

	 

  
  
 
  
 Figure 1 – Claim location map.
  
 	 
	31
	

	 

  
 	 SC H ED U L E 3 – W A RRA N T I E S


  
 PART 1
  
 VENDOR WARRANTIES
  
 The representations and warranties given by the Vendor are as follows:
  
 	 (a)
	 the Vendor, or one of its affiliates, is the sole owner (or, with respect to properties held by the Vendor pursuant to a lease, the sole lessee) of the properties comprising the Seven Troughs Project as set forth on Schedule 2, subject to the final resolution of the matters already disclosed concerning the defunct underlying lessor of the claims; and

	  
	  

	 (b)
	 this MOA has been duly and validly executed and delivered by the Vendor.


  
 PART 2
  
 PURCHASER WARRANTIES
  
 The representations and warranties given by the Purchaser are as follows:
  
 	 (a)
	 the execution and delivery of this MOA have been duly and validly authorised by all necessary corporate action on behalf of the Purchaser;

	  
	  

	 (b)
	 the Purchaser has full corporate power and lawful authority to execute and deliver this MOA and to observe and perform or cause to be observed and performed all of its obligations in and under this MOA; and

	  
	  

	 (c)
	 no insolvency event has occurred in respect of the Purchaser, nor have any steps been taken for, or fact, act, matter or circumstance occurred which may be likely to give rise to any steps being taken for such an insolvency event.


   
 	 
	32